Washington Fed Stock Price, News & Analysis

Archway introduces a modern banking platform aimed at enhancing customer experience for regional banks, facilitated by a $15 million funding round led by Madrona and WaFd Bank. This platform integrates core banking systems with advanced web, mobile, voice, and AI technologies, enabling a holistic view of customers. By addressing challenges with siloed data, Archway aims to empower over 10,000 community banks in the U.S. to compete effectively. Key services include integrations with TalkDesk and Amazon’s Lex, improving customer service through innovative technological solutions.

Washington Federal, Inc. (Nasdaq: WAFD) has declared a regular quarterly cash dividend of 25 cents per share, set to be paid on March 10, 2023, to shareholders on record as of February 24, 2023. This marks the company's 160th consecutive quarterly cash dividend. As of December 31, 2022, Washington Federal reported $21.7 billion in assets, $16.0 billion in deposits, and $2.3 billion in shareholders' equity. The bank operates across eight states and has a strong commitment to providing financial services to various segments, including commercial and residential real estate.

Brent Beardall, President and CEO of Washington Federal (Nasdaq: WAFD), is recovering well from a plane crash in January. He is expected to be discharged from the University of Utah Health Rehabilitation Hospital on February 10, 2023, and return to his role at WaFd Bank on February 13, 2023. During his recovery, Executive VP Cathy Cooper has effectively led the bank, allowing it to post record quarterly earnings. Chairman Stephen Graham expressed gratitude for Beardall's recovery and anticipated return. WaFd Bank operates over 200 branches across eight western states, emphasizing its commitment to growth strategies.

Washington Federal reported quarterly earnings of $79.5 million, marking a 58% increase from the previous year. Net income available for common shareholders rose to $1.16 per diluted share, a 63% rise. Return on equity was 15.15%, while return on assets hit 1.50%. Loan growth was strong, increasing $880 million or 5.5%. The efficiency ratio improved to 46.8%. Total assets rose to $21.7 billion. The firm anticipates growth from its merger with Luther Burbank Corporation.

On January 2, 2023, Brent Beardall, President and CEO of Washington Federal (Nasdaq: WAFD), was involved in a private plane crash in Provo, Utah. Though he sustained broken bones and lacerations requiring surgery, he is expected to fully recover. Beardall will take a temporary leave of absence, with Executive Vice President Cathy Cooper stepping in to fulfill his responsibilities. The company's Chairman, Stephen Graham, expressed condolences for Nathan Ricks, who died in the incident, and reaffirmed confidence in the management team to maintain the bank's strategy during Beardall's recovery.

Washington Federal (NASDAQ: WAFD) has signed a definitive merger agreement to acquire Luther Burbank Corporation (NASDAQ: LBC) in an all-stock transaction valued at approximately $654 million. Luther Burbank shareholders will receive 0.3353 shares of Washington Federal stock for each share held. This merger aims to enhance Washington Federal's presence in California and is expected to close in the second quarter of 2023, pending regulatory and shareholder approvals. The combined entity will manage assets totaling approximately $29 billion.

Washington Federal, Inc. (Nasdaq: WAFD) has announced a quarterly cash dividend of 24 cents per share, payable on December 2, 2022, to shareholders of record as of November 18, 2022. This marks the 159th consecutive quarterly dividend for the company. As of September 30, 2022, Washington Federal reported $20.8 billion in assets and $2.3 billion in shareholders’ equity. The bank operates in multiple states and provides various banking services, reinforcing its stability and commitment to returning value to shareholders.

WaFd Bank has partnered with Talkdesk to enhance customer experience through innovative AI solutions. The collaboration aims to improve digital banking services using Amazon Lex for efficient voice and chat functionalities. WaFd, managing $20 billion in assets across 200+ locations, focuses on providing exceptional customer service. The new platform is expected to reduce account inquiry times by 90% and enhance self-service capabilities, ultimately driving customer satisfaction and operational efficiency.

Washington Federal, Inc. (WAFD) reported record annual earnings of $236.33 million for the fiscal year ending September 30, 2022, a 41.8% increase from $183.62 million in 2021. Net income per share rose to $3.39 from $2.39. Loan growth surged by 17% to $16.1 billion, with net interest margin improving 26% to 3.64%, the highest since 2005. The efficiency ratio also improved to 50%. However, operating expenses increased 7.9% to $359 million. Overall, the company maintained a strong credit quality, posting net recoveries for the ninth consecutive year.