WaFd, Inc. reports recurring developments for WaFd Bank, a federally insured Washington state chartered commercial bank serving consumer, commercial, small- to middle-market, commercial real estate, and residential real estate customers. The bank operates in Washington, Oregon, Idaho, Utah, Nevada, Arizona, Texas, New Mexico, and California and also offers insurance products through a subsidiary.
Company news commonly covers quarterly earnings, net interest income and margin, deposit mix, credit quality, dividends, share repurchase authorization, and capital returns. Updates also include board and regional leadership changes, Community Reinvestment Act matters, investor presentations, and partnerships tied to WaFd Bank’s banking infrastructure and community-focused services.
Summary not available.
Washington Federal, Inc. (WAFD) reported a robust quarterly earnings increase of 33.6%, totaling $65.93 million for the quarter ending March 31, 2023, compared to $49.36 million a year prior. Net income per diluted share rose to $0.95, a 35.7% increase year-over-year. The company achieved a return on common equity of 12.0% and improved its return on assets to 1.2%. Despite facing challenges from bank failures in March 2023, WaFd Bank recorded net deposit inflows of $25 million during the month and maintained a solid capital position with only 27% of deposits uninsured. However, the bank's net interest margin declined to 3.51% from 3.69%, and it experienced its first quarterly net charge-off in nearly a decade. Overall, total assets increased to $22.3 billion driven by a 7.2% rise in net loans.
Washington Federal, Inc. (WAFD) has appointed Mark Borrecco as the new Regional President for California, bringing over 27 years of banking experience. Borrecco, previously President and CEO of Great Western Bank and Rabobank, is set to join WaFd as the bank prepares to acquire Luther Burbank Savings. His familiarity with California banking is expected to aid WaFd in establishing a presence in the state for the first time in its 105-year history. Both Borrecco and WaFd's CEO, Brent Beardall, expressed optimism about the future and the cultural fit of Borrecco's leadership within the company.
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.