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.
Washington Federal, Inc. (Nasdaq: WAFD) has announced the promotion of Doron Joseph to Regional President for Nevada, marking a significant leadership change aimed at expanding the bank's commercial banking presence. Joseph, who joined WaFd Bank in 2019, has a proven track record, with 25 years of experience in finance and a notable increase in loans (193%) and deposits (54%) in Nevada over the last five years. The bank's CEO praised Joseph's contributions and anticipates continued growth under his leadership.
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Washington Federal Bank has successfully transitioned from a national bank charter to a Washington state chartered commercial bank. The change allows for primary supervision by the Washington State Department of Financial Institutions and the FDIC. The bank, now legally named Washington Federal Bank, aims to save approximately $500,000 in operating expenses annually. CEO Brent J. Beardall emphasized the benefits of local regulation for community support and shareholder returns, noting that daily operations will remain unaffected.
Washington Federal, Inc. (Nasdaq: WAFD) has declared a quarterly cash dividend of 24 cents per share, scheduled for payment on February 18, 2022, to shareholders of record as of February 4, 2022. This dividend marks the company's 156th consecutive quarterly cash dividend. In board changes following the recent Annual Meeting, Stephen Graham has been appointed as Chairman, with Brent Beardall becoming Vice-Chairman. As of December 31, 2021, Washington Federal reported $20.0 billion in assets and $2.1 billion in shareholders’ equity.
Washington Federal reported a net income of $50.3 million for Q1 2022, a 29% increase from the previous year. The earnings per share rose by 39% to $0.71 compared to $0.51 in Q1 2021. Strong performance was driven by a robust loan growth of $759 million, totaling $2.13 billion in originations. The bank exited a BSA Consent Order with regulators and launched improved digital banking platforms. Total assets climbed to $20 billion, and customer deposits increased by $360 million.
Washington Federal Bank, also known as WaFd Bank, announced that the Office of the Comptroller of the Currency (OCC) has terminated the February 2018 consent order related to Anti-Money Laundering and Bank Secrecy Act deficiencies, effective December 17, 2021. CEO Brent Beardall highlighted the achievement as a validation of the team's efforts to enhance their compliance program. The bank operates 219 branches across several states, primarily engaging in deposit acceptance and various loan types.
Washington Federal, Inc. (Nasdaq: WAFD) has declared a quarterly cash dividend of 23 cents per share, set to be paid on November 19, 2021, to shareholders on record as of November 5, 2021. This marks the 155th consecutive quarterly dividend for the company. As of September 30, 2021, Washington Federal reported $19.7 billion in assets, $15.5 billion in deposits, and $2.1 billion in shareholders’ equity. The dividend reflects the company's ongoing commitment to returning capital to its investors.
Washington Federal, Inc. (WAFD) reported annual earnings of $183.6 million for FY ended September 30, 2021, up 5.8% from $173.4 million in FY 2020. Net income per share increased to $2.39, and return on shareholders' equity rose to 8.69%. Total assets grew 4.6% to $19.7 billion, with customer deposits rising 12.8% to $15.5 billion. The bank achieved record loan originations of $8.2 billion and reduced Federal Home Loan Bank borrowings by 36.3%. Despite strong performance, management remains cautious about potential economic downturns.
Washington Federal Bank, known as WaFd Bank, has agreed to pay a $2.5 million civil money penalty to the Office of the Comptroller of the Currency (OCC) for anti-money laundering deficiencies stemming from a February 2018 Consent Order. This payment is seen as a significant step towards resolving the Consent Order, which remains active. WaFd Bank has expressed its commitment to enhancing its AML/BSA program, emphasizing compliance and cooperation with the OCC.
Washington Federal, Inc. (Nasdaq: WAFD) has announced a quarterly cash dividend of 23 cents per share, payable on August 20, 2021, to shareholders of record by August 6, 2021. This marks the 154th consecutive quarterly cash dividend for the company. As of June 30, 2021, Washington Federal operates 224 branches across several states, reporting $19.6 billion in assets, $15.2 billion in deposits, and $2.2 billion in shareholders’ equity. The bank, founded in 1917, offers a range of consumer and commercial banking services.