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. (WAFD) reported quarterly earnings of $47.42 million for the period ending June 30, 2021, a 36% increase from $34.85 million year-over-year. Net income per diluted share rose to $0.61, up from $0.46, reflecting a 33% increase. Return on equity improved to 8.71% from 7.01%, and assets reached $19.6 billion. Deposits grew by $1.5 billion or 10.6%, with transaction accounts rising 19.3%. Operating expenses increased due to higher compensation costs, but the bank's net interest margin improved to 2.82%. Credit quality remained stable with low non-performing assets.
Washington Federal, Inc. (Nasdaq: WAFD) announces board succession planning, with Chair Thomas Kelley and Dr. Barbara Smith not seeking re-election in January 2022. Stephen Graham will become Chairman after the annual meeting. The board expands to 12 members, adding Sylvia Hampel, Sean Singleton, and Shawn Bice, effective July 1, 2021. Bice, with over 20 years in tech leadership, aims to enhance WaFd's digital-first strategy. Hampel brings extensive business experience, while Singleton's capital markets background strengthens the bank's strategy for improved client experiences.
Washington Federal, Inc. (Nasdaq: WAFD) announced a quarterly cash dividend of 23 cents per share, to be paid on May 21, 2021. This marks the company's 153rd consecutive quarterly dividend. As of March 31, 2021, the bank reported $19.5 billion in assets, $14.8 billion in deposits, and $2.3 billion in shareholders’ equity. The bank operates 232 branches across several states, focusing on consumer and commercial financial services.
Washington Federal reported quarterly earnings of $44.87 million for the quarter ending March 31, 2021, a 23% increase from $36.38 million the previous year. Net income per diluted share rose 19% to $0.56. The bank grew loans outstanding by 9%, totaling $1.1 billion, with a 60% increase in loan originations. Total deposits surged 22.6% to $14.8 billion. The bank also issued $300 million in preferred stock and recorded net recoveries of $2.5 million, reflecting strong asset quality. Return on equity improved to 8.17%.
Washington Federal (NASDAQ: WAFD) announced the completion of its modified Dutch auction tender offer to buy up to $290 million of its common stock. The offer, which concluded on March 9, 2021, accepted a total of 1,715,335 shares at $31.00 per share, totaling approximately $53.2 million. This repurchase represents about 2.26% of the outstanding shares. The company may consider further stock purchases in the future based on market conditions and financial performance. Goldman Sachs acted as the dealer manager for this tender offer.
Washington Federal (NASDAQ: WAFD) announced preliminary results from its modified Dutch auction tender offer to buy back up to $290 million of its common stock. The tender offer expired on March 9, 2021, with approximately 1.7 million shares tendered at a price of $31.00 each, totaling about $53.2 million. This acquisition represents around 2.26% of the company's outstanding shares. The final number and purchase price are subject to confirmation. Future share repurchases may occur based on market conditions and company performance.
Washington Federal (NASDAQ: WAFD) has launched a modified Dutch auction tender offer to purchase up to $290 million of its common stock, with prices ranging from $26.50 to $31.00 per share. This offer represents an 11.75% premium over the recent 5-day Volume Weighted Average Price. If fully subscribed, the company could buy between 9.35 million and 10.94 million shares, equating to 12.3% to 14.4% of its outstanding stock. The tender offer expires on March 9, 2021, and shareholders are encouraged to review the offer documents for detailed information.
Washington Federal, Inc. (NASDAQ: WAFD) has priced a public offering of 12,000,000 depositary shares, representing a 1/40th ownership interest in its 4.875% fixed-rate non-cumulative perpetual preferred stock, Series A. The aggregate offering price is $300,000,000, with expected net proceeds of approximately $293,560,000 after expenses. The offering is set to close on February 8, 2021. Proceeds will support general corporate purposes, potentially including common stock repurchases.
The Board of Directors of Washington Federal, Inc. (Nasdaq: WAFD) has declared a quarterly cash dividend of 23 cents per share, marking a $0.01 increase from the previous quarter. This dividend will be distributed on February 19, 2021, to stockholders of record as of February 5, 2021. This payment will be the company's 152nd consecutive quarterly cash dividend.
Washington Federal operates 234 branches across several states and reported $19.1 billion in assets as of December 31, 2020.
Washington Federal, Inc. (WAFD) reported Q1 2021 earnings of $38.9 million or $0.51 per diluted share, a 41% decrease from $0.86 per share a year prior. Return on equity also declined to 7.65% from 13.46%. Total assets increased to $19.1 billion, with a 2.8% rise in customer deposits to $14.2 billion. Loan originations surged 40% year-over-year to $1.92 billion. However, non-performing assets increased to 0.35% of total assets. The company declared a cash dividend of $0.22 per share, marking its 151st consecutive quarterly dividend.