WaFd Inc

Latest Results (14.08.2024):

Quarterly Earnings

WaFd Inc. reported quarterly earnings of $64,560,000 for the quarter ended June 30, 2024. This marks a significant increase of 306% from the previous quarter's earnings of $15,888,000 and a 5% increase from the same quarter last year. The earnings per diluted share for common shareholders were $0.75, up from $0.17 in the previous quarter but down from $0.89 in the same quarter last year.

Return on Equity and Assets

For the quarter ended June 30, 2024, WaFd Inc. achieved a return on common shareholders' equity of 9.2% and a return on assets of 0.87%. Adjusted for acquisition-related costs, the return on equity was 9.4%, compared to 8.7% in the previous quarter, and the return on assets was 0.9%, consistent with the previous quarter but down from 1.1% in the same quarter last year.

Asset and Loan Growth

As of June 30, 2024, WaFd Inc.'s total assets were $28.6 billion, up from $22.5 billion at the end of September 2023. Net loans held for investment increased by $3.4 billion, or 19.4%, reflecting the addition of loans from the Luther Burbank Corporation acquisition. The company also sold $2.8 billion in acquired multifamily loans during the quarter.

Deposit and Borrowing Changes

Customer deposits at WaFd Inc. totaled $21.2 billion as of June 30, 2024, a 31.8% increase since September 30, 2023. Transaction accounts increased by $1.2 billion, while time deposits rose by $4.0 billion. Borrowings totaled $3.9 billion, up from $3.7 billion at the end of September 2023, with the acquisition adding $1.4 billion in borrowings to the balance sheet.

Dividends and Share Repurchase

WaFd Inc. paid quarterly dividends on Series A preferred stock in April and July 2024. A regular cash dividend of $0.26 per share on common stock was paid on June 7, 2024. During the quarter, the company repurchased 357,303 shares of common stock at an average price of $26.63 per share and has authorization to repurchase an additional 11,501,005 shares.