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Washington Federal Reports Record Earnings Per Share Increase of 42% For 2022

Washington Federal, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank"), today announced record annual earnings of $236,330,000 for the fiscal year ended September 30, 2022, an increase of $52,715,000 from earnings of $183,615,000 for the year ended September 30, 2021. After the effect of dividends on preferred stock, net income available for common shareholders was $3.39 per share for the fiscal year ended September 30, 2022, a $1.00 or 41.8% increase from $2.39 for the prior fiscal year. Return on common shareholders' equity for the fiscal year ended September 30, 2022 was 11.70% compared to 8.69% for the year ended September 30, 2021. Return on assets for the year ended September 30, 2022 was 1.17% compared to 0.95% for the prior year.

President and Chief Executive Officer Brent J. Beardall commented, "Fiscal year 2022 was the best year for WaFd Bank in our 105-year history. We broke records for net income, earnings per share, loan growth, total loans, loan production, book value per share, and tangible book value per share. Over the last several years, we worked to execute our strategic plan to position the bank to prepare for and actually benefit from rising interest rates, all while maintaining a conservative credit posture. I thank our clients and the almost 2,200 employees of WaFd Bank that made these results possible, but I also must acknowledge the role market interest rates have played. We remained patient and withstood earnings pressure as we experienced near-record low net interest margins following the Federal Reserve Bank taking interest rates to zero at the onset of the COVID-19 pandemic. Now we are benefiting from the 300 basis point increase in rates over the last seven months as the Federal Reserve Bank works to regain price stability.

"With the Fed’s moves this year, we experienced significant expansion of our net interest margin. One year ago, the Bank’s margin was 2.88% and by the end of the fourth quarter, it reached 3.64%, a 26% increase in a single year. Compounding the margin improvement, we grew loans outstanding from $13.8 billion to $16.1 billion, a 17% year over year increase. The 3.64% margin is the highest we have experienced since 2005, which bodes well for future performance.

"We learned through the years that the key to long-term success is to continue to invest in both your teams and your technology. It is difficult to grow if you cut staff or reduce your IT budget. WaFd is continuing to make significant investments in both our teams and our technology to drive growth. Even with continued investments in these areas, the Bank’s efficiency ratio, which is a measure of how many cents it costs to earn one dollar of net revenue, decreased from 57% in the fourth quarter of 2021 to 50% this quarter, the best efficiency ratio we have reported in the last five years.

"There are no guarantees as to what the future holds, but at this point in time, our credit quality is about as strong as we have ever seen it. We posted net recoveries for the ninth consecutive year, meaning for each of the last nine years we recovered more from loans that we previously charged-off during the Great Recession (2008-2010) than we charged off. To do that for nine years straight is an astounding feat. I don’t know of any other publicly traded bank that can match that record, and that is a tribute to our clients that worked though serious challenges and to our collections teams.

"Lastly, I want to call out the 9.5% year-over-year growth in tangible book value per share. This is especially gratifying, given so many banks have taken meaningful market value losses on their investment portfolios, resulting in large swings in their accumulated other comprehensive income (loss). By keeping the majority of our investments in shorter duration assets and putting in place long-term hedges over the last two years, WaFd Bank has been an outlier in that regard. We believe that WaFd Bank is well positioned to withstand the economic volatility that seems to be on the horizon and continue to be a source of strength and stability for our clients."

Total assets were $20.8 billion as of September 30, 2022, an increase of 5.7% from $19.7 billion at September 30, 2021, primarily due to record loan originations (noted below) funded by continued growth in customer deposits, increased Federal Home Loan Bank ("FHLB") advances and decreased cash. Net loans increased by $2.3 billion, or 16.5%, while deposits increased $0.5 billion, FHLB advances increased $0.4 billion and cash decreased by $1.4 billion.

Customer deposits totaled $16.0 billion as of September 30, 2022, an increase of 3.1% since September 30, 2021. Transaction accounts increased by $0.6 billion or 4.8% during the fiscal year 2022, while time deposits decreased $96 million or 2.8%. The shift in deposit mix has been a result of a deliberate deposit pricing and customer growth strategy. The focus on transaction accounts is intended to lessen sensitivity to rising interest rates and manage interest expense. As of September 30, 2022, 79.2% of the Company's deposits were in transaction accounts. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 95.2% of deposits at September 30, 2022. The loan-to-deposit ratio was 100.5% at September 30, 2022 compared to 89.0% at September 30, 2021.

Borrowings from the FHLB totaled $2.1 billion as of September 30, 2022, an increase of $405 million or 23.5% since September 30, 2021. The weighted average effective interest rate for FHLB borrowings was 2.02% as of September 30, 2022, versus 1.51% at September 30, 2021, the increase being primarily due to higher rates on new short-term borrowings. As of September 30, 2022, $1.1 billion of the $2.13 billion in outstanding FHLB advances have effective maturities greater than one year.

Record loan originations totaled $8.7 billion for fiscal year 2022 compared to $8.2 billion in fiscal year 2021. Fiscal 2022 did not contain any SBA Paycheck Protection Program ("PPP") loan originations as compared to $321.937 million originated in fiscal 2021. Partially offsetting the loan origination volume in each of these years were loan repayments of $6.2 billion and $6.8 billion, respectively. Commercial loans represented 78% of all loan originations during fiscal 2022 with consumer loans accounting for the remaining 22%. The Company views organic loan growth funded by low-cost core deposits as the highest and best use of its capital. Commercial loans are preferable in this low-rate environment due to the fact they generally have floating interest rates and shorter durations. The weighted average interest rate on the loan portfolio was 4.25% as of September 30, 2022, an increase from 3.47% at September 30, 2021, due primarily to higher rates on adjustable rate loans and newly originated loans.

Credit quality is being monitored closely in light of the shifting economic and monetary environment. As of September 30, 2022, non-performing assets remained low from a historical perspective at $45 million, or 0.21% of total assets, compared to 0.22% as of September 30, 2021. Since September 30, 2021, real estate owned decreased by $1.5 million and non-accrual loans increased by $2.8 million. Delinquent loans were 0.17% of total loans at September 30, 2022 compared to 0.19% at September 30, 2021. The allowance for credit losses (including the reserve for unfunded commitments) totaled $205 million as of September 30, 2022 and was 1.06% of gross loans as compared to $199 million or 1.22% of gross loans as of September 30, 2021. Net recoveries were $3.5 million for fiscal year 2022 compared to net recoveries of $6.3 million in fiscal 2021. The Company has recorded net recoveries for nine consecutive years.

The Company recorded a provision for credit losses of $3 million in fiscal 2022, compared to provision of $0.5 million in fiscal 2021. In fiscal 2022, provisioning for net growth in the loan portfolio was mostly offset by improvements in the credit quality of certain loan portfolios related to strong real estate markets and collateral conditions.

The Company paid a quarterly dividend on the 4.875% Series A preferred stock on July 15, 2022. On September 2, 2022, the Company paid a cash dividend of $0.24 per share to common stockholders of record on August 19, 2022, which was the Company’s 158th consecutive quarterly cash dividend. Tangible common shareholders’ equity per share increased by $2.22 or 9.54% during fiscal 2022 to $25.49. The ratio of tangible shareholders' equity to tangible assets increased to 9.60% as of September 30, 2022.

Net interest income was $595 million for fiscal 2022, an increase of $89 million or 17.7% from the prior year. The increase in net interest income from the prior year was primarily due to average interest-earning assets increasing by $776 million or 4.30% while average interest-bearing liabilities increased by $273 million or 1.92%. Average noninterest-bearing deposits grew by $569 million over the same period. The change in net interest income was also impacted by the average rate earned on interest-earning assets increasing by 26 basis points while the average rate paid on interest-bearing liabilities declined by 11 basis points. Net interest margin of 3.16% in fiscal 2022 was up from 2.80% for the prior year. Net interest margin of 3.64% in the 4th fiscal quarter of 2022 was up from 2.88% in the same quarter of the prior year. This increase in net interest margin is directly attributable to both increasing market interest rates and the intentional shift over the last several years towards transaction deposits and commercial loans mentioned above.

Total other income was $66 million for fiscal year 2022, an increase from $61 million in the prior year. The increase in other income is primarily due to unrealized gains recorded for certain equity investments being $3 million higher in fiscal 2022 versus 2021.

Total operating expenses were $359 million for fiscal 2022, an increase of $26 million or 7.9% from the prior year. Compensation and benefits costs increased $18 million or 10.11% year-over-year primarily due to annual merit increases, higher bonus compensation accruals related to strong deposit and loan growth, and strategic investments in top talent and strategic initiatives. Operating expenses were $93.1 million for the 4th fiscal quarter of 2022, an increase of $7.5 million or 8.7% from the same quarter a year ago due primarily to the compensation related changes noted above. The Company’s efficiency ratio was 54.25% for fiscal 2022 as compared to 58.77% for the prior year due to income growth outpacing expense growth. The efficiency ratio was 49.5% for the 4th fiscal quarter of 2022 compared to 56.8% for the same quarter a year ago.

For the year ended September 30, 2022, the Company recorded federal and state income tax expense of $64 million, which equates to a 21.23% effective tax rate. This compares to an effective tax rate of 21.24% for fiscal year 2021. The Company's effective tax rate for fiscal 2022 differs from the statutory federal tax rate mainly due to state taxes, tax-exempt income, tax-credit investments and certain differences in book and tax deductions.

WaFd Bank is headquartered in Seattle, Washington and has 201 branches in eight western states. To find out more, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information.

Important Cautionary Statements

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s 2021 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Additional information will also be set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022.

This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward looking statements” for purposes of applicable securities laws, and are based on current information and/or management's good faith belief as to future events. Words such as “anticipate,” “believe,” “continue,” “expect,” “goal,” “intend,” “should,” “strategy,” “will,” or similar expressions signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance. By their nature, forward-looking statements involve inherent risk and uncertainties, including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s June 30, 2022 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. In particular, any forward-looking statements are subject to risks and uncertainties related to (i) the COVID-19 pandemic and the resulting governmental and societal responses; (ii) current and future economic conditions, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, and slowdowns in economic growth; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) global economic trends, including developments related to Ukraine and Russia, and related negative financial impacts on our borrowers; and (v) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin. The Company undertakes no obligation to update or revise any forward-looking statement.

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

 

 

September 30, 2022

 

September 30, 2021

 

(In thousands, except share and ratio data)

ASSETS

 

 

 

Cash and cash equivalents

$ 683,965

 

$ 2,090,809

Available-for-sale securities, at fair value

2,051,037

 

2,138,259

Held-to-maturity securities, at amortized cost

463,299

 

366,025

Loans receivable, net of allowance for loan losses of $172,808 and $171,300

16,113,564

 

13,833,570

Interest receivable

63,872

 

50,636

Premises and equipment, net

243,062

 

255,152

Real estate owned

6,667

 

8,204

FHLB and FRB stock

95,073

 

102,863

Bank owned life insurance

237,931

 

233,263

Intangible assets, including goodwill of $303,457 and $303,457

309,009

 

310,019

Federal and state income tax assets, net

 

3,877

Other assets

504,652

 

257,897

 

$ 20,772,131

 

$ 19,650,574

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Liabilities

 

 

 

Transaction deposits

$ 12,691,527

 

$ 12,108,025

Time deposits

3,338,043

 

3,434,087

Total customer deposits

16,029,570

 

15,542,112

FHLB advances

2,125,000

 

1,720,000

Advance payments by borrowers for taxes and insurance

50,051

 

47,016

Federal and state income tax liabilities, net

3,306

 

Accrued expenses and other liabilities

289,944

 

215,382

 

18,497,871

 

17,524,510

Stockholders’ equity

 

 

 

Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 0 shares issued; 300,000 and 0 shares outstanding

300,000

 

300,000

Common stock, $1.00 par value, 300,000,000 shares authorized; 136,270,886 and 135,993,254 shares issued; 65,330,126 and 65,145,268 shares outstanding

136,271

 

135,993

Additional paid-in capital

1,686,975

 

1,678,622

Accumulated other comprehensive (loss) income, net of taxes

52,481

 

69,785

Treasury stock, at cost; 70,940,760 and 70,847,986 shares

(1,590,207)

 

(1,586,947)

Retained earnings

1,688,740

 

1,528,611

 

2,274,260

 

2,126,064

 

$ 20,772,131

 

$ 19,650,574

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

Common shareholders' equity per share

$ 30.22

 

$ 28.03

Tangible common shareholders' equity per share

25.49

 

23.27

Shareholders' equity to total assets

10.95 %

 

10.82 %

Tangible shareholders' equity (TSE) to tangible assets

9.60

 

9.39

TSE + allowance for credit losses to tangible assets

10.45

 

10.28

Weighted average rates at period end

 

 

 

Loans and mortgage-backed securities

4.13 %

 

3.37 %

Combined loans, all interest-earning assets

4.04

 

2.80

Customer accounts

0.51

 

0.23

Borrowings

2.02

 

1.51

Combined cost of customer accounts and borrowings

0.68

 

0.35

Net interest spread

3.36

 

2.45

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

 

 

As of

SUMMARY FINANCIAL DATA

September 30, 2022

 

June 30, 2022

 

March 31, 2022

 

December 31, 2021

 

September 30, 2021

 

(In thousands, except share and ratio data)

Cash

$ 683,965

 

$ 607,421

 

$ 1,947,504

 

$ 1,880,647

 

$ 2,090,809

Loans receivable, net

16,113,564

 

15,565,165

 

15,094,926

 

14,592,202

 

13,833,570

Allowance for credit losses ("ACL")

205,308

 

203,479

 

201,384

 

201,411

 

198,800

Available-for-sale securities, at fair value

2,051,037

 

2,150,732

 

1,909,605

 

1,946,139

 

2,138,259

Held-to-maturity securities, at amortized cost

463,299

 

477,884

 

301,221

 

326,387

 

366,025

Total assets

20,772,131

 

20,158,831

 

20,560,279

 

19,973,171

 

19,650,574

Transaction deposits

12,691,527

 

12,668,251

 

13,139,606

 

12,550,062

 

12,108,025

Time deposits

3,338,043

 

3,297,369

 

3,251,042

 

3,351,984

 

3,434,087

FHLB advances

2,125,000

 

1,700,000

 

1,720,000

 

1,720,000

 

1,720,000

Total shareholders' equity

2,274,260

 

2,220,111

 

2,191,701

 

2,149,126

 

2,126,064

 

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

Common shareholders' equity per share

30.22

 

29.39

 

28.97

 

28.33

 

28.03

Tangible common shareholders' equity per share

25.49

 

24.66

 

24.23

 

23.59

 

23.27

Shareholders' equity to total assets

10.95 %

 

11.01 %

 

10.66 %

 

10.76 %

 

10.82 %

Tangible shareholders' equity to tangible assets

9.60 %

 

9.63 %

 

9.29 %

 

9.35 %

 

9.39 %

Tangible shareholders' equity + ACL to tangible assets

10.45 %

 

10.65 %

 

10.29 %

 

10.38 %

 

10.42 %

Common shares outstanding

65,330,126

 

65,321,869

 

65,306,928

 

65,263,738

 

65,145,268

Preferred shares outstanding

300,000

 

300,000

 

300,000

 

300,000

 

300,000

Loans to customer deposits

100.52 %

 

97.49 %

 

92.09 %

 

91.76 %

 

89.01 %

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY

 

 

 

 

 

 

 

 

 

ACL to gross loans

1.06 %

 

1.08 %

 

1.13 %

 

1.18 %

 

1.22 %

ACL to non-accrual loans

594.51 %

 

554.76 %

 

598.66 %

 

447.99 %

 

626.16 %

Non-accrual loans to net loans

0.21 %

 

0.24 %

 

0.22 %

 

0.31 %

 

0.23 %

Non-accrual loans

34,534

 

36,679

 

33,639

 

44,959

 

31,749

Non-performing assets to total assets

0.21 %

 

0.25 %

 

0.23 %

 

0.27 %

 

0.22 %

Non-performing assets

44,554

 

50,430

 

47,243

 

54,790

 

43,625

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

 

 

Three Months Ended September 30,

 

Twelve Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

 

(In thousands, except share and ratio data)

 

(In thousands, except share and ratio data)

INTEREST INCOME

 

 

 

 

 

 

 

Loans receivable

$ 174,710

 

$ 137,039

 

$ 601,592

 

$ 537,660

Mortgage-backed securities

8,263

 

5,294

 

26,332

 

24,708

Investment securities and cash equivalents

14,960

 

7,253

 

38,435

 

29,242

 

197,933

 

149,586

 

666,359

 

591,610

INTEREST EXPENSE

 

 

 

 

 

 

 

Customer accounts

17,071

 

8,568

 

43,041

 

42,313

FHLB advances and other borrowings

7,243

 

9,062

 

28,729

 

44,188

 

24,314

 

17,630

 

71,770

 

86,501

Net interest income

173,619

 

131,956

 

594,589

 

505,109

Provision (release) for credit losses

1,500

 

(500)

 

3,000

 

500

Net interest income after provision (release)

172,119

 

132,456

 

591,589

 

504,609

OTHER INCOME

 

 

 

 

 

 

 

Gain (loss) on sale of investment securities

18

 

14

 

99

 

14

Gain (loss) on termination of hedging derivatives

 

 

 

14,110

Prepayment penalty on long-term debt

 

 

 

(13,788)

Loan fee income

1,154

 

1,887

 

7,168

 

6,899

Deposit fee income

6,604

 

6,499

 

25,942

 

24,686

Other income

6,706

 

10,603

 

33,163

 

28,640

 

14,482

 

19,003

 

66,372

 

60,561

OTHER EXPENSE

 

 

 

 

 

 

 

Compensation and benefits

51,304

 

45,910

 

193,917

 

176,106

Occupancy

10,568

 

9,820

 

42,499

 

39,610

FDIC insurance premiums

2,231

 

3,450

 

9,531

 

14,368

Product delivery

5,104

 

5,092

 

19,536

 

18,505

Information technology

12,228

 

9,814

 

47,202

 

42,737

Other expense

11,707

 

11,577

 

45,890

 

41,133

 

93,142

 

85,663

 

358,575

 

332,459

Gain (loss) on real estate owned, net

(488)

 

993

 

651

 

427

Income before income taxes

92,971

 

66,789

 

300,037

 

233,138

Income tax provision

19,576

 

14,418

 

63,707

 

49,523

Net Income

73,395

 

52,371

 

236,330

 

183,615

Dividends on preferred stock

3,656

 

3,656

 

14,625

 

10,034

Net Income available to common shareholders

$ 69,739

 

$ 48,715

 

$ 221,705

 

$ 173,581

PER SHARE DATA

 

 

 

 

 

 

 

Basic earnings

$ 1.07

 

$ 0.72

 

$ 3.40

 

$ 2.39

Diluted earnings

1.07

 

0.72

 

3.39

 

2.39

Cash dividends per share

0.24

 

0.23

 

0.95

 

0.91

Basic weighted average shares outstanding

65,326,706

 

67,227,280

 

65,287,650

 

72,529,188

Diluted weighted average shares outstanding

65,423,817

 

67,235,846

 

65,404,110

 

72,565,920

PERFORMANCE RATIOS

 

 

 

 

 

 

 

Return on average assets

1.44 %

 

1.07 %

 

1.17 %

 

0.95 %

Return on average common equity

14.22

 

10.36

 

11.70

 

8.69

Net interest margin

3.64

 

2.88

 

3.16

 

2.80

Efficiency ratio

49.52

 

56.75

 

54.25

 

58.77

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

Three Months Ended

 

September 30, 2022

 

June 30, 2022

 

March 31, 2022

 

December 31, 2021

 

September 30, 2021

 

(In thousands, except share and ratio data)

INTEREST INCOME

 

 

 

 

 

 

 

 

 

Loans receivable

$ 174,710

 

$ 149,113

 

$ 139,260

 

$ 138,509

 

$ 137,039

Mortgage-backed securities

8,263

 

8,618

 

4,659

 

4,792

 

5,294

Investment securities and cash equivalents

14,960

 

9,417

 

6,919

 

7,139

 

7,253

 

197,933

 

167,148

 

150,838

 

150,440

 

149,586

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

Customer accounts

17,071

 

9,284

 

8,225

 

8,461

 

8,568

FHLB advances and other borrowings

7,243

 

6,118

 

7,525

 

7,843

 

9,062

 

24,314

 

15,402

 

15,750

 

16,304

 

17,630

Net interest income

173,619

 

151,746

 

135,088

 

134,136

 

131,956

Provision (release) for credit losses

1,500

 

1,500

 

(500)

 

500

 

(500)

Net interest income after provision (release)

172,119

 

150,246

 

135,588

 

133,636

 

132,456

OTHER INCOME

 

 

 

 

 

 

 

 

 

Gain (loss) on sale of investment securities

18

 

 

 

81

 

14

Loan fee income

1,154

 

1,618

 

2,475

 

1,921

 

1,887

Deposit fee income

6,604

 

6,613

 

6,282

 

6,443

 

6,499

Other income

6,706

 

9,319

 

6,902

 

10,236

 

10,603

 

14,482

 

17,550

 

15,659

 

18,681

 

19,003

OTHER EXPENSE

 

 

 

 

 

 

 

 

 

Compensation and benefits

51,304

 

48,073

 

47,115

 

47,425

 

45,910

Occupancy

10,568

 

10,053

 

11,788

 

10,090

 

9,820

FDIC insurance premiums

2,231

 

2,100

 

2,100

 

3,100

 

3,450

Product delivery

5,104

 

4,667

 

5,044

 

4,721

 

5,092

Information technology

12,228

 

11,831

 

11,722

 

11,421

 

9,814

Other expense

11,707

 

10,679

 

10,648

 

12,856

 

11,577

 

93,142

 

87,403

 

88,417

 

89,613

 

85,663

Gain (loss) on real estate owned, net

(488)

 

448

 

129

 

562

 

993

Income before income taxes

92,971

 

80,841

 

62,959

 

63,266

 

66,789

Income tax provision

19,576

 

17,546

 

13,600

 

12,985

 

14,418

Net income

73,395

 

63,295

 

49,359

 

50,281

 

52,371

Dividends on preferred stock

3,656

 

3,656

 

3,656

 

3,656

 

3,656

Net income available to common shareholders

$ 69,739

 

$ 59,639

 

$ 45,703

 

$ 46,625

 

$ 48,715

PER SHARE DATA

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$ 1.07

 

$ 0.91

 

$ 0.70

 

$ 0.72

 

$ 0.72

Diluted earnings per common share

1.07

 

0.91

 

0.70

 

0.71

 

0.72

Cash dividends per common share

0.24

 

0.24

 

0.24

 

0.23

 

0.23

Basic weighted average shares outstanding

65,326,706

 

65,315,481

 

65,301,171

 

65,207,837

 

67,227,280

Diluted weighted average shares outstanding

65,423,817

 

65,395,666

 

65,445,206

 

65,350,174

 

67,235,846

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

Return on average assets

1.44 %

 

1.25 %

 

0.98 %

 

1.02 %

 

1.07 %

Return on average common equity

14.22

 

12.50

 

9.80

 

10.12

 

10.36

Net interest margin

3.64

 

3.22

 

2.90

 

2.87

 

2.88

Efficiency ratio

49.52

 

51.63

 

58.65

 

58.64

 

56.75

 

Washington Federal Reports Record Earnings Per Share Increase of 42% for 2022

Contacts

Washington Federal, Inc.

425 Pike Street, Seattle, WA 98101

Brad Goode, SVP, Chief Marketing Officer

206-626-8178

brad.goode@wafd.com

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