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Mar 31, 2020
WaFd Q2 2020 Earnings Report
Announced quarterly earnings with solid financial performance amidst global turbulence.
Key Takeaways
Washington Federal reported quarterly earnings of $0.49 per diluted share for the quarter ended March 31, 2020. The company produced $1.2 billion in new loan originations, and total deposits increased to a record $12.1 billion.
Earnings per share decreased by $0.14 or 22% compared to the same quarter last year.
Total deposits increased to a record $12.1 billion.
New loan originations reached $1.2 billion, the second-best quarter in the company's history.
The company borrowed $1 billion for a 10-year term at a fixed rate below 1%.
Forward Guidance
The company anticipates challenges over the next few quarters due to the economic impact of the COVID-19 pandemic but remains confident in its strong balance sheet and employees.
Positive Outlook
- Strong capital position in the top 25% of publicly traded banks.
- Opportunity to grow market share during market disruption.
- High percentage of deposits in transaction accounts (63.4%).
- Strong loan originations of $1.24 billion.
- Low ratio of non-performing assets to total assets (0.24%).
Challenges Ahead
- Economic activity has plummeted due to shelter in place orders.
- Net income was down $13 million.
- Increased investments in technology and compliance.
- Outsized credit provision due to economic distress.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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