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Mar 31, 2021
WaFd Q2 2021 Earnings Report
Reported quarterly earnings with an increase compared to the same quarter last year.
Key Takeaways
Washington Federal announced quarterly earnings of $44.87 million, a 23% increase from the previous year. EPS was $0.56, up from $0.47 year-over-year. The company experienced loan growth and strategic transactions that are expected to benefit shareholders.
Quarterly earnings increased by 23% year-over-year, reaching $44.87 million.
Earnings per diluted share rose to $0.56, a 19% increase from $0.47 in the prior year.
Loan originations increased by 60% to $1.98 billion.
Total deposits increased by $2.7 billion, or 22.6%, with a significant shift towards checking accounts.
WaFd
WaFd
Forward Guidance
The company anticipates that slowing repayments due to rising interest rates, combined with strong loan production, will allow them to deploy cash and improve net interest income. They believe the stock is undervalued given the balance sheet strength and potential for future earnings growth.
Positive Outlook
- Increase in the 10-year bond interest rate slowing down repayments.
- Strong loan production expected to continue.
- Potential to deploy $2.3 billion of cash on balance sheet.
- Expected improvement in net interest income.
- Stock considered undervalued based on balance sheet strength.
Challenges Ahead
- No specific negative factors were mentioned in the provided text.