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Mar 31, 2023
WaFd Q2 2023 Earnings Report
Reported quarterly earnings with an increase compared to the same quarter last year.
Key Takeaways
Washington Federal announced quarterly earnings of $65,934,000 for the quarter ended March 31, 2023, a 33.6% increase from $49,359,000 for the quarter ended March 31, 2022. Earnings per diluted share increased to $0.95, compared to $0.70 for the same quarter last year.
Net income for the quarter ended March 31, 2023 was $65,934,000, up 33.6% year-over-year.
Diluted earnings per share increased by 35.7% to $0.95 compared to $0.70 in the same quarter last year.
Net interest margin increased to 3.51% compared to 2.90% for the prior year quarter.
Total assets were $22.3 billion as of March 31, 2023, compared to $20.8 billion at September 30, 2022.
Forward Guidance
The company acknowledges the challenging interest rate environment and is closely monitoring credit quality, but remains confident in its strong capital position and the economic vitality of its markets.
Positive Outlook
- Strong capital position.
- Experienced bankers.
- Conservative lending practices.
- Diversified loan portfolio across eight western states.
- Strong job growth in operating markets.
Challenges Ahead
- Challenging interest rate environment.
- Inverted yield curve compressing bank margins.
- Decrease in net interest margin from 3.69% to 3.51%.
- First quarterly net charge-off in almost a decade.
- Potential deterioration in commercial real estate values.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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