WaFd's earnings for the quarter ended March 31, 2024, were $15.888 million, a decrease of 73% from the previous quarter and 76% from the same quarter last year, impacted by merger-related costs and certain non-operating expenses of $51.1 million. Adjusted for these expenses, net income would have been $54.8 million, a 6% decrease from the December quarter.
Completed the acquisition of Luther Burbank Corporation (LBC) on February 29, 2024, and integrated its systems and branches rapidly.
Identified a portion of the LBC multifamily loan portfolio (up to $3.2 billion) for potential sale and initiated a sale program.
Total assets reached $30.1 billion as of March 31, 2024, primarily due to the addition of $7.7 billion of LBC assets.
Net interest income was $159 million, a decrease of $16.4 million or 9.4% from the same quarter in the prior year.
WaFd expects earnings per share accretion of 8% in fiscal 2025 and 16% in fiscal 2026 factoring in the redeployment of funds received in the potential loan sale into higher yielding assets.
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