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Jun 30, 2020
WaFd Q3 2020 Earnings Report
Announced quarterly earnings, reflecting a decrease in fully diluted earnings per share.
Key Takeaways
Washington Federal announced quarterly earnings of $34,852,000, or $0.46 per diluted share, for the quarter ended June 30, 2020. This represents a decrease compared to the $53,854,000, or $0.67 per diluted share, for the quarter ended June 30, 2019.
Originated $2.1 billion in new loans, a new quarterly record for WaFd Bank.
Grew transaction deposit accounts year-to-date by $1.8 billion or 26%.
Net interest income remained flat at $117 million despite Federal Reserve interest rate cuts.
Increased allowance for credit losses to $185 million due to economic uncertainty.
WaFd
WaFd
Forward Guidance
The company sees disruption as a generational opportunity for community and regional banks to earn additional market share and plans to continue to invest resources accordingly.