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Sep 30, 2020
WaFd Q4 2020 Earnings Report
Annual earnings and diluted earnings per share were announced.
Key Takeaways
Washington Federal reported annual earnings of $173,438,000 and diluted earnings per share of $2.26 for the fiscal year ended September 30, 2020. Net interest margin of 2.67% in the 4th fiscal quarter of 2020 was down from 3.12% in the same quarter of the prior year. Operating expenses were $78.2 million for the 4th fiscal quarter of 2020, an increase of $5.6 million or 7.8% from the same quarter a year ago.
Achieved record growth in transaction deposit accounts, up $2.7 billion or 38%.
Teams produced record loan production of $6.2 billion, up $2.1 billion or 51%.
Net promoter score improved to 51, up from 17 just four years ago.
The company increased its credit loss allowance from $138 million to $192 million, a 39% increase.
Forward Guidance
The company sees meaningful opportunities to profitably grow the bank, particularly with projected net immigration into our markets over the next decade.
Positive Outlook
- Substantial operating leverage.
- Opportunity to deploy $1.7 billion in cash into loans.
- Projected net immigration into markets.
- Generational opportunity for community and regional banks.
- Working hard to support communities results in new opportunities.
Challenges Ahead
- Significant risks on the horizon.
- Future tax rates.
- The depth and duration of the recession.
- Health risks from the COVID-19 pandemic.
- Uncertainty caused by the COVID-19 pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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