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Sep 30, 2024
WaFd Q4 2024 Earnings Report
Announced fourth quarter and fiscal 2024 results, including the effects of the acquisition of Luther Burbank Corporation.
Key Takeaways
WaFd Inc. reported annual earnings of $200.04 million for fiscal year 2024, which includes the acquisition of Luther Burbank Corporation. Net income available for common shareholders was $2.50 per share for the year. The company's results reflect acquisition related costs of $26.32 million incurred in fiscal 2024. Adjusted earnings per share for the year was $3.02.
Net Income was $200 million or $2.50 per diluted share for fiscal 2024 compared to $257 million or $3.72 per diluted share for 2023.
The year included the acquisition of California-based Luther Burbank Corporation which added $7.7 billion in assets and resulted in acquisition-related expenses of $26 million.
The Company completed the sales of $2.8 billion in multifamily loans and $0.4 billion in single family loans obtained in the acquisition.
Loans receivable increased $3.4 billion, or 19.7%, during 2024.
Forward Guidance
The company has positioned its balance sheet for anticipated interest rate reductions and sees opportunity for growth in its nine western states, while remaining cautious about unexpected events.
Positive Outlook
- Balance sheet positioned for Fed rate reductions.
- Over 19% of total balance sheet in cash and investments.
- Borrowing capacity of more than $6 billion.
- Problem loans totaling just 0.28% of assets.
- Significant opportunity for growth in all of nine western states.
Challenges Ahead
- Potential for unexpected events.
- Surprises not modeled can take down strong financial institutions.
- Prolonged and intensified borrower sensitivity to high interest rates.
- Operating costs due to inflationary pressures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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