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.
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.
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