WaFd Inc. Announces Fourth Quarter and Fiscal 2024 Results
WaFd Inc. announced annual earnings of $200 million for fiscal year 2024, with net income available for common shareholders at $2.50 per share. The year included the acquisition of Luther Burbank , adding $7.7 billion in assets and resulting in $26 million in acquisition-related expenses. Key highlights:
- Loans receivable increased 19.7% to $20.9 billion
- Deposits grew 33.0% to $21.4 billion
- Total assets reached $28.1 billion, up 24.9%
- The company repurchased 1,070,207 shares at an average price of $25.29
- Paid $1.03 in cash dividends during the year
Credit quality remained stable with non-performing assets at 0.3% of total assets. The net interest margin decreased to 2.69% from 3.40% the previous year due to higher interest expense growth.
WaFd Inc. ha annunciato guadagni annuali di 200 milioni di dollari per l'anno fiscale 2024, con un utile netto disponibile per gli azionisti comuni di 2,50 dollari per azione. L'anno ha incluso l'acquisizione di Luther Burbank, che ha aggiunto 7,7 miliardi di dollari in attivi e ha comportato 26 milioni di dollari di spese relative all'acquisizione. Punti salienti:
- I prestiti ricevibili sono aumentati del 19,7% a 20,9 miliardi di dollari
- I depositi sono cresciuti del 33,0% a 21,4 miliardi di dollari
- Gli attivi totali hanno raggiunto 28,1 miliardi di dollari, in crescita del 24,9%
- La società ha riacquistato 1.070.207 azioni a un prezzo medio di 25,29 dollari
- Ha distribuito 1,03 dollari in dividendi in contante durante l'anno
La qualità del credito è rimasta stabile, con attivi non performanti allo 0,3% degli attivi totali. Il margine di interesse netto è diminuito al 2,69% rispetto al 3,40% dell'anno precedente a causa della maggiore crescita delle spese per interessi.
WaFd Inc. anunció ganancias anuales de 200 millones de dólares para el año fiscal 2024, con un ingreso neto disponible para los accionistas comunes de 2,50 dólares por acción. El año incluyó la adquisición de Luther Burbank, que añadió 7,7 mil millones de dólares en activos y resultó en 26 millones de dólares en gastos relacionados con la adquisición. Aspectos destacados:
- Los préstamos por cobrar aumentaron un 19,7% a 20,9 mil millones de dólares
- Los depósitos crecieron un 33,0% a 21,4 mil millones de dólares
- Los activos totales alcanzaron 28,1 mil millones de dólares, un aumento del 24,9%
- La empresa recompró 1,070,207 acciones a un precio promedio de 25,29 dólares
- Pagó 1,03 dólares en dividendos en efectivo durante el año
La calidad crediticia se mantuvo estable, con activos no productivos en 0,3% de los activos totales. El margen de interés neto disminuyó al 2,69% desde el 3,40% del año anterior debido al crecimiento de los gastos por intereses más altos.
WaFd Inc.는 2024 회계연도에 대한 연간 수익이 2억 달러라고 발표했으며, 일반 주주를 위한 순수익은 주당 2.50달러입니다. 이 년도에는 루터 벌뱅크(Luther Burbank)의 인수가 포함되어 77억 달러의 자산이 추가되었고 인수 관련 비용은 2600만 달러로 발생했습니다. 주요 하이라이트:
- 대출 채권은 19.7% 증가하여 209억 달러에 달했습니다.
- 예금은 33.0% 증가하여 214억 달러에 도달했습니다.
- 총 자산은 281억 달러로 증가하여 24.9% 증가했습니다.
- 이 회사는 1,070,207주를 평균 25.29달러의 가격으로 다시 구입했습니다.
- 연간 현금 배당금으로 1.03달러를 지급했습니다.
신용 품질은 안정적으로 유지되었으며, 비수익 자산은 총 자산의 0.3%입니다. 순이자 마진은 이전 연도의 3.40%에서 2.69%로 감소했습니다. 이는 이자 비용 증가 때문입니다.
WaFd Inc. a annoncé des revenus annuels de 200 millions de dollars pour l'exercice fiscal 2024, avec un revenu net disponible pour les actionnaires ordinaires de 2,50 dollars par action. L'année a inclus l'acquisition de Luther Burbank, ajoutant 7,7 milliards de dollars d'actifs et entraînant des dépenses liées à l'acquisition de 26 millions de dollars. Points forts :
- Les prêts débiteurs ont augmenté de 19,7% pour atteindre 20,9 milliards de dollars
- Les dépôts ont crû de 33,0% pour atteindre 21,4 milliards de dollars
- Les actifs totaux ont atteint 28,1 milliards de dollars, en hausse de 24,9%
- L'entreprise a racheté 1 070 207 actions à un prix moyen de 25,29 dollars
- A versé 1,03 dollars en dividendes en espèces au cours de l'année
La qualité du crédit est restée stable, avec des actifs non performants représentant 0,3% des actifs totaux. La marge d'intérêt nette est tombée à 2,69% contre 3,40% l'année précédente, en raison de la croissance des dépenses d'intérêts plus élevées.
WaFd Inc. gab bekannt, dass das Unternehmen im Geschäftsjahr 2024 einen Jahresgewinn von 200 Millionen Dollar erzielt hat, mit einem Nettogewinn für die Stammaktionäre von 2,50 Dollar pro Aktie. Das Jahr beinhaltete die Übernahme von Luther Burbank, wodurch 7,7 Milliarden Dollar an Vermögenswerten hinzukamen, was zu 26 Millionen Dollar an acquisition- bezogenen Kosten führte. Wichtige Höhepunkte:
- Die Forderungen aus Krediten stiegen um 19,7% auf 20,9 Milliarden Dollar
- Die Einlagen wuchsen um 33,0% auf 21,4 Milliarden Dollar
- Die Gesamtaktiva erreichten 28,1 Milliarden Dollar, ein Anstieg von 24,9%
- Das Unternehmen hat 1.070.207 Aktien zu einem Durchschnittspreis von 25,29 Dollar zurückgekauft.
- Es zahlte im Laufe des Jahres 1,03 Dollar in Barausschüttungen aus
Die Kreditqualität blieb stabil, mit notleidenden Vermögenswerten von 0,3% der Gesamtaktiva. Die Nettozinsspanne sank von 3,40% im Vorjahr auf 2,69% aufgrund des Anstiegs der Zinsaufwendungen.
- Acquisition of Luther Burbank added $7.7 billion in assets
- Loans receivable increased 19.7% to $20.9 billion
- Deposits grew 33.0% to $21.4 billion
- Total assets reached $28.1 billion, up 24.9%
- Credit quality remained stable with non-performing assets at 0.3% of total assets
- Net income decreased from $257 million in 2023 to $200 million in 2024
- Earnings per share declined from $3.72 in 2023 to $2.50 in 2024
- Acquisition-related expenses of $26 million incurred
- Net interest margin decreased to 2.69% from 3.40% the previous year
- Non-interest expenses increased by 19.2% year-over-year
Insights
WaFd Inc.'s fiscal 2024 results show a mixed performance in a challenging environment. Net income decreased to
Key positives include:
- Loans receivable increased by
19.7% - Deposits grew by
33.0% - Strong credit quality with non-performing assets at only
0.3% of total assets
However, the net interest margin compressed to
Overall, while WaFd has grown its balance sheet significantly, profitability metrics have weakened. The company appears well-positioned for potential interest rate cuts with high liquidity, but near-term earnings may remain under pressure.
WaFd's acquisition of Luther Burbank marks a significant strategic move, expanding its presence in California and adding
The bank's focus on commercial lending (73% of originations) is prudent, given the floating rates and shorter durations. However, the slowdown in loan originations to
WaFd's capital and liquidity positions are strong, with:
19% of the balance sheet in cash and investments$6 billion in borrowing capacity- A tangible equity to tangible assets ratio of
9.24%
These factors provide a solid foundation to navigate economic uncertainties and potentially capitalize on growth opportunities. However, the increase in time deposits and borrowings could pressure margins if interest rates remain elevated.
2024 Highlights
-
Net Income was
or$200 million per diluted share for fiscal 2024 compared to$2.50 or$257 million per diluted share for 2023.$3.72 -
The year included the acquisition of
California -based Luther Burbank Corporation which added in assets and resulted in acquisition-related expenses of$7.7 billion .$26 million -
The Company completed the sales of
in multifamily loans and$2.8 billion in single family loans obtained in the acquisition.$0.4 billion -
Loans receivable increased
, or$3.4 billion 19.7% , during 2024. -
Deposits increased
or$5.3 billion 33.0% during 2024. -
During the year, the Company repurchased 1,070,207 shares of common stock at a weighted average price of
.$25.29 -
On September 6, 2024, the Company paid a cash dividend of
per share. This was the 166th consecutive quarterly dividend paid. A total of$0.26 was paid as cash dividends during the year.$1.03
The following table provides the Company's financial scorecard for the last five quarters:
|
As of |
||||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
||||||||||
BALANCE SHEET |
(In thousands, except share and ratio data) |
||||||||||||||||||
Cash |
$ |
2,381,102 |
|
|
$ |
2,492,504 |
|
|
$ |
1,505,771 |
|
|
$ |
1,144,774 |
|
|
$ |
980,649 |
|
Loans receivable, net |
|
20,916,354 |
|
|
|
20,873,919 |
|
|
|
20,795,259 |
|
|
|
17,584,622 |
|
|
|
17,476,550 |
|
Allowance for credit losses ("ACL") |
|
225,253 |
|
|
|
225,324 |
|
|
|
225,077 |
|
|
|
201,820 |
|
|
|
201,707 |
|
Loans held for sale |
|
— |
|
|
|
468,527 |
|
|
|
2,993,658 |
|
|
|
— |
|
|
|
— |
|
Available-for-sale securities, at fair value |
|
2,572,709 |
|
|
|
2,428,768 |
|
|
|
2,438,114 |
|
|
|
2,018,445 |
|
|
|
1,995,097 |
|
Held-to-maturity securities, at amortized cost |
|
436,972 |
|
|
|
447,638 |
|
|
|
457,882 |
|
|
|
415,079 |
|
|
|
423,586 |
|
Total Investments |
|
3,009,681 |
|
|
|
2,876,406 |
|
|
|
2,895,996 |
|
|
|
2,433,524 |
|
|
|
2,418,683 |
|
Total assets |
|
28,060,330 |
|
|
|
28,580,800 |
|
|
|
30,140,288 |
|
|
|
22,640,122 |
|
|
|
22,474,675 |
|
Transaction deposits |
|
11,817,185 |
|
|
|
11,929,005 |
|
|
|
12,338,862 |
|
|
|
10,658,064 |
|
|
|
10,765,313 |
|
Time deposits |
|
9,556,785 |
|
|
|
9,255,760 |
|
|
|
9,000,911 |
|
|
|
5,380,723 |
|
|
|
5,305,016 |
|
Total deposits |
|
21,373,970 |
|
|
|
21,184,765 |
|
|
|
21,339,773 |
|
|
|
16,038,787 |
|
|
|
16,070,329 |
|
Borrowings |
|
3,318,307 |
|
|
|
4,079,360 |
|
|
|
5,489,501 |
|
|
|
3,875,000 |
|
|
|
3,650,000 |
|
Total shareholders' equity |
|
3,000,300 |
|
|
|
2,958,339 |
|
|
|
2,921,906 |
|
|
|
2,452,004 |
|
|
|
2,426,426 |
|
Loans to customer deposits2 |
|
97.86 |
% |
|
|
98.53 |
% |
|
|
97.45 |
% |
|
|
109.64 |
% |
|
|
108.75 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
PROFITABILITY |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
61,140 |
|
|
$ |
64,560 |
|
|
$ |
15,888 |
|
|
$ |
58,453 |
|
|
$ |
50,208 |
|
Net income to common shareholders |
|
57,484 |
|
|
|
60,904 |
|
|
|
12,232 |
|
|
|
54,797 |
|
|
|
46,552 |
|
Earnings per common share |
|
0.71 |
|
|
|
0.75 |
|
|
|
0.17 |
|
|
|
0.85 |
|
|
|
0.72 |
|
Return on tangible common equity1 |
|
10.24 |
% |
|
|
11.10 |
% |
|
|
2.47 |
% |
|
|
11.93 |
% |
|
|
10.22 |
% |
Return on tangible assets1 |
|
0.89 |
% |
|
|
0.88 |
% |
|
|
0.26 |
% |
|
|
1.06 |
% |
|
|
0.92 |
% |
Net interest margin |
|
2.62 |
% |
|
|
2.56 |
% |
|
|
2.73 |
% |
|
|
2.91 |
% |
|
|
3.13 |
% |
Efficiency ratio |
|
57.21 |
% |
|
|
56.61 |
% |
|
|
77.74 |
% |
|
|
58.02 |
% |
|
|
51.78 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
||||||||||
Common shareholders' equity per share |
$ |
33.25 |
|
|
$ |
32.76 |
|
|
$ |
32.21 |
|
|
$ |
33.49 |
|
|
$ |
32.85 |
|
Tangible common shareholders' equity per share1 |
|
27.73 |
|
|
|
27.18 |
|
|
|
26.64 |
|
|
|
28.65 |
|
|
|
28.05 |
|
Shareholders' equity to total assets |
|
10.69 |
% |
|
|
10.35 |
% |
|
|
9.69 |
% |
|
|
10.83 |
% |
|
|
10.80 |
% |
Tangible shareholders' equity to tangible assets1 |
|
9.24 |
% |
|
|
8.91 |
% |
|
|
8.31 |
% |
|
|
9.59 |
% |
|
|
9.55 |
% |
Common shares outstanding |
|
81,220,269 |
|
|
|
81,157,173 |
|
|
|
81,405,391 |
|
|
|
64,254,700 |
|
|
|
64,736,916 |
|
Preferred shares outstanding |
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CREDIT QUALITY2 |
|
|
|
|
|
|
|
|
|
||||||||||
ACL to gross loans |
|
1.01 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.04 |
% |
|
|
1.03 |
% |
Non-accrual loans to net loans |
|
0.33 |
% |
|
|
0.29 |
% |
|
|
0.29 |
% |
|
|
0.26 |
% |
|
|
0.29 |
% |
Delinquencies to net loans |
|
0.25 |
% |
|
|
0.22 |
% |
|
|
0.36 |
% |
|
|
0.33 |
% |
|
|
0.36 |
% |
Non-performing assets to total assets |
|
0.28 |
% |
|
|
0.24 |
% |
|
|
0.23 |
% |
|
|
0.24 |
% |
|
|
0.26 |
% |
Criticized loans to net loans |
|
2.41 |
% |
|
|
3.01 |
% |
|
|
2.59 |
% |
|
|
2.27 |
% |
|
|
2.33 |
% |
Substandard loans to net loans |
|
2.04 |
% |
|
|
1.84 |
% |
|
|
1.48 |
% |
|
|
1.74 |
% |
|
|
1.75 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
1Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. 2Metrics include only loans held for investment. Loans held for sale are not included. |
President and CEO Brent Beardall commented, "Considering what was one of the more challenging macro environments in my twenty-three years at the Bank, our fiscal year 2024 was an excellent year with after tax earnings just north of
As a result of the LBC acquisition on February 29, 2024, the Company's results as of September 30, 2024 reflect seven months of the newly combined entity. Given this, the Company's financial results are not directly comparable to the results of the prior periods. Total assets were
Customer deposits totaled
Borrowings totaled
Loan originations totaled
Credit quality continues to be monitored closely in light of the shifting economic and monetary environment. As of September 30, 2024, non-performing assets were
The allowance for credit losses including the reserve for unfunded commitments totaled
Net interest income was
Total non-interest income was
Total non-interest expense was
The Company recorded a provision for credit losses of
For the year ended September 30, 2024, the Company recorded federal and state income tax expense of
WaFd Bank is headquartered in
WAFD, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|||||||
(UNAUDITED) |
|||||||
|
|||||||
|
September 30, 2024 |
|
September 30, 2023 |
||||
|
(In thousands, except share and ratio data) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
2,381,102 |
|
|
$ |
980,649 |
|
Available-for-sale securities, at fair value |
|
2,572,709 |
|
|
|
1,995,097 |
|
Held-to-maturity securities, at amortized cost |
|
436,972 |
|
|
|
423,586 |
|
Loans receivable, net of allowance for loan losses of |
|
20,916,354 |
|
|
|
17,476,550 |
|
Interest receivable |
|
102,827 |
|
|
|
87,003 |
|
Premises and equipment, net |
|
247,901 |
|
|
|
237,011 |
|
Real estate owned |
|
4,567 |
|
|
|
4,149 |
|
FHLB stock |
|
95,617 |
|
|
|
126,820 |
|
Bank owned life insurance |
|
267,633 |
|
|
|
242,919 |
|
Intangible assets, including goodwill of |
|
448,425 |
|
|
|
310,619 |
|
Federal and state income tax assets, net |
|
119,248 |
|
|
|
8,479 |
|
Other assets |
|
466,975 |
|
|
|
581,793 |
|
|
$ |
28,060,330 |
|
|
$ |
22,474,675 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Liabilities |
|
|
|
||||
Transaction deposits |
$ |
11,817,185 |
|
|
$ |
10,765,313 |
|
Time deposits |
|
9,556,785 |
|
|
|
5,305,016 |
|
Total customer deposits |
|
21,373,970 |
|
|
|
16,070,329 |
|
Borrowings |
|
3,267,589 |
|
|
|
3,650,000 |
|
Junior subordinated deferrable debentures |
|
50,718 |
|
|
|
— |
|
Advance payments by borrowers for taxes and insurance |
|
61,330 |
|
|
|
52,550 |
|
Accrued expenses and other liabilities |
|
306,423 |
|
|
|
275,370 |
|
|
|
25,060,030 |
|
|
|
20,048,249 |
|
Stockholders’ equity |
|
|
|
||||
Preferred stock, |
|
300,000 |
|
|
|
300,000 |
|
Common stock, |
|
154,007 |
|
|
|
136,467 |
|
Additional paid-in capital |
|
2,150,675 |
|
|
|
1,687,634 |
|
Accumulated other comprehensive (loss) income, net of taxes |
|
55,851 |
|
|
|
46,921 |
|
Treasury stock, at cost; 72,787,160 and 71,729,663 shares |
|
(1,639,131 |
) |
|
|
(1,612,345 |
) |
Retained earnings |
|
1,978,898 |
|
|
|
1,867,749 |
|
|
|
3,000,300 |
|
|
|
2,426,426 |
|
|
$ |
28,060,330 |
|
|
$ |
22,474,675 |
|
CONSOLIDATED FINANCIAL HIGHLIGHTS |
|
|
|
||||
Common shareholders' equity per share |
$ |
33.25 |
|
|
$ |
32.85 |
|
Shareholders' equity to total assets |
|
10.69 |
% |
|
|
10.80 |
% |
|
|
|
|
WAFD, INC. AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Twelve Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(In thousands, except share and ratio data) |
||||||||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
||||||||
Loans receivable |
$ |
308,598 |
|
|
$ |
240,998 |
|
|
$ |
1,165,849 |
|
|
$ |
900,068 |
|
Mortgage-backed securities |
|
18,088 |
|
|
|
11,695 |
|
|
|
59,782 |
|
|
|
43,184 |
|
Investment securities and cash equivalents |
|
47,411 |
|
|
|
29,017 |
|
|
|
146,079 |
|
|
|
99,703 |
|
|
|
374,097 |
|
|
|
281,710 |
|
|
|
1,371,710 |
|
|
|
1,042,955 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
||||||||
Customer accounts |
|
165,240 |
|
|
|
83,402 |
|
|
|
532,434 |
|
|
|
237,233 |
|
Borrowings, senior debt and junior subordinated debentures |
|
36,045 |
|
|
|
34,611 |
|
|
|
178,444 |
|
|
|
115,488 |
|
|
|
201,285 |
|
|
|
118,013 |
|
|
|
710,878 |
|
|
|
352,721 |
|
Net interest income |
|
172,812 |
|
|
|
163,697 |
|
|
|
660,832 |
|
|
|
690,234 |
|
Provision for credit losses |
|
— |
|
|
|
26,500 |
|
|
|
17,500 |
|
|
|
41,500 |
|
Net interest income after provision |
|
172,812 |
|
|
|
137,197 |
|
|
|
643,332 |
|
|
|
648,734 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
||||||||
Gain (loss) on sale of investment securities |
|
91 |
|
|
|
33 |
|
|
|
342 |
|
|
|
33 |
|
Gain (loss) on termination of hedging derivatives |
|
72 |
|
|
|
33 |
|
|
|
241 |
|
|
|
(867 |
) |
Loan fee income |
|
757 |
|
|
|
731 |
|
|
|
2,745 |
|
|
|
3,885 |
|
Deposit fee income |
|
7,047 |
|
|
|
6,849 |
|
|
|
27,507 |
|
|
|
26,050 |
|
Other income |
|
7,911 |
|
|
|
6,688 |
|
|
|
29,857 |
|
|
|
23,100 |
|
|
|
15,878 |
|
|
|
14,334 |
|
|
|
60,692 |
|
|
|
52,201 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
||||||||
Compensation and benefits |
|
53,983 |
|
|
|
45,564 |
|
|
|
234,148 |
|
|
|
196,534 |
|
Occupancy |
|
10,843 |
|
|
|
10,115 |
|
|
|
42,036 |
|
|
|
41,579 |
|
FDIC insurance premiums |
|
6,800 |
|
|
|
7,000 |
|
|
|
28,870 |
|
|
|
20,025 |
|
Product delivery |
|
6,306 |
|
|
|
5,819 |
|
|
|
23,986 |
|
|
|
20,973 |
|
Information technology |
|
14,129 |
|
|
|
12,672 |
|
|
|
53,306 |
|
|
|
49,447 |
|
Other expense |
|
15,880 |
|
|
|
11,007 |
|
|
|
65,926 |
|
|
|
47,477 |
|
|
|
107,941 |
|
|
|
92,177 |
|
|
|
448,272 |
|
|
|
376,035 |
|
Gain (loss) on real estate owned, net |
|
(83 |
) |
|
|
(235 |
) |
|
|
304 |
|
|
|
176 |
|
Income before income taxes |
|
80,666 |
|
|
|
59,119 |
|
|
|
256,056 |
|
|
|
325,076 |
|
Income tax provision |
|
19,526 |
|
|
|
8,911 |
|
|
|
56,015 |
|
|
|
67,650 |
|
Net Income |
|
61,140 |
|
|
|
50,208 |
|
|
|
200,041 |
|
|
|
257,426 |
|
Dividends on preferred stock |
|
3,656 |
|
|
|
3,656 |
|
|
|
14,625 |
|
|
|
14,625 |
|
Net Income available to common shareholders |
$ |
57,484 |
|
|
$ |
46,552 |
|
|
$ |
185,416 |
|
|
$ |
242,801 |
|
PER SHARE DATA |
|
|
|
|
|
|
|
||||||||
Basic earnings per common share |
$ |
0.71 |
|
|
$ |
0.72 |
|
|
$ |
2.50 |
|
|
$ |
3.72 |
|
Diluted earnings per common share |
|
0.71 |
|
|
|
0.72 |
|
|
|
2.50 |
|
|
|
3.72 |
|
Cash dividends per common share |
|
0.26 |
|
|
|
0.25 |
|
|
|
1.03 |
|
|
|
0.99 |
|
Basic weighted average shares outstanding |
|
81,208,683 |
|
|
|
64,729,006 |
|
|
|
74,244,323 |
|
|
|
65,192,510 |
|
Diluted weighted average shares outstanding |
|
81,353,644 |
|
|
|
64,736,864 |
|
|
|
74,290,568 |
|
|
|
65,255,283 |
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
||||||||
Return on average assets |
|
0.87 |
% |
|
|
0.90 |
% |
|
|
0.76 |
% |
|
|
1.18 |
% |
Return on average common equity |
|
8.53 |
|
|
|
8.73 |
|
|
|
7.55 |
|
|
|
11.69 |
|
Net interest margin |
|
2.62 |
|
|
|
3.13 |
|
|
|
2.69 |
|
|
|
3.40 |
|
Efficiency ratio |
|
57.21 |
|
|
|
51.78 |
|
|
|
62.13 |
|
|
|
50.65 |
|
WAFD, INC. AND SUBSIDIARIES |
|||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||||
(UNAUDITED) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
||||||||||
|
(In thousands, except share and ratio data) |
||||||||||||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable |
$ |
308,598 |
|
|
$ |
337,118 |
|
|
$ |
274,341 |
|
|
$ |
245,792 |
|
|
$ |
240,998 |
|
Mortgage-backed securities |
|
18,088 |
|
|
|
17,523 |
|
|
|
12,905 |
|
|
|
11,266 |
|
|
|
11,695 |
|
Investment securities and cash equivalents |
|
47,411 |
|
|
|
37,300 |
|
|
|
31,580 |
|
|
|
29,788 |
|
|
|
29,017 |
|
|
|
374,097 |
|
|
|
391,941 |
|
|
|
318,826 |
|
|
|
286,846 |
|
|
|
281,710 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
||||||||||
Customer accounts |
|
165,240 |
|
|
|
154,359 |
|
|
|
116,164 |
|
|
|
96,671 |
|
|
|
83,402 |
|
Borrowings, senior debt and jr. subordinated debentures |
|
36,045 |
|
|
|
60,396 |
|
|
|
44,065 |
|
|
|
37,938 |
|
|
|
34,611 |
|
|
|
201,285 |
|
|
|
214,755 |
|
|
|
160,229 |
|
|
|
134,609 |
|
|
|
118,013 |
|
Net interest income |
|
172,812 |
|
|
|
177,186 |
|
|
|
158,597 |
|
|
|
152,237 |
|
|
|
163,697 |
|
Provision for credit losses |
|
— |
|
|
|
1,500 |
|
|
|
16,000 |
|
|
|
— |
|
|
|
26,500 |
|
Net interest income after provision |
|
172,812 |
|
|
|
175,686 |
|
|
|
142,597 |
|
|
|
152,237 |
|
|
|
137,197 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
||||||||||
Gain (loss) on sale of investment securities |
|
91 |
|
|
|
80 |
|
|
|
90 |
|
|
|
81 |
|
|
|
33 |
|
Gain (loss) on termination of hedging derivatives |
|
72 |
|
|
|
54 |
|
|
|
6 |
|
|
|
109 |
|
|
|
33 |
|
Loan fee income |
|
757 |
|
|
|
594 |
|
|
|
550 |
|
|
|
844 |
|
|
|
731 |
|
Deposit fee income |
|
7,047 |
|
|
|
6,960 |
|
|
|
6,698 |
|
|
|
6,802 |
|
|
|
6,849 |
|
Other income |
|
7,911 |
|
|
|
9,567 |
|
|
|
6,048 |
|
|
|
6,331 |
|
|
|
6,688 |
|
|
|
15,878 |
|
|
|
17,255 |
|
|
|
13,392 |
|
|
|
14,167 |
|
|
|
14,334 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
||||||||||
Compensation and benefits |
|
53,983 |
|
|
|
57,169 |
|
|
|
73,155 |
|
|
|
49,841 |
|
|
|
45,564 |
|
Occupancy |
|
10,843 |
|
|
|
10,904 |
|
|
|
10,918 |
|
|
|
9,371 |
|
|
|
10,115 |
|
FDIC insurance premiums |
|
6,800 |
|
|
|
7,600 |
|
|
|
7,900 |
|
|
|
6,570 |
|
|
|
7,000 |
|
Product delivery |
|
6,306 |
|
|
|
6,090 |
|
|
|
5,581 |
|
|
|
6,009 |
|
|
|
5,819 |
|
Information technology |
|
14,129 |
|
|
|
13,428 |
|
|
|
12,883 |
|
|
|
12,866 |
|
|
|
12,672 |
|
Other expense |
|
15,880 |
|
|
|
14,888 |
|
|
|
23,275 |
|
|
|
11,883 |
|
|
|
11,007 |
|
|
|
107,941 |
|
|
|
110,079 |
|
|
|
133,712 |
|
|
|
96,540 |
|
|
|
92,177 |
|
Gain (loss) on real estate owned, net |
|
(83 |
) |
|
|
(124 |
) |
|
|
(1,315 |
) |
|
|
1,826 |
|
|
|
(235 |
) |
Income before income taxes |
|
80,666 |
|
|
|
82,738 |
|
|
|
20,962 |
|
|
|
71,690 |
|
|
|
59,119 |
|
Income tax provision |
|
19,526 |
|
|
|
18,178 |
|
|
|
5,074 |
|
|
|
13,237 |
|
|
|
8,911 |
|
Net income |
|
61,140 |
|
|
|
64,560 |
|
|
|
15,888 |
|
|
|
58,453 |
|
|
|
50,208 |
|
Dividends on preferred stock |
|
3,656 |
|
|
|
3,656 |
|
|
|
3,656 |
|
|
|
3,656 |
|
|
|
3,656 |
|
Net income available to common shareholders |
$ |
57,484 |
|
|
$ |
60,904 |
|
|
$ |
12,232 |
|
|
$ |
54,797 |
|
|
$ |
46,552 |
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
$ |
0.71 |
|
|
$ |
0.75 |
|
|
$ |
0.17 |
|
|
$ |
0.85 |
|
|
$ |
0.72 |
|
Diluted earnings per common share |
|
0.71 |
|
|
|
0.75 |
|
|
|
0.17 |
|
|
|
0.85 |
|
|
|
0.72 |
|
Cash dividends per common share |
|
0.26 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.25 |
|
|
|
0.25 |
|
Basic weighted average shares outstanding |
|
81,208,683 |
|
|
|
81,374,811 |
|
|
|
70,129,072 |
|
|
|
64,297,499 |
|
|
|
64,729,006 |
|
Diluted weighted average shares outstanding |
|
81,353,644 |
|
|
|
81,393,708 |
|
|
|
70,164,558 |
|
|
|
64,312,110 |
|
|
|
64,736,864 |
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
0.87 |
% |
|
|
0.87 |
% |
|
|
0.26 |
% |
|
|
1.04 |
% |
|
|
0.90 |
% |
Return on average common equity |
|
8.53 |
|
|
|
9.20 |
|
|
|
2.09 |
|
|
|
10.21 |
|
|
|
8.73 |
|
Net interest margin |
|
2.62 |
|
|
|
2.56 |
|
|
|
2.73 |
|
|
|
2.91 |
|
|
|
3.13 |
|
Efficiency ratio |
|
57.21 |
|
|
|
56.61 |
|
|
|
77.74 |
|
|
|
58.02 |
|
|
|
51.78 |
|
Non-GAAP Financial Measures and Management Projections
The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that Management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Tangible Measures |
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
||||||||||
|
(Unaudited - In thousands, except for ratio data) |
||||||||||||||||||
Shareholders equity - GAAP |
$ |
3,000,300 |
|
|
$ |
2,958,339 |
|
|
$ |
2,921,906 |
|
|
$ |
2,452,004 |
|
|
$ |
2,426,426 |
|
Less intangible assets - GAAP |
|
448,425 |
|
|
|
452,255 |
|
|
|
453,539 |
|
|
|
311,103 |
|
|
|
310,619 |
|
Tangible shareholders' equity |
$ |
2,551,875 |
|
|
$ |
2,506,084 |
|
|
$ |
2,468,367 |
|
|
$ |
2,140,901 |
|
|
$ |
2,115,807 |
|
Less preferred stock - GAAP |
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
Tangible common shareholders' equity |
$ |
2,251,875 |
|
|
$ |
2,206,084 |
|
|
$ |
2,168,367 |
|
|
$ |
1,840,901 |
|
|
$ |
1,815,807 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets - GAAP |
$ |
28,060,330 |
|
|
$ |
28,580,800 |
|
|
$ |
30,140,288 |
|
|
$ |
22,640,122 |
|
|
$ |
22,474,675 |
|
Less intangible assets - GAAP |
|
448,425 |
|
|
|
452,255 |
|
|
|
453,539 |
|
|
|
311,103 |
|
|
|
310,619 |
|
Tangible assets |
$ |
27,611,905 |
|
|
$ |
28,128,545 |
|
|
$ |
29,686,749 |
|
|
$ |
22,329,019 |
|
|
$ |
22,164,056 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible Metrics |
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding - GAAP |
|
81,220,269 |
|
|
|
81,157,173 |
|
|
|
81,405,391 |
|
|
|
64,254,700 |
|
|
|
64,736,916 |
|
Tangible common equity per share |
$ |
27.73 |
|
|
$ |
27.18 |
|
|
$ |
26.64 |
|
|
$ |
28.65 |
|
|
$ |
28.05 |
|
Tangible equity to tangible assets |
|
9.24 |
% |
|
|
8.91 |
% |
|
|
8.31 |
% |
|
|
9.59 |
% |
|
|
9.55 |
% |
|
Quarter Ended |
||||||||||||||||||
Average Tangible Measures |
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
||||||||||
|
(Unaudited - In thousands, except for ratio data) |
||||||||||||||||||
Average shareholders equity - GAAP |
$ |
2,996,093 |
|
|
$ |
2,947,056 |
|
|
$ |
2,638,483 |
|
|
$ |
2,447,580 |
|
|
$ |
2,431,846 |
|
Less average preferred stock - GAAP |
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
Less average intangible assets - GAAP |
|
451,204 |
|
|
|
453,142 |
|
|
|
360,251 |
|
|
|
311,022 |
|
|
|
310,200 |
|
Average tangible common equity |
$ |
2,244,889 |
|
|
$ |
2,193,914 |
|
|
$ |
1,978,232 |
|
|
$ |
1,836,558 |
|
|
$ |
1,821,646 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Assets - GAAP |
$ |
28,000,482 |
|
|
$ |
29,703,337 |
|
|
$ |
24,907,376 |
|
|
$ |
22,381,459 |
|
|
$ |
22,233,741 |
|
Less average intangible assets - GAAP |
|
451,204 |
|
|
|
453,142 |
|
|
|
360,251 |
|
|
|
311,022 |
|
|
|
310,200 |
|
Average tangible assets |
$ |
27,549,278 |
|
|
$ |
29,250,195 |
|
|
$ |
24,547,125 |
|
|
$ |
22,070,437 |
|
|
$ |
21,923,541 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Tangible Metrics |
|
|
|
|
|
|
|
|
|
||||||||||
Net income - GAAP |
|
61,140 |
|
|
|
64,560 |
|
|
|
15,888 |
|
|
|
58,453 |
|
|
|
50,208 |
|
Net income available to common shareholders - GAAP |
|
57,484 |
|
|
|
60,904 |
|
|
|
12,232 |
|
|
|
54,797 |
|
|
|
46,552 |
|
Return on tangible common equity |
|
10.24 |
% |
|
|
11.10 |
% |
|
|
2.47 |
% |
|
|
11.93 |
% |
|
|
10.22 |
% |
Return on tangible assets |
|
0.89 |
% |
|
|
0.88 |
% |
|
|
0.26 |
% |
|
|
1.06 |
% |
|
|
0.92 |
% |
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items |
Year Ended September 30, 2024 |
|
Year Ended September 30, 2023 |
||||
|
(Unaudited - In thousands, except for ratio data) |
||||||
Non-interest income adjustments |
|
|
|
||||
Distribution received on LBC equity method investment |
$ |
(874 |
) |
|
$ |
— |
|
(Gain)Loss on WaFd Bank equity method investment |
|
1,244 |
|
|
|
3,385 |
|
Total non-interest income adjustments |
$ |
370 |
|
|
$ |
3,385 |
|
|
|
|
|
||||
Non-interest expense adjustments |
|
|
|
||||
Acquisition-related expenses |
$ |
26,319 |
|
|
$ |
3,016 |
|
Select non-operating expenses: |
|
|
|
||||
FDIC Special Assessment |
|
2,084 |
|
|
|
— |
|
Legal and Compliance Accruals |
|
2,818 |
|
|
|
— |
|
Charitable Donation |
|
2,000 |
|
|
|
— |
|
|
|
6,902 |
|
|
|
— |
|
Total non-interest expense adjustments |
$ |
33,221 |
|
|
$ |
3,016 |
|
|
|
|
|
||||
Net Income - GAAP |
$ |
200,041 |
|
|
$ |
257,426 |
|
Preliminary ACL provision on LBC loans |
|
16,000 |
|
|
|
— |
|
Non-interest income adjustments |
|
370 |
|
|
|
3,385 |
|
Non-interest expense adjustments |
|
33,221 |
|
|
|
3,016 |
|
REO adjustments |
|
304 |
|
|
|
176 |
|
Income tax adjustment |
|
(10,915 |
) |
|
|
(1,369 |
) |
Net Income - non-GAAP |
$ |
239,021 |
|
|
$ |
262,634 |
|
|
|
|
|
||||
Dividend on preferred stock |
$ |
14,625 |
|
|
$ |
14,625 |
|
|
|
|
|
||||
Net Income available to common shareholders - non-GAAP |
$ |
224,396 |
|
|
$ |
248,009 |
|
|
|
|
|
||||
Basic weighted average number of shares outstanding - GAAP |
|
74,244,323 |
|
|
|
65,192,510 |
|
Diluted weighted average number of shares outstanding - GAAP |
|
74,290,568 |
|
|
|
65,255,283 |
|
|
|
|
|
||||
Basic EPS - non-GAAP |
|
3.02 |
|
|
|
3.80 |
|
Diluted EPS - non-GAAP |
|
3.02 |
|
|
|
3.80 |
|
Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2023 10-K, and Quarterly Reports on Form 10-Q which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth; (iii) risks related to the integration of the operations of Luther Burbank Corporation; (iv) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (v) changes in deposit flows or loan demands; (vi) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) global economic trends, including developments related to
View source version on businesswire.com: https://www.businesswire.com/news/home/20241017054297/en/
WaFd, Inc.
425 Pike Street,
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
brad.goode@wafd.com
Source: WaFd, Inc.
FAQ
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