Washington Federal Reports Quarterly Net Income of $30.7 Million and $111.1 Million for the Fiscal Year
October 20, 2011
SEATTLE – Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal, today announced earnings of $30,666,000 or $.28 per diluted share for the quarter ended September 30, 2011, compared to $15,963,000 or $.14 per diluted share for the same period one year ago, a $14.7 million or 92% increase. Earnings for the fiscal year ended September 30, 2011 of $111,141,000 decreased $7,512,000 or 6% from the prior year due to two non-recurring items in 2010, an $85.6 million pre-tax gain resulting from the acquisition of certain assets and liabilities of the former Horizon Bank, and a $39 million recovery resulting from the settlement of a contingent federal tax liability. Excluding these two non-recurring items from the prior year, net income increased by $86.3 million or 347%. The Company’s ratio of tangible common equity to tangible assets ended the quarter at 12.52% and continues to be among the best of large regional financial institutions in the U.S.