WaFd reports record FY2023 EPS $3.72 (+10% YoY) but $40M net charge-off on one commercial loan

WAFD INC

2023-FY EPS reported $3.72 revenue$26,050,000

Annual net income $257.4M, EPS $3.72, up from $3.39; ROA 1.18% vs 1.17%.
Net interest margin compressed each quarter to 3.13% in Sept; month of Sept margin 3.10%.
Recorded $41.5M provision for credit losses vs $3M prior year; net charge-offs $45.1M (one $40M commercial loan).
Uninsured deposits decreased to 25.7% from 30.3% YoY; total deposits up 0.3% to $16.1B.
Merger with Luther Burbank: Washington state regulator approved; still needs FDIC and Fed approval.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WAFD INC reported the fiscal year ended September 30, 2023 results: net income $257,426,000, EPS $3.72 per share.

Period: the fiscal year ended September 30, 2023
Net income: $257,426,000
EPS: $3.72 per share
Result: reported results

Exact text from the filing

WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (the "Bank"), today announced record annual earnings of $257,426,000 for the fiscal year ended September 30, 2023, an increase of $21,096,000 from earnings of $236,330,000 for the year ended September 30, 2022. After the effect of dividends on preferred stock, net income available for common shareholders was $3.72 per share for the fiscal year ended September 30, 2023, a $0.33 or 9.7% increase from $3.39 for the prior fiscal year.

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Source: SEC EDGAR

accession 0000936528-23-000173

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