WaFd Q2 net income drops 73% QoQ to $15.9M; EPS $0.17, merger costs $51.1M

WAFD INC

2024-Q2 EPS reported $1.00 revenue$13,500,000

Net income $15.9M, down 73% from $58.5M in prior quarter; diluted EPS $0.17 vs $0.85.
Merger-related and non-operating costs totaled $51.1M; adjusted ROE 8.7% vs 10.21% prior quarter.
Net interest margin fell to 2.73% from 2.91%; average interest-earning assets $23.3B.
Completed merger with Luther Burbank Corporation; loans added $6.4B, total loans $20.8B net.
Fact sheet: total assets $24.9B, deposits $21.3B, non-performing assets $68.4M (0.23% of assets).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WAFD INC reported the quarter ended March 31, 2024 results: net income $15,888,000, EPS $0.17 per diluted share.

Period: the quarter ended March 31, 2024
Net income: $15,888,000
EPS: $0.17 per diluted share
Result: reported results

Exact text from the filing

Earnings for the quarter ended March 31, 2024 were $15,888,000, a decrease of 73% from net earnings of $58,453,000 for the quarter ended December 31, 2023 and a decrease of 76% from net earnings of $65,934,000 for the quarter ended March 31, 2023. After the effect of dividends on preferred stock, net income available for common shareholders was $0.17 per diluted share for the quarter ended March 31, 2024, compared to $0.85 per diluted share for the quarter ended December 31, 2023, a $0.68 or 80% decrease, and $0.95 per diluted share for the quarter ended March 31, 2023, a $0.78 or 82% decrease in fully diluted earnings per common share.

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Source: SEC EDGAR

accession 0000936528-24-000067

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