WaFd Q2 FY2024 net income $15.9M, down 76% YoY; merger costs pressure earnings

WAFD INC

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

Net income available to common $12.2M ($0.14 diluted EPS) vs $62.3M prior year, down 80.4%.
Net interest income fell 9.4% to $158.6M as deposit costs surged 123% to $116.2M.
Completed Luther Burbank merger on March 1, adding $6.2B loans, $5.6B deposits; $25M merger-related expenses incurred.
Provision for credit losses of $16M, primarily due to merger-related ACL build; total ACL $201M (295% of NPAs).
Non-performing assets 0.23% of total assets; 164 consecutive quarterly dividends maintained at $0.26/share.

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