Washington Federal Reports Quarterly Net Income of $25.8 Million
April 14, 2011
SEATTLE – Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal, today announced earnings of $25,824,000 or $.23 per diluted share for the quarter ended March 31, 2011, compared to $82,111,000 or $.73 per diluted share for the same period one year ago. Earnings for the 2nd quarter one year ago included two non-recurring items, an $85.6 million 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. The Company’s ratio of tangible common equity to tangible assets ended the quarter at 12.04% and continues to be among the best of large regional financial institutions in the U.S.