Washington Federal Reports Quarterly Net Income of $30.1 Million
July 14, 2011
SEATTLE – Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal, today announced earnings of $30,121,000 or $.27 per diluted share for the quarter ended June 30, 2011, compared to $12,668,000 or $.11 per diluted share for the same period one year ago, a $17.4 million or 138% increase. Earnings for the nine months ended June 30, 2011 of $80,475,000 decreased $22,215,000 or 22% from the prior year due to two non-recurring items in 2010, 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 12.27% and continues to be among the best of large regional financial institutions in the U.S.