Washington Federal, Inc., parent company of Washington Federal Savings, announced earnings of $145.5 million or $2.07 per diluted share for the year ended Sept. 30, 2003, compared to $143.9 million or $2.04 per diluted share for the same period one year ago, a 1 percent per share increase. Earnings for the fourth fiscal quarter amounted to $34.3 million or $.49 per diluted share compared to $36.9 million or $.52 per diluted share for the same period one year ago, a 6 percent per share decrease.

During 2003, capital grew to more than $1 billion for the first time in the company’s 21-year history. The company’s efficiency ratio also improved to an industry leading 16.51 percent.

On Oct. 17 the Seattle-headquartered bank paid a cash dividend of 22 cents per share. Roy M. Whitehead, CEO, commented, “We are pleased to report another record year with over $145 million in earnings. This is the 19th time in our 21 years as a public company that we have recorded a year-over-year increase in net income. The company also closed the fiscal year with a very liquid, strongly capitalized balance sheet, positioning the company well to adjust for changing economic conditions.”

At the end of August, Washington Federal successfully completed its acquisition of United Savings and Loan Bank of Seattle. The acquisition includes $315 million in assets and four Seattle area branches.