| Washington Federal, Inc., parent company of Washington Federal Savings, announced earnings of $33,483,000 or $.38 per diluted share for the quarter ended March 31, compared to $36,340,000 or $.42 per diluted share for the quarter ended March 31, 2006, a 7.9 percent decrease in earnings. For the six months ended March 31, earnings were $66,867,000 or $.76 per diluted share, compared to $72,486,000 or $.83 per diluted share for the six months ended March 31, 2006, a 7.8 percent decrease in earnings.
The second fiscal quarter produced a return on assets of 1.41 percent, while return on equity amounted to 10.40 percent for the quarter. Nonperforming assets totaled $9.2 million or 0.09 percent of assets as of March 31. Delinquent loans remain near historic lows with only 125 loans of 45,195 in the portfolio more than 30 days past due.
Chief Executive Officer Roy M. Whitehead commented, “Lower earnings over the same quarter last year were the result of higher deposit costs, which have increased by 42 percent on a comparable basis. Relative to the first fiscal quarter earnings increased slightly, reflecting the nearly complete adjustment of deposit costs to current rates. As noted above, asset quality continues to be quite good. We have experienced no systemic deterioration in either the mortgage or the construction loan portfolio. It’s also important to note that the company has virtually no exposure to sub-prime credit or so-called ‘exotic mortgages.’ Higher operating expenses during the period related primarily to acquisition-related costs and higher organic payroll expense.”
On a more positive note, Whitehead announced a quarterly cash dividend of 20.5 cents per share was paid April 20 to common stockholders of record on April 6.
It was Washington Federal’s 97th consecutive quarterly cash dividend. |
