NASDAQ$WAFD
WaFd Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported earnings after successfully completing the merger of California-based Luther Burbank Corporation.
WaFd's earnings for the quarter ended March 31, 2024, were $15.888 million, a decrease of 73% from the previous quarter and 76% from the same quarter last year, impacted by merger-related costs and certain non-operating expenses of $51.1 million. Adjusted for these expenses, net income would have been $54.8 million, a 6% decrease from the December quarter.
- Completed the acquisition of Luther Burbank Corporation (LBC) on February 29, 2024, and integrated its systems and branches rapidly.
- Identified a portion of the LBC multifamily loan portfolio (up to $3.2 billion) for potential sale and initiated a sale program.
- Total assets reached $30.1 billion as of March 31, 2024, primarily due to the addition of $7.7 billion of LBC assets.
- Net interest income was $159 million, a decrease of $16.4 million or 9.4% from the same quarter in the prior year.
Headline financials
Revenue & EPS history
WaFd · Revenue · Quarterly
$172M
Revenue by segment
WaFd · $13.9M total across 3 segments · Q1 2021
- Deposit Fee Income$6.03M—43.4%
- Other Income$5.45M—39.3%
- Loan Fee Income$2.39M—17.2%
Forward guidance
WaFd expects earnings per share accretion of 8% in fiscal 2025 and 16% in fiscal 2026 factoring in the redeployment of funds received in the potential loan sale into higher yielding assets.
Tailwinds
- EPS Accretion: 8% accretion for FY 2025
- Cost savings: $31 million immediate savings
- Sale of $3.2 billion loan portfolio
- Strong regional bank
- Relationship banking
Headwinds
- Fluctuations in interest rate risk and market interest rates
- Current and future economic conditions, including the effects of declines in the real estate market, high unemployment rates and inflationary pressures.
- Risks related to the integration of the operations of Luther Burbank Corporation
- Financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment
- Changes in deposit flows or loan demands
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.2%
Avg return
Earnings day
+1.5%
Avg return
5 days after
+2.2%
Avg return
30 days after
51%
35 / 69 earnings
Positive
+9.9%
Q4 2022
Best reaction
-5.7%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -1.4% | +7.8% | +5.5% | |
| Q1 2026 | -4.0% | -1.8% | -7.9% | |
| Q4 2025 | +0.9% | +4.6% | +9.8% | |
| Q3 2025 | -1.6% | -1.3% | +0.6% | |
| Q2 2025 | +0.1% | +1.3% | +0.9% | |
| Q1 2025 | -5.7% | -6.9% | -7.2% | |
| Q4 2024 | -1.6% | -7.7% | +0.5% | |
| Q3 2024 | +7.8% | +9.1% | +8.6% | |
| Q2 2024 | +2.5% | +0.0% | +2.9% | |
| Q1 2024 | -5.7% | -3.5% | -5.1% | |
| Q4 2023 | -3.3% | -5.5% | +5.4% | |
| Q3 2023 | +2.0% | +9.6% | +8.5% | |
| Q2 2023 | -2.4% | -0.1% | -14.0% | |
| Q1 2023 | +4.5% | +3.5% | +2.8% | |
| Q4 2022 | +9.9% | +17.9% | +19.7% | |
| Q3 2022 | +1.1% | +5.0% | +15.6% | |
| Q2 2022 | +1.8% | +3.1% | -0.7% | |
| Q1 2022 | +3.5% | +3.2% | -1.9% | |
| Q4 2021 | +3.7% | +2.6% | +2.6% | |
| Q3 2021 | +0.5% | +1.9% | +7.2% | |
| Q2 2021 | +1.1% | +5.2% | +6.5% | |
| Q1 2021 | +1.3% | +2.6% | +6.7% | |
| Q4 2020 | -0.8% | -3.7% | +5.6% | |
| Q3 2020 | -0.5% | -6.7% | -3.9% | |
| Q2 2020 | -0.6% | +1.3% | +1.5% | |
| Q1 2020 | +0.2% | -0.1% | -2.1% | |
| Q4 2019 | -2.2% | -1.5% | +0.5% | |
| Q3 2019 | +0.5% | +1.1% | -1.9% | |
| Q2 2019 | +4.3% | +6.2% | +3.6% | |
| Q1 2019 | +2.2% | +6.2% | +6.6% | |
| Q4 2018 | +0.6% | -0.9% | -5.7% | |
| Q3 2018 | +1.4% | +3.6% | +5.5% | |
| Q2 2018 | -4.7% | -4.2% | -5.3% | |
| Q1 2018 | +2.9% | +4.9% | +2.1% | |
| Q4 2017 | +2.6% | +2.6% | -1.3% | |
| Q3 2017 | +0.6% | +1.1% | -4.7% | |
| Q2 2017 | +1.5% | +1.4% | -1.1% | |
| Q1 2017 | -2.5% | -1.8% | +1.0% | |
| Q4 2016 | +2.2% | +2.5% | +18.4% | |
| Q3 2016 | -0.4% | -1.3% | +0.5% | |
| Q2 2016 | +2.6% | — | — | |
| Q1 2016 | -1.9% | — | — | |
| Q4 2015 | +4.2% | — | — | |
| Q3 2015 | -0.5% | — | — | |
| Q2 2015 | +2.6% | — | — | |
| Q4 2014 | -4.5% | — | — | |
| Q1 2015 | -4.5% | — | — | |
| Q3 2014 | -1.7% | — | — | |
| Q2 2014 | -2.4% | — | — | |
| Q1 2014 | -2.5% | — | — | |
| Q4 2013 | +5.2% | — | — | |
| Q3 2013 | +6.9% | — | — | |
| Q2 2013 | -2.5% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2012 | +3.1% | — | — | |
| Q3 2012 | -3.4% | — | — | |
| Q2 2012 | -0.2% | — | — | |
| Q1 2012 | +3.4% | — | — | |
| Q4 2011 | -2.9% | — | — | |
| Q3 2011 | +0.6% | — | — | |
| Q4 2010 | +0.6% | — | — | |
| Q2 2011 | -0.2% | — | — | |
| Q1 2010 | -0.5% | — | — | |
| Q1 2011 | -0.6% | — | — | |
| Q2 2010 | -1.2% | — | — | |
| Q4 2008 | -1.2% | — | — | |
| Q3 2009 | -3.6% | — | — | |
| Q4 2009 | -3.6% | — | — | |
| Q3 2010 | -3.6% | — | — |
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