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Washington Federal fiscal Q4 profit up 4.3% YOY

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Washington Federal fiscal Q4 profit up 4.3% YOY

Washington Federal Inc. on Oct. 18 posted a 4.3% year-over-year increase in fiscal fourth-quarter results.

Net income climbed to $46.1 million, or 52 cents per share, from net income of $44.2 million, or 49 cents per share, in the fourth quarter of the prior year.

The S&P Capital IQ consensus mean estimate for fourth-quarter normalized EPS was 49 cents.

The Seattle-based company's net interest margin for the quarter was 3.22%, up from 3.01% a year ago.

The company recorded a loan reserve release of $500,000, compared to a reserve release of $3.1 million a year earlier.

For the fiscal year ended Sept. 30, the company reported net income of $173.5 million, or $1.94 per share, compared to net income of $164.0 million, or $1.78 per share, in the previous year.

Net recoveries on loans for the fiscal year totaled $14.3 million.