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Washington Federal's fiscal Q1'20 EPS up 29% YOY

Seattle-based Washington Federal Inc. reported net income of $65.7 million, or 84 cents per share, for the quarter ended Dec. 31, 2019, compared to $52.9 million, or 65 cents per share, for the same period in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the most recent quarter was 59 cents, with three analysts reporting.

Two significant nonrecurring items occurred during the quarter, with a net positive pretax impact of $25.7 million, according to a news release. First, Washington Federal Bank NA sold a branch property in Bellevue, Wash., resulting in a gain of $31.6 million. Second, the bank entered into a contract to enhance and modernize its core banking system. Related to this agreement, it recognized an impairment charge of $5.9 million to existing systems hardware and software.

Washington Federal's total assets were $16.42 billion as of Dec. 31, 2019, compared to $16.47 billion as of Sept. 30, 2019, the company's fiscal year-end.