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WaFd Inc. (WAFD-0.51%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements showing a decrease in total assets to $27,684,454,000 from $28,060,330,000 at September 30, 2024. This decrease was primarily due to a reduction in cash and cash equivalents, which fell by $873,367,000.
Loans receivable increased by $144,147,000 during the quarter, with commercial loans accounting for 68% of total originations and consumer loans making up 32%.
Net interest income for the quarter was $155,431,000, down from $158,625,000 in the previous year. The net interest margin decreased to 2.39% from 2.91% in the same quarter the previous year.
Non-interest income increased to $15,702,000 from $14,167,000 in the previous year, driven by growth in insurance income and fee income due to the merger.
Non-interest expense rose to $111,311,000 from $96,540,000, reflecting increased costs associated with the merger and restructuring charges related to exiting the single-family mortgage lending market.
Net income for the quarter was $47,267,000, down from $58,453,000 in the previous year. The decrease was attributed to higher non-interest expenses and lower net interest income.
Customer accounts increased by $64,807,000 to $21,438,777,000. The composition of transaction and savings accounts was 55% of total deposits.
The company reported a total allowance for credit losses of $225,022,000, representing 1.00% of gross loans.
WaFd Inc. maintained a strong capital position with shareholders' equity of $3,021,636,000, or 10.91% of total assets, as of December 31, 2024.
The filing also details the impact of interest rate changes on the company's financial position, including a decrease in the net portfolio value under various interest rate scenarios.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WaFd Inc. quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.