SEATTLE – Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal, today announced earnings of $82,111,000 or $.73 per diluted share for the quarter ended March 31, 2010, compared to $8,410,000 or $.10 per diluted share for the same period one year ago. Earnings increased by $73,701,000 or 876% primarily as a result of a $55 million after tax gain on the acquisition of the former Horizon Bank and a $39 million tax benefit related to the settlement of a contingent tax liability. The provision for loan losses was $63 million for the quarter ended March 31, 2010, a $9 million increase over the $54 million provided for the same quarter one year ago. The Company’s ratio of tangible common equity to tangible assets ended the quarter at 11.50% and continues to be among the best of large regional institutions in the U.S.
For the full release, visit Washington Federal's website at www.firstmutual.com/pressreleases/files/WFSL%203-2010%20Earnings_762.pdf.