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Washington Federal's Problem Assets Increase.(Washington Federal Inc.)(Financial report)(Brief article)
Seattle -- Washington Federal produced earnings that were in line with expectations in the fourth quarter of 2007, though nonperforming assets rose significantly.
Washington Federal earned $0.38 per share in the three-month period ending Dec. 1, 2007. That was a penny better than the Wall Street consensus estimate. Earnings were flat compared with the year-earlier period.
However, Washington Federal said that nonperforming assets increased by 149% to $39.7 million. Despite the increase, Washington Federal noted that its nonperforming asset ratio, at 0.38% of total assets, remains only slightly above its 10-year average and is significantly below the company's 20-year NPA ratio.
Total loans increased 15% to $8.4 billion at the end of 2007.
In the company's earnings release, CEO Roy Whitehead said the company's mortgage portfolio, which consists primarily of prime quality, 30-year fixed-rate loans, continues to perform well, but he suggested the housing weakness will affect Washington Federal nonetheless.
"With the tightening of credit standards by major lenders, fewer qualified homebuyers are affecting inventory turns of homebuilders, and we have ...
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Source: HighBeam Research, Washington Federal's Problem Assets Increase.(Washington Federal...