SEATTLE, WA -- 12/22/08 -- The Board of Directors of Washington Federal, Inc. (NASDAQ: WFSL), well-spring associates of Washington Federal Savings, today announced a three-monthly notes dividend of 5 cents per share. The dividend will be owed January 16, 2009 to universal stockholders of evidence on January 2, 2009. This will be Washington Federal's 104th consecutive four times a year hard cash dividend.
This loot dividend of 5 cents per ration represents a falling off of 16 cents or 76% compared to the 21 cents per slice paid by the Company in October 2008. The ruling to slim the legal tender dividend results pre-eminently from significantly higher reliability costs due to continued deterioration in the non-specific restraint and the houses market. For the put up ended December 31, 2008, the attendance expects to minute a supplying for advance losses of approximately $35 million and believes that unconditional non-performing assets will be approximately $300 million or 2.43% of outright assets. At 5 cents per share, the dividend is expected to be less than one-half of bag profit in the forgiveness ending December 31st, in keeping with our placidity of managing the payout correspondence to 50% of stipend or less in the long term. Chairman, President & CEO Roy M. Whitehead stated that, "Reducing the lolly dividend is a contrary but prudential conclusiveness in the widely known environment of uncertainty.
In our view, comprehensive economic conditions are more conceivable to worsen than to improve in the near-term. We envisage non-performing assets and credit losses to continue at a relatively huge level for the balance of the fiscal year and unheard of loan demand to diminish. Retaining more savings within the Company will specify additional flexibility for dealing with these recessionary issues and succour us to maintain productive operations. As always, the Company remains financially sound and very well capitalized.
" Washington Federal Savings operates 149 offices in Washington, Oregon, Idaho, Utah, Nevada, Arizona, Texas and New Mexico. Established in 1917, the Company provides residential sincere state loans, commercial earnest demesne financing, consumer drop accounts and point banking. The Company reported $11.8 billion in assets, $7.2 billion in deposits and $1.3 billion in stockholders' equitableness as of September 30, 2008.
Important Cautionary Statements Washington Federal will detonation its comprehensive fourth direction results during the week of January 19, 2009. The Company expects demand conditions to linger explosive during the unused days of December and therefore existing fourth accommodate results could be dissimilar in the long run from the word go phase expectation provided above. The preceding information should be read in conjunction with the fiscal statements, notes and other report contained in the Company's 2008 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Statements contained herein that are not verifiable facts should be considered forward-looking statements with detail to Washington Federal. Forward-looking statements of this ilk utter in only as of the go steady of this report. By nature, forward-looking statements mean innate danger and uncertainties.
Various factors, including, but not small to, undreamed of local, regional, country-wide or pandemic events, economic conditions, benefit quality, interest rates, allowance demand, changes in topic or consumer spending, borrowing or savings habits, place growth, adequacy of the book for loan losses, competition, precursor price volatility, oversight monetary and economic policy, anticipated detriment levels, changes in laws and regulations, the unfluctuating of success of the company's asset/liability administration strategies as well as its marketing, upshot development, sales and other strategies, the significance of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board and other accounting stock setters, the costs and possessions of legal remedy and of unexpected or adverse outcomes in such litigation, and changes in the assumptions Euphemistic pre-owned in making the forward-looking statements, could cause verifiable results to distinct palpably from those contemplated by the forward-looking statements. Washington Federal undertakes no compulsion to update or modify forward-looking statements to disclose resultant circumstances, events or communication or for any other reason.
I feel reverence to site: read more
No comments:
Post a Comment