Washington Federal Inc. of Seattle said Thursday that its earnings fell 0.3%, to $36.1 million, in the first quarter of its 2006 fiscal year compared with the year-earlier period.
Roy M. Whitehead, Washington Federal's chief executive officer, said in a press release, "In light of a rising interest rate environment, which was primarily responsible for a 62% increase in deposit costs over the same period one year ago, we are very pleased with the company's operating results for the quarter."
Washington Federal's assets for the quarter, which ended Dec. 31 were $8.3 billion, up 0.9% from Sept. 30. Net loans outstanding rose 4.3% from the previous quarter, to $6.3 billion.
Loan production rose 6% compared with the year-earlier period, to $597 million. The company said its efficiency ratio of 18.75% remains among the lowest in the industry.
Washington Federal is the parent company of Washington Federal Savings and Loan Association, which has 122 offices in seven western states.
