WaFd reports Q1 EPS 85c, consensus 77c

President and CEO Brent Beardall commented, “We are disappointed but not surprised to see WaFd‘s net interest margin dip below 3% to 2.91% for the quarter, a decrease from the record high margin of 3.69% for the same quarter last year. The Federal Reserve increased interest rates over 500 basis points over the last two years, resulting in over seventeen months of a consistently inverted yield curve. In that context, we believe 2.91% to be a solid result.”