Originally published October 22, 2009 at 12:40 PM | Page modified October 22, 2009 at 5:02 PM

Washington Federal posts $9.6 million profit

Washington Federal, parent company of Washington Federal Savings, said it earned $9.6 million or 11 cents a share, for its fiscal fourth...

By Seattle Times business staff

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Washington Federal, parent company of Washington Federal Savings, said it earned $9.6 million or 11 cents a share, for its fiscal fourth quarter, and $40.7 million, or 46 cents a share, for the year.

The Seattle-based thrift, the largest investor-owned financial institution in the state, said its provision for loan losses amounted to $193 million for the year ended Sept. 30, a sharp increase from $60.5 million at the prior year-end. The thrift's nonperforming assets declined to $557 million, or 4.43 percent, of total assets at year-end, from $606 million as of June 30.

"Despite our own high level of troubled assets, we are very gratified to be one of the few financial institutions in the Pacific Northwest to have been solidly profitable," said chairman, president & CEO Roy Whitehead.

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