FRC - Washington Federal May Be A Little Undervalued But There's Not A Lot To Argue For It As A Buy

• Washington Federal reported a pretty sector-typical quarter, with weaker spread income but lower provisioning expense.
• Management has succeeded in diversifying the loan book away from mortgages, but has also continued to lose share in its core market.
• Washington Federal returns a lot of capital to shareholders and has some M&A potential, but the core growth story still looks lackluster.
• The shares look modestly undervalued, but there are a lot of other options to consider at this point.

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