Washington Federal, Inc.’s (WFSL) third fiscal quarter adjusted results of $0.07 per diluted share surpassed our estimate by three pennies and consensus by four pennies. However, the results continued to be impacted by higher credit costs. Credit quality and profitability metrics significantly deteriorated during the quarter.  Net income available to common shareholders for the quarter came in at $2.5 million or $0.03 per diluted share, compared to $33.2 million or $0.38 per diluted share in the prior year quarter. Net income available to common shareholders for the reported quarter excludes preferred dividends of $3.5 million.  The quarterly results included a pre-tax loss of $4.8 million on real estate acquired through foreclosure. Also, during the quarter, there was a charge of $2.0 million related to Washington Federal’s repurchase of $200 million of preferred stock held by the Treasury under the TARP. Excluding these one-time items, we arrive ...

Tontine PartnersTontine Capital Partners - Holding AnalysisThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.If you're unfamiliar with Gendell and his Tontine Partners, then here's what you need to know. Founded 11 years ago, Tontine is a $10 billion fund ran by Jeffrey Gendell. He specializes in macro investing and takes very large, concentrated positions in companies he feels will benefit from those macro themes. Additionally, he will take on an activist role when necessary, to ensure shareholder returns. The fund has posted returns in excess of 100% in both 2003 and 2005.So, let's get right down to it... what was Jeffrey Gendell ...

Fannie and Freddie were thrown a government lifeline over the weekend but several regional banks with sizeable equity stakes in the two firms won’t be so lucky. ..

10 regional banks with exposure to Freddie Mac and Fannie Mae preferred stock*

- Gateway Financial ( nasdaq: GBTS ) (34%) - Midwest Banc ( nyse: MBHI ) (32%) - Westamerica Bancorporation ( nasdaq: WABC ) (16%) - Farmers Capital (14%) - Sovereign Bancorp ( nyse: SOV ) (13%) - Flushing Financial ( nasdaq: FFIC ) (12%) - Valley National Bancorp ( nyse: VLY ) (10%) - Pulaski Financial ( nasdaq: PULB ) (10%) - Columbia Banking ( nyse: COLB ) (8%) - Astoria Financial ( nyse: AF ) (7%)

*Percentage represents holdings of Fannie Mae and Freddie Mac as a percentage of total tangible capital.

Henneke of Tyche Capital had this to say to CNBC:

The end result

...