WaFd, Inc. (Nasdaq: WAFD):

Q3Highlights

$62 Million

$0.73

0.92%

10.2%

Net Income

Diluted Earnings
per Common Share

Return on Average
Assets

Return on Tangible
Common Equity

"The third quarter delivered strong core earnings driven by improved margin and resultant net interest income. Our cost of funds in dollars decreased 6.5% on a linked quarter basis, benefiting from lower rates on deposits and reduced borrowings as we chose to shrink the balance sheet. We have found loan demand to be tepid at best, as many borrowers are waiting for more certainty before starting new projects. Absent loan demand, we aggressively repurchased shares this quarter at attractive prices (1.01x of tangible book value), contributing to the 12% increase in earnings per share and the 5.4% annualized increase in tangible book value per share."
Brent Beardall
President and CEO of WaFd Bank

Net Interest Income and NIM

•

$168 million net interest income for the quarter compared to $161 million in Q2.

Credit Quality

•

Non-performing assets up $26 million at 0.36% of total assets compared to 0.26% for Q2.

•

Net interest margin at 2.69% for the quarter compared to 2.55% for Q2.

•

Delinquencies down $4 millionto 0.26% of total loans compared to 0.27% for Q2.

Non-Interest Income and Expense

•

Non-interest income and expense stable compared to Q2.

Shareholder Returns and Stock Activity

•

On June 7, 2025, the Company paid a cash dividend of $0.27 per share, 169th consecutive quarterly dividend paid.

•

Efficiency ratio decreased to 56.01% Q3 compared to 58.31% in the prior quarter as a result of the increased net interest income.

•

1,662,508 shares were repurchased during the quarter at a weighted average price of $29.08 per share.

WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced quarterly earnings of $61,952,000 for the quarter ended June 30, 2025, an increase of 10% from net earnings of $56,252,000 for the quarter ended March 31, 2025 and a decrease of 4% from net earnings of $64,560,000 for the quarter ended June 30, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $0.73 per diluted share for the quarter ended June 30, 2025, compared to $0.65 per diluted share for the quarter ended March 31, 2025, an $0.08 or 12% increase, and $0.75 per diluted share for the quarter ended June 30, 2024, a $0.02 or 3% decrease in fully diluted earnings per common share.

The following table provides the Company's financial scorecard for the last five quarters:

As of

(In thousands, except share and ratio data)

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

BALANCE SHEET

Cash

$

809,252

$

1,231,461

$

1,507,735

$

2,381,102

$

2,492,504

Loans receivable, net

20,277,164

20,920,001

21,060,501

20,916,354

20,873,919

Allowance for credit losses ("ACL")

219,268

222,709

225,022

225,253

225,324

Loans held for sale

—

—

—

—

468,527

Available-for-sale securities, at fair value

3,387,497

3,142,763

2,743,731

2,572,709

2,428,768

Held-to-maturity securities, at amortized cost

512,854

526,502

537,348

436,972

447,638

Total investments

3,900,351

3,669,265

3,281,079

3,009,681

2,876,406

Total assets

26,731,915

27,644,637

27,684,454

28,060,330

28,580,800

Transaction deposits

11,969,124

11,853,984

11,853,859

11,817,185

11,929,005

Time deposits

9,417,447

9,573,442

9,584,918

9,556,785

9,255,760

Total deposits

21,386,571

21,427,426

21,438,777

21,373,970

21,184,765

Borrowings, senior debt and junior subordinated debentures

1,991,087

2,814,938

2,914,627

3,318,307

4,079,360

Total shareholders' equity

3,014,325

3,032,620

3,021,636

3,000,300

2,958,339

Loans to customer deposits2

94.81

%

97.63

%

98.24

%

97.86

%

98.53

%

PROFITABILITY

Net income

$

61,952

$

56,252

$

47,267

$

61,140

$

64,560

Net income to common shareholders

58,296

52,596

43,611

57,484

60,904

Earnings per common share

0.73

0.65

0.54

0.71

0.75

Return on tangible common equity1

10.20

%

9.18

%

7.69

%

10.24

%

11.10

%

Return on tangible assets1

0.94

%

0.84

%

0.70

%

0.89

%

0.88

%

Net interest margin

2.69

%

2.55

%

2.39

%

2.62

%

2.56

%

Efficiency ratio

56.01

%

58.31

%

65.04

%

57.21

%

56.61

%

FINANCIAL HIGHLIGHTS

Common shareholders' equity per share

$

34.30

$

33.84

$

33.45

$

33.25

$

32.76

Tangible common shareholders' equity per share1

28.69

28.31

27.93

27.73

27.18

Shareholders' equity to total assets

11.28

%

10.97

%

10.91

%

10.69

%

10.35

%

Tangible shareholders' equity to tangible assets1

9.78

%

9.51

%

9.45

%

9.24

%

8.91

%

Common shares outstanding

79,130,276

80,758,674

81,373,760

81,220,269

81,157,173

Preferred shares outstanding

300,000

300,000

300,000

300,000

300,000

CREDIT QUALITY2

ACL to gross loans

1.03

%

1.01

%

1.00

%

1.01

%

1.00

%

Non-accrual loans to net loans

0.41

%

0.29

%

0.34

%

0.33

%

0.29

%

Delinquencies to net loans

0.26

%

0.27

%

0.30

%

0.25

%

0.22

%

Non-performing assets to total assets

0.36

%

0.26

%

0.29

%

0.28

%

0.24

%

Criticized loans to net loans

4.07

%

3.32

%

2.54

%

2.41

%

3.01

%

Substandard loans to net loans

3.52

%

2.51

%

1.96

%

2.04

%

1.84

%

(1)

Metric is a non-GAAP Financial Measure. See page 10 for additional information on our use of non-GAAP Financial Measures.

(2)

Metrics include only loans held for investment. Loans held for sale are not included.

Balance Sheet Total assets decreased to $26.7 billion as of June 30, 2025, compared to $28.1 billion at September 30, 2024, primarily due to a reduction in loans receivable and cash used to reduce borrowings and purchase investments during the period. Net loans decreased $0.6 billion to $20.3 billion and cash decreased $1.6 billion, or 66.0%. Investment securities increased by $891 million, or 29.6% in the nine months ended June 30, 2025.

Customer deposits totaled $21.4 billion as of June 30, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $152 million or 1.3% during the period, while time deposits decreased $139 million or 1.5%. As of June 30, 2025, 56.0% of the Company’s deposits were transaction accounts, a slight increase from 55.3% at September 30, 2024. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 77.3% of deposits at June 30, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 23.8% of total deposits as of June 30, 2025, a decrease from 24.8% as of September 30, 2024.

Borrowings totaled $1.9 billion as of June 30, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 2.76% as of June 30, 2025, compared to 3.93% at September 30, 2024.

Loan originations totaled $0.7 billion for the third fiscal quarter of 2025, compared to $0.9 billion of originations in the prior quarter. Offsetting loan originations in each of these quarters were loan repayments of $1.5 billion and $1.2 billion, respectively. Commercial loans represented 86% of all loan originations during the third fiscal quarter of 2025 and consumer loans accounted for the remaining 14%. The period end interest yield on the loan portfolio was 5.42% as of June 30, 2025, the same yield as of March 31, 2025 and a decrease from 5.62% as of September 30, 2024.

Tangible common equity per share is a key metric for our management team. For the nine months ended June 30, 2025, tangible book value per share grew from $27.73 as of September 30, 2024 to $28.69 at June 30, 2025. This metric is a non-GAAP Financial Measure. See page 10 for additional information on our use of non-GAAP Financial Measures. During the quarter, the Company repurchased 1,662,508 shares of common stock at a weighted average price of $29.08. Our share repurchase plan currently has an authorization of 9.1 million shares, which provides what we believe is a compelling investment alternative.

Credit QualityCredit quality continues to be closely monitored with the shifting economic and monetary environment. As of June 30, 2025, non-performing assets increased to $97 million, or 0.36% of total assets, from $77 million, or 0.28%, at September 30, 2024. The change fiscal year to date is due to non-accrual loans increasing by $13.2 million, or 19%, since September 30, 2024 and REO increasing by $6.6 million during the same time frame. The REO increase is the result of former branch properties held for sale. Delinquent loans were slightly increased at 0.26% of total loans at June 30, 2025, compared to 0.25% at September 30, 2024 but improved compared to 0.27% at March 31, 2025. The allowance for credit losses (including the reserve for unfunded commitments) totaled $219 million as of June 30, 2025, and was 1.03% of gross loans outstanding, as compared to $225 million, or 1.01% of gross loans outstanding, as of September 30, 2024. Net charge-offs were $5.4 million for the third fiscal quarter of 2025, compared to $5.1 million for the prior quarter.

Profitability Net interest income was $168 million for the third fiscal quarter of 2025, an increase of $7.1 million or 4% from the prior quarter. The increase in net interest income was primarily due to a 16 basis point decrease in the rate paid on interest bearing liabilities. Net interest margin was 2.69% in the third fiscal quarter of 2025 compared to 2.55% for the quarter ended March 31, 2025.

Total non-interest income was $18.3 million for the third fiscal quarter of 2025 compared to $18.9 million the prior quarter. The decrease compared to the prior quarter was primarily due to decreased income from the Bank's insurance subsidiary, WaFd Insurance as the March quarter included annual contingency fee income.

Total non-interest expense stabilized at $104.3 million in the third fiscal quarter of 2025, a slight decrease of $0.5 million, or 0.5%, from the prior quarter. The decrease is the result of reduced Other Expenses and FDIC Insurance costs offset by slightly higher Compensation expenses. Decreased expenses combined with increased net interest income resulted in a decrease in the Company’s efficiency ratio in the third fiscal quarter of 2025 to 56.0%, compared to 58.3% in the prior quarter.

The Company recorded a $2.0 million provision for credit losses in the third fiscal quarter of 2025 compared to a provision of $2.8 million the prior quarter. The provision for loan losses in the quarter ended June 30, 2025 was the net result of decreased loan balances, mixed credit metrics, including the increasing trends in negative migration of criticized and nonperforming loans and $5.4 million of net charge-offs taken during the quarter.

Return on common shareholders' equity for the quarter ended June 30, 2025 was 8.54% compared to 7.68% for the quarter ended March 31, 2025. Adjusted for certain non-operating items, return on equity for the quarter is 8.56% compared to adjusted return on equity of 7.66% the prior quarter. Return on assets for the quarter ended June 30, 2025 was 0.92% compared to 0.82% for the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter is 0.93% compared to adjusted return on assets of 0.82% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

Income tax expense totaled $17.8 million the third fiscal quarter of 2025, as compared to $15.8 million for the second quarter. The effective tax rate for the quarter ended June 30, 2025 was 22.33% compared to 21.88% for the quarter ended March 31, 2025. The Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.

WaFd Bank is headquartered in Seattle, Washington, and has 208 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)

June 30, 2025

September 30, 2024

(In thousands, except share and ratio data)

ASSETS

Cash and cash equivalents

$

809,252

$

2,381,102

Available-for-sale securities, at fair value

3,387,497

2,572,709

Held-to-maturity securities, at amortized cost

512,854

436,972

Loans receivable, net of allowance for loan losses of $198,768 and $203,753

20,277,164

20,916,354

Interest receivable

99,224

102,827

Premises and equipment, net

254,403

247,901

Real estate owned

11,154

4,567

FHLB stock

95,899

95,617

Bank owned life insurance

273,221

267,633

Intangible assets, including goodwill of $414,723 and $411,360

444,291

448,425

Federal and state income tax assets, net

120,104

119,248

Other assets

446,852

466,975

$

26,731,915

$

28,060,330

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Transaction deposits

$

11,969,124

$

11,817,185

Time deposits

9,417,447

9,556,785

Total customer deposits

21,386,571

21,373,970

Borrowings

1,939,675

3,267,589

Junior subordinated debentures

51,412

50,718

Advance payments by borrowers for taxes and insurance

33,680

61,330

Accrued expenses and other liabilities

306,252

306,423

23,717,590

25,060,030

Shareholders’ equity

Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding

300,000

300,000

Common stock, $1.00 par value, 300,000,000 shares authorized; 154,385,498 and 154,007,429 shares issued; 79,130,276 and 81,220,269 shares outstanding

154,385

154,007

Additional paid-in capital

2,160,793

2,150,675

Accumulated other comprehensive income (loss), net of taxes

41,531

55,851

Treasury stock, at cost 75,255,222 and 72,787,160 shares

(1,711,999

)

(1,639,131

)

Retained earnings

2,069,615

1,978,898

3,014,325

3,000,300

$

26,731,915

$

28,060,330

Yield and margin as of period end

Loans receivable1

5.42

%

5.62

%

Mortgage-backed securities

4.32

4.00

Combined cash, investments and FHLB stock

5.03

5.10

Interest-earning assets

5.26

5.44

Interest-bearing customer accounts

3.05

3.50

Borrowings1

2.76

3.93

Interest-bearing liabilities

3.03

3.56

Net interest spread

2.23

1.88

Net interest margin

2.74

2.44

(1)

Accretion and amortization assumed to be same as prior quarter. Also includes the impact of derivatives.

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended June 30,

Nine Months Ended June 30,

2025

2024

2025

2024

(In thousands, except share and ratio data)

INTEREST INCOME

Loans receivable

$

279,476

$

337,118

$

848,150

$

857,251

Mortgage-backed securities

27,855

17,523

70,118

41,694

Investment securities and cash equivalents

24,383

37,300

94,647

98,668

331,714

391,941

1,012,915

997,613

INTEREST EXPENSE

Customer accounts

146,735

154,359

460,833

367,194

Borrowings, senior debt and junior subordinated debentures

16,991

60,396

67,753

142,399

163,726

214,755

528,586

509,593

Net interest income

167,988

177,186

484,329

488,020

Provision (release) for credit losses

2,000

1,500

4,750

17,500

Net interest income after provision (release)

165,988

175,686

479,579

470,520

NON-INTEREST INCOME

Gain (loss) on sale of investment securities

—

80

20

251

Gain (loss) on termination of hedging derivatives

56

54

126

169

Loan fee income

1,650

594

4,807

1,988

Deposit fee income

7,588

6,960

21,691

20,460

Other income

8,979

9,567

26,212

21,946

Total non-interest income

18,273

17,255

52,856

44,814

NON-INTEREST EXPENSE

Compensation and benefits

53,481

57,169

166,118

180,165

Occupancy

11,755

10,904

34,042

31,193

FDIC insurance premiums

5,150

7,600

15,800

22,070

Product delivery

6,621

6,090

19,313

17,680

Information technology

15,022

13,428

43,695

39,177

Other expense

12,298

14,888

41,502

50,046

Total non-interest expense

104,327

110,079

320,470

340,331

Gain (loss) on real estate owned, net

(176

)

(124

)

54

387

Income before income taxes

79,758

82,738

212,019

175,390

Income tax provision

17,806

18,178

46,548

36,489

Net income

61,952

64,560

165,471

138,901

Dividends on preferred stock

3,656

3,656

10,968

10,969

Net income available to common shareholders

$

58,296

$

60,904

$

154,503

$

127,932

PER SHARE DATA

Basic earnings per common share

$

0.73

$

0.75

$

1.91

$

1.78

Diluted earnings per common share

0.73

0.75

1.91

1.78

Cash dividends per common share

0.27

0.26

0.80

0.77

Basic weighted average shares outstanding

79,888,520

81,374,811

80,748,838

71,905,924

Diluted weighted average shares outstanding

79,907,672

81,393,708

80,821,807

71,930,215

PERFORMANCE RATIOS

Return on average assets

0.92

%

0.87

%

0.81

%

0.72

%

Return on average common equity

8.54

%

9.20

%

7.55

%

7.18

%

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

(In thousands, except share and ratio data)

INTEREST INCOME

Loans receivable

$

279,476

$

282,077

$

286,597

$

308,598

$

337,118

Mortgage-backed securities

27,855

23,926

18,337

18,088

17,523

Investment securities and cash equivalents

24,383

30,081

40,183

47,411

37,300

331,714

336,084

345,117

374,097

391,941

INTEREST EXPENSE

Customer accounts

146,735

151,948

162,150

165,240

154,359

Borrowings, senior debt and junior subordinated debentures

16,991

23,226

27,536

36,045

60,396

163,726

175,174

189,686

201,285

214,755

Net interest income

167,988

160,910

155,431

172,812

177,186

Provision for credit losses

2,000

2,750

—

—

1,500

Net interest income after provision

165,988

158,160

155,431

172,812

175,686

NON-INTEREST INCOME

Gain on sale of investment securities

—

—

20

91

80

Gain on termination of hedging derivatives

56

65

5

72

54

Loan fee income

1,650

1,812

1,345

757

594

Deposit fee income

7,588

7,057

7,046

7,047

6,960

Other income

8,979

9,947

7,286

7,911

9,567

Total non-interest income

18,273

18,881

15,702

15,878

17,255

NON-INTEREST EXPENSE

Compensation and benefits

53,481

52,710

59,927

53,983

57,169

Occupancy

11,755

11,499

10,788

10,843

10,904

FDIC insurance premiums

5,150

5,800

4,850

6,800

7,600

Product delivery

6,621

6,907

5,785

6,306

6,090

Information technology

15,022

14,481

14,192

14,129

13,428

Other expense

12,298

13,435

15,769

15,880

14,888

Total non-interest expense

104,327

104,832

111,311

107,941

110,079

Gain (loss) on real estate owned, net

(176

)

(199

)

429

(83

)

(124

)

Income before income taxes

79,758

72,010

60,251

80,666

82,738

Income tax provision

17,806

15,758

12,984

19,526

18,178

Net income

61,952

56,252

47,267

61,140

64,560

Dividends on preferred stock

3,656

3,656

3,656

3,656

3,656

Net income available to common shareholders

$

58,296

$

52,596

$

43,611

$

57,484

$

60,904

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

(In thousands, except share and ratio data)

PER SHARE DATA

Basic earnings per common share

$

0.73

$

0.65

$

0.54

$

0.71

$

0.75

Diluted earnings per common share

0.73

0.65

0.54

0.71

0.75

Cash dividends per common share

0.27

0.27

0.26

0.26

0.26

Basic weighted average shares outstanding

79,888,520

81,061,206

81,294,227

81,208,683

81,374,811

Diluted weighted average shares outstanding

79,907,672

81,105,536

81,401,599

81,353,644

81,393,708

PERFORMANCE RATIOS

Return on average assets

0.92

%

0.82

%

0.69

%

0.87

%

0.87

%

Return on average common equity

8.54

7.68

6.42

8.53

9.20

Net interest margin

2.69

2.55

2.39

2.62

2.56

Efficiency ratio

56.01

58.31

65.04

57.21

56.61

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Non-GAAP Financial Measures

The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Tangible Measures

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

(Unaudited - In thousands, except for share and ratio data)

Shareholders' equity - GAAP

$

3,014,325

$

3,032,620

$

3,021,636

$

3,000,300

$

2,958,339

Less intangible assets - GAAP

444,291

446,660

449,213

448,425

452,255

Tangible shareholders' equity

$

2,570,034

$

2,585,960

$

2,572,423

$

2,551,875

$

2,506,084

Less preferred stock - GAAP

300,000

300,000

300,000

300,000

300,000

Tangible common shareholders' equity

$

2,270,034

$

2,285,960

$

2,272,423

$

2,251,875

$

2,206,084

Total assets - GAAP

$

26,731,915

$

27,644,637

$

27,684,454

$

28,060,330

$

28,580,800

Less intangible assets - GAAP

444,291

446,660

449,213

448,425

452,255

Tangible assets

$

26,287,624

$

27,197,977

$

27,235,241

$

27,611,905

$

28,128,545

Tangible Metrics

Common shares outstanding - GAAP

79,130,276

80,758,674

81,373,760

81,220,269

81,157,173

Tangible common equity per share

$

28.69

$

28.31

$

27.93

$

27.73

$

27.18

Tangible equity to tangible assets

9.78

%

9.51

%

9.45

%

9.24

%

8.91

%

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended

Average Tangible Measures

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

(Unaudited - In thousands, except for ratio data)

Average shareholders' equity - GAAP

$

3,030,745

$

3,039,021

$

3,015,197

$

2,996,093

$

2,947,056

Less average preferred stock - GAAP

300,000

300,000

300,000

300,000

300,000

Less average intangible assets - GAAP

445,733

448,272

447,754

451,204

453,142

Average tangible common equity

$

2,285,012

$

2,290,749

$

2,267,443

$

2,244,889

$

2,193,914

Average Assets - GAAP

$

26,813,500

$

27,371,320

$

27,504,576

$

28,000,482

$

29,703,337

Less average intangible assets - GAAP

445,733

448,272

447,754

451,204

453,142

Average tangible assets

$

26,367,767

$

26,923,048

$

27,056,822

$

27,549,278

$

29,250,195

Average Tangible Metrics

Net income - GAAP

61,952

56,252

47,267

61,140

64,560

Net income available to common shareholders' - GAAP

58,296

52,596

43,611

57,484

60,904

Return on tangible common equity

10.20

%

9.18

%

7.69

%

10.24

%

11.10

%

Return on tangible assets

0.94

%

0.84

%

0.70

%

0.89

%

0.88

%

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended

Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

(Unaudited - In thousands, except for share and ratio data)

Interest income

LBC Hedge Valuation Adj

$

—

$

—

$

3,933

$

—

$

—

Non-interest income

Distribution received on LBC equity method investment

$

(255

)

$

(257

)

$

(279

)

$

(288

)

$

(299

)

(Gain)Loss on WaFd Bank equity method investment

304

(155

)

48

(896

)

(748

)

Total non-interest income

$

49

$

(412

)

$

(231

)

$

(1,184

)

$

(1,047

)

Non-interest expense

Acquisition-related expenses

$

—

$

—

$

239

$

(1,602

)

$

2,285

Non-operating expenses:

Restructuring Charges

—

—

5,390

—

—

FDIC Special Assessment

—

—

—

(216

)

—

Legal and Compliance

—

—

—

(182

)

—

Charitable Donation

—

—

—

—

—

—

—

5,390

(398

)

—

Total non-interest expense

$

—

$

—

$

5,629

$

(2,000

)

$

2,285

Net Income - GAAP

$

61,952

$

56,252

$

47,267

$

61,140

$

64,560

Preliminary ACL provision on LBC loans

—

—

—

—

—

Interest income adjustments

—

—

3,933

—

—

Non-interest income adjustments

49

(412

)

(231

)

(1,184

)

(1,047

)

Non-interest expense adjustments

—

—

5,629

(2,000

)

2,285

REO adjustments

176

199

(429

)

83

124

Income tax adjustment

(50

)

47

(1,918

)

751

(299

)

Net Income - non-GAAP

$

62,127

$

56,086

$

54,251

$

58,790

$

65,623

Dividend on preferred stock

3,656

3,656

3,656

3,656

3,656

Net Income available to common shareholders' - non-GAAP

$

58,471

$

52,430

$

50,595

$

55,134

$

61,967

Basic weighted average number

79,888,520

81,061,206

81,294,227

81,208,683

81,374,811

Diluted weighted average

79,907,672

81,105,536

81,401,599

81,353,644

81,393,708

Basic EPS - non-GAAP

$

0.73

$

0.65

$

0.62

$

0.68

$

0.76

Diluted EPS - non-GAAP

0.73

0.65

0.62

0.68

0.76

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended

Adjusted Efficiency Ratio

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

(Unaudited - In thousands, except for ratio data)

Efficiency ratio - GAAP

56.0

%

58.3

%

65.0

%

57.2

%

56.6

%

Net interest income - GAAP

$

167,988

$

160,910

$

155,431

$

172,812

$

177,186

Total interest income adjustments

—

—

3,933

—

—

Net interest income - non-GAAP

$

167,988

$

160,910

$

159,364

$

172,812

$

177,186

Non-interest expense - GAAP

$

104,327

$

104,832

$

111,311

$

107,941

$

110,079

Less merger related expenses

—

—

239

(1,602

)

2,285

Less non-operating expenses

—

—

5,390

(398

)

—

Non-interest Expenses - non-GAAP

$

104,327

$

104,832

$

105,682

$

109,941

$

107,794

Non-interest income - GAAP

$

18,273

$

18,881

$

15,702

$

15,878

$

17,255

Total other income

49

(412

)

(231

)

(1,184

)

(1,047

)

Non-interest income - non-GAAP

$

18,322

$

18,469

$

15,471

$

14,694

$

16,208

Net Interest Income - non-GAAP

$

167,988

$

160,910

$

159,364

$

172,812

$

177,186

Non-interest income - non-GAAP

18,322

18,469

15,471

14,694

16,208

Total Income - non-GAAP

$

186,310

$

179,379

$

174,835

$

187,506

$

193,394

Adjusted Efficiency Ratio

56.0

%

58.4

%

60.4

%

58.6

%

55.7

%

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended

Adjusted ROA and ROE

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

(Unaudited - In thousands, except for ratio data)

Reported:

Net Income - GAAP

$

61,952

$

56,252

$

47,267

$

61,140

$

64,560

Net income available to common shareholders' - GAAP

$

58,296

$

52,596

$

43,611

$

57,484

$

60,904

Average Assets

26,813,500

27,371,320

27,504,576

28,000,482

29,703,337

Return on Assets

0.92

%

0.82

%

0.69

%

0.87

%

0.87

%

Average Common Equity

$

2,730,745

$

2,739,021

$

2,715,197

$

2,696,093

$

2,647,056

Return on common equity

8.54

%

7.68

%

6.42

%

8.53

%

9.20

%

Adjusted:

Net Income - non-GAAP

$

62,127

$

56,086

$

54,251

$

58,790

$

65,623

Net income available to common shareholders' - non-GAAP

$

58,471

$

52,430

$

50,595

$

55,134

$

61,967

Average Assets

26,813,500

27,371,320

27,504,576

28,000,482

29,703,337

Adjusted Return on Assets

0.93

%

0.82

%

0.79

%

0.84

%

0.88

%

Average Common Equity

2,730,745

2,739,021

2,715,197

2,696,093

2,647,056

Adjusted Return on common equity

8.56

%

7.66

%

7.45

%

8.18

%

9.36

%

Important Cautionary Statements

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.

By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2024 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, including a "Needs to Improve" CRA rating, which may impose restrictions or penalties on the Company's activities; (ix) expectations regarding key growth initiatives and strategic priorities; (x) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xi) litigation risks resulting in significant expenses, losses and reputational damage; (xii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiii) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250717219773/en/

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