WaFd Announces Quarterly Earnings Per Share Of $0.82

4/16/26 5:00:00 PM ET

Major Banks

Finance

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WaFd, Inc. (NASDAQ:WAFD):

Q2 Highlights

$66 Million	$0.82	0.96%	10.8%
Net Income	Diluted Earnings per Common Share	Return on Average Assets	Return on Tangible Common Equity¹

"Uncertainty seems to be our new reality, not just in the banking sector, but also in the broader global context. Our strong foundation enabled us to deliver for our customers even during uncertain times. During the quarter, we executed on our strategic plan and grew our active loan segments by 12% annualized. Given our growth in loans, notable improvements in asset quality metrics, and a widening margin, we see a bright future in spite of current uncertainties. Our stock was trading near tangible book value for the majority of the quarter, so we aggressively bought back shares at less than 1.1x tangible book value. We were able to buy back 3.6% of total outstanding shares during the quarter. Our return on tangible common equity was 10.8% making it one of the best investment alternatives available to us. Credit goes to our amazing team of bankers that is working hard to deliver for our clients."

Brent Beardall

President and CEO of WaFd Bank


Net Interest Income and NIM	$178 million net interest income for the quarter compared to $171 million in Q1. Net interest margin at 2.81% for the quarter compared to 2.70% for Q1.	Credit Quality	Non-performing assets down $71 million to 0.48% of total assets compared to 0.75% for Q1. Delinquencies down $58 million to 0.78% of total loans compared to 1.07% for Q1.

Non-Interest Income and Expense	Non-interest income was stable and non-interest expense up $4 million compared to prior quarter. Efficiency ratio increased to 55.66% compared to 55.25% in the prior quarter as a result of a higher increase in expenses compared to income.	Shareholder Returns and Stock Activity	On February 27, 2026, the Company paid a cash dividend of $0.27 per share, 172^nd consecutive quarterly dividend paid. 2,738,096 shares were repurchased during the quarter at a weighted average price of $31.85 per share.

¹Metric is a non-GAAP Financial Measure. See page 10 for additional information on our use of non-GAAP Financial Measures

WaFd, Inc. (NASDAQ:WAFD) (the "Company"), parent company of WaFd Bank (or the "Bank"), today announced quarterly earnings of $65,548,000 for the quarter ended March 31, 2026, an increase of 2% from net earnings of $64,196,000 for the quarter ended December 31, 2025 and an increase of 17% from net earnings of $56,252,000 for the quarter ended March 31, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.82 per diluted share for the quarter ended March 31, 2026, compared to $0.79 per diluted share for the quarter ended December 31, 2025, and $0.65 per diluted share for the quarter ended March 31, 2025, a $0.17 or 26% increase 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)	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
BALANCE SHEET
Cash	$	669,799		$	734,915		$	657,310		$	809,252		$	1,231,461
Loans receivable, net		19,966,983			19,848,156			20,088,618			20,277,164			20,920,001
Allowance for credit losses ("ACL")		224,450			221,039			221,220			219,268			222,709
Available-for-sale securities, at fair value		4,352,258			4,142,285			3,533,201			3,387,497			3,142,763
Held-to-maturity securities, at amortized cost		745,727			764,794			645,802			512,854			526,502
Total investments		5,097,985			4,907,079			4,179,003			3,900,351			3,669,265
Total assets		27,568,785			27,285,744			26,699,699			26,731,915			27,644,637
Transaction deposits		12,746,921			12,865,974			12,306,532			11,969,124			11,853,984
Time deposits		8,377,230			8,550,996			9,131,104			9,417,447			9,573,442
Total deposits		21,124,151			21,416,970			21,437,636			21,386,571			21,427,426
Borrowings and junior subordinated debentures		3,114,548			2,488,411			1,817,249			1,991,087			2,814,938
Total shareholders' equity		2,981,283			3,029,407			3,039,575			3,014,325			3,032,620
Loans to customer deposits		94.52	%		92.67	%		93.71	%		94.81	%		97.63	%

PROFITABILITY
Net income	$	65,548		$	64,196		$	60,597		$	61,952		$	56,252
Net income to common shareholders		61,892			60,540			56,941			58,296			52,596
Earnings per common share		0.82			0.79			0.72			0.73			0.65
Return on tangible common equity¹		10.82	%		10.57	%		9.99	%		10.20	%		9.18	%
Return on tangible assets¹		0.97	%		0.97	%		0.93	%		0.94	%		0.84	%
Net interest margin		2.81	%		2.70	%		2.71	%		2.69	%		2.55	%
Efficiency ratio		55.66	%		55.25	%		56.82	%		56.01	%		58.31	%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	36.30		$	35.70		$	35.04		$	34.30		$	33.84
Tangible common shareholders' equity per share¹		30.27			29.91			29.38			28.69			28.31
Shareholders' equity to total assets		10.81	%		11.10	%		11.38	%		11.28	%		10.97	%
Tangible shareholders' equity to tangible assets¹		9.35	%		9.64	%		9.89	%		9.78	%		9.51	%
Common shares outstanding		73,855,919			76,448,351			78,186,520			79,130,276			80,758,674
Preferred shares outstanding		300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY
ACL to gross loans		1.05	%		1.05	%		1.04	%		1.03	%		1.01	%
Non-accrual loans to net loans		0.62	%		0.96	%		0.64	%		0.41	%		0.29	%
Delinquencies to net loans		0.78	%		1.07	%		0.60	%		0.26	%		0.27	%
Non-performing assets to total assets		0.48	%		0.75	%		0.54	%		0.36	%		0.26	%
Total criticized loans to net loans		4.24	%		4.60	%		4.39	%		4.07	%		3.32	%
Total adversely classified loans to net loans		2.60	%		2.94	%		3.16	%		3.54	%		2.53	%
¹Metric is a non-GAAP Financial Measure. See page 10 for additional information on our use of non-GAAP Financial Measures.

Balance Sheet Total assets increased to $27.6 billion as of March 31, 2026, compared to $26.7 billion at September 30, 2025, primarily due to the purchase of investment securities during the period. Investment securities increased by $919 million, or 22.0% in the six months ended March 31, 2026, a result of $1.2 billion of purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 4.87%. Net loans decreased $122 million to $20.0 billion and cash increased $12 million, or 1.9% during same period.

Customer deposits totaled $21.1 billion as of March 31, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.41% as of March 31, 2026, compared to 2.69% at September 30, 2025. Transaction accounts increased by $440 million or 3.6% during the six months ended March 31, 2026, while time deposits decreased $754 million or 8.3%. As of March 31, 2026, 60.3% of the Company's deposits were transaction accounts, an increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 80.4% of deposits at March 31, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.2% of total deposits as of March 31, 2026, a decrease from 26.2% as of September 30, 2025.

Borrowings totaled $3.1 billion as of March 31, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.01% as of March 31, 2026, compared to 2.50% at September 30, 2025.

Loan originations for active loan types totaled $1.5 billion for the second fiscal quarter of 2026, compared to $1.1 billion of originations in the prior quarter. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $0.9 billion and $1.0 billion, respectively. Active loan types include the commercial segment and the consumer portfolio. Inactive loan-types include all consumer residential portfolios. These loan types had repayments of $0.3 billion during the quarter. Commercial loans represented 96% of all loan originations during the second fiscal quarter of 2026 and consumer loans accounted for the remaining 4%. The period end interest yield on the loan portfolio was 5.26% as of March 31, 2026, a decrease from 5.38% at September 30, 2025.

Tangible common equity per share is a key metric for our management team. For the six months ended March 31, 2026, tangible book value per share grew to $30.27 at March 31, 2026 from $29.38 as of September 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 2,738,096 shares of common stock at a weighted average price of $31.85. In February, the WaFd, Inc. Board of Directors authorized an increase in shares available to be repurchased to a total of 10 million shares. Our share repurchase plan currently has a remaining authorization of 8.0 million shares which, depending on share price, provides a compelling investment alternative.

Credit Quality Considering the shifting economic and monetary environment, further impacted by recent global developments, credit quality continues to be monitored closely. As of March 31, 2026, non-performing assets decreased to $132 million, or 0.48% of total assets, from $203 million, or 0.75%, at December 31, 2025 and from $143 million, or 0.54%, at September 30, 2025. The change is due to non-accrual loans decreasing by $4.8 million, or 4%, since September 30, 2025 combined with decreases in real estate owned ("REO") of $3.0 million and other property owned of $3.3 million during the same time frame. Delinquent loans increased to 0.78% of total loans at March 31, 2026, compared to 0.60% at September 30, 2025 but decreased compared to 1.07% at December 31, 2025.

The allowance for credit losses (including the reserve for unfunded commitments) totaled $224 million as of March 31, 2026, and was 1.05% of gross loans outstanding, as compared to $221 million, or 1.04% of gross loans outstanding, as of September 30, 2025. Net charge-offs were $0.6 million for the second fiscal quarter of 2026, compared to $3.7 million for the prior quarter.

Profitability Net interest income was $178 million for the second fiscal quarter of 2026, an increase of $6.5 million or 4% from the prior quarter. The increase in net interest income was primarily due to an 5 basis point increase in the rate earned on interest earning assets combined with a 9 basis point decrease in the rate paid on interest bearing liabilities. As a result of these changes, net interest margin increased to 2.81% in the second fiscal quarter of 2026 compared to 2.70% for the quarter ended December 31, 2025.

Total non-interest income was $19.8 million for the second fiscal quarter of 2026 compared to $20.3 million the prior quarter. The decrease compared to the prior quarter was primarily due to losses taken on certain equity method investments in the quarter offset by increased commission income from the Bank's insurance subsidiary, WaFd Insurance.

Total non-interest expense was $109.9 million in the second fiscal quarter of 2026, an increase of $4.1 million, or 3.9%, from the prior quarter. The increase is the result of increased compensation and technology expenses, reflecting annual merit increases and continued investment in operational efficiency.

The Company recorded a $4.0 million provision for credit losses in the second fiscal quarter of 2026 compared to a provision of $3.5 million the prior quarter. The provision for loan losses in the quarter ended March 31, 2026 was the net result of increased commercial loan originations. $0.6 million of net charge-offs were taken during the quarter.

Return on common shareholders' equity for the quarter ended March 31, 2026 was 9.05% compared to 8.86% for the quarter ended December 31, 2025. Adjusted for certain non-operating items, return on equity for the quarter was 9.12% compared to adjusted return on equity of 8.49% the prior quarter. Return on assets for the quarter ended March 31, 2026 was 0.96%, unchanged from the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter was 0.97% compared to adjusted return on assets of 0.92% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

Income tax expense totaled $18.3 million the second fiscal quarter of 2026, as compared to $18.1 million for the prior quarter. The effective tax rate for the quarter ended March 31, 2026 was 21.8% compared to 22.0% for the quarter ended December 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 will host a conference call for investors and analysts at 7:00 am Pacific Time on Friday, April 17, 2026. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link (https://register-conf.media-server.com/register/BI3742b47b9d1546a6a24d982d3a85576b). 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)

	March 31, 2026				September 30, 2025
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents		$	669,799			$	657,310
Available-for-sale securities, at fair value			4,352,258				3,533,201
Held-to-maturity securities, at amortized cost			745,727				645,802
Loans receivable, net of allowance for loan losses of $201,950 and $199,720			19,966,983				20,088,618
Interest receivable			98,856				98,589
Premises and equipment, net			294,033				261,271
Real estate owned			8,125				11,084
FHLB stock			146,351				88,068
Bank owned life insurance			279,097				275,159
Intangible assets, including goodwill of $418,447 and $414,722			445,511				442,093
Federal and state income tax assets			106,063				112,784
Other assets			455,982				485,720
		$	27,568,785			$	26,699,699
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Transaction deposits		$	12,746,921			$	12,306,532
Time deposits			8,377,230				9,131,104
Total customer deposits			21,124,151				21,437,636
Borrowings			3,062,441				1,765,604
Junior subordinated debentures			52,107				51,645
Advance payments by borrowers for taxes and insurance			45,356				59,845
Federal and state income tax liabilities			470				—
Accrued expenses and other liabilities			302,977				345,394
			24,587,502				23,660,124
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; 154,758,612 and 154,408,001 shares issued; 73,855,919 and 78,186,520 shares outstanding			154,759				154,408
Additional paid-in capital			2,169,653				2,163,276
Accumulated other comprehensive income (loss), net of taxes			55,085				56,950
Treasury stock, at cost 80,902,693 and 76,221,481 shares			(1,885,828	)			(1,740,761	)
Retained earnings			2,187,614				2,105,702
			2,981,283				3,039,575
		$	27,568,785			$	26,699,699

Yield and margin as of period end
Loans receivable¹	5.26	%	5.38	%
Mortgage-backed securities	4.45		4.44
Combined cash, investments and FHLB stock	4.22		4.96
Interest-earning assets	5.06		5.23
Interest-bearing customer accounts	2.74		2.95
Borrowings¹	3.01		2.50
Interest-bearing liabilities	2.78		2.91
Net interest spread	2.28		2.32
Net interest margin	2.81		2.82
¹Accretion 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 March 31,						Six Months Ended March 31,
	2026			2025			2026		2025
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	262,148	$	282,077		$	526,355	$	568,674
Mortgage-backed securities			44,341		23,926			83,243		42,263
Investment securities and cash equivalents			18,245		30,081			37,632		70,264
			324,734		336,084			647,230		681,201
INTEREST EXPENSE
Customer accounts			125,999		151,948			262,213		314,098
Borrowings and junior subordinated debentures			21,165		23,226			36,336		50,762
			147,164		175,174			298,549		364,860
Net interest income			177,570		160,910			348,681		316,341
Provision (release) for credit losses			4,000		2,750			7,500		2,750
Net interest income after provision (release)			173,570		158,160			341,181		313,591
NON-INTEREST INCOME
Gain (loss) on sale of investment securities			—		—			—		20
Gain (loss) on termination of hedging derivatives			426		65			450		70
Loan fee income			2,216		1,812			3,570		3,157
Deposit fee income			7,674		7,057			15,532		14,103
Other income			9,497		9,947			20,516		17,233
Total non-interest income			19,813		18,881			40,068		34,583
NON-INTEREST EXPENSE
Compensation and benefits			57,120		52,710			111,310		112,637
Occupancy			11,711		11,499			22,881		22,287
FDIC insurance premiums			5,050		5,800			10,450		10,650
Product delivery			7,110		6,907			13,684		12,692
Information technology			15,919		14,481			30,303		28,673
Other expense			12,947		13,435			26,950		29,204
Total non-interest expense			109,857		104,832			215,578		216,143
Gain (loss) on real estate owned, net			280		(199	)		436		230
Income before income taxes			83,806		72,010			166,107		132,261
Income tax provision			18,258		15,758			36,363		28,742
Net income			65,548		56,252			129,744		103,519
Dividends on preferred stock			3,656		3,656			7,312		7,312
Net income available to common shareholders		$	61,892	$	52,596		$	122,432	$	96,207

PER SHARE DATA
Basic earnings per common share	$	0.82		$	0.65		$	1.61		$	1.19
Diluted earnings per common share		0.82			0.65			1.60			1.18
Cash dividends per common share		0.27			0.27			0.54			0.53
Basic weighted average shares outstanding		75,487,399			81,061,206			76,236,709			81,178,997
Diluted weighted average shares outstanding		75,574,228			81,105,536			76,315,090			81,278,102
PERFORMANCE RATIOS
Return on average assets		0.96	%		0.82	%		0.96	%		0.75	%
Return on average common equity		9.05	%		7.68	%		8.96	%		7.06	%

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

	Three Months Ended
	March 31, 2026		December 31, 2025		September 30, 2025			June 30, 2025			March 31, 2025
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable	$	262,148	$	264,207	$	271,787		$	279,476		$	282,077
Mortgage-backed securities		44,341		38,902		32,953			27,855			23,926
Investment securities and cash equivalents		18,245		19,387		21,794			24,383			30,081
		324,734		322,496		326,534			331,714			336,084
INTEREST EXPENSE
Customer accounts		125,999		136,214		143,874			146,735			151,948
Borrowings and junior subordinated debentures		21,165		15,171		12,754			16,991			23,226
		147,164		151,385		156,628			163,726			175,174
Net interest income		177,570		171,111		169,906			167,988			160,910
Provision for credit losses		4,000		3,500		3,000			2,000			2,750
Net interest income after provision		173,570		167,611		166,906			165,988			158,160
NON-INTEREST INCOME
Gain on sale of investment securities		—		—		—			—			—
Gain on termination of hedging derivatives		426		24		32			56			65
Loan fee income		2,216		1,354		2,081			1,650			1,812
Deposit fee income		7,674		7,858		7,959			7,588			7,057
Other income		9,497		11,019		8,319			8,979			9,947
Total non-interest income		19,813		20,255		18,391			18,273			18,881
NON-INTEREST EXPENSE
Compensation and benefits		57,120		54,190		56,028			53,481			52,710
Occupancy		11,711		11,170		10,895			11,755			11,499
FDIC insurance premiums		5,050		5,400		4,400			5,150			5,800
Product delivery		7,110		6,574		6,558			6,621			6,907
Information technology		15,919		14,384		16,406			15,022			14,481
Other expense		12,947		14,003		12,706			12,298			13,435
Total non-interest expense		109,857		105,721		106,993			104,327			104,832
Gain (loss) on real estate owned, net		280		156		(681	)		(176	)		(199	)
Income before income taxes		83,806		82,301		77,623			79,758			72,010
Income tax provision		18,258		18,105		17,026			17,806			15,758
Net income		65,548		64,196		60,597			61,952			56,252
Dividends on preferred stock		3,656		3,656		3,656			3,656			3,656
Net income available to common shareholders	$	61,892	$	60,540	$	56,941		$	58,296		$	52,596

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

	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
	(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share	$	0.82		$	0.79		$	0.73		$	0.73		$	0.65
Diluted earnings per common share		0.82			0.79			0.72			0.73			0.65
Cash dividends per common share		0.27			0.27			0.27			0.27			0.27
Basic weighted average shares outstanding		75,487,399			76,969,729			78,509,472			79,888,520			81,061,206
Diluted weighted average shares outstanding		75,574,228			77,015,554			78,573,457			79,907,672			81,105,536
PERFORMANCE RATIOS
Return on average assets		0.96	%		0.96	%		0.91	%		0.92	%		0.82	%
Return on average common equity		9.05			8.86			8.36			8.54			7.68
Net interest margin		2.81			2.70			2.71			2.69			2.55
Efficiency ratio		55.66			55.25			56.82			56.01			58.31

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	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Tangible Measures	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP	$	2,981,283		$	3,029,407		$	3,039,575		$	3,014,325		$	3,032,620
Less intangible assets - GAAP		445,511			443,085			442,093			444,291			446,660
Tangible shareholders' equity	$	2,535,772		$	2,586,322		$	2,597,482		$	2,570,034		$	2,585,960
Less preferred stock - GAAP		300,000			300,000			300,000			300,000			300,000
Tangible common shareholders' equity	$	2,235,772		$	2,286,322		$	2,297,482		$	2,270,034		$	2,285,960

Total assets - GAAP	$	27,568,785		$	27,285,744		$	26,699,699		$	26,731,915		$	27,644,637
Less intangible assets - GAAP		445,511			443,085			442,093			444,291			446,660
Tangible assets	$	27,123,274		$	26,842,659		$	26,257,606		$	26,287,624		$	27,197,977

Tangible Metrics
Common shares outstanding - GAAP		73,855,919			76,448,351			78,186,520			79,130,276			80,758,674
Tangible common equity per share	$	30.27		$	29.91		$	29.38		$	28.69		$	28.31
Tangible equity to tangible assets		9.35	%		9.64	%		9.89	%		9.78	%		9.51	%

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

	Three Months Ended
Average Tangible Measures	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Average Tangible Measures	(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP	$	3,034,123		$	3,033,933		$	3,023,098		$	3,030,745		$	3,039,021
Less average preferred stock - GAAP		300,000			300,000			300,000			300,000			300,000
Less average intangible assets - GAAP		445,155			442,226			443,382			445,733			448,272
Average tangible common equity	$	2,288,968		$	2,291,707		$	2,279,716		$	2,285,012		$	2,290,749

Average Assets - GAAP	$	27,350,614		$	26,852,389		$	26,540,782		$	26,813,500		$	27,371,320
Less average intangible assets - GAAP		445,155			442,226			443,382			445,733			448,272
Average tangible assets	$	26,905,459		$	26,410,163		$	26,097,400		$	26,367,767		$	26,923,048

Average Tangible Metrics
Net income - GAAP		65,548			64,196			60,597			61,952			56,252
Net income available to common shareholders' - GAAP		61,892			60,540			56,941			58,296			52,596
Return on tangible common equity		10.82	%		10.57	%		9.99	%		10.20	%		9.18	%
Return on tangible assets		0.97	%		0.97	%		0.93	%		0.94	%		0.84	%

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

	Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
	(Unaudited - In thousands, except for share and ratio data)
Non-interest income
(Gain)Loss on sale of branch property	$	27		$	(3,214	)	$	467		$	4		$	—
Distribution received on LBC equity method investment		(225	)		(237	)		(251	)		(255	)		(257	)
(Gain)Loss on WaFd Bank equity method investment		1,072			408			(815	)		304			(155	)
Total non-interest income	$	874		$	(3,043	)	$	(599	)	$	53		$	(412	)

Net Income - GAAP	$	65,548		$	64,196		$	60,597		$	61,952		$	56,252
Interest income adjustments		—			—			—			—			—
Non-interest income adjustments		874			(3,043	)		(599	)		53			(412	)
Non-interest expense adjustments		—			—			—			—			—
REO adjustments		(280	)		(156	)		681			176			199
Income tax adjustment		(129	)		704			(18	)		(51	)		47
Net Income - non-GAAP	$	66,013		$	61,701		$	60,661		$	62,130		$	56,086

Dividend on preferred stock		3,656			3,656			3,656			3,656			3,656
Net Income available to common shareholders' - non-GAAP	$	62,357		$	58,045		$	57,005		$	58,474		$	52,430

Basic weighted average number		75,487,399			76,969,729			78,509,472			79,888,520			81,061,206
Diluted weighted average		75,574,228			77,015,554			78,573,457			79,907,672			81,105,536

Basic EPS - non-GAAP	$	0.83		$	0.75		$	0.73		$	0.73		$	0.65
Diluted EPS - non-GAAP		0.83			0.75			0.73			0.73			0.65

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

	Three Months Ended
Adjusted Efficiency Ratio	March 31, 2026			December 31, 2025				September 30, 2025				June 30, 2025			March 31, 2025
Adjusted Efficiency Ratio	(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP		55.7	%		55.3		%		56.8		%		56.0	%		58.3		%

Net interest income - GAAP	$	177,570		$	171,111			$	169,906			$	167,988		$	160,910
Total interest income adjustments		—			—				—				—			—
Net interest income - non-GAAP	$	177,570		$	171,111			$	169,906			$	167,988		$	160,910

Non-interest expense - GAAP	$	109,857		$	105,721			$	106,993			$	104,327		$	104,832
Less non-operating expenses		—			—				—				—			—
Non-interest Expenses - non-GAAP	$	109,857		$	105,721			$	106,993			$	104,327		$	104,832

Non-interest income - GAAP	$	19,813		$	20,255			$	18,391			$	18,273		$	18,881
Total other income		874			(3,043	)			(599	)			53			(412	)
Non-interest income - non-GAAP	$	20,687		$	17,212			$	17,792			$	18,326		$	18,469

Net Interest Income - non-GAAP	$	177,570		$	171,111			$	169,906			$	167,988		$	160,910
Non-interest income - non-GAAP		20,687			17,212				17,792				18,326			18,469
Total Income - non-GAAP	$	198,257		$	188,323			$	187,698			$	186,314		$	179,379

Adjusted Efficiency Ratio		55.4	%		56.1		%		57.0		%		56.0	%		58.4		%

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

	Three Months Ended
Adjusted ROA and ROE	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Adjusted ROA and ROE	(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP	$	65,548		$	64,196		$	60,597		$	61,952		$	56,252
Net income available to common shareholders - GAAP	$	61,892		$	60,540		$	56,941		$	58,296		$	52,596

Average Assets		27,350,614			26,852,389			26,540,782			26,813,500			27,371,320
Return on Assets		0.96	%		0.96	%		0.91	%		0.92	%		0.82	%

Average Common Equity	$	2,734,123		$	2,733,933		$	2,723,098		$	2,730,745		$	2,739,021
Return on Common Equity		9.05	%		8.86	%		8.36	%		8.54	%		7.68	%

Adjusted:
Net Income - non-GAAP	$	66,013		$	61,701		$	60,661		$	62,130		$	56,086
Net income available to common shareholders - non-GAAP	$	62,357		$	58,045		$	57,005		$	58,474		$	52,430

Average Assets		27,350,614			26,852,389			26,540,782			26,813,500			27,371,320
Adjusted Return on Assets		0.97	%		0.92	%		0.91	%		0.93	%		0.82	%

Average Common Equity		2,734,123			2,733,933			2,723,098			2,730,745			2,739,021
Adjusted Return on Common Equity		9.12	%		8.49	%		8.37	%		8.57	%		7.66	%

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, 2025 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 through the use of artificial intelligence, such as 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, which may impose restrictions or penalties on the Company's activities and changes in laws, regulations, or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) 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; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) 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 (xiv) 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/20260416685747/en/

WaFd, Inc.

425 Pike Street, Seattle, WA 98101

Brad Goode, SVP, Chief Marketing Officer

206-626-8178

[email protected]

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Date	Price Target	Rating	Analyst
2/6/2025	$35.00 → $32.00	Buy → Neutral	DA Davidson
10/21/2024	$40.00	Outperform → Mkt Perform	Keefe Bruyette
12/8/2023	$32.00	Equal-Weight	Stephens
3/15/2022	$43.00	Neutral → Buy	DA Davidson

WaFd Announces Quarterly Earnings Per Share Of $0.82

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