WaFd Announces Fiscal 2026 Earnings and 22% Increase in EPS
WaFd, Inc. (Nasdaq: WAFD): Fiscal Year Highlights $256 Million $3.21 0.94% 10.68% Net Income Diluted Earnings per
Press Release Disclaimer: This is a press release distributed through the XPR Media network. It has not been independently verified by our newsroom.
WaFd, Inc. (Nasdaq: WAFD):
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Fiscal Year Highlights |
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$256 Million |
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$3.21 |
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0.94% |
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10.68% |
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Net Income |
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Diluted Earnings per Common Share |
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Return on Average Assets |
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Return on Tangible Common Equity (1) |
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Fourth Quarter Highlights |
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$60 Million |
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$0.76 |
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0.87% |
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9.85% |
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Net Income |
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Diluted Earnings per Common Share |
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Return on Average Assets |
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Return on Tangible Common Equity (1) |
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“We are pleased to report the results for our fiscal year end 2026, including increasing earnings per share by 22%, increasing our transaction deposit balances by 4.6%, and growing our active loan segments by 7.9% along with seeing significant improvements in asset quality measures. Specifically, both non-performing assets and delinquencies decreased by 37% since the June 30th quarter end. Asset quality measures improved primarily through the resolution of a large previously classified loan during the quarter resulting in a $36 million charge-off. Our balance sheet strength and resiliency were demonstrated this quarter, allowing us to handle the classified loan, while still delivering meaningful improvement in earnings to shareholders. In spite of the recent surge in interest rates to their highest level in the last twenty years, with the 10 year bond at levels above 5.20%, WaFd is well positioned to benefit from rising rates as our assets are expected to reprice more quickly than our liabilities resulting in expansion of our margin over the short term.” |
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Brent Beardall |
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Net Interest Income and NIM |
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Credit Quality |
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Non-Interest Income and Expense |
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Shareholder Returns and Stock Activity |
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1 |
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Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. |
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The following table provides the Company’s financial scorecard for the last five quarters: |
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As of |
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(In thousands, except share and ratio data) |
September 30, 2026 |
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June 30, 2026 |
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March 31, 2026 |
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December 31, 2025 |
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September 30, 2025 |
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BALANCE SHEET |
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Cash |
$ |
749,696 |
|
|
$ |
676,467 |
|
|
$ |
669,799 |
|
|
$ |
734,915 |
|
|
$ |
657,310 |
|
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Loans receivable, net |
|
19,041,263 |
|
|
|
20,017,876 |
|
|
|
19,966,983 |
|
|
|
19,848,156 |
|
|
|
20,088,618 |
|
|
Allowance for credit losses (“ACL”) |
|
214,594 |
|
|
|
233,831 |
|
|
|
224,450 |
|
|
|
221,039 |
|
|
|
221,220 |
|
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Loans held for sale |
|
428,944 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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|
|
— |
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Available-for-sale securities, at fair value |
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4,048,405 |
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|
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4,190,263 |
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|
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4,352,258 |
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|
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4,142,285 |
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|
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3,533,201 |
|
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Held-to-maturity securities, at amortized cost |
|
886,881 |
|
|
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858,261 |
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|
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745,727 |
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|
|
764,794 |
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|
645,802 |
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Total investments |
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4,935,286 |
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5,048,524 |
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5,097,985 |
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4,907,079 |
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4,179,003 |
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Total assets |
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27,230,636 |
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27,596,970 |
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27,568,785 |
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|
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27,285,744 |
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26,699,699 |
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Transaction deposits |
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12,875,849 |
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|
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12,745,791 |
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|
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12,746,921 |
|
|
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12,865,974 |
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|
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12,306,532 |
|
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Time deposits |
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8,445,118 |
|
|
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8,186,284 |
|
|
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8,377,230 |
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|
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8,550,996 |
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|
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9,131,104 |
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Total deposits |
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21,320,967 |
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|
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20,932,075 |
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|
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21,124,151 |
|
|
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21,416,970 |
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|
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21,437,636 |
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Borrowings, senior debt and junior subordinated debentures |
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2,545,972 |
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|
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3,315,697 |
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|
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3,114,548 |
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2,488,411 |
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1,817,249 |
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Total shareholders’ equity |
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3,000,469 |
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3,022,569 |
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2,981,283 |
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3,029,407 |
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3,039,575 |
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Loans to customer deposits2 |
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89.31 |
% |
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|
95.63 |
% |
|
|
94.52 |
% |
|
|
92.67 |
% |
|
|
93.71 |
% |
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PROFITABILITY |
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Net income |
$ |
59,991 |
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$ |
66,130 |
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$ |
65,548 |
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$ |
64,196 |
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$ |
60,597 |
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Net income to common shareholders |
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56,335 |
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|
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62,474 |
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|
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61,892 |
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|
|
60,540 |
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|
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56,941 |
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Earnings per common share |
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0.76 |
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|
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0.84 |
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|
0.82 |
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|
0.79 |
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|
0.72 |
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Return on tangible common equity1 |
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9.85 |
% |
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11.04 |
% |
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10.82 |
% |
|
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10.57 |
% |
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|
9.99 |
% |
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Return on tangible assets1 |
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0.89 |
% |
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0.97 |
% |
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0.97 |
% |
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|
0.97 |
% |
|
|
0.93 |
% |
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Net interest margin |
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2.81 |
% |
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2.81 |
% |
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2.81 |
% |
|
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2.70 |
% |
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2.71 |
% |
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Efficiency ratio |
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55.12 |
% |
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53.69 |
% |
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55.66 |
% |
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55.25 |
% |
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56.82 |
% |
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FINANCIAL HIGHLIGHTS |
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Common shareholders’ equity per share |
$ |
36.48 |
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$ |
36.81 |
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$ |
36.30 |
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$ |
35.70 |
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$ |
35.04 |
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Tangible common shareholders’ equity per share1 |
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30.51 |
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|
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30.82 |
|
|
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30.27 |
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29.91 |
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29.38 |
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Shareholders’ equity to total assets |
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11.02 |
% |
|
|
10.95 |
% |
|
|
10.81 |
% |
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|
11.10 |
% |
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|
11.38 |
% |
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Tangible shareholders’ equity to tangible assets1 |
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9.55 |
% |
|
|
9.50 |
% |
|
|
9.35 |
% |
|
|
9.64 |
% |
|
|
9.89 |
% |
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Common shares outstanding |
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74,016,318 |
|
|
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73,954,133 |
|
|
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73,855,919 |
|
|
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76,448,351 |
|
|
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78,186,520 |
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Preferred shares outstanding |
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300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
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|
|
300,000 |
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CREDIT QUALITY2 |
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ACL to gross loans |
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1.04 |
% |
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1.08 |
% |
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1.05 |
% |
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1.05 |
% |
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1.04 |
% |
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Non-accrual loans to net loans |
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0.40 |
% |
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0.64 |
% |
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0.62 |
% |
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|
0.96 |
% |
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|
0.64 |
% |
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Delinquencies to net loans |
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0.50 |
% |
|
|
0.75 |
% |
|
|
0.78 |
% |
|
|
1.07 |
% |
|
|
0.60 |
% |
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Non-performing assets to total assets |
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0.32 |
% |
|
|
0.49 |
% |
|
|
0.48 |
% |
|
|
0.75 |
% |
|
|
0.54 |
% |
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Total criticized loans to net loans |
|
4.66 |
% |
|
|
4.93 |
% |
|
|
4.24 |
% |
|
|
4.60 |
% |
|
|
4.39 |
% |
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Total adversely classified loans to net loans |
|
2.56 |
% |
|
|
2.59 |
% |
|
|
2.60 |
% |
|
|
2.94 |
% |
|
|
3.16 |
% |
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(1) |
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Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. |
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(2) |
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Metrics include only loans held for investment. Loans held for sale are not included. |
WaFd, Inc. (Nasdaq: WAFD) (the “Company”), parent company of WaFd Bank (the “Bank”), today announced quarterly earnings of $59,991,000, a decrease of 9% compared to the quarter ended June 30, 2026. After the effect of dividends on preferred stock, net income available for common shareholders was $0.76 per diluted share for the quarter ended September 30, 2026 compared to $0.84 the prior quarter.
Annual earnings were $255,865,000 for fiscal year ended September 30, 2026, an increase of 13% from earnings of $226,068,000 for the year ended September 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $3.21 per diluted share for the year ended September 30, 2026, compared to $2.63 per diluted share for the year ended September 30, 2025, a $0.58 or 22% increase in fully diluted earnings per common share.
Balance Sheet Total assets increased to $27.2 billion as of September 30, 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 $0.8 billion, or 18.1% in the year ended September 30, 2026, a result of the $1.4 billion in purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 5%. Net loans decreased $1.0 billion to $19.0 billion as a result of loan sale related activity. The Company sold $543 million of single-family residential loans during the September quarter and has entered into an agreement to sell $429 million of multifamily loans in the first quarter of fiscal 2027. These multifamily loans have been reclassified as Held for Sale as of September 30, 2026. We expect to realize a net gain of approximately $7 million when the sale is finalized.
Customer deposits totaled $21.3 billion as of September 30, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest bearing deposits, was 2.49% as of September 30, 2026, compared to 2.60% at September 30, 2025. Transaction accounts increased by $569 million or 4.6% during the period, while time deposits decreased $686 million or 7.5%. As of September 30, 2026, 60.4% of the Company’s deposits were transaction accounts, a slight increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 81.8% of deposits at September 30, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.7% of total deposits as of September 30, 2026, a small increase from 24.7% as of September 30, 2025.
Borrowings totaled $2.5 billion as of September 30, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.0% as of September 30, 2026, compared to 2.5% at September 30, 2025.
Loan originations for active loan types totaled $5.5 billion for fiscal year 2026, compared to $4.0 billion of originations in fiscal year 2025. Offsetting loan originations in each year were loan repayments of $3.9 billion and $5.1 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 $1.1 billion during fiscal 2026. Commercial loans represented 95% of all loan originations during fiscal 2026 and consumer loans accounted for the remaining 5%. The period end interest yield on the loan portfolio was 5.44% as of September 30, 2026, an increase from 5.38% as of September 30, 2025.
Tangible common equity per share is a key metric for our management team. For the year ended September 30, 2026, tangible common equity per share grew from $29.38 as of September 30, 2025 to $30.51 at September 30, 2026. This metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. During the year, the Company repurchased 4,703,844 shares of common stock at a weighted average price of $31.00. Our share repurchase plan currently has an authorization of 7,992,669 shares.
Credit Quality Considering the shifting economic and monetary environment, further impacted by on-going global developments, credit quality continues to be monitored closely. Asset quality metrics improved as of September 30, 2026, primarily a result of a $53 million loan relationship being resolved during the quarter resulting in a $36 million charge-off. Non-performing assets decreased to $86 million, or 0.32% of total assets, from $136 million, or 0.49%, at June 30, 2026 and from $143 million, or 0.54%, at September 30, 2025. Non-accrual loans decreased by $52 million, or 40%, compared to June 30 2026 and by $53 million, or 40.95%, since September 30, 2025. Delinquent loans decreased to 0.50% of total loans at September 30, 2026, compared to 0.75% at June 30, 2026 and 0.60% at September 30, 2025.
The allowance for credit losses (including the reserve for unfunded commitments) totaled $215 million as of September 30, 2026, and was 1.04% of gross loans outstanding, as compared to 1.08% and 1.04% of gross loans outstanding as of June 30, 2026 and September 30, 2025, respectively. The decrease compared to the prior quarter was the result of improved outlook on credit quality combined with a reduction in adversely classified loans. Net charge-offs were $39.2 million for the quarter ended September 30, 2026, compared to $1.6 million the prior quarter. Net charge-offs were $45.1 million for fiscal year 2026, compared to $11.8 million for fiscal 2025.
Profitability Net interest income was $182.4 million for the fourth fiscal quarter of 2026, a small increase of $1 million or 0.6% from the prior quarter. This minor change was the result of a flat net interest margin. Net interest margin was 2.81% in the fourth fiscal quarter 2026, the same as the quarter ended June 30, 2026.
Total non-interest income was $38.1 million for the fourth fiscal quarter of 2026 compared to $24.2 million the prior quarter. The increase was primarily driven by a $16.4 million gain on the sale of single family loans during the quarter. This gain was partially offset by the quarter-over-quarter reduction in non-interest income attributable to the $3 million gain on the sale of bank real estate recognized in the third quarter.
Total non-interest expense was $121.5 million for the fourth fiscal quarter of 2026, an increase of $11.2 million, or 10.1%, from the prior quarter. This was the result of continued investments in our people and technologies combined with $6 million in merger related costs incurred during the fourth quarter. The Company’s efficiency ratio increased in the fourth fiscal quarter of 2026 to 55.12%, compared to 53.69% in the prior quarter as a result of the increase in expenses related to the merger.
The Company recorded a $20.0 million provision for credit losses for the quarter ended September 30, 2026 compared to a provision of $11.0 million the prior quarter. The provision for loan losses for the fourth fiscal quarter of 2026 was the result of growth in the active loan portfolio and increased charge-offs during the quarter.
Income tax expense totaled $17.1 million for the fourth fiscal quarter of 2026, as compared to $18.2 million for the prior quarter. The effective tax rate for the quarter ended September 30, 2026 was 22.17%, compared to 21.60% for the quarter ended June 30, 2026. 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 210 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 7:00am PDT on Friday, October 16, 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/BI55bf810431ac4687be8738dd899c7d6d). The Company uses its website to distribute financial and other material information about the Company.
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WAFD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) |
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September 30, 2026 |
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September 30, 2025 |
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(In thousands, except share and ratio data) |
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ASSETS |
|
|
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Cash and cash equivalents |
$ |
749,696 |
|
$ |
657,310 |
|
|
|
Available-for-sale securities, at fair value |
|
4,048,405 |
|
|
3,533,201 |
|
|
|
Held-to-maturity securities, at amortized cost |
|
886,881 |
|
|
645,802 |
|
|
|
Loans receivable, net of allowance for loan losses of $199,594 and $199,720 |
|
19,041,263 |
|
|
20,088,618 |
|
|
|
Loans held for sale |
|
428,944 |
|
|
— |
|
|
|
Interest receivable |
|
101,923 |
|
|
98,589 |
|
|
|
Premises and equipment, net |
|
291,695 |
|
|
261,271 |
|
|
|
Real estate owned |
|
10,202 |
|
|
11,084 |
|
|
|
FHLB stock |
|
122,568 |
|
|
88,068 |
|
|
|
Bank owned life insurance |
|
383,934 |
|
|
275,159 |
|
|
|
Intangible assets, including goodwill of $418,447 and $414,722 |
|
441,958 |
|
|
442,093 |
|
|
|
Federal and state income tax assets, net |
|
127,425 |
|
|
112,784 |
|
|
|
Other assets |
|
595,742 |
|
|
485,720 |
|
|
|
|
$ |
27,230,636 |
|
$ |
26,699,699 |
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
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|
Liabilities |
|
|
|||||
|
Transaction deposits |
$ |
12,875,849 |
|
$ |
12,306,532 |
|
|
|
Time deposits |
|
8,445,118 |
|
|
9,131,104 |
|
|
|
Total customer deposits |
|
21,320,967 |
|
|
21,437,636 |
|
|
|
Borrowings |
|
2,493,400 |
|
|
1,765,604 |
|
|
|
Junior subordinated debentures |
|
52,572 |
|
|
51,645 |
|
|
|
Advance payments by borrowers for taxes and insurance |
|
61,099 |
|
|
59,845 |
|
|
|
Accrued expenses and other liabilities |
|
302,129 |
|
|
345,394 |
|
|
|
|
|
24,230,167 |
|
|
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; 154,928,571 and 154,408,001 shares issued; 74,016,318 and 78,186,520 shares outstanding |
|
154,929 |
|
|
154,408 |
|
|
|
Additional paid-in capital |
|
2,179,512 |
|
|
2,163,276 |
|
|
|
Accumulated other comprehensive income (loss), net of taxes |
|
(14,781 |
) |
|
56,950 |
|
|
|
Treasury stock, at cost; 80,912,253 and 76,221,481 shares |
|
(1,886,265 |
) |
|
(1,740,761 |
) |
|
|
Retained earnings |
|
2,267,074 |
|
|
2,105,702 |
|
|
|
|
|
3,000,469 |
|
|
3,039,575 |
|
|
|
|
$ |
27,230,636 |
|
$ |
26,699,699 |
|
|
|
Yield and margin as of period end |
|
|
|||||
|
Loans receivable1 |
|
5.44 |
% |
|
5.38 |
% |
|
|
Mortgage-backed securities |
4.52 |
|
4.44 |
|
|||
|
Combined cash, investments and FHLB stock |
|
4.23 |
|
|
4.96 |
|
|
|
Interest-earning assets |
|
5.21 |
|
|
5.23 |
|
|
|
Interest-bearing customer accounts |
|
2.85 |
|
|
2.95 |
|
|
|
Borrowings1 |
|
2.97 |
|
|
2.50 |
|
|
|
Interest-bearing liabilities |
|
2.87 |
|
|
2.91 |
|
|
|
Net interest spread |
|
2.34 |
|
|
2.32 |
|
|
|
Net interest margin |
|
2.81 |
|
|
2.82 |
|
|
|
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) |
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|
Three months ended September 30, |
Twelve months ended September 30, |
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|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(In thousands, except share and ratio data) |
||||||||||||||
|
INTEREST INCOME |
|
|
|
|
|||||||||||
|
Loans receivable |
$ |
270,935 |
|
$ |
271,787 |
|
$ |
1,064,533 |
|
$ |
1,119,937 |
|
|||
|
Mortgage-backed securities |
|
47,463 |
|
|
32,953 |
|
|
177,275 |
|
|
103,071 |
|
|||
|
Investment securities and cash equivalents |
|
18,095 |
|
|
21,794 |
|
|
74,040 |
|
|
116,441 |
|
|||
|
|
|
336,493 |
|
|
326,534 |
|
|
1,315,848 |
|
|
1,339,449 |
|
|||
|
INTEREST EXPENSE |
|
|
|
|
|||||||||||
|
Customer accounts |
|
129,921 |
|
|
143,874 |
|
|
515,213 |
|
|
604,707 |
|
|||
|
Borrowings, and junior subordinated debentures |
|
24,219 |
|
|
12,754 |
|
|
88,263 |
|
|
80,507 |
|
|||
|
|
|
154,140 |
|
|
156,628 |
|
|
603,476 |
|
|
685,214 |
|
|||
|
Net interest income |
|
182,353 |
|
|
169,906 |
|
|
712,372 |
|
|
654,235 |
|
|||
|
Provision (release) for credit losses |
|
20,000 |
|
|
3,000 |
|
|
38,500 |
|
|
7,750 |
|
|||
|
Net interest income after provision (release) |
|
162,353 |
|
|
166,906 |
|
|
673,872 |
|
|
646,485 |
|
|||
|
NON-INTEREST INCOME |
|
|
|
|
|||||||||||
|
Gain on sale of investment securities |
|
— |
|
|
— |
|
|
112 |
|
|
20 |
|
|||
|
Gain on termination of hedging derivatives |
|
(19 |
) |
|
32 |
|
|
419 |
|
|
158 |
|
|||
|
Gain on sale of loans |
|
16,412 |
|
|
— |
|
|
16,412 |
|
|
0 |
|
|||
|
Loan fee income |
|
2,731 |
|
|
2,081 |
|
|
8,482 |
|
|
6,888 |
|
|||
|
Deposit fee income |
|
8,253 |
|
|
7,959 |
|
|
31,927 |
|
|
29,650 |
|
|||
|
Other income |
|
10,707 |
|
|
8,319 |
|
|
44,978 |
|
|
34,531 |
|
|||
|
Total non-interest income |
|
38,084 |
|
|
18,391 |
|
|
102,330 |
|
|
71,247 |
|
|||
|
NON-INTEREST EXPENSE |
|
|
|
|
|||||||||||
|
Compensation and benefits |
|
59,985 |
|
|
56,028 |
|
|
228,694 |
|
|
222,146 |
|
|||
|
Occupancy |
|
13,064 |
|
|
10,895 |
|
|
47,787 |
|
|
44,937 |
|
|||
|
FDIC insurance premiums |
|
6,360 |
|
|
4,400 |
|
|
22,352 |
|
|
20,200 |
|
|||
|
Product delivery |
|
6,370 |
|
|
6,558 |
|
|
27,121 |
|
|
25,871 |
|
|||
|
Information technology |
|
17,441 |
|
|
16,406 |
|
|
63,901 |
|
|
60,101 |
|
|||
|
Other expense |
|
18,275 |
|
|
12,706 |
|
|
57,552 |
|
|
54,208 |
|
|||
|
Total non-interest expense |
|
121,495 |
|
|
106,993 |
|
|
447,407 |
|
|
427,463 |
|
|||
|
Gain (loss) on real estate owned, net |
|
(1,863 |
) |
|
(681 |
) |
|
(1,260 |
) |
|
(627 |
) |
|||
|
Income before income taxes |
|
77,079 |
|
|
77,623 |
|
|
327,535 |
|
|
289,642 |
|
|||
|
Income tax provision |
|
17,088 |
|
|
17,026 |
|
|
71,670 |
|
|
63,574 |
|
|||
|
Net income |
|
59,991 |
|
|
60,597 |
|
|
255,865 |
|
|
226,068 |
|
|||
|
Dividends on preferred stock |
|
3,656 |
|
|
3,656 |
|
|
14,625 |
|
|
14,625 |
|
|||
|
Net income available to common shareholders |
$ |
56,335 |
|
$ |
56,941 |
|
$ |
241,240 |
|
$ |
211,443 |
|
|||
|
PER SHARE DATA |
|
|
|
|
|||||||||||
|
Basic earnings per common share |
$ |
0.76 |
|
$ |
0.73 |
|
$ |
3.21 |
|
$ |
2.64 |
|
|||
|
Diluted earnings per common share |
|
0.76 |
|
|
0.72 |
|
|
3.21 |
|
|
2.63 |
|
|||
|
Cash dividends per common share |
|
0.27 |
|
|
0.27 |
|
|
1.08 |
|
|
1.07 |
|
|||
|
Basic weighted average shares outstanding |
|
74,001,170 |
|
|
78,509,472 |
|
|
75,091,220 |
|
|
80,184,395 |
|
|||
|
Diluted weighted average shares outstanding |
|
74,157,143 |
|
|
78,573,457 |
|
|
75,198,789 |
|
|
80,255,189 |
|
|||
|
PERFORMANCE RATIOS |
|
|
|
|
|||||||||||
|
Return on average assets |
|
0.87 |
% |
|
0.91 |
% |
|
0.94 |
% |
|
0.84 |
% |
|||
|
Return on average common equity |
|
8.25 |
% |
|
8.36 |
% |
|
8.85 |
% |
|
7.75 |
% |
|||
|
WAFD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
September 30, 2026 |
|
June 30, 2026 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
||||||||||
|
|
(In thousands, except share and ratio data) |
||||||||||||||||||
|
INTEREST INCOME |
|
|
|
|
|
||||||||||||||
|
Loans receivable |
$ |
270,935 |
$ |
267,243 |
$ |
262,148 |
$ |
264,207 |
$ |
271,787 |
|||||||||
|
Mortgage-backed securities |
|
47,463 |
|
|
46,569 |
|
|
44,341 |
|
|
38,902 |
|
|
32,953 |
|
||||
|
Investment securities and cash equivalents |
|
18,095 |
|
|
18,313 |
|
|
18,245 |
|
|
19,387 |
|
|
21,794 |
|
||||
|
|
|
336,493 |
|
|
332,125 |
|
|
324,734 |
|
|
322,496 |
|
|
326,534 |
|
||||
|
INTEREST EXPENSE |
|
|
|
|
|
||||||||||||||
|
Customer accounts |
|
129,921 |
|
|
123,079 |
|
|
125,999 |
|
|
136,214 |
|
|
143,874 |
|
||||
|
Borrowings and junior subordinated debentures |
|
24,219 |
|
|
27,708 |
|
|
21,165 |
|
|
15,171 |
|
|
12,754 |
|
||||
|
|
|
154,140 |
|
|
150,787 |
|
|
147,164 |
|
|
151,385 |
|
|
156,628 |
|
||||
|
Net interest income |
|
182,353 |
|
|
181,338 |
|
|
177,570 |
|
|
171,111 |
|
|
169,906 |
|
||||
|
Provision for credit losses |
|
20,000 |
|
|
11,000 |
|
|
4,000 |
|
|
3,500 |
|
|
3,000 |
|
||||
|
Net interest income after provision |
|
162,353 |
|
|
170,338 |
|
|
173,570 |
|
|
167,611 |
|
|
166,906 |
|
||||
|
NON-INTEREST INCOME |
|
|
|
|
|
||||||||||||||
|
Gain on sale of investment securities |
|
— |
|
|
112 |
|
|
— |
|
|
— |
|
|
— |
|
||||
|
Gain on termination of hedging derivatives |
|
(19 |
) |
|
(12 |
) |
|
426 |
|
|
24 |
|
|
32 |
|
||||
|
Gain on sale of loans |
|
16,412 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
|
Loan fee income |
|
2,731 |
|
|
2,181 |
|
|
2,216 |
|
|
1,354 |
|
|
2,081 |
|
||||
|
Deposit fee income |
|
8,253 |
|
|
8,142 |
|
|
7,674 |
|
|
7,858 |
|
|
7,959 |
|
||||
|
Other income |
|
10,707 |
|
|
13,755 |
|
|
9,497 |
|
|
11,019 |
|
|
8,319 |
|
||||
|
Total non-interest income |
|
38,084 |
|
|
24,178 |
|
|
19,813 |
|
|
20,255 |
|
|
18,391 |
|
||||
|
NON-INTEREST EXPENSE |
|
|
|
|
|
||||||||||||||
|
Compensation and benefits |
|
59,985 |
|
|
57,399 |
|
|
57,120 |
|
|
54,190 |
|
|
56,028 |
|
||||
|
Occupancy |
|
13,064 |
|
|
11,842 |
|
|
11,711 |
|
|
11,170 |
|
|
10,895 |
|
||||
|
FDIC insurance premiums |
|
6,360 |
|
|
5,542 |
|
|
5,050 |
|
|
5,400 |
|
|
4,400 |
|
||||
|
Product delivery |
|
6,370 |
|
|
7,067 |
|
|
7,110 |
|
|
6,574 |
|
|
6,558 |
|
||||
|
Information technology |
|
17,441 |
|
|
16,157 |
|
|
15,919 |
|
|
14,384 |
|
|
16,406 |
|
||||
|
Other expense |
|
18,275 |
|
|
12,327 |
|
|
12,947 |
|
|
14,003 |
|
|
12,706 |
|
||||
|
Total non-interest expense |
|
121,495 |
|
|
110,334 |
|
|
109,857 |
|
|
105,721 |
|
|
106,993 |
|
||||
|
Gain (loss) on real estate owned, net |
|
(1,863 |
) |
|
167 |
|
|
280 |
|
|
156 |
|
|
(681 |
) |
||||
|
Income before income taxes |
|
77,079 |
|
|
84,349 |
|
|
83,806 |
|
|
82,301 |
|
|
77,623 |
|
||||
|
Income tax provision |
|
17,088 |
|
|
18,219 |
|
|
18,258 |
|
|
18,105 |
|
|
17,026 |
|
||||
|
Net income |
|
59,991 |
|
|
66,130 |
|
|
65,548 |
|
|
64,196 |
|
|
60,597 |
|
||||
|
Dividends on preferred stock |
|
3,656 |
|
|
3,656 |
|
|
3,656 |
|
|
3,656 |
|
|
3,656 |
|
||||
|
Net income available to common shareholders |
$ |
56,335 |
|
$ |
62,474 |
|
$ |
61,892 |
|
$ |
60,540 |
|
$ |
56,941 |
|
||||
|
PER SHARE DATA |
|
|
|
|
|
||||||||||||||
|
Basic earnings per common share |
$ |
0.76 |
|
$ |
0.85 |
|
$ |
0.82 |
|
$ |
0.79 |
|
$ |
0.73 |
|
||||
|
Diluted earnings per common share |
|
0.76 |
|
|
0.84 |
|
|
0.82 |
|
|
0.79 |
|
|
0.72 |
|
||||
|
Cash dividends per common share |
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
||||
|
Basic weighted average shares outstanding |
|
74,001,170 |
|
|
73,901,725 |
|
|
75,487,399 |
|
|
76,969,729 |
|
|
78,509,472 |
|
||||
|
Diluted weighted average shares outstanding |
|
74,157,143 |
|
|
74,046,838 |
|
|
75,574,228 |
|
|
77,015,554 |
|
|
78,573,457 |
|
||||
|
PERFORMANCE RATIOS |
|
|
|
|
|
||||||||||||||
|
Return on average assets |
|
0.87 |
% |
|
0.96 |
% |
|
0.96 |
% |
|
0.96 |
% |
|
0.91 |
% |
||||
|
Return on average common equity |
|
8.25 |
|
|
9.23 |
|
|
9.05 |
|
|
8.86 |
|
|
8.36 |
|
||||
|
Net interest margin |
|
2.81 |
|
|
2.81 |
|
|
2.81 |
|
|
2.70 |
|
|
2.71 |
|
||||
|
Efficiency ratio |
|
55.12 |
|
|
53.69 |
|
|
55.66 |
|
|
55.25 |
|
|
56.82 |
|
||||
|
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 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 |
September 30, 2026 |
|
June 30, 2026 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
||||||||||
|
(Unaudited – In thousands, except for share and ratio data) |
|||||||||||||||||||
|
Shareholders’ equity – GAAP |
$ |
3,000,469 |
|
|
$ |
3,022,569 |
|
|
$ |
2,981,283 |
|
|
$ |
3,029,407 |
|
$ |
3,039,575 |
|
|
|
Less intangible assets – GAAP |
|
441,958 |
|
|
|
443,670 |
|
|
|
445,511 |
|
|
|
443,085 |
|
|
442,093 |
|
|
|
Tangible shareholders’ equity |
$ |
2,558,511 |
|
|
$ |
2,578,899 |
|
|
$ |
2,535,772 |
|
|
$ |
2,586,322 |
|
$ |
2,597,482 |
|
|
|
Less preferred stock – GAAP |
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
300,000 |
|
|
|
Tangible common shareholders’ equity |
$ |
2,258,511 |
|
|
$ |
2,278,899 |
|
|
$ |
2,235,772 |
|
|
$ |
2,286,322 |
|
$ |
2,297,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total assets – GAAP |
$ |
27,230,636 |
|
|
$ |
27,596,970 |
|
|
$ |
27,568,785 |
|
|
$ |
27,285,744 |
|
$ |
26,699,699 |
|
|
|
Less intangible assets – GAAP |
|
441,958 |
|
|
|
443,670 |
|
|
|
445,511 |
|
|
|
443,085 |
|
|
442,093 |
|
|
|
Tangible assets |
$ |
26,788,678 |
|
|
$ |
27,153,300 |
|
|
$ |
27,123,274 |
|
|
$ |
26,842,659 |
|
$ |
26,257,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Tangible Metrics |
|
|
|
|
|
|
|
|
|
||||||||||
|
Common shares outstanding – GAAP |
|
74,016,318 |
|
|
|
73,954,133 |
|
|
|
73,855,919 |
|
|
|
76,448,351 |
|
|
78,186,520 |
|
|
|
Tangible common equity per share |
$ |
30.51 |
|
|
$ |
30.82 |
|
|
$ |
30.27 |
|
|
$ |
29.91 |
|
$ |
29.38 |
|
|
|
Tangible equity to tangible assets |
|
9.55 |
% |
|
9.50 |
% |
|
9.35 |
% |
|
9.64 |
% |
|
9.89 |
% |
||||
|
|
Three Months Ended |
||||||||||||||||||
|
Average Tangible Measures |
September 30, 2026 |
|
June 30, 2026 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
||||||||||
|
(Unaudited – In thousands, except for ratio data) |
|||||||||||||||||||
|
Average shareholders’ equity – GAAP |
$ |
3,030,562 |
|
|
$ |
3,008,370 |
|
|
$ |
3,034,123 |
|
|
$ |
3,033,933 |
|
|
$ |
3,023,098 |
|
|
Less average preferred stock – GAAP |
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
Less average intangible assets – GAAP |
|
442,951 |
|
|
|
444,665 |
|
|
|
445,155 |
|
|
|
442,226 |
|
|
|
443,382 |
|
|
Average tangible common equity |
$ |
2,287,611 |
|
|
$ |
2,263,705 |
|
|
$ |
2,288,968 |
|
|
$ |
2,291,707 |
|
|
$ |
2,279,716 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Average Assets – GAAP |
$ |
27,555,960 |
|
|
$ |
27,612,152 |
|
|
$ |
27,350,614 |
|
|
$ |
26,852,389 |
|
|
$ |
26,540,782 |
|
|
Less average intangible assets – GAAP |
|
442,951 |
|
|
|
444,665 |
|
|
|
445,155 |
|
|
|
442,226 |
|
|
|
443,382 |
|
|
Average tangible assets |
$ |
27,113,009 |
|
|
$ |
27,167,487 |
|
|
$ |
26,905,459 |
|
|
$ |
26,410,163 |
|
|
$ |
26,097,400 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Average Tangible Metrics |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income – GAAP |
|
59,991 |
|
|
|
66,130 |
|
|
|
65,548 |
|
|
|
64,196 |
|
|
|
60,597 |
|
|
Net income available to common shareholders – GAAP |
|
56,335 |
|
|
|
62,474 |
|
|
|
61,892 |
|
|
|
60,540 |
|
|
|
56,941 |
|
|
Return on tangible common equity |
|
9.85 |
% |
|
11.04 |
% |
|
10.82 |
% |
|
10.57 |
% |
|
9.99 |
% |
||||
|
Return on tangible assets |
|
0.89 |
% |
|
0.97 |
% |
|
0.97 |
% |
|
0.97 |
% |
|
0.93 |
% |
||||
|
|
Three Months Ended |
||||||||||||||||||
|
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items |
September 30, 2026 |
June 30, 2026 |
March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
||||||||||||||
|
(Unaudited – In thousands, except for share and ratio data) |
|||||||||||||||||||
|
Non-interest income adjustments |
|
|
|
|
|
||||||||||||||
|
(Gain)Loss on sale of branch property |
$ |
22 |
|
$ |
(3,205 |
) |
$ |
27 |
|
$ |
(3,214 |
) |
$ |
467 |
|
||||
|
Distribution received on LBC equity method investment |
|
(210 |
) |
|
(225 |
) |
|
(225 |
) |
|
(237 |
) |
|
(251 |
) |
||||
|
(Gain)Loss on WaFd Bank equity method investment |
|
422 |
|
|
(48 |
) |
|
1,072 |
|
|
408 |
|
|
(815 |
) |
||||
|
Total non-interest income adjustments |
$ |
234 |
|
$ |
(3,478 |
) |
$ |
874 |
|
$ |
(3,043 |
) |
$ |
(599 |
) |
||||
|
|
|
|
|
|
|
||||||||||||||
|
Non-interest expense adjustments |
|
|
|
|
|
||||||||||||||
|
Merger-related expenses |
$ |
6,168 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
||||
|
Total non-interest expense adjustments |
$ |
6,168 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Net Income – GAAP |
$ |
59,991 |
|
$ |
66,130 |
|
$ |
65,548 |
|
$ |
64,196 |
|
$ |
60,597 |
|
||||
|
Non-interest income adjustments |
|
234 |
|
|
(3,478 |
) |
|
874 |
|
|
(3,043 |
) |
|
(599 |
) |
||||
|
Non-interest expense adjustments |
|
6,168 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
|
REO adjustments |
|
1,863 |
|
|
(167 |
) |
|
(280 |
) |
|
(156 |
) |
|
681 |
|
||||
|
Income tax adjustment |
|
(1,832 |
) |
|
787 |
|
|
(129 |
) |
|
704 |
|
|
(18 |
) |
||||
|
Net Income – non-GAAP |
$ |
66,424 |
|
$ |
63,272 |
|
$ |
66,013 |
|
$ |
61,701 |
|
$ |
60,661 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Dividend on preferred stock |
|
3,656 |
|
|
3,656 |
|
|
3,656 |
|
|
3,656 |
|
|
3,656 |
|
||||
|
Net Income available to common shareholders – non-GAAP |
$ |
62,768 |
|
$ |
59,616 |
|
$ |
62,357 |
|
$ |
58,045 |
|
$ |
57,005 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Basic weighted average number of shares outstanding – GAAP |
|
74,001,170 |
|
|
73,901,725 |
|
|
75,487,399 |
|
|
76,969,729 |
|
|
78,509,472 |
|
||||
|
Diluted weighted average number of shares outstanding – GAAP |
|
74,157,143 |
|
|
74,046,838 |
|
|
75,574,228 |
|
|
77,015,554 |
|
|
78,573,457 |
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
Basic EPS – non-GAAP |
$ |
0.85 |
|
$ |
0.81 |
|
$ |
0.83 |
|
$ |
0.75 |
|
$ |
0.73 |
|
||||
|
Diluted EPS – non-GAAP |
|
0.85 |
|
|
0.81 |
|
|
0.83 |
|
|
0.75 |
|
|
0.73 |
|
||||
|
|
Three Months Ended |
||||||||||||||||||
|
Adjusted Efficiency Ratio |
September 30, 2026 |
|
June 30, 2026 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
||||||||||
|
(Unaudited – In thousands, except for ratio data) |
|||||||||||||||||||
|
Efficiency ratio – GAAP |
|
55.1 |
% |
|
53.7 |
% |
|
55.7 |
% |
|
55.3 |
% |
|
56.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net interest income – GAAP |
$ |
182,353 |
|
|
$ |
181,338 |
|
|
$ |
177,570 |
|
|
$ |
171,111 |
|
|
$ |
169,906 |
|
|
Total interest income adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net interest income – non-GAAP |
$ |
182,353 |
|
|
$ |
181,338 |
|
|
$ |
177,570 |
|
|
$ |
171,111 |
|
|
$ |
169,906 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Non-interest expense – GAAP |
$ |
121,495 |
|
|
$ |
110,334 |
|
|
$ |
109,857 |
|
|
$ |
105,721 |
|
|
$ |
106,993 |
|
|
Less merger related expenses |
|
6,168 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Non-interest Expenses – non-GAAP |
$ |
115,327 |
|
|
$ |
110,334 |
|
|
$ |
109,857 |
|
|
$ |
105,721 |
|
|
$ |
106,993 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Non-interest income – GAAP |
$ |
38,084 |
|
|
$ |
24,178 |
|
|
$ |
19,813 |
|
|
$ |
20,255 |
|
|
$ |
18,391 |
|
|
Total other income adjustments |
|
234 |
|
|
|
(3,478 |
) |
|
|
874 |
|
|
|
(3,043 |
) |
|
|
(599 |
) |
|
Non-interest income – non-GAAP |
$ |
38,318 |
|
|
$ |
20,700 |
|
|
$ |
20,687 |
|
|
$ |
17,212 |
|
|
$ |
17,792 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net Interest Income – non-GAAP |
$ |
182,353 |
|
|
$ |
181,338 |
|
|
$ |
177,570 |
|
|
$ |
171,111 |
|
|
$ |
169,906 |
|
|
Non-interest income – non-GAAP |
|
38,318 |
|
|
|
20,700 |
|
|
|
20,687 |
|
|
|
17,212 |
|
|
|
17,792 |
|
|
Total Income – non-GAAP |
$ |
220,671 |
|
|
$ |
202,038 |
|
|
$ |
198,257 |
|
|
$ |
188,323 |
|
|
$ |
187,698 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted Efficiency Ratio |
|
52.3 |
% |
|
54.6 |
% |
|
55.4 |
% |
|
56.1 |
% |
|
57.0 |
% |
||||
|
|
Three Months Ended |
||||||||||||||||||
|
Adjusted ROA and ROE |
September 30, 2026 |
|
June 30, 2026 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
||||||||||
|
(Unaudited – In thousands, except for ratio data) |
|||||||||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net Income – GAAP |
$ |
59,991 |
|
|
$ |
66,130 |
|
|
$ |
65,548 |
|
|
$ |
64,196 |
|
|
$ |
60,597 |
|
|
Net income available to common shareholders – GAAP |
$ |
56,335 |
|
|
$ |
62,474 |
|
|
$ |
61,892 |
|
|
$ |
60,540 |
|
|
$ |
56,941 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Average Assets |
|
27,555,960 |
|
|
|
27,612,152 |
|
|
|
27,350,614 |
|
|
|
26,852,389 |
|
|
|
26,540,782 |
|
|
Return on Assets |
|
0.87 |
% |
|
0.96 |
% |
|
0.96 |
% |
|
0.96 |
% |
|
0.91 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Average Common Equity |
$ |
2,730,562 |
|
|
$ |
2,708,370 |
|
|
$ |
2,734,123 |
|
|
$ |
2,733,933 |
|
|
$ |
2,723,098 |
|
|
Return on common equity |
|
8.25 |
% |
|
9.23 |
% |
|
9.05 |
% |
|
8.86 |
% |
|
8.36 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net Income – non-GAAP |
$ |
66,424 |
|
|
$ |
63,272 |
|
|
$ |
66,013 |
|
|
$ |
61,701 |
|
|
$ |
60,661 |
|
|
Net income available to common shareholders – non-GAAP |
$ |
62,768 |
|
|
$ |
59,616 |
|
|
$ |
62,357 |
|
|
$ |
58,045 |
|
|
$ |
57,005 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Average Assets |
|
27,555,960 |
|
|
|
27,612,152 |
|
|
|
27,350,614 |
|
|
|
26,852,389 |
|
|
|
26,540,782 |
|
|
Adjusted Return on Assets |
|
0.96 |
% |
|
0.92 |
% |
|
0.97 |
% |
|
0.92 |
% |
|
0.91 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Average Common Equity |
|
2,730,562 |
|
|
|
2,708,370 |
|
|
|
2,734,123 |
|
|
|
2,733,933 |
|
|
|
2,723,098 |
|
|
Adjusted Return on common equity |
|
9.19 |
% |
|
8.80 |
% |
|
9.12 |
% |
|
8.49 |
% |
|
8.37 |
% |
||||
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; (xv) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between WaFd and EverBank, (xvi) the timing and completion of the transaction between WaFd and EverBank, including the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; (xvii) the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies; (xviii) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, and (xix) the outcome of any legal proceedings that may be instituted against WaFd or EverBank, including potential litigation that may be instituted against WaFd or its directors or officers related to the proposed transaction or the definitive merger agreement between WaFd and EverBank.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261015483998/en/
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