FT Markets Data
WaFd Inc

WaFd Announces Quarterly Earnings Per Share of $0.73

SEATTLE--(BUSINESS WIRE)--Jul. 17, 2025-- WaFd, Inc. (Nasdaq: WAFD):

Q3 Highlights

 

$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 million to 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 Quality Credit 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.

WaFd, Inc.
425 Pike Street, Seattle, WA 98101
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
brad.goode@wafd.com

Source: WaFd, Inc.