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Thursday, July 17, 2025
FOR IMMEDIATE RELEASE
WaFd Announces Quarterly Earnings Per Share Of $0.73
Q3 Highlights
$62 Million$0.730.92%10.2%
Net IncomeDiluted Earnings per Common ShareReturn on Average AssetsReturn on Tangible Common Equity
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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.
■Net interest margin at 2.69% for the quarter compared to 2.55% for Q2.
Credit Quality
■Non-performing assets up $26 million at 0.36% of total assets compared to 0.26% 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.
■Efficiency ratio decreased to 56.01% Q3 compared to 58.31% in the prior quarter as a result of the increased net interest income.
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.
■1,662,508 shares were repurchased during the quarter at a weighted average price of $29.08 per share.
SEATTLE, WASHINGTON – 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.
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Quarterly Earnings Release Q3 2025
1
WaFd Inc. Announces Third Quarter Results
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, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024
BALANCE SHEET
Cash$809,252 $1,231,461 $1,507,735 $2,381,102 $2,492,504 
Loans receivable, net20,277,164 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 value3,387,497 3,142,763 2,743,731 2,572,709 2,428,768 
Held-to-maturity securities, at amortized cost512,854 526,502 537,348 436,972 447,638 
Total investments3,900,351 3,669,265 3,281,079 3,009,681 2,876,406 
Total assets26,731,915 27,644,637 27,684,454 28,060,330 28,580,800 
Transaction deposits11,969,124 11,853,984 11,853,859 11,817,185 11,929,005 
Time deposits9,417,447 9,573,442 9,584,918 9,556,785 9,255,760 
Total deposits21,386,571 21,427,426 21,438,777 21,373,970 21,184,765 
Borrowings, senior debt and junior subordinated debentures1,991,087 2,814,938 2,914,627 3,318,307 4,079,360 
Total shareholders' equity3,014,325 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 shareholders58,296 52,596 43,611 57,484 60,904 
Earnings per common share0.73 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 margin2.69 %2.55 %2.39 %2.62 %2.56 %
Efficiency ratio56.01 %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 assets11.28 %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 outstanding79,130,276 80,758,674 81,373,760 81,220,269 81,157,173 
Preferred shares outstanding300,000 300,000 300,000 300,000 300,000 
CREDIT QUALITY2
ACL to gross loans1.03 %1.01 %1.00 %1.01 %1.00 %
Non-accrual loans to net loans0.41 %0.29 %0.34 %0.33 %0.29 %
Delinquencies to net loans0.26 %0.27 %0.30 %0.25 %0.22 %
Non-performing assets to total assets0.36 %0.26 %0.29 %0.28 %0.24 %
Criticized loans to net loans4.07 %3.32 %2.54 %2.41 %3.01 %
Substandard loans to net loans3.52 %2.51 %1.96 %2.04 %1.84 %
(1)Metric is a non-GAAP Financial Measure. See page 9 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.
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Quarterly Earnings Release Q3 2025
2
WaFd Inc. Announces Third Quarter Results

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 9 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
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Quarterly Earnings Release Q3 2025
3
WaFd Inc. Announces Third Quarter Results
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.
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Quarterly Earnings Release Q3 2025
4
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
June 30, 2025September 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 value3,387,497 2,572,709 
Held-to-maturity securities, at amortized cost512,854 436,972 
Loans receivable, net of allowance for loan losses of $198,768 and $203,75320,277,164 20,916,354 
Interest receivable99,224 102,827 
Premises and equipment, net254,403 247,901 
Real estate owned11,154 4,567 
FHLB stock95,899 95,617 
Bank owned life insurance273,221 267,633 
Intangible assets, including goodwill of $414,723 and $411,360444,291 448,425 
Federal and state income tax assets, net120,104 119,248 
Other assets446,852 466,975 
$26,731,915 $28,060,330 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits$11,969,124 $11,817,185 
Time deposits9,417,447 9,556,785 
Total customer deposits21,386,571 21,373,970 
Borrowings1,939,675 3,267,589 
Junior subordinated debentures51,412 50,718 
Advance payments by borrowers for taxes and insurance33,680 61,330 
Accrued expenses and other liabilities306,252 306,423 
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 outstanding300,000 300,000 
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 outstanding154,385 154,007 
Additional paid-in capital2,160,793 2,150,675 
Accumulated other comprehensive income (loss), net of taxes41,531 55,851 
Treasury stock, at cost 75,255,222 and 72,787,160 shares(1,711,999)(1,639,131)
Retained earnings2,069,615 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 securities4.32 4.00 
Combined cash, investments and FHLB stock5.03 5.10 
Interest-earning assets5.26 5.44 
Interest-bearing customer accounts3.05 3.50 
Borrowings1
2.76 3.93 
Interest-bearing liabilities3.03 3.56 
Net interest spread2.23 1.88 
Net interest margin2.74 2.44 
1Accretion and amortization assumed to be same as prior quarter. Also includes the impact of derivatives.
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Quarterly Earnings Release Q3 2025
5
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended June 30,Nine Months Ended June 30,
2025202420252024
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$279,476 $337,118 $848,150 $857,251 
Mortgage-backed securities27,855 17,523 70,118 41,694 
Investment securities and cash equivalents24,383 37,300 94,647 98,668 
331,714 391,941 1,012,915 997,613 
INTEREST EXPENSE
Customer accounts146,735 154,359 460,833 367,194 
Borrowings, senior debt and junior subordinated debentures16,991 60,396 67,753 142,399 
163,726 214,755 528,586 509,593 
Net interest income167,988 177,186 484,329 488,020 
Provision (release) for credit losses2,000 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 derivatives56 54 126 169 
Loan fee income1,650 594 4,807 1,988 
Deposit fee income7,588 6,960 21,691 20,460 
Other income8,979 9,567 26,212 21,946 
Total non-interest income18,273 17,255 52,856 44,814 
NON-INTEREST EXPENSE
Compensation and benefits53,481 57,169 166,118 180,165 
Occupancy11,755 10,904 34,042 31,193 
FDIC insurance premiums5,150 7,600 15,800 22,070 
Product delivery6,621 6,090 19,313 17,680 
Information technology15,022 13,428 43,695 39,177 
Other expense12,298 14,888 41,502 50,046 
Total non-interest expense104,327 110,079 320,470 340,331 
Gain (loss) on real estate owned, net(176)(124)54 387 
Income before income taxes79,758 82,738 212,019 175,390 
Income tax provision17,806 18,178 46,548 36,489 
Net income61,952 64,560 165,471 138,901 
Dividends on preferred stock3,656 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 share0.73 0.75 1.91 1.78 
Cash dividends per common share0.27 0.26 0.80 0.77 
Basic weighted average shares outstanding79,888,520 81,374,811 80,748,838 71,905,924 
Diluted weighted average shares outstanding79,907,672 81,393,708 80,821,807 71,930,215 
PERFORMANCE RATIOS
Return on average assets0.92 %0.87 %0.81 %0.72 %
Return on average common equity8.54 %9.20 %7.55 %7.18 %
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Quarterly Earnings Release Q3 2025
6
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 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 securities27,855 23,926 18,337 18,088 17,523 
Investment securities and cash equivalents24,383 30,081 40,183 47,411 37,300 
331,714 336,084 345,117 374,097 391,941 
INTEREST EXPENSE
Customer accounts146,735 151,948 162,150 165,240 154,359 
Borrowings, senior debt and junior subordinated debentures16,991 23,226 27,536 36,045 60,396 
163,726 175,174 189,686 201,285 214,755 
Net interest income167,988 160,910 155,431 172,812 177,186 
Provision for credit losses2,000 2,750 — — 1,500 
Net interest income after provision165,988 158,160 155,431 172,812 175,686 
NON-INTEREST INCOME
Gain on sale of investment securities— — 20 91 80 
Gain on termination of hedging derivatives56 65 5 72 54 
Loan fee income1,650 1,812 1,345 757 594 
Deposit fee income7,588 7,057 7,046 7,047 6,960 
Other income8,979 9,947 7,286 7,911 9,567 
Total non-interest income18,273 18,881 15,702 15,878 17,255 
NON-INTEREST EXPENSE
Compensation and benefits53,481 52,710 59,927 53,983 57,169 
Occupancy11,755 11,499 10,788 10,843 10,904 
FDIC insurance premiums5,150 5,800 4,850 6,800 7,600 
Product delivery6,621 6,907 5,785 6,306 6,090 
Information technology15,022 14,481 14,192 14,129 13,428 
Other expense12,298 13,435 15,769 15,880 14,888 
Total non-interest expense104,327 104,832 111,311 107,941 110,079 
Gain (loss) on real estate owned, net(176)(199)429 (83)(124)
Income before income taxes79,758 72,010 60,251 80,666 82,738 
Income tax provision17,806 15,758 12,984 19,526 18,178 
Net income61,952 56,252 47,267 61,140 64,560 
Dividends on preferred stock3,656 3,656 3,656 3,656 3,656 
Net income available to common shareholders$58,296 $52,596 $43,611 $57,484 $60,904 



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Quarterly Earnings Release Q3 2025
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended
June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 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 share0.73 0.65 0.54 0.71 0.75 
Cash dividends per common share0.27 0.27 0.26 0.26 0.26 
Basic weighted average shares outstanding79,888,520 81,061,206 81,294,227 81,208,683 81,374,811 
Diluted weighted average shares outstanding79,907,672 81,105,536 81,401,599 81,353,644 81,393,708 
PERFORMANCE RATIOS
Return on average assets0.92 %0.82 %0.69 %0.87 %0.87 %
Return on average common equity8.54 7.68 6.42 8.53 9.20 
Net interest margin2.69 2.55 2.39 2.62 2.56 
Efficiency ratio56.01 58.31 65.04 57.21 56.61 
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Quarterly Earnings Release Q3 2025
8
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 MeasuresJune 30, 2025March 31, 2025December 31, 2024September 30, 2024June 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 - GAAP444,291 446,660 449,213 448,425 452,255 
Tangible shareholders' equity$2,570,034 $2,585,960 $2,572,423 $2,551,875 $2,506,084 
Less preferred stock - GAAP300,000 300,000 300,000 300,000 300,000 
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 - GAAP444,291 446,660 449,213 448,425 452,255 
Tangible assets$26,287,624 $27,197,977 $27,235,241 $27,611,905 $28,128,545 
Tangible Metrics
Common shares outstanding - GAAP79,130,276 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 %
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Quarterly Earnings Release Q3 2025
9
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended
Average Tangible MeasuresJune 30, 2025March 31, 2025December 31, 2024September 30, 2024June 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 - GAAP445,733 448,272 447,754 451,204 453,142 
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 - GAAP445,733 448,272 447,754 451,204 453,142 
Average tangible assets$26,367,767 $26,923,048 $27,056,822 $27,549,278 $29,250,195 
Average Tangible Metrics
Net income - GAAP61,952 56,252 47,267 61,140 64,560 
Net income available to common shareholders' - GAAP58,296 52,596 43,611 57,484 60,904 
Return on tangible common equity10.20 %9.18 %7.69 %10.24 %11.10 %
Return on tangible assets0.94 %0.84 %0.70 %0.89 %0.88 %
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Quarterly Earnings Release Q3 2025
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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items
June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024
(Unaudited - In thousands, except for share and ratio data)
Interest income
LBC Hedge Valuation Adj$— $— $3,933 $— $— 
Non-interest income adjustments
Distribution received on LBC equity method investment$(255)$(257)$(279)$(288)$(299)
(Gain)Loss on WaFd Bank equity method investment304 (155)48 (896)(748)
Total non-interest income adjustments$49 $(412)$(231)$(1,184)$(1,047)
Non-interest expense adjustments
Acquisition-related expenses$— $— $239 $(1,602)$2,285 
Non-operating expenses:
Restructuring Charges— — 5,390 — — 
FDIC Special Assessment — — — (216)— 
Legal and Compliance Accruals— — — (182)— 
Charitable Donation— — — — — 
— — 5,390 (398)— 
Total non-interest expense adjustments$— $— $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 adjustments49 (412)(231)(1,184)(1,047)
Non-interest expense adjustments— — 5,629 (2,000)2,285 
REO adjustments176 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 stock3,656 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 of shares outstanding - GAAP79,888,520 81,061,206 81,294,227 81,208,683 81,374,811 
Diluted weighted average number of shares outstanding - GAAP79,907,672 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-GAAP0.73 0.65 0.62 0.68 0.76 
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Quarterly Earnings Release Q3 2025
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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted Efficiency RatioJune 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP56.0 %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 adjustments49 (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 Ratio56.0 %58.4 %60.4 %58.6 %55.7 %
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Quarterly Earnings Release Q3 2025
12
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted ROA and ROEJune 30, 2025March 31, 2025December 31, 2024September 30, 2024June 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 Assets26,813,500 27,371,320 27,504,576 28,000,482 29,703,337 
Return on Assets0.92 %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 equity8.54 %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 Assets26,813,500 27,371,320 27,504,576 28,000,482 29,703,337 
Adjusted Return on Assets0.93 %0.82 %0.79 %0.84 %0.88 %
Average Common Equity2,730,745 2,739,021 2,715,197 2,696,093 2,647,056 
Adjusted Return on common equity8.56 %7.66 %7.45 %8.18 %9.36 %
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Quarterly Earnings Release Q3 2025
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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.
# # #
CONTACT:
WaFd, Inc.
425 Pike Street, Seattle, WA 98101
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
brad.goode@wafd.com
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Quarterly Earnings Release Q3 2025
14