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Thursday, October 16, 2025
FOR IMMEDIATE RELEASE
WaFd Announces Fourth Quarter and Fiscal 2025 Results
Fiscal Year Highlights
$226 Million$2.630.84%9.20%
Net IncomeDiluted Earnings per Common ShareReturn on Average Assets
Return on Tangible Common Equity (1)
Fourth Quarter Highlights
$61 Million$0.720.91%9.99%
Net IncomeDiluted Earnings per Common ShareReturn on Average Assets
Return on Tangible Common Equity (1)
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We finished Fiscal 2025 trending in the right direction with an improving margin, a significant increase in loan originations and an improving deposit mix. The margin increased to 2.71% from 2.69% in the 3rd quarter and 2.62% in the same quarter one year ago, driven by decreasing cost of deposits and borrowings. Importantly, we experienced a 103% increase in new loan originations over the 3rd quarter, signaling that our clients are now starting to come off of the sidelines. Our loan pipeline has now been building in each of the last three quarters, a promising sign for growth over the next year. It would be hard to overstate the magnitude of the shift in our business model undertaken in 2025, moving from mortgage lending to providing solutions for businesses. While this is a long-term shift we are very pleased with the early results, specifically the changing mix of our deposits with checking accounts going from 33% of deposits up to 35% of deposits over the year. We are convinced that focusing on businesses will increase the relevancy of our branches and improve long-term shareholder returns."
Brent Beardall
President and CEO of WaFd Bank
Net Interest Income and NIM
■$169.9 million net interest income for the quarter compared to $168.0 million in Q3.
■Net interest margin at 2.71% for the quarter compared to 2.69% for Q3.
Credit Quality
■Non-performing assets up $46 million at 0.54% of total assets compared to 0.36% as of June 2025.
■Delinquencies up $69 million to 0.60% of total loans compared to 0.26% as of June 2025.


Non-Interest Income and Expense
■Non-interest income flat and non-interest expense up $2.7 million compared to Q3 due to strategic investments in staff and subsidiaries.
■Efficiency ratio increased to 56.82% compared to 56.01% in the prior quarter as a result.
Shareholder Returns and Stock Activity
■On September 5, 2025, the Company paid a cash dividend of $0.27 per share, 170th consecutive quarterly dividend paid.
■969,653 shares were repurchased during the quarter at a weighted average price of $29.74 per share.
(1)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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Quarterly Earnings Release Q4 2025
1
WaFd Inc. Announces Annual and Fourth 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)September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
BALANCE SHEET
Cash$657,310 $809,252 $1,231,461 $1,507,735 $2,381,102 
Loans receivable, net20,088,618 20,277,164 20,920,001 21,060,501 20,916,354 
Allowance for credit losses ("ACL")221,220 219,268 222,709 225,022 225,253 
Available-for-sale securities, at fair value3,533,201 3,387,497 3,142,763 2,743,731 2,572,709 
Held-to-maturity securities, at amortized cost645,802 512,854 526,502 537,348 436,972 
Total investments4,179,003 3,900,351 3,669,265 3,281,079 3,009,681 
Total assets26,699,699 26,731,915 27,644,637 27,684,454 28,060,330 
Transaction deposits12,306,532 11,969,124 11,853,984 11,853,859 11,817,185 
Time deposits9,131,104 9,417,447 9,573,442 9,584,918 9,556,785 
Total deposits21,437,636 21,386,571 21,427,426 21,438,777 21,373,970 
Borrowings, senior debt and junior subordinated debentures1,817,249 1,991,087 2,814,938 2,914,627 3,318,307 
Total shareholders' equity3,039,575 3,014,325 3,032,620 3,021,636 3,000,300 
Loans to customer deposits2
93.71%94.81%97.63%98.24%97.86%
PROFITABILITY
Net income$60,597 $61,952 $56,252 $47,267 $61,140 
Net income to common shareholders56,941 58,296 52,596 43,611 57,484 
Earnings per common share0.73 0.73 0.65 0.54 0.71 
Return on tangible common equity1
9.99%10.20%9.18%7.69%10.24%
Return on tangible assets1
0.93%0.94%0.84%0.70%0.89%
Net interest margin2.71%2.69%2.55%2.39%2.62%
Efficiency ratio56.82%56.01%58.31%65.04%57.21%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share$35.04 $34.30 $33.84 $33.45 $33.25 
Tangible common shareholders' equity per share1
29.38 28.69 28.31 27.93 27.73 
Shareholders' equity to total assets11.38%11.28%10.97%10.91%10.69%
Tangible shareholders' equity to tangible assets1
9.89%9.78%9.51%9.45%9.24%
Common shares outstanding78,186,520 79,130,276 80,758,674 81,373,760 81,220,269 
Preferred shares outstanding300,000 300,000 300,000 300,000 300,000 
CREDIT QUALITY2
ACL to gross loans1.04%1.03%1.01%1.00%1.01%
Non-accrual loans to net loans0.64%0.41%0.29%0.34%0.33%
Delinquencies to net loans0.60%0.26%0.27%0.30%0.25%
Non-performing assets to total assets0.54%0.36%0.26%0.29%0.28%
Total criticized loans to net loans4.39%4.07%3.32%2.54%2.41%
Total adversely classified loans to net loans3.16%3.54%2.53%1.97%2.04%
(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 Q4 2025
2
WaFd Inc. Announces Annual and Fourth Quarter Results

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (the "Bank"), today announced quarterly earnings of $60,597,000, a decrease of 2% compared to the quarter ended June 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.72 per diluted share for the quarter ended September 30, 2025 compared to $0.73 the prior quarter.
Annual earnings were $226,068,000 for fiscal year ended September 30, 2025, an increase of 13% from net earnings of $200,041,000 for the year ended September 30, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $2.63 per diluted share for the year ended September 30, 2025, compared to $2.50 per diluted share for the year ended September 30, 2024, a $0.13 or 5.20% increase in fully diluted earnings per common share. Fiscal year 2024 results include the effects of the acquisition of Luther Burbank Corporation.
Balance Sheet Total assets decreased to $26.7 billion as of September 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 year. Net loans decreased $0.8 billion to $20.1 billion and cash decreased $1.7 billion, or 72.4%. Investment securities increased by $1.2 billion, or 38.9% in the year ended September 30, 2025.
Customer deposits totaled $21.4 billion as of September 30, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $0.5 billion or 4.1% during the period, while time deposits decreased $0.4 billion or 4.5%. As of September 30, 2025, 57.4% 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 77.9% of deposits at September 30, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 24.7% of total deposits as of September 30, 2025, a small increase from 23.8% as of September 30, 2024.
Borrowings totaled $1.8 billion as of September 30, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 2.5% as of September 30, 2025, compared to 3.9% at September 30, 2024.
Loan originations totaled $4.0 billion for fiscal year 2025, compared to $3.6 billion of originations in fiscal year 2024. Offsetting loan originations in each year were loan repayments of $5.1 billion and $4.3 billion, respectively. Commercial loans represented 83% of all loan originations during fiscal 2025 and consumer loans accounted for the remaining 17%. The period end interest yield on the loan portfolio was 5.38% as of September 30, 2025, 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 year ended September 30, 2025, tangible book value per share grew from $27.73 as of September 30, 2024 to $29.38 at September 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 year, the Company repurchased 3,447,771 shares of common stock at a weighted average price of $29.56. Our share repurchase plan currently has an authorization of 8,162,654 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 September 30, 2025, non-performing assets increased to $143 million, or 0.54% of total assets, from $97 million, or 0.36%, at June 30, 2025 and from $77 million, or 0.28%, at September 30, 2024. The change is due to non-accrual loans increasing by $46 million, or 47.20%, since June 30 2025 and by $59 million, or 84.97%, since September 30, 2024. REO also increased during the year as a result of the Company's continued branch optimization plan. Delinquent loans were 0.60% of total loans at September 30, 2025, compared to 0.26% at June 30, 2025 and 0.25% at September 30, 2024. The Q4 increase in non-performing assets is the result of one commercial real estate loan over 90 days past due. Although appropriately non-accrual based on policy, it was determined no charge-off was needed for this credit. Management is actively collaborating with the borrower and recent developments indicate positive momentum.
The allowance for credit losses (including the reserve for unfunded commitments) totaled $221 million as of September 30, 2025, and was 1.04% of gross loans outstanding, as compared to 1.03% or 1.01% of gross loans outstanding as of June 30, 2025 and September 30, 2024, respectively. Net charge-offs were $1.0 million for the quarter ended September 30, 2025 compared to $5.4 million the prior quarter. Net charge-offs were $11.8 million for fiscal year 2025, compared to $1.4 million for fiscal 2024.
Profitability Net interest income was $169.9 million for the fourth fiscal quarter of 2025, an increase of $1.9 million or 1.1% from the prior quarter. The increase was the net effect of the reduction in interest paid on liabilities outpacing the reduction in interest earned on assets by 3 basis points. Net interest margin was 2.71% in the fourth fiscal quarter 2025 compared to 2.69% for the quarter ended June 30, 2025.
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Quarterly Earnings Release Q4 2025
3
WaFd Inc. Announces Annual and Fourth Quarter Results
Total non-interest income was flat at $18.4 million for the fourth fiscal quarter of 2025 compared to $18.3 million the prior quarter.
Total non-interest expense was $107.0 million for the fourth fiscal quarter of 2025, an increase of $2.7 million, or 2.6%, from the prior quarter resulting from strategic investments in our people and technologies. This drove increases in Compensation and Information Technology expenses which resulted in a small increase in the Company’s efficiency ratio in the fourth fiscal quarter of 2025 to 56.82%, compared to 56.01% in the prior quarter.
The Company recorded a $3.0 million provision for credit losses for the quarter ended September 30, 2025 compared to a provision of $2.0 million the prior quarter. The provision for loan losses for the fourth fiscal quarter of 2025 was the net result of mixed credit metrics, including the increasing trends in negative migration of delinquent and nonperforming loans during the quarter.
Return on common shareholders' equity for the quarter ended September 30, 2025 was 8.36% compared to 8.54% for the quarter ended June 30, 2025. Return on assets for the quarter ended September 30, 2025 was 0.91% compared to 0.92% for the previous quarter.
Income tax expense totaled $17.0 million for the fourth fiscal quarter of 2025, as compared to $17.8 million for the prior quarter. The effective tax rate for the quarter ended September 30, 2025 was 21.93% compared to 22.33% for the quarter ended June 30, 2025. The Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.
WaFd Bank is headquartered in Seattle, Washington, and has 208 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company will host a conference call for investors and analysts at 7:00am PDT on Friday October 17, 2025. 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/BIce57cc298b024b9b9446805d5613f404). The Company uses its website to distribute financial and other material information about the Company.
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Quarterly Earnings Release Q4 2025
4
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
September 30, 2025September 30, 2024
(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents$657,310 $2,381,102 
Available-for-sale securities, at fair value3,533,201 2,572,709 
Held-to-maturity securities, at amortized cost645,802 436,972 
Loans receivable, net of allowance for loan losses of $199,720 and $203,75320,088,618 20,916,354 
Interest receivable98,589 102,827 
Premises and equipment, net261,271 247,901 
Real estate owned11,084 4,567 
FHLB stock88,068 95,617 
Bank owned life insurance275,159 267,633 
Intangible assets, including goodwill of $414,722 and $411,360442,093 448,425 
Federal and state income tax assets, net112,784 119,248 
Other assets485,720 466,975 
$26,699,699 $28,060,330 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits$12,306,532 $11,817,185 
Time deposits9,131,104 9,556,785 
Total customer deposits21,437,636 21,373,970 
Borrowings1,765,604 3,267,589 
Junior subordinated debentures51,645 50,718 
Advance payments by borrowers for taxes and insurance59,845 61,330 
Accrued expenses and other liabilities345,394 306,423 
23,660,124 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; 154,408,001 and 154,007,429 shares issued; 78,186,520 and 81,220,269 shares outstanding154,408 154,007 
Additional paid-in capital2,163,276 2,150,675 
Accumulated other comprehensive income (loss), net of taxes56,950 55,851 
Treasury stock, at cost; 76,221,481 and 72,787,160 shares(1,740,761)(1,639,131)
Retained earnings2,105,702 1,978,898 
3,039,575 3,000,300 
$26,699,699 $28,060,330 
Yield and margin as of period end
Loans receivable1
5.38%5.62%
Mortgage-backed securities4.44 4.00 
Combined cash, investments and FHLB stock4.96 5.10 
Interest-earning assets5.23 5.44 
Interest-bearing customer accounts2.95 3.50 
Borrowings1
2.50 3.93 
Interest-bearing liabilities2.91 3.56 
Net interest spread2.32 1.88 
Net interest margin2.82 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 Q4 2025
5
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended September 30, 2025Twelve Months Ended September 30, 2025
2025202420252024
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$271,787 $308,598 $1,119,937 $1,165,849 
Mortgage-backed securities32,953 18,088 103,071 59,782 
Investment securities and cash equivalents21,794 47,411 116,441 146,079 
326,534 374,097 1,339,449 1,371,710 
INTEREST EXPENSE
Customer accounts143,874 165,240 604,707 532,434 
Borrowings, senior debt and junior subordinated debentures12,754 36,045 80,507 178,444 
156,628 201,285 685,214 710,878 
Net interest income169,906 172,812 654,235 660,832 
Provision (release) for credit losses3,000 — 7,750 17,500 
Net interest income after provision (release)166,906 172,812 646,485 643,332 
NON-INTEREST INCOME
Gain on sale of investment securities— 91 20 342 
Gain on termination of hedging derivatives32 72 158 241 
Loan fee income2,081 757 6,888 2,745 
Deposit fee income7,959 7,047 29,650 27,507 
Other income8,319 7,911 34,531 29,857 
Total non-interest income18,391 15,878 71,247 60,692 
NON-INTEREST EXPENSE
Compensation and benefits56,028 53,983 222,146 234,148 
Occupancy10,895 10,843 44,937 42,036 
FDIC insurance premiums4,400 6,800 20,200 28,870 
Product delivery6,558 6,306 25,871 23,986 
Information technology16,406 14,129 60,101 53,306 
Other expense12,706 15,880 54,208 65,926 
Total non-interest expense106,993 107,941 427,463 448,272 
Gain (loss) on real estate owned, net(681)(83)(627)304 
Income before income taxes77,623 80,666 289,642 256,056 
Income tax provision17,026 19,526 63,574 56,015 
Net income60,597 61,140 226,068 200,041 
Dividends on preferred stock3,656 3,656 14,625 14,625 
Net income available to common shareholders$56,941 $57,484 $211,443 $185,416 
PER SHARE DATA
Basic earnings per common share$0.73 $0.71 $2.64 $2.50 
Diluted earnings per common share0.72 0.71 2.63 2.50 
Cash dividends per common share0.27 0.26 1.07 1.03 
Basic weighted average shares outstanding78,509,472 81,208,683 80,184,395 74,244,323 
Diluted weighted average shares outstanding78,573,457 81,353,644 80,255,189 74,290,568 
PERFORMANCE RATIOS
Return on average assets0.91%0.87%0.84%0.76%
Return on average common equity8.36%8.53%7.75%7.55%
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Quarterly Earnings Release Q4 2025
6
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$271,787 $279,476 $282,077 $286,597 $308,598 
Mortgage-backed securities32,953 27,855 23,926 18,337 18,088 
Investment securities and cash equivalents21,794 24,383 30,081 40,183 47,411 
326,534 331,714 336,084 345,117 374,097 
INTEREST EXPENSE
Customer accounts143,874 146,735 151,948 162,150 165,240 
Borrowings, senior debt and junior subordinated debentures12,754 16,991 23,226 27,536 36,045 
156,628 163,726 175,174 189,686 201,285 
Net interest income169,906 167,988 160,910 155,431 172,812 
Provision for credit losses3,000 2,000 2,750 — — 
Net interest income after provision166,906 165,988 158,160 155,431 172,812 
NON-INTEREST INCOME
Gain on sale of investment securities— — — 20 91 
Gain on termination of hedging derivatives32 56 65 5 72 
Loan fee income2,081 1,650 1,812 1,345 757 
Deposit fee income7,959 7,588 7,057 7,046 7,047 
Other income8,319 8,979 9,947 7,286 7,911 
Total non-interest income18,391 18,273 18,881 15,702 15,878 
NON-INTEREST EXPENSE
Compensation and benefits56,028 53,481 52,710 59,927 53,983 
Occupancy10,895 11,755 11,499 10,788 10,843 
FDIC insurance premiums4,400 5,150 5,800 4,850 6,800 
Product delivery6,558 6,621 6,907 5,785 6,306 
Information technology16,406 15,022 14,481 14,192 14,129 
Other expense12,706 12,298 13,435 15,769 15,880 
Total non-interest expense106,993 104,327 104,832 111,311 107,941 
Gain (loss) on real estate owned, net(681)(176)(199)429 (83)
Income before income taxes77,623 79,758 72,010 60,251 80,666 
Income tax provision17,026 17,806 15,758 12,984 19,526 
Net income60,597 61,952 56,252 47,267 61,140 
Dividends on preferred stock3,656 3,656 3,656 3,656 3,656 
Net income available to common shareholders$56,941 $58,296 $52,596 $43,611 $57,484 



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Quarterly Earnings Release Q4 2025
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share$0.73 $0.73 $0.65 $0.54 $0.71 
Diluted earnings per common share0.72 0.73 0.65 0.54 0.71 
Cash dividends per common share0.27 0.27 0.27 0.26 0.26 
Basic weighted average shares outstanding78,509,472 79,888,520 81,061,206 81,294,227 81,208,683 
Diluted weighted average shares outstanding78,573,457 79,907,672 81,105,536 81,401,599 81,353,644 
PERFORMANCE RATIOS
Return on average assets0.91%0.92%0.82%0.69%0.87%
Return on average common equity8.36 8.54 7.68 6.42 8.53 
Net interest margin2.71 2.69 2.55 2.39 2.62 
Efficiency ratio56.82 56.01 58.31 65.04 57.21 
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Quarterly Earnings Release Q4 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 MeasuresSeptember 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP$3,039,575 $3,014,325 $3,032,620 $3,021,636 $3,000,300 
Less intangible assets - GAAP442,093 444,291 446,660 449,213 448,425 
Tangible shareholders' equity$2,597,482 $2,570,034 $2,585,960 $2,572,423 $2,551,875 
Less preferred stock - GAAP300,000 300,000 300,000 300,000 300,000 
Tangible common shareholders' equity$2,297,482 $2,270,034 $2,285,960 $2,272,423 $2,251,875 
Total assets - GAAP$26,699,699 $26,731,915 $27,644,637 $27,684,454 $28,060,330 
Less intangible assets - GAAP442,093 444,291 446,660 449,213 448,425 
Tangible assets$26,257,606 $26,287,624 $27,197,977 $27,235,241 $27,611,905 
Tangible Metrics
Common shares outstanding - GAAP78,186,520 79,130,276 80,758,674 81,373,760 81,220,269 
Tangible common equity per share$29.38 $28.69 $28.31 $27.93 $27.73 
Tangible equity to tangible assets 9.89 %9.78 %9.51 %9.45 %9.24 %
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Quarterly Earnings Release Q4 2025
9
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended
Average Tangible MeasuresSeptember 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP$3,023,098 $3,030,745 $3,039,021 $3,015,197 $2,996,093 
Less average preferred stock
 - GAAP		300,000 300,000 300,000 300,000 300,000 
Less average intangible assets - GAAP443,382 445,733 448,272 447,754 451,204 
Average tangible common equity$2,279,716 $2,285,012 $2,290,749 $2,267,443 $2,244,889 
Average Assets - GAAP$26,540,782 $26,813,500 $27,371,320 $27,504,576 $28,000,482 
Less average intangible assets - GAAP443,382 445,733 448,272 447,754 451,204 
Average tangible assets$26,097,400 $26,367,767 $26,923,048 $27,056,822 $27,549,278 
Average Tangible Metrics
Net income - GAAP60,597 61,952 56,252 47,267 61,140 
Net income available to common shareholders - GAAP56,941 58,296 52,596 43,611 57,484 
Return on tangible common equity9.99 %10.20 %9.18 %7.69 %10.24 %
Return on tangible assets0.93 %0.94 %0.84 %0.70 %0.89 %

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Quarterly Earnings Release Q4 2025
10
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(Unaudited - In thousands, except for share and ratio data)
Interest income
LBC Hedge Valuation Adj$— $— $— $3,933 $— 
Non-interest income adjustments
Distribution received on LBC equity method investment$(251)$(255)$(257)$(279)$(288)
(Gain)Loss on WaFd Bank equity method investment(815)304 (155)48 (896)
Total non-interest income adjustments$(1,066)$49 $(412)$(231)$(1,184)
Non-interest expense adjustments
Acquisition-related expenses$— $— $— $239 $(1,602)
Non-operating expenses:
Restructuring Charges— — — 5,390 — 
FDIC Special Assessment — — — — (216)
Legal and Compliance Accruals— — — — (182)
— — — 5,390 (398)
Total non-interest expense adjustments$— $— $— $5,629 $(2,000)
Net Income - GAAP$60,597 $61,952 $56,252 $47,267 $61,140 
Interest income adjustments— — — 3,933 — 
Non-interest income adjustments(1,066)49 (412)(231)(1,184)
Non-interest expense adjustments— — — 5,629 (2,000)
REO adjustments681 176 199 (429)83 
Income tax adjustment84 (50)47 (1,918)751 
Net Income - non-GAAP$60,296 $62,127 $56,086 $54,251 $58,790 
Dividend on preferred stock3,656 3,656 3,656 3,656 3,656 
Net Income available to common shareholders - non-GAAP$56,640 $58,471 $52,430 $50,595 $55,134 
Basic weighted average number of shares outstanding - GAAP78,509,472 79,888,520 81,061,206 81,294,227 81,208,683 
Diluted weighted average number of shares outstanding - GAAP78,573,457 79,907,672 81,105,536 81,401,599 81,353,644 
Basic EPS - non-GAAP$0.72 $0.73 $0.65 $0.62 $0.68 
Diluted EPS - non-GAAP0.72 0.73 0.65 0.62 0.68 
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Quarterly Earnings Release Q4 2025
11
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted Efficiency RatioSeptember 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP56.8 %56.0 %58.3 %65.0 %57.2 %
Net interest income - GAAP$169,906 $167,988 $160,910 $155,431 $172,812 
Total interest income adjustments— — — 3,933 — 
Net interest income - non-GAAP$169,906 $167,988 $160,910 $159,364 $172,812 
Non-interest expense - GAAP$106,993 $104,327 $104,832 $111,311 $107,941 
Less merger related expenses— — — 239 (1,602)
Less non-operating expenses— — — 5,390 (398)
Non-interest Expenses -
non-GAAP		$106,993 $104,327 $104,832 $105,682 $109,941 
Non-interest income - GAAP$18,391 $18,273 $18,881 $15,702 $15,878 
Total other income adjustments(1,066)49 (412)(231)(1,184)
Non-interest income -
non-GAAP		$17,325 $18,322 $18,469 $15,471 $14,694 
Net Interest Income -
non-GAAP		$169,906 $167,988 $160,910 $159,364 $172,812 
Non-interest income -
non-GAAP		17,325 18,322 18,469 15,471 14,694 
Total Income - non-GAAP$187,231 $186,310 $179,379 $174,835 $187,506 
Adjusted Efficiency Ratio57.1 %56.0 %58.4 %60.4 %58.6 %
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Quarterly Earnings Release Q4 2025
12
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted ROA and ROESeptember 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP$60,597 $61,952 $56,252 $47,267 $61,140 
Net income available to common shareholders - GAAP$56,941 $58,296 $52,596 $43,611 $57,484 
Average Assets26,540,782 26,813,500 27,371,320 27,504,576 28,000,482 
Return on Assets0.91 %0.92 %0.82 %0.69 %0.87 %
Average Common Equity$2,723,098 $2,730,745 $2,739,021 $2,715,197 $2,696,093 
Return on common equity8.36 %8.54 %7.68 %6.42 %8.53 %
Adjusted:
Net Income - non-GAAP$60,296 $62,127 $56,086 $54,251 $58,790 
Net income available to common shareholders - non-GAAP$56,640 $58,471 $52,430 $50,595 $55,134 
Average Assets26,540,782 26,813,500 27,371,320 27,504,576 28,000,482 
Adjusted Return on Assets0.91 %0.93 %0.82 %0.79 %0.84 %
Average Common Equity2,723,098 2,730,745 2,739,021 2,715,197 2,696,093 
Adjusted Return on common equity8.32 %8.56 %7.66 %7.45 %8.18 %
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Quarterly Earnings Release Q4 2025
13

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 Q4 2025
14