Document

($ in Thousands)


	As of 03/25					As of 06/25					As of 09/25
Allowance for Credit Losses (ACL) - Total	$	222,709				$	219,268				$	221,220
ACL - Loans	202,709					198,768					199,720
ACL - Unfunded Commitments	20,000					20,500					21,500
Total ACL as a % of Gross Loans	1.01		%			1.03		%			1.04		%







Active Loan Types	03/25 QTR			03/25 YTD		06/25 QTR			06/25 YTD		09/25 QTR			09/25 YTD
Originations
Multi-Family	$	24,464		$	30,852	$	5,534		$	36,386	$	67,649		$	104,035
Commercial Real Estate	82,295			130,021		44,078			174,099		210,650			384,749
Commercial & Industrial	429,009			834,886		324,898			1,159,784		507,280			1,667,064
Construction	171,344			334,006		205,809			539,815		498,368			1,038,182
Land - Acquisition & Development	24,474			32,408		18,592			51,000		43,864			94,864
Consumer	60,830			105,808		56,173			161,981		44,962			206,943
	$	792,416		$	1,467,981	$	655,084		$	2,123,065	$	1,372,773		$	3,495,837
Repayments & Payoffs
Multi-Family	$	80,455		$	143,591	$	158,024		$	301,615	$	74,857		$	376,472
Commercial Real Estate	106,057			220,236		153,541			373,777		187,130			560,907
Commercial & Industrial	476,377			814,382		465,037			1,279,419		408,027			1,687,446
Construction	164,167			280,498		290,942			571,440		459,122			1,030,562
Land - Acquisition & Development	25,047			55,007		21,063			76,070		40,407			116,477
Consumer	44,880			87,987		64,964			152,951		55,707			208,658
	$	896,983		$	1,601,701	$	1,153,571		$	2,755,272	$	1,225,250		$	3,980,522
Inactive Loan Types
Originations
Single-Family Residential	$	48,088		$	204,205	$	7,481		$	211,686	$	—		$	211,686
Construction - Custom	28,986			79,995		—			79,995		15,840			95,835
Land - Consumer Lot Loans	2,372			7,340		—			7,340		—			7,340
HELOC	41,897			84,927		34,466			119,393		26,108			145,501
	$	121,343		$	376,467	$	41,947		$	418,414	$	41,948		$	460,362
Repayments & Payoffs
Single-Family Residential	$	232,447		$	447,173	$	242,950		$	690,123	$	226,780		$	916,903
Construction - Custom	14,704			36,230		30,446			66,676		10,467			77,143
Land - Consumer Lot Loans	7,104			13,660		5,895			19,555		7,286			26,841
HELOC	32,659			66,707		46,221			112,928		30,839			143,767
	$	286,914		$	563,770	$	325,512		$	889,282	$	275,372		$	1,164,654

Purchased Loans	$	3,847		$	105,863	$	3,960		$	109,823	$	3,246		$	113,069

Weighted Average Rate on Originations	7.12		%			7.22		%			6.87		%
Weighted Average Rate on Payoffs	6.74		%			6.25		%			6.35		%

Net Loan Fee Accretion	$	3,192		$	6,262	$	3,093		$	9,355	$	3,515		$	12,870
Net Discount Accretion on Acquired Loans	$	6,447		$	13,377	$	6,512		$	19,889	$	5,242		$	25,131


	As of 03/25				As of 06/25				As of 09/25
Loans Receivable by Category	Amount		%		Amount		%		Amount		%
Multi-Family	$	4,967,125	22.4	%	$	4,881,996	22.8	%	$	4,718,480	22.2	%
Commercial Real Estate	3,665,363		16.6		3,615,077		17.0		3,604,600		17.0
Commercial & Industrial	2,389,025		10.7		2,295,802		10.7		2,392,685		11.2
Construction	1,791,886		8.1		1,540,474		7.2		1,756,890		8.2
Land - Acquisition & Development	178,114		0.8		175,643		0.8		179,099		0.8
Single-Family Residential	8,401,084		37.9		8,231,623		38.5		8,053,771		37.9
Construction - Custom	287,461		1.3		188,109		0.9		150,237		0.7
Land - Consumer Lot Loans	102,475		0.5		96,582		0.5		89,298		0.4
HELOC	284,295		1.3		272,614		1.3		267,871		1.3
Consumer	91,899		0.4		69,912		0.3		61,461		0.3
	22,158,727		100	%	21,367,832		100	%	21,274,392		100	%
Less:
Loans in Process	798,996				673,338				773,606
Net Deferred Fees, Costs and Discounts	237,021				218,562				212,448
Loans at Amortized Cost	21,122,710				20,475,932				20,288,338

Less:
Allowance for Credit Losses (ACL) - Loans	202,709				198,768				199,720
Net Loans	$	20,920,001			$	20,277,164			$	20,088,618

Net Loan Portfolio by Category	Amount		%		Amount		%		Amount		%
Multi-Family	$	4,840,784	23.1	%	$	4,753,223	23.5	%	$	4,605,368	23.0	%
Commercial Real Estate	3,601,008		17.2		3,550,119		17.5		3,546,962		17.7
Commercial & Industrial	2,324,598		11.1		2,235,310		11.0		2,327,200		11.6
Construction	1,191,930		5.7		1,018,588		5.0		1,086,965		5.4
Land - Acquisition & Development	129,358		0.6		123,627		0.6		133,027		0.6
Single-Family Residential	8,223,356		39.3		8,068,150		39.8		7,898,051		39.3
Construction - Custom	136,424		0.7		94,625		0.5		77,633		0.4
Land - Consumer Lot Loans	99,370		0.4		93,659		0.4		86,591		0.3
HELOC	284,970		1.4		273,155		1.4		268,218		1.4
Consumer	88,203		0.4		66,708		0.3		58,603		0.3
	$	20,920,001	100	%	$	20,277,164	100	%	$	20,088,618	100	%


Loan Contractual Term to Maturity or Repricing1	Amount		Rate		Amount		Rate		Amount		Rate
Within 3 months	$	7,147,953	7.15%		$	7,703,535	6.93%		$	7,597,733	6.74%
From 4 to 6 months	410,864		5.69		287,877		4.63		510,018		5.22
From 7 to 9 months	341,198		4.70		401,319		4.77		458,216		4.54
From 10 to 12 months	377,179		4.76		376,346		4.46		560,805		4.37
1 to 3 years	3,063,242		4.22		2,728,113		4.22		2,427,306		4.30
3 to 5 years	1,811,205		4.94		1,743,810		4.98		1,790,498		5.14
More than 5 years	7,971,069		4.22		7,234,933		4.20		6,943,762		4.20
Total	$	21,122,710	5.32	%	$	20,475,933	5.32	%	$	20,288,338	5.28	%
1Includes the effect of derivatives.


	As of 03/25					As of 06/25					As of 09/25
Loans by State	Amount			%		Amount			%		Amount			%
Washington	$	5,726,161		27.1	%	$	5,590,478		27.3	%	$	5,593,068		27.6	%
Idaho	935,583			4.4		927,628			4.5		916,571			4.5
Oregon	2,505,629			11.9		2,498,467			12.2		2,467,622			12.2
Utah	2,129,700			10.1		1,980,098			9.7		1,905,473			9.4
Nevada	786,919			3.6		774,624			3.8		809,737			4.0
Texas	2,417,928			11.4		2,390,479			11.7		2,313,800			11.4
Arizona	2,355,148			11.1		2,299,764			11.2		2,302,659			11.3
New Mexico	802,884			3.8		791,212			3.9		791,414			3.9
California	2,979,107			14.1		2,891,410			14.1		2,833,719			14.0
Other	483,651			2.3		331,773			1.6		354,275			1.7
Total	$	21,122,710		100	%	$	20,475,933		100	%	$	20,288,338		100	%

Non-Performing Assets	Amount			%		Amount			%		Amount			%
Non-accrual loans:
Multi-Family	$	10,477		17.5	%	$	11,601		14.1	%	$	19,121		15.0	%
Commercial Real Estate	29,320			49.0		46,720			56.5		69,972			54.4
Commercial & Industrial	—			—		33			—		11,047			8.6
Construction	—			—		3,400			4.1		3,400			2.6
Land - Acquisition & Development	—			—		—			—		—			—
Single-Family Residential	18,734			31.3		19,246			23.3		23,741			18.4
Construction - Custom	847			1.4		847			1.0		760			0.6
Land - Consumer Lot Loans	8			—		8			—		23			—
HELOC	300			0.5		662			0.8		412			0.3
Consumer	200			0.3		179			0.2		152			0.1
Total non-accrual loans	59,886			100	%	82,696			100	%	128,628			100.0	%
Real Estate Owned	7,688					11,154					11,084
Other Property Owned	3,310					3,310					3,310
Total non-performing assets	$	70,884				$	97,160				$	143,022

Non-accrual loans as % of total net loans	0.29		%			0.41		%			0.64		%
Non-performing assets as % of total assets	0.26		%			0.36		%			0.54		%

Net Charge-offs (Recoveries) by Category	03/25 QTR			CO % (a)		06/25 QTR			CO % (a)		09/25 QTR			CO % (a)
Multi-Family	$	—		—	%	$	373		0.03	%	$	182		0.02	%
Commercial Real Estate	4,223			0.46		5,097			0.56		—			—
Commercial & Industrial	198			0.03		(89)			(0.02)		577			0.10
Construction	—			—		—			—		—			—
Land - Acquisition & Development	(8)			(0.02)		(6)			(0.01)		(7)			(0.02)
Single-Family Residential	331			0.02		(105)			(0.01)		(4)			—
Construction - Custom	—			—		(2)			—		(2)			(0.01)
Land - Consumer Lot Loans	—			—		—			—		—			—
HELOC	—			—		(1)			—		(1)			—
Consumer	319			1.39		174			1.00		303			1.97
Total net charge-offs (recoveries)	$	5,063		0.09	%	$	5,441		0.10	%	$	1,048		0.02	%


	03/25 QTR			03/25 YTD			06/25 QTR			06/25 YTD			09/25 QTR			09/25 YTD
Efficiency
Operating Expenses/Average Assets	1.53		%	1.58		%	1.56		%	1.57		%	1.61		%	1.58		%
Efficiency Ratio (%)	58.31		%	61.59		%	56.01		%	59.66		%	56.82		%	58.92		%
Amortization of Intangibles	$	2,553		$	5,308		$	2,369		$	7,677		$	2,198		$	9,875

EOP Numbers
Shares Issued and Outstanding	80,758,674						79,130,276						78,186,520

Share repurchase information
Remaining shares authorized for repurchase	10,777,898						9,129,488						8,162,654
Shares repurchased	726,082			815,610			1,662,508			2,478,118			969,653			3,447,771
Average share repurchase price	$	29.39		$	30.35		$	29.08		$	29.49		$	29.74		$	29.56


	As of 03/25					As of 06/25					As of 09/25
Deposits & Branches by State	Amount		%		#	Amount		%		#	Amount		%		#
Washington	$	8,723,693	40.7	%	73	$	8,716,662	40.8	%	73	$	8,685,124	40.5	%	73
Idaho	949,570		4.4		21	933,759		4.4		21	935,047		4.4		21
Oregon	2,798,850		13.1		36	2,779,995		13.0		36	2,724,526		12.7		36
Utah	601,503		2.8		9	619,203		2.9		9	601,054		2.8		9
Nevada	538,439		2.5		8	547,488		2.5		8	559,906		2.5		8
Texas	398,210		1.9		5	524,380		2.4		5	760,636		3.6		5
Arizona	1,676,939		7.8		28	1,666,381		7.8		28	1,641,460		7.7		28
New Mexico	1,666,280		7.8		19	1,711,722		8.0		18	1,802,886		8.4		18
California	4,073,942		19.0		10	3,886,981		18.2		10	3,726,997		17.4		10
Total	$	21,427,426	100	%	209	$	21,386,571	100	%	208	$	21,437,636	100	%	208

Deposits by Type	Amount		%			Amount		%			Amount		%
Non-Interest Checking	$	2,400,172	11.2	%		$	2,487,816	11.6	%		$	2,567,539	12.0	%
Interest Checking	4,625,596		21.6			4,705,457		22.0			4,865,808		22.7
Savings	715,199		3.4			703,085		3.4			701,558		3.3
Money Market	4,113,017		19.2			4,072,766		19.0			4,171,627		19.4
Time Deposits	9,573,442		44.7			9,417,447		44.0			9,131,104		42.6
Total	$	21,427,426	100	%		$	21,386,571	100	%		$	21,437,636	100	%

Deposits Uninsured & Non-collateralized - EOP	$	5,490,142	25.6%			$	5,094,400	23.8%			$	5,302,026	24.7%

Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	3,380,830	4.31	%		$	3,287,622	4.21	%		$	3,426,185	3.79	%
From 4 to 6 months	3,153,646		4.23	%		3,340,791		3.79	%		2,367,760		3.82	%
From 7 to 9 months	1,412,021		3.86	%		1,157,423		3.73	%		2,426,103		3.85	%
From 10 to 12 months	962,710		3.39	%		1,253,435		3.73	%		507,109		3.54	%

Borrowings (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	1,750,000	4.50	%		$	925,000	4.49	%		$	730,000	4.30	%
From 4 to 6 months	—		—	%		—		—	%		100,000		1.46	%
From 7 to 9 months	—		—	%		100,000		1.60	%		—		—	%
From 10 to 12 months	100,000		1.67	%		—		—	%		117,041		4.64	%
1 to 3 years	95,193		4.66	%		96,112		4.66	%		—		—	%
3 to 5 years	18,565		0.04	%		18,564		0.04	%		18,563		0.04	%
More than 5 years	851,180		0.95	%		851,411		0.86	%		851,645		0.83	%
Total	$	2,814,938				$	1,991,087				$	1,817,249


	Quarter Ended
	March 31, 2025						June 30, 2025						September 30, 2025
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Assets
Loans receivable	$	20,918,986	$	282,077	5.47	%	$	20,592,807	$	279,476	5.44	%	$	20,143,956	$	271,787	5.35	%
Mortgage-backed securities	2,369,535		23,926		4.10		2,708,789		27,855		4.12		3,095,991		32,953		4.22
Cash & investments	2,216,944		27,631		5.05		1,683,378		21,544		5.13		1,506,416		19,284		5.08
FHLB Stock	123,346		2,450		8.06		106,816		2,839		10.66		89,504		2,510		11.13

Total interest-earning assets	25,628,811		336,084		5.32	%	25,091,790		331,714		5.30	%	24,835,867		326,534		5.22	%
Other assets	1,742,509						1,721,710						1,704,915
Total assets	$	27,371,320					$	26,813,500					$	26,540,782

Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	18,881,290	151,948		3.26	%	$	18,769,137	146,735		3.14	%	$	18,749,992	143,874		3.04	%
Borrowings	2,723,664		23,226		3.46		2,226,086		16,991		3.06		1,848,601		12,754		2.74


Total interest-bearing liabilities	21,604,954		175,174		3.29	%	20,995,223		163,726		3.13	%	20,598,593		156,628		3.02	%
Noninterest-bearing customer accounts	2,448,965						2,493,365						2,605,377
Other liabilities	278,380						294,167						313,714
Total liabilities	24,332,299						23,782,755						23,517,684
Shareholders’ equity	3,039,021						3,030,745						3,023,098
Total liabilities and equity	$	27,371,320					$	26,813,500					$	26,540,782

Net interest income/interest rate spread			$	160,910	2.03	%			$	167,988	2.17	%			$	169,906	2.20	%

Net interest margin(1)					2.55	%					2.69	%					2.71	%


	Year Ended
	September 30, 2024						September 30, 2025
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Assets
Loans receivable	$	20,500,281	$	1,165,849	5.69	%	$	20,651,307	$	1,119,937	5.42	%
Mortgage-backed securities	1,597,566		59,782		3.74		2,514,511		103,071		4.10
Cash & investments	2,330,505		133,608		5.73		2,065,658		106,400		5.15
FHLB Stock	131,313		12,471		9.50		106,338		10,041		9.44

Total interest-earning assets	24,559,665		1,371,710		5.59	%	25,337,814		1,339,449		5.29	%
Other assets	1,682,721						1,718,680
Total assets	$	26,242,386					$	27,056,494

Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	16,327,208	532,434		3.26	%	$	18,735,390	604,707		3.23	%
Borrowings	4,242,431		178,444		4.21		2,423,244		80,507		3.32


Total interest-bearing liabilities	20,569,639		710,878		3.46	%	21,158,634		685,214		3.24	%
Noninterest-bearing customer accounts	2,593,567						2,518,248
Other liabilities	322,071						352,673
Total liabilities	23,485,277						24,029,555
Shareholders’ equity	2,757,109						3,026,939
Total liabilities and equity	$	26,242,386					$	27,056,494

Net interest income/interest rate spread			$	660,832	2.13	%			$	654,235	2.05	%

Net interest margin(1)					2.69	%					2.58	%


					# of Loans
Type of Loans	#Loans	AVG Size			30	60	90	Total	% Based on #				% Based on $
September 30, 2025
Multi-Family	1,851	2,502	$	4,631,321	—	3	4	7	0.38	%	$	20,644	0.45	%
Commercial Real Estate	1,251	2,869	3,588,950		2	1	6	9	0.72		51,041		1.42
Commercial & Industrial	5,537	431	2,386,363		5	12	35	52	0.94		1,185		0.05
Construction	358	3,087	1,105,101		—	—	—	—	—		—		—
Land - Acquisition & Development	84	1,666	139,922		—	—	—	—	—		—		—
Single-Family Residential	20,773	382	7,936,931		55	20	65	140	0.67		46,088		0.58
Construction - Custom	134	584	78,243		—	—	1	1	0.75		760		0.97
Land - Consumer Lot Loans	874	101	88,696		2	1	3	6	0.69		332		0.37
HELOC	4,166	65	271,286		12	5	5	22	0.53		2,182		0.80
Consumer	6,620	9	61,525		25	14	45	84	1.27		353		0.57
	41,648	487	$	20,288,338	101	56	164	321	0.77	%	$	122,585	0.60	%

June 30, 2025
Multi-Family	1,872	2,553	$	4,780,029	1	2	4	7	0.37	%	$	9,605	0.20	%
Commercial Real Estate	1,276	2,815	3,592,395		3	1	4	8	0.63		4,743		0.13
Commercial & Industrial	5,338	429	2,292,082		10	16	22	48	0.90		835		0.04
Construction	371	2,792	1,035,701		—	—	—	—	—		—		—
Land - Acquisition & Development	77	1,689	130,035		—	—	—	—	—		—		—
Single-Family Residential	21,172	383	8,108,147		51	13	54	118	0.56		34,933		0.43
Construction - Custom	191	499	95,372		—	—	2	2	1.05		848		0.89
Land - Consumer Lot Loans	925	104	95,935		3	—	2	5	0.54		298		0.31
HELOC	4,314	64	276,278		11	2	4	17	0.39		2,182		0.79
Consumer	6,300	11	69,959		22	9	40	71	1.13		344		0.49
	41,836	489	$	20,475,933	101	43	132	276	0.66	%	$	53,788	0.26	%

March 31, 2025
Multi-Family	1,901	2,560	$	4,867,340	12	—	3	15	0.79	%	$	15,220	0.31	%
Commercial Real Estate	1,288	2,826	3,639,477		2	1	2	5	0.39		3,821		0.10
Commercial & Industrial	2,057	1,159	2,384,745		10	1	10	21	1.02		53		—
Construction	370	3,274	1,211,336		—	—	—	—	—		—		—
Land - Acquisition & Development	70	1,944	136,061		—	—	—	—	—		—		—
Single-Family Residential	21,516	384	8,264,318		46	15	60	121	0.56		34,312		0.42
Construction - Custom	266	517	137,501		—	—	2	2	0.75		848		0.62
Land - Consumer Lot Loans	976	104	101,784		1	—	2	3	0.31		175		0.17
HELOC	4,473	64	288,228		12	6	6	24	0.54		2,835		0.98
Consumer	8,463	11	91,920		22	18	42	82	0.97		683		0.74
	41,380	510	$	21,122,710	105	41	127	273	0.66	%	$	57,947	0.27	%


Tangible Common Shareholders' Book Value	As of 03/25		As of 06/25		As of 09/25
$ Amount	$	2,285,960	$	2,270,034	$	2,297,482
Per Share	28.31		28.69		29.38

# of Employees	2,018		2,004		1,979

Investments
Available-for-sale:
Agency MBS	$	2,074,672	$	2,411,707	$	2,603,153
Other	1,068,091		975,790		930,048
	$	3,142,763	$	3,387,497	$	3,533,201
Held-to-maturity:
Agency MBS	$	526,502	$	512,854	$	645,802
	$	526,502	$	512,854	$	645,802


	03/25 QTR		03/25 YTD		06/25 QTR		06/25 YTD		09/25 QTR		09/25 YTD
MBS Repayments	$	59,306	$	127,593	$	94,310	$	221,903	$	113,640	$	335,543
MBS Net Premium Amortization	$	877	$	1,311	$	1,014	$	2,325	$	2,796	$	5,121


	03/25 QTR		03/25 YTD		06/25 QTR		06/25 YTD		09/25 QTR		09/25 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings	$	(1,811)	$	(4,731)	$	(1,149)	$	(5,880)	$	(1,162)	$	(7,042)


Interest Rate Risk(b)	As of 03/25			As of 06/25			As of 09/25

NPV post up 100 bps shock		10.0	%		10.6	%		10.9	%
NPV post down 100 bps shock		12.2	%		12.6	%		12.9	%
Change in NII after up 100 bps shock		0.5	%		1.1	%		(0.1	%)
Change in NII after down 100 bps shock		4.4	%		4.0	%		4.8	%
(b)Assumes no balance sheet management actions taken.


Historical CPR Rates (c)
Average for Quarter Ended:	WAFD SFR Mortgages		WAFD GSE MBS
9/30/2023	7.0	%	14.5	%
12/31/2023	6.6	%	9.7	%
3/31/2024	4.8	%	8.7	%
6/30/2024	6.6	%	12.0	%
9/30/2024	8.6	%	12.9	%
12/31/2024	8.1	%	12.7	%
3/31/2025	8.1	%	9.1	%
6/30/2025	9.0	%	12.5	%
9/30/2025	7.5	%	13.7	%


			WaFd Fact Sheet Q4 2025			1


			WaFd Fact Sheet Q4 2025			2


			WaFd Fact Sheet Q4 2025			3


			WaFd Fact Sheet Q4 2025			4