Document



We are off to a solid start in fiscal 2026, with a 10% increase in earnings per share on a linked quarter basis and a 46% increase compared to the same period last year. Earnings were driven by a steady margin, increases in other income and lower expenses. Increases in delinquent and non-performing loans have our full attention, yet current levels reflect normal stress in a diversified portfolio. We believe we are well reserved for any losses that may materialize. Loan demand has been modest, yet I am encouraged by recent client inquiries and believe we are poised for stronger loan production in the coming months. In the meantime, we have taken decisive action by repurchasing shares at attractive valuations—0.99 times tangible book value—which has contributed to our increased earnings per share and a 7.1% annualized growth in tangible book value per share.
Brent Beardall President and CEO of WaFd Bank

Net Interest Income and NIM

■$171 million net interest income for the quarter compared to $170 million in Q4 fiscal 2025.

■Net interest margin at 2.70% for the quarter compared to 2.71% for Q4.

Credit Quality

■Non-performing assets up $60 million at 0.75% of total assets compared to 0.54% for Q4 2025.

■Delinquencies up $92 million to 1.07% of total loans compared to 0.60% for Q4 2025.

Non-Interest Income and Expense

■Non-interest income up $2 million and non-interest expense down $1 million compared to prior quarter.

■Efficiency ratio decreased to 55.25% compared to 56.82% in the prior quarter as a result of the increased net interest income and lower expenses.

Shareholder Returns and Stock Activity

■On December 5, 2025, the Company paid a cash dividend of $0.27 per share, 171st consecutive quarterly dividend paid.

■1,950,013 shares were repurchased during the quarter at a weighted average price of $29.75 per share.

1 Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (or the "Bank"), today announced quarterly earnings of $64,196,000 for the quarter ended December 31, 2025, an increase of 6% from net earnings of $60,597,000 for the quarter ended September 30, 2025 and an increase of 36% from net earnings of $47,267,000 for the quarter ended December 31, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $0.79 per diluted share for the quarter ended December 31, 2025, compared to $0.72 per diluted share for the quarter ended September 30, 2025, and $0.54 per diluted share for the quarter ended December 31, 2024, a $0.25 or 46% increase 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)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
BALANCE SHEET
Cash	$	734,915		$	657,310		$	809,252		$	1,231,461		$	1,507,735
Loans receivable, net	19,848,156			20,088,618			20,277,164			20,920,001			21,060,501
Allowance for credit losses ("ACL")	221,039			221,220			219,268			222,709			225,022

Available-for-sale securities, at fair value	4,142,285			3,533,201			3,387,497			3,142,763			2,743,731
Held-to-maturity securities, at amortized cost	764,794			645,802			512,854			526,502			537,348
Total investments	4,907,079			4,179,003			3,900,351			3,669,265			3,281,079
Total assets	27,285,744			26,699,699			26,731,915			27,644,637			27,684,454
Transaction deposits	12,865,974			12,306,532			11,969,124			11,853,984			11,853,859
Time deposits	8,550,996			9,131,104			9,417,447			9,573,442			9,584,918
Total deposits	21,416,970			21,437,636			21,386,571			21,427,426			21,438,777
Borrowings and junior subordinated debentures	2,488,411			1,817,249			1,991,087			2,814,938			2,914,627
Total shareholders' equity	3,029,407			3,039,575			3,014,325			3,032,620			3,021,636
Loans to customer deposits	92.67%		%	93.71%		%	94.81%		%	97.63%		%	98.24%		%

PROFITABILITY
Net income	$	64,196		$	60,597		$	61,952		$	56,252		$	47,267
Net income to common shareholders	60,540			56,941			58,296			52,596			43,611
Earnings per common share	0.79			0.72			0.73			0.65			0.54
Return on tangible common equity1	10.57%		%	9.99%		%	10.20%		%	9.18%		%	7.69%		%
Return on tangible assets1	0.97%		%	0.93%		%	0.94%		%	0.84%		%	0.70%		%
Net interest margin	2.70%		%	2.71%		%	2.69%		%	2.55%		%	2.39%		%
Efficiency ratio	55.25%		%	56.82%		%	56.01%		%	58.31%		%	65.04%		%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	35.70		$	35.04		$	34.30		$	33.84		$	33.45
Tangible common shareholders' equity per share1	29.91			29.38			28.69			28.31			27.93
Shareholders' equity to total assets	11.10%		%	11.38%		%	11.28%		%	10.97%		%	10.91%		%
Tangible shareholders' equity to tangible assets1	9.64%		%	9.89%		%	9.78%		%	9.51%		%	9.45%		%
Common shares outstanding	76,448,351			78,186,520			79,130,276			80,758,674			81,373,760
Preferred shares outstanding	300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY
ACL to gross loans	1.05%		%	1.04%		%	1.03%		%	1.01%		%	1.00%		%
Non-accrual loans to net loans	0.96%		%	0.64%		%	0.41%		%	0.29%		%	0.34%		%
Delinquencies to net loans	1.07%		%	0.60%		%	0.26%		%	0.27%		%	0.30%		%
Non-performing assets to total assets	0.75%		%	0.54%		%	0.36%		%	0.26%		%	0.29%		%

Total criticized loans to net loans	4.60%		%	4.39%		%	4.07%		%	3.32%		%	2.54%		%

Total adversely classified loans to net loans	2.94%		%	3.16%		%	3.54%		%	2.53%		%	1.97%		%

1Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures.

Customer deposits totaled $21.4 billion as of December 31, 2025, largely unchanged from September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.56% as of December 31, 2025, compared to 2.69% at September 30, 2025. Transaction accounts increased by $559 million or 4.5% during the period, while time deposits decreased $580 million or 6.4%. As of December 31, 2025, 60.1% of the Company’s deposits were transaction accounts, an increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 79.7% of deposits at December 31, 2025, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 26.2% of total deposits as of December 31, 2025, an increase from 24.7% as of September 30, 2025.

Loan originations for active loan types totaled $1.1 billion for the first fiscal quarter of 2026, compared to $1.4 billion of originations in the prior quarter. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $1.0 billion and $1.2 billion, respectively. Active loan types include the commercial segment and the consumer portfolio. Inactive loan-types include all consumer residential portfolios. These loan types had repayments of $0.3 billion during the quarter. Commercial loans represented 94% of all loan originations during the first fiscal quarter of 2026 and consumer loans accounted for the remaining 6%. The period end interest yield on the loan portfolio was 5.24% as of December 31, 2025, a decrease from 5.38% as of September 30, 2025.

Tangible common equity per share is a key metric for our management team. For the three months ended December 31, 2025, tangible book value per share grew from $29.38 as of September 30, 2025 to $29.91. 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 1,950,013 shares of common stock at a weighted average price of $29.75. Our share repurchase plan currently has a remaining authorization of 6.3 million shares which, depending on share price, provides a compelling investment alternative.

Credit Quality Credit quality continues to be closely monitored with the shifting economic and monetary environment. As of December 31, 2025, non-performing assets increased to $203 million, or 0.75% of total assets, from $143 million, or 0.54%, at September 30, 2025. The change is due to non-accrual loans increasing by $62.7 million, or 49%, since September 30, 2025 offset by a decrease in real estate owned ("REO") of $2.3 million during the same time frame. Delinquent loans increased to 1.07% of total loans at December 31, 2025, compared to 0.60% at September 30, 2025. The current quarter increase in non-performing assets is primarily the result of two commercial relationships over 90 days past due. Although appropriately non-accrual based on policy, it was determined no charge-offs were needed for these credits and management is actively collaborating with the borrowers.

Return on common shareholders' equity for the quarter ended December 31, 2025 was 8.86% compared to 8.36% for the quarter ended September 30, 2025. Adjusted for certain non-operating items, return on equity for the quarter was 8.49% compared to adjusted return on equity of 8.37% the prior quarter. Return on assets for the quarter ended December 31, 2025 was 0.96% compared to 0.91% for the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter is 0.92% compared to adjusted return on assets of 0.91% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

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 Pacific Time on Friday January 16, 2026. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link (https://register-conf.media-server.com/register/BI3c78563caa08404080a16d082e20e62f). The Company uses its website to distribute financial and other material information about the Company.


	December 31, 2025			September 30, 2025
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents		$	734,915		$	657,310
Available-for-sale securities, at fair value		4,142,285			3,533,201
Held-to-maturity securities, at amortized cost		764,794			645,802
Loans receivable, net of allowance for loan losses of $199,539 and $199,720		19,848,156			20,088,618
Interest receivable		97,650			98,589
Premises and equipment, net		270,552			261,271
Real estate owned		8,738			11,084
FHLB stock		118,218			88,068
Bank owned life insurance		277,121			275,159
Intangible assets, including goodwill of $416,247 and $414,722		443,085			442,093
Federal and state income tax assets		102,377			112,784
Other assets		477,853			485,720
		$	27,285,744		$	26,699,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits		$	12,865,974		$	12,306,532
Time deposits		8,550,996			9,131,104
Total customer deposits		21,416,970			21,437,636
Borrowings		2,436,532			1,765,604
Junior subordinated debentures		51,879			51,645
Advance payments by borrowers for taxes and insurance		20,688			59,845
Federal and state income tax liabilities		5,124			—
Accrued expenses and other liabilities		325,144			345,394
		24,256,337			23,660,124
Shareholders’ equity
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding		300,000			300,000
Common stock, $1.00 par value, 300,000,000 shares authorized; 154,616,464 and 154,408,001 shares issued; 76,448,351 and 78,186,520 shares outstanding		154,616			154,408
Additional paid-in capital		2,165,709			2,163,276
Accumulated other comprehensive income (loss), net of taxes		61,904			56,950
Treasury stock, at cost 78,168,113 and 76,221,481 shares		(1,798,702)			(1,740,761)
Retained earnings		2,145,880			2,105,702
		3,029,407			3,039,575
		$	27,285,744		$	26,699,699


	Three Months Ended December 31,
	2025			2024
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	264,207		$	286,597
Mortgage-backed securities		38,902			18,337
Investment securities and cash equivalents		19,387			40,183
		322,496			345,117
INTEREST EXPENSE
Customer accounts		136,214			162,150
Borrowings and junior subordinated debentures		15,171			27,536
		151,385			189,686
Net interest income		171,111			155,431
Provision (release) for credit losses		3,500			—
Net interest income after provision (release)		167,611			155,431
NON-INTEREST INCOME
Gain (loss) on sale of investment securities		—			20
Gain (loss) on termination of hedging derivatives		24			5

Loan fee income		1,354			1,345
Deposit fee income		7,858			7,046
Other income		11,019			7,286
Total non-interest income		20,255			15,702
NON-INTEREST EXPENSE
Compensation and benefits		54,190			59,927
Occupancy		11,170			10,788
FDIC insurance premiums		5,400			4,850
Product delivery		6,574			5,785
Information technology		14,384			14,192
Other expense		14,003			15,769
Total non-interest expense		105,721			111,311
Gain (loss) on real estate owned, net		156			429
Income before income taxes		82,301			60,251
Income tax provision		18,105			12,984
Net income		64,196			47,267
Dividends on preferred stock		3,656			3,656
Net income available to common shareholders		$	60,540		$	43,611


	Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
		(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	264,207		$	271,787		$	279,476		$	282,077		$	286,597
Mortgage-backed securities		38,902			32,953			27,855			23,926			18,337
Investment securities and cash equivalents		19,387			21,794			24,383			30,081			40,183
		322,496			326,534			331,714			336,084			345,117
INTEREST EXPENSE
Customer accounts		136,214			143,874			146,735			151,948			162,150
Borrowings and junior subordinated debentures		15,171			12,754			16,991			23,226			27,536
		151,385			156,628			163,726			175,174			189,686
Net interest income		171,111			169,906			167,988			160,910			155,431
Provision for credit losses		3,500			3,000			2,000			2,750			—
Net interest income after provision		167,611			166,906			165,988			158,160			155,431
NON-INTEREST INCOME
Gain on sale of investment securities		—			—			—			—			20
Gain on termination of hedging derivatives		24			32			56			65			5

Loan fee income		1,354			2,081			1,650			1,812			1,345
Deposit fee income		7,858			7,959			7,588			7,057			7,046
Other income		11,019			8,319			8,979			9,947			7,286
Total non-interest income		20,255			18,391			18,273			18,881			15,702
NON-INTEREST EXPENSE
Compensation and benefits		54,190			56,028			53,481			52,710			59,927
Occupancy		11,170			10,895			11,755			11,499			10,788
FDIC insurance premiums		5,400			4,400			5,150			5,800			4,850
Product delivery		6,574			6,558			6,621			6,907			5,785
Information technology		14,384			16,406			15,022			14,481			14,192
Other expense		14,003			12,706			12,298			13,435			15,769
Total non-interest expense		105,721			106,993			104,327			104,832			111,311
Gain (loss) on real estate owned, net		156			(681)			(176)			(199)			429
Income before income taxes		82,301			77,623			79,758			72,010			60,251
Income tax provision		18,105			17,026			17,806			15,758			12,984
Net income		64,196			60,597			61,952			56,252			47,267
Dividends on preferred stock		3,656			3,656			3,656			3,656			3,656
Net income available to common shareholders		$	60,540		$	56,941		$	58,296		$	52,596		$	43,611


	Three Months Ended
	December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
		(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share		$	0.79			$	0.73			$	0.73			$	0.65			$	0.54
Diluted earnings per common share		0.79				0.72				0.73				0.65				0.54
Cash dividends per common share		0.27				0.27				0.27				0.27				0.26
Basic weighted average shares outstanding		76,969,729				78,509,472				79,888,520				81,061,206				81,294,227
Diluted weighted average shares outstanding		77,015,554				78,573,457				79,907,672				81,105,536				81,401,599
PERFORMANCE RATIOS
Return on average assets		0.96%		%		0.91%		%		0.92%		%		0.82%		%		0.69%		%
Return on average common equity		8.86				8.36				8.54				7.68				6.42
Net interest margin		2.70				2.71				2.69				2.55				2.39
Efficiency ratio		55.25				56.82				56.01				58.31				65.04

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.


Tangible Measures	December 31, 2025				September 30, 2025				June 30, 2025			March 31, 2025				December 31, 2024
	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP		$	3,029,407			$	3,039,575		$	3,014,325			$	3,032,620			$	3,021,636
Less intangible assets - GAAP		443,085				442,093			444,291				446,660				449,213
Tangible shareholders' equity		$	2,586,322			$	2,597,482		$	2,570,034			$	2,585,960			$	2,572,423
Less preferred stock - GAAP		300,000				300,000			300,000				300,000				300,000
Tangible common shareholders' equity		$	2,286,322			$	2,297,482		$	2,270,034			$	2,285,960			$	2,272,423

Total assets - GAAP		$	27,285,744			$	26,699,699		$	26,731,915			$	27,644,637			$	27,684,454
Less intangible assets - GAAP		443,085				442,093			444,291				446,660				449,213
Tangible assets		$	26,842,659			$	26,257,606		$	26,287,624			$	27,197,977			$	27,235,241

Tangible Metrics
Common shares outstanding - GAAP		76,448,351				78,186,520			79,130,276				80,758,674				81,373,760
Tangible common equity per share		$	29.91			$	29.38		$	28.69			$	28.31			$	27.93
Tangible equity to tangible assets		9.64		%		9.89		%	9.78		%		9.51		%		9.45		%


		Three Months Ended
Average Tangible Measures	December 31, 2025				September 30, 2025				June 30, 2025			March 31, 2025				December 31, 2024
		(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP		$	3,033,933			$	3,023,098		$	3,030,745			$	3,039,021			$	3,015,197
Less average preferred stock - GAAP		300,000				300,000			300,000				300,000				300,000
Less average intangible assets - GAAP		442,226				443,382			445,733				448,272				447,754
Average tangible common equity		$	2,291,707			$	2,279,716		$	2,285,012			$	2,290,749			$	2,267,443

Average Assets - GAAP		$	26,852,389			$	26,540,782		$	26,813,500			$	27,371,320			$	27,504,576
Less average intangible assets - GAAP		442,226				443,382			445,733				448,272				447,754
Average tangible assets		$	26,410,163			$	26,097,400		$	26,367,767			$	26,923,048			$	27,056,822

Average Tangible Metrics
Net income - GAAP		64,196				60,597			61,952				56,252				47,267
Net income available to common shareholders' - GAAP		60,540				56,941			58,296				52,596				43,611
Return on tangible common equity		10.57		%		9.99		%	10.20		%		9.18		%		7.69		%
Return on tangible assets		0.97		%		0.93		%	0.94		%		0.84		%		0.70		%


		Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items	December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025			December 31, 2024
		(Unaudited - In thousands, except for share and ratio data)
Interest income
LBC Hedge Valuation Adj		$	—		$	—	$	—		$	—		$	3,933

Non-interest income adjustments
(Gain)Loss on sale of branch property		$	(3,214)		$	467	$	4		$	—		$	195
Distribution received on LBC equity method investment		(237)			(251)		(255)			(257)			(279)
(Gain)Loss on WaFd Bank equity method investment		408			(815)		304			(155)			48
Total non-interest income adjustments		$	(3,043)		$	(599)	$	53		$	(412)		$	(36)

Non-interest expense adjustments
Acquisition-related expenses		$	—		$	—	$	—		$	—		$	239
Non-operating expenses:
Restructuring Charges		—			—		—			—			5,390



		—			—		—			—			5,390
Total non-interest expense adjustments		$	—		$	—	$	—		$	—		$	5,629

Net Income - GAAP		$	64,196		$	60,597	$	61,952		$	56,252		$	47,267

Interest income adjustments		—			—		—			—			3,933
Non-interest income adjustments		(3,043)			(599)		53			(412)			(36)
Non-interest expense adjustments		—			—		—			—			5,629
REO adjustments		(156)			681		176			199			(429)
Income tax adjustment		704			(18)		(51)			47			(1,960)
Net Income - non-GAAP		$	61,701		$	60,661	$	62,130		$	56,086		$	54,404

Dividend on preferred stock		3,656			3,656		3,656			3,656			3,656
Net Income available to common shareholders' - non-GAAP		$	58,045		$	57,005	$	58,474		$	52,430		$	50,748

Basic weighted average number of shares outstanding - GAAP		76,969,729			78,509,472		79,888,520			81,061,206			81,294,227
Diluted weighted average number of shares outstanding - GAAP		77,015,554			78,573,457		79,907,672			81,105,536			81,401,599

Basic EPS - non-GAAP		$	0.75		$	0.73	$	0.73		$	0.65		$	0.62
Diluted EPS - non-GAAP		0.75			0.73		0.73			0.65			0.62


		Three Months Ended
Adjusted Efficiency Ratio	December 31, 2025				September 30, 2025				June 30, 2025			March 31, 2025				December 31, 2024
		(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP		55.3		%		56.8		%	56.0		%		58.3		%		65.0		%

Net interest income - GAAP		$	171,111			$	169,906		$	167,988			$	160,910			$	155,431
Total interest income adjustments		—				—			—				—				3,933
Net interest income - non-GAAP		$	171,111			$	169,906		$	167,988			$	160,910			$	159,364

Non-interest expense - GAAP		$	105,721			$	106,993		$	104,327			$	104,832			$	111,311
Less merger related expenses		—				—			—				—				239
Less non-operating expenses		—				—			—				—				5,390
Non-interest Expenses - non-GAAP		$	105,721			$	106,993		$	104,327			$	104,832			$	105,682

Non-interest income - GAAP		$	20,255			$	18,391		$	18,273			$	18,881			$	15,702
Total other income adjustments		(3,043)				(599)			53				(412)				(36)
Non-interest income - non-GAAP		$	17,212			$	17,792		$	18,326			$	18,469			$	15,666

Net Interest Income - non-GAAP		$	171,111			$	169,906		$	167,988			$	160,910			$	159,364
Non-interest income - non-GAAP		17,212				17,792			18,326				18,469				15,666
Total Income - non-GAAP		$	188,323			$	187,698		$	186,314			$	179,379			$	175,030

Adjusted Efficiency Ratio		56.1		%		57.0		%	56.0		%		58.4		%		60.4		%


	Three Months Ended
Adjusted ROA and ROE	December 31, 2025			September 30, 2025				June 30, 2025			March 31, 2025				December 31, 2024
	(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP	$	64,196			$	60,597		$	61,952			$	56,252			$	47,267
Net income available to common shareholders - GAAP	$	60,540			$	56,941		$	58,296			$	52,596			$	43,611

Average Assets	26,852,389				26,540,782			26,813,500				27,371,320				27,504,576
Return on Assets	0.96		%		0.91		%	0.92		%		0.82		%		0.69		%

Average Common Equity	$	2,733,933			$	2,723,098		$	2,730,745			$	2,739,021			$	2,715,197
Return on common equity	8.86		%		8.36		%	8.54		%		7.68		%		6.42		%

Adjusted:
Net Income - non-GAAP	$	61,701			$	60,661		$	62,130			$	56,086			$	54,404
Net income available to common shareholders - non-GAAP	$	58,045			$	57,005		$	58,474			$	52,430			$	50,748

Average Assets	26,852,389				26,540,782			26,813,500				27,371,320				27,504,576
Adjusted Return on Assets	0.92		%		0.91		%	0.93		%		0.82		%		0.79		%

Average Common Equity	2,733,933				2,723,098			2,730,745				2,739,021				2,715,197
Adjusted Return on common equity	8.49		%		8.37		%	8.57		%		7.66		%		7.48		%

This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.

By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2025 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including through the use of artificial intelligence, such as security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, including a "Needs to Improve" CRA rating, which may impose restrictions or penalties on the Company's activities and changes in laws, regulations, or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiv) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.










Yield and margin as of period end
Loans receivable1	5.24%	%	5.38%	%
Mortgage-backed securities	4.49		4.44
Combined cash, investments and FHLB stock	4.24		4.96
Interest-earning assets	5.05		5.23
Interest-bearing customer accounts	2.76		2.95
Borrowings1	2.74		2.50
Interest-bearing liabilities	2.76		2.91
Net interest spread	2.29		2.32
Net interest margin	2.77		2.82


			Thursday, January 15, 2026 FOR IMMEDIATE RELEASE