Document



Uncertainty seems to be our new reality, not just in the banking sector, but also in the broader global context. Our strong foundation enabled us to deliver for our customers even during uncertain times. During the quarter, we executed on our strategic plan and grew our active loan segments by 12% annualized. Given our growth in loans, notable improvements in asset quality metrics, and a widening margin, we see a bright future in spite of current uncertainties. Our stock was trading near tangible book value for the majority of the quarter, so we aggressively bought back shares at less than 1.1x tangible book value. We were able to buy back 3.6% of total outstanding shares during the quarter. Our return on tangible common equity was 10.8% making it one of the best investment alternatives available to us. Credit goes to our amazing team of bankers that is working hard to deliver for our clients."
Brent Beardall President and CEO of WaFd Bank



Net Interest Income and NIM	■$178 million net interest income for the quarter compared to $171 million in Q1. ■Net interest margin at 2.81% for the quarter compared to 2.70% for Q1.	Credit Quality	■Non-performing assets down $71 million to 0.48% of total assets compared to 0.75% for Q1. ■Delinquencies down $58 million to 0.78% of total loans compared to 1.07% for Q1.

Non-Interest Income and Expense	■Non-interest income was stable and non-interest expense up $4 million compared to prior quarter. ■Efficiency ratio increased to 55.66% compared to 55.25% in the prior quarter as a result of a higher increase in expenses compared to income.	Shareholder Returns and Stock Activity	■On February 27, 2026, the Company paid a cash dividend of $0.27 per share, 172nd consecutive quarterly dividend paid. ■2,738,096 shares were repurchased during the quarter at a weighted average price of $31.85 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 $65,548,000 for the quarter ended March 31, 2026, an increase of 2% from net earnings of $64,196,000 for the quarter ended December 31, 2025 and an increase of 17% from net earnings of $56,252,000 for the quarter ended March 31, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.82 per diluted share for the quarter ended March 31, 2026, compared to $0.79 per diluted share for the quarter ended December 31, 2025, and $0.65 per diluted share for the quarter ended March 31, 2025, a $0.17 or 26% 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)	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
BALANCE SHEET
Cash	$	669,799		$	734,915		$	657,310		$	809,252		$	1,231,461
Loans receivable, net	19,966,983			19,848,156			20,088,618			20,277,164			20,920,001
Allowance for credit losses ("ACL")	224,450			221,039			221,220			219,268			222,709

Available-for-sale securities, at fair value	4,352,258			4,142,285			3,533,201			3,387,497			3,142,763
Held-to-maturity securities, at amortized cost	745,727			764,794			645,802			512,854			526,502
Total investments	5,097,985			4,907,079			4,179,003			3,900,351			3,669,265
Total assets	27,568,785			27,285,744			26,699,699			26,731,915			27,644,637
Transaction deposits	12,746,921			12,865,974			12,306,532			11,969,124			11,853,984
Time deposits	8,377,230			8,550,996			9,131,104			9,417,447			9,573,442
Total deposits	21,124,151			21,416,970			21,437,636			21,386,571			21,427,426
Borrowings and junior subordinated debentures	3,114,548			2,488,411			1,817,249			1,991,087			2,814,938
Total shareholders' equity	2,981,283			3,029,407			3,039,575			3,014,325			3,032,620
Loans to customer deposits	94.52		%	92.67		%	93.71		%	94.81		%	97.63		%

PROFITABILITY
Net income	$	65,548		$	64,196		$	60,597		$	61,952		$	56,252
Net income to common shareholders	61,892			60,540			56,941			58,296			52,596
Earnings per common share	0.82			0.79			0.72			0.73			0.65
Return on tangible common equity1	10.82		%	10.57		%	9.99		%	10.20		%	9.18		%
Return on tangible assets1	0.97		%	0.97		%	0.93		%	0.94		%	0.84		%
Net interest margin	2.81		%	2.70		%	2.71		%	2.69		%	2.55		%
Efficiency ratio	55.66		%	55.25		%	56.82		%	56.01		%	58.31		%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	36.30		$	35.70		$	35.04		$	34.30		$	33.84
Tangible common shareholders' equity per share1	30.27			29.91			29.38			28.69			28.31
Shareholders' equity to total assets	10.81		%	11.10		%	11.38		%	11.28		%	10.97		%
Tangible shareholders' equity to tangible assets1	9.35		%	9.64		%	9.89		%	9.78		%	9.51		%
Common shares outstanding	73,855,919			76,448,351			78,186,520			79,130,276			80,758,674
Preferred shares outstanding	300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY
ACL to gross loans	1.05		%	1.05		%	1.04		%	1.03		%	1.01		%
Non-accrual loans to net loans	0.62		%	0.96		%	0.64		%	0.41		%	0.29		%
Delinquencies to net loans	0.78		%	1.07		%	0.60		%	0.26		%	0.27		%
Non-performing assets to total assets	0.48		%	0.75		%	0.54		%	0.36		%	0.26		%

Total criticized loans to net loans	4.24		%	4.60		%	4.39		%	4.07		%	3.32		%

Total adversely classified loans to net loans	2.60		%	2.94		%	3.16		%	3.54		%	2.53		%

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

Balance Sheet Total assets increased to $27.6 billion as of March 31, 2026, compared to $26.7 billion at September 30, 2025, primarily due to the purchase of investment securities during the period. Investment securities increased by $919 million, or 22.0% in the six months ended March 31, 2026, a result of $1.2 billion of purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 4.87%. Net loans decreased $122 million to $20.0 billion and cash increased $12 million, or 1.9% during same period.

Customer deposits totaled $21.1 billion as of March 31, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.41% as of March 31, 2026, compared to 2.69% at September 30, 2025. Transaction accounts increased by $440 million or 3.6% during the six months ended March 31, 2026, while time deposits decreased $754 million or 8.3%. As of March 31, 2026, 60.3% 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 80.4% of deposits at March 31, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.2% of total deposits as of March 31, 2026, a decrease from 26.2% as of September 30, 2025.

Loan originations for active loan types totaled $1.5 billion for the second fiscal quarter of 2026, compared to $1.1 billion of originations in the prior quarter. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $0.9 billion and $1.0 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 96% of all loan originations during the second fiscal quarter of 2026 and consumer loans accounted for the remaining 4%. The period end interest yield on the loan portfolio was 5.26% as of March 31, 2026, a decrease from 5.38% at September 30, 2025.

Tangible common equity per share is a key metric for our management team. For the six months ended March 31, 2026, tangible book value per share grew to $30.27 at March 31, 2026 from $29.38 as of 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 quarter, the Company repurchased 2,738,096 shares of common stock at a weighted average price of $31.85. In February, the WaFd, Inc. Board of Directors authorized an increase in shares available to be repurchased to a total of 10 million shares. Our share repurchase plan currently has a remaining authorization of 8.0 million shares which, depending on share price, provides a compelling investment alternative.

Credit Quality Considering the shifting economic and monetary environment, further impacted by recent global developments, credit quality continues to be monitored closely. As of March 31, 2026, non-performing assets decreased to $132 million, or 0.48% of total assets, from $203 million, or 0.75%, at December 31, 2025 and from $143 million, or 0.54%, at September 30, 2025. The change is due to non-accrual loans decreasing by $4.8 million, or 4%, since September 30, 2025 combined with decreases in real estate owned ("REO") of $3.0 million and other property owned of $3.3 million during the same time frame. Delinquent loans increased to 0.78% of total loans at March 31, 2026, compared to 0.60% at September 30, 2025 but decreased compared to 1.07% at December 31, 2025.

Return on common shareholders' equity for the quarter ended March 31, 2026 was 9.05% compared to 8.86% for the quarter ended December 31, 2025. Adjusted for certain non-operating items, return on equity for the quarter was 9.12% compared to adjusted return on equity of 8.49% the prior quarter. Return on assets for the quarter ended March 31, 2026 was 0.96%, unchanged from the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter was 0.97% compared to adjusted return on assets of 0.92% 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 7:00 am Pacific Time on Friday April 17, 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/BI3742b47b9d1546a6a24d982d3a85576b). The Company uses its website to distribute financial and other material information about the Company.


	March 31, 2026			September 30, 2025
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents		$	669,799		$	657,310
Available-for-sale securities, at fair value		4,352,258			3,533,201
Held-to-maturity securities, at amortized cost		745,727			645,802
Loans receivable, net of allowance for loan losses of $201,950 and $199,720		19,966,983			20,088,618
Interest receivable		98,856			98,589
Premises and equipment, net		294,033			261,271
Real estate owned		8,125			11,084
FHLB stock		146,351			88,068
Bank owned life insurance		279,097			275,159
Intangible assets, including goodwill of $418,447 and $414,722		445,511			442,093
Federal and state income tax assets		106,063			112,784
Other assets		455,982			485,720
		$	27,568,785		$	26,699,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits		$	12,746,921		$	12,306,532
Time deposits		8,377,230			9,131,104
Total customer deposits		21,124,151			21,437,636
Borrowings		3,062,441			1,765,604
Junior subordinated debentures		52,107			51,645
Advance payments by borrowers for taxes and insurance		45,356			59,845
Federal and state income tax liabilities		470			—
Accrued expenses and other liabilities		302,977			345,394
		24,587,502			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; 154,758,612 and 154,408,001 shares issued; 73,855,919 and 78,186,520 shares outstanding		154,759			154,408
Additional paid-in capital		2,169,653			2,163,276
Accumulated other comprehensive income (loss), net of taxes		55,085			56,950
Treasury stock, at cost 80,902,693 and 76,221,481 shares		(1,885,828)			(1,740,761)
Retained earnings		2,187,614			2,105,702
		2,981,283			3,039,575
		$	27,568,785		$	26,699,699


	Three Months Ended March 31,						Six Months Ended March 31,
	2026			2025			2026		2025
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	262,148		$	282,077	$	526,355	$	568,674
Mortgage-backed securities		44,341			23,926		83,243		42,263
Investment securities and cash equivalents		18,245			30,081		37,632		70,264
		324,734			336,084		647,230		681,201
INTEREST EXPENSE
Customer accounts		125,999			151,948		262,213		314,098
Borrowings and junior subordinated debentures		21,165			23,226		36,336		50,762
		147,164			175,174		298,549		364,860
Net interest income		177,570			160,910		348,681		316,341
Provision (release) for credit losses		4,000			2,750		7,500		2,750
Net interest income after provision (release)		173,570			158,160		341,181		313,591
NON-INTEREST INCOME
Gain (loss) on sale of investment securities		—			—		—		20
Gain (loss) on termination of hedging derivatives		426			65		450		70

Loan fee income		2,216			1,812		3,570		3,157
Deposit fee income		7,674			7,057		15,532		14,103
Other income		9,497			9,947		20,516		17,233
Total non-interest income		19,813			18,881		40,068		34,583
NON-INTEREST EXPENSE
Compensation and benefits		57,120			52,710		111,310		112,637
Occupancy		11,711			11,499		22,881		22,287
FDIC insurance premiums		5,050			5,800		10,450		10,650
Product delivery		7,110			6,907		13,684		12,692
Information technology		15,919			14,481		30,303		28,673
Other expense		12,947			13,435		26,950		29,204
Total non-interest expense		109,857			104,832		215,578		216,143
Gain (loss) on real estate owned, net		280			(199)		436		230
Income before income taxes		83,806			72,010		166,107		132,261
Income tax provision		18,258			15,758		36,363		28,742
Net income		65,548			56,252		129,744		103,519
Dividends on preferred stock		3,656			3,656		7,312		7,312
Net income available to common shareholders		$	61,892		$	52,596	$	122,432	$	96,207


	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
		(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	262,148		$	264,207		$	271,787		$	279,476		$	282,077
Mortgage-backed securities		44,341			38,902			32,953			27,855			23,926
Investment securities and cash equivalents		18,245			19,387			21,794			24,383			30,081
		324,734			322,496			326,534			331,714			336,084
INTEREST EXPENSE
Customer accounts		125,999			136,214			143,874			146,735			151,948
Borrowings and junior subordinated debentures		21,165			15,171			12,754			16,991			23,226
		147,164			151,385			156,628			163,726			175,174
Net interest income		177,570			171,111			169,906			167,988			160,910
Provision for credit losses		4,000			3,500			3,000			2,000			2,750
Net interest income after provision		173,570			167,611			166,906			165,988			158,160
NON-INTEREST INCOME
Gain on sale of investment securities		—			—			—			—			—
Gain on termination of hedging derivatives		426			24			32			56			65

Loan fee income		2,216			1,354			2,081			1,650			1,812
Deposit fee income		7,674			7,858			7,959			7,588			7,057
Other income		9,497			11,019			8,319			8,979			9,947
Total non-interest income		19,813			20,255			18,391			18,273			18,881
NON-INTEREST EXPENSE
Compensation and benefits		57,120			54,190			56,028			53,481			52,710
Occupancy		11,711			11,170			10,895			11,755			11,499
FDIC insurance premiums		5,050			5,400			4,400			5,150			5,800
Product delivery		7,110			6,574			6,558			6,621			6,907
Information technology		15,919			14,384			16,406			15,022			14,481
Other expense		12,947			14,003			12,706			12,298			13,435
Total non-interest expense		109,857			105,721			106,993			104,327			104,832
Gain (loss) on real estate owned, net		280			156			(681)			(176)			(199)
Income before income taxes		83,806			82,301			77,623			79,758			72,010
Income tax provision		18,258			18,105			17,026			17,806			15,758
Net income		65,548			64,196			60,597			61,952			56,252
Dividends on preferred stock		3,656			3,656			3,656			3,656			3,656
Net income available to common shareholders		$	61,892		$	60,540		$	56,941		$	58,296		$	52,596


	Three Months Ended
	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
		(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share		$	0.82			$	0.79			$	0.73			$	0.73			$	0.65
Diluted earnings per common share		0.82				0.79				0.72				0.73				0.65
Cash dividends per common share		0.27				0.27				0.27				0.27				0.27
Basic weighted average shares outstanding		75,487,399				76,969,729				78,509,472				79,888,520				81,061,206
Diluted weighted average shares outstanding		75,574,228				77,015,554				78,573,457				79,907,672				81,105,536
PERFORMANCE RATIOS
Return on average assets		0.96		%		0.96		%		0.91		%		0.92		%		0.82		%
Return on average common equity		9.05				8.86				8.36				8.54				7.68
Net interest margin		2.81				2.70				2.71				2.69				2.55
Efficiency ratio		55.66				55.25				56.82				56.01				58.31

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	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025			March 31, 2025
	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP		$	2,981,283			$	3,029,407			$	3,039,575		$	3,014,325			$	3,032,620
Less intangible assets - GAAP		445,511				443,085				442,093			444,291				446,660
Tangible shareholders' equity		$	2,535,772			$	2,586,322			$	2,597,482		$	2,570,034			$	2,585,960
Less preferred stock - GAAP		300,000				300,000				300,000			300,000				300,000
Tangible common shareholders' equity		$	2,235,772			$	2,286,322			$	2,297,482		$	2,270,034			$	2,285,960

Total assets - GAAP		$	27,568,785			$	27,285,744			$	26,699,699		$	26,731,915			$	27,644,637
Less intangible assets - GAAP		445,511				443,085				442,093			444,291				446,660
Tangible assets		$	27,123,274			$	26,842,659			$	26,257,606		$	26,287,624			$	27,197,977

Tangible Metrics
Common shares outstanding - GAAP		73,855,919				76,448,351				78,186,520			79,130,276				80,758,674
Tangible common equity per share		$	30.27			$	29.91			$	29.38		$	28.69			$	28.31
Tangible equity to tangible assets		9.35		%		9.64		%		9.89		%	9.78		%		9.51		%


		Three Months Ended
Average Tangible Measures	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025			March 31, 2025
		(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP		$	3,034,123			$	3,033,933			$	3,023,098		$	3,030,745			$	3,039,021
Less average preferred stock - GAAP		300,000				300,000				300,000			300,000				300,000
Less average intangible assets - GAAP		445,155				442,226				443,382			445,733				448,272
Average tangible common equity		$	2,288,968			$	2,291,707			$	2,279,716		$	2,285,012			$	2,290,749

Average Assets - GAAP		$	27,350,614			$	26,852,389			$	26,540,782		$	26,813,500			$	27,371,320
Less average intangible assets - GAAP		445,155				442,226				443,382			445,733				448,272
Average tangible assets		$	26,905,459			$	26,410,163			$	26,097,400		$	26,367,767			$	26,923,048

Average Tangible Metrics
Net income - GAAP		65,548				64,196				60,597			61,952				56,252
Net income available to common shareholders' - GAAP		61,892				60,540				56,941			58,296				52,596
Return on tangible common equity		10.82		%		10.57		%		9.99		%	10.20		%		9.18		%
Return on tangible assets		0.97		%		0.97		%		0.93		%	0.94		%		0.84		%


		Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025
		(Unaudited - In thousands, except for share and ratio data)



Non-interest income adjustments
(Gain)Loss on sale of branch property		$	27		$	(3,214)		$	467	$	4		$	—
Distribution received on LBC equity method investment		(225)			(237)			(251)		(255)			(257)
(Gain)Loss on WaFd Bank equity method investment		1,072			408			(815)		304			(155)
Total non-interest income adjustments		$	874		$	(3,043)		$	(599)	$	53		$	(412)











Net Income - GAAP		$	65,548		$	64,196		$	60,597	$	61,952		$	56,252

Interest income adjustments		—			—			—		—			—
Non-interest income adjustments		874			(3,043)			(599)		53			(412)
Non-interest expense adjustments		—			—			—		—			—
REO adjustments		(280)			(156)			681		176			199
Income tax adjustment		(129)			704			(18)		(51)			47
Net Income - non-GAAP		$	66,013		$	61,701		$	60,661	$	62,130		$	56,086

Dividend on preferred stock		3,656			3,656			3,656		3,656			3,656
Net Income available to common shareholders' - non-GAAP		$	62,357		$	58,045		$	57,005	$	58,474		$	52,430

Basic weighted average number of shares outstanding - GAAP		75,487,399			76,969,729			78,509,472		79,888,520			81,061,206
Diluted weighted average number of shares outstanding - GAAP		75,574,228			77,015,554			78,573,457		79,907,672			81,105,536

Basic EPS - non-GAAP		$	0.83		$	0.75		$	0.73	$	0.73		$	0.65
Diluted EPS - non-GAAP		0.83			0.75			0.73		0.73			0.65


		Three Months Ended
Adjusted Efficiency Ratio	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025			March 31, 2025
		(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP		55.7		%		55.3		%		56.8		%	56.0		%		58.3		%

Net interest income - GAAP		$	177,570			$	171,111			$	169,906		$	167,988			$	160,910
Total interest income adjustments		—				—				—			—				—
Net interest income - non-GAAP		$	177,570			$	171,111			$	169,906		$	167,988			$	160,910

Non-interest expense - GAAP		$	109,857			$	105,721			$	106,993		$	104,327			$	104,832

Less non-operating expenses		—				—				—			—				—
Non-interest Expenses - non-GAAP		$	109,857			$	105,721			$	106,993		$	104,327			$	104,832

Non-interest income - GAAP		$	19,813			$	20,255			$	18,391		$	18,273			$	18,881
Total other income adjustments		874				(3,043)				(599)			53				(412)
Non-interest income - non-GAAP		$	20,687			$	17,212			$	17,792		$	18,326			$	18,469

Net Interest Income - non-GAAP		$	177,570			$	171,111			$	169,906		$	167,988			$	160,910
Non-interest income - non-GAAP		20,687				17,212				17,792			18,326				18,469
Total Income - non-GAAP		$	198,257			$	188,323			$	187,698		$	186,314			$	179,379

Adjusted Efficiency Ratio		55.4		%		56.1		%		57.0		%	56.0		%		58.4		%


		Three Months Ended
Adjusted ROA and ROE	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025			March 31, 2025
		(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP		$	65,548			$	64,196			$	60,597		$	61,952			$	56,252
Net income available to common shareholders - GAAP		$	61,892			$	60,540			$	56,941		$	58,296			$	52,596

Average Assets		27,350,614				26,852,389				26,540,782			26,813,500				27,371,320
Return on Assets		0.96		%		0.96		%		0.91		%	0.92		%		0.82		%

Average Common Equity		$	2,734,123			$	2,733,933			$	2,723,098		$	2,730,745			$	2,739,021
Return on Common Equity		9.05		%		8.86		%		8.36		%	8.54		%		7.68		%

Adjusted:
Net Income - non-GAAP		$	66,013			$	61,701			$	60,661		$	62,130			$	56,086
Net income available to common shareholders - non-GAAP		$	62,357			$	58,045			$	57,005		$	58,474			$	52,430

Average Assets		27,350,614				26,852,389				26,540,782			26,813,500				27,371,320
Adjusted Return on Assets		0.97		%		0.92		%		0.91		%	0.93		%		0.82		%

Average Common Equity		2,734,123				2,733,933				2,723,098			2,730,745				2,739,021
Adjusted Return on Common Equity		9.12		%		8.49		%		8.37		%	8.57		%		7.66		%

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, 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	5.26	%	5.38	%
Mortgage-backed securities	4.45		4.44
Combined cash, investments and FHLB stock	4.22		4.96
Interest-earning assets	5.06		5.23
Interest-bearing customer accounts	2.74		2.95
Borrowings1	3.01		2.50
Interest-bearing liabilities	2.78		2.91
Net interest spread	2.28		2.32
Net interest margin	2.81		2.82



$66 Million	$0.82	0.96%	10.8%
Net Income	Diluted Earnings per Common Share	Return on Average Assets	Return on Tangible Common Equity1


			Thursday, April 16, 2026 FOR IMMEDIATE RELEASE