Wafd Inc 8-K, filed Oct 16, 2026

Wafd Inc (WAFD)

8-K 2026-10-16 For: 2026-10-15

Added on October 19, 2026

About this 8-K

Wafd Inc filed this 8-K on October 16, 2026, reporting on events of October 15, 2026.

WaFd, Inc. reported fiscal 2026 net income of $255,865,000 and diluted EPS of $3.21, a 22% increase year-over-year. Fourth quarter net income was $59,991,000 with $0.76 diluted EPS, while non-performing assets and delinquencies each decreased 37% since June 30, 2026. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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	As of
(In thousands, except share and ratio data)	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
BALANCE SHEET
Cash	$	749,696		$	676,467		$	669,799		$	734,915		$	657,310
Loans receivable, net	19,041,263			20,017,876			19,966,983			19,848,156			20,088,618
Allowance for credit losses ("ACL")	214,594			233,831			224,450			221,039			221,220
Loans held for sale	428,944			—			—			—			—
Available-for-sale securities, at fair value	4,048,405			4,190,263			4,352,258			4,142,285			3,533,201
Held-to-maturity securities, at amortized cost	886,881			858,261			745,727			764,794			645,802
Total investments	4,935,286			5,048,524			5,097,985			4,907,079			4,179,003
Total assets	27,230,636			27,596,970			27,568,785			27,285,744			26,699,699
Transaction deposits	12,875,849			12,745,791			12,746,921			12,865,974			12,306,532
Time deposits	8,445,118			8,186,284			8,377,230			8,550,996			9,131,104
Total deposits	21,320,967			20,932,075			21,124,151			21,416,970			21,437,636
Borrowings, senior debt and junior subordinated debentures	2,545,972			3,315,697			3,114,548			2,488,411			1,817,249
Total shareholders' equity	3,000,469			3,022,569			2,981,283			3,029,407			3,039,575
Loans to customer deposits2	89.31		%	95.63		%	94.52		%	92.67		%	93.71		%

PROFITABILITY
Net income	$	59,991		$	66,130		$	65,548		$	64,196		$	60,597
Net income to common shareholders	56,335			62,474			61,892			60,540			56,941
Earnings per common share	0.76			0.84			0.82			0.79			0.72
Return on tangible common equity1	9.85		%	11.04		%	10.82		%	10.57		%	9.99		%
Return on tangible assets1	0.89		%	0.97		%	0.97		%	0.97		%	0.93		%
Net interest margin	2.81		%	2.81		%	2.81		%	2.70		%	2.71		%
Efficiency ratio	55.12		%	53.69		%	55.66		%	55.25		%	56.82		%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	36.48		$	36.81		$	36.30		$	35.70		$	35.04
Tangible common shareholders' equity per share1	30.51			30.82			30.27			29.91			29.38
Shareholders' equity to total assets	11.02		%	10.95		%	10.81		%	11.10		%	11.38		%
Tangible shareholders' equity to tangible assets1	9.55		%	9.50		%	9.35		%	9.64		%	9.89		%
Common shares outstanding	74,016,318			73,954,133			73,855,919			76,448,351			78,186,520
Preferred shares outstanding	300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY2
ACL to gross loans	1.04		%	1.08		%	1.05		%	1.05		%	1.04		%
Non-accrual loans to net loans	0.40		%	0.64		%	0.62		%	0.96		%	0.64		%
Delinquencies to net loans	0.50		%	0.75		%	0.78		%	1.07		%	0.60		%
Non-performing assets to total assets	0.32		%	0.49		%	0.48		%	0.75		%	0.54		%

Total criticized loans to net loans	4.66		%	4.93		%	4.24		%	4.60		%	4.39		%

Total adversely classified loans to net loans	2.56		%	2.59		%	2.60		%	2.94		%	3.16		%


	September 30, 2026			September 30, 2025
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents		$	749,696		$	657,310
Available-for-sale securities, at fair value		4,048,405			3,533,201
Held-to-maturity securities, at amortized cost		886,881			645,802
Loans receivable, net of allowance for loan losses of $199,594 and $199,720		19,041,263			20,088,618
Loans held for sale		428,944			—
Interest receivable		101,923			98,589
Premises and equipment, net		291,695			261,271
Real estate owned		10,202			11,084
FHLB stock		122,568			88,068
Bank owned life insurance		383,934			275,159
Intangible assets, including goodwill of $418,447 and $414,722		441,958			442,093
Federal and state income tax assets, net		127,425			112,784
Other assets		595,742			485,720
		$	27,230,636		$	26,699,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits		$	12,875,849		$	12,306,532
Time deposits		8,445,118			9,131,104
Total customer deposits		21,320,967			21,437,636
Borrowings		2,493,400			1,765,604
Junior subordinated debentures		52,572			51,645
Advance payments by borrowers for taxes and insurance		61,099			59,845

Accrued expenses and other liabilities		302,129			345,394
		24,230,167			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; 154,928,571 and 154,408,001 shares issued; 74,016,318 and 78,186,520 shares outstanding		154,929			154,408
Additional paid-in capital		2,179,512			2,163,276
Accumulated other comprehensive income (loss), net of taxes		(14,781)			56,950
Treasury stock, at cost; 80,912,253 and 76,221,481 shares		(1,886,265)			(1,740,761)
Retained earnings		2,267,074			2,105,702
		3,000,469			3,039,575
		$	27,230,636		$	26,699,699










Yield and margin as of period end
Loans receivable1	5.44	%	5.38	%
Mortgage-backed securities	4.52		4.44
Combined cash, investments and FHLB stock	4.23		4.96
Interest-earning assets	5.21		5.23
Interest-bearing customer accounts	2.85		2.95
Borrowings1	2.97		2.50
Interest-bearing liabilities	2.87		2.91
Net interest spread	2.34		2.32
Net interest margin	2.81		2.82


	Three months ended September 30,						Twelve months ended September 30,
	2026			2025			2026		2025
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	270,935		$	271,787	$	1,064,533	$	1,119,937
Mortgage-backed securities		47,463			32,953		177,275		103,071
Investment securities and cash equivalents		18,095			21,794		74,040		116,441
		336,493			326,534		1,315,848		1,339,449
INTEREST EXPENSE
Customer accounts		129,921			143,874		515,213		604,707
Borrowings, and junior subordinated debentures		24,219			12,754		88,263		80,507
		154,140			156,628		603,476		685,214
Net interest income		182,353			169,906		712,372		654,235
Provision (release) for credit losses		20,000			3,000		38,500		7,750
Net interest income after provision (release)		162,353			166,906		673,872		646,485
NON-INTEREST INCOME
Gain on sale of investment securities		—			—		112		20
Gain on termination of hedging derivatives		(19)			32		419		158
Gain on sale of loans		16,412			—		16,412		0
Loan fee income		2,731			2,081		8,482		6,888
Deposit fee income		8,253			7,959		31,927		29,650
Other income		10,707			8,319		44,978		34,531
Total non-interest income		38,084			18,391		102,330		71,247
NON-INTEREST EXPENSE
Compensation and benefits		59,985			56,028		228,694		222,146
Occupancy		13,064			10,895		47,787		44,937
FDIC insurance premiums		6,360			4,400		22,352		20,200
Product delivery		6,370			6,558		27,121		25,871
Information technology		17,441			16,406		63,901		60,101
Other expense		18,275			12,706		57,552		54,208
Total non-interest expense		121,495			106,993		447,407		427,463
Gain (loss) on real estate owned, net		(1,863)			(681)		(1,260)		(627)
Income before income taxes		77,079			77,623		327,535		289,642
Income tax provision		17,088			17,026		71,670		63,574
Net income		59,991			60,597		255,865		226,068
Dividends on preferred stock		3,656			3,656		14,625		14,625
Net income available to common shareholders		$	56,335		$	56,941	$	241,240	$	211,443





PER SHARE DATA
Basic earnings per common share	$	0.76		$	0.73		$	3.21		$	2.64
Diluted earnings per common share	0.76			0.72			3.21			2.63
Cash dividends per common share	0.27			0.27			1.08			1.07
Basic weighted average shares outstanding	74,001,170			78,509,472			75,091,220			80,184,395
Diluted weighted average shares outstanding	74,157,143			78,573,457			75,198,789			80,255,189
PERFORMANCE RATIOS
Return on average assets	0.87		%	0.91		%	0.94		%	0.84		%
Return on average common equity	8.25		%	8.36		%	8.85		%	7.75		%



We are pleased to report the results for our fiscal year end 2026, including increasing earnings per share by 22%, increasing our transaction deposit balances by 4.6%, and growing our active loan segments by 7.9% along with seeing significant improvements in asset quality measures. Specifically, both non-performing assets and delinquencies decreased by 37% since the June 30th quarter end. Asset quality measures improved primarily through the resolution of a large previously classified loan during the quarter resulting in a $36 million charge-off. Our balance sheet strength and resiliency were demonstrated this quarter, allowing us to handle the classified loan, while still delivering meaningful improvement in earnings to shareholders. In spite of the recent surge in interest rates to their highest level in the last twenty years, with the 10 year bond at levels above 5.20%, WaFd is well positioned to benefit from rising rates as our assets are expected to reprice more quickly than our liabilities resulting in expansion of our margin over the short term. "
Brent Beardall President and CEO of WaFd Bank


	Three Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
		(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	270,935		$	267,243		$	262,148		$	264,207		$	271,787
Mortgage-backed securities		47,463			46,569			44,341			38,902			32,953
Investment securities and cash equivalents		18,095			18,313			18,245			19,387			21,794
		336,493			332,125			324,734			322,496			326,534
INTEREST EXPENSE
Customer accounts		129,921			123,079			125,999			136,214			143,874
Borrowings and junior subordinated debentures		24,219			27,708			21,165			15,171			12,754
		154,140			150,787			147,164			151,385			156,628
Net interest income		182,353			181,338			177,570			171,111			169,906
Provision for credit losses		20,000			11,000			4,000			3,500			3,000
Net interest income after provision		162,353			170,338			173,570			167,611			166,906
NON-INTEREST INCOME
Gain on sale of investment securities		—			112			—			—			—
Gain on termination of hedging derivatives		(19)			(12)			426			24			32
Gain on sale of loans		16,412			—			—			—			—
Loan fee income		2,731			2,181			2,216			1,354			2,081
Deposit fee income		8,253			8,142			7,674			7,858			7,959
Other income		10,707			13,755			9,497			11,019			8,319
Total non-interest income		38,084			24,178			19,813			20,255			18,391
NON-INTEREST EXPENSE
Compensation and benefits		59,985			57,399			57,120			54,190			56,028
Occupancy		13,064			11,842			11,711			11,170			10,895
FDIC insurance premiums		6,360			5,542			5,050			5,400			4,400
Product delivery		6,370			7,067			7,110			6,574			6,558
Information technology		17,441			16,157			15,919			14,384			16,406
Other expense		18,275			12,327			12,947			14,003			12,706
Total non-interest expense		121,495			110,334			109,857			105,721			106,993
Gain (loss) on real estate owned, net		(1,863)			167			280			156			(681)
Income before income taxes		77,079			84,349			83,806			82,301			77,623
Income tax provision		17,088			18,219			18,258			18,105			17,026
Net income		59,991			66,130			65,548			64,196			60,597
Dividends on preferred stock		3,656			3,656			3,656			3,656			3,656
Net income available to common shareholders		$	56,335		$	62,474		$	61,892		$	60,540		$	56,941


Tangible Measures	September 30, 2026				June 30, 2026				March 31, 2026			December 31, 2025				September 30, 2025
	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP		$	3,000,469			$	3,022,569		$	2,981,283			$	3,029,407			$	3,039,575
Less intangible assets - GAAP		441,958				443,670			445,511				443,085				442,093
Tangible shareholders' equity		$	2,558,511			$	2,578,899		$	2,535,772			$	2,586,322			$	2,597,482
Less preferred stock - GAAP		300,000				300,000			300,000				300,000				300,000
Tangible common shareholders' equity		$	2,258,511			$	2,278,899		$	2,235,772			$	2,286,322			$	2,297,482

Total assets - GAAP		$	27,230,636			$	27,596,970		$	27,568,785			$	27,285,744			$	26,699,699
Less intangible assets - GAAP		441,958				443,670			445,511				443,085				442,093
Tangible assets		$	26,788,678			$	27,153,300		$	27,123,274			$	26,842,659			$	26,257,606

Tangible Metrics
Common shares outstanding - GAAP		74,016,318				73,954,133			73,855,919				76,448,351				78,186,520
Tangible common equity per share		$	30.51			$	30.82		$	30.27			$	29.91			$	29.38
Tangible equity to tangible assets		9.55		%		9.50		%	9.35		%		9.64		%		9.89		%


		Three Months Ended
Average Tangible Measures	September 30, 2026				June 30, 2026				March 31, 2026			December 31, 2025				September 30, 2025
		(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP		$	3,030,562			$	3,008,370		$	3,034,123			$	3,033,933			$	3,023,098
Less average preferred stock - GAAP		300,000				300,000			300,000				300,000				300,000
Less average intangible assets - GAAP		442,951				444,665			445,155				442,226				443,382
Average tangible common equity		$	2,287,611			$	2,263,705		$	2,288,968			$	2,291,707			$	2,279,716

Average Assets - GAAP		$	27,555,960			$	27,612,152		$	27,350,614			$	26,852,389			$	26,540,782
Less average intangible assets - GAAP		442,951				444,665			445,155				442,226				443,382
Average tangible assets		$	27,113,009			$	27,167,487		$	26,905,459			$	26,410,163			$	26,097,400

Average Tangible Metrics
Net income - GAAP		59,991				66,130			65,548				64,196				60,597
Net income available to common shareholders - GAAP		56,335				62,474			61,892				60,540				56,941
Return on tangible common equity		9.85		%		11.04		%	10.82		%		10.57		%		9.99		%
Return on tangible assets		0.89		%		0.97		%	0.97		%		0.97		%		0.93		%


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



Non-interest income adjustments
(Gain)Loss on sale of branch property		$	22		$	(3,205)	$	27		$	(3,214)		$	467
Distribution received on LBC equity method investment		(210)			(225)		(225)			(237)			(251)
(Gain)Loss on WaFd Bank equity method investment		422			(48)		1,072			408			(815)
Total non-interest income adjustments		$	234		$	(3,478)	$	874		$	(3,043)		$	(599)

Non-interest expense adjustments
Merger-related expenses		$	6,168		$	—	$	—		$	—		$	—






Total non-interest expense adjustments		$	6,168		$	—	$	—		$	—		$	—

Net Income - GAAP		$	59,991		$	66,130	$	65,548		$	64,196		$	60,597


Non-interest income adjustments		234			(3,478)		874			(3,043)			(599)
Non-interest expense adjustments		6,168			—		—			—			—
REO adjustments		1,863			(167)		(280)			(156)			681
Income tax adjustment		(1,832)			787		(129)			704			(18)
Net Income - non-GAAP		$	66,424		$	63,272	$	66,013		$	61,701		$	60,661

Dividend on preferred stock		3,656			3,656		3,656			3,656			3,656
Net Income available to common shareholders - non-GAAP		$	62,768		$	59,616	$	62,357		$	58,045		$	57,005

Basic weighted average number of shares outstanding - GAAP		74,001,170			73,901,725		75,487,399			76,969,729			78,509,472
Diluted weighted average number of shares outstanding - GAAP		74,157,143			74,046,838		75,574,228			77,015,554			78,573,457

Basic EPS - non-GAAP		$	0.85		$	0.81	$	0.83		$	0.75		$	0.73
Diluted EPS - non-GAAP		0.85			0.81		0.83			0.75			0.73


		Three Months Ended
Adjusted Efficiency Ratio	September 30, 2026				June 30, 2026				March 31, 2026			December 31, 2025				September 30, 2025
		(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP		55.1		%		53.7		%	55.7		%		55.3		%		56.8		%

Net interest income - GAAP		$	182,353			$	181,338		$	177,570			$	171,111			$	169,906
Total interest income adjustments		—				—			—				—				—
Net interest income - non-GAAP		$	182,353			$	181,338		$	177,570			$	171,111			$	169,906

Non-interest expense - GAAP		$	121,495			$	110,334		$	109,857			$	105,721			$	106,993
Less merger related expenses		6,168				—			—				—				—

Non-interest Expenses - non-GAAP		$	115,327			$	110,334		$	109,857			$	105,721			$	106,993

Non-interest income - GAAP		$	38,084			$	24,178		$	19,813			$	20,255			$	18,391
Total other income adjustments		234				(3,478)			874				(3,043)				(599)
Non-interest income - non-GAAP		$	38,318			$	20,700		$	20,687			$	17,212			$	17,792

Net Interest Income - non-GAAP		$	182,353			$	181,338		$	177,570			$	171,111			$	169,906
Non-interest income - non-GAAP		38,318				20,700			20,687				17,212				17,792
Total Income - non-GAAP		$	220,671			$	202,038		$	198,257			$	188,323			$	187,698

Adjusted Efficiency Ratio		52.3		%		54.6		%	55.4		%		56.1		%		57.0		%


	Three Months Ended
Adjusted ROA and ROE	September 30, 2026			June 30, 2026				March 31, 2026			December 31, 2025				September 30, 2025
	(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP	$	59,991			$	66,130		$	65,548			$	64,196			$	60,597
Net income available to common shareholders - GAAP	$	56,335			$	62,474		$	61,892			$	60,540			$	56,941

Average Assets	27,555,960				27,612,152			27,350,614				26,852,389				26,540,782
Return on Assets	0.87		%		0.96		%	0.96		%		0.96		%		0.91		%

Average Common Equity	$	2,730,562			$	2,708,370		$	2,734,123			$	2,733,933			$	2,723,098
Return on common equity	8.25		%		9.23		%	9.05		%		8.86		%		8.36		%

Adjusted:
Net Income - non-GAAP	$	66,424			$	63,272		$	66,013			$	61,701			$	60,661
Net income available to common shareholders - non-GAAP	$	62,768			$	59,616		$	62,357			$	58,045			$	57,005

Average Assets	27,555,960				27,612,152			27,350,614				26,852,389				26,540,782
Adjusted Return on Assets	0.96		%		0.92		%	0.97		%		0.92		%		0.91		%

Average Common Equity	2,730,562				2,708,370			2,734,123				2,733,933				2,723,098
Adjusted Return on common equity	9.19		%		8.80		%	9.12		%		8.49		%		8.37		%


	As of 03/26					As of 06/26					As of 09/26
Allowance for Credit Losses (ACL) - Total	$	224,450				$	233,831				$	214,594
ACL - Loans	201,950					214,831					199,594
ACL - Unfunded Commitments	22,500					19,000					15,000
Total ACL as a % of Gross Loans	1.05		%			1.08		%			1.04		%







Active Loan Types	03/26 QTR			03/26 YTD		06/26 QTR			06/26 YTD		09/26 QTR			09/26 YTD
Originations & Advances
Multi-Family	$	114,375		$	246,180	$	126,087		$	372,267	$	92,724		$	464,991
Commercial Real Estate	229,982			353,421		144,484			497,905		269,283			767,188
Commercial & Industrial	564,961			1,067,095		740,817			1,807,912		596,685			2,404,597
Construction	533,444			809,813		406,686			1,216,499		320,555			1,537,053
Land - Acquisition & Development	37,748			56,398		38,505			94,903		44,786			139,689
Consumer	41,550			82,295		43,280			125,575		36,151			161,726
	$	1,522,060		$	2,615,202	$	1,499,859		$	4,115,061	$	1,360,184		$	5,475,244
Repayments & Payoffs
Multi-Family	$	144,320		$	314,210	$	201,518		$	515,728	$	241,112		$	756,840
Commercial Real Estate	132,833			324,429		209,236			533,665		128,180			661,845
Commercial & Industrial	297,043			668,831		423,451			1,092,282		438,761			1,531,043
Construction	230,260			450,322		144,673			594,995		141,670			736,665
Land - Acquisition & Development	18,473			38,454		16,281			54,735		9,963			64,698
Consumer	36,475			85,565		40,813			126,378		46,438			172,816
	$	859,404		$	1,881,811	$	1,035,972		$	2,917,783	$	1,006,124		$	3,923,907
Inactive Loan Types
Originations & Advances
Single-Family Residential	30			30		4			34		—			34
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	—			—		—			—		—			—
HELOC	20,566			45,973		22,610			68,583		23,698			92,281
	$	20,596		$	46,003	$	22,614		$	68,617	$	23,698		$	92,315
Repayments & Payoffs
Single-Family Residential	232,157			502,294		256,011			758,305		210,899			969,204
Construction - Custom	8,628			21,427		7,859			29,286		8,112			37,398
Land - Consumer Lot Loans	5,702			11,956		4,821			16,777		3,846			20,623
HELOC	29,496			61,534		30,202			91,736		26,218			117,954
	$	275,983		$	597,211	$	298,893		$	896,104	$	249,075		$	1,145,179

Purchased Loans	$0			$9,926		$0			$9,926		$0			$9,926

Weighted Average Rate on Originations	6.22		%			6.31		%			6.58		%
Weighted Average Rate on Payoffs	6.12		%			6.06		%			5.96		%

Net Loan Fee Accretion	$	4,104		$	7,371	$	4,584		$	11,955	$	5,265		$	17,220
Net Discount Accretion on Acquired Loans	$	5,764		$	11,865	$	7,166		$	19,031	$	6,327		$	25,358


Loan Contractual Term to Maturity or Repricing1,2	Amount		Rate		Amount		Rate		Amount		Rate
Within 3 months	$	7,186,683	6.57%		$	7,963,909	6.52%		$	8,260,305	6.44%
From 4 to 6 months	697,759		5.07		470,224		3.80		517,535		5.32
From 7 to 9 months	479,410		4.01		512,905		4.48		390,954		4.50
From 10 to 12 months	500,864		4.51		693,753		4.31		434,287		4.90
1 to 3 years	2,290,380		4.60		1,739,306		4.83		1,574,131		4.93
3 to 5 years	1,735,993		5.21		1,810,329		5.26		1,777,885		5.33
More than 5 years	7,277,844		4.18		7,042,281		4.20		6,285,759		4.20
Total	$	20,168,933	5.20	%	$	20,232,707	5.27	%	$	19,240,856	5.38	%
1Disclosures are specific to loans held for investment and exclude loans held for sale 2Includes the effect of derivatives.


Tangible Common Shareholders' Book Value	As of 03/26		As of 06/26		As of 09/26
$ Amount	$	2,235,772	$	2,278,899	$	2,258,511
Per Share	30.27		30.82		30.51

# of Employees	2,070		2,055		2,014

Investments
Available-for-sale:
Agency MBS	$	3,478,537	$	3,377,403	$	3,267,135
Other	873,721		812,860		781,270
	$	4,352,258	$	4,190,263	$	4,048,405
Held-to-maturity:
Agency MBS	$	745,727	$	858,261	$	886,881
	$	745,727	$	858,261	$	886,881


Item 2.02			Results of Operations and Financial Condition


Item 9.01			Financial Statements and Exhibits


			Thursday, October 15, 2026 FOR IMMEDIATE RELEASE


			Quarterly Earnings Release Q4 2026			1


Interest Rate Risk(b)	As of 03/26			As of 06/26			As of 09/26

NPV post up 100 bps shock		10.6	%		11.0	%		10.7	%
NPV post down 100 bps shock		12.6	%		12.8	%		12.4	%
Change in NII after up 100 bps shock		(0.1	%)		0.9	%		4.0	%
Change in NII after down 100 bps shock		6.2	%		5.4	%		1.9	%
(b)Assumes no balance sheet management actions taken.


Historical CPR Rates (c)
Average for Quarter Ended:	WAFD SFR Mortgages		WAFD GSE MBS
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	%
12/31/2025	9.6	%	13.3	%
3/31/2026	8.1	%	12.9	%
6/30/2026	9.5	%	11.3	%
9/30/2026	7.6	%	9.7	%


			Balance				Cumulative Maturity/Repricing Through1:
September 30, 2026			Fixed		Variable		3 Months				6 Months				12 Months				24 Months
Assets
Cash	$	749,696	—	%	100	%	$	749,696	100	%	$	749,696	100	%	$	749,696	100	%	$	749,696	100	%
Investments	4,935,286		51	%	49	%	1,935,311		39	%	2,007,732		41	%	2,023,048		41	%	2,029,555		41	%
Loans	19,240,856		50	%	50	%	8,371,946		44	%	8,952,728		47	%	9,771,498		51	%	10,264,074		53	%
	$	24,925,838					$	11,056,953	44	%	$	11,710,156	47	%	$	12,544,242	50	%	$	13,043,325	52	%
Liabilities
Deposits	$	21,320,967	40	%	60	%	$	16,058,437	75	%	$	18,532,967	87	%	$	20,963,249	98	%	$	20,963,249	98	%
Borrowings	2,545,972		98	%	2	%	1,177,572		46	%	1,177,572		46	%	1,177,572		46	%	1,402,572		55	%
	$	23,866,939					$	17,236,009	72	%	$	19,710,539	83	%	$	22,140,821	93	%	$	22,365,821	94	%
1Includes the effect of derivatives.


	Quarter Ended
	March 31, 2026						June 30, 2026						September 30, 2026
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Assets
Loans receivable	$	19,916,014	$	262,148	5.34	%	$	20,067,639	$	267,243	5.34	%	$	20,022,304	$	270,935	5.37	%
Mortgage-backed securities	4,163,644		44,341		4.32		4,261,449		46,569		4.38		4,204,517		47,463		4.48
Cash & investments	1,410,981		15,711		4.52		1,379,508		15,147		4.40		1,329,914		13,953		4.16
FHLB Stock	135,738		2,534		7.57		163,777		3,166		7.75		146,142		4,142		11.24

Total interest-earning assets	25,626,377		324,734		5.14	%	25,872,373		332,125		5.15	%	25,702,877		336,493		5.19	%
Other assets	1,724,237						1,739,779						1,853,083
Total assets	$	27,350,614					$	27,612,152					$	27,555,960

Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	18,515,826	125,999		2.76	%	$	18,218,857	123,079		2.71	%	$	18,408,770	129,921		2.80	%
Borrowings	2,877,764		21,165		2.98		3,502,129		27,709		3.17		3,078,373		24,219		3.12


Total interest-bearing liabilities	21,393,590		147,164		2.79	%	21,720,986		150,788		2.78	%	21,487,143		154,140		2.85	%
Noninterest-bearing customer accounts	2,603,558						2,604,805						2,726,509
Other liabilities	319,343						277,991						311,746
Total liabilities	24,316,491						24,603,782						24,525,398
Shareholders’ equity	3,034,123						3,008,370						3,030,562
Total liabilities and equity	$	27,350,614					$	27,612,152					$	27,555,960

Net interest income/interest rate spread			$	177,570	2.35	%			$	181,337	2.36	%			$	182,353	2.35	%

Net interest margin(1)					2.81	%					2.81	%					2.81	%


	Year Ended
	September 30, 2025						September 30, 2026
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Assets
Loans receivable	$	20,651,307	$	1,119,937	5.42	%	$	19,981,452	$	1,064,533	5.33	%
Mortgage-backed securities	2,514,511		103,071		4.10		4,068,760		177,275		4.36
Cash & investments	2,065,658		106,400		5.15		1,390,888		62,100		4.46
FHLB Stock	106,338		10,041		9.44		137,385		11,940		8.69

Total interest-earning assets	25,337,814		1,339,449		5.29	%	25,578,485		1,315,848		5.14	%
Other assets	1,718,680						1,763,513
Total assets	$	27,056,494					$	27,341,998

Liabilities and Shareholders' Equity
Interest-bearing customer accounts	18,735,390		604,707		3.23	%	$	18,455,191	515,213		2.79	%
Borrowings	2,423,244		80,507		3.32		2,906,790		88,263		3.04


Total interest-bearing liabilities	21,158,634		685,214		3.24	%	21,361,981		603,476		2.83	%
Noninterest-bearing customer accounts	2,518,248						2,643,067
Other liabilities	352,673						310,193
Total liabilities	24,029,555						24,315,241
Shareholders’ equity	3,026,939						3,026,757
Total liabilities and equity	$	27,056,494					$	27,341,998

Net interest income/interest rate spread			$	654,235	2.05	%			$	712,372	2.32	%

Net interest margin(1)					2.58	%					2.79	%


						# of Loans
Type of Loans(1)	#Loans	AVG Size	Loans Amortized Cost			30	60	90	Total	% Based on #		$ Delinquent			% Based on $
September 30, 2026
Multi-Family	1,797	2,280		$	4,097,872	1	2	14	17	0.95	%		$	33,063	0.81	%
Commercial Real Estate	952	3,966		3,775,747		2	2	—	4	0.42			3,711		0.10
Commercial & Industrial	7,054	449		3,166,280		11	20	18	49	0.69			21,563		0.68
Construction	348	3,219		1,120,268		—	—	—	—	—			—		—
Land - Acquisition & Development	99	2,287		226,415		—	—	—	—	—			—		—
Single-Family Residential	18,728	346		6,480,733		37	17	60	114	0.61			33,899		0.52
Construction - Custom	9	1,399		12,591		—	—	—	—	—			—		—
Land - Consumer Lot Loans	724	94		68,162		1	2	3	6	0.83			541		0.79
HELOC	3,051	80		244,918		11	6	8	25	0.82			2,612		1.07
Consumer	4,439	11		47,870		27	56	38	121	2.73			665		1.39
	37,201	517		$	19,240,856	90	105	141	336	0.90	%		$	96,054	0.50	%

June 30, 2026
Multi-Family	1,828	2,542		$	4,645,902	—	3	12	15	0.82	%		$	35,928	0.77	%
Commercial Real Estate	1,193	3,039		3,626,043		2	2	—	4	0.34			10,032		0.28
Commercial & Industrial	6,265	495		3,101,192		5	11	24	40	0.64			63,938		2.06
Construction	350	2,903		1,015,908		—	—	—	—	—			—		—
Land - Acquisition & Development	88	2,105		185,232		—	—	—	—	—			—		—
Single-Family Residential	19,601	371		7,268,163		41	15	66	122	0.62			37,399		0.51
Construction - Custom	17	966		16,417		—	—	2	2	11.76			892		5.43
Land - Consumer Lot Loans	755	95		71,982		1	1	4	6	0.79			596		0.83
HELOC	3,810	65		247,584		13	5	6	24	0.63			2,593		1.05
Consumer	5,298	10		54,284		30	19	52	101	1.91			573		1.06
	39,205	516		$	20,232,707	92	56	166	314	0.80	%		$	151,951	0.75	%

March 31, 2026
Multi-Family	1,850	2,526		$	4,672,599	14	1	10	25	1.35	%		$	48,153	1.03	%
Commercial Real Estate	1,224	2,984		3,652,683		3	—	2	5	0.41			2,692		0.07
Commercial & Industrial	6,237	448		2,791,133		58	14	15	87	1.39			62,239		2.23
Construction	355	2,696		956,957		—	—	—	—	—			—		—
Land - Acquisition & Development	83	2,031		168,566		—	—	—	—	—			—		—
Single-Family Residential	20,019	375		7,501,331		41	11	79	131	0.65			39,929		0.53
Construction - Custom	48	810		38,867		1	—	1	2	4.17			892		2.30
Land - Consumer Lot Loans	787	98		76,763		—	—	5	5	0.64			325		0.42
HELOC	3,951	65		255,352		12	4	7	23	0.58			1,895		0.74
Consumer	5,309	10		54,682		32	25	41	98	1.85			590		1.08
	39,863	506		$	20,168,933	161	55	160	376	0.94	%		$	156,715	0.78	%