0000936528false00009365282025-07-172025-07-170000936528us-gaap:CommonStockMember2025-07-172025-07-170000936528us-gaap:SeriesAPreferredStockMember2025-07-172025-07-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 8-K

____________________________________

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 17, 2025

 ____________________________________

WAFD, INC.

(Exact name of registrant as specified in its charter)

 ____________________________________

Washington

001-34654

91-1661606

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

425 Pike Street

Seattle

Washington

98101

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (206) 624-7930

Not Applicable

(Former name or former address, if changed since last report)

____________________________________

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of each exchange on which registered

Common Stock, $1.00 par value per share

WAFD

NASDAQ Stock Market

Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock

WAFDP

NASDAQ Stock Market

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x

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Item 2.02			Results of Operations and Financial Condition

On July 17, 2025, WaFd, Inc. (the "Company") announced by press release its earnings for the quarter ended June 30, 2025. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the June 30, 2025 Fact Sheet, which presents certain detailed financial information about the Company, is attached as Exhibit 99.2. This information is being furnished under Item 2.02 (Results of Operations and Financial Condition) of Form 8-K.

Item 9.01			Financial Statements and Exhibits

99.1						Press release dated July 17, 2025
99.2						Fact Sheet as of June 30, 2025

Important Cautionary Statements

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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

By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2024 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, including a "Needs to Improve" CRA rating, which may impose

3

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restrictions or penalties on the Company's activities; (ix) expectations regarding key growth initiatives and strategic priorities; (x) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xi) litigation risks resulting in significant expenses, losses and reputational damage; (xii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiii) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.

4

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

July 18, 2025

WAFD, INC.

By:

/s/ KELLI J. HOLZ

Kelli J. Holz

Executive Vice President and Chief Financial Officer

5

Exhibit 99.1

			Thursday, July 17, 2025 FOR IMMEDIATE RELEASE

WaFd Announces Quarterly Earnings Per Share Of $0.73

Q3 Highlights

$62 Million

$0.73

0.92%

10.2%

Net Income

Diluted Earnings per Common Share

Return on Average Assets

Return on Tangible Common Equity

The third quarter delivered strong core earnings driven by improved margin and resultant net interest income. Our cost of funds in dollars decreased 6.5% on a linked quarter basis, benefiting from lower rates on deposits and reduced borrowings as we chose to shrink the balance sheet. We have found loan demand to be tepid at best, as many borrowers are waiting for more certainty before starting new projects. Absent loan demand, we aggressively repurchased shares this quarter at attractive prices (1.01x of tangible book value), contributing to the 12% increase in earnings per share and the 5.4% annualized increase in tangible book value per share."
Brent Beardall President and CEO of WaFd Bank

Net Interest Income and NIM

■$168 million net interest income for the quarter compared to $161 million in Q2. ■Net interest margin at 2.69% for the quarter compared to 2.55% for Q2.

Credit Quality

■Non-performing assets up $26 million at 0.36% of total assets compared to 0.26% for Q2. ■Delinquencies down $4 million to 0.26% of total loans compared to 0.27% for Q2.

Non-Interest Income and Expense

■Non-interest income and expense stable compared to Q2. ■Efficiency ratio decreased to 56.01% Q3 compared to 58.31% in the prior quarter as a result of the increased net interest income.

Shareholder Returns and Stock Activity

■On June 7, 2025, the Company paid a cash dividend of $0.27 per share, 169th consecutive quarterly dividend paid. ■1,662,508 shares were repurchased during the quarter at a weighted average price of $29.08 per share.

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced quarterly earnings of $61,952,000 for the quarter ended June 30, 2025, an increase of 10% from net earnings of $56,252,000 for the quarter ended March 31, 2025 and a decrease of 4% from net earnings of $64,560,000 for the quarter ended June 30, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $0.73 per diluted share for the quarter ended June 30, 2025, compared to $0.65 per diluted share for the quarter ended March 31, 2025, an $0.08 or 12% increase, and $0.75 per diluted share for the quarter ended June 30, 2024, a $0.02 or 3% decrease in fully diluted earnings per common share.

			Quarterly Earnings Release Q3 2025			1

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WaFd Inc. Announces Third Quarter Results

The following table provides the Company's financial scorecard for the last five quarters:

			As of
(In thousands, except share and ratio data)			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
BALANCE SHEET
Cash			$	809,252					$	1,231,461					$	1,507,735					$	2,381,102					$	2,492,504
Loans receivable, net			20,277,164						20,920,001						21,060,501						20,916,354						20,873,919
Allowance for credit losses ("ACL")			219,268						222,709						225,022						225,253						225,324
Loans held for sale			—						—						—						—						468,527
Available-for-sale securities, at fair value			3,387,497						3,142,763						2,743,731						2,572,709						2,428,768
Held-to-maturity securities, at amortized cost			512,854						526,502						537,348						436,972						447,638
Total investments			3,900,351						3,669,265						3,281,079						3,009,681						2,876,406
Total assets			26,731,915						27,644,637						27,684,454						28,060,330						28,580,800
Transaction deposits			11,969,124						11,853,984						11,853,859						11,817,185						11,929,005
Time deposits			9,417,447						9,573,442						9,584,918						9,556,785						9,255,760
Total deposits			21,386,571						21,427,426						21,438,777						21,373,970						21,184,765
Borrowings, senior debt and junior subordinated debentures			1,991,087						2,814,938						2,914,627						3,318,307						4,079,360
Total shareholders' equity			3,014,325						3,032,620						3,021,636						3,000,300						2,958,339
Loans to customer deposits2			94.81		%				97.63		%				98.24		%				97.86		%				98.53		%
PROFITABILITY
Net income			$	61,952					$	56,252					$	47,267					$	61,140					$	64,560
Net income to common shareholders			58,296						52,596						43,611						57,484						60,904
Earnings per common share			0.73						0.65						0.54						0.71						0.75
Return on tangible common equity1			10.20		%				9.18		%				7.69		%				10.24		%				11.10		%
Return on tangible assets1			0.94		%				0.84		%				0.70		%				0.89		%				0.88		%
Net interest margin			2.69		%				2.55		%				2.39		%				2.62		%				2.56		%
Efficiency ratio			56.01		%				58.31		%				65.04		%				57.21		%				56.61		%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share			$	34.30					$	33.84					$	33.45					$	33.25					$	32.76
Tangible common shareholders' equity per share1			28.69						28.31						27.93						27.73						27.18
Shareholders' equity to total assets			11.28		%				10.97		%				10.91		%				10.69		%				10.35		%
Tangible shareholders' equity to tangible assets1			9.78		%				9.51		%				9.45		%				9.24		%				8.91		%
Common shares outstanding			79,130,276						80,758,674						81,373,760						81,220,269						81,157,173
Preferred shares outstanding			300,000						300,000						300,000						300,000						300,000
CREDIT QUALITY2
ACL to gross loans			1.03		%				1.01		%				1.00		%				1.01		%				1.00		%
Non-accrual loans to net loans			0.41		%				0.29		%				0.34		%				0.33		%				0.29		%
Delinquencies to net loans			0.26		%				0.27		%				0.30		%				0.25		%				0.22		%
Non-performing assets to total assets			0.36		%				0.26		%				0.29		%				0.28		%				0.24		%
Criticized loans to net loans			4.07		%				3.32		%				2.54		%				2.41		%				3.01		%
Substandard loans to net loans			3.52		%				2.51		%				1.96		%				2.04		%				1.84		%

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

(2)Metrics include only loans held for investment. Loans held for sale are not included.

			Quarterly Earnings Release Q3 2025			2

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WaFd Inc. Announces Third Quarter Results

Balance Sheet Total assets decreased to $26.7 billion as of June 30, 2025, compared to $28.1 billion at September 30, 2024, primarily due to a reduction in loans receivable and cash used to reduce borrowings and purchase investments during the period. Net loans decreased $0.6 billion to $20.3 billion and cash decreased $1.6 billion, or 66.0%. Investment securities increased by $891 million, or 29.6% in the nine months ended June 30, 2025.

Customer deposits totaled $21.4 billion as of June 30, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $152 million or 1.3% during the period, while time deposits decreased $139 million or 1.5%. As of June 30, 2025, 56.0% of the Company’s deposits were transaction accounts, a slight increase from 55.3% at September 30, 2024. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 77.3% of deposits at June 30, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 23.8% of total deposits as of June 30, 2025, a decrease from 24.8% as of September 30, 2024.

Borrowings totaled $1.9 billion as of June 30, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 2.76% as of June 30, 2025, compared to 3.93% at September 30, 2024.

Loan originations totaled $0.7 billion for the third fiscal quarter of 2025, compared to $0.9 billion of originations in the prior quarter. Offsetting loan originations in each of these quarters were loan repayments of $1.5 billion and $1.2 billion, respectively. Commercial loans represented 86% of all loan originations during the third fiscal quarter of 2025 and consumer loans accounted for the remaining 14%. The period end interest yield on the loan portfolio was 5.42% as of June 30, 2025, the same yield as of March 31, 2025 and a decrease from 5.62% as of September 30, 2024.

Tangible common equity per share is a key metric for our management team. For the nine months ended June 30, 2025, tangible book value per share grew from $27.73 as of September 30, 2024 to $28.69 at June 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 1,662,508 shares of common stock at a weighted average price of $29.08. Our share repurchase plan currently has an authorization of 9.1 million shares, which provides what we believe is a compelling investment alternative.

Credit Quality Credit quality continues to be closely monitored with the shifting economic and monetary environment. As of June 30, 2025, non-performing assets increased to $97 million, or 0.36% of total assets, from $77 million, or 0.28%, at September 30, 2024. The change fiscal year to date is due to non-accrual loans increasing by $13.2 million, or 19%, since September 30, 2024 and REO increasing by $6.6 million during the same time frame. The REO increase is the result of former branch properties held for sale. Delinquent loans were slightly increased at 0.26% of total loans at June 30, 2025, compared to 0.25% at September 30, 2024 but improved compared to 0.27% at March 31, 2025. The allowance for credit losses (including the reserve for unfunded commitments) totaled $219 million as of June 30, 2025, and was 1.03% of gross loans outstanding, as compared to $225 million, or 1.01% of gross loans outstanding, as of September 30, 2024. Net charge-offs were $5.4 million for the third fiscal quarter of 2025, compared to $5.1 million for the prior quarter.

Profitability Net interest income was $168 million for the third fiscal quarter of 2025, an increase of $7.1 million or 4% from the prior quarter. The increase in net interest income was primarily due to a 16 basis point decrease in the rate paid on interest bearing liabilities. Net interest margin was 2.69% in the third fiscal quarter of 2025 compared to 2.55% for the quarter ended March 31, 2025.

Total non-interest income was $18.3 million for the third fiscal quarter of 2025 compared to $18.9 million the prior quarter. The decrease compared to the prior quarter was primarily due to decreased income from the Bank's insurance subsidiary, WaFd Insurance as the March quarter included annual contingency fee income.

Total non-interest expense stabilized at $104.3 million in the third fiscal quarter of 2025, a slight decrease of $0.5 million, or 0.5%, from the prior quarter. The decrease is the result of reduced Other Expenses and FDIC Insurance costs offset by slightly higher Compensation expenses. Decreased expenses combined with increased net interest income resulted in a decrease in the Company’s efficiency ratio in the third fiscal quarter of 2025 to 56.0%, compared to 58.3% in the prior quarter.

The Company recorded a $2.0 million provision for credit losses in the third fiscal quarter of 2025 compared to a provision of $2.8 million the prior quarter. The provision for loan losses in the quarter ended June 30, 2025 was the net result of decreased loan balances, mixed credit metrics, including the increasing trends in negative migration of criticized and nonperforming loans and $5.4 million of net charge-offs taken during the quarter.

Return on common shareholders' equity for the quarter ended June 30, 2025 was 8.54% compared to 7.68% for the quarter ended March 31, 2025. Adjusted for certain non-operating items, return on equity for the quarter is 8.56% compared to

			Quarterly Earnings Release Q3 2025			3

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WaFd Inc. Announces Third Quarter Results

adjusted return on equity of 7.66% the prior quarter. Return on assets for the quarter ended June 30, 2025 was 0.92% compared to 0.82% for the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter is 0.93% compared to adjusted return on assets of 0.82% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

Income tax expense totaled $17.8 million the third fiscal quarter of 2025, as compared to $15.8 million for the second quarter. The effective tax rate for the quarter ended June 30, 2025 was 22.33% compared to 21.88% for the quarter ended March 31, 2025. The Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.

WaFd Bank is headquartered in Seattle, Washington, and has 208 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.

# # #

			Quarterly Earnings Release Q3 2025			4

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WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)

			June 30, 2025									September 30, 2024
			(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents						$	809,252								$	2,381,102
Available-for-sale securities, at fair value						3,387,497									2,572,709
Held-to-maturity securities, at amortized cost						512,854									436,972
Loans receivable, net of allowance for loan losses of $198,768 and $203,753						20,277,164									20,916,354
Interest receivable						99,224									102,827
Premises and equipment, net						254,403									247,901
Real estate owned						11,154									4,567
FHLB stock						95,899									95,617
Bank owned life insurance						273,221									267,633
Intangible assets, including goodwill of $414,723 and $411,360						444,291									448,425
Federal and state income tax assets, net						120,104									119,248
Other assets						446,852									466,975
						$	26,731,915								$	28,060,330
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits						$	11,969,124								$	11,817,185
Time deposits						9,417,447									9,556,785
Total customer deposits						21,386,571									21,373,970
Borrowings						1,939,675									3,267,589
Junior subordinated debentures						51,412									50,718
Advance payments by borrowers for taxes and insurance						33,680									61,330
Accrued expenses and other liabilities						306,252									306,423
						23,717,590									25,060,030
Shareholders’ equity
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding						300,000									300,000
Common stock, $1.00 par value, 300,000,000 shares authorized; 154,385,498 and 154,007,429 shares issued; 79,130,276 and 81,220,269 shares outstanding						154,385									154,007
Additional paid-in capital						2,160,793									2,150,675
Accumulated other comprehensive income (loss), net of taxes						41,531									55,851
Treasury stock, at cost 75,255,222 and 72,787,160 shares						(1,711,999)									(1,639,131)
Retained earnings						2,069,615									1,978,898
						3,014,325									3,000,300
						$	26,731,915								$	28,060,330

Yield and margin as of period end
Loans receivable1						5.42		%							5.62		%
Mortgage-backed securities						4.32									4.00
Combined cash, investments and FHLB stock						5.03									5.10
Interest-earning assets						5.26									5.44
Interest-bearing customer accounts						3.05									3.50
Borrowings1						2.76									3.93
Interest-bearing liabilities						3.03									3.56
Net interest spread						2.23									1.88
Net interest margin						2.74									2.44

1Accretion and amortization assumed to be same as prior quarter. Also includes the impact of derivatives.

			Quarterly Earnings Release Q3 2025			5

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WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

			Three Months Ended June 30,																		Nine Months Ended June 30,
			2025									2024									2025						2024
			(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable						$	279,476								$	337,118					$	848,150					$	857,251
Mortgage-backed securities						27,855									17,523						70,118						41,694
Investment securities and cash equivalents						24,383									37,300						94,647						98,668
						331,714									391,941						1,012,915						997,613
INTEREST EXPENSE
Customer accounts						146,735									154,359						460,833						367,194
Borrowings, senior debt and junior subordinated debentures						16,991									60,396						67,753						142,399
						163,726									214,755						528,586						509,593
Net interest income						167,988									177,186						484,329						488,020
Provision (release) for credit losses						2,000									1,500						4,750						17,500
Net interest income after provision (release)						165,988									175,686						479,579						470,520
NON-INTEREST INCOME
Gain (loss) on sale of investment securities						—									80						20						251
Gain (loss) on termination of hedging derivatives						56									54						126						169
Loan fee income						1,650									594						4,807						1,988
Deposit fee income						7,588									6,960						21,691						20,460
Other income						8,979									9,567						26,212						21,946
Total non-interest income						18,273									17,255						52,856						44,814
NON-INTEREST EXPENSE
Compensation and benefits						53,481									57,169						166,118						180,165
Occupancy						11,755									10,904						34,042						31,193
FDIC insurance premiums						5,150									7,600						15,800						22,070
Product delivery						6,621									6,090						19,313						17,680
Information technology						15,022									13,428						43,695						39,177
Other expense						12,298									14,888						41,502						50,046
Total non-interest expense						104,327									110,079						320,470						340,331
Gain (loss) on real estate owned, net						(176)									(124)						54						387
Income before income taxes						79,758									82,738						212,019						175,390
Income tax provision						17,806									18,178						46,548						36,489
Net income						61,952									64,560						165,471						138,901
Dividends on preferred stock						3,656									3,656						10,968						10,969
Net income available to common shareholders						$	58,296								$	60,904					$	154,503					$	127,932

PER SHARE DATA
Basic earnings per common share						$	0.73								$	0.75					$	1.91					$	1.78
Diluted earnings per common share						0.73									0.75						1.91						1.78
Cash dividends per common share						0.27									0.26						0.80						0.77
Basic weighted average shares outstanding						79,888,520									81,374,811						80,748,838						71,905,924
Diluted weighted average shares outstanding						79,907,672									81,393,708						80,821,807						71,930,215
PERFORMANCE RATIOS
Return on average assets						0.92		%							0.87		%				0.81		%				0.72		%
Return on average common equity						8.54		%							9.20		%				7.55		%				7.18		%

			Quarterly Earnings Release Q3 2025			6

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WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

			Three Months Ended
			June 30, 2025									March 31, 2025									December 31, 2024									September 30, 2024									June 30, 2024
						(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable						$	279,476								$	282,077								$	286,597								$	308,598								$	337,118
Mortgage-backed securities						27,855									23,926									18,337									18,088									17,523
Investment securities and cash equivalents						24,383									30,081									40,183									47,411									37,300
						331,714									336,084									345,117									374,097									391,941
INTEREST EXPENSE
Customer accounts						146,735									151,948									162,150									165,240									154,359
Borrowings, senior debt and junior subordinated debentures						16,991									23,226									27,536									36,045									60,396
						163,726									175,174									189,686									201,285									214,755
Net interest income						167,988									160,910									155,431									172,812									177,186
Provision for credit losses						2,000									2,750									—									—									1,500
Net interest income after provision						165,988									158,160									155,431									172,812									175,686
NON-INTEREST INCOME
Gain on sale of investment securities						—									—									20									91									80
Gain on termination of hedging derivatives						56									65									5									72									54
Loan fee income						1,650									1,812									1,345									757									594
Deposit fee income						7,588									7,057									7,046									7,047									6,960
Other income						8,979									9,947									7,286									7,911									9,567
Total non-interest income						18,273									18,881									15,702									15,878									17,255
NON-INTEREST EXPENSE
Compensation and benefits						53,481									52,710									59,927									53,983									57,169
Occupancy						11,755									11,499									10,788									10,843									10,904
FDIC insurance premiums						5,150									5,800									4,850									6,800									7,600
Product delivery						6,621									6,907									5,785									6,306									6,090
Information technology						15,022									14,481									14,192									14,129									13,428
Other expense						12,298									13,435									15,769									15,880									14,888
Total non-interest expense						104,327									104,832									111,311									107,941									110,079
Gain (loss) on real estate owned, net						(176)									(199)									429									(83)									(124)
Income before income taxes						79,758									72,010									60,251									80,666									82,738
Income tax provision						17,806									15,758									12,984									19,526									18,178
Net income						61,952									56,252									47,267									61,140									64,560
Dividends on preferred stock						3,656									3,656									3,656									3,656									3,656
Net income available to common shareholders						$	58,296								$	52,596								$	43,611								$	57,484								$	60,904

			Quarterly Earnings Release Q3 2025			7

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WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

			Three Months Ended
			June 30, 2025									March 31, 2025									December 31, 2024									September 30, 2024									June 30, 2024
						(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share						$	0.73								$	0.65								$	0.54								$	0.71								$	0.75
Diluted earnings per common share						0.73									0.65									0.54									0.71									0.75
Cash dividends per common share						0.27									0.27									0.26									0.26									0.26
Basic weighted average shares outstanding						79,888,520									81,061,206									81,294,227									81,208,683									81,374,811
Diluted weighted average shares outstanding						79,907,672									81,105,536									81,401,599									81,353,644									81,393,708
PERFORMANCE RATIOS
Return on average assets						0.92		%							0.82		%							0.69		%							0.87		%							0.87		%
Return on average common equity						8.54									7.68									6.42									8.53									9.20
Net interest margin						2.69									2.55									2.39									2.62									2.56
Efficiency ratio						56.01									58.31									65.04									57.21									56.61

			Quarterly Earnings Release Q3 2025			8

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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Non-GAAP Financial Measures

The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Tangible Measures			June 30, 2025									March 31, 2025												December 31, 2024						September 30, 2024									June 30, 2024
			(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP						$	3,014,325								$	3,032,620								$	3,021,636								$	3,000,300								$	2,958,339
Less intangible assets - GAAP						444,291									446,660									449,213									448,425									452,255
Tangible shareholders' equity						$	2,570,034								$	2,585,960								$	2,572,423								$	2,551,875								$	2,506,084
Less preferred stock - GAAP						300,000									300,000									300,000									300,000									300,000
Tangible common shareholders' equity						$	2,270,034								$	2,285,960								$	2,272,423								$	2,251,875								$	2,206,084
Total assets - GAAP						$	26,731,915								$	27,644,637								$	27,684,454								$	28,060,330								$	28,580,800
Less intangible assets - GAAP						444,291									446,660									449,213									448,425									452,255
Tangible assets						$	26,287,624								$	27,197,977								$	27,235,241								$	27,611,905								$	28,128,545
Tangible Metrics
Common shares outstanding - GAAP						79,130,276									80,758,674									81,373,760									81,220,269									81,157,173
Tangible common equity per share						$	28.69								$	28.31								$	27.93								$	27.73								$	27.18
Tangible equity to tangible assets						9.78			%						9.51			%						9.45			%						9.24			%						8.91			%

			Quarterly Earnings Release Q3 2025			9

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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

						Three Months Ended
Average Tangible Measures			June 30, 2025									March 31, 2025												December 31, 2024						September 30, 2024									June 30, 2024
						(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP						$	3,030,745								$	3,039,021								$	3,015,197								$	2,996,093								$	2,947,056
Less average preferred stock  - GAAP						300,000									300,000									300,000									300,000									300,000
Less average intangible assets - GAAP						445,733									448,272									447,754									451,204									453,142
Average tangible common equity						$	2,285,012								$	2,290,749								$	2,267,443								$	2,244,889								$	2,193,914
Average Assets - GAAP						$	26,813,500								$	27,371,320								$	27,504,576								$	28,000,482								$	29,703,337
Less average intangible assets - GAAP						445,733									448,272									447,754									451,204									453,142
Average tangible assets						$	26,367,767								$	26,923,048								$	27,056,822								$	27,549,278								$	29,250,195
Average Tangible Metrics
Net income - GAAP						61,952									56,252									47,267									61,140									64,560
Net income available to common shareholders' - GAAP						58,296									52,596									43,611									57,484									60,904
Return on tangible common equity						10.20			%						9.18			%						7.69			%						10.24			%						11.10			%
Return on tangible assets						0.94			%						0.84			%						0.70			%						0.89			%						0.88			%

			Quarterly Earnings Release Q3 2025			10

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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

						Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items			June 30, 2025									March 31, 2025												December 31, 2024						September 30, 2024									June 30, 2024
						(Unaudited - In thousands, except for share and ratio data)
Interest income
LBC Hedge Valuation Adj						$	—								$	—								$	3,933								$	—								$	—
Non-interest income adjustments
Distribution received on LBC equity method investment						$	(255)								$	(257)								$	(279)								$	(288)								$	(299)
(Gain)Loss on WaFd Bank equity method investment						304									(155)									48									(896)									(748)
Total non-interest income adjustments						$	49								$	(412)								$	(231)								$	(1,184)								$	(1,047)
Non-interest expense adjustments
Acquisition-related expenses						$	—								$	—								$	239								$	(1,602)								$	2,285
Non-operating expenses:
Restructuring Charges						—									—									5,390									—									—
FDIC Special Assessment						—									—									—									(216)									—
Legal and Compliance Accruals						—									—									—									(182)									—
Charitable Donation						—									—									—									—									—
						—									—									5,390									(398)									—
Total non-interest expense adjustments						$	—								$	—								$	5,629								$	(2,000)								$	2,285
Net Income - GAAP						$	61,952								$	56,252								$	47,267								$	61,140								$	64,560
Preliminary ACL provision on LBC loans						—									—									—									—									—
Interest income adjustments						—									—									3,933									—									—
Non-interest income adjustments						49									(412)									(231)									(1,184)									(1,047)
Non-interest expense adjustments						—									—									5,629									(2,000)									2,285
REO adjustments						176									199									(429)									83									124
Income tax adjustment						(50)									47									(1,918)									751									(299)
Net Income - non-GAAP						$	62,127								$	56,086								$	54,251								$	58,790								$	65,623
Dividend on preferred stock						3,656									3,656									3,656									3,656									3,656
Net Income available to common shareholders' - non-GAAP						$	58,471								$	52,430								$	50,595								$	55,134								$	61,967
Basic weighted average number of shares outstanding - GAAP						79,888,520									81,061,206									81,294,227									81,208,683									81,374,811
Diluted weighted average number of shares outstanding - GAAP						79,907,672									81,105,536									81,401,599									81,353,644									81,393,708
Basic EPS - non-GAAP						$	0.73								$	0.65								$	0.62								$	0.68								$	0.76
Diluted EPS - non-GAAP						0.73									0.65									0.62									0.68									0.76

			Quarterly Earnings Release Q3 2025			11

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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

						Three Months Ended
Adjusted Efficiency Ratio			June 30, 2025									March 31, 2025												December 31, 2024						September 30, 2024									June 30, 2024
						(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP						56.0			%						58.3			%						65.0			%						57.2			%						56.6			%
Net interest income - GAAP						$	167,988								$	160,910								$	155,431								$	172,812								$	177,186
Total interest income adjustments						—									—									3,933									—									—
Net interest income - non-GAAP						$	167,988								$	160,910								$	159,364								$	172,812								$	177,186
Non-interest expense - GAAP						$	104,327								$	104,832								$	111,311								$	107,941								$	110,079
Less merger related expenses						—									—									239									(1,602)									2,285
Less non-operating expenses						—									—									5,390									(398)									—
Non-interest Expenses - non-GAAP						$	104,327								$	104,832								$	105,682								$	109,941								$	107,794
Non-interest income - GAAP						$	18,273								$	18,881								$	15,702								$	15,878								$	17,255
Total other income adjustments						49									(412)									(231)									(1,184)									(1,047)
Non-interest income - non-GAAP						$	18,322								$	18,469								$	15,471								$	14,694								$	16,208
Net Interest Income - non-GAAP						$	167,988								$	160,910								$	159,364								$	172,812								$	177,186
Non-interest income - non-GAAP						18,322									18,469									15,471									14,694									16,208
Total Income - non-GAAP						$	186,310								$	179,379								$	174,835								$	187,506								$	193,394
Adjusted Efficiency Ratio						56.0			%						58.4			%						60.4			%						58.6			%						55.7			%

			Quarterly Earnings Release Q3 2025			12

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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

						Three Months Ended
Adjusted ROA and ROE						June 30, 2025						March 31, 2025												December 31, 2024						September 30, 2024									June 30, 2024
						(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP						$	61,952								$	56,252								$	47,267								$	61,140								$	64,560
Net income available to common shareholders' - GAAP						$	58,296								$	52,596								$	43,611								$	57,484								$	60,904
Average Assets						26,813,500									27,371,320									27,504,576									28,000,482									29,703,337
Return on Assets						0.92			%						0.82			%						0.69			%						0.87			%						0.87			%
Average Common Equity						$	2,730,745								$	2,739,021								$	2,715,197								$	2,696,093								$	2,647,056
Return on common equity						8.54			%						7.68			%						6.42			%						8.53			%						9.20			%
Adjusted:
Net Income - non-GAAP						$	62,127								$	56,086								$	54,251								$	58,790								$	65,623
Net income available to common shareholders' - non-GAAP						$	58,471								$	52,430								$	50,595								$	55,134								$	61,967
Average Assets						26,813,500									27,371,320									27,504,576									28,000,482									29,703,337
Adjusted Return on Assets						0.93			%						0.82			%						0.79			%						0.84			%						0.88			%
Average Common Equity						2,730,745									2,739,021									2,715,197									2,696,093									2,647,056
Adjusted Return on common equity						8.56			%						7.66			%						7.45			%						8.18			%						9.36			%

			Quarterly Earnings Release Q3 2025			13

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Important Cautionary Statements

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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

By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2024 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, including a "Needs to Improve" CRA rating, which may impose restrictions or penalties on the Company's activities; (ix) expectations regarding key growth initiatives and strategic priorities; (x) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xi) litigation risks resulting in significant expenses, losses and reputational damage; (xii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiii) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.

# # #

CONTACT:
WaFd, Inc.
425 Pike Street, Seattle, WA 98101
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
[email protected]

			Quarterly Earnings Release Q3 2025			14

WaFd Inc. Announces Third Quarter 2025 Results

WaFd, Inc.

Fact Sheet

June 30, 2025

($ in Thousands)

Exhibit 99.2

						As of 12/24												As of 03/25												As of 06/25
Allowance for Credit Losses (ACL) - Total						$	225,022											$	222,709											$	219,268
ACL - Loans						204,522												202,709												198,768
ACL - Unfunded Commitments						20,500												20,000												20,500
Total ACL as a % of Gross Loans						1.00		%										1.01		%										1.03		%
						12/24 QTR						12/24 YTD						03/25 QTR						03/25 YTD						06/25 QTR						06/25 YTD
Loan Originations - Total						$	930,689					$	930,689					$	913,759					$	1,844,448					$	697,031					$	2,541,479
Multi-Family						6,388						6,388						24,464						30,852						5,534						36,386
Commercial Real Estate						47,726						47,726						82,295						130,021						44,078						174,099
Commercial & Industrial						405,877						405,877						429,009						834,886						324,898						1,159,784
Construction						162,662						162,662						171,344						334,005						205,809						539,814
Land - Acquisition & Development						7,934						7,934						24,474						32,408						18,592						51,000
Single-Family Residential						156,117						156,117						48,088						204,205						7,481						211,686
Construction - Custom						51,009						51,009						28,986						79,995						—						79,995
Land - Consumer Lot Loans						4,968						4,968						2,372						7,340						—						7,340
HELOC						43,030						43,030						41,897						84,927						34,466						119,393
Consumer						44,978						44,978						60,830						105,808						56,173						161,981
Purchased Loans						$	102,016					$	102,016					$	3,847					$	105,863					$	3,960					$	109,823
Loan Repayments & Payoffs - Total						$	981,574					$	981,574					$	1,183,897					$	2,165,471					$	1,479,083					$	3,644,554
Multi-Family						63,136						63,136						80,455						143,591						158,024						301,615
Commercial Real Estate						114,179						114,179						106,057						220,236						153,541						373,777
Commercial & Industrial						338,005						338,005						476,377						814,382						465,037						1,279,419
Construction						116,331						116,331						164,167						280,498						290,942						571,440
Land - Acquisition & Development						29,960						29,960						25,047						55,007						21,063						76,070
Single-Family Residential						214,726						214,726						232,447						447,173						242,950						690,123
Construction - Custom						21,526						21,526						14,704						36,230						30,446						66,676
Land - Consumer Lot Loans						6,556						6,556						7,104						13,660						5,895						19,555
HELOC						34,048						34,048						32,659						66,707						46,221						112,928
Consumer						43,107						43,107						44,880						87,987						64,964						152,951
Weighted Average Rate on Originations						6.91		%										7.12		%										7.22		%
Weighted Average Rate on Payoffs						6.50		%										6.74		%										6.25		%
Net Loan Fee Accretion						$	3,070					$	3,070					$	3,192					$	6,262					$	3,093					$	9,355
Net Discount Accretion on Acquired Loans						$	6,930					$	6,930					$	6,447					$	13,377					$	6,512					$	19,889
MBS Repayments						$	68,287					$	68,287					$	59,306					$	127,593					$	94,310					$	221,903
MBS Net Premium Amortization						$	434					$	434					$	877					$	1,311					$	1,014					$	2,325

			WaFd Fact Sheet Q3 2025			1

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WaFd Inc. Announces Third Quarter 2025 Results

WaFd, Inc.

Fact Sheet

June 30, 2025

($ in Thousands)

						As of 12/24												As of 03/25												As of 06/25
Loans Receivable by Category						Amount						%						Amount						%						Amount						%
Multi-Family						$	4,829,736					21.5		%				$	4,967,125					22.4		%				$	4,881,996					22.8		%
Commercial Real Estate						3,637,986						16.2						3,665,363						16.6						3,615,077						17.0
Commercial & Industrial						2,408,693						10.6						2,389,025						10.7						2,295,802						10.7
Construction						2,062,116						9.2						1,791,886						8.1						1,540,474						7.2
Land - Acquisition & Development						178,687						0.8						178,114						0.8						175,643						0.8
Single-Family Residential						8,520,833						38.0						8,401,084						37.9						8,231,623						38.5
Construction - Custom						335,715						1.5						287,461						1.3						188,109						0.9
Land - Consumer Lot Loans						107,205						0.5						102,475						0.5						96,582						0.5
HELOC						275,132						1.2						284,295						1.3						272,614						1.3
Consumer						75,933						0.3						91,899						0.4						69,912						0.3
						22,432,036						100		%				22,158,727						100		%				21,367,832						100		%
Less:
Loans in Process						903,253												798,996												673,338
Net Deferred Fees, Costs and Discounts						263,760												237,021												218,562
Loans at Amortized Cost						21,265,023												21,122,710												20,475,932
Less:
Allowance for Credit Losses (ACL) - Loans						204,522												202,709												198,768
Net Loans						$	21,060,501											$	20,920,001											$	20,277,164
Net Loan Portfolio by Category						Amount						%						Amount						%						Amount						%
Multi-Family						$	4,714,800					22.4		%				$	4,840,784					23.2		%				$	4,753,223					23.5		%
Commercial Real Estate						3,572,885						17.0						3,601,008						17.2						3,550,119						17.5
Commercial & Industrial						2,343,246						11.1						2,324,598						11.1						2,235,310						11.0
Construction						1,362,145						6.5						1,191,930						5.7						1,018,588						5.0
Land - Acquisition & Development						139,388						0.7						129,358						0.6						123,627						0.6
Single-Family Residential						8,320,765						39.5						8,223,356						39.3						8,068,150						39.8
Construction - Custom						154,495						0.7						136,424						0.7						94,625						0.5
Land - Consumer Lot Loans						103,961						0.4						99,370						0.4						93,659						0.4
HELOC						275,880						1.3						284,970						1.4						273,155						1.4
Consumer						72,936						0.3						88,203						0.4						66,708						0.3
						$	21,060,501					100		%				$	20,920,001					100		%				$	20,277,164					100		%

Loan Contractual Term to Maturity or Repricing1						Amount						Rate						Amount						Rate						Amount						Rate
Within 3 months						$	5,612,092					7.12%						$	5,577,953					6.98%						$	5,613,535					6.92%
From 4 to 6 months						372,974						5.83						410,864						5.69						287,877						4.63
From 7 to 9 months						328,727						3.19						341,198						4.70						401,319						4.77
From 10 to 12 months						371,071						4.90						377,179						4.76						376,346						4.46
1 to 3 years						3,070,702						4.04						3,063,242						4.22						2,728,113						4.22
3 to 5 years						1,850,505						4.95						1,811,205						4.94						1,743,810						4.98
More than 5 years						9,658,951						4.19						9,541,069						4.22						9,324,933						4.20
Total						$	21,265,022					5.04		%				$	21,122,710					5.06		%				$	20,475,933					5.04		%
1Includes the effect of derivatives.

			WaFd Fact Sheet Q3 2025			2

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WaFd Inc. Announces Third Quarter 2025 Results

WaFd, Inc.

Fact Sheet

June 30, 2025

($ in Thousands)

						As of 12/24												As of 03/25												As of 06/25
Loans by State						Amount						%						Amount						%						Amount						%
Washington						$	5,857,840					27.5		%				$	5,726,161					27.1		%				$	5,590,478					27.3		%
Idaho						940,094						4.4						935,583						4.4						927,628						4.5
Oregon						2,477,443						11.7						2,505,629						11.9						2,498,467						12.2
Utah						2,114,388						9.9						2,129,700						10.1						1,980,098						9.7
Nevada						773,271						3.6						786,919						3.6						774,624						3.8
Texas						2,500,824						11.8						2,417,928						11.4						2,390,479						11.7
Arizona						2,333,725						11.0						2,355,148						11.1						2,299,764						11.2
New Mexico						766,170						3.6						802,884						3.8						791,212						3.9
California						3,037,930						14.3						2,979,107						14.1						2,891,410						14.1
Other						463,337						2.2						483,651						2.3						331,773						1.6
Total						$	21,265,022					100		%				$	21,122,710					100		%				$	20,475,933					100		%
Non-Performing Assets						Amount						%						Amount						%						Amount						%
Non-accrual loans:
Multi-Family						$	24,077					33.2		%				$	10,477					17.5		%				$	11,601					14.1		%
Commercial Real Estate						26,292						36.3						29,320						49.0						46,720						56.5
Commercial & Industrial						1,963						2.7						—						—						33						—
Construction						624						0.9						—						—						3,400						4.1
Land - Acquisition & Development						—						—						—						—						—						—
Single-Family Residential						17,440						24.1						18,734						31.3						19,246						23.3
Construction - Custom						848						1.2						847						1.4						847						1.0
Land - Consumer Lot Loans						8						—						8						—						8						—
HELOC						786						1.1						300						0.5						662						0.8
Consumer						449						0.6						200						0.3						179						0.2
Total non-accrual loans						72,487						100		%				59,886						100		%				82,696						100		%
Real Estate Owned						3,316												7,688												11,154
Other Property Owned						3,310												3,310												3,310
Total non-performing assets						$	79,113											$	70,884											$	97,160
Non-accrual loans as % of total net loans						0.34		%										0.29		%										0.41		%
Non-performing assets as % of total assets						0.29		%										0.26		%										0.36		%
Net Charge-offs (Recoveries) by Category						12/24 QTR						CO % (a)						03/25 QTR						CO % (a)						06/25 QTR						CO % (a)
Multi-Family						$	—					—		%				$	—					—		%				$	—					—		%
Commercial Real Estate						163						0.02						4,223						0.46						5,470						0.61
Commercial & Industrial						353						0.06						198						0.03						(89)						(0.02)
Construction						—						—						—						—						—						—
Land - Acquisition & Development						(12)						(0.03)						(8)						(0.02)						(6)						(0.01)
Single-Family Residential						(456)						(0.02)						331						0.02						(105)						(0.01)
Construction - Custom						—						—						—						—						(2)						—
Land - Consumer Lot Loans						—						—						—						—						—						—
HELOC						(1)						—						—						—						(1)						—
Consumer						184						0.97						319						1.39						174						1.00
Total net charge-offs (recoveries)						$	231					—		%				$	5,063					0.09		%				$	5,441					0.10		%

(a)Annualized Net Charge-offs (recoveries) divided by Gross Balance

			WaFd Fact Sheet Q3 2025			3

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WaFd Inc. Announces Third Quarter 2025 Results

WaFd, Inc.

Fact Sheet

June 30, 2025

($ in Thousands)

						12/24 QTR						12/24 YTD						03/25 QTR						03/25 YTD						06/25 QTR						06/25 YTD
Efficiency
Operating Expenses/Average Assets						1.62		%				1.62		%				1.53		%				1.58		%				1.56		%				1.57		%
Efficiency Ratio (%)						65.04		%				65.04		%				58.31		%				61.59		%				56.01		%				59.66		%
Amortization of Intangibles						$	2,755					$	2,755					$	2,553					$	5,308					$	2,369					$	7,677
EOP Numbers
Shares Issued and Outstanding						81,373,760												80,758,674												79,130,276
Share repurchase information
Remaining shares authorized for repurchase						11,501,005												10,777,898												9,129,488
Shares repurchased						89,528						89,528						726,082						815,610						1,662,508						2,478,118
Average share repurchase price						$	38.09					$	38.09					$	29.39					$	30.35					$	29.08					$	29.49

Tangible Common Shareholders' Book Value						As of 12/24												As of 03/25												As of 06/25
$ Amount						$	2,272,423											$	2,285,960											$	2,270,034
Per Share						27.93												28.31												28.69
# of Employees						2,175												2,018												2,004
Investments
Available-for-sale:
Agency MBS						$	1,600,089											$	2,074,672											$	2,411,707
Other						1,143,642												1,068,091												975,790
						$	2,743,731											$	3,142,763											$	3,387,497
Held-to-maturity:
Agency MBS						$	537,348											$	526,502											$	512,854
						$	537,348											$	526,502											$	512,854

			WaFd Fact Sheet Q3 2025			4

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WaFd Inc. Announces Third Quarter 2025 Results

WaFd, Inc.

Fact Sheet

June 30, 2025

($ in Thousands)

						As of 12/24																		As of 03/25																		As of 06/25
Deposits & Branches by State						Amount						%						#						Amount						%						#						Amount						%						#
Washington						$	8,589,398					40.1		%				73						$	8,723,693					40.7		%				73						$	8,716,662					40.8		%				73
Idaho						946,554						4.4						22						949,570						4.4						21						933,759						4.4						21
Oregon						2,704,966						12.6						36						2,798,850						13.1						36						2,779,995						13.0						36
Utah						573,469						2.7						9						601,503						2.8						9						619,203						2.9						9
Nevada						531,383						2.5						8						538,439						2.5						8						547,488						2.5						8
Texas						683,513						3.2						5						398,210						1.9						5						524,380						2.4						5
Arizona						1,628,742						7.6						28						1,676,939						7.8						28						1,666,381						7.8						28
New Mexico						1,568,788						7.3						19						1,666,280						7.8						19						1,711,722						8.0						18
California						4,211,964						19.6						10						4,073,942						19.0						10						3,886,981						18.2						10
Total						$	21,438,777					100		%				210						$	21,427,426					100		%				209						$	21,386,571					100		%				208
Deposits by Type						Amount						%												Amount						%												Amount						%
Non-Interest Checking						$	2,489,394					11.6		%										$	2,400,172					11.2		%										$	2,487,816					11.6		%
Interest Checking						4,554,922						21.2												4,625,596						21.6												4,705,457						22.0
Savings						714,755						3.4												715,199						3.4												703,085						3.4
Money Market						4,094,788						19.1												4,113,017						19.2												4,072,766						19.0
Time Deposits						9,584,918						44.7												9,573,442						44.7												9,417,447						44.0
Total						$	21,438,777					100		%										$	21,427,426					100		%										$	21,386,571					100		%
Deposits Uninsured & Non-collateralized - EOP						$	5,317,511					24.8		%										$	5,490,142					25.6		%										$	5,094,400					23.8		%
Time Deposit Repricing						Amount						Rate												Amount						Rate												Amount						Rate
Within 3 months						$	3,744,158					4.59		%										$	3,380,830					4.31		%										$	3,287,622					4.21		%
From 4 to 6 months						2,655,054						4.38		%										3,153,646						4.23		%										3,340,791						3.79		%
From 7 to 9 months						1,538,725						4.49		%										1,412,021						3.86		%										1,157,423						3.73		%
From 10 to 12 months						836,930						3.41		%										962,710						3.39		%										1,253,435						3.73		%
Borrowings (Effective Maturity)						Amount						Rate												Amount						Rate												Amount						Rate
Within 3 months						$	1,850,825					4.84		%										$	1,750,000					4.50		%										$	925,000					4.49		%
From 4 to 6 months						—						—		%										—						—		%										—						—		%
From 7 to 9 months						—						—		%										—						—		%										100,000						1.60		%
From 10 to 12 months						—						—		%										100,000						1.67		%										—						—		%
1 to 3 years						194,284						3.14		%										95,193						4.66		%										96,112						4.66		%
3 to 5 years						18,400						—		%										18,565						0.04		%										18,564						0.04		%
More than 5 years						851,118						1.15		%										851,180						0.95		%										851,411						0.86		%
Total						$	2,914,627																	$	2,814,938																	$	1,991,087

						12/24 QTR						12/24 YTD						03/25 QTR						03/25 YTD						06/25 QTR						06/25 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings						$	(2,920)					$	(2,920)					$	(1,811)					$	(4,731)					$	(1,149)					$	(5,880)

			WaFd Fact Sheet Q3 2025			5

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WaFd Inc. Announces Third Quarter 2025 Results

WaFd, Inc.

Fact Sheet

June 30, 2025

($ in Thousands)

Interest Rate Risk(b)						As of 12/24																		As of 03/25																		As of 06/25
NPV post up 100 bps shock												10.2		%																10.0		%																10.6		%
NPV post down 100 bps shock												12.2		%																12.2		%																12.6		%
Change in NII after up 100 bps shock												1.4		%																0.5		%																1.1		%
Change in NII after down 100 bps shock												2.0		%																4.4		%																4.0		%
(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)
Average for Quarter Ended:			WAFD SFR Mortgages						WAFD GSE MBS
6/30/2023			7.9		%				11.8		%
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		%

(c)The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that is paid off prematurely in each period.

			WaFd Fact Sheet Q3 2025			6

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WaFd Inc. Announces Third Quarter 2025 Results

WaFd, Inc.

Fact Sheet

June 30, 2025

Average Balance Sheet

($ in Thousands)

			Quarter Ended
			December 31, 2024																		March 31, 2025																		June 30, 2025
			Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
Assets
Loans receivable			$	20,954,663					$	286,597					5.43		%				$	20,918,986					$	282,077					5.47		%				$	20,592,807					$	279,476					5.44		%
Mortgage-backed securities			1,882,688						18,337						3.86						2,369,535						23,926						4.10						2,708,789						27,855						4.12
Cash & investments			2,855,030						37,941						5.27						2,216,944						27,631						5.05						1,683,378						21,544						5.13
FHLB Stock			106,062						2,242						8.39						123,346						2,450						8.06						106,816						2,839						10.66
Total interest-earning assets			25,798,443						345,117						5.31		%				25,628,811						336,084						5.32		%				25,091,790						331,714						5.30		%
Other assets			1,706,133																		1,742,509																		1,721,710
Total assets			$	27,504,576																	$	27,371,320																	$	26,813,500
Liabilities and Shareholders' Equity
Interest-bearing customer accounts			$	18,743,048					162,150						3.43		%				$	18,881,290					151,948						3.26		%				$	18,769,137					146,735						3.14		%
Borrowings			2,899,012						27,536						3.77						2,723,664						23,226						3.46						2,226,086						16,991						3.06
Total interest-bearing liabilities			21,642,060						189,686						3.48		%				21,604,954						175,174						3.29		%				20,995,223						163,726						3.13		%
Noninterest-bearing customer accounts			2,523,510																		2,448,965																		2,493,365
Other liabilities			323,809																		278,380																		294,167
Total liabilities			24,489,379																		24,332,299																		23,782,755
Stockholders’ equity			3,015,197																		3,039,021																		3,030,745
Total liabilities and equity			$	27,504,576																	$	27,371,320																	$	26,813,500
Net interest income/interest rate spread									$	155,431					1.83		%										$	160,910					2.03		%										$	167,988					2.17		%
Net interest margin(1)															2.39		%																2.55		%																2.69		%

(1)Annualized net interest income divided by average interest-earning assets

			WaFd Fact Sheet Q3 2025			7

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WaFd Inc. Announces Third Quarter 2025 Results

WaFd, Inc.

Fact Sheet

June 30, 2025

Delinquency Summary

($ in Thousands)

																											# of Loans
Type of Loans						#Loans						AVG Size						Loans Amortized Cost									30						60						90						Total						% Based on #						$ Delinquent									% Based on #
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		%
December 31, 2024
Multi-Family						1,922						2,467									$	4,740,797					10						3						10						23						1.20		%							$	23,504					0.50		%
Commercial Real Estate						1,282						2,817									3,610,758						1						1						3						5						0.39									670						0.02
Commercial & Industrial						1,792						1,341									2,403,719						12						5						9						26						1.45									2,246						0.09
Construction						389						3,555									1,383,048						2						1						2						5						1.29									4,495						0.33
Land - Acquisition & Development						78						1,880									146,609						—						—						—						—						—									—						—
Single-Family Residential						21,643						386									8,362,881						34						17						59						110						0.51									29,597						0.35
Construction - Custom						308						506									155,714						—						—						2						2						0.65									848						0.54
Land - Consumer Lot Loans						998						107									106,489						2						—						2						4						0.40									333						0.31
HELOC						4,466						62									279,039						9						3						10						22						0.49									2,037						0.73
Consumer						7,947						10									75,969						16						15						70						101						1.27									712						0.94
						40,825						521									$	21,265,023					86						45						167						298						0.73		%							$	64,442					0.30		%

			WaFd Fact Sheet Q3 2025			8