0000936528false00009365282025-04-112025-04-110000936528us-gaap:CommonStockMember2025-04-112025-04-110000936528us-gaap:SeriesAPreferredStockMember2025-04-112025-04-11

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): April 11, 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 April 11, 2025, WaFd, Inc. (the "Company") announced by press release its earnings for the quarter ended March 31, 2025. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the March 31, 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 April 11, 2025
99.2						Fact Sheet as of March 31, 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.

 

April 15, 2025

WAFD, INC.

By:

/s/ KELLI J. HOLZ

Kelli J. Holz

Executive Vice President and Chief Financial Officer

5

Exhibit 99.1

			Friday, April 11, 2025 FOR IMMEDIATE RELEASE

WaFd Announces Quarterly Earnings Per Share Of $0.65

Q2 Highlights

$56 Million

$0.65

0.82%

7.68%

Net Income

Diluted Earnings per Common Share

Return on Average Assets

Return on Average Common Equity

In the second quarter of fiscal 2025 our margin bounced back, expenses declined, and bottom-line results improved for shareholders. We are enthusiastic about the shift toward business banking we implemented last quarter and are pleased to see early successes including 382 new small business loans originated through our branches (compared to none in the prior quarter), merchant processing referrals increasing 125% on a linked quarter basis, and our insurance subsidiary delivering 53% year over year growth in profit. Additionally, we have been able to hire two former executives from the Small Business Administration to assist in establishing SBA lending at WaFd. We understand that our continued evolution toward higher margin business lines will be measured in years, not quarters, but we are off to a good start. This quarter we were recognized by JD Power as the 2nd best for customer service among all banks doing business in the Pacific Northwest. This is a well-deserved compliment to our team of bankers that focus first on our clients.
Brent Beardall President and CEO of WaFd Bank

Net Interest Income and NIM

■$161 million net interest income for the quarter compared to 155 million in Q1. ■Net interest margin at 2.55% for the quarter compared to 2.39% for Q1.

Credit Quality

■Non-performing assets down by $8 million at 0.26% of total assets compared to 0.29% Q1. ■$2.75 million provision the result of net charge-offs offset by a stable loans receivable balance.

Non-Interest Income and Expense

■20% increase in non-interest income compared to Q1 driven by WaFd Insurance revenue increase: $1.7 million over the December quarter and $1.3 million over March 2024.

Shareholder Returns and Stock Activity

■On March 7, 2025, the Company paid a cash dividend of $0.27 per share, 168th consecutive quarterly dividend paid. ■726,082 shares were repurchased during the quarter

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced quarterly earnings of $56,252,000 for the quarter ended March 31, 2025, an increase of 19% from net earnings of $47,267,000 for the quarter ended December 31, 2024 and an increase of 254% from net earnings of $15,888,000 for the quarter ended March 31, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $0.65 per diluted share for the quarter ended March 31, 2025, compared to $0.54 per diluted share for the quarter ended December 31, 2024, an $0.11 or 20% increase, and $0.17 per diluted share for the quarter ended March 31, 2024, a $0.48 or 282% increase in fully diluted earnings per common share. The March 31, 2024 results reflected significant acquisition-related expenses and certain non-operating adjustments of $51.1 million and the December 31, 2024 results reflected one-time restructuring charges of $5.4 million.

			Quarterly Earnings Release Q2 2025			1

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WaFd Inc. Announces Second 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)			March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
BALANCE SHEET
Cash			$	1,231,461					$	1,507,735					$	2,381,102					$	2,492,504					$	1,505,771
Loans receivable, net			20,920,001						21,060,501						20,916,354						20,873,919						20,795,259
Allowance for credit losses ("ACL")			222,709						225,022						225,253						225,324						225,077
Loans held for sale			—						—						—						468,527						2,993,658
Available-for-sale securities, at fair value			3,142,763						2,743,731						2,572,709						2,428,768						2,438,114
Held-to-maturity securities, at amortized cost			526,502						537,348						436,972						447,638						457,882
Total investments			3,669,265						3,281,079						3,009,681						2,876,406						2,895,996
Total assets			27,644,637						27,684,454						28,060,330						28,580,800						30,140,288
Transaction deposits			11,853,984						11,853,859						11,817,185						11,929,005						12,338,862
Time deposits			9,573,442						9,584,918						9,556,785						9,255,760						9,000,911
Total deposits			21,427,426						21,438,777						21,373,970						21,184,765						21,339,773
Borrowings			2,814,938						2,914,627						3,318,307						4,079,360						5,489,501
Total shareholders' equity			3,032,620						3,021,636						3,000,300						2,958,339						2,921,906
Loans to customer deposits2			97.63		%				98.24		%				97.86		%				98.53		%				97.45		%
PROFITABILITY
Net income			$	56,252					$	47,267					$	61,140					$	64,560					$	15,888
Net income to common shareholders			52,596						43,611						57,484						60,904						12,232
Earnings per common share			0.65						0.54						0.71						0.75						0.17
Return on tangible common equity1			9.18		%				7.69		%				10.24		%				11.10		%				2.47		%
Return on tangible assets1			0.84		%				0.70		%				0.89		%				0.88		%				0.26		%
Net interest margin			2.55		%				2.39		%				2.62		%				2.56		%				2.73		%
Efficiency ratio			58.31		%				65.04		%				57.21		%				56.61		%				77.74		%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share			$	33.84					$	33.45					$	33.25					$	32.76					$	32.21
Tangible common shareholders' equity per share1			28.31						27.93						27.73						27.18						26.64
Shareholders' equity to total assets			10.97		%				10.91		%				10.69		%				10.35		%				9.69		%
Tangible shareholders' equity to tangible assets1			9.51		%				9.45		%				9.24		%				8.91		%				8.31		%
Common shares outstanding			80,758,674						81,373,760						81,220,269						81,157,173						81,405,391
Preferred shares outstanding			300,000						300,000						300,000						300,000						300,000
CREDIT QUALITY2
ACL to gross loans			1.01		%				1.00		%				1.01		%				1.00		%				1.00		%
Non-accrual loans to net loans			0.29		%				0.34		%				0.33		%				0.29		%				0.29		%
Delinquencies to net loans			0.27		%				0.30		%				0.25		%				0.22		%				0.36		%
Non-performing assets to total assets			0.26		%				0.29		%				0.28		%				0.24		%				0.23		%
Criticized loans to net loans			3.32		%				2.54		%				2.41		%				3.01		%				2.59		%
Substandard loans to net loans			2.38		%				1.96		%				2.04		%				1.84		%				1.48		%

(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 Q2 2025			2

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WaFd Inc. Announces Second Quarter Results

Balance Sheet Total assets decreased to $27.6 billion as of March 31, 2025, compared to $28.1 billion at September 30, 2024, primarily due to cash used to reduce borrowings and purchase investments during the period. Net loans were flat at $20.9 billion and cash decreased $1.1 billion, or 48.3%. Investment securities increased by $660 million, or 21.9% in the first half of FY 2025.

Customer deposits totaled $21.4 billion as of March 31, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $37 million or 0.3% during the period, while time deposits increased $17 million or 0.2%. As of March 31, 2025, 55.3% of the Company’s deposits were transaction accounts, similar to September 30, 2024. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 78.8% of deposits at March 31, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 25.6% as of March 31, 2025, an increase from 24.0% as of September 30, 2024.

Borrowings totaled $2.8 billion as of March 31, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 3.30% as of March 31, 2025, compared to 3.93% at September 30, 2024.

Loan originations totaled $1.0 billion for the second 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 $1.3 billion and $1.0 billion, respectively. Commercial loans represented 73% of all loan originations during the second fiscal quarter of 2025 and consumer loans accounted for the remaining 27%. The period end interest yield on the loan portfolio was 5.42% as of March 31, 2025, 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 March quarter, tangible book value per share grew from $27.73 as of September 30, 2024 to $28.31 at March 31, 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 726,082 shares of common stock at a weighted average price of $29.39. Our share repurchase plan currently has an authorization of 10.8 million shares, which provides what we believe is a compelling investment alternative.

Credit Quality Credit quality continues to be monitored closely in light of the shifting economic and monetary environment. As of March 31, 2025, non-performing assets decreased to $71 million, or 0.26% of total assets, from $77 million, or 0.28%, at September 30, 2024. The change fiscal year to date is due primarily to non-accrual loans decreasing by $9.7 million, or 14%, since September 30, 2024. Delinquent loans were slightly increased at 0.27% of total loans at March 31, 2025, compared to 0.25% at September 30, 2024 but improved compared to 0.30% at December 31, 2024. The allowance for credit losses (including the reserve for unfunded commitments) totaled $223 million as of March 31, 2025, and was 1.01% 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 $5,063,000 for the second fiscal quarter of 2025, compared to $231,000 for the prior quarter.

Profitability Net interest income was $161 million for the second fiscal quarter of 2025, an increase of $5.5 million or 4% from the prior quarter. The increase in net interest income was primarily due to a 19 basis point decrease in the rate paid on interest bearing liabilities offset by a $170 million decrease in interest earning asset balances for which the yield was flat. Net interest margin was 2.55% in the second fiscal quarter of 2025 compared to 2.39% for the quarter ended December 31, 2024.

Total non-interest income was $18.9 million for the second fiscal quarter of 2025 compared to $15.7 million the prior quarter. The increase compared to the prior quarter was primarily due to increased prepayment fees earned on loans and increased commission income from the Bank's insurance subsidiary, WaFd Insurance.

Total non-interest expense was $104.8 million in the second fiscal quarter of 2025, a decrease of $6.5 million, or 5.8%, from the prior quarter. The overall decrease is the result of the $5.4 million of restructuring costs incurred in the prior quarter. Decreased expenses combined with increased net interest income resulted in a decrease in the Company’s efficiency ratio in the second fiscal quarter of 2025 to 58.3%, compared to 65.0% in the prior quarter.

The Company recorded a $2.8 million provision for credit losses in the second fiscal quarter of 2025 compared to no provision the prior quarter. The provision for loan losses in the quarter ended March 31, 2025 was primarily the result of the stable loans receivable balance offset by $5.1 million of net charge-offs taken during the quarter.

Return on common shareholders' equity for the quarter ended March 31, 2025 was 7.68% compared to 6.42% for the quarter ended December 31, 2024. Adjusted for certain non-operating items and restructuring charges, return on equity for the quarter is 7.66% compared to adjusted return on equity of 7.45% the prior quarter. Return on assets for the quarter ended March 31, 2025 was 0.82% compared to 0.69% for the previous quarter. Adjusted for certain non-operating items

			Quarterly Earnings Release Q2 2025			3

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WaFd Inc. Announces Second Quarter Results

and restructuring charges, return on assets for the quarter is 0.82% compared to adjusted return on assets of 0.79% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

Income tax expense totaled $15.8 million the second fiscal quarter of 2025, as compared to $5.1 million for the prior year same quarter. The effective tax rate for the quarter ended March 31, 2025 was 21.88% compared to 21.55% for the quarter ended December 31, 2024. 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 209 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 Q2 2025			4

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

			March 31, 2025									September 30, 2024
			(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents						$	1,231,461								$	2,381,102
Available-for-sale securities, at fair value						3,142,763									2,572,709
Held-to-maturity securities, at amortized cost						526,502									436,972
Loans receivable, net of allowance for loan losses of $202,709 and $203,753						20,920,001									20,916,354
Interest receivable						101,778									102,827
Premises and equipment, net						250,896									247,901
Real estate owned						7,688									4,567
FHLB stock						133,964									95,617
Bank owned life insurance						271,321									267,633
Intangible assets, including goodwill of $414,723 and $411,360						446,660									448,425
Deferred tax assets, net						122,739									119,248
Other assets						488,864									466,975
						$	27,644,637								$	28,060,330
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits						$	11,853,984								$	11,817,185
Time deposits						9,573,442									9,556,785
Total customer deposits						21,427,426									21,373,970
Borrowings						2,763,758									3,267,589
Junior subordinated debentures						51,180									50,718
Advance payments by borrowers for taxes and insurance						44,496									61,330
Accrued expenses and other liabilities						325,157									306,423
						24,612,017									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; 154,355,059 and 154,007,429 shares issued; 80,758,674 and 81,220,269 shares outstanding						154,355									154,007
Additional paid-in capital						2,158,037									2,150,675
Accumulated other comprehensive income (loss), net of taxes						51,404									55,851
Treasury stock, at cost 73,596,385 and 72,787,160 shares						(1,663,739)									(1,639,131)
Retained earnings						2,032,563									1,978,898
						3,032,620									3,000,300
						$	27,644,637								$	28,060,330

Yield and margin as of period end
Loans receivable1						5.42		%							5.62		%
Mortgage-backed securities						4.22									4.00
Combined cash, investments and FHLB stock						4.62									5.10
Interest-earning assets						5.22									5.44
Interest-bearing customer accounts						3.16									3.50
Borrowings1						3.30									3.93
Interest-bearing liabilities						3.17									3.56
Net interest spread						2.05									1.88
Net interest margin						2.55									2.44

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

			Quarterly Earnings Release Q2 2025			5

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

			Three Months Ended March 31,																		Six Months Ended March 31,
			2025									2024									2025						2024
			(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable						$	282,077								$	274,341					$	568,674					$	520,133
Mortgage-backed securities						23,926									12,905						42,263						24,171
Investment securities and cash equivalents						30,081									31,580						70,264						61,368
						336,084									318,826						681,201						605,672
INTEREST EXPENSE
Customer accounts						151,948									116,164						314,098						212,835
Borrowings, senior debt and junior subordinated debentures						23,226									44,065						50,762						82,003
						175,174									160,229						364,860						294,838
Net interest income						160,910									158,597						316,341						310,834
Provision (release) for credit losses						2,750									16,000						2,750						16,000
Net interest income after provision (release)						158,160									142,597						313,591						294,834
NON-INTEREST INCOME
Gain (loss) on sale of investment securities						—									90						20						171
Gain (loss) on termination of hedging derivatives						65									6						70						115
Loan fee income						1,812									550						3,157						1,394
Deposit fee income						7,057									6,698						14,103						13,500
Other income						9,947									6,048						17,233						12,379
Total non-interest income						18,881									13,392						34,583						27,559
NON-INTEREST EXPENSE
Compensation and benefits						52,710									73,155						112,637						122,996
Occupancy						11,499									10,918						22,287						20,289
FDIC insurance premiums						5,800									7,900						10,650						14,470
Product delivery						6,907									5,581						12,692						11,590
Information technology						14,481									12,883						28,673						25,749
Other expense						13,435									23,275						29,204						35,158
Total non-interest expense						104,832									133,712						216,143						230,252
Gain (loss) on real estate owned, net						(199)									(1,315)						230						511
Income before income taxes						72,010									20,962						132,261						92,652
Income tax provision						15,758									5,074						28,742						18,311
Net income						56,252									15,888						103,519						74,341
Dividends on preferred stock						3,656									3,656						7,312						7,312
Net income available to common shareholders						$	52,596								$	12,232					$	96,207					$	67,029

PER SHARE DATA
Basic earnings per common share						$	0.65								$	0.17					$	1.19					$	1.00
Diluted earnings per common share						0.65									0.17						1.18						1.00
Cash dividends per common share						0.27									0.26						0.53						0.51
Basic weighted average shares outstanding						81,061,206									70,129,072						81,178,997						67,197,352
Diluted weighted average shares outstanding						81,105,536									70,164,558						81,278,102						67,225,099
PERFORMANCE RATIOS
Return on average assets						0.82		%							0.26		%				0.75		%				0.63		%
Return on average common equity						7.68		%							2.09		%				7.06		%				5.98		%

			Quarterly Earnings Release Q2 2025			6

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

			Three Months Ended
			March 31, 2025									December 31, 2024									September 30, 2024									June 30, 2024									March 31, 2024
						(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable						$	282,077								$	286,597								$	308,598								$	337,118								$	274,341
Mortgage-backed securities						23,926									18,337									18,088									17,523									12,905
Investment securities and cash equivalents						30,081									40,183									47,411									37,300									31,580
						336,084									345,117									374,097									391,941									318,826
INTEREST EXPENSE
Customer accounts						151,948									162,150									165,240									154,359									116,164
Borrowings, senior debt and junior subordinated debentures						23,226									27,536									36,045									60,396									44,065
						175,174									189,686									201,285									214,755									160,229
Net interest income						160,910									155,431									172,812									177,186									158,597
Provision for credit losses						2,750									—									—									1,500									16,000
Net interest income after provision						158,160									155,431									172,812									175,686									142,597
NON-INTEREST INCOME
Gain on sale of investment securities						—									20									91									80									90
Gain on termination of hedging derivatives						65									5									72									54									6
Loan fee income						1,812									1,345									757									594									550
Deposit fee income						7,057									7,046									7,047									6,960									6,698
Other income						9,947									7,286									7,911									9,567									6,048
Total non-interest income						18,881									15,702									15,878									17,255									13,392
NON-INTEREST EXPENSE
Compensation and benefits						52,710									59,927									53,983									57,169									73,155
Occupancy						11,499									10,788									10,843									10,904									10,918
FDIC insurance premiums						5,800									4,850									6,800									7,600									7,900
Product delivery						6,907									5,785									6,306									6,090									5,581
Information technology						14,481									14,192									14,129									13,428									12,883
Other expense						13,435									15,769									15,880									14,888									23,275
Total non-interest expense						104,832									111,311									107,941									110,079									133,712
Gain (loss) on real estate owned, net						(199)									429									(83)									(124)									(1,315)
Income before income taxes						72,010									60,251									80,666									82,738									20,962
Income tax provision						15,758									12,984									19,526									18,178									5,074
Net income						56,252									47,267									61,140									64,560									15,888
Dividends on preferred stock						3,656									3,656									3,656									3,656									3,656
Net income available to common shareholders						$	52,596								$	43,611								$	57,484								$	60,904								$	12,232

			Quarterly Earnings Release Q2 2025			7

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

			Three Months Ended
			March 31, 2025									December 31, 2024									September 30, 2024									June 30, 2024									March 31, 2024
						(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share						$	0.65								$	0.54								$	0.71								$	0.75								$	0.17
Diluted earnings per common share						0.65									0.54									0.71									0.75									0.17
Cash dividends per common share						0.27									0.26									0.26									0.26									0.26
Basic weighted average shares outstanding						81,061,206									81,294,227									81,208,683									81,374,811									70,129,072
Diluted weighted average shares outstanding						81,105,536									81,401,599									81,353,644									81,393,708									70,164,558
PERFORMANCE RATIOS
Return on average assets						0.82		%							0.69		%							0.87		%							0.87		%							0.26		%
Return on average common equity						7.68									6.42									8.53									9.20									2.09
Net interest margin						2.55									2.39									2.62									2.56									2.73
Efficiency ratio						58.31									65.04									57.21									56.61									77.74

			Quarterly Earnings Release Q2 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			March 31, 2025									December 31, 2024												September 30, 2024						June 30, 2024									March 31, 2024
			(Unaudited - In thousands, except for ratio data)
Shareholders' equity - GAAP						$	3,032,620								$	3,021,636								$	3,000,300								$	2,958,339								$	2,921,906
Less intangible assets - GAAP						446,660									449,213									448,425									452,255									453,539
Tangible shareholders' equity						$	2,585,960								$	2,572,423								$	2,551,875								$	2,506,084								$	2,468,367
Less preferred stock - GAAP						300,000									300,000									300,000									300,000									300,000
Tangible common shareholders' equity						$	2,285,960								$	2,272,423								$	2,251,875								$	2,206,084								$	2,168,367
Total assets - GAAP						$	27,644,637								$	27,684,454								$	28,060,330								$	28,580,800								$	30,140,288
Less intangible assets - GAAP						446,660									449,213									448,425									452,255									453,539
Tangible assets						$	27,197,977								$	27,235,241								$	27,611,905								$	28,128,545								$	29,686,749
Tangible Metrics
Common shares outstanding - GAAP						80,758,674									81,373,760									81,220,269									81,157,173									81,405,391
Tangible common equity per share						$	28.31								$	27.93								$	27.73								$	27.18								$	26.64
Tangible equity to tangible assets						9.51			%						9.45			%						9.24			%						8.91			%						8.31			%

			Quarterly Earnings Release Q2 2025			9

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

						Three Months Ended
Average Tangible Measures			March 31, 2025									December 31, 2024												September 30, 2024						June 30, 2024									March 31, 2024
						(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP						$	3,039,021								$	3,015,197								$	2,996,093								$	2,947,056								$	2,638,483
Less average preferred stock  - GAAP						300,000									300,000									300,000									300,000									300,000
Less average intangible assets - GAAP						448,272									447,754									451,204									453,142									360,251
Average tangible common equity						$	2,290,749								$	2,267,443								$	2,244,889								$	2,193,914								$	1,978,232
Average Assets - GAAP						$	27,371,320								$	27,504,576								$	28,000,482								$	29,703,337								$	24,907,376
Less average intangible assets - GAAP						448,272									447,754									451,204									453,142									360,251
Average tangible assets						$	26,923,048								$	27,056,822								$	27,549,278								$	29,250,195								$	24,547,125
Average Tangible Metrics
Net income - GAAP						56,252									47,267									61,140									64,560									15,888
Net income available to common shareholders' - GAAP						52,596									43,611									57,484									60,904									12,232
Return on tangible common equity						9.18			%						7.69			%						10.24			%						11.10			%						2.47			%
Return on tangible assets						0.84			%						0.70			%						0.89			%						0.88			%						0.26			%

			Quarterly Earnings Release Q2 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			March 31, 2025									December 31, 2024												September 30, 2024						June 30, 2024									March 31, 2024
						(Unaudited - In thousands, except for ratio data)
Interest income
LBC Hedge Valuation Adj						$	—								$	3,933								$	—								$	—								$	—
Non-interest income adjustments
Distribution received on LBC equity method investment						$	(257)								$	(279)								$	(288)								$	(299)								$	(287)
(Gain)Loss on WaFd Bank equity method investment						(155)									48									(896)									(748)									2,195
Total non-interest income adjustments						$	(412)								$	(231)								$	(1,184)								$	(1,047)								$	1,908
Non-interest expense adjustments
Acquisition-related expenses						$	—								$	239								$	(1,602)								$	2,285								$	25,120
Non-operating expenses:
Restructuring Charges						—									5,390									—									—									—
FDIC Special Assessment						—									—									(216)									—									1,800
Legal and Compliance Accruals						—									—									(182)									—									3,000
Charitable Donation						—									—									—									—									2,000
						—									5,390									(398)									—									6,800
Total non-interest expense adjustments						$	—								$	5,629								$	(2,000)								$	2,285								$	31,920
Net Income - GAAP						$	56,252								$	47,267								$	61,140								$	64,560								$	15,888
Preliminary ACL provision on LBC loans						—									—									—									—									16,000
Interest income adjustments						—									3,933									—									—									—
Non-interest income adjustments						(412)									(231)									(1,184)									(1,047)									1,908
Non-interest expense adjustments						—									5,629									(2,000)									2,285									31,920
REO adjustments						199									(429)									83									124									1,315
Income tax adjustment						47									(1,918)									751									(299)									(12,274)
Net Income - non-GAAP						$	56,086								$	54,251								$	58,790								$	65,623								$	54,757
Dividend on preferred stock						3,656									3,656									3,656									3,656									3,656
Net Income available to common shareholders' - non-GAAP						$	52,430								$	50,595								$	55,134								$	61,967								$	51,101
Basic weighted average number of shares outstanding - GAAP						81,061,206									81,294,227									81,208,683									81,374,811									70,129,072
Diluted weighted average number of shares outstanding - GAAP						81,105,536									81,401,599									81,353,644									81,393,708									70,164,558
Basic EPS - non-GAAP						$	0.65								$	0.62								$	0.68								$	0.76								$	0.73
Diluted EPS - non-GAAP						0.65									0.62									0.68									0.76									0.73

			Quarterly Earnings Release Q2 2025			11

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

						Three Months Ended
Adjusted Efficiency Ratio			March 31, 2025									December 31, 2024												September 30, 2024						June 30, 2024									March 31, 2024
						(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP						58.3			%						65.0			%						57.2			%						56.6			%						77.7			%
Net interest income - GAAP						$	160,910								$	155,431								$	172,812								$	177,186								$	158,597
Total interest income adjustments						—									3,933									—									—									—
Net interest income - non-GAAP						$	160,910								$	159,364								$	172,812								$	177,186								$	158,597
Non-interest expense - GAAP						$	104,832								$	111,311								$	107,941								$	110,079								$	133,712
Less merger related expenses						—									239									(1,602)									2,285									25,120
Less non-operating expenses						—									5,390									(398)									—									6,800
Non-interest Expenses - non-GAAP						$	104,832								$	105,682								$	109,941								$	107,794								$	101,792
Non-interest income - GAAP						$	18,881								$	15,702								$	15,878								$	17,255								$	13,392
Total other income adjustments						(412)									(231)									(1,184)									(1,047)									1,908
Non-interest income - non-GAAP						$	18,469								$	15,471								$	14,694								$	16,208								$	15,300
Net Interest Income - non-GAAP						$	160,910								$	159,364								$	172,812								$	177,186								$	158,597
Non-interest income - non-GAAP						18,469									15,471									14,694									16,208									15,300
Total Income - non-GAAP						$	179,379								$	174,835								$	187,506								$	193,394								$	173,897
Adjusted Efficiency Ratio						58.4			%						60.4			%						58.6			%						55.7			%						58.5			%

			Quarterly Earnings Release Q2 2025			12

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

						Three Months Ended
Adjusted ROA and ROE			March 31, 2025									December 31, 2024												September 30, 2024						June 30, 2024									March 31, 2024
						(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP						$	56,252								$	47,267								$	61,140								$	64,560								$	15,888
Net income available to common shareholders' - GAAP						$	52,596								$	43,611								$	57,484								$	60,904								$	12,232
Average Assets						27,371,320									27,504,576									28,000,482									29,703,337									24,907,376
Return on Assets						0.82			%						0.69			%						0.87			%						0.87			%						0.26			%
Average Common Equity						$	2,739,021								$	2,715,197								$	2,696,093								$	2,647,056								$	2,338,483
Return on common equity						7.68			%						6.42			%						8.53			%						9.20			%						2.09			%
Adjusted:
Net Income - non-GAAP						$	56,086								$	54,251								$	58,790								$	65,623								$	54,757
Net income available to common shareholders' - non-GAAP						$	52,430								$	50,595								$	55,134								$	61,967								$	51,101
Average Assets						27,371,320									27,504,576									28,000,482									29,703,337									24,907,376
Adjusted Return on Assets						0.82			%						0.79			%						0.84			%						0.88			%						0.88			%
Average Common Equity						2,739,021									2,715,197									2,696,093									2,647,056									2,338,483
Adjusted Return on common equity						7.66			%						7.45			%						8.18			%						9.36			%						8.74			%

			Quarterly Earnings Release Q2 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 Q2 2025			14

WaFd Inc. Announces Second Quarter 2025 Results

WaFd, Inc.

Fact Sheet

March 31, 2025

($ in Thousands)

Exhibit 99.2

						As of 09/24												As of 12/24												As of 03/25
Allowance for Credit Losses (ACL) - Total						$	225,253											$	225,022											$	222,709
ACL - Loans						203,753												204,522												202,709
ACL - Unfunded Commitments						21,500												20,500												20,000
Total ACL as a % of Gross Loans						1.01		%										1.00		%										1.01		%
						09/24 QTR						09/24 YTD						12/24 QTR						12/24 YTD						03/25 QTR						03/25 YTD
Loan Originations - Total						$	962,393					$	3,632,072					$	930,689					$	930,689					$	1,008,874					$	1,939,563
Multi-Family						1,997						60,730						6,388						6,388						24,464						30,852
Commercial Real Estate						43,724						246,930						47,726						47,726						82,295						130,021
Commercial & Industrial						431,498						1,677,371						405,877						405,877						429,009						834,886
Construction						191,837						603,829						162,662						162,661						171,344						334,005
Land - Acquisition & Development						15,275						45,406						7,934						7,934						24,474						32,408
Single-Family Residential						138,234						430,272						156,117						156,117						143,203						299,320
Construction - Custom						54,049						209,781						51,009						51,009						28,986						79,995
Land - Consumer Lot Loans						6,946						21,187						4,968						4,968						2,372						7,340
HELOC						42,816						161,917						43,030						43,030						41,897						84,927
Consumer						36,017						174,648						44,978						44,978						60,830						105,808
Purchased Loans (including acquisitions)						$	—					$	6,207,393					$	102,016					$	102,016					$	3,847					$	105,863
Loan Repayments & Payoffs - Total						$	1,129,986					$	4,302,359					$	981,574					$	981,574					$	1,279,011					$	2,260,585
Multi-Family						48,998						164,139						63,136						63,136						80,455						143,591
Commercial Real Estate						47,456						287,398						114,179						114,179						106,057						220,236
Commercial & Industrial						465,350						1,658,384						338,005						338,005						476,377						814,382
Construction						197,283						969,672						116,331						116,331						164,167						280,498
Land - Acquisition & Development						11,174						72,148						29,960						29,960						25,047						55,007
Single-Family Residential						241,570						738,340						214,726						214,726						327,561						542,287
Construction - Custom						29,210						73,178						21,526						21,526						14,704						36,230
Land - Consumer Lot Loans						10,474						38,088						6,556						6,556						7,104						13,660
HELOC						31,934						130,176						34,048						34,048						32,659						66,707
Consumer						46,537						170,836						43,107						43,107						44,880						87,987
Weighted Average Rate on Originations						7.77		%										6.91		%										7.12		%
Weighted Average Rate on Payoffs						6.65		%										6.50		%										6.74		%
Net Loan Fee Accretion						$	4,118					$	17,208					$	3,070					$	3,070					$	3,192					$	6,262
Net Discount Accretion on Acquired Loans						$	6,824					$	20,281					$	6,930					$	6,930					$	6,447					$	13,377
MBS Repayments						64,885						195,831						68,287						68,287						59,306						127,593
MBS Net Premium Amortization						$	403					$	1,060					$	434					$	434					$	877					$	1,311

			WaFd Fact Sheet Q2 2025			1

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WaFd Inc. Announces Second Quarter 2025 Results

WaFd, Inc.

Fact Sheet

March 31, 2025

($ in Thousands)

						As of 09/24												As of 12/24												As of 03/25
Loans Receivable by Category1						Amount						%						Amount						%						Amount						%
Multi-Family						$	4,658,119					20.8		%				$	4,829,736					21.5		%				$	4,967,125					22.4		%
Commercial Real Estate						3,757,040						16.8						3,637,986						16.2						3,665,363						16.6
Commercial & Industrial						2,337,139						10.5						2,408,693						10.6						2,389,025						10.7
Construction						2,174,254						9.7						2,062,116						9.2						1,791,886						8.1
Land - Acquisition & Development						200,713						0.9						178,687						0.8						178,114						0.8
Single-Family Residential						8,399,030						37.6						8,520,833						38.0						8,401,084						37.9
Construction - Custom						384,161						1.7						335,715						1.5						287,461						1.3
Land - Consumer Lot Loans						108,791						0.6						107,205						0.5						102,475						0.5
HELOC						266,151						1.2						275,132						1.2						284,295						1.3
Consumer						73,998						0.3						75,933						0.3						91,899						0.4
						22,359,396						100		%				22,432,036						100		%				22,158,727						100		%
Less:
Loans in Process						1,009,798												903,253												798,996
Net Deferred Fees, Costs and Discounts						229,491												263,760												237,021
Loans at Amortized Cost						21,120,107												21,265,023												21,122,710
Less:
Allowance for Credit Losses (ACL)						203,753												204,522												202,709
Net Loans						$	20,916,354											$	21,060,501											$	20,920,001
Net Loan Portfolio by Category1						Amount						%						Amount						%						Amount						%
Multi-Family						$	4,530,951					21.7		%				$	4,714,800					22.4		%				$	4,840,784					23.2		%
Commercial Real Estate						3,692,946						17.7						3,572,885						17.0						3,601,008						17.2
Commercial & Industrial						2,273,984						10.9						2,343,246						11.1						2,324,598						11.1
Construction						1,401,748						6.7						1,362,145						6.5						1,191,930						5.7
Land - Acquisition & Development						152,416						0.7						139,388						0.7						129,358						0.6
Single-Family Residential						8,239,778						39.4						8,320,765						39.5						8,223,356						39.3
Construction - Custom						180,988						0.9						154,495						0.7						136,424						0.7
Land - Consumer Lot Loans						105,496						0.5						103,961						0.4						99,370						0.4
HELOC						266,808						1.3						275,880						1.3						284,970						1.4
Consumer						71,239						0.3						72,936						0.3						88,203						0.4
						$	20,916,354					100		%				$	21,060,501					100		%				$	20,920,001					100		%
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

Loan Contractual Term to Maturity or Repricing2						Amount						Rate						Amount						Rate						Amount						Rate
Within 3 months						$	5,338,837					7.74%						$	5,612,092					7.12%						$	5,577,953					6.98%
From 4 to 6 months						461,449						5.74						372,974						5.83						410,864						5.69
From 7 to 9 months						194,824						5.14						328,727						3.19						341,198						4.70
From 10 to 12 months						261,503						4.95						371,071						4.90						377,179						4.76
1 to 3 years						3,064,601						3.91						3,070,702						4.04						3,063,242						4.22
3 to 5 years						1,973,078						5.06						1,850,505						4.95						1,811,205						4.94
More than 5 years						9,825,815						4.16						9,658,951						4.19						9,541,069						4.22
Total						$	21,120,107					5.17		%				$	21,265,022					5.04		%				$	21,122,710					5.06		%
2Includes the effect of derivatives.

			WaFd Fact Sheet Q2 2025			2

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WaFd Inc. Announces Second Quarter 2025 Results

WaFd, Inc.

Fact Sheet

March 31, 2025

($ in Thousands)

						As of 09/24												As of 12/24												As of 03/25
Loans by State1						Amount						%						Amount						%						Amount						%
Washington						$	5,771,729					27.3		%				$	5,857,840					27.5		%				$	5,726,161					27.1		%
Idaho						924,573						4.4						940,094						4.4						935,583						4.4
Oregon						2,463,530						11.7						2,477,443						11.7						2,505,629						11.9
Utah						2,085,051						9.9						2,114,388						9.9						2,129,700						10.1
Nevada						783,600						3.7						773,271						3.5						786,919						3.6
Texas						2,495,541						11.8						2,500,824						11.8						2,417,928						11.4
Arizona						2,319,106						11.0						2,333,725						11.0						2,355,148						11.1
New Mexico						761,853						3.6						766,170						3.6						802,884						3.8
California						3,037,606						14.4						3,037,930						14.3						2,979,107						14.1
Other						477,518						2.3						463,337						2.2						483,651						2.3
Total						$	21,120,107					100		%				$	21,265,022					100		%				$	21,122,710					100		%
Non-Performing Assets						Amount						%						Amount						%						Amount						%
Non-accrual loans1:
Multi-Family						$	18,743					27.0		%				$	24,077					33.2		%				$	10,477					17.5		%
Commercial Real Estate						26,362						37.9						26,292						36.3						29,320						49.0
Commercial & Industrial						—						—						1,963						2.7						—						—
Construction						1,120						1.6						624						0.9						—						—
Land - Acquisition & Development						74						0.1						—						—						—						—
Single-Family Residential						21,488						30.9						17,440						24.1						18,734						31.3
Construction - Custom						848						1.1						848						1.2						847						1.4
Land - Consumer Lot Loans						—						—						8						—						8						—
HELOC						596						0.9						786						1.1						300						0.5
Consumer						310						0.3						449						0.6						200						0.3
Total non-accrual loans						69,541						100		%				72,487						100		%				59,886						100		%
Real Estate Owned						4,567												3,316												7,688
Other Property Owned						3,310												3,310												3,310
Total non-performing assets						$	77,418											$	79,113											$	70,884
Non-accrual loans as % of total net loans						0.33		%										0.34		%										0.29		%
Non-performing assets as % of total assets						0.28		%										0.29		%										0.26		%
Net Charge-offs (Recoveries) by Category						09/24 QTR						CO % (a)						12/24 QTR						CO % (a)						03/25 QTR						CO % (a)
Multi-Family						$	—					—		%				$	—					—		%				$	—					—		%
Commercial Real Estate						—						—						163						0.02						4,223						0.46
Commercial & Industrial						136						0.02						353						0.06						198						0.03
Construction						—						—						—						—						—						—
Land - Acquisition & Development						114						0.23						(12)						(0.03)						(8)						(0.02)
Single-Family Residential						(88)						—						(456)						(0.02)						331						0.02
Construction - Custom						(1)						—						—						—						—						—
Land - Consumer Lot Loans						(1)						—						—						—						—						—
HELOC						(1)						—						(1)						—						—						—
Consumer						(89)						(0.48)						184						0.97						319						1.39
Total net charge-offs (recoveries)						$	70					—		%				$	231					—		%				$	5,063					0.09		%

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

1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

			WaFd Fact Sheet Q2 2025			3

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WaFd Inc. Announces Second Quarter 2025 Results

WaFd, Inc.

Fact Sheet

March 31, 2025

($ in Thousands)

						09/24 QTR						09/24 YTD						12/24 QTR						12/24 YTD						03/25 QTR						03/25 YTD
Efficiency
Operating Expenses/Average Assets						1.54		%				1.71		%				1.62		%				1.62		%				1.53		%				1.58		%
Efficiency Ratio (%)						57.21		%				62.13		%				65.04		%				65.04		%				58.31		%				61.59		%
Amortization of Intangibles						$	2,977					$	7,743					$	2,755					$	2,755					$	2,553					$	5,308
EOP Numbers
Shares Issued and Outstanding						81,220,269												81,373,760												80,758,674
Share repurchase information
Remaining shares authorized for repurchase						11,501,005												11,501,005												10,777,898
Shares repurchased						7,174						1,070,207						89,528						89,528						726,082						815,610
Average share repurchase price						$	34.82					$	25.29					$	38.09					$	38.09					$	29.39					$	30.35

Tangible Common Shareholders' Book Value						As of 09/24												As of 12/24												As of 03/25
$ Amount						$	2,251,875											$	2,272,423											$	2,285,960
Per Share						27.73												27.93												28.31
# of Employees						2,208												2,175												2,018
Investments
Available-for-sale:
Agency MBS						$	1,387,025											$	1,600,089											$	2,074,672
Other						1,185,684												1,143,642												1,068,091
						$	2,572,709											$	2,743,731											$	3,142,763
Held-to-maturity:
Agency MBS						$	436,972											$	537,348											$	526,502
						$	436,972											$	537,348											$	526,502

			WaFd Fact Sheet Q2 2025			4

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WaFd Inc. Announces Second Quarter 2025 Results

WaFd, Inc.

Fact Sheet

March 31, 2025

($ in Thousands)

						As of 09/24																		As of 12/24																		As of 03/25
Deposits & Branches by State						Amount						%						#						Amount						%						#						Amount						%						#
Washington						$	8,528,608					39.9		%				73						$	8,589,398					40.1		%				73						$	8,723,693					40.7		%				73
Idaho						949,025						4.4						22						946,554						4.4						22						949,570						4.4						21
Oregon						2,696,243						12.6						36						2,704,966						12.6						36						2,798,850						13.1						36
Utah						584,001						2.7						9						573,469						2.7						9						601,503						2.8						9
Nevada						527,704						2.5						8						531,383						2.5						8						538,439						2.5						8
Texas						398,736						1.8						5						683,513						3.2						5						398,210						1.9						5
Arizona						1,619,101						7.6						28						1,628,742						7.6						28						1,676,939						7.8						28
New Mexico						1,622,534						7.6						19						1,568,788						7.3						19						1,666,280						7.8						19
California						4,448,018						20.8						10						4,211,964						19.6						10						4,073,942						19.0						10
Total						$	21,373,970					100		%				210						$	21,438,777					100		%				210						$	21,427,426					100		%				209
Deposits by Type						Amount						%												Amount						%												Amount						%
Non-Interest Checking						$	2,500,467					11.7		%										$	2,489,394					11.6		%										$	2,400,172					11.2		%
Interest Checking						4,486,444						21.0												4,554,922						21.2												4,625,596						21.6
Savings						718,560						3.4												714,755						3.4												715,199						3.3
Money Market						4,111,714						19.2												4,094,788						19.1												4,113,017						19.2
Time Deposits						9,556,785						44.7												9,584,918						44.7												9,573,442						44.7
Total						$	21,373,970					100		%										$	21,438,777					100		%										$	21,427,426					100		%
Deposits Uninsured & Non-collateralized - EOP						$	5,134,192					24.0		%										$	5,317,511					24.8		%										$	5,490,142					25.6		%
Time Deposit Repricing						Amount						Rate												Amount						Rate												Amount						Rate
Within 3 months						$	2,923,299					4.72		%										$	3,744,158					4.59		%										$	3,380,830					4.31		%
From 4 to 6 months						3,140,278						4.65		%										2,655,054						4.38		%										3,153,646						4.23		%
From 7 to 9 months						1,236,201						4.49		%										1,538,725						4.49		%										1,412,021						3.86		%
From 10 to 12 months						1,307,000						4.37		%										836,930						3.41		%										962,710						3.39		%
Borrowings (Effective Maturity)						Amount						Rate												Amount						Rate												Amount						Rate
Within 3 months						$	449,584					5.39		%										$	1,850,825					4.84		%										$	1,750,000					4.50		%
From 4 to 6 months						1,824,483						4.91		%										—						—		%										—						—		%
From 7 to 9 months						—						—		%										—						—		%										—						—		%
From 10 to 12 months						—						—		%										—						—		%										100,000						1.67		%
1 to 3 years						193,355						3.17		%										194,284						3.14		%										95,193						4.66		%
3 to 5 years						—						—		%										18,400						—		%										18,565						0.04		%
More than 5 years						850,885						1.23		%										851,118						1.15		%										851,180						0.95		%
Total						$	3,318,307																	$	2,914,627																	$	2,814,938

						09/24 QTR						09/24 YTD						12/24 QTR						12/24 YTD						03/25 QTR						03/25 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings						$	305					$	(185)					$	(2,920)					$	(2,920)					$	(1,811)					$	(4,731)

			WaFd Fact Sheet Q2 2025			5

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WaFd Inc. Announces Second Quarter 2025 Results

WaFd, Inc.

Fact Sheet

March 31, 2025

($ in Thousands)

Interest Rate Risk(b)						As of 09/24																		As of 12/24																		As of 03/25
NPV post up 100 bps shock												8.7		%																9.5		%																9.4		%
NPV post down 100 bps shock												10.2		%																11.6		%																11.6		%
Change in NII after up 100 bps shock												0.2		%																1.3		%																1.0		%
Change in NII after down 100 bps shock												0.4		%																2.0		%																1.3		%
(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)
Average for Quarter Ended:			WAFD SFR Mortgages						WAFD GSE MBS
3/31/2023			5.8		%				8.9		%
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		%

(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 Q2 2025			6

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WaFd Inc. Announces Second Quarter 2025 Results

WaFd, Inc.

Fact Sheet

March 31, 2025

Average Balance Sheet

($ in Thousands)

			Quarter Ended
			September 30, 2024																		December 31, 2024																		March 31, 2025
			Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
Assets
Loans receivable			$	21,258,400					$	308,598					5.78		%				$	20,954,663					$	286,597					5.43		%				$	20,918,986					$	282,077					5.47		%
Mortgage-backed securities			1,817,639						18,088						3.96						1,882,688						18,337						3.86						2,369,535						23,926						4.10
Cash & investments			3,061,063						43,661						5.67						2,855,030						37,941						5.27						2,216,944						27,631						5.05
FHLB Stock			99,195						3,750						15.04						106,062						2,242						8.39						123,346						2,450						8.06
Total interest-earning assets			26,236,297						374,097						5.67		%				25,798,443						345,117						5.31		%				25,628,811						336,084						5.32		%
Other assets			1,764,185																		1,706,133																		1,742,509
Total assets			$	28,000,482																	$	27,504,576																	$	27,371,320
Liabilities and Shareholders' Equity
Interest-bearing customer accounts			$	18,590,638					165,240						3.54		%				$	18,743,048					162,150						3.43		%				$	18,881,290					151,948						3.26		%
Borrowings			3,535,015						36,045						4.05						2,899,012						27,536						3.77						2,723,664						23,226						3.46
Total interest-bearing liabilities			22,125,653						201,285						3.62		%				21,642,060						189,686						3.48		%				21,604,954						175,174						3.29		%
Noninterest-bearing customer accounts			2,588,528																		2,523,510																		2,448,965
Other liabilities			290,208																		323,809																		278,380
Total liabilities			25,004,389																		24,489,379																		24,332,299
Stockholders’ equity			2,996,093																		3,015,197																		3,039,021
Total liabilities and equity			$	28,000,482																	$	27,504,576																	$	27,371,320
Net interest income/interest rate spread									$	172,812					2.05		%										$	155,431					1.83		%										$	160,910					2.03		%
Net interest margin(1)															2.62		%																2.39		%																2.55		%

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

			WaFd Fact Sheet Q1 2025			7

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WaFd Inc. Announces Second Quarter 2025 Results

WaFd, Inc.

Fact Sheet

March 31, 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 #
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						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		%
September 30, 2024
Multi-Family						1,938						2,351									$	4,556,200					—						3						5						8						0.41		%							$	14,673					0.32		%
Commercial Real Estate						1,295						2,882									3,732,155						1						—						3						4						0.31									661						0.02
Commercial & Industrial						1,827						1,277									2,332,732						1						4						8						13						0.71									2,046						0.09
Construction						406						3,507									1,424,016						1						—						3						4						0.99									2,050						0.14
Land - Acquisition & Development						81						1,979									160,317						—						—						2						2						2.47									74						0.05
Single-Family Residential						22,141						374									8,280,300						28						19						52						99						0.45									29,711						0.36
Construction - Custom						364						501									182,415						—						—						2						2						0.55									848						0.46
Land - Consumer Lot Loans						1,017						106									108,060						—						—						1						1						0.10									—						—
HELOC						4,400						61									269,857						13						6						6						25						0.57									2,510						0.93
Consumer						7,677						10									74,055						35						27						64						126						1.64									765						1.03
						41,146						513									$	21,120,107					79						59						146						284						0.69		%							$	53,338					0.25		%

			WaFd Fact Sheet Q1 2025			8