0000936528false00009365282026-01-152026-01-150000936528us-gaap:CommonStockMember2026-01-152026-01-150000936528us-gaap:SeriesAPreferredStockMember2026-01-152026-01-15

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): January 15, 2026

 ____________________________________

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 January 15, 2026, WaFd, Inc. (the "Company") announced by press release its earnings for the quarter ended December 31, 2025. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the December 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 January 15, 2026
99.2						Fact Sheet as of December 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, 2025 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including through the use of artificial intelligence, such as security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities,

3

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including a "Needs to Improve" CRA rating, which may impose restrictions or penalties on the Company's activities and changes in laws, regulations or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiv) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.

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.

 

January 16, 2026

WAFD, INC.

By:

/s/ KELLI J. HOLZ

Kelli J. Holz

Executive Vice President and Chief Financial Officer

5

Exhibit 99.1

			Thursday, January 15, 2026 FOR IMMEDIATE RELEASE

WaFd Announces Quarterly Earnings Per Share Of $0.79

Q1 Highlights

$64 Million

$0.79

0.96%

10.6%

Net Income

Diluted Earnings per Common Share

Return on Average Assets

Return on Tangible Common Equity1

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

Net Interest Income and NIM

■$171 million net interest income for the quarter compared to $170 million in Q4 fiscal 2025. ■Net interest margin at 2.70% for the quarter compared to 2.71% for Q4.

Credit Quality

■Non-performing assets up $60 million at 0.75% of total assets compared to 0.54% for Q4 2025. ■Delinquencies up $92 million to 1.07% of total loans compared to 0.60% for Q4 2025.

Non-Interest Income and Expense

■Non-interest income up $2 million and non-interest expense down $1 million compared to prior quarter. ■Efficiency ratio decreased to 55.25% compared to 56.82% in the prior quarter as a result of the increased net interest income and lower expenses.

Shareholder Returns and Stock Activity

■On December 5, 2025, the Company paid a cash dividend of $0.27 per share, 171st consecutive quarterly dividend paid. ■1,950,013 shares were repurchased during the quarter at a weighted average price of $29.75 per share.

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

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (or the "Bank"), today announced quarterly earnings of $64,196,000 for the quarter ended December 31, 2025, an increase of 6% from net earnings of $60,597,000 for the quarter ended September 30, 2025 and an increase of 36% from net earnings of $47,267,000 for the quarter ended December 31, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $0.79 per diluted share for the quarter ended December 31, 2025, compared to $0.72 per diluted share for the quarter ended September 30, 2025, and $0.54 per diluted share for the quarter ended December 31, 2024, a $0.25 or 46% increase in fully diluted earnings per common share.

			Quarterly Earnings Release Q1 2026			1

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WaFd Inc. Announces First 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)			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
BALANCE SHEET
Cash			$	734,915					$	657,310					$	809,252					$	1,231,461					$	1,507,735
Loans receivable, net			19,848,156						20,088,618						20,277,164						20,920,001						21,060,501
Allowance for credit losses ("ACL")			221,039						221,220						219,268						222,709						225,022
Available-for-sale securities, at fair value			4,142,285						3,533,201						3,387,497						3,142,763						2,743,731
Held-to-maturity securities, at amortized cost			764,794						645,802						512,854						526,502						537,348
Total investments			4,907,079						4,179,003						3,900,351						3,669,265						3,281,079
Total assets			27,285,744						26,699,699						26,731,915						27,644,637						27,684,454
Transaction deposits			12,865,974						12,306,532						11,969,124						11,853,984						11,853,859
Time deposits			8,550,996						9,131,104						9,417,447						9,573,442						9,584,918
Total deposits			21,416,970						21,437,636						21,386,571						21,427,426						21,438,777
Borrowings and junior subordinated debentures			2,488,411						1,817,249						1,991,087						2,814,938						2,914,627
Total shareholders' equity			3,029,407						3,039,575						3,014,325						3,032,620						3,021,636
Loans to customer deposits			92.67%		%				93.71%		%				94.81%		%				97.63%		%				98.24%		%
PROFITABILITY
Net income			$	64,196					$	60,597					$	61,952					$	56,252					$	47,267
Net income to common shareholders			60,540						56,941						58,296						52,596						43,611
Earnings per common share			0.79						0.72						0.73						0.65						0.54
Return on tangible common equity1			10.57%		%				9.99%		%				10.20%		%				9.18%		%				7.69%		%
Return on tangible assets1			0.97%		%				0.93%		%				0.94%		%				0.84%		%				0.70%		%
Net interest margin			2.70%		%				2.71%		%				2.69%		%				2.55%		%				2.39%		%
Efficiency ratio			55.25%		%				56.82%		%				56.01%		%				58.31%		%				65.04%		%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share			$	35.70					$	35.04					$	34.30					$	33.84					$	33.45
Tangible common shareholders' equity per share1			29.91						29.38						28.69						28.31						27.93
Shareholders' equity to total assets			11.10%		%				11.38%		%				11.28%		%				10.97%		%				10.91%		%
Tangible shareholders' equity to tangible assets1			9.64%		%				9.89%		%				9.78%		%				9.51%		%				9.45%		%
Common shares outstanding			76,448,351						78,186,520						79,130,276						80,758,674						81,373,760
Preferred shares outstanding			300,000						300,000						300,000						300,000						300,000
CREDIT QUALITY
ACL to gross loans			1.05%		%				1.04%		%				1.03%		%				1.01%		%				1.00%		%
Non-accrual loans to net loans			0.96%		%				0.64%		%				0.41%		%				0.29%		%				0.34%		%
Delinquencies to net loans			1.07%		%				0.60%		%				0.26%		%				0.27%		%				0.30%		%
Non-performing assets to total assets			0.75%		%				0.54%		%				0.36%		%				0.26%		%				0.29%		%
Total criticized loans to net loans			4.60%		%				4.39%		%				4.07%		%				3.32%		%				2.54%		%
Total adversely classified loans to net loans			2.94%		%				3.16%		%				3.54%		%				2.53%		%				1.97%		%

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

			Quarterly Earnings Release Q1 2026			2

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WaFd Inc. Announces First Quarter Results

Balance Sheet Total assets increased to $27.3 billion as of December 31, 2025, compared to $26.7 billion at September 30, 2025, primarily due to the purchase of investment securities during the period. Investment securities increased by $728 million, or 17.4% in the three months ended December 31, 2025, a result of $866 million of purchases, primarily discount-priced agency mortgage backed securities at an effective yield of 4.93%. Net loans decreased $0.2 billion to $19.8 billion and cash increased $0.1 billion, or 11.8%.

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

Borrowings totaled $2.4 billion as of December 31, 2025, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 2.74% as of December 31, 2025, compared to 2.50% at September 30, 2025.

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

Tangible common equity per share is a key metric for our management team. For the three months ended December 31, 2025, tangible book value per share grew from $29.38 as of September 30, 2025 to $29.91. This metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. During the quarter, the Company repurchased 1,950,013 shares of common stock at a weighted average price of $29.75. Our share repurchase plan currently has a remaining authorization of 6.3 million shares which, depending on share price, provides a compelling investment alternative.

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

The allowance for credit losses (including the reserve for unfunded commitments) totaled $221 million as of December 31, 2025, and was 1.05% of gross loans outstanding, as compared to $221 million, or 1.04% of gross loans outstanding, as of September 30, 2025. Net charge-offs were $3.7 million for the first fiscal quarter of 2026, compared to $1.0 million for the prior quarter.

Profitability Net interest income was $171 million for the first fiscal quarter of 2026, an increase of $1.2 million or 1% from the prior quarter. The increase in net interest income was primarily due to a 14 basis point decrease in the rate paid on interest bearing liabilities offsetting the effect of a 12 basis point decrease in the rate earned on interest earning assets. Net interest margin was 2.70% in the first fiscal quarter of 2026 compared to 2.71% for the quarter ended September 30, 2025.

Total non-interest income was $20.3 million for the first fiscal quarter of 2026 compared to $18.4 million the prior quarter. The increase compared to the prior quarter was primarily due to a $3.2 million gain recorded on the sale of a branch property. This gain was partially offset by losses taken on certain equity method investments in the quarter which realized gains in the prior quarter.

Total non-interest expense was $105.7 million in the first fiscal quarter of 2026, a slight decrease of $1.3 million, or 1.2%, from the prior quarter. The decrease is the result of reduced Compensation and Technology expenses offset by increased other expense. Decreased expenses combined with increased income resulted in a decrease in the Company’s efficiency ratio in the first fiscal quarter of 2026 to 55.3%, compared to 56.8% in the prior quarter.

			Quarterly Earnings Release Q1 2026			3

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WaFd Inc. Announces First Quarter Results

The Company recorded a $3.5 million provision for credit losses in the first fiscal quarter of 2026 compared to a provision of $3.0 million the prior quarter. The provision for loan losses in the quarter ended December 31, 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 $3.7 million of net charge-offs taken during the quarter.

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

Income tax expense totaled $18.1 million the first fiscal quarter of 2026, as compared to $17.0 million for the prior quarter. The effective tax rate for the quarter ended December 31, 2025 was 22.00% compared to 21.93% for the quarter ended September 30, 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 will host a conference call for investors and analysts at 7:00am Pacific Time on Friday January 16, 2026. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link (https://register-conf.media-server.com/register/BI3c78563caa08404080a16d082e20e62f). The Company uses its website to distribute financial and other material information about the Company.

# # #

			Quarterly Earnings Release Q1 2026			4

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

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

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

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

			Quarterly Earnings Release Q1 2026			5

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

			Three Months Ended December 31,
			2025									2024
			(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable						$	264,207								$	286,597
Mortgage-backed securities						38,902									18,337
Investment securities and cash equivalents						19,387									40,183
						322,496									345,117
INTEREST EXPENSE
Customer accounts						136,214									162,150
Borrowings and junior subordinated debentures						15,171									27,536
						151,385									189,686
Net interest income						171,111									155,431
Provision (release) for credit losses						3,500									—
Net interest income after provision (release)						167,611									155,431
NON-INTEREST INCOME
Gain (loss) on sale of investment securities						—									20
Gain (loss) on termination of hedging derivatives						24									5
Loan fee income						1,354									1,345
Deposit fee income						7,858									7,046
Other income						11,019									7,286
Total non-interest income						20,255									15,702
NON-INTEREST EXPENSE
Compensation and benefits						54,190									59,927
Occupancy						11,170									10,788
FDIC insurance premiums						5,400									4,850
Product delivery						6,574									5,785
Information technology						14,384									14,192
Other expense						14,003									15,769
Total non-interest expense						105,721									111,311
Gain (loss) on real estate owned, net						156									429
Income before income taxes						82,301									60,251
Income tax provision						18,105									12,984
Net income						64,196									47,267
Dividends on preferred stock						3,656									3,656
Net income available to common shareholders						$	60,540								$	43,611

PER SHARE DATA
Basic earnings per common share						$	0.79								$	0.54
Diluted earnings per common share						0.79									0.54
Cash dividends per common share						0.27									0.26
Basic weighted average shares outstanding						76,969,729									81,294,227
Diluted weighted average shares outstanding						77,015,554									81,401,599
PERFORMANCE RATIOS
Return on average assets						0.96%		%							0.69%		%
Return on average common equity						8.86%		%							6.42%		%

			Quarterly Earnings Release Q1 2026			6

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

			Three Months Ended
			December 31, 2025									September 30, 2025									June 30, 2025									March 31, 2025									December 31, 2024
						(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable						$	264,207								$	271,787								$	279,476								$	282,077								$	286,597
Mortgage-backed securities						38,902									32,953									27,855									23,926									18,337
Investment securities and cash equivalents						19,387									21,794									24,383									30,081									40,183
						322,496									326,534									331,714									336,084									345,117
INTEREST EXPENSE
Customer accounts						136,214									143,874									146,735									151,948									162,150
Borrowings and junior subordinated debentures						15,171									12,754									16,991									23,226									27,536
						151,385									156,628									163,726									175,174									189,686
Net interest income						171,111									169,906									167,988									160,910									155,431
Provision for credit losses						3,500									3,000									2,000									2,750									—
Net interest income after provision						167,611									166,906									165,988									158,160									155,431
NON-INTEREST INCOME
Gain on sale of investment securities						—									—									—									—									20
Gain on termination of hedging derivatives						24									32									56									65									5
Loan fee income						1,354									2,081									1,650									1,812									1,345
Deposit fee income						7,858									7,959									7,588									7,057									7,046
Other income						11,019									8,319									8,979									9,947									7,286
Total non-interest income						20,255									18,391									18,273									18,881									15,702
NON-INTEREST EXPENSE
Compensation and benefits						54,190									56,028									53,481									52,710									59,927
Occupancy						11,170									10,895									11,755									11,499									10,788
FDIC insurance premiums						5,400									4,400									5,150									5,800									4,850
Product delivery						6,574									6,558									6,621									6,907									5,785
Information technology						14,384									16,406									15,022									14,481									14,192
Other expense						14,003									12,706									12,298									13,435									15,769
Total non-interest expense						105,721									106,993									104,327									104,832									111,311
Gain (loss) on real estate owned, net						156									(681)									(176)									(199)									429
Income before income taxes						82,301									77,623									79,758									72,010									60,251
Income tax provision						18,105									17,026									17,806									15,758									12,984
Net income						64,196									60,597									61,952									56,252									47,267
Dividends on preferred stock						3,656									3,656									3,656									3,656									3,656
Net income available to common shareholders						$	60,540								$	56,941								$	58,296								$	52,596								$	43,611

			Quarterly Earnings Release Q1 2026			7

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

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

			Quarterly Earnings Release Q1 2026			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			December 31, 2025									September 30, 2025												June 30, 2025						March 31, 2025									December 31, 2024
			(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP						$	3,029,407								$	3,039,575								$	3,014,325								$	3,032,620								$	3,021,636
Less intangible assets - GAAP						443,085									442,093									444,291									446,660									449,213
Tangible shareholders' equity						$	2,586,322								$	2,597,482								$	2,570,034								$	2,585,960								$	2,572,423
Less preferred stock - GAAP						300,000									300,000									300,000									300,000									300,000
Tangible common shareholders' equity						$	2,286,322								$	2,297,482								$	2,270,034								$	2,285,960								$	2,272,423
Total assets - GAAP						$	27,285,744								$	26,699,699								$	26,731,915								$	27,644,637								$	27,684,454
Less intangible assets - GAAP						443,085									442,093									444,291									446,660									449,213
Tangible assets						$	26,842,659								$	26,257,606								$	26,287,624								$	27,197,977								$	27,235,241
Tangible Metrics
Common shares outstanding - GAAP						76,448,351									78,186,520									79,130,276									80,758,674									81,373,760
Tangible common equity per share						$	29.91								$	29.38								$	28.69								$	28.31								$	27.93
Tangible equity to tangible assets						9.64			%						9.89			%						9.78			%						9.51			%						9.45			%

			Quarterly Earnings Release Q1 2026			9

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

						Three Months Ended
Average Tangible Measures			December 31, 2025									September 30, 2025												June 30, 2025						March 31, 2025									December 31, 2024
						(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP						$	3,033,933								$	3,023,098								$	3,030,745								$	3,039,021								$	3,015,197
Less average preferred stock  - GAAP						300,000									300,000									300,000									300,000									300,000
Less average intangible assets - GAAP						442,226									443,382									445,733									448,272									447,754
Average tangible common equity						$	2,291,707								$	2,279,716								$	2,285,012								$	2,290,749								$	2,267,443
Average Assets - GAAP						$	26,852,389								$	26,540,782								$	26,813,500								$	27,371,320								$	27,504,576
Less average intangible assets - GAAP						442,226									443,382									445,733									448,272									447,754
Average tangible assets						$	26,410,163								$	26,097,400								$	26,367,767								$	26,923,048								$	27,056,822
Average Tangible Metrics
Net income - GAAP						64,196									60,597									61,952									56,252									47,267
Net income available to common shareholders' - GAAP						60,540									56,941									58,296									52,596									43,611
Return on tangible common equity						10.57			%						9.99			%						10.20			%						9.18			%						7.69			%
Return on tangible assets						0.97			%						0.93			%						0.94			%						0.84			%						0.70			%

			Quarterly Earnings Release Q1 2026			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			December 31, 2025									September 30, 2025												June 30, 2025						March 31, 2025									December 31, 2024
						(Unaudited - In thousands, except for share and ratio data)
Interest income
LBC Hedge Valuation Adj						$	—								$	—								$	—								$	—								$	3,933
Non-interest income adjustments
(Gain)Loss on sale of branch property						$	(3,214)								$	467								$	4								$	—								$	195
Distribution received on LBC equity method investment						(237)									(251)									(255)									(257)									(279)
(Gain)Loss on WaFd Bank equity method investment						408									(815)									304									(155)									48
Total non-interest income adjustments						$	(3,043)								$	(599)								$	53								$	(412)								$	(36)
Non-interest expense adjustments
Acquisition-related expenses						$	—								$	—								$	—								$	—								$	239
Non-operating expenses:
Restructuring Charges						—									—									—									—									5,390
						—									—									—									—									5,390
Total non-interest expense adjustments						$	—								$	—								$	—								$	—								$	5,629
Net Income - GAAP						$	64,196								$	60,597								$	61,952								$	56,252								$	47,267
Interest income adjustments						—									—									—									—									3,933
Non-interest income adjustments						(3,043)									(599)									53									(412)									(36)
Non-interest expense adjustments						—									—									—									—									5,629
REO adjustments						(156)									681									176									199									(429)
Income tax adjustment						704									(18)									(51)									47									(1,960)
Net Income - non-GAAP						$	61,701								$	60,661								$	62,130								$	56,086								$	54,404
Dividend on preferred stock						3,656									3,656									3,656									3,656									3,656
Net Income available to common shareholders' - non-GAAP						$	58,045								$	57,005								$	58,474								$	52,430								$	50,748
Basic weighted average number of shares outstanding - GAAP						76,969,729									78,509,472									79,888,520									81,061,206									81,294,227
Diluted weighted average number of shares outstanding - GAAP						77,015,554									78,573,457									79,907,672									81,105,536									81,401,599
Basic EPS - non-GAAP						$	0.75								$	0.73								$	0.73								$	0.65								$	0.62
Diluted EPS - non-GAAP						0.75									0.73									0.73									0.65									0.62

			Quarterly Earnings Release Q1 2026			11

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

						Three Months Ended
Adjusted Efficiency Ratio			December 31, 2025									September 30, 2025												June 30, 2025						March 31, 2025									December 31, 2024
						(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP						55.3			%						56.8			%						56.0			%						58.3			%						65.0			%
Net interest income - GAAP						$	171,111								$	169,906								$	167,988								$	160,910								$	155,431
Total interest income adjustments						—									—									—									—									3,933
Net interest income - non-GAAP						$	171,111								$	169,906								$	167,988								$	160,910								$	159,364
Non-interest expense - GAAP						$	105,721								$	106,993								$	104,327								$	104,832								$	111,311
Less merger related expenses						—									—									—									—									239
Less non-operating expenses						—									—									—									—									5,390
Non-interest Expenses - non-GAAP						$	105,721								$	106,993								$	104,327								$	104,832								$	105,682
Non-interest income - GAAP						$	20,255								$	18,391								$	18,273								$	18,881								$	15,702
Total other income adjustments						(3,043)									(599)									53									(412)									(36)
Non-interest income - non-GAAP						$	17,212								$	17,792								$	18,326								$	18,469								$	15,666
Net Interest Income - non-GAAP						$	171,111								$	169,906								$	167,988								$	160,910								$	159,364
Non-interest income - non-GAAP						17,212									17,792									18,326									18,469									15,666
Total Income - non-GAAP						$	188,323								$	187,698								$	186,314								$	179,379								$	175,030
Adjusted Efficiency Ratio						56.1			%						57.0			%						56.0			%						58.4			%						60.4			%

			Quarterly Earnings Release Q1 2026			12

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

						Three Months Ended
Adjusted ROA and ROE						December 31, 2025						September 30, 2025												June 30, 2025						March 31, 2025									December 31, 2024
						(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP						$	64,196								$	60,597								$	61,952								$	56,252								$	47,267
Net income available to common shareholders - GAAP						$	60,540								$	56,941								$	58,296								$	52,596								$	43,611
Average Assets						26,852,389									26,540,782									26,813,500									27,371,320									27,504,576
Return on Assets						0.96			%						0.91			%						0.92			%						0.82			%						0.69			%
Average Common Equity						$	2,733,933								$	2,723,098								$	2,730,745								$	2,739,021								$	2,715,197
Return on common equity						8.86			%						8.36			%						8.54			%						7.68			%						6.42			%
Adjusted:
Net Income - non-GAAP						$	61,701								$	60,661								$	62,130								$	56,086								$	54,404
Net income available to common shareholders - non-GAAP						$	58,045								$	57,005								$	58,474								$	52,430								$	50,748
Average Assets						26,852,389									26,540,782									26,813,500									27,371,320									27,504,576
Adjusted Return on Assets						0.92			%						0.91			%						0.93			%						0.82			%						0.79			%
Average Common Equity						2,733,933									2,723,098									2,730,745									2,739,021									2,715,197
Adjusted Return on common equity						8.49			%						8.37			%						8.57			%						7.66			%						7.48			%

			Quarterly Earnings Release Q1 2026			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, 2025 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including through the use of artificial intelligence, such as security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, including a "Needs to Improve" CRA rating, which may impose restrictions or penalties on the Company's activities and changes in laws, regulations, or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiv) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.

# # #

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

			Quarterly Earnings Release Q1 2026			14

Exhibit 99.2 WaFd Inc. Announces First Quarter 2026 Results

WaFd, Inc.

Fact Sheet

December 31, 2025

($ in Thousands)

						As of 06/25												As of 09/25												As of 12/25
Allowance for Credit Losses (ACL) - Total						$	219,268											$	221,220											$	221,039
ACL - Loans						198,768												199,720												199,539
ACL - Unfunded Commitments						20,500												21,500												21,500
Total ACL as a % of Gross Loans						1.03%		%										1.04%		%										1.05%		%
Active Loan Types						06/25 QTR						06/25 YTD						09/25 QTR						09/25 YTD						12/25 QTR						12/25 YTD
Originations & Advances
Multi-Family						$	5,534					$	36,386					$	67,649					$	104,035					$	131,805					$	131,805
Commercial Real Estate						44,078						174,099						210,650						384,749						123,439						123,439
Commercial & Industrial						324,898						1,159,784						507,280						1,667,064						502,134						502,134
Construction						205,809						539,815						498,368						1,038,182						276,369						276,369
Land - Acquisition & Development						18,592						51,000						43,864						94,864						18,650						18,650
Consumer						56,173						161,981						44,962						206,943						40,745						40,745
						$	655,084					$	2,123,065					$	1,372,773					$	3,495,837					$	1,093,142					$	1,093,142
Repayments & Payoffs
Multi-Family						$	158,024					$	301,615					$	74,857					$	376,472					$	169,890					$	169,890
Commercial Real Estate						153,541						373,777						187,130						560,907						191,596						191,596
Commercial & Industrial						465,037						1,279,419						408,027						1,687,446						371,788						371,788
Construction						290,942						571,440						459,122						1,030,562						220,062						220,062
Land - Acquisition & Development						21,063						76,070						40,407						116,477						19,981						19,981
Consumer						64,964						152,951						55,707						208,658						49,090						49,090
						$	1,153,571					$	2,755,272					$	1,225,250					$	3,980,522					$	1,022,407					$	1,022,407
Inactive Loan Types
Originations & Advances
Single-Family Residential						7,481						211,686						—						211,686						—						—
Construction - Custom						—						79,995						15,840						95,835						—						—
Land - Consumer Lot Loans						—						7,340						—						7,340						—						—
HELOC						34,466						119,393						26,108						145,501						25,407						25,407
						$	41,947					$	418,414					$	41,948					$	460,362					$	25,407					$	25,407
Repayments & Payoffs
Single-Family Residential						242,950						690,123						226,780						916,903						270,137						270,137
Construction - Custom						30,446						66,676						10,467						77,143						12,799						12,799
Land - Consumer Lot Loans						5,895						19,555						7,286						26,841						6,254						6,254
HELOC						46,221						112,928						30,839						143,767						32,038						32,038
						$	325,512					$	889,282					$	275,372					$	1,164,654					$	321,228					$	321,228
Purchased Loans						$3,960						$109,823						$3,246						$113,069						$9,926						$9,926
Weighted Average Rate on Originations						7.22 %		%										6.87 %		%										5.99 %		%
Weighted Average Rate on Payoffs						6.25 %		%										6.35 %		%										6.31 %		%
Net Loan Fee Accretion						$	3,093					$	9,355					$	3,515					$	12,870					$	3,267					$	3,267
Net Discount Accretion on Acquired Loans						$	6,512					$	19,889					$	5,242					$	25,131					$	6,101					$	6,101

			WaFd Fact Sheet Q1 2026			1

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Exhibit 99.2 WaFd Inc. Announces First Quarter 2026 Results

WaFd, Inc.

Fact Sheet

December 31, 2025

($ in Thousands)

						As of 06/25												As of 09/25												As of 12/25
Loans Receivable by Category						Amount						%						Amount						%						Amount						%
Multi-Family						$	4,881,996					22.8%		%				$	4,718,480					22.2 %		%				$	4,698,342					22.3%		%
Commercial Real Estate						3,615,077						17.0						3,604,600						17.0						3,561,865						17.0
Commercial & Industrial						2,295,802						10.7						2,392,685						11.2						2,530,666						12.0
Construction						1,540,474						7.2						1,756,890						8.2						1,742,158						8.3
Land - Acquisition & Development						175,643						0.8						179,099						0.8						177,768						0.8
Single-Family Residential						8,231,623						38.5						8,053,771						37.9						7,823,718						37.2
Construction - Custom						188,109						0.9						150,237						0.7						105,576						0.5
Land - Consumer Lot Loans						96,582						0.5						89,298						0.4						83,046						0.4
HELOC						272,614						1.3						267,871						1.3						261,240						1.3
Consumer						69,912						0.3						61,461						0.3						52,701						0.3
						21,367,832						100%		%				21,274,392						100%		%				21,037,080						100%		%
Less:
Loans in Process						673,338												773,606												783,233
Net Deferred Fees, Costs and Discounts						218,562												212,448												206,152
Loans at Amortized Cost						20,475,932												20,288,338												20,047,695
Less:
Allowance for Credit Losses (ACL) - Loans						198,768												199,720												199,539
Net Loans						$	20,277,164											$	20,088,618											$	19,848,156
Net Loan Portfolio by Category						Amount						%						Amount						%						Amount						%
Multi-Family						$	4,753,223					23.5%		%				$	4,605,368					23.0%		%				$	4,591,242					23.1%		%
Commercial Real Estate						3,550,119						17.5						3,546,962						17.7						3,505,521						17.7
Commercial & Industrial						2,235,310						11.0						2,327,200						11.6						2,462,384						12.4
Construction						1,018,588						5.0						1,086,965						5.4						1,025,434						5.2
Land - Acquisition & Development						123,627						0.6						133,027						0.6						139,326						0.7
Single-Family Residential						8,068,150						39.8						7,898,051						39.3						7,674,094						38.7
Construction - Custom						94,625						0.5						77,633						0.4						57,916						0.3
Land - Consumer Lot Loans						93,659						0.4						86,591						0.3						80,533						0.3
HELOC						273,155						1.4						268,218						1.4						261,512						1.3
Consumer						66,708						0.3						58,603						0.3						50,194						0.3
						$	20,277,164					100%		%				$	20,088,618					100%		%				$	19,848,156					100%		%

Loan Contractual Term to Maturity or Repricing1						Amount						Rate						Amount						Rate						Amount						Rate
Within 3 months						$	7,703,535					6.93%						$	7,597,733					6.74%						$	7,195,026					6.67%
From 4 to 6 months						287,877						4.63						510,018						5.22						348,029						4.39
From 7 to 9 months						401,319						4.77						458,216						4.54						549,421						4.41
From 10 to 12 months						376,346						4.46						560,805						4.37						452,195						3.95
1 to 3 years						2,728,113						4.22						2,427,306						4.30						2,210,585						4.48
3 to 5 years						1,743,810						4.98						1,790,498						5.14						1,831,468						5.17
More than 5 years						7,234,933						4.20						6,943,762						4.20						7,460,971						4.18
Total						$	20,475,933					5.32 %		%				$	20,288,338					5.28 %		%				$	20,047,695					5.20 %		%
1Includes the effect of derivatives.

			WaFd Fact Sheet Q1 2026			2

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Exhibit 99.2 WaFd Inc. Announces First Quarter 2026 Results

WaFd, Inc.

Fact Sheet

December 31, 2025

($ in Thousands)

						As of 06/25												As of 09/25												As of 12/25
Loans by State						Amount						%						Amount						%						Amount						%
Washington						$	5,590,478					27.3%		%				$	5,593,068					27.6%		%				$	5,483,287					27.4%		%
Idaho						927,628						4.5						916,571						4.5						889,654						4.4
Oregon						2,498,467						12.2						2,467,622						12.2						2,393,259						11.9
Utah						1,980,098						9.7						1,905,473						9.4						1,875,494						9.4
Nevada						774,624						3.8						809,737						4.0						810,694						4.0
Texas						2,390,479						11.7						2,313,800						11.4						2,323,979						11.6
Arizona						2,299,764						11.2						2,302,659						11.3						2,230,436						11.1
New Mexico						791,212						3.9						791,414						3.9						800,433						4.0
California						2,891,410						14.1						2,833,719						14.0						2,779,329						13.9
Other						331,773						1.6						354,275						1.7						461,130						2.3
Total						$	20,475,933					100%		%				$	20,288,338					100%		%				$	20,047,695					100%		%
Non-Performing Assets						Amount						%						Amount						%						Amount						%
Non-accrual loans:
Multi-Family						$	11,601					14.1%		%				$	19,121					15.0%		%				$	31,710					16.5%		%
Commercial Real Estate						46,720						56.5						69,972						54.4						68,501						35.8
Commercial & Industrial						33						—						11,047						8.6						58,180						30.4
Construction						3,400						4.1						3,400						2.6						3,400						1.8
Land - Acquisition & Development						—						—						—						—						—						—
Single-Family Residential						19,246						23.3						23,741						18.4						26,579						13.9
Construction - Custom						847						1.0						760						0.6						2,054						1.1
Land - Consumer Lot Loans						8						—						23						—						270						0.1
HELOC						662						0.8						412						0.3						481						0.3
Consumer						179						0.2						152						0.1						173						0.1
Total non-accrual loans						82,696						100%		%				128,628						100%		%				191,348						100%		%
Real Estate Owned						11,154												11,084												8,738
Other Property Owned						3,310												3,310												3,310
Total non-performing assets						$	97,160											$	143,022											$	203,396
Non-accrual loans as % of total net loans						0.41 %		%										0.64 %		%										0.96 %		%
Non-performing assets as % of total assets						0.36 %		%										0.54 %		%										0.75 %		%
Net Charge-offs (Recoveries) by Category						06/25 QTR						CO % (a)						09/25 QTR						CO % (a)						12/25 QTR						CO % (a)
Multi-Family						$	373					0.03%		%				$	182					0.02%		%				$	—					—%		%
Commercial Real Estate						5,097						0.56						—						—						(648)						(0.07)
Commercial & Industrial						(89)						(0.02)						577						0.10						4,191						0.66
Construction						—						—						—						—						—						—
Land - Acquisition & Development						(6)						(0.01)						(7)						(0.02)						(109)						(0.25)
Single-Family Residential						(105)						(0.01)						(4)						—						45						—
Construction - Custom						(2)						—						(2)						(0.01)						(2)						(0.01)
Land - Consumer Lot Loans						—						—						—						—						—						—
HELOC						(1)						—						(1)						—						—						—
Consumer						174						1.00						303						1.97						204						1.55
Total net charge-offs (recoveries)						$	5,441					0.10%		%				$	1,048					0.02%		%				$	3,681					0.07%		%

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

			WaFd Fact Sheet Q1 2026			3

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Exhibit 99.2 WaFd Inc. Announces First Quarter 2026 Results

WaFd, Inc.

Fact Sheet

December 31, 2025

($ in Thousands)

						06/25 QTR						06/25 YTD						09/25 QTR						09/25 YTD						12/25 QTR						12/25 YTD
Efficiency
Operating Expenses/Average Assets						1.56%		%				1.57%		%				1.61%		%				1.58%		%				1.57%		%				1.57%		%
Efficiency Ratio (%)						56.01%		%				59.66%		%				56.82%		%				58.92%		%				55.25%		%				55.25%		%
Amortization of Intangibles						$	2,369					$	7,677					$	2,198					$	9,875					$	2,058					$	2,058
EOP Numbers
Shares Issued and Outstanding						79,130,276												78,186,520												76,448,351
Share repurchase information
Remaining shares authorized for repurchase						9,129,488												8,162,654												6,256,136
Shares repurchased						1,662,508						2,478,118						969,653						3,447,771						1,950,013						1,950,013
Average share repurchase price						$	29.08					$	29.49					$	29.74					$	29.56					$	29.75					$	29.75

Tangible Common Shareholders' Book Value						As of 06/25												As of 09/25												As of 12/25
$ Amount						$	2,270,034											$	2,297,482											$	2,286,322
Per Share						28.69												29.38												29.91
# of Employees						2,004												1,979												1,980
Investments
Available-for-sale:
Agency MBS						$	2,411,707											$	2,603,153											$	3,236,388
Other						975,790												930,048												905,897
						$	3,387,497											$	3,533,201											$	4,142,285
Held-to-maturity:
Agency MBS						$	512,854											$	645,802											$	764,794
						$	512,854											$	645,802											$	764,794

						06/25 QTR						06/25 YTD						09/25 QTR						09/25 YTD						12/25 QTR						12/25 YTD
MBS Repayments						$	94,310					$	221,903					$	113,640					$	335,543					$	117,282					$	117,282
MBS Net Premium Amortization						$	1,014					$	2,325					$	2,796					$	5,121					$	3,276					$	3,276

			WaFd Fact Sheet Q1 2026			4

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Exhibit 99.2 WaFd Inc. Announces First Quarter 2026 Results

WaFd, Inc.

Fact Sheet

December 31, 2025

($ in Thousands)

						As of 06/25																		As of 09/25																		As of 12/25
Deposits & Branches by State						Amount						%						#						Amount						%						#						Amount						%						#
Washington						$	8,716,662					40.8%		%				73						$	8,685,124					40.5%		%				73						$	8,479,452					39.6%		%				73
Idaho						933,759						4.4						21						935,047						4.4						21						936,443						4.4						21
Oregon						2,779,995						13.0						36						2,724,526						12.7						36						2,926,616						13.7						36
Utah						619,203						2.9						9						601,054						2.8						9						550,998						2.6						9
Nevada						547,488						2.5						8						559,906						2.5						8						532,178						2.5						8
Texas						524,380						2.4						5						760,636						3.6						5						1,171,402						5.4						5
Arizona						1,666,381						7.8						28						1,641,460						7.7						28						1,651,572						7.7						28
New Mexico						1,711,722						8.0						18						1,802,886						8.4						18						1,675,873						7.8						18
California						3,886,981						18.2						10						3,726,997						17.4						10						3,492,436						16.3						10
Total						$	21,386,571					100%		%				208						$	21,437,636					100%		%				208						$	21,416,970					100%		%				208
Deposits by Type						Amount						%												Amount						%												Amount						%
Non-Interest Checking						$	2,487,816					11.6%		%										$	2,567,539					12.0%		%										$	2,692,680					12.6%		%
Interest Checking						4,705,457						22.0												4,865,808						22.7												5,187,008						24.2
Savings						703,085						3.4												701,558						3.3												722,188						3.5
Money Market						4,072,766						19.0												4,171,627						19.4												4,264,098						19.9
Time Deposits						9,417,447						44.0												9,131,104						42.6												8,550,996						39.8
Total						$	21,386,571					100%		%										$	21,437,636					100%		%										$	21,416,970					100%		%
Deposits Uninsured & Non-collateralized - EOP						$	5,094,400					23.8%		%										$	5,302,026					24.7%		%										$	5,607,476					26.2%		%
Time Deposit Repricing						Amount						Rate												Amount						Rate												Amount						Rate
Within 3 months						$	3,287,622					4.21%		%										$	3,426,185					3.79%		%										$	2,427,461					3.77%		%
From 4 to 6 months						3,340,791						3.79%		%										2,367,760						3.82%		%										4,007,405						3.71%		%
From 7 to 9 months						1,157,423						3.73%		%										2,426,103						3.85%		%										1,185,086						3.43%		%
From 10 to 12 months						1,253,435						3.73%		%										507,109						3.54%		%										558,606						3.25%		%
Borrowings (Effective Maturity)1						Amount						Rate												Amount						Rate												Amount						Rate
Within 3 months						$	925,000					4.49%		%										$	730,000					4.30%		%										$	800,000					3.70%		%
From 4 to 6 months						—						—%		%										100,000						1.46%		%										—						—%		%
From 7 to 9 months						100,000						1.60%		%										—						—%		%										117,970						4.52%		%
From 10 to 12 months						—						—%		%										117,041						4.64%		%										150,000						3.81%		%
1 to 3 years						96,112						4.66%		%										—						—%		%										225,000						3.41%		%
3 to 5 years						18,564						0.04%		%										18,563						0.04%		%										993,562						1.06%		%
More than 5 years						851,411						0.86%		%										851,645						0.83%		%										201,879						4.57%		%
Total						$	1,991,087																	$	1,817,249																	$	2,488,411
1Includes junior subordinated debentures

						06/25 QTR						06/25 YTD						09/25 QTR						09/25 YTD						12/25 QTR						12/25 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings						$	(1,149)					$	(5,880)					$	(1,162)					$	(7,042)					$	(1,162)					$	(1,162)

			WaFd Fact Sheet Q1 2026			5

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Exhibit 99.2 WaFd Inc. Announces First Quarter 2026 Results

WaFd, Inc.

Fact Sheet

December 31, 2025

($ in Thousands)

Interest Rate Risk(b)						As of 06/25																		As of 09/25																		As of 12/25
NPV post up 100 bps shock												10.6%		%																10.9%		%																10.7%		%
NPV post down 100 bps shock												12.6%		%																12.9%		%																12.8%		%
Change in NII after up 100 bps shock												1.1%		%																(0.1%)		%)																(0.2%)		%)
Change in NII after down 100 bps shock												4.0%		%																4.8%		%																4.8%		%
(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)
Average for Quarter Ended:			WAFD SFR Mortgages						WAFD GSE MBS
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%		%
9/30/2025			7.5%		%				13.7%		%
12/31/2025			9.6 %		%				13.3 %		%

(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.

						Balance									Cumulative Maturity/Repricing Through:
December 31, 2025						Fixed			Variable						3 Months						6 Months						12 Months						24 Months
Assets
Cash			$	734,915		— %		%	100 %		%				$	734,915		100 %		%	$	734,915		100 %		%	$	734,915		100 %		%	$	734,915		100 %		%
Investments			4,907,079			52 %		%	48 %		%				2,035,011			41 %		%	2,036,796			42 %		%	2,052,901			42 %		%	2,053,442			42 %		%
Loans			20,047,695			48 %		%	52 %		%				7,195,026			36 %		%	7,543,055			38 %		%	8,544,671			43 %		%	10,002,256			50 %		%
			$	25,689,689											$	9,964,952		39 %		%	$	10,314,766		40 %		%	$	11,332,487		44 %		%	$	12,790,613		50 %		%
Liabilities
Deposits			$	21,416,970		40 %		%	60 %		%				$	15,293,435		71 %		%	$	19,300,840		90 %		%	$	21,044,532		98 %		%	$	21,348,106		100 %		%
Borrowings			2,488,411			98 %		%	2 %		%				851,879			34 %		%	851,879			34 %		%	1,119,849			45 %		%	1,344,849			54 %		%
			$	23,905,381											$	16,145,314		68 %		%	$	20,152,719		84 %		%	$	22,164,381		93 %		%	$	22,692,955		95 %		%
1Includes the effect of derivatives.

			WaFd Fact Sheet Q1 2026			6

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Exhibit 99.2 WaFd Inc. Announces First Quarter 2026 Results

WaFd, Inc.

Fact Sheet

December 31, 2025

Average Balance Sheet

($ in Thousands)

			Quarter Ended
			June 30, 2025																		September 30, 2025																		December 31, 2025
			Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
Assets
Loans receivable			$	20,592,807					$	279,476					5.44%		%				$	20,143,956					$	271,787					5.35%		%				$	19,919,355					$	264,206					5.26%		%
Mortgage-backed securities			2,708,789						27,855						4.12						3,095,991						32,953						4.22						3,649,588						38,902						4.23
Cash & investments			1,683,378						21,544						5.13						1,506,416						19,284						5.08						1,443,462						17,290						4.75
FHLB Stock			106,816						2,839						10.66						89,504						2,510						11.13						104,133						2,097						7.99
Total interest-earning assets			25,091,790						331,714						5.30%		%				24,835,867						326,534						5.22%		%				25,116,538						322,495						5.09%		%
Other assets			1,721,710																		1,704,915																		1,735,851
Total assets			$	26,813,500																	$	26,540,782																	$	26,852,389
Liabilities and Shareholders' Equity
Interest-bearing customer accounts			$	18,769,137					146,735						3.14%		%				$	18,749,992					143,874						3.04%		%				$	18,676,059					136,214						2.89%		%
Borrowings			2,226,086						16,991						3.06						1,848,601						12,754						2.74						2,174,736						15,171						2.77
Total interest-bearing liabilities			20,995,223						163,726						3.13%		%				20,598,593						156,628						3.02%		%				20,850,795						151,385						2.88%		%
Noninterest-bearing customer accounts			2,493,365																		2,605,377																		2,636,122
Other liabilities			294,167																		313,714																		331,539
Total liabilities			23,782,755																		23,517,684																		23,818,456
Shareholders’ equity			3,030,745																		3,023,098																		3,033,933
Total liabilities and equity			$	26,813,500																	$	26,540,782																	$	26,852,389
Net interest income/interest rate spread									$	167,988					2.17%		%										$	169,906					2.20%		%										$	171,110					2.21%		%
Net interest margin(1)															2.69%		%																2.71%		%																2.70%		%

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

			WaFd Fact Sheet Q1 2025			7

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Exhibit 99.2 WaFd Inc. Announces First Quarter 2026 Results

WaFd, Inc.

Fact Sheet

December 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 #
December 31, 2025
Multi-Family						1,851						2,494									$	4,617,085					12						3						7						22						1.19%		%							$	37,609					0.81%		%
Commercial Real Estate						1,226						2,894									3,547,626						1						2						6						9						0.73									66,631						1.88
Commercial & Industrial						5,844						432									2,524,486						40						8						13						61						1.04									60,799						2.41
Construction						374						2,791									1,043,910						1						—						1						2						0.53									3,673						0.35
Land - Acquisition & Development						87						1,684									146,548						—						—						—						—						—									—						—
Single-Family Residential						20,355						379									7,709,942						45						16						67						128						0.63									40,712						0.53
Construction - Custom						89						656									58,371						—						—						2						2						2.25									2,055						3.52
Land - Consumer Lot Loans						827						100									82,490						2						2						4						8						0.97									415						0.50
HELOC						4,053						65									264,462						14						4						4						22						0.54									2,090						0.79
Consumer						6,954						8									52,775						35						19						36						90						1.29									406						0.77
						41,660						481									$	20,047,695					150						54						140						344						0.83%		%							$	214,390					1.07%		%
September 30, 2025
Multi-Family						1,851						2,502									$	4,631,321					—						3						4						7						0.38 %		%							$	20,644					0.45%		%
Commercial Real Estate						1,251						2,869									3,588,950						2						1						6						9						0.72									51,041						1.42
Commercial & Industrial						5,537						431									2,386,363						5						12						35						52						0.94									1,185						0.05
Construction						358						3,087									1,105,101						—						—						—						—						—									—						—
Land - Acquisition & Development						84						1,666									139,922						—						—						—						—						—									—						—
Single-Family Residential						20,773						382									7,936,931						55						20						65						140						0.67									46,088						0.58
Construction - Custom						134						584									78,243						—						—						1						1						0.75									760						0.97
Land - Consumer Lot Loans						874						101									88,696						2						1						3						6						0.69									332						0.37
HELOC						4,166						65									271,286						12						5						5						22						0.53									2,182						0.80
Consumer						6,620						9									61,525						25						14						45						84						1.27									353						0.57
						41,648						487									$	20,288,338					101						56						164						321						0.77%		%							$	122,585					0.60%		%
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%		%

			WaFd Fact Sheet Q1 2025			8