WaFd Inc.

07/17/2026 | Press release | Distributed by Public on 07/17/2026 11:04

WaFd Announces Quarterly Earnings Per Share Of $0.84 (Form 8-K)

WaFd Announces Quarterly Earnings Per Share Of $0.84
Q3 Highlights
$66 Million $0.84 0.96% 11.0%
Net Income Diluted Earnings per Common Share Return on Average Assets
Return on Tangible Common Equity1
WaFd delivered strong results in the third quarter of fiscal 2026, with healthy growth in earnings, loans, and equity. Earnings per share increased 15% year-over-year and 2% compared to the March quarter. While overall loans outstanding grew modestly for the quarter, net loans in our active loan portfolios grew at an annualized rate of 10.4%. Growth in net interest income, combined with disciplined expense management, drove our efficiency ratio to 53.7%, and we delivered an 11.0% return on tangible common equity for the quarter. We believe that the market is beginning to recognize WaFd's consistent earnings power - our stock price is up 19% from March 31, with 4.7 million shares repurchased in the first two quarter of the fiscal year. I want to thank our team of bankers for their continued dedication to delivering for our clients and shareholders."

Brent Beardall
President and CEO of WaFd Bank
Net Interest Income and NIM
■$181 million net interest income for the quarter compared to $178 million in Q2.
■Net interest margin at 2.81% for the quarter - same as Q2.
Credit Quality
■Non-performing assets at 0.49% of total assets compared to 0.48% for Q2.
■Delinquencies down to 0.75% of total loans compared to 0.78% for Q2.

Non-Interest Income and Expense
■Non-interest income up $4.4 million as a result of a gain on sale of a branch property.
■Non-interest expense stable compared to prior quarter.
■Efficiency ratio decreased to 53.69% compared to 55.66% in the prior quarter as a result of the increase in other income.
Shareholder Returns and Stock Activity
■On June 5, 2026, the Company paid a cash dividend of $0.27 per share, 173rd consecutive quarterly dividend paid.
■ROATCE1 of 11.0% compared to 10.8% at March 31 - a 2.1% increase over Q2.
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 $66,130,000 for the quarter ended June 30, 2026, an increase of 1% from net earnings of $65,548,000 for the quarter ended March 31, 2026 and an increase of 7% from net earnings of $61,952,000 for the quarter ended June 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.84 per diluted share for the quarter ended June 30, 2026, compared to $0.82 per diluted share for the quarter ended March 31, 2026, and $0.73 per diluted share for the quarter ended June 30, 2025, an $0.11 or 15% increase in fully diluted earnings per common share.
Quarterly Earnings Release Q3 2026
1
WaFd Inc. Announces Third Quarter 2026 Results
The following table provides the Company's financial scorecard for the last five quarters:
As of
(In thousands, except share and ratio data) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
BALANCE SHEET
Cash $ 676,467 $ 669,799 $ 734,915 $ 657,310 $ 809,252
Loans receivable, net 20,017,876 19,966,983 19,848,156 20,088,618 20,277,164
Allowance for credit losses ("ACL") 233,831 224,450 221,039 221,220 219,268
Available-for-sale securities, at fair value 4,190,263 4,352,258 4,142,285 3,533,201 3,387,497
Held-to-maturity securities, at amortized cost 858,261 745,727 764,794 645,802 512,854
Total investments 5,048,524 5,097,985 4,907,079 4,179,003 3,900,351
Total assets 27,596,970 27,568,785 27,285,744 26,699,699 26,731,915
Transaction deposits 12,745,791 12,746,921 12,865,974 12,306,532 11,969,124
Time deposits 8,186,284 8,377,230 8,550,996 9,131,104 9,417,447
Total deposits 20,932,075 21,124,151 21,416,970 21,437,636 21,386,571
Borrowings and junior subordinated debentures 3,315,697 3,114,548 2,488,411 1,817,249 1,991,087
Total shareholders' equity 3,022,569 2,981,283 3,029,407 3,039,575 3,014,325
Loans to customer deposits 95.63 % 94.52 % 92.67 % 93.71 % 94.81 %
PROFITABILITY
Net income $ 66,130 $ 65,548 $ 64,196 $ 60,597 $ 61,952
Net income to common shareholders 62,474 61,892 60,540 56,941 58,296
Diluted earnings per common share 0.84 0.82 0.79 0.72 0.73
Return on tangible common equity1
11.04 % 10.82 % 10.57 % 9.99 % 10.20 %
Return on tangible assets1
0.97 % 0.97 % 0.97 % 0.93 % 0.94 %
Net interest margin 2.81 % 2.81 % 2.70 % 2.71 % 2.69 %
Efficiency ratio 53.69 % 55.66 % 55.25 % 56.82 % 56.01 %
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share $ 36.81 $ 36.30 $ 35.70 $ 35.04 $ 34.30
Tangible common shareholders' equity per share1
30.82 30.27 29.91 29.38 28.69
Shareholders' equity to total assets 10.95 % 10.81 % 11.10 % 11.38 % 11.28 %
Tangible shareholders' equity to tangible assets1
9.50 % 9.35 % 9.64 % 9.89 % 9.78 %
Common shares outstanding 73,954,133 73,855,919 76,448,351 78,186,520 79,130,276
Preferred shares outstanding 300,000 300,000 300,000 300,000 300,000
CREDIT QUALITY
ACL to gross loans 1.08 % 1.05 % 1.05 % 1.04 % 1.03 %
Non-accrual loans to net loans 0.64 % 0.62 % 0.96 % 0.64 % 0.41 %
Delinquencies to net loans 0.75 % 0.78 % 1.07 % 0.60 % 0.26 %
Non-performing assets to total assets 0.49 % 0.48 % 0.75 % 0.54 % 0.36 %
Total criticized loans to net loans 4.93 % 4.24 % 4.60 % 4.39 % 4.07 %
Total adversely classified loans to net loans 2.59 % 2.60 % 2.94 % 3.16 % 3.54 %
1Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures.

Quarterly Earnings Release Q3 2026
2
WaFd Inc. Announces Third Quarter 2026 Results
Balance Sheet Total assets increased to $27.6 billion as of June 30, 2026, compared to $26.7 billion at September 30, 2025, primarily due to the purchase of investment securities during the period. Investment securities increased by $870 million, or 20.8% in the nine months ended June 30, 2026, a result of $1.4 billion of purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 5%. Net loans decreased $71 million to $20.0 billion and cash increased $19 million, or 2.9% during same period.
Customer deposits totaled $20.9 billion as of June 30, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.39% as of June 30, 2026, compared to 2.69% at September 30, 2025. Transaction accounts increased by $439 million or 3.6% during the nine months ended June 30, 2026, while time deposits decreased $945 million or 10.3%. As of June 30, 2026, 60.9% of the Company's deposits were transaction accounts, an increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 80.6% of deposits at June 30, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.4% of total deposits as of June 30, 2026, an increase from 24.7% as of September 30, 2025.
Borrowings totaled $3.3 billion as of June 30, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.08% as of June 30, 2026, compared to 2.50% at September 30, 2025.
Loan originations for active loan types totaled $1.5 billion for both the second and third fiscal quarters of 2026. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $1.0 billion and $0.9 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 $299 million during the quarter. Commercial loans represented 96% of all loan originations during the third fiscal quarter of 2026 and consumer loans accounted for the remaining 4%. The period end interest yield on the loan portfolio was 5.33% as of June 30, 2026, a decrease from 5.38% at September 30, 2025.
Tangible common equity per share is a key metric for our management team. For the nine months ended June 30, 2026, tangible book value per share grew to $30.82 at June 30, 2026 from $29.38 as of September 30, 2025. This metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. During the quarter, the Company repurchased 8,806 shares of common stock at a weighted average price of $36.20 as a result of option exercise activity. Our share repurchase plan currently has a remaining authorization of 8.0 million shares which, depending on share price, may provide a compelling investment alternative.
Return on common shareholders' equity for the quarter ended June 30, 2026 was 9.23% compared to 9.05% for the quarter ended March 31, 2026. Adjusted for certain non-operating items, return on equity for the quarter was 8.80% compared to adjusted return on equity of 9.12% the prior quarter. Return on assets for the quarter ended June 30, 2026 was 0.96%, unchanged from the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter was 0.92% compared to adjusted return on assets of 0.97% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.
WaFd's capital ratios are expected to be in line with the March 2026 results which showed the total risk-based capital ratio at 14.4% and common equity tier 1 risk-based capital ratio at 11.4%. All ratios remain above current "well-capitalized" regulatory minimums. In March 2026, federal banking regulators re-proposed revisions to the Basel III Endgame capital framework, which remains subject to finalization following the close of the industry comment period in June 2026. Based on management's review and analysis, using March 31, 2026 data, WaFd estimates that opting into the revised framework, once finalized, could reduce risk-weighted assets by approximately 12.5%, representing an estimated $317 million of total risk-based capital relief. We will continue to evaluate this opportunity as the rule is finalized.
Credit Quality Considering the shifting economic and monetary environment, further impacted by recent global developments, credit quality continues to be monitored closely. As of June 30, 2026, non-performing assets increased to $136 million, or 0.49% of total assets, from $132 million, or 0.48%, at March 31, 2026 and decreased from $143 million, or 0.54%, at September 30, 2025. The decrease compared to September is the result of non-accrual loans decreasing by $1.1 million, or 1%, since September 30, 2025 combined with decreases in real estate owned ("REO") of $2.9 million and other property owned of $3.3 million during the same time frame. Delinquent loans increased to 0.75% of total loans at June 30, 2026, compared to 0.60% at September 30, 2025 but decreased compared to 0.78% at March 31, 2026.
The allowance for credit losses (including the reserve for unfunded commitments) totaled $234 million as of June 30, 2026, and was 1.08% of gross loans outstanding, as compared to $221 million, or 1.04% of gross loans outstanding, as of September 30, 2025. This increase was the result in growth in the active loan portfolio, specifically C&I and Construction loans, in addition to concerns related to possible losses on adversely classified loans. Net charge-offs were $1.6 million for the third fiscal quarter of 2026, compared to $0.6 million for the prior quarter.
Quarterly Earnings Release Q3 2026
3
WaFd Inc. Announces Third Quarter 2026 Results
Profitability Net interest income was $181 million for the third fiscal quarter of 2026, an increase of $3.8 million or 2% from the prior quarter. The increase in net interest income was primarily due to a basis point increase in the rate earned on interest earning assets combined with a basis point decrease in the rate paid on interest bearing liabilities. As a result of these minor changes, the net interest margin held steady at 2.81% for the third fiscal quarter of 2026.
Total non-interest income was $24.2 million for the third fiscal quarter of 2026 compared to $19.8 million the prior quarter. The increase compared to the prior quarter was primarily due to $3.2 million of gains recognized on the sale of bank real estate combined with lower losses recognized on equity method investments.
Total non-interest expense was $110.3 million in the third fiscal quarter of 2026, an increase of $0.5 million, or 0.4%, from the prior quarter. The increase is the result of small increases in compensation, FDIC insurance and technology expenses.
The Company recorded an $11.0 million provision for credit losses in the third fiscal quarter of 2026 compared to a provision of $4.0 million the prior quarter. The provision for loan losses in the quarter ended June 30, 2026 was the result of growth in the active loan portfolio, specifically C&I and Construction loans, in addition to concerns related to possible losses on adversely classified loans. $1.6 million of net charge-offs were taken during the quarter.
Income tax expense totaled $18.2 million in the third fiscal quarter of 2026, as compared to $18.3 million for the prior quarter. The effective tax rate for the quarter ended June 30, 2026 was 21.6% compared to 21.8% for the quarter ended March 31, 2026. 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 210 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company will host a conference call for investors and analysts at 7:00 am Pacific Time on Friday July 17, 2026. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link (https://register-conf.media-server.com/register/BI3742b47b9d1546a6a24d982d3a85576b). The Company uses its website to distribute financial and other material information about the Company.

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Quarterly Earnings Release Q3 2026
4
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
June 30, 2026 September 30, 2025
(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents $ 676,467 $ 657,310
Available-for-sale securities, at fair value 4,190,263 3,533,201
Held-to-maturity securities, at amortized cost 858,261 645,802
Loans receivable, net of allowance for loan losses of $214,831 and $199,720 20,017,876 20,088,618
Interest receivable 99,120 98,589
Premises and equipment, net 291,606 261,271
Real estate owned 8,179 11,084
FHLB stock 155,392 88,068
Bank owned life insurance 281,131 275,159
Intangible assets, including goodwill of $418,447 and $414,722 443,670 442,093
Federal and state income tax assets 110,616 112,784
Other assets 464,389 485,720
$ 27,596,970 $ 26,699,699
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Transaction deposits $ 12,745,791 $ 12,306,532
Time deposits 8,186,284 9,131,104
Total customer deposits 20,932,075 21,437,636
Borrowings 3,263,359 1,765,604
Junior subordinated debentures 52,338 51,645
Advance payments by borrowers for taxes and insurance 36,094 59,845
Federal and state income tax liabilities 158 -
Accrued expenses and other liabilities 290,377 345,394
24,574,401 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; 154,862,525 and 154,408,001 shares issued; 73,954,133 and 78,186,520 shares outstanding 154,863 154,408
Additional paid-in capital 2,175,267 2,163,276
Accumulated other comprehensive income (loss), net of taxes 48,087 56,950
Treasury stock, at cost 80,908,392 and 76,221,481 shares (1,886,075) (1,740,761)
Retained earnings 2,230,427 2,105,702
3,022,569 3,039,575
$ 27,596,970 $ 26,699,699
Yield and margin as of period end
Loans receivable1
5.33 % 5.38 %
Mortgage-backed securities 4.51 4.44
Combined cash, investments and FHLB stock 4.22 4.96
Interest-earning assets 5.12 5.23
Interest-bearing customer accounts 2.71 2.95
Borrowings1
3.08 2.50
Interest-bearing liabilities 2.77 2.91
Net interest spread 2.35 2.32
Net interest margin 2.82 2.82
1Accretion and amortization assumed to be same as prior quarter. Also includes the impact of derivatives.
Quarterly Earnings Release Q3 2026
5
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended June 30, Nine Months Ended June 30,
2026 2025 2026 2025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable $ 267,243 $ 279,476 $ 793,598 $ 848,150
Mortgage-backed securities 46,569 27,855 129,812 70,118
Investment securities and cash equivalents 18,313 24,383 55,945 94,647
332,125 331,714 979,355 1,012,915
INTEREST EXPENSE
Customer accounts 123,079 146,735 385,292 460,833
Borrowings and junior subordinated debentures 27,708 16,991 64,044 67,753
150,787 163,726 449,336 528,586
Net interest income 181,338 167,988 530,019 484,329
Provision (release) for credit losses 11,000 2,000 18,500 4,750
Net interest income after provision (release) 170,338 165,988 511,519 479,579
NON-INTEREST INCOME
Gain (loss) on sale of investment securities 112 - 112 20
Gain (loss) on termination of hedging derivatives (12) 56 438 126
Loan fee income 2,181 1,650 5,751 4,807
Deposit fee income 8,142 7,588 23,674 21,691
Other income 13,755 8,979 34,271 26,212
Total non-interest income 24,178 18,273 64,246 52,856
NON-INTEREST EXPENSE
Compensation and benefits 57,399 53,481 168,709 166,118
Occupancy 11,842 11,755 34,723 34,042
FDIC insurance premiums 5,542 5,150 15,992 15,800
Product delivery 7,067 6,621 20,751 19,313
Information technology 16,157 15,022 46,460 43,695
Other expense 12,327 12,298 39,277 41,502
Total non-interest expense 110,334 104,327 325,912 320,470
Gain (loss) on real estate owned, net 167 (176) 603 54
Income before income taxes 84,349 79,758 250,456 212,019
Income tax provision 18,219 17,806 54,582 46,548
Net income 66,130 61,952 195,874 165,471
Dividends on preferred stock 3,656 3,656 10,969 10,968
Net income available to common shareholders $ 62,474 $ 58,296 $ 184,905 $ 154,503
PER SHARE DATA
Basic earnings per common share $ 0.85 $ 0.73 $ 2.45 $ 1.91
Diluted earnings per common share 0.84 0.73 2.45 1.91
Cash dividends per common share 0.27 0.27 0.81 0.80
Basic weighted average shares outstanding 73,901,725 79,888,520 75,458,381 80,748,838
Diluted weighted average shares outstanding 74,046,838 79,907,672 75,553,798 80,821,807
PERFORMANCE RATIOS
Return on average assets 0.96 % 0.92 % 0.96 % 0.81 %
Return on average common equity 9.23 % 8.54 % 9.05 % 7.55 %
Quarterly Earnings Release Q3 2026
6
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable $ 267,243 $ 262,148 $ 264,207 $ 271,787 $ 279,476
Mortgage-backed securities 46,569 44,341 38,902 32,953 27,855
Investment securities and cash equivalents 18,313 18,245 19,387 21,794 24,383
332,125 324,734 322,496 326,534 331,714
INTEREST EXPENSE
Customer accounts 123,079 125,999 136,214 143,874 146,735
Borrowings and junior subordinated debentures 27,708 21,165 15,171 12,754 16,991
150,787 147,164 151,385 156,628 163,726
Net interest income 181,338 177,570 171,111 169,906 167,988
Provision for credit losses 11,000 4,000 3,500 3,000 2,000
Net interest income after provision 170,338 173,570 167,611 166,906 165,988
NON-INTEREST INCOME
Gain (loss) on sale of investment securities 112 - - - -
Gain (loss) on termination of hedging derivatives (12) 426 24 32 56
Loan fee income 2,181 2,216 1,354 2,081 1,650
Deposit fee income 8,142 7,674 7,858 7,959 7,588
Other income 13,755 9,497 11,019 8,319 8,979
Total non-interest income 24,178 19,813 20,255 18,391 18,273
NON-INTEREST EXPENSE
Compensation and benefits 57,399 57,120 54,190 56,028 53,481
Occupancy 11,842 11,711 11,170 10,895 11,755
FDIC insurance premiums 5,542 5,050 5,400 4,400 5,150
Product delivery 7,067 7,110 6,574 6,558 6,621
Information technology 16,157 15,919 14,384 16,406 15,022
Other expense 12,327 12,947 14,003 12,706 12,298
Total non-interest expense 110,334 109,857 105,721 106,993 104,327
Gain (loss) on real estate owned, net 167 280 156 (681) (176)
Income before income taxes 84,349 83,806 82,301 77,623 79,758
Income tax provision 18,219 18,258 18,105 17,026 17,806
Net income 66,130 65,548 64,196 60,597 61,952
Dividends on preferred stock 3,656 3,656 3,656 3,656 3,656
Net income available to common shareholders $ 62,474 $ 61,892 $ 60,540 $ 56,941 $ 58,296

Quarterly Earnings Release Q3 2026
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share $ 0.85 $ 0.82 $ 0.79 $ 0.73 $ 0.73
Diluted earnings per common share 0.84 0.82 0.79 0.72 0.73
Cash dividends per common share 0.27 0.27 0.27 0.27 0.27
Basic weighted average shares outstanding 73,901,725 75,487,399 76,969,729 78,509,472 79,888,520
Diluted weighted average shares outstanding 74,046,838 75,574,228 77,015,554 78,573,457 79,907,672
PERFORMANCE RATIOS
Return on average assets 0.96 % 0.96 % 0.96 % 0.91 % 0.92 %
Return on average common equity 9.23 9.05 8.86 8.36 8.54
Net interest margin 2.81 2.81 2.70 2.71 2.69
Efficiency ratio 53.69 55.66 55.25 56.82 56.01
Quarterly Earnings Release Q3 2026
8
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Non-GAAP Financial Measures
The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Tangible Measures June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP $ 3,022,569 $ 2,981,283 $ 3,029,407 $ 3,039,575 $ 3,014,325
Less intangible assets - GAAP 443,670 445,511 443,085 442,093 444,291
Tangible shareholders' equity $ 2,578,899 $ 2,535,772 $ 2,586,322 $ 2,597,482 $ 2,570,034
Less preferred stock - GAAP 300,000 300,000 300,000 300,000 300,000
Tangible common shareholders' equity $ 2,278,899 $ 2,235,772 $ 2,286,322 $ 2,297,482 $ 2,270,034
Total assets - GAAP $ 27,596,970 $ 27,568,785 $ 27,285,744 $ 26,699,699 $ 26,731,915
Less intangible assets - GAAP 443,670 445,511 443,085 442,093 444,291
Tangible assets $ 27,153,300 $ 27,123,274 $ 26,842,659 $ 26,257,606 $ 26,287,624
Tangible Metrics
Common shares outstanding - GAAP 73,954,133 73,855,919 76,448,351 78,186,520 79,130,276
Tangible common equity per share $ 30.82 $ 30.27 $ 29.91 $ 29.38 $ 28.69
Tangible equity to tangible assets 9.50 % 9.35 % 9.64 % 9.89 % 9.78 %
Quarterly Earnings Release Q3 2026
9
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended
Average Tangible Measures June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP $ 3,008,370 $ 3,034,123 $ 3,033,933 $ 3,023,098 $ 3,030,745
Less average preferred stock
- GAAP 		300,000 300,000 300,000 300,000 300,000
Less average intangible assets - GAAP 444,665 445,155 442,226 443,382 445,733
Average tangible common equity $ 2,263,705 $ 2,288,968 $ 2,291,707 $ 2,279,716 $ 2,285,012
Average Assets - GAAP $ 27,612,152 $ 27,350,614 $ 26,852,389 $ 26,540,782 $ 26,813,500
Less average intangible assets - GAAP 444,665 445,155 442,226 443,382 445,733
Average tangible assets $ 27,167,487 $ 26,905,459 $ 26,410,163 $ 26,097,400 $ 26,367,767
Average Tangible Metrics
Net income - GAAP 66,130 65,548 64,196 60,597 61,952
Net income available to common shareholders - GAAP 62,474 61,892 60,540 56,941 58,296
Return on tangible common equity 11.04 % 10.82 % 10.57 % 9.99 % 10.20 %
Return on tangible assets 0.97 % 0.97 % 0.97 % 0.93 % 0.94 %
Quarterly Earnings Release Q3 2026
10
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Net Income Adjusted for Non-Operating Items
June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(Unaudited - In thousands, except for share and ratio data)
Non-interest income adjustments
(Gain)Loss on sale of branch property $ (3,205) $ 27 $ (3,214) $ 467 $ 4
Distribution received on LBC equity method investment (225) (225) (237) (251) (255)
(Gain)Loss on WaFd Bank equity method investment (48) 1,072 408 (815) 304
Total non-interest income adjustments $ (3,478) $ 874 $ (3,043) $ (599) $ 53
Net Income - GAAP $ 66,130 $ 65,548 $ 64,196 $ 60,597 $ 61,952
Non-interest income adjustments (3,478) 874 (3,043) (599) 53
REO adjustments (167) (280) (156) 681 176
Income tax adjustment 787 (129) 704 (18) (51)
Net Income - non-GAAP $ 63,272 $ 66,013 $ 61,701 $ 60,661 $ 62,130
Dividend on preferred stock 3,656 3,656 3,656 3,656 3,656
Net Income available to common shareholders - non-GAAP $ 59,616 $ 62,357 $ 58,045 $ 57,005 $ 58,474
Basic weighted average number of shares outstanding - GAAP 73,901,725 75,487,399 76,969,729 78,509,472 79,888,520
Diluted weighted average number of shares outstanding - GAAP 74,046,838 75,574,228 77,015,554 78,573,457 79,907,672
Basic EPS - non-GAAP $ 0.81 $ 0.83 $ 0.75 $ 0.73 $ 0.73
Diluted EPS - non-GAAP 0.81 0.83 0.75 0.73 0.73
Quarterly Earnings Release Q3 2026
11
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted Efficiency Ratio June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP 53.7 % 55.7 % 55.3 % 56.8 % 56.0 %
Net interest income - GAAP $ 181,338 $ 177,570 $ 171,111 $ 169,906 $ 167,988
Total interest income adjustments - - - - -
Net interest income - non-GAAP $ 181,338 $ 177,570 $ 171,111 $ 169,906 $ 167,988
Non-interest expense - GAAP $ 110,334 $ 109,857 $ 105,721 $ 106,993 $ 104,327
Less non-operating expenses - - - - -
Non-interest Expenses -
non-GAAP 		$ 110,334 $ 109,857 $ 105,721 $ 106,993 $ 104,327
Non-interest income - GAAP $ 24,178 $ 19,813 $ 20,255 $ 18,391 $ 18,273
Total other income adjustments (3,478) 874 (3,043) (599) 53
Non-interest income -
non-GAAP 		$ 20,700 $ 20,687 $ 17,212 $ 17,792 $ 18,326
Net Interest Income -
non-GAAP 		$ 181,338 $ 177,570 $ 171,111 $ 169,906 $ 167,988
Non-interest income -
non-GAAP 		20,700 20,687 17,212 17,792 18,326
Total Income - non-GAAP $ 202,038 $ 198,257 $ 188,323 $ 187,698 $ 186,314
Adjusted Efficiency Ratio 54.6 % 55.4 % 56.1 % 57.0 % 56.0 %
Quarterly Earnings Release Q3 2026
12
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted ROA and ROE June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP $ 66,130 $ 65,548 $ 64,196 $ 60,597 $ 61,952
Net income available to common shareholders - GAAP $ 62,474 $ 61,892 $ 60,540 $ 56,941 $ 58,296
Average Assets 27,612,152 27,350,614 26,852,389 26,540,782 26,813,500
Return on Assets 0.96 % 0.96 % 0.96 % 0.91 % 0.92 %
Average Common Equity $ 2,708,370 $ 2,734,123 $ 2,733,933 $ 2,723,098 $ 2,730,745
Return on Common Equity 9.23 % 9.05 % 8.86 % 8.36 % 8.54 %
Adjusted:
Net Income - non-GAAP $ 63,272 $ 66,013 $ 61,701 $ 60,661 $ 62,130
Net income available to common shareholders - non-GAAP $ 59,616 $ 62,357 $ 58,045 $ 57,005 $ 58,474
Average Assets 27,612,152 27,350,614 26,852,389 26,540,782 26,813,500
Adjusted Return on Assets 0.92 % 0.97 % 0.92 % 0.91 % 0.93 %
Average Common Equity 2,708,370 2,734,123 2,733,933 2,723,098 2,730,745
Adjusted Return on Common Equity 8.80 % 9.12 % 8.49 % 8.37 % 8.57 %
Quarterly Earnings Release Q3 2026
13

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.
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