0000936528False00009365282024-10-172024-10-170000936528us-gaap:CommonStockMember2024-10-172024-10-170000936528us-gaap:SeriesAPreferredStockMember2024-10-172024-10-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 17, 2024
 ____________________________________
WAFD, INC.
(Exact name of registrant as specified in its charter)
 ____________________________________
Washington
001-3465491-1661606
(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
Washington Federal, Inc.
(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 ClassTrading SymbolName of each exchange on which registered
Common Stock, $1.00 par value per shareWAFDNASDAQ 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 WAFDPNASDAQ Stock Market



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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. ☐


Item 2.02Results of Operations and Financial Condition

On October 17, 2024, the Company announced by press release its earnings for the quarter and fiscal year ended September 30, 2024. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the September 30, 2024 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 9.01Financial Statements and Exhibits

(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) The following exhibits are being furnished herewith:



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, 2023 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, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth; (iii) risks related to the integration of the operations of Luther Burbank Corporation; (iv) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (v) changes in deposit flows or loan demands; (vi) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; (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) 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; (ix) litigation risks resulting in significant expenses, losses and reputational damage; (x) our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and identity theft; and (xi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services.


3

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.
 
October 18, 2024WASHINGTON FEDERAL, INC.
By:/s/ KELLI J. HOLZ
Kelli J. Holz
Executive Vice President
and Chief Financial Officer

4

Exhibit 99.1

a1wafdbanklogorgba.jpg                

Thursday, October 17, 2024
FOR IMMEDIATE RELEASE



WaFd Inc. Announces Fourth Quarter and Fiscal 2024 Results


2024 Highlights
•Net Income was $200 million or $2.50 per diluted share for fiscal 2024 compared to $257 million or $3.72 per diluted share for 2023.
•The year included the acquisition of California-based Luther Burbank Corporation which added $7.7 billion in assets and resulted in acquisition-related expenses of $26 million.
•The Company completed the sales of $2.8 billion in multifamily loans and $0.4 billion in single family loans obtained in the acquisition.
•Loans receivable increased $3.4 billion, or 19.7%, during 2024.
•Deposits increased $5.3 billion or 33.0% during 2024.
•During the year, the Company repurchased 1,070,207 shares of common stock at a weighted average price of $25.29.
•On September 6, 2024, the Company paid a cash dividend of $0.26 per share. This was the 166th consecutive quarterly dividend paid. A total of $1.03 was paid as cash dividends during the year.

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced annual earnings of $200,041,000 for the fiscal year ended September 30, 2024, including the effects of the acquisition of California-based Luther Burbank Corporation ("LBC"). After the effect of dividends on preferred stock, net income available for common shareholders was $2.50 per share for the year. These results reflect acquisition related costs of $26,319,000 incurred in fiscal 2024. Adjusted for these expenses and non-operating items, earnings per share for the year was $3.02. For a reconciliation, see the Non-GAAP Financial Measures section below.
The following table provides the Company's financial scorecard for the last five quarters:
1


As of
September 30, 2024June 30,
 2024		March 31, 2024December 31, 2023September 30, 2023
BALANCE SHEET
(In thousands, except share and ratio data)
Cash$2,381,102 $2,492,504 $1,505,771 $1,144,774 $980,649 
Loans receivable, net20,916,354 20,873,919 20,795,259 17,584,622 17,476,550 
Allowance for credit losses ("ACL")225,253 225,324 225,077 201,820 201,707 
Loans held for sale— 468,527 2,993,658 — — 
Available-for-sale securities, at fair value2,572,709 2,428,768 2,438,114 2,018,445 1,995,097 
Held-to-maturity securities, at amortized cost436,972 447,638 457,882 415,079 423,586 
Total Investments3,009,681 2,876,406 2,895,996 2,433,524 2,418,683 
Total assets28,060,330 28,580,800 30,140,288 22,640,122 22,474,675 
Transaction deposits11,817,185 11,929,005 12,338,862 10,658,064 10,765,313 
Time deposits9,556,785 9,255,760 9,000,911 5,380,723 5,305,016 
Total deposits21,373,970 21,184,765 21,339,773 16,038,787 16,070,329 
Borrowings3,318,307 4,079,360 5,489,501 3,875,000 3,650,000 
Total shareholders' equity3,000,300 2,958,339 2,921,906 2,452,004 2,426,426 
Loans to customer deposits2
97.86 %98.53 %97.45 %109.64 %108.75 %
PROFITABILITY
Net income$61,140 $64,560 $15,888 $58,453 $50,208 
Net income to common shareholders57,484 60,904 12,232 54,797 46,552 
Earnings per common share0.710.750.170.850.72
Return on tangible common equity1
10.24 %11.10 %2.47 %11.93 %10.22 %
Return on tangible assets1
0.89 %0.88 %0.26 %1.06 %0.92 %
Net interest margin2.62 %2.56 %2.73 %2.91 %3.13 %
Efficiency ratio57.21 %56.61 %77.74 %58.02 %51.78 %
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share$33.25 $32.76 $32.21 $33.49 $32.85 
Tangible common shareholders' equity per share1
27.73 27.18 26.64 28.65 28.05 
Shareholders' equity to total assets10.69 %10.35 %9.69 %10.83 %10.80 %
Tangible shareholders' equity to tangible assets1
9.24 %8.91 %8.31 %9.59 %9.55 %
Common shares outstanding81,220,269 81,157,173 81,405,391 64,254,700 64,736,916 
Preferred shares outstanding300,000 300,000 300,000 300,000 300,000 
CREDIT QUALITY2
ACL to gross loans1.01 %1.00 %1.00 %1.04 %1.03 %
Non-accrual loans to net loans0.33 %0.29 %0.29 %0.26 %0.29 %
Delinquencies to net loans0.25 %0.22 %0.36 %0.33 %0.36 %
Non-performing assets to total assets0.28 %0.24 %0.23 %0.24 %0.26 %
Criticized loans to net loans2.41 %3.01 %2.59 %2.27 %2.33 %
Substandard loans to net loans2.04 %1.84 %1.48 %1.74 %1.75 %
1Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures.
2Metrics include only loans held for investment. Loans held for sale are not included.
2


President and CEO Brent Beardall commented, "Considering what was one of the more challenging macro environments in my twenty-three years at the Bank, our fiscal year 2024 was an excellent year with after tax earnings just north of $200 million. We took material steps to position the balance sheet for the Fed’s much anticipated move to reduce interest rates. As we start fiscal 2025, we have over 19% of our total balance sheet in cash and investments, borrowing capacity of more than $6 billion and problem loans totaling just 0.28% of assets. Optionality is a beautiful thing when the future is uncertain and we believe we are moving forward with a capacity to be relevant and a nimbleness to adapt. WaFd sees significant opportunity for growth in all of our nine western states, where we believe economic growth will outpace overall US growth. Perhaps our biggest concern is the potential for unexpected events. Over the years, we have seen it’s the surprise of what was not modeled, what was not thought likely, that takes down strong financial institutions. This knowledge keeps us humble and operating with a meaningful surplus of capital and liquidity."
As a result of the LBC acquisition on February 29, 2024, the Company's results as of September 30, 2024 reflect seven months of the newly combined entity. Given this, the Company's financial results are not directly comparable to the results of the prior periods. Total assets were $28.1 billion as of September 30, 2024, an increase of 24.9% from $22.5 billion at September 30, 2023. Net loans held for investment increased by $3.4 billion, or 19.7%, from September 30, 2023 to September 30, 2024 reflecting the addition of LBC loans. The Company acquired $6.2 billion in loans in the transaction but sold $2.8 billion in acquired multifamily loans in the June 2024 quarter and $0.4 billion in acquired single family loans in September 2024. Cash and cash equivalents as of September 30, 2024 increased by $1.4 billion, or 142.8%, since September 30, 2023 as a result of the LBC acquisition, and the completion of the LBC loan sales offset by the pay-down of borrowings and debt. Investment securities increased by $591.0 million compared to September 30, 2023 due to the addition of $529.2 million in securities obtained in the acquisition combined with normal activity during the year.
Customer deposits totaled $21.4 billion as of September 30, 2024, an increase of 33.0% since September 30, 2023. Transaction accounts increased by $1.1 billion or 9.8% during the fiscal year 2024, while time deposits increased $4.3 billion, or 80.1%, as 66% of the LBC deposits were time deposits. As a result of this product mix, the Company's transaction accounts as a percentage of total customer deposits decreased to 55.3% compared to 67% at September 30, 2023. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 75.1% of deposits at September 30, 2024. Deposits that are uninsured or not collateralized were 24.0% as of September 30, 2024, a decrease from 25.7% as of September 30, 2023.
Borrowings totaled $3.3 billion as of September 30, 2024, a net decrease of $0.4 billion or 10.5% since September 30, 2023. The Company utilized proceeds from the LBC loan sales to pay off $2.2 billion of borrowings which matured since the acquisition. The acquisition added $1.4 billion in borrowings in addition to net borrowing activity of $400 million during the year. The weighted average effective interest rate as of September 30, 2024, was 3.93% versus 3.98% at September 30, 2023. As of September 30, 2024, $2.3 billion of the $3.3 billion in outstanding borrowings have effective maturities less than one year.
Loan originations totaled $3.6 billion for fiscal year 2024 compared to $4.7 billion in fiscal year 2023. Offsetting the loan origination volume in each of these years were loan repayments of $4.3 billion and $4.4 billion, respectively. The
3


Bank has intentionally slowed new loan production to temper loan growth. Commercial loans represented 73% of all loan originations during fiscal 2024 with consumer loans accounting for the remaining 27%. Commercial loans are viewed by the Bank as preferable as they generally have floating interest rates and shorter durations. The weighted average period end interest rate on the loan portfolio was 5.26% as of September 30, 2024, an increase from 5.22% at September 30, 2023.
Credit quality continues to be monitored closely in light of the shifting economic and monetary environment. As of September 30, 2024, non-performing assets were $77 million, or 0.3% of total assets, compared to 0.3% as of September 30, 2023. The percentage of non-accrual loans to total loans at September 30, 2024 remained largely unchanged from September 30, 2023 at 0.3%. Delinquent loans as a percentage of total loans decreased to 0.3% from 0.4% during the year.
The allowance for credit losses including the reserve for unfunded commitments totaled $225 million as of September 30, 2024, and was 1.01% of gross loans as compared to $202 million or 1.03% of gross loans as of September 30, 2023. Net charge-offs were $1.4 million for fiscal year 2024 compared to net charge-offs of $45.1 million in fiscal 2023. The increase in the ACL reflects the $16.0 million provision recorded on LBC loans held for investment that are not credit deteriorated and the $7.4 million estimated lifetime credit losses for those that are considered purchased credit deteriorated ("PCD").
Net interest income was $660.8 million for fiscal 2024, a decrease of $29.4 million or 4.3% from the prior year. The net interest margin for the year was 2.69% compared to 3.40% the prior year. This decrease was the result of the combination of greater growth in interest-bearing liabilities balances than in interest-paying assets and a larger increase in the rate paid on those liabilities compared to the rates earned on interest-earning assets. Average interest-bearing liabilities grew by 27.2% while average interest-earning assets grew by 20.8%. Rates on interest-bearing liabilities increased by 128 basis points outpacing the 46 basis point increase in the average rate on interest-earning assets.
Total non-interest income was $60.7 million for fiscal year 2024, an increase of $8.5 million or 16.3% from $52.2 million in the prior year. The increase in other income is primarily due to increased income from the Company's subsidiary, WAFD Insurance Group, and a decrease in unrealized losses recorded for certain equity method investments in fiscal 2024 compared to prior year.
Total non-interest expense was $448.3 million for fiscal 2024, an increase of $72.2 million or 19.2% from the prior year. Compensation and benefits costs increased $37.6 million or 19.14% year-over-year primarily due to acquisition related retention, severance and change-in-control expenses combined with a larger post-acquisition workforce. FDIC premiums increased $8.8 million compared to the same period last year as a result of both the FDIC's special assessment and the Company's increased size post-acquisition. Information technology costs increased by $3.9 million due to increased telephone and data lines combined with lingering conversion costs and termination fees on LBC software. Other expense increased by $18.4 million and included acquisition related expenses of $8.9 million, a $2 million charitable donation and $6.6 million in amortization expense related to the Core Deposit Intangible Asset created in the acquisition.
4


The Company recorded a provision for credit losses of $17.5 million in the year ended September 30, 2024, compared to a provision for credit losses of $41.5 million in 2023. The provision for loan losses included the initial provision recorded on LBC loans, as well as other qualitative considerations such as prolonged and intensified borrower sensitivity to high interest rates and operating costs due to inflationary pressures.
For the year ended September 30, 2024, the Company recorded federal and state income tax expense of $56.0 million, which equates to a 21.88% effective tax rate. This compares to an effective tax rate of 20.81% for fiscal year 2023. Although the Company's effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments, some of the change in the current year resulted specifically from the LBC acquisition and consideration of California State and Local taxes.
WaFd Bank is headquartered in Seattle, Washington and has 210 branches in nine western states. To find out more, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.



5

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
September 30, 2024September 30, 2023
 (In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents$2,381,102 $980,649 
Available-for-sale securities, at fair value
2,572,709 1,995,097 
Held-to-maturity securities, at amortized cost
436,972 423,586 
Loans receivable, net of allowance for loan losses of $203,753 and $177,20720,916,354 17,476,550 
Interest receivable102,827 87,003 
Premises and equipment, net247,901 237,011 
Real estate owned4,567 4,149 
FHLB stock95,617 126,820 
Bank owned life insurance267,633 242,919 
Intangible assets, including goodwill of $411,360 and $304,750448,425 310,619 
Federal and state income tax assets, net119,248 8,479 
Other assets466,975 581,793 
$28,060,330 $22,474,675 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Transaction deposits$11,817,185 $10,765,313 
Time deposits9,556,785 5,305,016 
Total customer deposits21,373,970 16,070,329 
Borrowings3,267,589 3,650,000 
Junior subordinated deferrable debentures50,718 — 
Advance payments by borrowers for taxes and insurance61,330 52,550 
Accrued expenses and other liabilities306,423 275,370 
25,060,030 20,048,249 
Stockholders’ 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 outstanding300,000 300,000 
Common stock, $1.00 par value, 300,000,000 shares authorized; 154,007,429 and 136,466,579 shares issued; 81,220,269 and 64,736,916 shares outstanding154,007 136,467 
Additional paid-in capital2,150,675 1,687,634 
Accumulated other comprehensive (loss) income, net of taxes55,851 46,921 
Treasury stock, at cost; 72,787,160 and 71,729,663 shares(1,639,131)(1,612,345)
Retained earnings1,978,898 1,867,749 
3,000,300 2,426,426 
$28,060,330 $22,474,675 
CONSOLIDATED FINANCIAL HIGHLIGHTS
Common shareholders' equity per share$33.25 $32.85 
Shareholders' equity to total assets10.69 %10.80 %
6

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

 Three Months Ended September 30,Twelve Months Ended September 30,
 2024202320242023
 (In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$308,598 $240,998 $1,165,849 $900,068 
Mortgage-backed securities18,088 11,695 59,782 43,184 
Investment securities and cash equivalents47,411 29,017 146,079 99,703 
374,097 281,710 1,371,710 1,042,955 
INTEREST EXPENSE
Customer accounts165,240 83,402 532,434 237,233 
Borrowings, senior debt and junior subordinated debentures36,045 34,611 178,444 115,488 
201,285 118,013 710,878 352,721 
Net interest income172,812 163,697 660,832 690,234 
Provision for credit losses— 26,500 17,500 41,500 
Net interest income after provision172,812 137,197 643,332 648,734 
NON-INTEREST INCOME
Gain (loss) on sale of investment securities91 33 342 33 
Gain (loss) on termination of hedging derivatives72 33 241 (867)
Loan fee income757 731 2,745 3,885 
Deposit fee income7,047 6,849 27,507 26,050 
Other income7,911 6,688 29,857 23,100 
Total non-interest income
15,878 14,334 60,692 52,201 
NON-INTEREST EXPENSE
Compensation and benefits53,983 45,564 234,148 196,534 
Occupancy10,843 10,115 42,036 41,579 
FDIC insurance premiums6,800 7,000 28,870 20,025 
Product delivery6,306 5,819 23,986 20,973 
Information technology14,129 12,672 53,306 49,447 
Other expense15,880 11,007 65,926 47,477 
Total non-interest expense
107,941 92,177 448,272 376,035 
Gain (loss) on real estate owned, net(83)(235)304 176 
Income before income taxes80,666 59,119 256,056 325,076 
Income tax provision19,526 8,911 56,015 67,650 
Net income
61,140 50,208 200,041 257,426 
Dividends on preferred stock3,656 3,656 14,625 14,625 
Net income available to common shareholders
$57,484 $46,552 $185,416 $242,801 
PER SHARE DATA
Basic earnings per common share$0.71 $0.72 $2.50 $3.72 
Diluted earnings per common share0.71 0.72 2.50 3.72 
Cash dividends per common share0.26 0.25 1.03 0.99 
Basic weighted average shares outstanding81,208,68364,729,00674,244,32365,192,510
Diluted weighted average shares outstanding81,353,64464,736,86474,290,56865,255,283
PERFORMANCE RATIOS
Return on average assets0.87 %0.90 %0.76 %1.18 %
Return on average common equity8.53 8.73 7.55 11.69 
Net interest margin2.62 3.13 2.69 3.40 
Efficiency ratio57.21 51.78 62.13 50.65 

7

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

 Three Months Ended
 September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
 (In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$308,598 $337,118 $274,341 $245,792 $240,998 
Mortgage-backed securities18,088 17,523 12,905 11,266 11,695 
Investment securities and cash equivalents47,411 37,300 31,580 29,788 29,017 
374,097 391,941 318,826 286,846 281,710 
INTEREST EXPENSE
Customer accounts165,240 154,359 116,164 96,671 83,402 
Borrowings, senior debt and jr. subordinated debentures36,045 60,396 44,065 37,938 34,611 
201,285 214,755 160,229 134,609 118,013 
Net interest income172,812 177,186 158,597 152,237 163,697 
Provision for credit losses— 1,500 16,000 — 26,500 
Net interest income after provision172,812 175,686 142,597 152,237 137,197 
NON-INTEREST INCOME
Gain (loss) on sale of investment securities91 80 90 81 33 
Gain (loss) on termination of hedging derivatives72 54 6 109 33 
Loan fee income757 594 550 844 731 
Deposit fee income7,047 6,960 6,698 6,802 6,849 
Other income7,911 9,567 6,048 6,331 6,688 
Total non-interest income
15,878 17,255 13,392 14,167 14,334 
NON-INTEREST EXPENSE
Compensation and benefits53,983 57,169 73,155 49,841 45,564 
Occupancy10,843 10,904 10,918 9,371 10,115 
FDIC insurance premiums6,800 7,600 7,900 6,570 7,000 
Product delivery6,306 6,090 5,581 6,009 5,819 
Information technology14,129 13,428 12,883 12,866 12,672 
Other expense15,880 14,888 23,275 11,883 11,007 
Total non-interest expense
107,941 110,079 133,712 96,540 92,177 
Gain (loss) on real estate owned, net(83)(124)(1,315)1,826 (235)
Income before income taxes80,666 82,738 20,962 71,690 59,119 
Income tax provision19,526 18,178 5,074 13,237 8,911 
Net income61,140 64,560 15,888 58,453 50,208 
Dividends on preferred stock3,656 3,656 3,656 3,656 3,656 
Net income available to common shareholders$57,484 $60,904 $12,232 $54,797 $46,552 
PER SHARE DATA
Basic earnings per common share$0.71 $0.75 $0.17 $0.85 $0.72 
Diluted earnings per common share0.71 0.75 0.17 0.85 0.72 
Cash dividends per common share0.26 0.26 0.26 0.25 0.25 
Basic weighted average shares outstanding81,208,68381,374,81170,129,07264,297,49964,729,006
Diluted weighted average shares outstanding81,353,64481,393,70870,164,55864,312,11064,736,864
PERFORMANCE RATIOS
Return on average assets0.87 %0.87 %0.26 %1.04 %0.90 %
Return on average common equity8.53 9.20 2.09 10.21 8.73 
Net interest margin2.62 2.56 2.73 2.91 3.13 
Efficiency ratio57.21 56.61 77.74 58.02 51.78 
8


Non-GAAP Financial Measures and Management Projections
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.






9


Tangible MeasuresSeptember 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
2023
(Unaudited - In thousands, except for ratio data)
Shareholders equity - GAAP$3,000,300 $2,958,339 $2,921,906 $2,452,004 $2,426,426 
Less intangible assets - GAAP448,425 452,255 453,539 311,103 310,619 
Tangible shareholders' equity$2,551,875 $2,506,084 $2,468,367 $2,140,901 $2,115,807 
Less preferred stock - GAAP300,000 300,000 300,000 300,000 300,000 
Tangible common shareholders' equity$2,251,875 $2,206,084 $2,168,367 $1,840,901 $1,815,807 
Total assets - GAAP$28,060,330 $28,580,800 $30,140,288 $22,640,122 $22,474,675 
Less intangible assets - GAAP448,425 452,255 453,539 311,103 310,619 
Tangible assets$27,611,905 $28,128,545 $29,686,749 $22,329,019 $22,164,056 
Tangible Metrics
Common shares outstanding - GAAP81,220,269 81,157,173 81,405,391 64,254,700 64,736,916 
Tangible common equity per share$27.73 $27.18 $26.64 $28.65 $28.05 
Tangible equity to tangible assets 9.24 %8.91 %8.31 %9.59 %9.55 %
Quarter Ended
Average Tangible Measures
September 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
2023
(Unaudited - In thousands, except for ratio data)
Average shareholders equity - GAAP$2,996,093 $2,947,056 $2,638,483 $2,447,580 $2,431,846 
Less average preferred stock - GAAP300,000 300,000 300,000 300,000 300,000 
Less average intangible assets - GAAP451,204 453,142 360,251 311,022 310,200 
Average tangible common equity$2,244,889 $2,193,914 $1,978,232 $1,836,558 $1,821,646 
Average Assets - GAAP$28,000,482 $29,703,337 $24,907,376 $22,381,459 $22,233,741 
Less average intangible assets - GAAP451,204 453,142 360,251 311,022 310,200 
Average tangible assets$27,549,278 $29,250,195 $24,547,125 $22,070,437 $21,923,541 
Average Tangible Metrics
Net income - GAAP61,140 64,560 15,888 58,453 50,208 
Net income available to common shareholders - GAAP57,484 60,904 12,232 54,797 46,552 
Return on tangible common equity10.24 %11.10 %2.47 %11.93 %10.22 %
Return on tangible assets0.89 %0.88 %0.26 %1.06 %0.92 %
10


Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items
Year Ended September 30, 2024Year Ended September 30, 2023
(Unaudited - In thousands, except for ratio data)
Non-interest income adjustments
Distribution received on LBC equity method investment$(874)$— 
(Gain)Loss on WaFd Bank equity method investment1,244 3,385 
Total non-interest income adjustments$370 $3,385 
Non-interest expense adjustments
Acquisition-related expenses$26,319 $3,016 
Select non-operating expenses:
   FDIC Special Assessment 2,084 — 
   Legal and Compliance Accruals2,818 — 
   Charitable Donation2,000 — 
6,902 — 
Total non-interest expense adjustments$33,221 $3,016 
Net Income - GAAP$200,041 $257,426 
Preliminary ACL provision on LBC loans16,000 — 
Non-interest income adjustments370 3,385 
Non-interest expense adjustments33,221 3,016 
REO adjustments304 176 
Income tax adjustment(10,915)(1,369)
Net Income - non-GAAP$239,021 $262,634 
Dividend on preferred stock$14,625 $14,625 
Net Income available to common shareholders - non-GAAP$224,396 $248,009 
Basic weighted average number of shares outstanding - GAAP74,244,32365,192,510
Diluted weighted average number of shares outstanding - GAAP74,290,56865,255,283
Basic EPS - non-GAAP3.023.80
Diluted EPS - non-GAAP3.023.80



11



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, 2023 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, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth; (iii) risks related to the integration of the operations of Luther Burbank Corporation; (iv) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (v) changes in deposit flows or loan demands; (vi) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; (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) 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; (ix) litigation risks resulting in significant expenses, losses and reputational damage; (x) our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and
12


identity theft; and (xi) other economic, competitive, governmental, 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
brad.goode@wafd.com
13

Exhibit 99.2
WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)

 As of 03/24 As of 06/24 As of 09/24
Allowance for Credit Losses (ACL) - Total$225,077 $225,324 $225,253 
     ACL - Loans201,577 203,824 203,753 
     ACL Unfunded Commitments23,500 21,500 21,500 
    Total ACL as a % of Gross Loans1.00 %1.00 %1.01 %
 03/24 QTR  03/24 YTD  06/24 QTR  06/24 YTD  09/24 QTR  09/24 YTD
Loan Originations - Total$825,733 $1,697,179 $972,500 $2,669,679 $962,393 $3,632,072 
    Multi-Family39,802 50,210 8,523 58,733 1,997 60,730 
    Commercial Real Estate81,634 145,250 57,956 203,206 43,724 246,930 
    Commercial & Industrial370,476 789,522 456,351 1,245,873 431,498 1,677,371 
    Construction136,038 287,015 124,978 411,993 191,837 603,829 
    Land - Acquisition & Development11,475 24,032 6,099 30,131 15,275 45,406 
    Single-Family Residential67,506 151,020 141,018 292,038 138,234 430,272 
    Construction - Custom50,940 97,242 58,490 155,732 54,049 209,781 
     Land - Consumer Lot Loans3,914 7,763 6,478 14,241 6,946 21,187 
     HELOC31,859 72,855 46,246 119,101 42,816 161,917 
     Consumer32,089 72,270 66,361 138,631 36,017 174,648 
Purchased Loans (including acquisitions)$6,207,393 $6,207,393 $— $6,207,393 $— $6,207,393 
Net Loan Fee and Discount Accretion$7,127 $11,740 $14,807 $26,547 $10,942 $37,489 
Repayments
Loans$983,348 $2,136,858 $1,035,515 $3,172,373 $1,129,986 $4,302,359 
MBS35,927 72,364 58,582 130,946 64,885 195,831 
MBS Net Premium Amortization$160 $96 $561 $657 $403 $1,060 
Efficiency
Operating Expenses/Average Assets2.15 %1.95 %1.48 %1.77 %1.54 %1.71 %
Efficiency Ratio (%)77.74 %68.04 %56.61 %63.87 %57.21 %62.13 %
Amortization of Intangibles$1,303 $1,569 $3,197 $4,766 $2,977 $7,743 
EOP Numbers
Shares Issued and Outstanding81,405,391 81,157,173 81,220,269 
Share repurchase information
Remaining shares authorized for repurchase1,853,453 11,501,005 11,501,005 
Shares repurchased7,837 705,730 357,303 1,063,033 7,174 1,070,207 
Average share repurchase price$30.38 $24.52 $26.63 $25.23 $34.82 $25.29 

1
WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)
Tangible Common Book ValueAs of 03/24As of 06/24As of 09/24
$ Amount$2,168,367 $2,206,084 $2,251,875 
Per Share26.64 27.18 27.73 
# of Employees2,335 2,204 2,208 
Investments
Available-For-Sale:
     Agency MBS$1,291,648 $1,351,997 $1,387,025 
     Other1,146,466 1,076,771 1,185,684 
$2,438,114 $2,428,768 $2,572,709 
Held-To-Maturity:
     Agency MBS$457,882 $447,638 $436,972 
$457,882 $447,638 $436,972 
 As of 03/24 As of 06/24 As of 09/24
Loans Receivable by Category1
 AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$4,173,375 18.5%$4,616,359 20.5%$4,658,119 20.8%
    Commercial Real Estate3,570,790 15.83,781,247 16.83,757,040 16.8
    Commercial & Industrial2,290,452 10.12,394,978 10.62,337,139 10.4
    Construction2,631,783 11.62,247,530 10.02,174,254 9.7
    Land - Acquisition & Development215,831 1.0195,796 0.9200,713 0.9
    Single-Family Residential8,816,039 39.08,364,415 37.28,399,030 37.6
    Construction - Custom466,740 2.1414,483 1.8384,161 1.7
     Land - Consumer Lot Loans115,022 0.6112,317 0.5108,791 0.6
     HELOC243,852 1.1255,271 1.1266,151 1.2
     Consumer74,269 0.384,445 0.473,998 0.3
22,598,153 100%22,466,841 100%22,359,396 100%
     Less:
        Allowance201,577 203,824 203,753 
        Loans in Process1,303,978 1,094,956 1,009,798 
        Net Deferred Fees, Costs and Discounts297,339 294,142 229,491 
        Sub-Total1,802,894 1,592,922 1,443,042 
$20,795,259 $20,873,919 $20,916,354 
Net Loan Portfolio by Category1
 AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$4,067,739 19.6%$4,488,124 21.5%$4,530,951 21.7%
    Commercial Real Estate3,511,893 16.93,707,189 17.83,692,946 17.6
    Commercial & Industrial2,224,662 10.72,331,403 11.22,273,984 10.9
    Construction1,596,178 7.71,417,444 6.81,401,748 6.7
    Land - Acquisition & Development167,839 0.8148,724 0.7152,416 0.7
    Single-Family Residential8,578,862 41.38,146,045 39.08,239,778 39.4
    Construction - Custom221,460 1.1188,940 0.9180,988 0.9
     Land - Consumer Lot Loans111,043 0.5108,927 0.4105,496 0.5
     HELOC244,331 1.2255,908 1.2266,808 1.3
     Consumer71,252 0.381,215 0.471,239 0.3
$20,795,259 100%$20,873,919 100%$20,916,354 100%
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

2
WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)
As of 03/24As of 06/24As of 09/24
Loans by State1
 AMOUNT% AMOUNT% AMOUNT%
     Washington$5,770,917 27.5 %$5,771,422 27.4 %$5,771,729 27.3 %
     Idaho896,501 4.3 917,733 4.4 924,573 4.4 
     Oregon2,441,076 11.7 2,486,762 11.8 2,463,530 11.7 
     Utah2,013,988 9.6 2,084,601 9.9 2,085,051 9.9 
     Nevada781,351 3.7 776,656 3.6 783,600 3.7 
     Texas2,466,030 11.7 2,526,689 12.0 2,495,541 11.8 
     Arizona2,386,260 11.4 2,314,192 11.0 2,319,106 11.0 
     New Mexico750,750 3.6 750,935 3.6 761,853 3.6 
     California3,121,531 14.9 3,027,699 14.4 3,037,606 14.4 
     Other368,432 1.8 421,054 2.0 477,518 2.2 
     Total$20,996,836 100%$21,077,743 100%$21,120,107 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:1
     Multi-Family$8,377 13.8%$9,984 16.3%$18,743 27.0%
     Commercial Real Estate27,022 44.426,408 43.126,362 37.9
     Commercial & Industrial4,436 7.32,138 3.5— —
     Construction— —1,120 1.81,120 1.6
     Land - Acquisition & Development112 0.274 0.174 0.1
     Single-Family Residential20,016 32.920,422 33.221,488 30.9
     Construction - Custom88 —88 0.1848 —
     Land - Consumer Lot Loans— —236 0.4— —
     HELOC491 0.8758 1.2596 0.9
     Consumer264 0.340 0.1310 0.4
        Total non-accrual loans60,806 100%61,268 100%69,541 100%
Real Estate Owned4,245 4,209 4,567 
Other Property Owned3,310 3,310 3,310 
Total non-performing assets$68,361 $68,787 $77,418 
Non-accrual loans as % of total net loans0.29 %0.29 %0.33 %
Non-performing assets as % of total assets0.23 %0.24 %0.28 %
Net Charge-offs (Recoveries) by Category03/24 QTRCO % (a)06/24 QTRCO % (a)09/24 QTRCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate— —201 0.02— —
Commercial & Industrial33 0.011,343 0.22136 0.02
Construction— —— —— —
Land - Acquisition & Development(21)(0.04)(17)(0.03)114 0.23
Single-Family Residential76 —(105)(0.01)(88)—
Construction - Custom— —— —(1)—
Land - Consumer Lot Loans(46)(0.16)(2)(0.01)(1)—
HELOC(1)—(1)—(1)—
Consumer105 0.57(166)(0.79)(89)(0.48)
Total net charge-offs (recoveries)$146 —%$1,253 0.02%$70 —%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
3
WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)
As of 03/24As of 06/24As of 09/24
Deposits & Branches by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$8,254,930 38.7 %73 $8,302,664 39.2 %73 $8,528,608 39.9 %73 
     Idaho918,143 4.3 22 922,547 4.4 22 949,025 4.5 22 
     Oregon2,744,489 12.8 36 2,711,175 12.9 36 2,696,243 12.5 36 
     Utah541,895 2.5 9 549,876 2.7 9 584,001 2.7 9 
     Nevada513,980 2.4 8 508,648 2.4 8 527,704 2.5 8 
     Texas404,120 1.9 5 371,539 1.8 5 398,736 1.9 5 
     Arizona1,587,253 7.4 28 1,610,523 7.6 28 1,619,101 7.6 28 
     New Mexico1,479,225 6.9 19 1,555,373 7.3 19 1,622,534 7.6 19 
     California4,895,738 22.9 10 4,652,420 22.0 10 4,448,018 20.8 10 
     Total$21,339,773 100%210 $21,184,765 100%210 $21,373,970 100%210 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,482,010 11.6 %$2,514,310 11.9 %$2,500,467 11.7 %
Interest Checking4,579,413 21.5 4,481,465 21.2 4,486,444 21.0 
Savings771,260 3.6 733,973 3.5 718,560 3.4 
Money Market4,506,179 21.1 4,199,257 19.8 4,111,714 19.2 
Time Deposits9,000,911 42.2 9,255,760 43.7 9,556,785 44.7 
Total$21,339,773 100%$21,184,765 100%$21,373,970 100%
Deposits Uninsured &
Non-collateraized - EOP		$5,436,402 25.5 %$5,238,217 24.7 %$5,134,192 24.0 %
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$1,807,709 4.16 %$2,300,304 4.37 %$2,923,299 4.72 %
From 4 to 6 months1,880,835 4.38 %2,586,273 4.76 %3,140,278 4.65 %
From 7 to 9 months2,093,121 4.75 %1,953,833 4.63 %1,236,201 4.49 %
From 10 to 12 months1,966,821 4.46 %1,071,346 4.26 %1,307,000 4.37 %
Borrowings (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$4,447,572 5.20 %$3,036,283 5.01 %$2,274,067 5.00 %
1 to 3 years191,507 3.12 %192,425 3.13 %193,355 3.17 %
More than 5 years850,422 1.06 %850,652 1.04 %850,885 1.23 %
Total$5,489,501 $4,079,360 $3,318,307 
Interest Rate Risk
NPV post up 100 bps shock (b)9.8 %8.9 %8.7 %
NPV post down 100 bps shock (b)1.1 %10.7 %10.2 %
Change in NII after up 100 bps shock (b)4.1 %3.0 %0.2 %
Change in NII after down 100 bps shock (b)(0.2)%1.6 %0.4 %
(b) Assumes no balance sheet management actions taken.
4
WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)
Historical CPR Rates (c)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
9/30/20228.1 %14.7 %
12/31/20226.3 %12.6 %
3/31/20235.8 %8.9 %
6/30/20237.9 %11.8 %
9/30/20237.0 %14.5 %
12/31/20236.6 %9.7 %
3/31/20244.8 %8.7 %
6/30/20246.6 %12.0 %
9/30/20248.6 %12.9 %
(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.

5
WaFd, Inc.
Fact Sheet
September 30, 2024
Average Balance Sheet
($ in Thousands)
Quarter Ended
March 31, 2024June 30, 2024September 30, 2024
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$19,696,515 $274,341 5.60 %$23,536,530 $337,118 5.76 %$21,258,400 $308,598 5.78 %
Mortgage-backed securities1,470,581 12,905 3.53 1,765,314 17,523 3.99 1,817,639 18,088 3.96 
Cash & investments2,020,460 28,901 5.75 2,386,434 33,693 5.68 3,061,063 43,661 5.67 
FHLB Stock138,452 2,679 7.78 164,018 3,608 8.85 99,195 3,750 15.04 
Total interest-earning assets23,326,008 318,826 5.50 %27,852,296 391,942 5.66 %26,236,297 374,097 5.67 %
Other assets1,581,368 1,851,041 1,764,185 
Total assets$24,907,376 $29,703,337 $28,000,482 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts15,080,002 116,164 3.10 %18,398,704 154,359 3.37 %18,590,638 165,240 3.54 %
Borrowings4,323,454 44,065 4.10 5,406,585 60,397 4.49 3,535,015 36,045 4.06 
Total interest-bearing liabilities19,403,456 160,229 3.32 %23,805,289 214,756 3.63 %22,125,653 201,285 3.62 %
Noninterest-bearing customer accounts2,536,757 2,593,381 2,588,528 
Other liabilities328,680 357,611 290,208 
Total liabilities22,268,893 26,756,281 25,004,389 
Shareholders’ equity2,638,483 2,947,056 2,996,093 
Total liabilities and shareholders' equity$24,907,376 $29,703,337 $28,000,482 
Net interest income/interest rate spread$158,597 2.18 %$177,186 2.03 %$172,812 2.05 %
Net interest margin (1)2.73 %2.56 %2.62 %
(1) Annualized net interest income divided by average interest-earning assets






6
WaFd, Inc.
Fact Sheet
September 30, 2024
Average Balance Sheet
($ in Thousands)
 Year Ended September 30,
 20242023
 Average
Balance		InterestAverage
Rate		Average
Balance		InterestAverage
Rate
Assets
Loans receivable$20,500,281 $1,165,849 5.69 %$17,095,014 $900,068 5.27 %
Mortgage-backed securities1,597,566 59,782 3.74 1,362,415 43,184 3.17 
Cash & investments2,330,505 133,608 5.73 1,742,806 91,058 5.22 
FHLB & FRB stock131,313 12,471 9.50 127,066 8,645 6.80 
Total interest-earning assets24,559,665 1,371,710 5.59 %20,327,301 1,042,955 5.13 %
Other assets1,682,721 1,484,271 
Total assets$26,242,386 $21,811,572 
Liabilities and Shareholders’ Equity
Interest-bearing customer accounts$16,327,208 532,434 3.26 %$12,906,383 237,233 1.84 %
Borrowings4,242,431 178,444 4.21 3,261,917 115,488 3.54 
Total interest-bearing liabilities20,569,639 710,878 3.46 %16,168,300 352,721 2.18 %
Noninterest-bearing customer accounts2,593,567 2,969,970 
Other liabilities322,071 296,840 
Total liabilities23,485,277 19,435,110 
Shareholders’ equity2,757,109 2,376,462 
Total liabilities and shareholders’ equity$26,242,386 $21,811,572 
Net interest income/interest rate spread$660,832 2.13 %$690,234 2.95 %
Net interest margin2.69 %3.40 %
7
WaFd, Inc.
Fact Sheet
September 30, 2024
Delinquency Summary
($ in Thousands)
 AMOUNT OF LOANS# OF LOANS% based% based
TYPE OF LOANS #LOANSAVG SizeNET OF LIP & CHG-OFFs306090Totalon #$ Delinquenton $
September 30, 2024
     Multi-Family1,938 2,351 $4,556,200 — 3 5 8 0.41 %$14,673 0.32 %
     Commercial Real Estate1,295 2,882 3,732,155 1 — 3 4 0.31 661 0.02 
     Commercial & Industrial1,827 1,277 2,332,732 1 4 8 13 0.71 2,046 0.09 
     Construction406 3,507 1,424,016 1 — 3 4 0.99 2,050 0.14 
     Land - Acquisition & Development81 1,979 160,317 — — 2 2 2.47 74 0.05 
     Single-Family Residential22,141 374 8,280,300 28 19 52 99 0.45 29,711 0.36 
     Construction - Custom364 501 182,415 — — 2 2 0.55 848 0.46 
     Land - Consumer Lot Loans1,017 106 108,060 — — 1 1 0.10 — — 
     HELOC4,400 61 269,857 13 6 6 25 0.57 2,510 0.93 
     Consumer7,677 10 74,055 35 27 64 126 1.64 765 1.03 
41,146 513 $21,120,107 79 59 146 284 0.69 %$53,338 0.25 %
June 30, 2024
     Multi-Family1,951 2,313 $4,513,323 — 1 2 3 0.15 %$6,612 0.15 %
     Commercial Real Estate1,302 2,878 3,746,945 — 2 2 4 0.31 589 0.02 
     Commercial & Industrial1,871 1,277 2,389,236 2 — 9 11 0.59 2,138 0.09 
     Construction404 3,565 1,440,152 — 1 2 3 0.74 1,120 0.08 
     Land - Acquisition & Development82 1,908 156,424 — — 2 2 2.44 74 0.05 
     Single-Family Residential21,789 376 8,186,361 35 16 56 107 0.49 32,111 0.39 
     Construction - Custom400 476 190,433 1 — 1 2 0.50 848 0.45 
     Land - Consumer Lot Loans1,037 108 111,574 2 1 4 7 0.68 703 0.63 
     HELOC4,360 59 258,833 10 3 5 18 0.41 2,251 0.87 
     Consumer7,110 12 84,462 32 17 48 97 1.36 275 0.33 
40,306 523 $21,077,743 82 41 131 254 0.63 %$46,721 0.22 %
March 31, 2024
     Multi-Family1,765 2,317 $4,089,719 12 — 2 14 0.79 %$17,644 0.43 %
     Commercial Real Estate1,287 2,754 3,544,884 — — 7 7 0.54 24,598 0.69 
     Commercial & Industrial1,898 1,203 2,283,922 15 — 13 28 1.48 4,575 0.20 
     Construction450 3,608 1,623,496 2 — — 2 0.44 760 0.05 
     Land - Acquisition & Development87 2,020 175,704 — — 3 3 3.45 112 0.06 
     Single-Family Residential22,392 385 8,619,916 29 17 56 102 0.46 25,761 0.30 
     Construction - Custom451 495 223,377 1 — 1 2 0.44 847 0.38 
     Land - Consumer Lot Loans1,076 106 114,256 4 1 1 6 0.56 307 0.27 
     HELOC4,318 57 247,305 5 2 3 10 0.23 1,009 0.41 
     Consumer7,497 10 74,257 15 15 135 165 2.20 435 0.59 
41,221 509 $20,996,836 83 35 221 339 0.82 %$76,048 0.36 %
8
v3.24.3
Document and Entity Information
Oct. 17, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 17, 2024
Entity Registrant Name WAFD, INC.
Entity Central Index Key 0000936528
Amendment Flag false
Entity Incorporation, State or Country Code WA
Entity File Number 001-34654
Entity Tax Identification Number 91-1661606
Entity Address, Address Line One 425 Pike Street
Entity Address, City or Town Seattle
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98101
City Area Code 206
Local Phone Number 624-7930
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Series A Preferred Stock [Member]  
Document Information [Line Items]  
Trading Symbol WAFDP
Title of 12(b) Security Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock
Security Exchange Name NASDAQ
Common Stock [Member]  
Document Information [Line Items]  
Trading Symbol WAFD
Title of 12(b) Security Common Stock, $1.00 par value per share
Security Exchange Name NASDAQ
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