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WaFd (NASDAQ: WAFD) lifts Q3 2026 EPS to $0.84 on $66M profit

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

WaFd, Inc. reported third‑quarter fiscal 2026 net income of $66.1 million and diluted EPS of $0.84, up 15% year‑over‑year and 2% from the March quarter. Return on average assets was 0.96% and return on tangible common equity was 11.0%, while net interest margin held at 2.81% as net interest income rose to $181 million.

Total assets reached $27.6 billion and customer deposits were $20.9 billion, with a shift toward lower‑cost transaction accounts, which rose to 60.9% of deposits, and a 2.39% effective deposit rate. Investment securities grew 20.8% over nine months, funded in part by borrowings of $3.3 billion. Credit metrics remained controlled: non‑performing assets were $136 million, or 0.49% of total assets, delinquencies were 0.75% of loans, and the allowance for credit losses increased to $234 million, or 1.08% of gross loans. Tangible book value per share increased to $30.82, and the efficiency ratio improved to 53.7%.

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Filing Explained

At June 30, repurchases had reduced outstanding common shares to 73,954,133; the remaining 7,992,669-share authorization was only capacity.

This Form 8-K furnishes WaFd’s third-quarter fiscal 2026 results for the quarter ended June 30, 2026; it reports completed quarterly performance, not a new financing or acquisition.

The company repurchased 8,806 common shares during the quarter and 4,696,915 during fiscal-year-to-date, leaving 7,992,669 shares authorized for repurchase. Repurchases reduce the outstanding share count, while the remaining authorization is capacity rather than an obligation to buy those shares.

At June 30, 2026, customer deposits were $20.9 billion, down from $21.4 billion at September 30, 2025, while borrowings were $3.3 billion, up from $1.8 billion; the balance-sheet funding mix therefore included more borrowings alongside fewer deposits than at fiscal year-end.

Reported net income was $66,130 thousand, while the company’s non-GAAP figure was $63,272 thousand after adjustments that included a $3.2 million gain on a branch-property sale; the filing presents the non-GAAP measure as supplemental rather than a replacement for GAAP.

The company also estimated, using March 31, 2026 data, that opting into proposed Basel III Endgame revisions could reduce risk-weighted assets by approximately 12.5% and provide an estimated $317 million of total risk-based-capital relief, but the revisions remained subject to finalization.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $66,130 thousand Quarter ended June 30, 2026
Diluted EPS $0.84 Quarter ended June 30, 2026; up 15% year-over-year
Net interest income $181,338 thousand Quarter ended June 30, 2026; 2% higher than prior quarter
Total assets $27,596,970 thousand As of June 30, 2026
Total deposits $20,932,075 thousand As of June 30, 2026
Net interest margin 2.81 % Quarter ended June 30, 2026; same as prior quarter
Allowance for credit losses to gross loans 1.08 % As of June 30, 2026
Non-performing assets to total assets 0.49 % As of June 30, 2026
net interest margin financial
"Net interest margin at 2.81% for the quarter - same as Q2."
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
allowance for credit losses financial
"The allowance for credit losses... totaled $234 million... 1.08% of gross loans."
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
tangible common equity financial
"Return on tangible common equity 1 was 11.04% for the quarter."
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
non-performing assets financial
"As of June 30, 2026, non-performing assets increased to $136 million, or 0.49% of total assets."
Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.
Basel III Endgame capital framework regulatory
"Federal banking regulators re-proposed revisions to the Basel III Endgame capital framework."
A finalized set of international banking rules that updates how banks measure risk and determine how much capital they must hold, often described as the final phase of the Basel III reforms. Like tightening the safety standards for a vehicle, it changes the size and quality of the ‘cushion’ banks must keep against losses and alters calculations used to compare banks. It matters to investors because those rules affect banks’ reported strength, ability to pay dividends, and relative profitability.
Net income $66,130 thousand up 1% from $65,548 thousand in the prior quarter and 7% from $61,952 thousand a year earlier
Diluted EPS $0.84 up from $0.82 in the March 31, 2026 quarter and $0.73 a year earlier; 15% year-over-year increase
Return on average assets 0.96 % unchanged from the prior quarter
Return on tangible common equity 11.04 % up from 10.82% at March 31, 2026
Net interest margin 2.81 % same as the prior quarter
Efficiency ratio 53.69 % improved from 55.66% in the prior quarter

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FAQ

What were WaFd (WAFD) earnings for the third quarter of fiscal 2026?
WaFd reported net income of $66.1 million and diluted EPS of $0.84 for the quarter ended June 30, 2026. EPS rose 15% year‑over‑year and 2% from the March 2026 quarter, with return on average assets at 0.96%.

How did net interest income and net interest margin trend for WaFd (WAFD) in Q3 2026?
Net interest income was $181.3 million in Q3 fiscal 2026, up 2% from the prior quarter. Net interest margin was 2.81%, unchanged from the March 2026 quarter, reflecting a slightly higher yield on earning assets and a slightly lower cost on interest‑bearing liabilities.

What is WaFd (WAFD)’s deposit and funding profile as of June 30, 2026?
Customer deposits totaled $20.9 billion, with transaction accounts making up 60.9% of deposits and an effective weighted average deposit rate of 2.39%. Borrowings were $3.3 billion, and uninsured or non‑collateralized deposits were 25.4% of total deposits.

How strong are WaFd (WAFD)’s credit quality and reserves in Q3 2026?
Non‑performing assets were $136 million, or 0.49% of total assets, and delinquencies were 0.75% of total loans at June 30, 2026. The allowance for credit losses was $234 million, representing 1.08% of gross loans, with quarterly net charge‑offs of $1.6 million.

What capital and tangible book value metrics did WaFd (WAFD) report for Q3 2026?
Tangible common equity per share was $30.82 at June 30, 2026, up from $29.38 at September 30, 2025. Management indicated capital ratios are expected to align with March 31, 2026 levels, when total risk‑based capital was 14.4% and CET1 was 11.4%.

Did WaFd (WAFD) return capital to shareholders in the third quarter of fiscal 2026?
WaFd paid a quarterly cash dividend of $0.27 per common share, marking its 173rd consecutive dividend. During the quarter, it also repurchased 8,806 common shares at a weighted average price of $36.20, related to option exercise activity.
0000936528false00009365282026-07-162026-07-160000936528us-gaap:CommonStockMember2026-07-162026-07-160000936528us-gaap:SeriesAPreferredStockMember2026-07-162026-07-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 16, 2026
 ____________________________________

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
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 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



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




Item 2.02Results of Operations and Financial Condition

On July 16, 2026, WaFd, Inc. (the "Company") announced by press release its earnings for the quarter ended June 30, 2026. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the June 30, 2026 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

99.1
Press release dated July 16, 2026
99.2
Fact Sheet as of June 30, 2026


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

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

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
July 17, 2026WAFD, INC.
By:/s/ KELLI J. HOLZ
Kelli J. Holz
Executive Vice President
and Chief Financial Officer

5
Exhibit 99.1
a02pro013481_logoxwafdbank.jpg
Thursday, July 16, 2026
FOR IMMEDIATE RELEASE
WaFd Announces Quarterly Earnings Per Share Of $0.84
Q3 Highlights
$66 Million$0.840.96%11.0%
Net IncomeDiluted Earnings per Common ShareReturn on Average Assets
Return on Tangible Common Equity1
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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.
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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, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
BALANCE SHEET
Cash$676,467 $669,799 $734,915 $657,310 $809,252 
Loans receivable, net20,017,876 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 value4,190,263 4,352,258 4,142,285 3,533,201 3,387,497 
Held-to-maturity securities, at amortized cost858,261 745,727 764,794 645,802 512,854 
Total investments5,048,524 5,097,985 4,907,079 4,179,003 3,900,351 
Total assets27,596,970 27,568,785 27,285,744 26,699,699 26,731,915 
Transaction deposits12,745,791 12,746,921 12,865,974 12,306,532 11,969,124 
Time deposits8,186,284 8,377,230 8,550,996 9,131,104 9,417,447 
Total deposits20,932,075 21,124,151 21,416,970 21,437,636 21,386,571 
Borrowings and junior subordinated debentures3,315,697 3,114,548 2,488,411 1,817,249 1,991,087 
Total shareholders' equity3,022,569 2,981,283 3,029,407 3,039,575 3,014,325 
Loans to customer deposits95.63%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 shareholders62,474 61,892 60,540 56,941 58,296 
Diluted earnings per common share0.84 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 margin2.81%2.81%2.70%2.71%2.69%
Efficiency ratio53.69%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 assets10.95%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 outstanding73,954,133 73,855,919 76,448,351 78,186,520 79,130,276 
Preferred shares outstanding300,000 300,000 300,000 300,000 300,000 
CREDIT QUALITY
ACL to gross loans1.08%1.05%1.05%1.04%1.03%
Non-accrual loans to net loans0.64%0.62%0.96%0.64%0.41%
Delinquencies to net loans0.75%0.78%1.07%0.60%0.26%
Non-performing assets to total assets0.49%0.48%0.75%0.54%0.36%
Total criticized loans to net loans4.93%4.24%4.60%4.39%4.07%
Total adversely classified loans to net loans2.59%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.

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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.
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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, 2026September 30, 2025
(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents$676,467 $657,310 
Available-for-sale securities, at fair value4,190,263 3,533,201 
Held-to-maturity securities, at amortized cost858,261 645,802 
Loans receivable, net of allowance for loan losses of $214,831 and $199,72020,017,876 20,088,618 
Interest receivable99,120 98,589 
Premises and equipment, net291,606 261,271 
Real estate owned8,179 11,084 
FHLB stock155,392 88,068 
Bank owned life insurance281,131 275,159 
Intangible assets, including goodwill of $418,447 and $414,722443,670 442,093 
Federal and state income tax assets110,616 112,784 
Other assets464,389 485,720 
$27,596,970 $26,699,699 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits$12,745,791 $12,306,532 
Time deposits8,186,284 9,131,104 
Total customer deposits20,932,075 21,437,636 
Borrowings3,263,359 1,765,604 
Junior subordinated debentures52,338 51,645 
Advance payments by borrowers for taxes and insurance36,094 59,845 
Federal and state income tax liabilities158 — 
Accrued expenses and other liabilities290,377 345,394 
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 outstanding300,000 300,000 
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 outstanding154,863 154,408 
Additional paid-in capital2,175,267 2,163,276 
Accumulated other comprehensive income (loss), net of taxes48,087 56,950 
Treasury stock, at cost 80,908,392 and 76,221,481 shares(1,886,075)(1,740,761)
Retained earnings2,230,427 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 securities4.51 4.44 
Combined cash, investments and FHLB stock4.22 4.96 
Interest-earning assets5.12 5.23 
Interest-bearing customer accounts2.71 2.95 
Borrowings1
3.08 2.50 
Interest-bearing liabilities2.77 2.91 
Net interest spread2.35 2.32 
Net interest margin2.82 2.82 
1Accretion and amortization assumed to be same as prior quarter. Also includes the impact of derivatives.
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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,
2026202520262025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$267,243 $279,476 $793,598 $848,150 
Mortgage-backed securities46,569 27,855 129,812 70,118 
Investment securities and cash equivalents18,313 24,383 55,945 94,647 
332,125 331,714 979,355 1,012,915 
INTEREST EXPENSE
Customer accounts123,079 146,735 385,292 460,833 
Borrowings and junior subordinated debentures27,708 16,991 64,044 67,753 
150,787 163,726 449,336 528,586 
Net interest income181,338 167,988 530,019 484,329 
Provision (release) for credit losses11,000 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 securities112 — 112 20 
Gain (loss) on termination of hedging derivatives(12)56 438 126 
Loan fee income2,181 1,650 5,751 4,807 
Deposit fee income8,142 7,588 23,674 21,691 
Other income13,755 8,979 34,271 26,212 
Total non-interest income24,178 18,273 64,246 52,856 
NON-INTEREST EXPENSE
Compensation and benefits57,399 53,481 168,709 166,118 
Occupancy11,842 11,755 34,723 34,042 
FDIC insurance premiums5,542 5,150 15,992 15,800 
Product delivery7,067 6,621 20,751 19,313 
Information technology16,157 15,022 46,460 43,695 
Other expense12,327 12,298 39,277 41,502 
Total non-interest expense110,334 104,327 325,912 320,470 
Gain (loss) on real estate owned, net167 (176)603 54 
Income before income taxes84,349 79,758 250,456 212,019 
Income tax provision18,219 17,806 54,582 46,548 
Net income66,130 61,952 195,874 165,471 
Dividends on preferred stock3,656 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 share0.84 0.73 2.45 1.91 
Cash dividends per common share0.27 0.27 0.81 0.80 
Basic weighted average shares outstanding73,901,725 79,888,520 75,458,381 80,748,838 
Diluted weighted average shares outstanding74,046,838 79,907,672 75,553,798 80,821,807 
PERFORMANCE RATIOS
Return on average assets0.96%0.92%0.96%0.81%
Return on average common equity9.23%8.54%9.05%7.55%
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Quarterly Earnings Release Q3 2026
6
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 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 securities46,569 44,341 38,902 32,953 27,855 
Investment securities and cash equivalents18,313 18,245 19,387 21,794 24,383 
332,125 324,734 322,496 326,534 331,714 
INTEREST EXPENSE
Customer accounts123,079 125,999 136,214 143,874 146,735 
Borrowings and junior subordinated debentures27,708 21,165 15,171 12,754 16,991 
150,787 147,164 151,385 156,628 163,726 
Net interest income181,338 177,570 171,111 169,906 167,988 
Provision for credit losses11,000 4,000 3,500 3,000 2,000 
Net interest income after provision170,338 173,570 167,611 166,906 165,988 
NON-INTEREST INCOME
Gain (loss) on sale of investment securities112 — — — — 
Gain (loss) on termination of hedging derivatives(12)426 24 32 56 
Loan fee income2,181 2,216 1,354 2,081 1,650 
Deposit fee income8,142 7,674 7,858 7,959 7,588 
Other income13,755 9,497 11,019 8,319 8,979 
Total non-interest income24,178 19,813 20,255 18,391 18,273 
NON-INTEREST EXPENSE
Compensation and benefits57,399 57,120 54,190 56,028 53,481 
Occupancy11,842 11,711 11,170 10,895 11,755 
FDIC insurance premiums5,542 5,050 5,400 4,400 5,150 
Product delivery7,067 7,110 6,574 6,558 6,621 
Information technology16,157 15,919 14,384 16,406 15,022 
Other expense12,327 12,947 14,003 12,706 12,298 
Total non-interest expense110,334 109,857 105,721 106,993 104,327 
Gain (loss) on real estate owned, net167 280 156 (681)(176)
Income before income taxes84,349 83,806 82,301 77,623 79,758 
Income tax provision18,219 18,258 18,105 17,026 17,806 
Net income66,130 65,548 64,196 60,597 61,952 
Dividends on preferred stock3,656 3,656 3,656 3,656 3,656 
Net income available to common shareholders$62,474 $61,892 $60,540 $56,941 $58,296 




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Quarterly Earnings Release Q3 2026
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 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 share0.84 0.82 0.79 0.72 0.73 
Cash dividends per common share0.27 0.27 0.27 0.27 0.27 
Basic weighted average shares outstanding73,901,725 75,487,399 76,969,729 78,509,472 79,888,520 
Diluted weighted average shares outstanding74,046,838 75,574,228 77,015,554 78,573,457 79,907,672 
PERFORMANCE RATIOS
Return on average assets0.96%0.96%0.96%0.91%0.92%
Return on average common equity9.23 9.05 8.86 8.36 8.54 
Net interest margin2.81 2.81 2.70 2.71 2.69 
Efficiency ratio53.69 55.66 55.25 56.82 56.01 
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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 MeasuresJune 30, 2026March 31, 2026December 31, 2025September 30, 2025June 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 - GAAP443,670 445,511 443,085 442,093 444,291 
Tangible shareholders' equity$2,578,899 $2,535,772 $2,586,322 $2,597,482 $2,570,034 
Less preferred stock - GAAP300,000 300,000 300,000 300,000 300,000 
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 - GAAP443,670 445,511 443,085 442,093 444,291 
Tangible assets$27,153,300 $27,123,274 $26,842,659 $26,257,606 $26,287,624 
Tangible Metrics
Common shares outstanding - GAAP73,954,133 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 %
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Quarterly Earnings Release Q3 2026
9
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended
Average Tangible MeasuresJune 30, 2026March 31, 2026December 31, 2025September 30, 2025June 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 - GAAP444,665 445,155 442,226 443,382 445,733 
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 - GAAP444,665 445,155 442,226 443,382 445,733 
Average tangible assets$27,167,487 $26,905,459 $26,410,163 $26,097,400 $26,367,767 
Average Tangible Metrics
Net income - GAAP66,130 65,548 64,196 60,597 61,952 
Net income available to common shareholders - GAAP62,474 61,892 60,540 56,941 58,296 
Return on tangible common equity11.04 %10.82 %10.57 %9.99 %10.20 %
Return on tangible assets0.97 %0.97 %0.97 %0.93 %0.94 %
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Quarterly Earnings Release Q3 2026
10
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Net Income Adjusted for Non-Operating Items
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
(Unaudited - In thousands, except for share and ratio data)
Non-interest income adjustments
(Gain)Loss on sale of branch property$(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 adjustment787 (129)704 (18)(51)
Net Income - non-GAAP$63,272 $66,013 $61,701 $60,661 $62,130 
Dividend on preferred stock3,656 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 - GAAP73,901,725 75,487,399 76,969,729 78,509,472 79,888,520 
Diluted weighted average number of shares outstanding - GAAP74,046,838 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-GAAP0.81 0.83 0.75 0.73 0.73 
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Quarterly Earnings Release Q3 2026
11
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted Efficiency RatioJune 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP53.7 %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 Ratio54.6 %55.4 %56.1 %57.0 %56.0 %
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Quarterly Earnings Release Q3 2026
12
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted ROA and ROEJune 30, 2026March 31, 2026December 31, 2025September 30, 2025June 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 Assets27,612,152 27,350,614 26,852,389 26,540,782 26,813,500 
Return on Assets0.96 %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 Equity9.23 %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 Assets27,612,152 27,350,614 26,852,389 26,540,782 26,813,500 
Adjusted Return on Assets0.92 %0.97 %0.92 %0.91 %0.93 %
Average Common Equity2,708,370 2,734,123 2,733,933 2,723,098 2,730,745 
Adjusted Return on Common Equity8.80 %9.12 %8.49 %8.37 %8.57 %
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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.
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, 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
brad.goode@wafd.com
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Quarterly Earnings Release Q3 2026
14
Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results
WaFd, Inc.
Fact Sheet
June 30, 2026
($ in Thousands)
As of 12/25As of 03/26As of 06/26
Allowance for Credit Losses (ACL) - Total$221,039 $224,450 $233,831 
ACL - Loans199,539 201,950 214,831 
ACL - Unfunded Commitments21,500 22,500 19,000 
Total ACL as a % of Gross Loans1.05%1.05%1.08%
Active Loan Types12/25 QTR12/25 YTD03/26 QTR03/26 YTD06/26 QTR06/26 YTD
Originations & Advances
Multi-Family$131,805 $131,805 $114,375 $246,180 $126,087 $372,267 
Commercial Real Estate123,439 123,439 229,982 353,421 144,484 497,905 
Commercial & Industrial502,134 502,134 564,961 1,067,095 740,817 1,807,912 
Construction276,368 276,369 533,444 809,813 406,686 1,216,499 
Land - Acquisition & Development18,650 18,650 37,748 56,398 38,505 94,903 
Consumer40,745 40,745 41,550 82,295 43,280 125,575 
$1,093,141 $1,093,142 $1,522,060 $2,615,202 $1,499,859 $4,115,061 
Repayments & Payoffs
Multi-Family$169,890 $169,890 $144,320 $314,210 $201,518 $515,728 
Commercial Real Estate191,596 191,596 132,833 324,429 209,236 533,665 
Commercial & Industrial371,788 371,788 297,043 668,831 423,451 1,092,282 
Construction220,062 220,062 230,260 450,322 144,673 594,995 
Land - Acquisition & Development19,981 19,981 18,473 38,454 16,281 54,735 
Consumer49,090 49,090 36,475 85,565 40,813 126,378 
$1,022,407 $1,022,407 $859,404 $1,881,811 $1,035,972 $2,917,783 
Inactive Loan Types
Originations & Advances
Single-Family Residential— — 30 30 4 34 
Construction - Custom— — — — — — 
Land - Consumer Lot Loans— — — — — — 
HELOC25,407 25,407 20,566 45,973 22,610 68,583 
$25,407 $25,407 $20,596 $46,003 $22,614 $68,617 
Repayments & Payoffs
Single-Family Residential270,137 270,137 232,157 502,294 256,011 758,305 
Construction - Custom12,799 12,799 8,628 21,427 7,859 29,286 
Land - Consumer Lot Loans6,254 6,254 5,702 11,956 4,821 16,777 
HELOC32,038 32,038 29,496 61,534 30,202 91,736 
$321,228 $321,228 $275,983 $597,211 $298,893 $896,104 
Purchased Loans$9,926$9,926$0$9,926$0$9,926
Weighted Average Rate on Originations5.99 %6.22 %6.31 %
Weighted Average Rate on Payoffs6.31 %6.12 %6.06 %
Net Loan Fee Accretion$3,267 $3,267 $4,104 $7,371 $4,584 $11,955 
Net Discount Accretion on Acquired Loans$6,101 $6,101 $5,764 $11,865 $7,166 $19,031 
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WaFd Fact Sheet Q3 2026
1
Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results
WaFd, Inc.
Fact Sheet
June 30, 2026
($ in Thousands)
As of 12/25As of 03/26As of 06/26
Loans Receivable by Category Amount % Amount % Amount %
Multi-Family$4,698,342 22.3%$4,750,092 22.2 %$4,721,719 21.8%
Commercial Real Estate3,561,865 17.0 3,670,285 17.0 3,642,259 16.8 
Commercial & Industrial2,530,666 12.0 2,798,568 13.1 3,110,005 14.4 
Construction1,742,158 8.3 1,955,180 9.1 2,144,343 9.9 
Land - Acquisition & Development177,768 0.8 197,044 0.9 219,267 1.0 
Consumer52,701 0.3 54,649 0.3 54,245 0.3 
Total Active12,763,500 60.7 13,425,818 62.6 13,891,838 64.2 
Single-Family Residential7,823,718 37.2 7,618,273 35.5 7,389,117 34.2 
Construction - Custom105,576 0.5 69,520 0.3 35,260 0.2 
Land - Consumer Lot Loans83,046 0.4 77,275 0.4 72,451 0.3 
HELOC261,240 1.3 252,319 1.2 244,726 1.1 
Total Inactive8,273,580 39.3 8,017,387 37.4 7,741,554 35.8 
21,037,080 100%21,443,205 100%21,633,392 100%
Less:
Loans in Process783,233 1,063,129 1,186,436 
Net Deferred Fees, Costs and Discounts206,152 211,143 214,249 
Loans at Amortized Cost20,047,695 20,168,933 20,232,707 
Less:
Allowance for Credit Losses (ACL) - Loans199,539 201,950 214,831 
Net Loans $19,848,156 $19,966,983 $20,017,876 
Net Loan Portfolio by Category Amount % Amount % Amount %
Multi-Family$4,591,242 23.2%$4,646,676 23.4%$4,620,256 23.1%
Commercial Real Estate3,505,521 17.7 3,611,179 18.1 3,585,271 17.9 
Commercial & Industrial2,462,384 12.4 2,722,472 13.6 3,016,298 15.1 
Construction1,025,434 5.2 940,245 4.7 997,813 5.0 
Land - Acquisition & Development139,326 0.7 160,874 0.8 176,772 0.9 
Consumer50,194 0.3 51,876 0.3 51,422 0.2 
Total Active11,774,101 59.3 12,133,322 60.8 12,447,832 62.2 
Single-Family Residential7,674,094 38.7 7,467,652 37.4 7,238,660 36.2 
Construction - Custom57,916 0.3 38,565 0.2 16,289 0.1 
Land - Consumer Lot Loans80,533 0.3 74,942 0.3 70,275 0.3 
HELOC261,512 1.4 252,502 1.3 244,820 1.2 
Total Inactive8,074,055 40.7 7,833,661 39.2 7,570,044 37.8 
$19,848,156 100%$19,966,983 100%$20,017,876 100%
Loan Contractual Term to Maturity or Repricing1
AmountRateAmountRateAmountRate
Within 3 months$7,195,026 6.67%$7,186,683 6.57%$7,963,909 6.52%
From 4 to 6 months348,029 4.39 697,759 5.07 470,224 3.80 
From 7 to 9 months549,421 4.41 479,410 4.01 512,905 4.48 
From 10 to 12 months452,195 3.95 500,864 4.51 693,753 4.31 
1 to 3 years2,210,585 4.48 2,290,380 4.60 1,739,306 4.83 
3 to 5 years1,831,468 5.17 1,735,993 5.21 1,810,329 5.26 
More than 5 years7,460,971 4.18 7,277,844 4.18 7,042,281 4.20 
Total$20,047,695 5.20 %$20,168,933 5.20 %$20,232,707 5.27 %
1Includes the effect of derivatives.
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WaFd Fact Sheet Q3 2026
2
Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results
WaFd, Inc.
Fact Sheet
June 30, 2026
($ in Thousands)
As of 12/25As of 03/26As of 06/26
Loans by StateAmount%Amount%Amount%
Washington$5,483,287 27.4%$5,514,736 27.3%$5,538,787 27.4%
Idaho889,654 4.4 897,510 4.4 940,568 4.6 
Oregon2,393,259 11.9 2,310,279 11.5 2,316,967 11.5 
Utah1,875,494 9.4 1,810,775 9.0 1,858,178 9.2 
Nevada810,694 4.0 794,031 3.9 800,934 4.0 
Texas2,323,979 11.6 2,472,011 12.3 2,396,012 11.8 
Arizona2,230,436 11.1 2,266,443 11.2 2,150,510 10.6 
New Mexico800,433 4.0 804,986 4.0 803,561 4.0 
California2,779,329 13.9 2,753,103 13.7 2,762,531 13.7 
Other461,130 2.3 545,059 2.7 664,659 3.3 
Total$20,047,695 100%$20,168,933 100%$20,232,707 100%
Non-Performing AssetsAmount %Amount %Amount %
Non-accrual loans:
Multi-Family$31,710 16.5%$34,385 27.7%$34,249 26.9%
Commercial Real Estate68,501 35.8 4,682 3.8 3,114 2.4 
Commercial & Industrial58,180 30.4 54,728 44.2 65,741 51.5 
Construction3,400 1.8 — — — — 
Land - Acquisition & Development— — — — — — 
Single-Family Residential26,579 13.9 28,188 22.8 22,445 17.6 
Construction - Custom2,054 1.1 760 0.6 892 0.7 
Land - Consumer Lot Loans270 0.1 325 0.3 239 0.2 
HELOC481 0.3 593 0.5 627 0.5 
Consumer173 0.1 198 0.2 262 0.2 
Total non-accrual loans191,348 100%123,859 100%127,569 100%
Real Estate Owned8,738 8,125 8,179 
Other Property Owned3,310 — — 
Total non-performing assets$203,396 $131,984 $135,748 
Non-accrual loans as % of total net loans0.96 %0.62 %0.64 %
Non-performing assets as % of total assets0.75 %0.48 %0.49 %
Net Charge-offs (Recoveries) by Category12/25 QTR
CO % (a)
3/26 QTR
CO % (a)
6/26 QTR
CO % (a)
Multi-Family$— —%$81 0.01%$— —%
Commercial Real Estate(648)(0.07)(7)— 272 0.03 
Commercial & Industrial4,191 0.66 124 0.02 600 0.08 
Construction— — — — — — 
Land - Acquisition & Development(109)(0.25)(7)(0.01)(6)(0.01)
Single-Family Residential45 — 25 — (11)— 
Construction - Custom(2)(0.01)(2)(0.01)(2)(0.02)
Land - Consumer Lot Loans— — — — — — 
HELOC— — (1)— (1)— 
Consumer204 1.55 376 2.75 767 5.66 
Total net charge-offs (recoveries)$3,681 0.07%$589 0.01%$1,619 0.03%
(a)Annualized Net Charge-offs (recoveries) divided by Gross Balance

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WaFd Fact Sheet Q3 2026
3
Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results
WaFd, Inc.
Fact Sheet
June 30, 2026
($ in Thousands)
12/25 QTR12/25 YTD03/26 QTR03/26 YTD06/26 QTR06/26 YTD
Efficiency
Operating Expenses/Average Assets1.57%1.57%1.61%1.59%1.60%1.59%
Efficiency Ratio (%)55.25%55.25%55.66%55.45%53.69%54.84%
Amortization of Intangibles$2,058 $2,058 $1,974 $4,032 $1,841 $5,873 
EOP Numbers
Shares Issued and Outstanding76,448,351 73,855,919 73,954,133 
Share repurchase information
Remaining shares authorized for repurchase6,256,136 7,992,669 7,992,669 
Shares repurchased1,950,013 1,950,013 2,738,096 4,688,109 8,806 4,696,915 
Average share repurchase price$29.75 $29.75 $31.85 $30.98 $36.20 $30.99 

Tangible Common Shareholders' Book ValueAs of 12/25As of 03/26As of 06/26
$ Amount$2,286,322 $2,235,772 $2,278,899 
Per Share29.91 30.27 30.82 
# of Employees2,049 2,070 2,055 
Investments
Available-for-sale:
Agency MBS$3,236,388 $3,478,537 $3,377,403 
Other905,897 873,721 812,860 
$4,142,285 $4,352,258 $4,190,263 
Held-to-maturity:
Agency MBS$764,794 $745,727 $858,261 
$764,794 $745,727 $858,261 
12/25 QTR12/25 YTD03/26 QTR03/26 YTD06/26 QTR06/26 YTD
MBS Repayments$117,282 $117,282 $107,198 $224,480 $124,611 $349,091 
MBS Net Premium Amortization$3,276 $3,276 $4,076 $7,352 $4,569 $11,921 
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WaFd Fact Sheet Q3 2026
4
Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results
WaFd, Inc.
Fact Sheet
June 30, 2026
($ in Thousands)
As of 12/25As of 03/26As of 06/26
Deposits & Branches by StateAmount%#Amount%#Amount%#
Washington$8,479,452 39.6%73 $8,504,298 40.3%73 $8,511,128 40.7%74 
Idaho936,443 4.4 21 926,134 4.4 21 920,533 4.4 21 
Oregon2,926,616 13.7 36 2,827,773 13.4 36 2,723,445 13.0 36 
Utah550,998 2.6 9 558,689 2.6 9 544,563 2.6 9 
Nevada532,178 2.6 8 544,906 2.6 8 560,858 2.7 8 
Texas1,171,402 5.4 5 961,614 4.5 5 941,031 4.4 6 
Arizona1,651,572 7.7 28 1,671,233 7.9 28 1,647,667 7.9 28 
New Mexico1,675,873 7.8 18 1,799,259 8.5 18 1,844,266 8.8 18 
California3,492,436 16.3 10 3,330,245 15.8 10 3,238,584 15.5 10 
Total$21,416,970 100%208 $21,124,151 100%208 $20,932,075 100%210 
Deposits by TypeAmount%Amount%Amount%
Non-Interest Checking$2,692,680 12.6%$2,577,976 12.2%$2,646,615 12.6%
Interest Checking5,187,008 24.2 5,151,103 24.4 4,991,715 23.9 
Savings722,188 3.5 726,630 3.5 712,829 3.4 
Money Market4,264,098 19.9 4,291,212 20.3 4,394,632 21.0 
Time Deposits8,550,996 39.9 8,377,230 39.6 8,186,284 39.1 
Total$21,416,970 100%$21,124,151 100%$20,932,075 100%
Deposits Uninsured &
Non-collateralized - EOP		$5,607,476 26.2%$5,333,317 25.2%$5,326,972 25.4%
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$2,427,461 3.77%$4,207,471 3.68%$2,240,734 3.44%
From 4 to 6 months4,007,405 3.71%2,025,605 3.41%3,133,271 3.52%
From 7 to 9 months1,185,086 3.43%1,224,586 3.42%1,289,517 3.61%
From 10 to 12 months558,606 3.25%536,210 3.19%885,477 3.38%
1 to 3 years361,495 2.95%373,016 2.95%627,076 3.49%
3 to 5 years10,943 0.32%10,342 0.32%10,209 0.31%
Borrowings (Effective Maturity)1
AmountRateAmountRateAmountRate
Within 3 months$800,000 3.70%$1,425,000 3.85%$1,645,000 3.86%
From 4 to 6 months— —%118,879 4.52%249,798 4.15%
From 7 to 9 months117,970 4.52%150,000 3.81%— —%
From 10 to 12 months150,000 3.81%— —%— —%
1 to 3 years225,000 3.41%225,000 3.51%225,000 3.58%
3 to 5 years993,562 1.06%993,562 1.09%993,561 1.17%
More than 5 years201,879 4.57%202,107 4.48%202,338 4.52%
1Includes junior subordinated debentures
12/25 QTR12/25 YTD03/26 QTR03/26 YTD06/26 QTR06/26 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings$(1,162)$(1,162)$(1,137)$(2,299)$(1,149)$(3,448)
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WaFd Fact Sheet Q3 2026
5
Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results
WaFd, Inc.
Fact Sheet
June 30, 2026
($ in Thousands)

Interest Rate Risk(b)
As of 12/25As of 03/26As of 06/26
NPV post up 100 bps shock10.7%10.6%11.0%
NPV post down 100 bps shock12.8%12.6%12.8%
Change in NII after up 100 bps shock(0.2%)(0.1%)0.9%
Change in NII after down 100 bps shock4.8%6.2%5.4%
(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)
Average for Quarter Ended:WAFD
SFR Mortgages		WAFD
GSE MBS
6/30/20246.6%12.0%
9/30/20248.6%12.9%
12/31/20248.1%12.7%
3/31/20258.1%9.1%
6/30/20259.0%12.5%
9/30/20257.5%13.7%
12/31/20259.6%13.3%
3/31/20268.1%12.9%
6/30/20269.5 %11.3 %
(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 Through1:
June 30, 2026FixedVariable3 Months6 Months12 Months24 Months
Assets
Cash$676,467 — %100 %$676,467 100 %$676,467 100 %$676,467 100 %$676,467 100 %
Investments5,048,524 52 %48 %1,944,367 39 %1,954,931 39 %1,965,100 39 %1,978,638 39 %
Loans20,232,707 48 %52 %7,963,909 39 %8,434,133 42 %9,640,792 48 %10,557,127 52 %
$25,957,698 $10,584,743 41 %$11,065,531 43 %$12,282,359 47 %$13,212,232 51 %
Liabilities
Deposits$20,932,075 39 %61 %$14,986,524 72 %$18,119,795 87 %$20,294,759 97 %$20,498,334 98 %
Borrowings3,315,697 98 %2 %1,697,338 51 %1,947,136 59 %1,947,136 59 %1,947,136 59 %
$24,247,772 $16,683,862 69 %$20,066,931 83 %$22,241,895 92 %$22,445,470 93 %
1Includes the effect of derivatives.
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WaFd Fact Sheet Q3 2026
6
Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results
WaFd, Inc.
Fact Sheet
June 30, 2026
Average Balance Sheet
($ in Thousands)
Quarter Ended
December 31, 2025March 31, 2026June 30, 2026
Average BalanceInterestAverage RateAverage BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets
Loans receivable$19,919,355 $264,206 5.26%$19,916,014 $262,148 5.34%$20,067,639 $267,243 5.34%
Mortgage-backed securities3,649,588 38,902 4.23 4,163,644 44,341 4.32 4,261,449 46,569 4.38 
Cash & investments1,443,462 17,290 4.75 1,410,981 15,711 4.52 1,379,508 15,147 4.40 
FHLB Stock104,133 2,097 7.99 135,738 2,534 7.57 163,777 3,166 7.75 
Total interest-earning assets25,116,538 322,495 5.09%25,626,377 324,734 5.14%25,872,373 332,125 5.15%
Other assets1,735,851 1,724,237 1,739,536 
Total assets$26,852,389 $27,350,614 $27,611,909 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$18,676,059 136,214 2.89%$18,515,826 125,999 2.76%$18,218,857 123,079 2.71%
Borrowings2,174,736 15,171 2.77 2,877,764 21,165 2.98 3,502,129 27,708 3.17 
Total interest-bearing liabilities20,850,795 151,385 2.88%21,393,590 147,164 2.79%21,720,986 150,787 2.78%
Noninterest-bearing customer accounts2,636,122 2,603,558 2,604,805 
Other liabilities331,539 319,343 277,991 
Total liabilities23,818,456 24,316,491 24,603,782 
Shareholders’ equity3,033,933 3,034,123 3,008,370 
Total liabilities and equity$26,852,389 $27,350,614 $27,612,152 
Net interest income/interest rate spread$171,110 2.21%$177,570 2.35%$181,338 2.36%
Net interest margin(1)
2.70%2.81%2.81%
(1)Annualized net interest income divided by average interest-earning assets
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WaFd Fact Sheet Q3 2026
7
Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results
WaFd, Inc.
Fact Sheet
June 30, 2026
Delinquency Summary
($ in Thousands)
# of Loans
Type of Loans #LoansAVG SizeLoans
Amortized
Cost		30 60 90 Total% Based on #$ Delinquent% Based on $
June 30, 2026
Multi-Family1,828 2,542 $4,645,902 — 3 12 15 0.82%$35,928 0.77%
Commercial Real Estate1,193 3,039 3,626,043 2 2 — 4 0.34 10,032 0.28 
Commercial & Industrial6,265 495 3,101,192 5 11 24 40 0.64 63,938 2.06 
Construction350 2,903 1,015,908 — — — — — — — 
Land - Acquisition & Development88 2,105 185,232 — — — — — — — 
Single-Family Residential19,601 371 7,268,163 41 15 66 122 0.62 37,399 0.51 
Construction - Custom17 966 16,417 — — 2 2 11.76 892 5.43 
Land - Consumer Lot Loans755 95 71,982 1 1 4 6 0.79 596 0.83 
HELOC3,810 65 247,584 13 5 6 24 0.63 2,593 1.05 
Consumer5,298 10 54,284 30 19 52 101 1.91 573 1.06 
39,205 516 $20,232,707 92 56 166 314 0.80%$151,951 0.75%
March 31, 2026
Multi-Family1,850 2,526 $4,672,599 14 1 10 25 1.35 %$48,153 1.03%
Commercial Real Estate1,224 2,984 3,652,683 3 — 2 5 0.41 2,692 0.07 
Commercial & Industrial6,237 448 2,791,133 58 14 15 87 1.39 62,239 2.23 
Construction355 2,696 956,957 — — — — — — — 
Land - Acquisition & Development83 2,031 168,566 — — — — — — — 
Single-Family Residential20,019 375 7,501,331 41 11 79 131 0.65 39,929 0.53 
Construction - Custom48 810 38,867 1 — 1 2 4.17 892 2.30 
Land - Consumer Lot Loans787 98 76,763 — — 5 5 0.64 325 0.42 
HELOC3,951 65 255,352 12 4 7 23 0.58 1,895 0.74 
Consumer5,309 10 54,682 32 25 41 98 1.85 590 1.08 
39,863 506 $20,168,933 161 55 160 376 0.94%$156,715 0.78%
December 31, 2025
Multi-Family1,851 2,494 $4,617,085 12 3 7 22 1.19%$37,609 0.81%
Commercial Real Estate1,226 2,894 3,547,626 1 2 6 9 0.73 66,631 1.88 
Commercial & Industrial5,844 432 2,524,486 40 8 13 61 1.04 60,799 2.41 
Construction374 2,791 1,043,910 1 — 1 2 0.53 3,673 0.35 
Land - Acquisition & Development87 1,684 146,548 — — — — — — — 
Single-Family Residential20,355 379 7,709,942 45 16 67 128 0.63 40,712 0.53 
Construction - Custom89 656 58,371 — — 2 2 2.25 2,055 3.52 
Land - Consumer Lot Loans827 100 82,490 2 2 4 8 0.97 415 0.50 
HELOC4,053 65 264,462 14 4 4 22 0.54 2,090 0.79 
Consumer6,954 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%
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WaFd Fact Sheet Q3 2026
8

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