WaFd, Inc. (NASDAQ: WAFD) details Q3 2026 credit, liquidity and capital
Rhea-AI Filing Summary
WaFd, Inc. furnished an investor presentation as of June 30, 2026 outlining franchise scale, profitability, credit quality, liquidity and capital. The bank reports total assets of $27.6B, total loans held for investment of $20.0B, total deposits of $20.9B and stockholders’ equity of $3.0B.
Across recent quarters, net income increased from $60.6M in Q4 2025 to $66.1M in Q3 2026, with EPS rising from $0.72 to $0.84. Net interest margin was 2.81% in Q3 2026, unchanged from Q2 2026 and up from 2.69% in Q3 2025. Credit metrics remain conservative: non-performing assets were $136M, or 0.49% of total assets, and the allowance for credit losses covered 168% of non-performing loans.
Liquidity and capital are emphasized. Cash and securities totaled $5.7B, representing 21% of assets, and the cash and investments portfolio had a current yield of 4.38%. Equity to assets was 10.95%, tangible common equity to total assets 9.50%, and the CET1 ratio 11.36%. The quarterly dividend is $0.27 per share, and 4.7M shares were repurchased year-to-date fiscal 2026, equal to 6.0% of beginning-of-year shares, while book value per share reached $36.81 and tangible book value per share $30.82.
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8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total assets: $27.6B
Total loans held for investment: $20.0B
Total deposits: $20.9B
+5 more
8 metrics
Total assets
$27.6B
As of quarter-ended June 30, 2026
Total loans held for investment
$20.0B
As of quarter-ended June 30, 2026
Total deposits
$20.9B
As of quarter-ended June 30, 2026
Q3 2026 net income
$66.1M
Quarter-ended June 30, 2026
Q3 2026 EPS
$0.84
Common earnings per share for quarter-ended June 30, 2026
Net interest margin
2.81%
Q3 2026; unchanged from Q2 2026 and up from 2.69% in Q3 2025
Non-performing assets / total assets
0.49%
Non-performing assets of $136M as of June 30, 2026
Cash and securities
$5.7B
21% of total assets as of June 30, 2026
Key Terms
Allowance for Credit Losses (ACL), Net Interest Margin, Tangible Common Equity, Current Expected Credit Loss (CECL), +1 more
5 terms
Allowance for Credit Losses (ACL) financial
"ACL at June 30, 2026 amounted to $215 million, 168% of total non performing loans"
Allowance for credit losses (ACL) is an accounting reserve banks and lenders set aside to cover loans and other receivables that may not be repaid. Think of it as a cushion or rainy-day fund that reduces reported assets to reflect expected losses; when the cushion grows, it can signal rising borrower trouble or more conservative accounting, and when it shrinks, it may boost reported profits and capital. Investors watch ACL to judge a lender’s risk exposure, earnings quality, and capital strength.
Net Interest Margin financial
"Net Interest Margin remained unchanged at 2.81% between Q3 2026 and Q2 2026"
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.
Tangible Common Equity financial
"Tangible Common Equity per share was $30.82 in Q3 2026"
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.
Current Expected Credit Loss (CECL) financial
"Effective October 1, 2020, the Company implemented FASB’s Current Expected Credit Loss (CECL) Standard"
Non-performing assets financial
"Non-performing assets were $136 million as of June 30, 2026, 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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What are WaFd (WAFD)’s key balance sheet figures as of June 30, 2026?
WaFd reported $27.6B in total assets, $20.0B in total loans held for investment, $20.9B in total deposits and stockholders’ equity of $3.0B. These figures frame the bank’s overall size and capital base at quarter-end.
How profitable is WaFd (WAFD) in recent quarters?
Net income reached $66.1M in Q3 2026 with EPS of $0.84. This compares with $60.6M and $0.72 in Q4 2025, showing steady quarterly growth in earnings over the period highlighted in the presentation.
What do credit quality metrics look like for WaFd (WAFD)?
Non-performing assets were $136M, or 0.49% of total assets, as of June 30, 2026. The allowance for credit losses covered 168% of non-performing loans, and management notes net charge-offs have remained low over many years.
How strong is WaFd (WAFD)’s liquidity position?
Cash and securities totaled $5.7B, equal to 21% of total assets, as of June 30, 2026. About 86% of this balance sheet liquidity is cash and U.S. government-backed agency securities, and the cash and investments portfolio yielded 4.38%.
What is WaFd (WAFD)’s net interest margin trend?
Net interest margin was 2.81% in Q3 2026, unchanged from Q2 2026. It increased from 2.69% in Q3 2025, reflecting the balance between asset yields and funding costs during the period covered.
How diversified are WaFd (WAFD)’s deposits?
The top 20 depositors represent 14% of total deposits, and 25.4% of deposits are uninsured and not collateralized. Deposits are spread across consumer, public administration, finance, real estate and many other industries, indicating a diversified funding base.
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 27, 2026
____________________________________
(Exact name of registrant as specified in its charter)
____________________________________
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(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):
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||||||
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 7.01 | Regulation FD Disclosure | ||||
WaFd, Inc. is hereby furnishing a slide presentation that executive management intends to use in meetings with institutional investors and industry analysts. The slide presentation is included as Exhibit 99.1 to this report and will be available on WaFd Bank's investor relations website at https://www.wafdbank.com/about-us/investor-relations. The presentation includes forward looking statements within the meaning of the Securities Exchange Act of 1934, as amended, the Securities Act of 1933, as amended, and the rules under each of those statutes. All information in Exhibit 99.1 is presented as of the particular date or dates referenced therein, and WaFd, Inc. does not undertake any obligation to, and disclaims any duty to, update any of the information provided. A complete discussion of relevant risks is set forth in the registrant’s most recent Annual Report on Form 10-K for the fiscal year ended September 30, 2025; our most recent Quarterly Reports on Form 10-Q; and our other filings made from time to time with the Securities and Exchange Commission. The sections of these reports entitled “Risk Factors” describes the facts, circumstances, conditions and risks that may cause us to deviate from the expectations set forth in this presentation.
The information provided pursuant to this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing or other document filed by the Company pursuant to the Exchange Act or the Securities Act except as shall be expressly set forth by specific reference in such filing or document. The information provided pursuant to this Item 7.01 shall instead be deemed “furnished.”
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) The following exhibits are being furnished herewith:
Exhibit 99.1 WaFd, Inc. investor presentation
Exhibit 104 Cover Page Interactive Data File (embedded within with Inline XBRL)
Important Cautionary Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements. These statements are based on management’s current assumptions and are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For important factors that could cause actual results to differ materially from the forward-looking statements in this Current Report on Form 8-K, please see the risks and uncertainties identified under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2025, and our other reports filed with the SEC which are available on the SEC website at www.sec.gov. All forward-looking statements reflect the Company’s beliefs and assumptions only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
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.
| July 28, 2026 | WAFD, INC. | |||||||||||||||||||
| By: | /s/ KELLI J. HOLZ | |||||||||||||||||||
| Kelli J. Holz | ||||||||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||||||||
4
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of WaFd’s management and are subject to significant risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of the presentation, and WaFd assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. 1 Investor Presentation As of June 30, 2026
Overview of WaFd Bank 2 • Established in 1917; IPO in 1982 • Washington State Charter Commercial Bank – WA DFI, FDIC, FRB, CFPB Regulated • Headquartered in Seattle, WA; is the second largest bank headquartered in the Pacific Northwest • 210 branches across 9 western states • Full-service consumer & commercial bank • Strong capital, high asset quality, consistent results • Profitable every year since 1965 • Interest rate risk management – well controlled • 173rd consecutive quarterly cash dividends • 39,081% Total shareholder return since IPO Total Assets $27.6B Total Loans HFI $20.0B Total Investments $5.0B Total Deposits $20.9B Stockholder Equity $3.0B ACL $233.8M 1 As of or for the quarter-ended June 30, 2026 Overview Geographic Overview Company Highlights1 2
WaFd Bank Executive Management Committee 3 Kelli Holz SEVP Chief Financial Officer Brent Beardall President and Chief Executive Officer 3 Ryan Mauer EVP Chief Credit Officer Cathy Cooper EEVP Chief Experience Officer Kim Robison EVP Chief Operating Officer
4 WaFd Bank Demographics Our markets are among the most desirable in the US and create a foundation for loan growth without excessive risk State Number of Branches Company Deposits in Market ($000) Deposit Market Share (%) Percent of National Franchise (%) Total Population 2026 (Actual) Population Change 2020-2026 (%) Projected Population Change 2026-2031 (%) Median HH Income 2026 ($) Projected HH Income Change 2026-2031 (%) Washington 74 8,511,128 4.13 40.7 8,042,527 4.38 3.09 105,641 13.02 California 10 3,238,584 0.22 15.5 39,435,158 -0.26 0.05 105,694 12.59 Oregon 36 2,723,445 2.81 13.0 4,271,804 0.82 0.4 89,847 12.76 Arizona 28 1,647,667 0.76 7.9 7,705,939 7.75 4.97 86,542 12.71 New Mexico 18 1,844,266 3.86 8.8 2,130,660 0.62 0.36 69,426 9.85 Idaho 21 920,533 2.51 4.4 2,041,822 11.02 6.52 83,555 11.31 Utah 9 544,563 0.47 2.6 3,573,552 9.23 5.97 103,211 12.91 Nevada 8 560,858 0.53 2.7 3,319,992 6.94 4.7 86,266 14.36 Texas 6 941,031 0.05 4.5 31,994,623 9.78 6.47 84,658 11.81 Totals: 210 20,932,075 100 102,516,077 Weighted Average 3.67 2.47 97,078 12.56 Aggregate: National 342,965,686 3.47 2.58 86,867 11.3 Branch count and WaFd deposit balances are as of June 30, 2026. Deposit market share and percent of national franchise are from the FDIC's Summary of Deposit reports and are as of September 30, 2025. All other data is updated as new data becomes available.
Evolution of Our Franchise Thrift Consumer deposits and home loans Commercial Relationship deposits and diversified lending Serving Businesses Concierge level service for all clients –serving businesses wholistically alongside consumers, both in-person and digitally Build 2030 5 15 years of investment in our evolution to a commercial bank 5 Digital Focus Leverage data to anticipate financial needs and empower clients
Build 2030 - Plan Proforma 6 6 Deposits: Shift 20% of interest-bearing to non-interest bearing through small business focus Loans: Redeploy $8 billion SFR portfolio to ≥6% commercial loans 16.7% ROATCE 3.60% NIM Business Banking, Corporate Banking and Commercial Real Estate Banking Segments have two primary objectives as a trusted advisor: 1. Deliver phenomenal, concierge-level customer service to all our clients - "everyone and every business deserves a WaFd banker". 2. Grow the business by delivering credit and treasury solutions that allow our clients to prosper. The above represents a static projection and assumes no changes other than the effect of the shifts and redeployment described and are not intended to represent a financial projection.
Net Promoter Score Approaching World Class 7 Our investments in customer service, usability and technology are translating into high customer satisfaction levels Source: CustomerGauge.com and Comparably.com WaFdaa Net Promoter Score 1Peer Net Promoter Score 1 1 2025 Financial Services Banking Benchmarks A Score of 70 or higher is considered world class. A Score of 50 or higher is considered excellent. A score of 30 or higher is considered very good. A score of 0-30 is considered good 7 15 18 58 853
8 Commitment to Community We believe our enduring franchise comes from core principles focused on helping the neighborhoods we serve. Community Development Over $390 million dollars invested towards community development lending including affordable housing investments Washington Federal Foundation The Washington Federal Foundation awarded 206 grants to local community organizations totaling over $1.0 million for fiscal 2025 Volunteerism WaFd employees participated in 14,649 volunteer hours in support of 1,136 community organizations and initiatives United Way Matching Campaign WaFd matches employee contributions made to United Way agencies in all nine states. In FY 2025 pledges from colleagues were $375,525. WaFd matched $375,495 and $750,000 matched by FHLB for a total of $1,501,020 Our Corporate Social and Environmental Responsibility Policy flows from WaFd Bank’s core principles, which are: To provide common- sense banking that helps neighborhoods flourish Adhere to the primary corporate value of integrity Exercise prudent risk management Maintain transparency in its business practices Resolve to create long-term value for all stakeholders 1 2 3 4 5
Financial Highlights 9 9 Earnings $60.6 M $64.2 M $65.6 M $66.1 M $0.72 $0.79 $0.82 $0.84 Net Income EPS Q4 25 Q1 26 Q2 26 Q3 26 Credit Quality as a % of Net Loans 3.16% 2.94% 2.60% 2.59% 0.60% 1.07% 0.78% 0.75% 0.64% 0.96% 0.62% 0.64% Adversely Classified Delinquencies Non-Accruals Q4 25 Q1 26 Q2 26 Q3 26 Equity per Share $35.04 $35.70 $36.30 $36.81 $29.38 $29.91 $30.27 $30.82 Common Equity Per Share Tangible Common Equity Per Share Q4 25 Q1 26 Q2 26 Q3 26 Equity to Assets 11.38% 11.10% 10.81% 10.95% 9.89% 9.64% 9.35% 9.50% 11.77% 11.69% 11.35% 11.36% Equity to Assets TCE to TA CET 1 Q4 25 Q1 26 Q2 26 Q3 26 Return on Average Tangible Common Equity 9.99% 10.57% 10.82% 11.04% Q4 25 Q1 26 Q2 26 Q3 26 Efficiency Ratio 56.82% 55.25% 55.66% 53.69% Q4 25 Q1 26 Q2 26 Q3 26
10 Loan and Deposit Balances by Geographical Area As of June 30, 2026, $ In Millions Loan Balances by State Deposit Balances by State
11 Loan Growth – Through Different Interest Rate Environments • Net loans increased by $51 million in Q3 compared to Q2 2026. Originations in active loan types offset runoff in inactive types. • The active loan balance grew by $466 million during the quarter. Active loan types include the CRE, C&I and the consumer portfolio. • Mortgage and Consumer loans currently make up 36% of total net loans compared to 41% in 2015. Loan GrowthNew Loan Originations $ in millions. • Originations were $1.5 billion in Q3 2026, similar to Q2 and increased by $825 million over Q3 2025. • Commercial loans make up a greater portion of all originations over time, making up 95% of all originations YTD 2026 compared to 83% in 2015. The pace of this change will increase given our exit of the mortgage lending market. Mortgage & Consumer Commercial Real Estate Commercial & Industrial (C&I) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $2,000 $4,000 $6,000 $8,000 $10,000 Mortgage & Consumer Commercial Real Estate Commercial & Industrial (C&I) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $5,000 $10,000 $15,000 $20,000 $25,000
Non-Performing Asset Trends 12 We have maintained a strong ACL while NPAs remain low • ACL at June 30, 2026 amounted to $215 million, representing 168% of total non performing loans (1) • Non-performing assets were $136 million as of June 30, 2026, 0.49% of Total Assets Non-Performing Assets to Total Assets and ACL to Gross Loans (1) (2) 1 ACL does not include reserve for unfunded commitments which was $19.0 million at June 30, 2026. 2 Effective October 1, 2020, the Company implemented FASB’s Current Expected Credit Loss (CECL) Standard 2.76% 2.18% 1.63% 1.00% 0.88% 0.67% 0.64% 0.53% 0.48% 0.20% 0.22% 0.21% 0.26% 0.28% 0.54% 0.49% 1.40% 1.51% 1.42% 1.30% 1.10% 1.04% 1.01% 1.01% 0.99% 1.15% 1.05% 0.89% 0.90% 0.91% 0.94% 1.08% Non-Performing Assets to Total Assets ACL to Gross Loans 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 YT D
Strong Credit Quality 13 Net Loan Charge-offs (recoveries) Average NCOs Per Year – Last 20 Years Source: S&P Global, Company Filings 1 Peers represent Proxy Peers as specified in the Company’s latest Proxy Statement (1) Strong Credit Quality Characterized by Limited Charge-Offs The Bank experienced nine consecutive years of net recoveries, fiscal 2014 through fiscal 2022, during which net recoveries totaled $74.9 million. Net charge-offs have remained low through YTD 2026. 0.93% 0.24% (0.18)% (0.06)% (0.13)%(0.13)% (0.10)% (0.03)% (0.03)% (0.05)% (0.02)% 0.26% 0.01% 0.06% 0.03% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD (0.25)% —% 0.25% 0.50% 0.75% 1.00%
Loan Portfolio Composition 14 Composition, LTV and Delinquencies. Based on net loans as of June 30, 2026 SFR, 36.2% Construction, 5.0% Custom Construction, 0.1% Land - A&D, 0.9% Lot Loans, 0.4% Multi-family, 23.1% CRE, 17.9% C&I, 15.1% HELOC, 1.2% Consumer, 0.3% Portfolio Segment WTD Avg LTV1 Delinquent based on $ Multifamily 49 % 0.77 % CRE - Office 62 % — % CRE - Other 42 % 0.28 % CRE Construction - Multifamily 54 % — % CRE Construction - Other 38 % — % C&I NA 2.06 % SFR 34 % 0.51 % SFR Custom Construction 62 % 5.43 % Other NA 0.10 % 0.75 % $20 Billion 1 LTV is presented on a 1 quarter lag
View On C&I and CRE 15 Based on net loans as of June 30, 2026 Mining, Oil and Gas Extraction, 20% RE Rental and Leasing, 13% Other, 11% Health Care and Social, 9% Manufacturing, 6% Construction, 5% Wholesale Trade, 6% Finance and Insurance, 4% Retail Trade, 4% Transport & Warehouse, 6% Professional Svcs, 4% Arts & Entertainment, 3% Management Svcs, 3% Educational Svcs, 6% C&I Composition Multi-Family, 54% Industrial, 11% Office, 9% Retail, 4% Medical/ Dental, 3% Motel / Hotel, 2% Mixed Use, 3% Warehouse/Self Storage, 2% Other, 12% CRE Composition 19% Owner Occupied vs. 81% Non-Owner Occupied1 $8.2 Billion $3.0 Billion 1 Owner and non-owner occupied disclosure relates to the Commercial Real Estate portfolio excluding multifamily loans.
Significant Liquidity and High-Quality Securities Portfolio 16 High quality, $5.7 billion cash and investment portfolio with $15.7 billion remaining collateral and lines as a source of additional potential liquidity Cash and Securities Composition Total Cash and Securities: $5.7B Cash and Securities / Total Assets: 21% Cash & Securities / Total Assets1 As of 6/30/2026, WAFD maintains $5.7B of balance sheet Liquidity. • Cash and Securities is 21% of assets • Investment Portfolio targets low credit risk / moderate duration • 86% Cash and US Government-backed Agency Bonds and MBS • Current Yield on Cash and Investments Portfolio is 4.38% Liquidity is tested quarterly through utilizing various scenarios to determine their effect on available liquidity. Whether minor or extreme, these tests show strong liquidity as a result of deposits and borrowing capacity from reliable collateralized sources. Source: SNL Financial, Company Filings 1 Peers represent Banks similar to WaFd in size, geography and operations Total Cash and Securities: $4.7B Cash and Securities / Total Assets: 18% 6/30/2025 6/30/2026 US Backed, 74% Cash, 12% High Quality Bonds, 14% US Backed, 62%Cash, 17% High Quality Bonds, 21% WAFD Peers Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep 2025 Jun 2026 10.00% 20.00% 30.00% 40.00%
Investment Portfolio 17 High quality, $5.0 billion investment portfolio with a duration of 3.1 years. Portfolio is 35% variable rate. HTM Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 821,516 $ (36,745) 7.9 4.32% AFS Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 3,377,403 $ (30,053) 5.9 4.55% Agency and Student Loan Bonds 617,021 (49) 13.3 4.61% Corporate Bonds 160,563 (9,361) 6.0 3.56% Municipal Bonds 35,276 (20) 9.3 5.27% $ 4,190,263 $ (39,483) Hedges Gain/(Loss) Borrowing Cash Flow Hedges $ 104,446
Highly Diversified Deposit Base - % of Deposits by Industry 18 Top 20 depositors make up 14% of total deposits. 25.4% of total deposits are uninsured and not collateralized as of June 30, 2026 Consumer, 30% Public Administration, 10% Finance and Insurance, 7% Real Estate and Rental and Leasing, 7% Other Services, 6% Educational Services, 6% Construction, 5% Health Care and Social Assistance, 5% Mining, 4% Professional, Scientific, and Technical Services, 4% Manufacturing, 3% Retail Trade, 3% Other, 10%
19 Deposit Trends Shifting away from time deposits in favor of transaction accounts. Non Interest-bearing accounts make up 12.6% of all deposits. Transaction Accounts, 60.9% Time Deposits, 39.1% Transaction Accounts, 56.0% Time Deposits, 44.0% As of 6/30/2026 As of 6/30/2025 Transaction Accounts Time Deposits WTD Rate 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 YT D $— $4,000 $8,000 $12,000 $16,000 $20,000 $24,000 —% 0.80% 1.60% 2.40% 3.20% 4.00% 4.80%
Borrowings and Debt Outstanding & Weighted Rate 20 Total Debt is 98.4% FHLB advances and 1.6% Junior Subordinated debentures and is used in part to manage interest rate risk. Increase in borrowings for 2020 was from locking in $1 billion of funding at a fixed rate of 66 bps for 10 years. Borrowings WTD Rate 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Effective Maturity Schedule $ in millions Within 3 months: $ 1,645 3.86 % 4 to 6 months: $ 250 4.15 % 7 to 9 months: $ — — % 10 to 12 months: $ — — % 1 to 3 years: $ 225 3.58 % 3 to 5 years: $ 994 1.17 % 5+ years: $ 202 4.52 %
AOCI vs our Peers 21
22 Net Interest Income and Net Interest Margin Net interest income in thousands. June 30, 2026 Highlights: • Net Interest Income (NII) would increase by 0.9% in +100 bps immediate and parallel shock and would increase by 5.4% in a -100 bps immediate parallel shock. • Net Portfolio Value (NPV) after +200bps shock is 19.8% lower ($630M) and at $2.6 billion would be 10.1% of total assets. NPV after -200bps shock is 15.6% higher ($497M) and at $3.7 billion would be 13.2% of total assets. • Cumulative downward beta realized since rates peaked of approximately 35%. Net Interest Income Margin % Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 $— $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00%
23 Net Interest Margin Remained unchanged at 2.81% between Q3 2026 and Q2 2026 and increased from 2.69% Q3 2025. March 2026 to June 2026 2.81% 0.04% 0.06% (0.03)% (0.03)% (0.02)% 0.01% (0.02)% 2.81% Q2 2026 Rate Deposits Rate Loans Non Accrual QoQ Day Count Securities Growth Misc Rate on Borrowings Q3 2026 June 2025 to June 2026 2.69% 0.30% (0.06)% —% 0.02% (0.12)% —% 2.81% Q3 2025 Rate Deposits Rate Loans Non Accrual QoQ Rate Borrowings Securities Growth Misc Q3 2026
24 Net Income and Common Earnings Per Share Annual Quarterly March 31, 2024 Net Income and EPS reflect LBC merger-related expenses of $25 million and the merger-related initial ACL provision of $16 million. Net Income (in thousands) EPS 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 $— $60,000 $120,000 $180,000 $240,000 $300,000 $— $1.00 $2.00 $3.00 $4.00 Net Income (in thousands) EPS Dec -22 Mar- 23 Ju n-23 Sep -23 Dec -23 Mar- 24 Ju n-24 Sep -24 Dec -24 Mar- 25 Ju n-25 Sep -25 Dec -25 Mar- 26 Ju n-26 $— $20,000 $40,000 $60,000 $80,000 $— $0.25 $0.50 $0.75 $1.00 $1.25 $1.50
25 Diverse sources of Non-Interest Income provide steady growth and balance our revenue profile Non-Interest Income for Quarter-Ended June 30, 2026 Non-Interest Income Over Time ($MM) Non-Interest Income / Total Revenue Other Income includes: • BOLI income • Rental income • Income on equity method investments Loan Fees, 9.0% Deposit Fees, 33.7% WaFd Insurance Commission Revenue, 21.7% Other Income, 22.3% Gain on Sale of Buildings, 13.3% 11% 11% 16% 12% 9% 5% 4% 6% 6% FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YTD $3.9 $7.3 $6.9 $7.2 $3.9 $2.7 $6.9 $5.8 $24.9 $23.7 $24.7 $25.9 $26.1 $27.5 $29.6 $23.7 $10.2 $10.9 $11.9 $13.4 $14.6 $17.4 $19.5 $16.4 $13.1 $13.2 $16.7 $19.8 $8.5 $12.5 $15.0 $11.5 $10.1 $30.7 $6.4 Loan Fees Deposit Fees WaFd Insurance Other Income Gain on Sale of Investments Gain on Sale of Buildings FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YTD Non-Interest Income
26 Non-Interest Expense Over Time Annual and Quarterly - Expenses in thousands Annual Quarterly Other expense, as shown above, includes FDIC premiums, product delivery & IT related costs and other miscellaneous expenses. The quarter-ended March 31, 2024 includes merger related expenses and other non-operating expenses. If removed, the adjusted efficiency ratio for 2024 would have been 57.5%. See additional details for ‘other’ expenses within Other Non-Interest Expense on the next page. 50% 51% 48% 50% 52% 59% 59% 54% 51% 62% 59% Compensation Occupancy Other Non-Int Expenses Efficiency Ratio FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 $— $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 —% 10% 20% 30% 40% 50% 60% 70% 52% 52% 52% 58% 78% 57% 57% 65% 58% 56% 57% 55% 56% 54% Compensation Occupancy Other Non-Int Expenses Efficiency Ratio MAR-23 JU N-23 SEP-23 DEC-23 MAR-24 JU N-24 SEP-24 DEC-24 MAR-25 JU N-25 SEP-25 DEC-25 MAR-26 JU N-26 $— $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 —% 10% 20% 30% 40% 50% 60% 70% 80%
27 Breakout of Other Non-Interest Expenses Non-Interest Expense includes: • FDIC Premiums • Product Delivery • Information Technology • ‘Other expense’ line-item include professional services, marketing and administrative costs. $ in millions $9.8 $10.9 $14.4 $9.5 $20.0 $28.9 $20.2 $16.0 $15.9 $17.0 $18.5 $19.5 $21.0 $24.0 $25.9 $20.8 $38.9 $52.9 $42.7 $47.2 $49.4 $53.3 $60.1 $46.5 $34.6 $47.5 $41.1 $45.9 $47.5 $65.9 $54.2 $39.3 FDIC Premiums Product Delivery Information Technology Other Expense FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YTD
28 Capital Ratios WAFD does not seek to maximize leverage. Rather, we aspire to be the bank that can best weather the next storm on the horizon. • Source: S&P Global, Company Filings Common Equity Tier 1 Ratio WaFd Inc. Peer Banks Well Capitalized Sep 2023 Sep 2024 Sep 2025 Jun 2026 —% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Total Risk-Based Capital WaFd Inc. Peer Banks Well Capitalized Sep 2023 Sep 2024 Sep 2025 Jun 2026 —% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Tangible Equity/Tangible Assets Sep 2023 Sep 2024 Sep 2025 Jun 2026 9.00% 9.50% 10.00% 10.50%
Returning Capital to Shareholders Recent Capital Activities • Current cash dividend of $0.27 provides a yield of 2.81% based on the current stock price (July 15) • 4,696,915 shares were repurchased in YTD fiscal 2026 with a weighted price of $30.99 • Since 2013, 57.5 million shares repurchased which is 54.1% of total outstanding shares as of 9/30/2012 • On February 3, 2026 the Board of Directors authorized an additional 4.5 million shares for repurchase, bringing the total authorization to 10 million shares. • 8.0 million shares remain in buyback authorization as of June 30, 2026 • Dividend Payout Ratio YTD 6/30/2026 was 33% 29 Return of Income to Common Shareholders Net Income Stock Buyback & Dividends Buybacks & Dividends as a % of Net Income # of Shares Wtd Price Paid % Outstanding at beginning of the year 2023 $242,801 $94,255 39% 1,165,161 $26.14 2% 2024 $185,416 $101,355 55% 1,070,207 $25.29 1.6% 2025 $211,443 $186,571 88% 3,447,771 $29.56 4.2% 2026 YTD $184,905 $205,724 111% 4,696,915 $30.99 6.0% Share Repurchases
As of 6/30/2026: Book Value per Share $36.81 Tangible Book Value per Share 30.82 Price to BV: 104% Price to TBV: 125% Stock Price & Book Value Per Share 30
Managing Capital Text Text Text Tex 31 Perspective through the last Credit Cycle
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of WaFd’s management and are subject to significant risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of the presentation, and WaFd assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements.