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  4. [8-K] WAFD INC Reports Material Event

WAFD FY2026 earnings: diluted EPS rises 22% to $3.21

Credit indicators improved from June 30, 2026, even as quarterly net charge-offs were $39.237 million.

Filing Impact
(High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

WAFD, Inc. reported fiscal 2026 net income of $255.865 million, up 13% from fiscal 2025, and diluted earnings per common share of $3.21, up 22% from $2.63. For the quarter ended September 30, 2026, net income was $59.991 million, down 9% from the prior quarter; net interest income was $182.353 million and net interest margin held at 2.81%.

Compared with June 30, 2026, non-performing assets fell to $86.158 million, or 0.32% of total assets, from $135.748 million, or 0.49%; delinquent loans were 0.50% of total loans, versus 0.75%. Quarterly net charge-offs were $39.237 million, including a $36 million charge-off after resolution of a $53 million loan relationship. WAFD sold $543 million of single-family residential loans in the quarter and agreed to sell $429 million of multifamily loans in fiscal 2027's first quarter, expecting an approximately $7 million net gain when finalized. A merger with EverBank was announced September 7, 2026, and fourth-quarter merger-related expenses were $6.168 million.

2 points · 0 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 2 points

How the balance works

Positive

  • Moderate pointFiscal 2026 diluted EPS rose 22% to $3.21.
  • Moderate pointNon-performing assets fell to 0.32% of assets, from 0.49%.

Negative

  • Moderate pointFourth-quarter net income fell 9% from the prior quarter.
  • Moderate pointQuarterly net charge-offs were $39.237 million, versus $1.619 million in Q3. 1.8% of market cap

Filing Explained

WaFd reports 4,703,844 shares repurchased during fiscal 2026; its 7,992,669 remaining authorized shares are capacity, not shares reported as purchased.

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, or exhibit attachments filed with this report.
Fiscal 2026 net income $255.865 million Fiscal year ended September 30, 2026; up 13% from fiscal 2025
Fiscal 2026 diluted earnings per common share $3.21 per share Fiscal year ended September 30, 2026; up 22% from $2.63
Fourth-quarter net income $59.991 million Quarter ended September 30, 2026; down 9% from the prior quarter
Net interest income $182.353 million Quarter ended September 30, 2026
Net charge-offs $39.237 million Quarter ended September 30, 2026, versus $1.619 million in the prior quarter
Non-performing assets to total assets 0.32% As of September 30, 2026, versus 0.49% as of June 30, 2026
Multifamily loans under sale agreement $429 million Agreement to sell in the first quarter of fiscal 2027
Expected net gain on multifamily loan sale Approximately $7 million Expected when the sale is finalized
Net interest margin financial
"Net interest margin at 2.81% for the quarter"
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
"Allowance for credit losses (including the reserve for unfunded commitments)"
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.
Non-accrual loans financial
"Non-accrual loans decreased by $52 million"
A non-accrual loan is a loan a lender has decided is unlikely to produce the scheduled interest payments, so the lender stops counting future interest as income and may record the loan at a reduced value. Think of it like renting out a house where the tenant has stopped paying: you stop counting future rent as earnings because it’s uncertain you’ll get it. For investors, a rise in non-accrual loans signals worsening credit quality, lower reported income and higher potential losses that can weaken a bank’s capital and share price.
Core deposits financial
"Core deposits, defined as all transaction accounts and time deposits less than $250,000"
Core deposits are the stable, everyday customer balances a bank keeps—like checking and savings accounts and regular business deposits—that are unlikely to be withdrawn suddenly. Think of them as a household’s paycheck direct-deposits: predictable, low-cost funding the bank can rely on. For investors, a larger share of core deposits means steadier cash available, lower borrowing needs and interest expenses, and therefore more predictable earnings and lower risk.
Net charge-offs financial
"Net charge-offs were $39.2 million for the quarter"
Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.
Fiscal-year net income $255.865 million Up 13% from fiscal 2025
Fiscal-year diluted earnings per common share $3.21 Up 22% from $2.63
Fourth-quarter net income $59.991 million Down 9% from the prior quarter
Fourth-quarter diluted earnings per common share $0.76 Compared with $0.84 in the prior quarter
Net interest income $182.353 million Up 0.6% from the prior quarter
Net interest margin 2.81% Unchanged from the prior quarter

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did WAFD earn in fiscal 2026?
WAFD reported fiscal 2026 net income of $255.865 million and diluted earnings per common share of $3.21. Net income increased 13% from fiscal 2025, while diluted earnings per share rose 22% from $2.63.

What were WAFD's fourth-quarter 2026 results?
WAFD reported net income of $59.991 million for the quarter ended September 30, 2026, down 9% from the prior quarter. Diluted EPS was $0.76, compared with $0.84 in the June quarter, and net interest income was $182.353 million.

Why did WAFD's non-interest income rise in Q4 2026?
WAFD's non-interest income was $38.084 million for the quarter, compared with $24.178 million in the prior quarter. The increase was primarily driven by a $16.412 million gain on single-family loan sales, partly offset by the $3 million gain on a bank real estate sale recognized in the third quarter.

What dividend did WAFD pay in September 2026?
WAFD paid a cash dividend of $0.27 per share on September 4, 2026. The company described it as its 174th consecutive quarterly dividend paid.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000936528False00009365282026-10-152026-10-150000936528us-gaap:CommonStockMember2026-10-152026-10-150000936528us-gaap:SeriesAPreferredStockMember2026-10-152026-10-15

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

____________________________________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, $1.00 par value per shareWAFDNASDAQ Stock Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock WAFDPNASDAQ Stock Market



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition

On October 15, 2026, the Company announced by press release its earnings for the quarter and fiscal year ended September 30, 2026. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the September 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

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

99.1    Press release dated October 15, 2026
99.2    Fact Sheet as of September 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, 2023 10-K, and Quarterly Reports on Form 10-Q which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth; (iii) risks related to the integration of the operations of Luther Burbank Corporation; (iv) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (v) changes in deposit flows or loan demands; (vi) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (ix) litigation risks resulting in significant expenses, losses and reputational damage; (x) our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and identity theft; and (xi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; (xv) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between WaFd and EverBank, (xvi) the timing and completion of the transaction between WaFd and EverBank, including the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; (xvii) the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies; (xviii) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, and (xix) the outcome of any legal proceedings that may be instituted against WaFd or EverBank, including potential litigation that may be instituted against WaFd or its directors or officers related to the proposed transaction or the definitive merger agreement between WaFd and EverBank.


3

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
October 16, 2026WASHINGTON FEDERAL, INC.
By:/s/ KELLI J. HOLZ
Kelli J. Holz
Executive Vice President
and Chief Financial Officer

4
Exhibit 99.1
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Thursday, October 15, 2026
FOR IMMEDIATE RELEASE
WaFd Announces Fiscal 2026 Earnings and 22% Increase in EPS
Fiscal Year Highlights
$256 Million$3.210.94%10.68%
Net IncomeDiluted Earnings per Common ShareReturn on Average Assets
Return on Tangible Common Equity (1)
Fourth Quarter Highlights
$60 Million$0.760.87%9.85%
Net IncomeDiluted Earnings per Common ShareReturn on Average Assets
Return on Tangible Common Equity (1)
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We are pleased to report the results for our fiscal year end 2026, including increasing earnings per share by 22%, increasing our transaction deposit balances by 4.6%, and growing our active loan segments by 7.9% along with seeing significant improvements in asset quality measures. Specifically, both non-performing assets and delinquencies decreased by 37% since the June 30th quarter end. Asset quality measures improved primarily through the resolution of a large previously classified loan during the quarter resulting in a $36 million charge-off. Our balance sheet strength and resiliency were demonstrated this quarter, allowing us to handle the classified loan, while still delivering meaningful improvement in earnings to shareholders. In spite of the recent surge in interest rates to their highest level in the last twenty years, with the 10 year bond at levels above 5.20%, WaFd is well positioned to benefit from rising rates as our assets are expected to reprice more quickly than our liabilities resulting in expansion of our margin over the short term. "
Brent Beardall
President and CEO of WaFd Bank
Net Interest Income and NIM
■$182.4 million net interest income for the quarter compared to $181.3 million in Q3.
■Net interest margin at 2.81% for the quarter compared to 2.81% for Q3.
Credit Quality
■Non-performing assets down $57 million at 0.32% of total assets compared to 0.49% as of June 2026.
■Delinquencies down $56 million to 0.50% of total loans compared to 0.75% as of June 2026.
■Net Charge-offs of $39 million taken in Q4.

Non-Interest Income and Expense
■Non-interest income up $13.9 million compared to Q3 due to SFR loan sale.
■Non-interest expense up $11.2 million compared to Q3 due to strategic investments and merger related expenses.
■Efficiency ratio increased to 55.12% as a result.
Shareholder Returns and Stock Activity
■On September 4, 2026, the Company paid a cash dividend of $0.27 per share, 174th consecutive quarterly dividend paid.
■EverBank Merger announced on September 7, 2026
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 Q4 2026
1
WaFd Inc. Announces Annual and Fourth Quarter Results
The following table provides the Company's financial scorecard for the last five quarters:
As of
(In thousands, except share and ratio data)September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
BALANCE SHEET
Cash$749,696 $676,467 $669,799 $734,915 $657,310 
Loans receivable, net19,041,263 20,017,876 19,966,983 19,848,156 20,088,618 
Allowance for credit losses ("ACL")214,594 233,831 224,450 221,039 221,220 
Loans held for sale428,944 — — — — 
Available-for-sale securities, at fair value4,048,405 4,190,263 4,352,258 4,142,285 3,533,201 
Held-to-maturity securities, at amortized cost886,881 858,261 745,727 764,794 645,802 
Total investments4,935,286 5,048,524 5,097,985 4,907,079 4,179,003 
Total assets27,230,636 27,596,970 27,568,785 27,285,744 26,699,699 
Transaction deposits12,875,849 12,745,791 12,746,921 12,865,974 12,306,532 
Time deposits8,445,118 8,186,284 8,377,230 8,550,996 9,131,104 
Total deposits21,320,967 20,932,075 21,124,151 21,416,970 21,437,636 
Borrowings, senior debt and junior subordinated debentures2,545,972 3,315,697 3,114,548 2,488,411 1,817,249 
Total shareholders' equity3,000,469 3,022,569 2,981,283 3,029,407 3,039,575 
Loans to customer deposits2
89.31%95.63%94.52%92.67%93.71%
PROFITABILITY
Net income$59,991 $66,130 $65,548 $64,196 $60,597 
Net income to common shareholders56,335 62,474 61,892 60,540 56,941 
Earnings per common share0.76 0.84 0.82 0.79 0.72 
Return on tangible common equity1
9.85%11.04%10.82%10.57%9.99%
Return on tangible assets1
0.89%0.97%0.97%0.97%0.93%
Net interest margin2.81%2.81%2.81%2.70%2.71%
Efficiency ratio55.12%53.69%55.66%55.25%56.82%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share$36.48 $36.81 $36.30 $35.70 $35.04 
Tangible common shareholders' equity per share1
30.51 30.82 30.27 29.91 29.38 
Shareholders' equity to total assets11.02%10.95%10.81%11.10%11.38%
Tangible shareholders' equity to tangible assets1
9.55%9.50%9.35%9.64%9.89%
Common shares outstanding74,016,318 73,954,133 73,855,919 76,448,351 78,186,520 
Preferred shares outstanding300,000 300,000 300,000 300,000 300,000 
CREDIT QUALITY2
ACL to gross loans1.04%1.08%1.05%1.05%1.04%
Non-accrual loans to net loans0.40%0.64%0.62%0.96%0.64%
Delinquencies to net loans0.50%0.75%0.78%1.07%0.60%
Non-performing assets to total assets0.32%0.49%0.48%0.75%0.54%
Total criticized loans to net loans4.66%4.93%4.24%4.60%4.39%
Total adversely classified loans to net loans2.56%2.59%2.60%2.94%3.16%
(1)Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures.
(2)Metrics include only loans held for investment. Loans held for sale are not included.
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Quarterly Earnings Release Q4 2026
2
WaFd Inc. Announces Annual and Fourth Quarter Results
SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (the "Bank"), today announced quarterly earnings of $59,991,000, a decrease of 9% compared to the quarter ended June 30, 2026. After the effect of dividends on preferred stock, net income available for common shareholders was $0.76 per diluted share for the quarter ended September 30, 2026 compared to $0.84 the prior quarter.
Annual earnings were $255,865,000 for fiscal year ended September 30, 2026, an increase of 13% from earnings of $226,068,000 for the year ended September 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $3.21 per diluted share for the year ended September 30, 2026, compared to $2.63 per diluted share for the year ended September 30, 2025, a $0.58 or 22% increase in fully diluted earnings per common share.
Balance Sheet Total assets increased to $27.2 billion as of September 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 $0.8 billion, or 18.1% in the year ended September 30, 2026, a result of the $1.4 billion in purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 5%. Net loans decreased $1.0 billion to $19.0 billion as a result of loan sale related activity. The Company sold $543 million of single-family residential loans during the September quarter and has entered into an agreement to sell $429 million of multifamily loans in the first quarter of fiscal 2027. These multifamily loans have been reclassified as Held for Sale as of September 30, 2026. We expect to realize a net gain of approximately $7 million when the sale is finalized.
Customer deposits totaled $21.3 billion as of September 30, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest bearing deposits, was 2.49% as of September 30, 2026, compared to 2.60% at September 30, 2025. Transaction accounts increased by $569 million or 4.6% during the period, while time deposits decreased $686 million or 7.5%. As of September 30, 2026, 60.4% of the Company’s deposits were transaction accounts, a slight increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 81.8% of deposits at September 30, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.7% of total deposits as of September 30, 2026, a small increase from 24.7% as of September 30, 2025.
Borrowings totaled $2.5 billion as of September 30, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.0% as of September 30, 2026, compared to 2.5% at September 30, 2025.
Loan originations for active loan types totaled $5.5 billion for fiscal year 2026, compared to $4.0 billion of originations in fiscal year 2025. Offsetting loan originations in each year were loan repayments of $3.9 billion and $5.1 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 $1.1 billion during fiscal 2026. Commercial loans represented 95% of all loan originations during fiscal 2026 and consumer loans accounted for the remaining 5%. The period end interest yield on the loan portfolio was 5.44% as of September 30, 2026, an increase from 5.38% as of September 30, 2025.
Tangible common equity per share is a key metric for our management team. For the year ended September 30, 2026, tangible common equity per share grew from $29.38 as of September 30, 2025 to $30.51 at September 30, 2026. This metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. During the year, the Company repurchased 4,703,844 shares of common stock at a weighted average price of $31.00. Our share repurchase plan currently has an authorization of 7,992,669 shares.
Credit Quality Considering the shifting economic and monetary environment, further impacted by on-going global developments, credit quality continues to be monitored closely. Asset quality metrics improved as of September 30, 2026, primarily a result of a $53 million loan relationship being resolved during the quarter resulting in a $36 million charge-off. Non-performing assets decreased to $86 million, or 0.32% of total assets, from $136 million, or 0.49%, at June 30, 2026 and from $143 million, or 0.54%, at September 30, 2025. Non-accrual loans decreased by $52 million, or 40%, compared to June 30 2026 and by $53 million, or 40.95%, since September 30, 2025. Delinquent loans decreased to 0.50% of total loans at September 30, 2026, compared to 0.75% at June 30, 2026 and 0.60% at September 30, 2025.
The allowance for credit losses (including the reserve for unfunded commitments) totaled $215 million as of September 30, 2026, and was 1.04% of gross loans outstanding, as compared to 1.08% and 1.04% of gross loans outstanding as of June 30, 2026 and September 30, 2025, respectively. The decrease compared to the prior quarter was the result of improved outlook on credit quality combined with a reduction in adversely classified loans. Net charge-offs were $39.2 million for the quarter ended September 30, 2026 compared to $1.6 million the prior quarter. Net charge-offs were $45.1 million for fiscal year 2026, compared to $11.8 million for fiscal 2025.
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Quarterly Earnings Release Q4 2026
3
WaFd Inc. Announces Annual and Fourth Quarter Results
Profitability Net interest income was $182.4 million for the fourth fiscal quarter of 2026, a small increase of $1 million or 0.6% from the prior quarter. This minor change was the result of a flat net interest margin. Net interest margin was 2.81% in the fourth fiscal quarter 2026, the same as the quarter ended June 30, 2026.
Total non-interest income was $38.1 million for the fourth fiscal quarter of 2026 compared to $24.2 million the prior quarter. The increase was primarily driven by a $16.4 million gain on the sale of single family loans during the quarter. This gain was partially offset by the quarter-over-quarter reduction in non-interest income attributable to the $3 million gain on the sale of bank real estate recognized in the third quarter.
Total non-interest expense was $121.5 million for the fourth fiscal quarter of 2026, an increase of $11.2 million, or 10.1%, from the prior quarter. This was the result of continued investments in our people and technologies combined with $6 million in merger related costs incurred during the fourth quarter. The Company’s efficiency ratio increased in the fourth fiscal quarter of 2026 to 55.12%, compared to 53.69% in the prior quarter as a result of the increase in expenses related to the merger.
The Company recorded a $20.0 million provision for credit losses for the quarter ended September 30, 2026 compared to a provision of $11.0 million the prior quarter. The provision for loan losses for the fourth fiscal quarter of 2026 was the result of growth in the active loan portfolio and increased charge-offs during the quarter.
Income tax expense totaled $17.1 million for the fourth fiscal quarter of 2026, as compared to $18.2 million for the prior quarter. The effective tax rate for the quarter ended September 30, 2026 was 22.17% compared to 21.60% for the quarter ended June 30, 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 7:00am PDT on Friday October 16, 2026. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link ( https://register-conf.media-server.com/register/BI55bf810431ac4687be8738dd899c7d6d). The Company uses its website to distribute financial and other material information about the Company.
# # #
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Quarterly Earnings Release Q4 2026
4
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
September 30, 2026September 30, 2025
(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents$749,696 $657,310 
Available-for-sale securities, at fair value4,048,405 3,533,201 
Held-to-maturity securities, at amortized cost886,881 645,802 
Loans receivable, net of allowance for loan losses of $199,594 and $199,72019,041,263 20,088,618 
Loans held for sale428,944 — 
Interest receivable101,923 98,589 
Premises and equipment, net291,695 261,271 
Real estate owned10,202 11,084 
FHLB stock122,568 88,068 
Bank owned life insurance383,934 275,159 
Intangible assets, including goodwill of $418,447 and $414,722441,958 442,093 
Federal and state income tax assets, net127,425 112,784 
Other assets595,742 485,720 
$27,230,636 $26,699,699 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits$12,875,849 $12,306,532 
Time deposits8,445,118 9,131,104 
Total customer deposits21,320,967 21,437,636 
Borrowings2,493,400 1,765,604 
Junior subordinated debentures52,572 51,645 
Advance payments by borrowers for taxes and insurance61,099 59,845 
Accrued expenses and other liabilities302,129 345,394 
24,230,167 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; 154,928,571 and 154,408,001 shares issued; 74,016,318 and 78,186,520 shares outstanding154,929 154,408 
Additional paid-in capital2,179,512 2,163,276 
Accumulated other comprehensive income (loss), net of taxes(14,781)56,950 
Treasury stock, at cost; 80,912,253 and 76,221,481 shares(1,886,265)(1,740,761)
Retained earnings2,267,074 2,105,702 
3,000,469 3,039,575 
$27,230,636 $26,699,699 
Yield and margin as of period end
Loans receivable1
5.44%5.38%
Mortgage-backed securities4.52 4.44 
Combined cash, investments and FHLB stock4.23 4.96 
Interest-earning assets5.21 5.23 
Interest-bearing customer accounts2.85 2.95 
Borrowings1
2.97 2.50 
Interest-bearing liabilities2.87 2.91 
Net interest spread2.34 2.32 
Net interest margin2.81 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 Q4 2026
5
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three months ended September 30,Twelve months ended September 30,
2026202520262025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$270,935 $271,787 $1,064,533 $1,119,937 
Mortgage-backed securities47,463 32,953 177,275 103,071 
Investment securities and cash equivalents18,095 21,794 74,040 116,441 
336,493 326,534 1,315,848 1,339,449 
INTEREST EXPENSE
Customer accounts129,921 143,874 515,213 604,707 
Borrowings, and junior subordinated debentures24,219 12,754 88,263 80,507 
154,140 156,628 603,476 685,214 
Net interest income182,353 169,906 712,372 654,235 
Provision (release) for credit losses20,000 3,000 38,500 7,750 
Net interest income after provision (release)162,353 166,906 673,872 646,485 
NON-INTEREST INCOME
Gain on sale of investment securities— — 112 20 
Gain on termination of hedging derivatives(19)32 419 158 
Gain on sale of loans16,412 — 16,412 0
Loan fee income2,731 2,081 8,482 6,888 
Deposit fee income8,253 7,959 31,927 29,650 
Other income10,707 8,319 44,978 34,531 
Total non-interest income38,084 18,391 102,330 71,247 
NON-INTEREST EXPENSE
Compensation and benefits59,985 56,028 228,694 222,146 
Occupancy13,064 10,895 47,787 44,937 
FDIC insurance premiums6,360 4,400 22,352 20,200 
Product delivery6,370 6,558 27,121 25,871 
Information technology17,441 16,406 63,901 60,101 
Other expense18,275 12,706 57,552 54,208 
Total non-interest expense121,495 106,993 447,407 427,463 
Gain (loss) on real estate owned, net(1,863)(681)(1,260)(627)
Income before income taxes77,079 77,623 327,535 289,642 
Income tax provision17,088 17,026 71,670 63,574 
Net income59,991 60,597 255,865 226,068 
Dividends on preferred stock3,656 3,656 14,625 14,625 
Net income available to common shareholders$56,335 $56,941 $241,240 $211,443 
PER SHARE DATA
Basic earnings per common share$0.76 $0.73 $3.21 $2.64 
Diluted earnings per common share0.76 0.72 3.21 2.63 
Cash dividends per common share0.27 0.27 1.08 1.07 
Basic weighted average shares outstanding74,001,170 78,509,472 75,091,220 80,184,395 
Diluted weighted average shares outstanding74,157,143 78,573,457 75,198,789 80,255,189 
PERFORMANCE RATIOS
Return on average assets0.87%0.91%0.94%0.84%
Return on average common equity8.25%8.36%8.85%7.75%
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Quarterly Earnings Release Q4 2026
6
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$270,935 $267,243 $262,148 $264,207 $271,787 
Mortgage-backed securities47,463 46,569 44,341 38,902 32,953 
Investment securities and cash equivalents18,095 18,313 18,245 19,387 21,794 
336,493 332,125 324,734 322,496 326,534 
INTEREST EXPENSE
Customer accounts129,921 123,079 125,999 136,214 143,874 
Borrowings and junior subordinated debentures24,219 27,708 21,165 15,171 12,754 
154,140 150,787 147,164 151,385 156,628 
Net interest income182,353 181,338 177,570 171,111 169,906 
Provision for credit losses20,000 11,000 4,000 3,500 3,000 
Net interest income after provision162,353 170,338 173,570 167,611 166,906 
NON-INTEREST INCOME
Gain on sale of investment securities— 112 — — — 
Gain on termination of hedging derivatives(19)(12)426 24 32 
Gain on sale of loans16,412 — — — — 
Loan fee income2,731 2,181 2,216 1,354 2,081 
Deposit fee income8,253 8,142 7,674 7,858 7,959 
Other income10,707 13,755 9,497 11,019 8,319 
Total non-interest income38,084 24,178 19,813 20,255 18,391 
NON-INTEREST EXPENSE
Compensation and benefits59,985 57,399 57,120 54,190 56,028 
Occupancy13,064 11,842 11,711 11,170 10,895 
FDIC insurance premiums6,360 5,542 5,050 5,400 4,400 
Product delivery6,370 7,067 7,110 6,574 6,558 
Information technology17,441 16,157 15,919 14,384 16,406 
Other expense18,275 12,327 12,947 14,003 12,706 
Total non-interest expense121,495 110,334 109,857 105,721 106,993 
Gain (loss) on real estate owned, net(1,863)167 280 156 (681)
Income before income taxes77,079 84,349 83,806 82,301 77,623 
Income tax provision17,088 18,219 18,258 18,105 17,026 
Net income59,991 66,130 65,548 64,196 60,597 
Dividends on preferred stock3,656 3,656 3,656 3,656 3,656 
Net income available to common shareholders$56,335 $62,474 $61,892 $60,540 $56,941 



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Quarterly Earnings Release Q4 2026
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share$0.76 $0.85 $0.82 $0.79 $0.73 
Diluted earnings per common share0.76 0.84 0.82 0.79 0.72 
Cash dividends per common share0.27 0.27 0.27 0.27 0.27 
Basic weighted average shares outstanding74,001,170 73,901,725 75,487,399 76,969,729 78,509,472 
Diluted weighted average shares outstanding74,157,143 74,046,838 75,574,228 77,015,554 78,573,457 
PERFORMANCE RATIOS
Return on average assets0.87%0.96%0.96%0.96%0.91%
Return on average common equity8.25 9.23 9.05 8.86 8.36 
Net interest margin2.81 2.81 2.81 2.70 2.71 
Efficiency ratio55.12 53.69 55.66 55.25 56.82 
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Quarterly Earnings Release Q4 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 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 MeasuresSeptember 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP$3,000,469 $3,022,569 $2,981,283 $3,029,407 $3,039,575 
Less intangible assets - GAAP441,958 443,670 445,511 443,085 442,093 
Tangible shareholders' equity$2,558,511 $2,578,899 $2,535,772 $2,586,322 $2,597,482 
Less preferred stock - GAAP300,000 300,000 300,000 300,000 300,000 
Tangible common shareholders' equity$2,258,511 $2,278,899 $2,235,772 $2,286,322 $2,297,482 
Total assets - GAAP$27,230,636 $27,596,970 $27,568,785 $27,285,744 $26,699,699 
Less intangible assets - GAAP441,958 443,670 445,511 443,085 442,093 
Tangible assets$26,788,678 $27,153,300 $27,123,274 $26,842,659 $26,257,606 
Tangible Metrics
Common shares outstanding - GAAP74,016,318 73,954,133 73,855,919 76,448,351 78,186,520 
Tangible common equity per share$30.51 $30.82 $30.27 $29.91 $29.38 
Tangible equity to tangible assets 9.55 %9.50 %9.35 %9.64 %9.89 %
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Quarterly Earnings Release Q4 2026
9
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended
Average Tangible MeasuresSeptember 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP$3,030,562 $3,008,370 $3,034,123 $3,033,933 $3,023,098 
Less average preferred stock
 - GAAP		300,000 300,000 300,000 300,000 300,000 
Less average intangible assets - GAAP442,951 444,665 445,155 442,226 443,382 
Average tangible common equity$2,287,611 $2,263,705 $2,288,968 $2,291,707 $2,279,716 
Average Assets - GAAP$27,555,960 $27,612,152 $27,350,614 $26,852,389 $26,540,782 
Less average intangible assets - GAAP442,951 444,665 445,155 442,226 443,382 
Average tangible assets$27,113,009 $27,167,487 $26,905,459 $26,410,163 $26,097,400 
Average Tangible Metrics
Net income - GAAP59,991 66,130 65,548 64,196 60,597 
Net income available to common shareholders - GAAP56,335 62,474 61,892 60,540 56,941 
Return on tangible common equity9.85 %11.04 %10.82 %10.57 %9.99 %
Return on tangible assets0.89 %0.97 %0.97 %0.97 %0.93 %

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Quarterly Earnings Release Q4 2026
10
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(Unaudited - In thousands, except for share and ratio data)
Non-interest income adjustments
(Gain)Loss on sale of branch property$22 $(3,205)$27 $(3,214)$467 
Distribution received on LBC equity method investment(210)(225)(225)(237)(251)
(Gain)Loss on WaFd Bank equity method investment422 (48)1,072 408 (815)
Total non-interest income adjustments$234 $(3,478)$874 $(3,043)$(599)
Non-interest expense adjustments
Merger-related expenses$6,168 $— $— $— $— 
Total non-interest expense adjustments$6,168 $— $— $— $— 
Net Income - GAAP$59,991 $66,130 $65,548 $64,196 $60,597 
Non-interest income adjustments234 (3,478)874 (3,043)(599)
Non-interest expense adjustments6,168 — — — — 
REO adjustments1,863 (167)(280)(156)681 
Income tax adjustment(1,832)787 (129)704 (18)
Net Income - non-GAAP$66,424 $63,272 $66,013 $61,701 $60,661 
Dividend on preferred stock3,656 3,656 3,656 3,656 3,656 
Net Income available to common shareholders - non-GAAP$62,768 $59,616 $62,357 $58,045 $57,005 
Basic weighted average number of shares outstanding - GAAP74,001,170 73,901,725 75,487,399 76,969,729 78,509,472 
Diluted weighted average number of shares outstanding - GAAP74,157,143 74,046,838 75,574,228 77,015,554 78,573,457 
Basic EPS - non-GAAP$0.85 $0.81 $0.83 $0.75 $0.73 
Diluted EPS - non-GAAP0.85 0.81 0.83 0.75 0.73 
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Quarterly Earnings Release Q4 2026
11
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted Efficiency RatioSeptember 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP55.1 %53.7 %55.7 %55.3 %56.8 %
Net interest income - GAAP$182,353 $181,338 $177,570 $171,111 $169,906 
Total interest income adjustments— — — — — 
Net interest income - non-GAAP$182,353 $181,338 $177,570 $171,111 $169,906 
Non-interest expense - GAAP$121,495 $110,334 $109,857 $105,721 $106,993 
Less merger related expenses6,168 — — — — 
Non-interest Expenses -
non-GAAP		$115,327 $110,334 $109,857 $105,721 $106,993 
Non-interest income - GAAP$38,084 $24,178 $19,813 $20,255 $18,391 
Total other income adjustments234 (3,478)874 (3,043)(599)
Non-interest income -
non-GAAP		$38,318 $20,700 $20,687 $17,212 $17,792 
Net Interest Income -
non-GAAP		$182,353 $181,338 $177,570 $171,111 $169,906 
Non-interest income -
non-GAAP		38,318 20,700 20,687 17,212 17,792 
Total Income - non-GAAP$220,671 $202,038 $198,257 $188,323 $187,698 
Adjusted Efficiency Ratio52.3 %54.6 %55.4 %56.1 %57.0 %
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Quarterly Earnings Release Q4 2026
12
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted ROA and ROESeptember 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP$59,991 $66,130 $65,548 $64,196 $60,597 
Net income available to common shareholders - GAAP$56,335 $62,474 $61,892 $60,540 $56,941 
Average Assets27,555,960 27,612,152 27,350,614 26,852,389 26,540,782 
Return on Assets0.87 %0.96 %0.96 %0.96 %0.91 %
Average Common Equity$2,730,562 $2,708,370 $2,734,123 $2,733,933 $2,723,098 
Return on common equity8.25 %9.23 %9.05 %8.86 %8.36 %
Adjusted:
Net Income - non-GAAP$66,424 $63,272 $66,013 $61,701 $60,661 
Net income available to common shareholders - non-GAAP$62,768 $59,616 $62,357 $58,045 $57,005 
Average Assets27,555,960 27,612,152 27,350,614 26,852,389 26,540,782 
Adjusted Return on Assets0.96 %0.92 %0.97 %0.92 %0.91 %
Average Common Equity2,730,562 2,708,370 2,734,123 2,733,933 2,723,098 
Adjusted Return on common equity9.19 %8.80 %9.12 %8.49 %8.37 %
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Quarterly Earnings Release Q4 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; (xv) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between WaFd and EverBank, (xvi) the timing and completion of the transaction between WaFd and EverBank, including the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; (xvii) the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies; (xviii) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, and (xix) the outcome of any legal proceedings that may be instituted against WaFd or EverBank, including potential litigation that may be instituted against WaFd or its directors or officers related to the proposed transaction or the definitive merger agreement between WaFd and EverBank.

# # #

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 Q4 2026
14
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results
WaFd, Inc.
Fact Sheet
September 30, 2026
($ in Thousands)
As of 03/26As of 06/26As of 09/26
Allowance for Credit Losses (ACL) - Total$224,450 $233,831 $214,594 
ACL - Loans201,950 214,831 199,594 
ACL - Unfunded Commitments22,500 19,000 15,000 
Total ACL as a % of Gross Loans1.05%1.08%1.04%
Active Loan Types03/26 QTR03/26 YTD06/26 QTR06/26 YTD09/26 QTR09/26 YTD
Originations & Advances
Multi-Family$114,375 $246,180 $126,087 $372,267 $92,724 $464,991 
Commercial Real Estate229,982 353,421 144,484 497,905 269,283 767,188 
Commercial & Industrial564,961 1,067,095 740,817 1,807,912 596,685 2,404,597 
Construction533,444 809,813 406,686 1,216,499 320,555 1,537,053 
Land - Acquisition & Development37,748 56,398 38,505 94,903 44,786 139,689 
Consumer41,550 82,295 43,280 125,575 36,151 161,726 
$1,522,060 $2,615,202 $1,499,859 $4,115,061 $1,360,184 $5,475,244 
Repayments & Payoffs
Multi-Family$144,320 $314,210 $201,518 $515,728 $241,112 $756,840 
Commercial Real Estate132,833 324,429 209,236 533,665 128,180 661,845 
Commercial & Industrial297,043 668,831 423,451 1,092,282 438,761 1,531,043 
Construction230,260 450,322 144,673 594,995 141,670 736,665 
Land - Acquisition & Development18,473 38,454 16,281 54,735 9,963 64,698 
Consumer36,475 85,565 40,813 126,378 46,438 172,816 
$859,404 $1,881,811 $1,035,972 $2,917,783 $1,006,124 $3,923,907 
Inactive Loan Types
Originations & Advances
Single-Family Residential30 30 4 34 — 34 
Construction - Custom— — — — — — 
Land - Consumer Lot Loans— — — — — — 
HELOC20,566 45,973 22,610 68,583 23,698 92,281 
$20,596 $46,003 $22,614 $68,617 $23,698 $92,315 
Repayments & Payoffs
Single-Family Residential232,157 502,294 256,011 758,305 210,899 969,204 
Construction - Custom8,628 21,427 7,859 29,286 8,112 37,398 
Land - Consumer Lot Loans5,702 11,956 4,821 16,777 3,846 20,623 
HELOC29,496 61,534 30,202 91,736 26,218 117,954 
$275,983 $597,211 $298,893 $896,104 $249,075 $1,145,179 
Purchased Loans$0$9,926$0$9,926$0$9,926
Weighted Average Rate on Originations6.22 %6.31 %6.58 %
Weighted Average Rate on Payoffs6.12 %6.06 %5.96 %
Net Loan Fee Accretion$4,104 $7,371 $4,584 $11,955 $5,265 $17,220 
Net Discount Accretion on Acquired Loans$5,764 $11,865 $7,166 $19,031 $6,327 $25,358 
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WaFd Fact Sheet Q4 2026
1
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results
WaFd, Inc.
Fact Sheet
September 30, 2026
($ in Thousands)
As of 03/26As of 06/26As of 09/26
Loans Receivable by Category1
 Amount % Amount % Amount %
Multi-Family$4,750,092 22.2%$4,721,719 21.8 %$4,147,922 20.1%
Commercial Real Estate3,670,285 17.2 3,642,259 16.8 3,791,832 18.3 
Commercial & Industrial2,798,568 13.1 3,110,005 14.4 3,176,017 15.4 
Construction1,955,180 9.1 2,144,343 9.9 2,295,087 11.1 
Land - Acquisition & Development197,044 0.9 219,267 1.0 254,090 1.2 
Consumer54,649 0.3 54,245 0.3 47,832 0.2 
Total Active13,425,818 62.6 13,891,838 64.2 13,712,780 66.3 
Single-Family Residential7,618,273 35.5 7,389,117 34.2 6,638,326 32.1 
Construction - Custom69,520 0.3 35,260 0.2 24,764 0.1 
Land - Consumer Lot Loans77,275 0.4 72,451 0.3 68,607 0.3 
HELOC252,319 1.3 244,726 1.1 242,206 1.2 
Total Inactive8,017,387 37.4 7,741,554 35.8 6,973,903 33.7 
21,443,205 100%21,633,392 100%20,686,683 100%
Less:
Loans in Process1,063,129 1,186,436 1,217,726 
Net Deferred Fees, Costs and Discounts211,143 214,249 228,100 
Loans at Amortized Cost20,168,933 20,232,707 19,240,857 
Less:
Allowance for Credit Losses (ACL) - Loans201,950 214,831 199,594 
Net Loans $19,966,983 $20,017,876 $19,041,263 
Net Loan Portfolio by Category1
 Amount % Amount % Amount %
Multi-Family$4,646,676 23.4%$4,620,256 23.1%$4,076,365 21.4%
Commercial Real Estate3,611,179 18.1 3,585,271 17.9 3,735,976 19.6 
Commercial & Industrial2,722,472 13.6 3,016,298 15.1 3,090,148 16.2 
Construction940,245 4.7 997,813 5.0 1,100,512 5.8 
Land - Acquisition & Development160,874 0.8 176,772 0.9 216,080 1.1 
Consumer51,876 0.3 51,422 0.3 45,373 0.2 
Total Active12,133,322 60.8 12,447,832 62.2 12,264,454 64.4 
Single-Family Residential7,467,652 37.4 7,238,660 36.2 6,455,588 33.9 
Construction - Custom38,565 0.2 16,289 0.1 12,494 0.1 
Land - Consumer Lot Loans74,942 0.3 70,275 0.3 66,545 0.3 
HELOC252,502 1.3 244,820 1.2 242,182 1.3 
Total Inactive7,833,661 39.2 7,570,044 37.8 6,776,809 35.6 
$19,966,983 100%$20,017,876 100%$19,041,263 100%
Loan Contractual Term to Maturity or Repricing1,2
AmountRateAmountRateAmountRate
Within 3 months$7,186,683 6.57%$7,963,909 6.52%$8,260,305 6.44%
From 4 to 6 months697,759 5.07 470,224 3.80 517,535 5.32 
From 7 to 9 months479,410 4.01 512,905 4.48 390,954 4.50 
From 10 to 12 months500,864 4.51 693,753 4.31 434,287 4.90 
1 to 3 years2,290,380 4.60 1,739,306 4.83 1,574,131 4.93 
3 to 5 years1,735,993 5.21 1,810,329 5.26 1,777,885 5.33 
More than 5 years7,277,844 4.18 7,042,281 4.20 6,285,759 4.20 
Total$20,168,933 5.20 %$20,232,707 5.27 %$19,240,856 5.38 %
1Disclosures are specific to loans held for investment and exclude loans held for sale
2Includes the effect of derivatives.
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WaFd Fact Sheet Q4 2026
2
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results
WaFd, Inc.
Fact Sheet
September 30, 2026
($ in Thousands)
As of 03/26As of 06/26As of 09/26
Loans by State1
Amount%Amount%Amount%
Washington$5,514,736 27.3%$5,538,787 27.4%$5,381,173 28.0%
Idaho897,510 4.4 940,568 4.6 962,964 5.0 
Oregon2,310,279 11.5 2,316,967 11.5 2,330,260 12.1 
Utah1,810,775 9.0 1,858,178 9.2 1,857,247 9.7 
Nevada794,031 3.9 800,934 4.0 785,594 4.1 
Texas2,472,011 12.3 2,396,012 11.8 2,394,003 12.4 
Arizona2,266,443 11.2 2,150,510 10.6 2,110,259 11.0 
New Mexico804,986 4.0 803,561 4.0 796,582 4.1 
California2,753,103 13.7 2,762,531 13.7 1,962,551 10.2 
Other545,059 2.7 664,659 3.3 660,223 3.4 
Total$20,168,933 100%$20,232,707 100%$19,240,856 100%
Non-Performing Assets1
Amount %Amount %Amount %
Non-accrual loans:
Multi-Family$34,385 27.7%$34,249 26.9%$38,095 50.3%
Commercial Real Estate4,682 3.8 3,114 2.4 3,053 4.0 
Commercial & Industrial54,728 44.2 65,741 51.5 11,509 15.2 
Construction— — — — — — 
Land - Acquisition & Development— — — — — — 
Single-Family Residential28,188 22.8 22,445 17.6 21,720 28.6 
Construction - Custom760 0.6 892 0.7 — — 
Land - Consumer Lot Loans325 0.3 239 0.2 239 0.3 
HELOC593 0.5 627 0.5 1,154 1.5 
Consumer198 0.2 262 0.2 186 0.2 
Total non-accrual loans123,859 100%127,569 100%75,956 100%
Real Estate Owned8,125 8,179 10,202 
Other Property Owned— — — 
Total non-performing assets$131,984 $135,748 $86,158 
Non-accrual loans as % of total net loans0.62 %0.64 %0.40 %
Non-performing assets as % of total assets0.48 %0.49 %0.32 %
Net Charge-offs (Recoveries) by Category3/26 QTR
CO % (a)
6/26 QTR
CO % (a)
9/26 QTR
CO % (a)
Multi-Family$81 0.01%$— —%$722 0.07%
Commercial Real Estate(7)— 272 0.03 (8)— 
Commercial & Industrial124 0.02 600 0.08 36,478 4.59 
Construction— — — — — — 
Land - Acquisition & Development(7)(0.01)(6)(0.01)(5)(0.01)
Single-Family Residential25 — (11)— 8 — 
Construction - Custom(2)(0.01)(2)(0.02)(2)(0.03)
Land - Consumer Lot Loans— — — — — — 
HELOC(1)— (1)— (1)— 
Consumer376 2.75 767 5.66 2,045 17.10 
Total net charge-offs (recoveries)$589 0.01%$1,619 0.03%$39,237 0.76%
(a)Annualized Net Charge-offs (recoveries) divided by Gross Balance
1 Loan disclosures are specific to loans held for investment and exclude loans held for sale
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WaFd Fact Sheet Q4 2026
3
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results

WaFd, Inc.
Fact Sheet
September 30, 2026
($ in Thousands)
03/26 QTR03/26 YTD06/26 QTR06/26 YTD09/26 QTR09/26 YTD
Efficiency
Operating Expenses/Average Assets1.61%1.59%1.60%1.59%1.76%1.64%
Efficiency Ratio (%)55.66%55.45%53.69%54.84%55.12%54.92%
Amortization of Intangibles$1,974 $4,032 $1,841 $5,873 $1,712 $7,585 
EOP Numbers
Shares Issued and Outstanding73,855,919 73,954,133 74,016,318 
Share repurchase information
Remaining shares authorized for repurchase7,992,669 7,992,669 7,992,669 
Shares repurchased2,738,096 4,688,109 8,806 4,696,915 6,929 4,703,844 
Average share repurchase price$31.85 $30.98 $36.20 $30.99 $37.60 $31.00 

Tangible Common Shareholders' Book ValueAs of 03/26As of 06/26As of 09/26
$ Amount$2,235,772 $2,278,899 $2,258,511 
Per Share30.27 30.82 30.51 
# of Employees2,070 2,055 2,014 
Investments
Available-for-sale:
Agency MBS$3,478,537 $3,377,403 $3,267,135 
Other873,721 812,860 781,270 
$4,352,258 $4,190,263 $4,048,405 
Held-to-maturity:
Agency MBS$745,727 $858,261 $886,881 
$745,727 $858,261 $886,881 
03/26 QTR03/26 YTD06/26 QTR06/26 YTD09/26 QTR09/26 YTD
MBS Repayments$107,198 $224,480 $124,611 $349,091 $106,433 $455,524 
MBS Net Premium Amortization$4,076 $7,352 $4,569 $11,921 $4,329 $16,250 
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WaFd Fact Sheet Q4 2026
4
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results
WaFd, Inc.
Fact Sheet
September 30, 2026
($ in Thousands)
As of 03/26As of 06/26As of 09/26
Deposits & Branches by StateAmount%#Amount%#Amount%#
Washington$8,504,298 40.3%73 $8,511,128 40.7%74 $8,831,835 41.4%74 
Idaho926,134 4.4 21 920,533 4.4 21 936,242 4.4 21 
Oregon2,827,773 13.4 36 2,723,445 13.0 36 2,658,696 12.5 36 
Utah558,689 2.6 9 544,563 2.6 9 537,020 2.5 9 
Nevada544,906 2.6 8 560,858 2.7 8 592,660 2.8 8 
Texas961,614 4.5 5 941,031 4.4 6 941,718 4.4 6 
Arizona1,671,233 7.9 28 1,647,667 7.9 28 1,647,285 7.7 28 
New Mexico1,799,259 8.5 18 1,844,266 8.8 18 2,007,166 9.4 18 
California3,330,245 15.8 10 3,238,584 15.5 10 3,168,345 14.9 10 
Total$21,124,151 100%208 $20,932,075 100%210 $21,320,967 100%210 
Deposits by TypeAmount%Amount%Amount%
Non-Interest Checking$2,577,976 12.2%$2,646,615 12.6%$2,685,732 12.5%
Interest Checking5,151,103 24.4 4,991,715 23.9 5,022,143 23.6 
Savings726,630 3.5 712,829 3.4 740,799 3.5 
Money Market4,291,212 20.3 4,394,632 21.0 4,427,175 20.8 
Time Deposits8,377,230 39.6 8,186,284 39.1 8,445,118 39.6 
Total$21,124,151 100%$20,932,075 100%$21,320,967 100%
Deposits Uninsured &
Non-collateralized - EOP		$5,333,317 25.2%$5,326,972 25.4%$5,483,559 25.7%
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$4,207,471 3.68%$2,240,734 3.44%$3,182,588 3.52%
From 4 to 6 months2,025,605 3.41%3,133,271 3.52%2,474,530 3.70%
From 7 to 9 months1,224,586 3.42%1,289,517 3.61%1,199,081 3.56%
From 10 to 12 months536,210 3.19%885,477 3.38%1,231,201 3.85%
1 to 3 years373,016 2.95%627,076 3.49%348,568 3.38%
3 to 5 years10,342 0.32%10,209 0.31%9,150 0.31%
Borrowings (Effective Maturity)1
AmountRateAmountRateAmountRate
Within 3 months$1,425,000 3.85%$1,645,000 3.86%$1,125,000 4.01%
From 4 to 6 months118,879 4.52%249,798 4.15%— —%
From 7 to 9 months150,000 3.81%— —%— —%
From 10 to 12 months— —%— —%— —%
1 to 3 years225,000 3.51%225,000 3.58%225,000 3.67%
3 to 5 years993,562 1.09%993,561 1.17%993,400 1.30%
More than 5 years202,107 4.48%202,338 4.52%202,572 4.53%
1Includes junior subordinated debentures
03/26 QTR03/26 YTD06/26 QTR06/26 YTD09/26 QTR09/26 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings$(1,137)$(2,299)$(1,149)$(3,448)$(422)$(3,870)
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WaFd Fact Sheet Q4 2026
5
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results
WaFd, Inc.
Fact Sheet
September 30, 2026
($ in Thousands)

Interest Rate Risk(b)
As of 03/26As of 06/26As of 09/26
NPV post up 100 bps shock10.6%11.0%10.7%
NPV post down 100 bps shock12.6%12.8%12.4%
Change in NII after up 100 bps shock(0.1%)0.9%4.0%
Change in NII after down 100 bps shock6.2%5.4%1.9%
(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)
Average for Quarter Ended:WAFD
SFR Mortgages		WAFD
GSE MBS
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%
9/30/20267.6 %9.7 %
(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:
September 30, 2026FixedVariable3 Months6 Months12 Months24 Months
Assets
Cash$749,696 — %100 %$749,696 100 %$749,696 100 %$749,696 100 %$749,696 100 %
Investments4,935,286 51 %49 %1,935,311 39 %2,007,732 41 %2,023,048 41 %2,029,555 41 %
Loans19,240,856 50 %50 %8,371,946 44 %8,952,728 47 %9,771,498 51 %10,264,074 53 %
$24,925,838 $11,056,953 44 %$11,710,156 47 %$12,544,242 50 %$13,043,325 52 %
Liabilities
Deposits$21,320,967 40 %60 %$16,058,437 75 %$18,532,967 87 %$20,963,249 98 %$20,963,249 98 %
Borrowings2,545,972 98 %2 %1,177,572 46 %1,177,572 46 %1,177,572 46 %1,402,572 55 %
$23,866,939 $17,236,009 72 %$19,710,539 83 %$22,140,821 93 %$22,365,821 94 %
1Includes the effect of derivatives.
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WaFd Fact Sheet Q4 2026
6
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results
WaFd, Inc.
Fact Sheet
September 30, 2026
Average Balance Sheet
($ in Thousands)
Quarter Ended
March 31, 2026June 30, 2026September 30, 2026
Average BalanceInterestAverage RateAverage BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets
Loans receivable$19,916,014 $262,148 5.34%$20,067,639 $267,243 5.34%$20,022,304 $270,935 5.37%
Mortgage-backed securities4,163,644 44,341 4.32 4,261,449 46,569 4.38 4,204,517 47,463 4.48 
Cash & investments1,410,981 15,711 4.52 1,379,508 15,147 4.40 1,329,914 13,953 4.16 
FHLB Stock135,738 2,534 7.57 163,777 3,166 7.75 146,142 4,142 11.24 
Total interest-earning assets25,626,377 324,734 5.14%25,872,373 332,125 5.15%25,702,877 336,493 5.19%
Other assets1,724,237 1,739,779 1,853,083 
Total assets$27,350,614 $27,612,152 $27,555,960 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$18,515,826 125,999 2.76%$18,218,857 123,079 2.71%$18,408,770 129,921 2.80%
Borrowings2,877,764 21,165 2.98 3,502,129 27,709 3.17 3,078,373 24,219 3.12 
Total interest-bearing liabilities21,393,590 147,164 2.79%21,720,986 150,788 2.78%21,487,143 154,140 2.85%
Noninterest-bearing customer accounts2,603,558 2,604,805 2,726,509 
Other liabilities319,343 277,991 311,746 
Total liabilities24,316,491 24,603,782 24,525,398 
Shareholders’ equity3,034,123 3,008,370 3,030,562 
Total liabilities and equity$27,350,614 $27,612,152 $27,555,960 
Net interest income/interest rate spread$177,570 2.35%$181,337 2.36%$182,353 2.35%
Net interest margin(1)
2.81%2.81%2.81%
(1)Annualized net interest income divided by average interest-earning assets
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WaFd Fact Sheet Q4 2026
7
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results
WaFd, Inc.
Fact Sheet
September 30, 2026

Average Balance Sheet
($ in Thousands)

Year Ended
September 30, 2025September 30, 2026
Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets
Loans receivable$20,651,307 $1,119,937 5.42%$19,981,452 $1,064,533 5.33%
Mortgage-backed securities2,514,511 103,071 4.10 4,068,760 177,275 4.36 
Cash & investments2,065,658 106,400 5.15 1,390,888 62,100 4.46 
FHLB Stock106,338 10,041 9.44 137,385 11,940 8.69 
Total interest-earning assets25,337,814 1,339,449 5.29%25,578,485 1,315,848 5.14%
Other assets1,718,680 1,763,513 
Total assets$27,056,494 $27,341,998 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts18,735,390 604,707 3.23%$18,455,191 515,213 2.79%
Borrowings2,423,244 80,507 3.32 2,906,790 88,263 3.04 
Total interest-bearing liabilities21,158,634 685,214 3.24%21,361,981 603,476 2.83%
Noninterest-bearing customer accounts2,518,248 2,643,067 
Other liabilities352,673 310,193 
Total liabilities24,029,555 24,315,241 
Shareholders’ equity3,026,939 3,026,757 
Total liabilities and equity$27,056,494 $27,341,998 
Net interest income/interest rate spread$654,235 2.05%$712,372 2.32%
Net interest margin(1)
2.58%2.79%
(1)Net interest income divided by average interest-earning assets
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WaFd Fact Sheet Q4 2026
8
Exhibit 99.2 WaFd Inc. Announces Fourth Quarter 2026 Results
WaFd, Inc.
Fact Sheet
September 30, 2026
Delinquency Summary
($ in Thousands)
# of Loans
Type of Loans(1)
 #LoansAVG SizeLoans
Amortized
Cost		30 60 90 Total% Based on #$ Delinquent% Based on $
September 30, 2026
Multi-Family1,797 2,280 $4,097,872 1 2 14 17 0.95%$33,063 0.81%
Commercial Real Estate952 3,966 3,775,747 2 2 — 4 0.42 3,711 0.10 
Commercial & Industrial7,054 449 3,166,280 11 20 18 49 0.69 21,563 0.68 
Construction348 3,219 1,120,268 — — — — — — — 
Land - Acquisition & Development99 2,287 226,415 — — — — — — — 
Single-Family Residential18,728 346 6,480,733 37 17 60 114 0.61 33,899 0.52 
Construction - Custom9 1,399 12,591 — — — — — — — 
Land - Consumer Lot Loans724 94 68,162 1 2 3 6 0.83 541 0.79 
HELOC3,051 80 244,918 11 6 8 25 0.82 2,612 1.07 
Consumer4,439 11 47,870 27 56 38 121 2.73 665 1.39 
37,201 517 $19,240,856 90 105 141 336 0.90%$96,054 0.50%
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%
(1) Loan disclosures are specific to loans held for investment and exclude loans held for sale
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WaFd Fact Sheet Q4 2026
9

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