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WaFd (Nasdaq: WAFD) grows Q2 2026 EPS to $0.82 with stronger credit

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

Rhea-AI Filing Summary

WaFd, Inc. reported solid results for the quarter ended March 31, 2026, with net income of $65.5 million, up 2% from the prior quarter and 17% from a year earlier. Diluted earnings per common share were $0.82, compared with $0.79 last quarter and $0.65 a year ago.

Net interest income rose to $178 million as net interest margin improved to 2.81%. Asset quality strengthened, with non-performing assets falling to 0.48% of total assets and net charge-offs just $0.6 million. The bank repurchased 2.74 million shares, about 3.6% of its common stock, and maintained a quarterly dividend of $0.27 per share.

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Insights

WaFd delivered modest earnings growth with improving credit quality and active capital return.

WaFd generated quarterly net income of $65.5 million, up 2% sequentially and 17% year over year, with diluted EPS at $0.82. Net interest income reached $178 million as net interest margin improved to 2.81%, helped by higher asset yields and lower funding costs.

Credit metrics were a clear bright spot. Non-performing assets declined to 0.48% of total assets, while net charge-offs were only $0.6 million. The allowance for credit losses stayed at 1.05% of gross loans, suggesting management is keeping reserves steady despite better performance.

Capital management was active: WaFd repurchased 2,738,096 shares at an average $31.85, roughly 3.6% of shares outstanding, and tangible common equity per share increased to $30.27. Operating expenses rose about 3.9%, nudging the efficiency ratio to 55.66%, so future results will depend on balancing growth investments against cost discipline.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Quarterly net income $65.5M For the quarter ended March 31, 2026; up 2% QoQ and 17% YoY
Diluted EPS $0.82 Quarter ended March 31, 2026; versus $0.79 prior quarter and $0.65 year ago
Net interest income $177.6M Quarter ended March 31, 2026; compared with $171.1M in prior quarter
Net interest margin 2.81% Quarter ended March 31, 2026; up from 2.70% in prior quarter
Non-performing assets ratio 0.48% Non-performing assets to total assets as of March 31, 2026
Share repurchases 2,738,096 shares Common shares repurchased in quarter at $31.85 average price
Quarterly dividend $0.27/share Cash dividend paid February 27, 2026; 172nd consecutive quarterly dividend
Tangible common equity per share $30.27 As of March 31, 2026; up from $29.38 as of September 30, 2025
net interest margin financial
"Net interest margin at 2.81% for the quarter compared to 2.70% for Q1."
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.
non-performing assets financial
"Non-performing assets down $71 million to 0.48% of total assets compared to 0.75% for Q1."
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.
allowance for credit losses financial
"The allowance for credit losses (including the reserve for unfunded commitments) totaled $224 million as of March 31, 2026, and was 1.05% of gross loans outstanding."
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
tangible common equity financial
"Return on tangible common equity 1 was 10.82% for the quarter ended March 31, 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.
efficiency ratio financial
"Efficiency ratio increased to 55.66% compared to 55.25% in the prior quarter as a result of a higher increase in expenses compared to income."
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
forward-looking statements regulatory
"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."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Offering Type earnings_snapshot
Understanding 8-K Material Events →
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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): April 16, 2026
 ____________________________________

WAFD, INC.
(Exact name of registrant as specified in its charter)
 ____________________________________
Washington
001-3465491-1661606
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
425 Pike Street
Seattle
Washington
98101
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code (206) 624-7930
Not Applicable
(Former name or former address, if changed since last report)
____________________________________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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

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

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

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

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



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x




Item 2.02Results of Operations and Financial Condition

On April 16, 2026, WaFd, Inc. (the "Company") announced by press release its earnings for the quarter ended March 31, 2026. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the March 31, 2026 Fact Sheet, which presents certain detailed financial information about the Company, is attached as Exhibit 99.2. This information is being furnished under Item 2.02 (Results of Operations and Financial Condition) of Form 8-K.



Item 9.01Financial Statements and Exhibits

99.1
Press release dated April 16, 2026
99.2
Fact Sheet as of March 31, 2026


Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.

By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2025 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including through the use of artificial intelligence, such as security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities,
3

which may impose restrictions or penalties on the Company's activities and changes in laws, regulations or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiv) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.
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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.
 
April 16, 2026WAFD, INC.
By:/s/ KELLI J. HOLZ
Kelli J. Holz
Executive Vice President
and Chief Financial Officer

5
Exhibit 99.1
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Thursday, April 16, 2026
FOR IMMEDIATE RELEASE
WaFd Announces Quarterly Earnings Per Share Of $0.82
Q2 Highlights
$66 Million$0.820.96%10.8%
Net IncomeDiluted Earnings per Common ShareReturn on Average Assets
Return on Tangible Common Equity1
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Uncertainty seems to be our new reality, not just in the banking sector, but also in the broader global context. Our strong foundation enabled us to deliver for our customers even during uncertain times. During the quarter, we executed on our strategic plan and grew our active loan segments by 12% annualized. Given our growth in loans, notable improvements in asset quality metrics, and a widening margin, we see a bright future in spite of current uncertainties. Our stock was trading near tangible book value for the majority of the quarter, so we aggressively bought back shares at less than 1.1x tangible book value. We were able to buy back 3.6% of total outstanding shares during the quarter. Our return on tangible common equity was 10.8% making it one of the best investment alternatives available to us. Credit goes to our amazing team of bankers that is working hard to deliver for our clients."

Brent Beardall
President and CEO of WaFd Bank
Net Interest Income and NIM
■$178 million net interest income for the quarter compared to $171 million in Q1.
■Net interest margin at 2.81% for the quarter compared to 2.70% for Q1.
Credit Quality
■Non-performing assets down $71 million to 0.48% of total assets compared to 0.75% for Q1.
■Delinquencies down $58 million to 0.78% of total loans compared to 1.07% for Q1.


Non-Interest Income and Expense
■Non-interest income was stable and non-interest expense up $4 million compared to prior quarter.
■Efficiency ratio increased to 55.66% compared to 55.25% in the prior quarter as a result of a higher increase in expenses compared to income.
Shareholder Returns and Stock Activity
■On February 27, 2026, the Company paid a cash dividend of $0.27 per share, 172nd consecutive quarterly dividend paid.
■2,738,096 shares were repurchased during the quarter at a weighted average price of $31.85 per share.
1 Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures
SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (or the "Bank"), today announced quarterly earnings of $65,548,000 for the quarter ended March 31, 2026, an increase of 2% from net earnings of $64,196,000 for the quarter ended December 31, 2025 and an increase of 17% from net earnings of $56,252,000 for the quarter ended March 31, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.82 per diluted share for the quarter ended March 31, 2026, compared to $0.79 per diluted share for the quarter ended December 31, 2025, and $0.65 per diluted share for the quarter ended March 31, 2025, a $0.17 or 26% increase in fully diluted earnings per common share.
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Quarterly Earnings Release Q2 2026
1
WaFd Inc. Announces Second 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)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
BALANCE SHEET
Cash$669,799 $734,915 $657,310 $809,252 $1,231,461 
Loans receivable, net19,966,983 19,848,156 20,088,618 20,277,164 20,920,001 
Allowance for credit losses ("ACL")224,450 221,039 221,220 219,268 222,709 
Available-for-sale securities, at fair value4,352,258 4,142,285 3,533,201 3,387,497 3,142,763 
Held-to-maturity securities, at amortized cost745,727 764,794 645,802 512,854 526,502 
Total investments5,097,985 4,907,079 4,179,003 3,900,351 3,669,265 
Total assets27,568,785 27,285,744 26,699,699 26,731,915 27,644,637 
Transaction deposits12,746,921 12,865,974 12,306,532 11,969,124 11,853,984 
Time deposits8,377,230 8,550,996 9,131,104 9,417,447 9,573,442 
Total deposits21,124,151 21,416,970 21,437,636 21,386,571 21,427,426 
Borrowings and junior subordinated debentures3,114,548 2,488,411 1,817,249 1,991,087 2,814,938 
Total shareholders' equity2,981,283 3,029,407 3,039,575 3,014,325 3,032,620 
Loans to customer deposits94.52%92.67%93.71%94.81%97.63%
PROFITABILITY
Net income$65,548 $64,196 $60,597 $61,952 $56,252 
Net income to common shareholders61,892 60,540 56,941 58,296 52,596 
Earnings per common share0.82 0.79 0.72 0.73 0.65 
Return on tangible common equity1
10.82%10.57%9.99%10.20%9.18%
Return on tangible assets1
0.97%0.97%0.93%0.94%0.84%
Net interest margin2.81%2.70%2.71%2.69%2.55%
Efficiency ratio55.66%55.25%56.82%56.01%58.31%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share$36.30 $35.70 $35.04 $34.30 $33.84 
Tangible common shareholders' equity per share1
30.27 29.91 29.38 28.69 28.31 
Shareholders' equity to total assets10.81%11.10%11.38%11.28%10.97%
Tangible shareholders' equity to tangible assets1
9.35%9.64%9.89%9.78%9.51%
Common shares outstanding73,855,919 76,448,351 78,186,520 79,130,276 80,758,674 
Preferred shares outstanding300,000 300,000 300,000 300,000 300,000 
CREDIT QUALITY
ACL to gross loans1.05%1.05%1.04%1.03%1.01%
Non-accrual loans to net loans0.62%0.96%0.64%0.41%0.29%
Delinquencies to net loans0.78%1.07%0.60%0.26%0.27%
Non-performing assets to total assets0.48%0.75%0.54%0.36%0.26%
Total criticized loans to net loans4.24%4.60%4.39%4.07%3.32%
Total adversely classified loans to net loans2.60%2.94%3.16%3.54%2.53%
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 Q2 2026
2
WaFd Inc. Announces Second Quarter Results
Balance Sheet Total assets increased to $27.6 billion as of March 31, 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 $919 million, or 22.0% in the six months ended March 31, 2026, a result of $1.2 billion of purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 4.87%. Net loans decreased $122 million to $20.0 billion and cash increased $12 million, or 1.9% during same period.
Customer deposits totaled $21.1 billion as of March 31, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.41% as of March 31, 2026, compared to 2.69% at September 30, 2025. Transaction accounts increased by $440 million or 3.6% during the six months ended March 31, 2026, while time deposits decreased $754 million or 8.3%. As of March 31, 2026, 60.3% of the Company’s deposits were transaction accounts, an increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 80.4% of deposits at March 31, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.2% of total deposits as of March 31, 2026, a decrease from 26.2% as of September 30, 2025.
Borrowings totaled $3.1 billion as of March 31, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.01% as of March 31, 2026, compared to 2.50% at September 30, 2025.
Loan originations for active loan types totaled $1.5 billion for the second fiscal quarter of 2026, compared to $1.1 billion of originations in the prior quarter. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $0.9 billion and $1.0 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 $0.3 billion during the quarter. Commercial loans represented 96% of all loan originations during the second fiscal quarter of 2026 and consumer loans accounted for the remaining 4%. The period end interest yield on the loan portfolio was 5.26% as of March 31, 2026, a decrease from 5.38% at September 30, 2025.
Tangible common equity per share is a key metric for our management team. For the six months ended March 31, 2026, tangible book value per share grew to $30.27 at March 31, 2026 from $29.38 as of September 30, 2025. This metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. During the quarter, the Company repurchased 2,738,096 shares of common stock at a weighted average price of $31.85. In February, the WaFd, Inc. Board of Directors authorized an increase in shares available to be repurchased to a total of 10 million shares. Our share repurchase plan currently has a remaining authorization of 8.0 million shares which, depending on share price, provides a compelling investment alternative.
Credit Quality Considering the shifting economic and monetary environment, further impacted by recent global developments, credit quality continues to be monitored closely. As of March 31, 2026, non-performing assets decreased to $132 million, or 0.48% of total assets, from $203 million, or 0.75%, at December 31, 2025 and from $143 million, or 0.54%, at September 30, 2025. The change is due to non-accrual loans decreasing by $4.8 million, or 4%, since September 30, 2025 combined with decreases in real estate owned ("REO") of $3.0 million and other property owned of $3.3 million during the same time frame. Delinquent loans increased to 0.78% of total loans at March 31, 2026, compared to 0.60% at September 30, 2025 but decreased compared to 1.07% at December 31, 2025.
The allowance for credit losses (including the reserve for unfunded commitments) totaled $224 million as of March 31, 2026, and was 1.05% of gross loans outstanding, as compared to $221 million, or 1.04% of gross loans outstanding, as of September 30, 2025. Net charge-offs were $0.6 million for the second fiscal quarter of 2026, compared to $3.7 million for the prior quarter.
Profitability Net interest income was $178 million for the second fiscal quarter of 2026, an increase of $6.5 million or 4% from the prior quarter. The increase in net interest income was primarily due to an 5 basis point increase in the rate earned on interest earning assets combined with a 9 basis point decrease in the rate paid on interest bearing liabilities. As a result of these changes, net interest margin increased to 2.81% in the second fiscal quarter of 2026 compared to 2.70% for the quarter ended December 31, 2025.
Total non-interest income was $19.8 million for the second fiscal quarter of 2026 compared to $20.3 million the prior quarter. The decrease compared to the prior quarter was primarily due to losses taken on certain equity method investments in the quarter offset by increased commission income from the Bank's insurance subsidiary, WaFd Insurance.
Total non-interest expense was $109.9 million in the second fiscal quarter of 2026, an increase of $4.1 million, or 3.9%, from the prior quarter. The increase is the result of increased compensation and technology expenses, reflecting annual merit increases and continued investment in operational efficiency.
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Quarterly Earnings Release Q2 2026
3
WaFd Inc. Announces Second Quarter Results
The Company recorded a $4.0 million provision for credit losses in the second fiscal quarter of 2026 compared to a provision of $3.5 million the prior quarter. The provision for loan losses in the quarter ended March 31, 2026 was the net result of increased commercial loan originations. $0.6 million of net charge-offs were taken during the quarter.
Return on common shareholders' equity for the quarter ended March 31, 2026 was 9.05% compared to 8.86% for the quarter ended December 31, 2025. Adjusted for certain non-operating items, return on equity for the quarter was 9.12% compared to adjusted return on equity of 8.49% the prior quarter. Return on assets for the quarter ended March 31, 2026 was 0.96%, unchanged from the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter was 0.97% compared to adjusted return on assets of 0.92% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.
Income tax expense totaled $18.3 million the second fiscal quarter of 2026, as compared to $18.1 million for the prior quarter. The effective tax rate for the quarter ended March 31, 2026 was 21.8% compared to 22.0% for the quarter ended December 31, 2025. 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 208 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company will host a conference call for investors and analysts at 7:00 am Pacific Time on Friday April 17, 2026. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link (https://register-conf.media-server.com/register/BI3742b47b9d1546a6a24d982d3a85576b). The Company uses its website to distribute financial and other material information about the Company.
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Quarterly Earnings Release Q2 2026
4
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
March 31, 2026September 30, 2025
(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents$669,799 $657,310 
Available-for-sale securities, at fair value4,352,258 3,533,201 
Held-to-maturity securities, at amortized cost745,727 645,802 
Loans receivable, net of allowance for loan losses of $201,950 and $199,72019,966,983 20,088,618 
Interest receivable98,856 98,589 
Premises and equipment, net294,033 261,271 
Real estate owned8,125 11,084 
FHLB stock146,351 88,068 
Bank owned life insurance279,097 275,159 
Intangible assets, including goodwill of $418,447 and $414,722445,511 442,093 
Federal and state income tax assets106,063 112,784 
Other assets455,982 485,720 
$27,568,785 $26,699,699 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits$12,746,921 $12,306,532 
Time deposits8,377,230 9,131,104 
Total customer deposits21,124,151 21,437,636 
Borrowings3,062,441 1,765,604 
Junior subordinated debentures52,107 51,645 
Advance payments by borrowers for taxes and insurance45,356 59,845 
Federal and state income tax liabilities470 — 
Accrued expenses and other liabilities302,977 345,394 
24,587,502 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; 154,758,612 and 154,408,001 shares issued; 73,855,919 and 78,186,520 shares outstanding154,759 154,408 
Additional paid-in capital2,169,653 2,163,276 
Accumulated other comprehensive income (loss), net of taxes55,085 56,950 
Treasury stock, at cost 80,902,693 and 76,221,481 shares(1,885,828)(1,740,761)
Retained earnings2,187,614 2,105,702 
2,981,283 3,039,575 
$27,568,785 $26,699,699 
Yield and margin as of period end
Loans receivable1
5.26%5.38%
Mortgage-backed securities4.45 4.44 
Combined cash, investments and FHLB stock4.22 4.96 
Interest-earning assets5.06 5.23 
Interest-bearing customer accounts2.74 2.95 
Borrowings1
3.01 2.50 
Interest-bearing liabilities2.78 2.91 
Net interest spread2.28 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 Q2 2026
5
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31,Six Months Ended March 31,
2026202520262025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$262,148 $282,077 $526,355 $568,674 
Mortgage-backed securities44,341 23,926 83,243 42,263 
Investment securities and cash equivalents18,245 30,081 37,632 70,264 
324,734 336,084 647,230 681,201 
INTEREST EXPENSE
Customer accounts125,999 151,948 262,213 314,098 
Borrowings and junior subordinated debentures21,165 23,226 36,336 50,762 
147,164 175,174 298,549 364,860 
Net interest income177,570 160,910 348,681 316,341 
Provision (release) for credit losses4,000 2,750 7,500 2,750 
Net interest income after provision (release)173,570 158,160 341,181 313,591 
NON-INTEREST INCOME
Gain (loss) on sale of investment securities— — — 20 
Gain (loss) on termination of hedging derivatives426 65 450 70 
Loan fee income2,216 1,812 3,570 3,157 
Deposit fee income7,674 7,057 15,532 14,103 
Other income9,497 9,947 20,516 17,233 
Total non-interest income19,813 18,881 40,068 34,583 
NON-INTEREST EXPENSE
Compensation and benefits57,120 52,710 111,310 112,637 
Occupancy11,711 11,499 22,881 22,287 
FDIC insurance premiums5,050 5,800 10,450 10,650 
Product delivery7,110 6,907 13,684 12,692 
Information technology15,919 14,481 30,303 28,673 
Other expense12,947 13,435 26,950 29,204 
Total non-interest expense109,857 104,832 215,578 216,143 
Gain (loss) on real estate owned, net280 (199)436 230 
Income before income taxes83,806 72,010 166,107 132,261 
Income tax provision18,258 15,758 36,363 28,742 
Net income65,548 56,252 129,744 103,519 
Dividends on preferred stock3,656 3,656 7,312 7,312 
Net income available to common shareholders$61,892 $52,596 $122,432 $96,207 
PER SHARE DATA
Basic earnings per common share$0.82 $0.65 $1.61 $1.19 
Diluted earnings per common share0.82 0.65 1.60 1.18 
Cash dividends per common share0.27 0.27 0.54 0.53 
Basic weighted average shares outstanding75,487,399 81,061,206 76,236,709 81,178,997 
Diluted weighted average shares outstanding75,574,228 81,105,536 76,315,090 81,278,102 
PERFORMANCE RATIOS
Return on average assets0.96%0.82%0.96%0.75%
Return on average common equity9.05%7.68%8.96%7.06%
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Quarterly Earnings Release Q2 2026
6
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$262,148 $264,207 $271,787 $279,476 $282,077 
Mortgage-backed securities44,341 38,902 32,953 27,855 23,926 
Investment securities and cash equivalents18,245 19,387 21,794 24,383 30,081 
324,734 322,496 326,534 331,714 336,084 
INTEREST EXPENSE
Customer accounts125,999 136,214 143,874 146,735 151,948 
Borrowings and junior subordinated debentures21,165 15,171 12,754 16,991 23,226 
147,164 151,385 156,628 163,726 175,174 
Net interest income177,570 171,111 169,906 167,988 160,910 
Provision for credit losses4,000 3,500 3,000 2,000 2,750 
Net interest income after provision173,570 167,611 166,906 165,988 158,160 
NON-INTEREST INCOME
Gain on sale of investment securities— — — — — 
Gain on termination of hedging derivatives426 24 32 56 65 
Loan fee income2,216 1,354 2,081 1,650 1,812 
Deposit fee income7,674 7,858 7,959 7,588 7,057 
Other income9,497 11,019 8,319 8,979 9,947 
Total non-interest income19,813 20,255 18,391 18,273 18,881 
NON-INTEREST EXPENSE
Compensation and benefits57,120 54,190 56,028 53,481 52,710 
Occupancy11,711 11,170 10,895 11,755 11,499 
FDIC insurance premiums5,050 5,400 4,400 5,150 5,800 
Product delivery7,110 6,574 6,558 6,621 6,907 
Information technology15,919 14,384 16,406 15,022 14,481 
Other expense12,947 14,003 12,706 12,298 13,435 
Total non-interest expense109,857 105,721 106,993 104,327 104,832 
Gain (loss) on real estate owned, net280 156 (681)(176)(199)
Income before income taxes83,806 82,301 77,623 79,758 72,010 
Income tax provision18,258 18,105 17,026 17,806 15,758 
Net income65,548 64,196 60,597 61,952 56,252 
Dividends on preferred stock3,656 3,656 3,656 3,656 3,656 
Net income available to common shareholders$61,892 $60,540 $56,941 $58,296 $52,596 




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Quarterly Earnings Release Q2 2026
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share$0.82 $0.79 $0.73 $0.73 $0.65 
Diluted earnings per common share0.82 0.79 0.72 0.73 0.65 
Cash dividends per common share0.27 0.27 0.27 0.27 0.27 
Basic weighted average shares outstanding75,487,399 76,969,729 78,509,472 79,888,520 81,061,206 
Diluted weighted average shares outstanding75,574,228 77,015,554 78,573,457 79,907,672 81,105,536 
PERFORMANCE RATIOS
Return on average assets0.96%0.96%0.91%0.92%0.82%
Return on average common equity9.05 8.86 8.36 8.54 7.68 
Net interest margin2.81 2.70 2.71 2.69 2.55 
Efficiency ratio55.66 55.25 56.82 56.01 58.31 
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Quarterly Earnings Release Q2 2026
8
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Non-GAAP Financial Measures
The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Tangible MeasuresMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP$2,981,283 $3,029,407 $3,039,575 $3,014,325 $3,032,620 
Less intangible assets - GAAP445,511 443,085 442,093 444,291 446,660 
Tangible shareholders' equity$2,535,772 $2,586,322 $2,597,482 $2,570,034 $2,585,960 
Less preferred stock - GAAP300,000 300,000 300,000 300,000 300,000 
Tangible common shareholders' equity$2,235,772 $2,286,322 $2,297,482 $2,270,034 $2,285,960 
Total assets - GAAP$27,568,785 $27,285,744 $26,699,699 $26,731,915 $27,644,637 
Less intangible assets - GAAP445,511 443,085 442,093 444,291 446,660 
Tangible assets$27,123,274 $26,842,659 $26,257,606 $26,287,624 $27,197,977 
Tangible Metrics
Common shares outstanding - GAAP73,855,919 76,448,351 78,186,520 79,130,276 80,758,674 
Tangible common equity per share$30.27 $29.91 $29.38 $28.69 $28.31 
Tangible equity to tangible assets 9.35 %9.64 %9.89 %9.78 %9.51 %
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Quarterly Earnings Release Q2 2026
9
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended
Average Tangible MeasuresMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP$3,034,123 $3,033,933 $3,023,098 $3,030,745 $3,039,021 
Less average preferred stock
 - GAAP		300,000 300,000 300,000 300,000 300,000 
Less average intangible assets - GAAP445,155 442,226 443,382 445,733 448,272 
Average tangible common equity$2,288,968 $2,291,707 $2,279,716 $2,285,012 $2,290,749 
Average Assets - GAAP$27,350,614 $26,852,389 $26,540,782 $26,813,500 $27,371,320 
Less average intangible assets - GAAP445,155 442,226 443,382 445,733 448,272 
Average tangible assets$26,905,459 $26,410,163 $26,097,400 $26,367,767 $26,923,048 
Average Tangible Metrics
Net income - GAAP65,548 64,196 60,597 61,952 56,252 
Net income available to common shareholders' - GAAP61,892 60,540 56,941 58,296 52,596 
Return on tangible common equity10.82 %10.57 %9.99 %10.20 %9.18 %
Return on tangible assets0.97 %0.97 %0.93 %0.94 %0.84 %
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Quarterly Earnings Release Q2 2026
10
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items
March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
(Unaudited - In thousands, except for share and ratio data)
Non-interest income adjustments
(Gain)Loss on sale of branch property$27 $(3,214)$467 $4 $— 
Distribution received on LBC equity method investment(225)(237)(251)(255)(257)
(Gain)Loss on WaFd Bank equity method investment1,072 408 (815)304 (155)
Total non-interest income adjustments$874 $(3,043)$(599)$53 $(412)
Net Income - GAAP$65,548 $64,196 $60,597 $61,952 $56,252 
Interest income adjustments— — — — — 
Non-interest income adjustments874 (3,043)(599)53 (412)
Non-interest expense adjustments— — — — — 
REO adjustments(280)(156)681 176 199 
Income tax adjustment(129)704 (18)(51)47 
Net Income - non-GAAP$66,013 $61,701 $60,661 $62,130 $56,086 
Dividend on preferred stock3,656 3,656 3,656 3,656 3,656 
Net Income available to common shareholders' - non-GAAP$62,357 $58,045 $57,005 $58,474 $52,430 
Basic weighted average number of shares outstanding - GAAP75,487,399 76,969,729 78,509,472 79,888,520 81,061,206 
Diluted weighted average number of shares outstanding - GAAP75,574,228 77,015,554 78,573,457 79,907,672 81,105,536 
Basic EPS - non-GAAP$0.83 $0.75 $0.73 $0.73 $0.65 
Diluted EPS - non-GAAP0.83 0.75 0.73 0.73 0.65 
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Quarterly Earnings Release Q2 2026
11
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted Efficiency RatioMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP55.7 %55.3 %56.8 %56.0 %58.3 %
Net interest income - GAAP$177,570 $171,111 $169,906 $167,988 $160,910 
Total interest income adjustments— — — — — 
Net interest income - non-GAAP$177,570 $171,111 $169,906 $167,988 $160,910 
Non-interest expense - GAAP$109,857 $105,721 $106,993 $104,327 $104,832 
Less non-operating expenses— — — — — 
Non-interest Expenses -
non-GAAP		$109,857 $105,721 $106,993 $104,327 $104,832 
Non-interest income - GAAP$19,813 $20,255 $18,391 $18,273 $18,881 
Total other income adjustments874 (3,043)(599)53 (412)
Non-interest income -
non-GAAP		$20,687 $17,212 $17,792 $18,326 $18,469 
Net Interest Income -
non-GAAP		$177,570 $171,111 $169,906 $167,988 $160,910 
Non-interest income -
non-GAAP		20,687 17,212 17,792 18,326 18,469 
Total Income - non-GAAP$198,257 $188,323 $187,698 $186,314 $179,379 
Adjusted Efficiency Ratio55.4 %56.1 %57.0 %56.0 %58.4 %
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Quarterly Earnings Release Q2 2026
12
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted ROA and ROEMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP$65,548 $64,196 $60,597 $61,952 $56,252 
Net income available to common shareholders - GAAP$61,892 $60,540 $56,941 $58,296 $52,596 
Average Assets27,350,614 26,852,389 26,540,782 26,813,500 27,371,320 
Return on Assets0.96 %0.96 %0.91 %0.92 %0.82 %
Average Common Equity$2,734,123 $2,733,933 $2,723,098 $2,730,745 $2,739,021 
Return on Common Equity9.05 %8.86 %8.36 %8.54 %7.68 %
Adjusted:
Net Income - non-GAAP$66,013 $61,701 $60,661 $62,130 $56,086 
Net income available to common shareholders - non-GAAP$62,357 $58,045 $57,005 $58,474 $52,430 
Average Assets27,350,614 26,852,389 26,540,782 26,813,500 27,371,320 
Adjusted Return on Assets0.97 %0.92 %0.91 %0.93 %0.82 %
Average Common Equity2,734,123 2,733,933 2,723,098 2,730,745 2,739,021 
Adjusted Return on Common Equity9.12 %8.49 %8.37 %8.57 %7.66 %
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Quarterly Earnings Release Q2 2026
13

Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2025 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including through the use of artificial intelligence, such as security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, which may impose restrictions or penalties on the Company's activities and changes in laws, regulations, or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiv) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.
# # #
CONTACT:
WaFd, Inc.
425 Pike Street, Seattle, WA 98101
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
brad.goode@wafd.com
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Quarterly Earnings Release Q2 2026
14
Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results
WaFd, Inc.
Fact Sheet
March 31, 2026
($ in Thousands)
As of 09/25As of 12/25As of 03/26
Allowance for Credit Losses (ACL) - Total$221,220 $221,039 $224,450 
ACL - Loans199,720 199,539 201,950 
ACL - Unfunded Commitments21,500 21,500 22,500 
Total ACL as a % of Gross Loans1.04%1.05%1.05%
Active Loan Types09/25 QTR09/25 YTD12/25 QTR12/25 YTD03/26 QTR03/26 YTD
Originations & Advances
Multi-Family$67,649 $104,035 $131,805 $131,805 $114,375 $246,180 
Commercial Real Estate210,650 384,749 123,439 123,439 229,982 353,421 
Commercial & Industrial507,280 1,667,064 502,134 502,134 564,961 1,067,095 
Construction498,368 1,038,182 276,369 276,369 533,444 809,813 
Land - Acquisition & Development43,864 94,864 18,650 18,650 37,748 56,398 
Consumer44,962 206,943 40,745 40,745 41,550 82,295 
$1,372,773 $3,495,837 $1,093,142 $1,093,142 $1,522,060 $2,615,202 
Repayments & Payoffs
Multi-Family$74,857 $376,472 $169,890 $169,890 $144,320 $314,210 
Commercial Real Estate187,130 560,907 191,596 191,596 132,833 324,429 
Commercial & Industrial408,027 1,687,446 371,788 371,788 297,043 668,831 
Construction459,122 1,030,562 220,062 220,062 230,260 450,322 
Land - Acquisition & Development40,407 116,477 19,981 19,981 18,473 38,454 
Consumer55,707 208,658 49,090 49,090 36,475 85,565 
$1,225,250 $3,980,522 $1,022,407 $1,022,407 $859,404 $1,881,811 
Inactive Loan Types
Originations & Advances
Single-Family Residential— 211,686 — — 30 30 
Construction - Custom15,840 95,835 — — — — 
Land - Consumer Lot Loans— 7,340 — — — — 
HELOC26,108 145,501 25,407 25,407 20,566 45,973 
$41,948 $460,362 $25,407 $25,407 $20,596 $46,003 
Repayments & Payoffs
Single-Family Residential226,780 916,903 270,137 270,137 232,157 502,294 
Construction - Custom10,467 77,143 12,799 12,799 8,628 21,427 
Land - Consumer Lot Loans7,286 26,841 6,254 6,254 5,702 11,956 
HELOC30,839 143,767 32,038 32,038 29,496 61,534 
$275,372 $1,164,654 $321,228 $321,228 $275,983 $597,211 
Purchased Loans$3,246$113,069$9,926$9,926$0$9,926
Weighted Average Rate on Originations6.87 %5.99 %6.22 %
Weighted Average Rate on Payoffs6.35 %6.31 %6.12 %
Net Loan Fee Accretion$3,515 $12,870 $3,267 $3,267 $4,104 $7,371 
Net Discount Accretion on Acquired Loans$5,242 $25,131 $6,101 $6,101 $5,764 $11,865 
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WaFd Fact Sheet Q2 2026
1
Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results
WaFd, Inc.
Fact Sheet
March 31, 2026
($ in Thousands)
As of 09/25As of 12/25As of 03/26
Loans Receivable by Category Amount % Amount % Amount %
Multi-Family$4,718,480 22.2%$4,698,342 22.3 %$4,750,092 22.2%
Commercial Real Estate3,604,600 17.0 3,561,865 17.0 3,670,285 17.0 
Commercial & Industrial2,392,685 11.2 2,530,666 12.0 2,798,568 13.1 
Construction1,756,890 8.2 1,742,158 8.3 1,955,180 9.1 
Land - Acquisition & Development179,099 0.8 177,768 0.8 197,044 0.9 
Consumer61,461 0.3 52,701 0.3 54,649 0.3 
Total Active12,713,215 59.8 12,763,500 60.7 13,425,818 62.6 
Single-Family Residential8,053,771 37.9 7,823,718 37.2 7,618,273 35.5 
Construction - Custom150,237 0.7 105,576 0.5 69,520 0.3 
Land - Consumer Lot Loans89,298 0.4 83,046 0.4 77,275 0.4 
HELOC267,871 1.3 261,240 1.3 252,319 1.2 
Total Inactive8,561,177 40.2 8,273,580 39.3 8,017,387 37.4 
21,274,392 100%21,037,080 100%21,443,205 100%
Less:
Loans in Process773,606 783,233 1,063,129 
Net Deferred Fees, Costs and Discounts212,448 206,152 211,143 
Loans at Amortized Cost20,288,338 20,047,695 20,168,933 
Less:
Allowance for Credit Losses (ACL) - Loans199,720 199,539 201,950 
Net Loans $20,088,618 $19,848,156 $19,966,983 
Net Loan Portfolio by Category Amount % Amount % Amount %
Multi-Family$4,605,368 23.0%$4,591,242 23.2%$4,646,676 23.3%
Commercial Real Estate3,546,962 17.7 3,505,521 17.7 3,611,179 18.1 
Commercial & Industrial2,327,200 11.6 2,462,384 12.4 2,722,472 13.6 
Construction1,086,965 5.4 1,025,434 5.2 940,245 4.7 
Land - Acquisition & Development133,027 0.6 139,326 0.7 160,874 0.8 
Consumer58,603 0.3 50,194 0.3 51,876 0.3 
Total Active11,758,125 58.5 11,774,101 59.3 12,133,322 60.8 
Single-Family Residential7,898,051 39.3 7,674,094 38.7 7,467,652 37.4 
Construction - Custom77,633 0.4 57,916 0.3 38,565 0.2 
Land - Consumer Lot Loans86,591 0.3 80,533 0.3 74,942 0.3 
HELOC268,218 1.4 261,512 1.4 252,502 1.3 
Total Inactive8,330,493 41.5 8,074,055 40.7 7,833,661 39.2 
$20,088,618 100%$19,848,156 100%$19,966,983 100%
Loan Contractual Term to Maturity or Repricing1
AmountRateAmountRateAmountRate
Within 3 months$7,597,733 6.74%$7,195,026 6.67%$7,186,683 6.57%
From 4 to 6 months510,018 5.22 348,029 4.39 697,759 5.07 
From 7 to 9 months458,216 4.54 549,421 4.41 479,410 4.01 
From 10 to 12 months560,805 4.37 452,195 3.95 500,864 4.51 
1 to 3 years2,427,306 4.30 2,210,585 4.48 2,290,380 4.60 
3 to 5 years1,790,498 5.14 1,831,468 5.17 1,735,993 5.21 
More than 5 years6,943,762 4.20 7,460,971 4.18 7,277,844 4.18 
Total$20,288,338 5.28 %$20,047,695 5.20 %$20,168,933 5.20 %
1Includes the effect of derivatives.
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WaFd Fact Sheet Q2 2026
2
Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results
WaFd, Inc.
Fact Sheet
March 31, 2026
($ in Thousands)
As of 09/25As of 12/25As of 03/26
Loans by StateAmount%Amount%Amount%
Washington$5,593,068 27.6%$5,483,287 27.4%$5,514,736 27.3%
Idaho916,571 4.5 889,654 4.4 897,510 4.4 
Oregon2,467,622 12.2 2,393,259 11.9 2,310,279 11.5 
Utah1,905,473 9.4 1,875,494 9.4 1,810,775 9.0 
Nevada809,737 4.0 810,694 4.0 794,031 3.9 
Texas2,313,800 11.4 2,323,979 11.6 2,472,011 12.3 
Arizona2,302,659 11.3 2,230,436 11.1 2,266,443 11.2 
New Mexico791,414 3.9 800,433 4.0 804,986 4.0 
California2,833,719 14.0 2,779,329 13.9 2,753,103 13.7 
Other354,275 1.7 461,130 2.3 545,059 2.7 
Total$20,288,338 100%$20,047,695 100%$20,168,933 100%
Non-Performing AssetsAmount %Amount %Amount %
Non-accrual loans:
Multi-Family$19,121 15.0%$31,710 16.5%$34,385 27.7%
Commercial Real Estate69,972 54.4 68,501 35.8 4,682 3.8 
Commercial & Industrial11,047 8.6 58,180 30.4 54,728 44.2 
Construction3,400 2.6 3,400 1.8 — — 
Land - Acquisition & Development— — — — — — 
Single-Family Residential23,741 18.4 26,579 13.9 28,188 22.8 
Construction - Custom760 0.6 2,054 1.1 760 0.6 
Land - Consumer Lot Loans23 — 270 0.1 325 0.3 
HELOC412 0.3 481 0.3 593 0.5 
Consumer152 0.1 173 0.1 198 0.2 
Total non-accrual loans128,628 100%191,348 100%123,859 100%
Real Estate Owned11,084 8,738 8,125 
Other Property Owned3,310 3,310 — 
Total non-performing assets$143,022 $203,396 $131,984 
Non-accrual loans as % of total net loans0.64 %0.96 %0.62 %
Non-performing assets as % of total assets0.54 %0.75 %0.48 %
Net Charge-offs (Recoveries) by Category09/25 QTR
CO % (a)
12/25 QTR
CO % (a)
3/26 QTR
CO % (a)
Multi-Family$182 0.02%$— —%$81 0.01%
Commercial Real Estate— — (648)(0.07)(7)— 
Commercial & Industrial577 0.10 4,191 0.66 124 0.02 
Construction— — — — — — 
Land - Acquisition & Development(7)(0.02)(109)(0.25)(7)(0.01)
Single-Family Residential(4)— 45 — 25 — 
Construction - Custom(2)(0.01)(2)(0.01)(2)(0.01)
Land - Consumer Lot Loans— — — — — — 
HELOC(1)— — — (1)— 
Consumer303 1.97 204 1.55 376 2.75 
Total net charge-offs (recoveries)$1,048 0.02%$3,681 0.07%$589 0.01%
(a)Annualized Net Charge-offs (recoveries) divided by Gross Balance

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WaFd Fact Sheet Q2 2026
3
Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results
WaFd, Inc.
Fact Sheet
March 31, 2026
($ in Thousands)
09/25 QTR09/25 YTD12/25 QTR12/25 YTD03/26 QTR03/26 YTD
Efficiency
Operating Expenses/Average Assets1.61%1.58%1.57%1.57%1.61%1.59%
Efficiency Ratio (%)56.82%58.92%55.25%55.25%55.66%55.45%
Amortization of Intangibles$2,198 $9,875 $2,058 $2,058 $1,974 $4,032 
EOP Numbers
Shares Issued and Outstanding78,186,520 76,448,351 73,855,919 
Share repurchase information
Remaining shares authorized for repurchase8,162,654 6,256,136 7,992,669 
Shares repurchased969,653 3,447,771 1,950,013 1,950,013 2,738,096 4,688,109 
Average share repurchase price$29.74 $29.56 $29.75 $29.75 $31.85 $30.98 

Tangible Common Shareholders' Book ValueAs of 09/25As of 12/25As of 03/26
$ Amount$2,297,482 $2,286,322 $2,235,772 
Per Share29.38 29.91 30.27 
# of Employees2,029 2,049 2,070 
Investments
Available-for-sale:
Agency MBS$2,603,153 $3,236,388 $3,478,537 
Other930,048 905,897 873,721 
$3,533,201 $4,142,285 $4,352,258 
Held-to-maturity:
Agency MBS$645,802 $764,794 $745,727 
$645,802 $764,794 $745,727 
09/25 QTR09/25 YTD12/25 QTR12/25 YTD03/26 QTR03/26 YTD
MBS Repayments$113,640 $335,543 $117,282 $117,282 $107,198 $224,480 
MBS Net Premium Amortization$2,796 $5,121 $3,276 $3,276 $4,076 $7,352 
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WaFd Fact Sheet Q2 2026
4
Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results
WaFd, Inc.
Fact Sheet
March 31, 2026
($ in Thousands)
As of 09/25As of 12/25As of 03/26
Deposits & Branches by StateAmount%#Amount%#Amount%#
Washington$8,685,124 40.5%73 $8,479,452 39.6%73 $8,504,298 40.3%73 
Idaho935,047 4.4 21 936,443 4.4 21 926,134 4.4 21 
Oregon2,724,526 12.7 36 2,926,616 13.7 36 2,827,773 13.4 36 
Utah601,054 2.8 9 550,998 2.6 9 558,689 2.6 9 
Nevada559,906 2.5 8 532,178 2.5 8 544,906 2.6 8 
Texas760,636 3.6 5 1,171,402 5.4 5 961,614 4.5 5 
Arizona1,641,460 7.7 28 1,651,572 7.7 28 1,671,233 7.9 28 
New Mexico1,802,886 8.4 18 1,675,873 7.8 18 1,799,259 8.5 18 
California3,726,997 17.4 10 3,492,436 16.3 10 3,330,245 15.8 10 
Total$21,437,636 100%208 $21,416,970 100%208 $21,124,151 100%208 
Deposits by TypeAmount%Amount%Amount%
Non-Interest Checking$2,567,539 12.0%$2,692,680 12.6%$2,577,976 12.2%
Interest Checking4,865,808 22.7 5,187,008 24.2 5,151,103 24.4 
Savings701,558 3.4 722,188 3.5 726,630 3.5 
Money Market4,171,627 19.4 4,264,098 19.9 4,291,212 20.3 
Time Deposits9,131,104 42.6 8,550,996 39.8 8,377,230 39.6 
Total$21,437,636 100%$21,416,970 100%$21,124,151 100%
Deposits Uninsured &
Non-collateralized - EOP		$5,302,026 24.7%$5,607,476 26.2%$5,333,317 25.2%
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$3,426,185 3.79%$2,427,461 3.77%$4,207,471 3.68%
From 4 to 6 months2,367,760 3.82%4,007,405 3.71%2,025,605 3.41%
From 7 to 9 months2,426,103 3.85%1,185,086 3.43%1,224,586 3.42%
From 10 to 12 months507,109 3.54%558,606 3.25%536,210 3.19%
1 to 3 years393,468 2.95%361,495 2.95%373,016 2.95%
3 to 5 years10,479 0.32%10,943 0.32%10,342 0.32%
Borrowings (Effective Maturity)1
AmountRateAmountRateAmountRate
Within 3 months$730,000 4.30%$800,000 3.70%$1,425,000 3.85%
From 4 to 6 months100,000 1.46%— —%118,879 4.52%
From 7 to 9 months— —%117,970 4.52%150,000 3.81%
From 10 to 12 months117,041 4.64%150,000 3.81%— —%
1 to 3 years— —%225,000 3.41%225,000 3.51%
3 to 5 years18,563 0.04%993,562 1.06%993,562 1.09%
More than 5 years851,645 0.83%201,879 4.57%202,107 4.48%
1Includes junior subordinated debentures
09/25 QTR09/25 YTD12/25 QTR12/25 YTD03/26 QTR03/26 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings$(1,162)$(7,042)$(1,162)$(1,162)$(1,137)$(2,299)
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WaFd Fact Sheet Q2 2026
5
Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results
WaFd, Inc.
Fact Sheet
March 31, 2026
($ in Thousands)

Interest Rate Risk(b)
As of 09/25As of 12/25As of 03/26
NPV post up 100 bps shock10.9%10.7%10.6%
NPV post down 100 bps shock12.9%12.8%12.6%
Change in NII after up 100 bps shock(0.1%)(0.2%)(0.1%)
Change in NII after down 100 bps shock4.8%4.8%6.2%
(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)
Average for Quarter Ended:WAFD
SFR Mortgages		WAFD
GSE MBS
3/31/20244.8%8.7%
6/30/20246.6%12.0%
9/30/20248.6%12.9%
12/31/20248.1%12.7%
3/31/20258.1%9.1%
6/30/20259.0%12.5%
9/30/20257.5%13.7%
12/31/20259.6%13.3%
3/31/20268.1 %12.9 %
(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:
March 31, 2026FixedVariable3 Months6 Months12 Months24 Months
Assets
Cash$669,799 — %100 %$669,799 100 %$669,799 100 %$669,799 100 %$669,799 100 %
Investments5,097,985 55 %45 %1,918,085 38 %1,995,497 39 %2,011,710 39 %2,019,411 40 %
Loans20,168,933 48 %52 %7,186,683 36 %7,884,442 39 %8,864,716 44 %10,277,822 51 %
$25,936,717 $9,774,567 38 %$10,549,738 41 %$11,546,225 45 %$12,967,032 50 %
Liabilities
Deposits$21,124,151 40 %60 %$16,954,392 80 %$18,979,997 90 %$20,740,793 98 %$21,080,946 100 %
Borrowings3,114,548 98 %2 %1,477,107 47 %1,595,986 51 %1,745,986 56 %1,970,986 63 %
$24,238,699 $18,431,499 76 %$20,575,983 85 %$22,486,779 93 %$23,051,932 95 %
1Includes the effect of derivatives.
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WaFd Fact Sheet Q2 2026
6
Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results
WaFd, Inc.
Fact Sheet
March 31, 2026
Average Balance Sheet
($ in Thousands)
Quarter Ended
September 30, 2025December 31, 2025March 31, 2026
Average BalanceInterestAverage RateAverage BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets
Loans receivable$20,143,956 $271,787 5.35%$19,919,355 $264,206 5.26%$19,916,014 $262,148 5.34%
Mortgage-backed securities3,095,991 32,953 4.22 3,649,588 38,902 4.23 4,163,644 44,341 4.32 
Cash & investments1,506,416 19,284 5.08 1,443,462 17,290 4.75 1,410,981 15,711 4.52 
FHLB Stock89,504 2,510 11.13 104,133 2,097 7.99 135,738 2,534 7.57 
Total interest-earning assets24,835,867 326,534 5.22%25,116,538 322,495 5.09%25,626,377 324,734 5.14%
Other assets1,704,915 1,735,851 1,724,237 
Total assets$26,540,782 $26,852,389 $27,350,614 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$18,749,992 143,874 3.04%$18,676,059 136,214 2.89%$18,515,826 125,999 2.76%
Borrowings1,848,601 12,754 2.74 2,174,736 15,171 2.77 2,877,764 21,165 2.98 
Total interest-bearing liabilities20,598,593 156,628 3.02%20,850,795 151,385 2.88%21,393,590 147,164 2.79%
Noninterest-bearing customer accounts2,605,377 2,636,122 2,603,558 
Other liabilities313,714 331,539 319,343 
Total liabilities23,517,684 23,818,456 24,316,491 
Shareholders’ equity3,023,098 3,033,933 3,034,123 
Total liabilities and equity$26,540,782 $26,852,389 $27,350,614 
Net interest income/interest rate spread$169,906 2.20%$171,110 2.21%$177,570 2.35%
Net interest margin(1)
2.71%2.70%2.81%
(1)Annualized net interest income divided by average interest-earning assets
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WaFd Fact Sheet Q2 2026
7
Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results
WaFd, Inc.
Fact Sheet
March 31, 2026
Delinquency Summary
($ in Thousands)
# of Loans
Type of Loans #LoansAVG SizeLoans
Amortized
Cost		30 60 90 Total% Based on #$ Delinquent% Based on $
March 31, 2026
Multi-Family1,850 2,526 $4,672,599 14 1 10 25 1.35%$48,153 1.03%
Commercial Real Estate1,224 2,984 3,652,683 3 — 2 5 0.41 2,692 0.07 
Commercial & Industrial6,237 448 2,791,133 58 14 15 87 1.39 62,239 2.23 
Construction355 2,696 956,957 — — — — — — — 
Land - Acquisition & Development83 2,031 168,566 — — — — — — — 
Single-Family Residential20,019 375 7,501,331 41 11 79 131 0.65 39,929 0.53 
Construction - Custom48 810 38,867 1 — 1 2 4.17 892 2.30 
Land - Consumer Lot Loans787 98 76,763 — — 5 5 0.64 325 0.42 
HELOC3,951 65 255,352 12 4 7 23 0.58 1,895 0.74 
Consumer5,309 10 54,682 32 25 41 98 1.85 590 1.08 
39,863 506 $20,168,933 161 55 160 376 0.94%$156,715 0.78%
December 31, 2025
Multi-Family1,851 2,494 $4,617,085 12 3 7 22 1.19 %$37,609 0.81%
Commercial Real Estate1,226 2,894 3,547,626 1 2 6 9 0.73 66,631 1.88 
Commercial & Industrial5,844 432 2,524,486 40 8 13 61 1.04 60,799 2.41 
Construction374 2,791 1,043,910 1 — 1 2 0.53 3,673 0.35 
Land - Acquisition & Development87 1,684 146,548 — — — — — — — 
Single-Family Residential20,355 379 7,709,942 45 16 67 128 0.63 40,712 0.53 
Construction - Custom89 656 58,371 — — 2 2 2.25 2,055 3.52 
Land - Consumer Lot Loans827 100 82,490 2 2 4 8 0.97 415 0.50 
HELOC4,053 65 264,462 14 4 4 22 0.54 2,090 0.79 
Consumer6,954 8 52,775 35 19 36 90 1.29 406 0.77 
41,660 481 $20,047,695 150 54 140 344 0.83%$214,390 1.07%
September 30, 2025
Multi-Family1,851 2,502 $4,631,321 — 3 4 7 0.38%$20,644 0.45%
Commercial Real Estate1,251 2,869 3,588,950 2 1 6 9 0.72 51,041 1.42 
Commercial & Industrial5,537 431 2,386,363 5 12 35 52 0.94 1,185 0.05 
Construction358 3,087 1,105,101 — — — — — — — 
Land - Acquisition & Development84 1,666 139,922 — — — — — — — 
Single-Family Residential20,773 382 7,936,931 55 20 65 140 0.67 46,088 0.58 
Construction - Custom134 584 78,243 — — 1 1 0.75 760 0.97 
Land - Consumer Lot Loans874 101 88,696 2 1 3 6 0.69 332 0.37 
HELOC4,166 65 271,286 12 5 5 22 0.53 2,182 0.80 
Consumer6,620 9 61,525 25 14 45 84 1.27 353 0.57 
41,648 487 $20,288,338 101 56 164 321 0.77%$122,585 0.60%
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WaFd Fact Sheet Q2 2026
8

Source: View Original Filing on SEC EDGAR

FAQ

How much did WaFd (WAFD) earn in the quarter ended March 31, 2026?

WaFd earned $65.5 million in net income for the quarter ended March 31, 2026. This was up from $64.2 million in the prior quarter and $56.3 million a year earlier, reflecting steady profit growth across the banking franchise.

What was WaFd (WAFD) earnings per share for Q2 2026?

WaFd reported $0.82 diluted earnings per common share for the quarter ended March 31, 2026. That compares with $0.79 in the previous quarter and $0.65 a year earlier, a 26% year-over-year increase in fully diluted earnings per common share.

How did WaFd’s net interest margin change in the latest quarter?

WaFd’s net interest margin improved to 2.81% for the quarter ended March 31, 2026, up from 2.70% in the prior quarter. The bank cited a 5 basis point increase in yields on interest-earning assets and a 9 basis point decline in rates paid on interest-bearing liabilities.

What are WaFd’s current asset quality metrics?

WaFd’s asset quality strengthened, with non-performing assets at 0.48% of total assets as of March 31, 2026. Non-accrual loans were 0.62% of net loans, and quarterly net charge-offs totaled just $0.6 million, indicating relatively low realized credit losses.

Did WaFd (WAFD) repurchase stock in the March 2026 quarter?

Yes. WaFd repurchased 2,738,096 common shares during the quarter at a weighted average price of $31.85. This represented roughly 3.6% of total outstanding shares and left 8.0 million shares remaining under the board-authorized repurchase program.

What dividend did WaFd pay to common shareholders in early 2026?

On February 27, 2026, WaFd paid a $0.27 cash dividend per common share, marking its 172nd consecutive quarterly dividend. Total cash returned through dividends complemented the bank’s share repurchases during the same period.

How has WaFd’s tangible book value per share changed recently?

WaFd’s tangible common equity per share rose to $30.27 as of March 31, 2026, from $29.38 as of September 30, 2025. Management highlights this non-GAAP metric as a key measure of underlying shareholder value growth over time.

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