WaFd (NASDAQ: WAFD) boosts profit, liquidity and capital returns

Rhea-AI Filing Summary

WaFd, Inc. furnished an investor presentation outlining recent performance and balance sheet trends as of December 31, 2025. The bank reported total assets of $27.3 billion, loans held for investment of $19.8 billion, deposits of $21.4 billion and stockholders’ equity of $3.0 billion.

For the quarter ended December 31, 2025, net interest income was $171.1 million, up 10% from a year earlier, while net income rose 36% to $64.2 million. Net income available to common shareholders increased 39% to $60.5 million, helped by higher non‑interest income, lower funding costs and reduced compensation expense, which drove the efficiency ratio down to 55.25% from 65.04%.

The presentation highlights strong asset quality, with non‑performing assets of $203 million, or 0.75% of total assets, and an allowance for credit losses of $200 million. Liquidity remains significant, with $5.6 billion in cash and securities, representing 21% of total assets, and a predominantly collateralized borrowing base.

Positive

• Strong earnings growth: Net income increased 36% year over year to $64.2 million, and net income available to common shareholders rose 39% to $60.5 million for the quarter ended December 31, 2025.
• Improved efficiency: The efficiency ratio fell to 55.25% from 65.04% a year earlier, reflecting better cost control and revenue growth.
• Solid credit quality: Non‑performing assets were $203 million, only 0.75% of total assets, with a $200 million allowance for credit losses providing substantial coverage.
• Robust liquidity: Cash and securities of $5.6 billion represent 21% of total assets, supporting funding flexibility alongside a diversified deposit base.

Negative

• None.

Insights

Bank equity analyst

Quarter shows stronger earnings, solid credit and ample liquidity.

WaFd is presenting a notably stronger quarter, with net income up 36% year over year to $64.2 million and net interest income up 10%. A lower efficiency ratio of 55.25% signals better cost control and operating leverage versus the prior year.

Asset quality metrics remain conservative. Non‑performing assets are $203 million, just 0.75% of total assets, while the allowance for credit losses of $200 million nearly matches NPAs. This suggests management continues to provision cautiously despite low realized losses.

Liquidity is another support: cash and securities total $5.6 billion, or 21% of assets, and deposits are diversified by product and geography. Combined with stated strong capital ratios and ongoing dividends and buybacks, the data points to a financially resilient balance sheet, though future results will still depend on credit conditions and interest rate movements.

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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): February 23, 2026

 ____________________________________

WAFD, INC.

(Exact name of registrant as specified in its charter)

 ____________________________________

Washington

001-34654

91-1661606

(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 Class

Trading Symbol

Name of each exchange on which registered

Common Stock, $1.00 par value per share

WAFD

NASDAQ 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

WAFDP

NASDAQ 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 7.01 Regulation FD Disclosure

WaFd, Inc. is hereby furnishing a slide presentation that executive management intends to use in meetings with institutional investors and industry analysts. The slide presentation is included as Exhibit 99.1 to this report and will be available on WaFd Bank's investor relations website at https://www.wafdbank.com/about-us/investor-relations. The presentation includes forward looking statements within the meaning of the Securities Exchange Act of 1934, as amended, the Securities Act of 1933, as amended, and the rules under each of those statutes. All information in Exhibit 99.1 is presented as of the particular date or dates referenced therein, and WaFd, Inc. does not undertake any obligation to, and disclaims any duty to, update any of the information provided. A complete discussion of relevant risks is set forth in the registrant’s most recent Annual Report on Form 10-K for the fiscal year ended September 30, 2024; our most recent Quarterly Reports on Form 10-Q; and our other filings made from time to time with the Securities and Exchange Commission. The sections of these reports entitled “Risk Factors” describes the facts, circumstances, conditions and risks that may cause us to deviate from the expectations set forth in this presentation.

The information provided pursuant to this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing or other document filed by the Company pursuant to the Exchange Act or the Securities Act except as shall be expressly set forth by specific reference in such filing or document. The information provided pursuant to this Item 7.01 shall instead be deemed “furnished.”

Item 9.01 Financial Statements and Exhibits

(d) The following exhibits are being furnished herewith:

Exhibit 99.1    WaFd, Inc. investor presentation

Exhibit 104    Cover Page Interactive Data File (embedded within with Inline XBRL)

Important Cautionary Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements. These statements are based on management’s current assumptions and are neither promises nor guarantees,

but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For important factors that could cause actual results to differ materially from the forward-looking statements in this Current Report on Form 8-K, please see the risks and uncertainties identified under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2025, and our other reports filed with the SEC which are available on the SEC website at www.sec.gov. All forward-looking statements reflect the Company’s beliefs and assumptions only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

February 23, 2026

WAFD, INC.

By:

/s/ KELLI J. HOLZ

Kelli J. Holz

Executive Vice President and Chief Financial Officer

4

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of WaFd’s management and are subject to significant risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of the presentation, and WaFd assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. 1 Investor Presentation As of December 31, 2025

Overview of WaFd Bank 2 • Established in 1917; IPO in 1982 • Washington State Charter Commercial Bank – WA DFI, FDIC, FRB, CFPB Regulated • Headquartered in Seattle, WA; is the second largest bank headquartered in the Pacific Northwest • 208 branches across 9 western states • Full-service consumer & commercial bank • Strong capital, high asset quality, consistent results • Profitable every year since 1965 • Interest rate risk management – well controlled • 171 consecutive quarterly cash dividends • 14,796% Total shareholder return since IPO Total Assets $27.3B Total Loans HFI $19.8B Total Deposits $21.4B Stockholder Equity $3.0B Efficiency Ratio 55.3% Adjusted Efficiency Ratio 56.1% 1 As of or for the quarter-ended December 31, 2025 Overview Geographic Overview Company Highlights1 2

WaFd Bank Executive Management Committee 3 Kelli Holz SEVP Chief Financial Officer Brent Beardall President and Chief Executive Officer 3 Ryan Mauer EVP Chief Credit Officer Cathy Cooper EEVP Chief Experience Officer Kim Robison EVP Chief Operating Officer

4 WaFd Bank Demographics Our markets are among the most desirable in the US and create a foundation for loan growth without excessive risk State Number of Branches Company Deposits in Market ($000) Deposit Market Share (%) Percent of National Franchise (%) Total Population 2026 (Actual) Population Change 2020-2026 (%) Projected Population Change 2026-2031 (%) Median HH Income 2026 ($) Projected HH Income Change 2026-2031 (%) Washington 73 8,479,452 4.13 39.6 8,042,527 4.38 3.09 105,641 13.02 California 10 3,492,436 0.22 16.3 39,435,158 -0.26 0.05 105,694 12.59 Oregon 36 2,926,616 2.81 13.7 4,271,804 0.82 0.4 89,847 12.76 Arizona 28 1,651,572 0.76 7.7 7,705,939 7.75 4.97 86,542 12.71 New Mexico 18 1,675,873 3.86 7.8 2,130,660 0.62 0.36 69,426 9.85 Idaho 21 936,443 2.51 4.4 2,041,822 11.02 6.52 83,555 11.31 Utah 9 550,998 0.47 2.6 3,573,552 9.23 5.97 103,211 12.91 Nevada 8 532,178 0.53 2.5 3,319,992 6.94 4.7 86,266 14.36 Texas 5 1,171,402 0.05 5.5 31,994,623 9.78 6.47 84,658 11.81 Totals: 208 21,416,970 100 102,516,077 Weighted Average 3.67 2.47 97,078 12.56 Aggregate: National 342,965,686 3.47 2.58 86,867 11.3 Branch count and WaFd deposit balances are as of December 31, 2025. Deposit market share and percent of national franchise are from the FDIC's Summary of Deposit reports and are as of June 30, 2025. All other data is updated as new data becomes available.

Organizational Structure & Objective: Business Banking and Commercial Real Estate Banking Segments have two primary objectives as a trusted advisor: 1.Deliver phenomenal, concierge-level customer service to all our clients - "everyone and every business deserves a WaFd banker". 2.Grow the business by delivering credit and treasury solutions that allow our clients to prosper. Build 2030 5

Evolution of Our Franchise Thrift Consumer deposits and home loans Commercial Relationship deposits and diversified lending Serving Businesses Concierge level service for all clients –serving businesses wholistically alongside consumers, both in-person and digitally 1917-2007 Build 2030 6 15 years of investment in our evolution to a commercial bank 6 Digital Focus Leverage data to anticipate financial needs and empower clients

Northwest Retail Banking Satisfaction Study 7 677 663 663 644 642 634 630 617 608 598 Banner Bank WaFd Chase Umpqua Bank KeyBank Region Average U.S. Bank First Interstate Bank Bank of America Wells Fargo Scores were obtained from the J.D. Power 2025 U.S. Retail Banking Satisfaction Studysm. Northwest ranking is based on data including Idaho, Montana, Oregon and Washington.

Net Promoter Score Approaching World Class 8 Our investments in customer service, usability and technology are translating into high customer satisfaction levels Source: CustomerGauge.com and Comparably.com WaFdaa Net Promoter Score 1Peer Net Promoter Score 1 1 2025 Financial Services Banking Benchmarks A Score of 70 or higher is considered world class. A Score of 50 or higher is considered excellent. A score of 30 or higher is considered very good. A score of 0-30 is considered good 8 15 18 58 853

9 Commitment to Community We believe our enduring franchise comes from core principles focused on helping the neighborhoods we serve. Community Development Over $390 million dollars invested towards community development lending including affordable housing investments Washington Federal Foundation The Washington Federal Foundation awarded 206 grants to local community organizations totaling over $1.0 million for the fiscal year Volunteerism WaFd employees participated in 14,649 volunteer hours in support of 1,136 community organizations and initiatives United Way Matching Campaign WaFd matches employee contributions made to United Way agencies in all nine states. In FY 2025 pledges from colleagues were $375,525. WaFd matched $375,495 and $750,000 matched by FHLB for a total of $1,501,020 Our Corporate Social and Environmental Responsibility Policy flows from WaFd Bank’s core principles, which are: To provide common- sense banking that helps neighborhoods flourish Adhere to the primary corporate value of integrity Exercise prudent risk management Maintain transparency in its business practices Resolve to create long-term value for all stakeholders 1 2 3 4 5

10 5 Year Change by Percentage in Each Geographical Area1 From September 30, 2020, to December 31, 2025 1 WaFd entered the California market with the LBC merger 3/1/2024. Change in Loans Change in Deposits

11 Loan and Deposit Balances by Geographical Area As of December 31, 2025, $ In Millions Loan Balances by State Deposit Balances by State

12 Loan Growth – Through Different Interest Rate Environments • Net loan growth has slowed with principal repayments outpacing originations in total. • Active loan types grew by $80 million during the quarter. Active loan types include the commercial segment and the consumer portfolio. • Mortgage and Consumer loans currently make up 40% of total net loans compared to 68% in 2015. Loan GrowthNew Loan Originations $ in millions. • Originations overall are reduced due to sustained high rates and an uncertain economic environment. • Commercial loans make up a greater portion of all originations over time, making up 94% of all originations in Q1-2026 compared to 62% in 2015. The pace of this change will increase given our exit of the mortgage lending market. Mortgage & Consumer Commercial Real Estate Commercial & Industrial (C&I) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $2,000 $4,000 $6,000 $8,000 $10,000 Mortgage & Consumer Commercial Real Estate Commercial & Industrial (C&I) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $5,000 $10,000 $15,000 $20,000 $25,000

Non-Performing Asset Trends 13 We have maintained a strong ACL while NPAs remain low • ACL at December 31, 2025 amounted to $200 million, representing 98% of total NPAs (1) • Non-performing assets were $203 million as of December 31, 2025, 0.75% of Total Assets Non-Performing Assets to Total Assets and ACL to Gross Loans (1) (2) 1 ACL does not include reserve for unfunded commitments which was $21.5 million at December 31, 2025. 2 Effective October 1, 2020, the Company implemented FASB’s Current Expected Credit Loss (CECL) Standard 2 2.76% 2.18% 1.63% 1.00% 0.88% 0.67% 0.64% 0.53% 0.48% 0.20% 0.22% 0.21% 0.26% 0.28% 0.54% 0.75% 1.40% 1.51% 1.42% 1.30% 1.10% 1.04% 1.01% 1.01% 0.99% 1.15% 1.05% 0.89% 0.90% 0.91% 0.94% 0.95% Non-Performing Assets to Total Assets ACL to Gross Loans 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 YT D

Strong Credit Quality 14 Net Loan Charge-offs (recoveries) Average NCOs Per Year – Last 20 Years Source: S&P Global, Company Filings 1 Peers represent Proxy Peers as specified in the Company’s latest Proxy Statement (1) Strong Credit Quality Characterized by Limited Charge-Offs The Bank experienced nine consecutive years of net recoveries, fiscal 2014 through fiscal 2022, during which net recoveries totaled $74.9 million. Net charge-offs have remained low through YTD 2026. 0.93% 0.24% (0.18)% (0.06)% (0.13)%(0.13)% (0.10)% (0.03)% (0.03)% (0.05)% (0.02)% 0.26% 0.01% 0.06% 0.07% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD (0.25)% —% 0.25% 0.50% 0.75% 1.00%

Net Loan Portfolio Average Current LTV 15 As of December 31, 2025, $ In Thousands Net Balance % of Loans WTD Avg Current LTV % Delinquent based on $ Multifamily 4,591,242 23 % 53 % 0.82 % CRE - Office 780,057 4 % 68 % 2.26 % CRE - Other 2,725,464 14 % 44 % 1.80 % CRE Construction - Multifamily 571,286 3 % 54 % — % CRE Construction - Other 454,148 2 % 45 % 0.81 % C&I 2,462,384 12 % NA 2.47 % SFR 7,674,094 39 % 36 % 0.53 % SFR Custom Construction 57,916 — % 59 % 3.55 % Other 531,565 3 % NA 0.55 % 19,848,156 100 % 1.07 %

Other CRE Property Types as % of Total Net Loans 16 As of December 31, 2025 Industrial 4.2% Other Non-Residential 1.2% Retail -Anchored 1.2%Medical/Dental 1.1% Motel / Hotel 1.0% Mixed Use 0.9% Mini-Warehouse/Self Storage 0.8% Retail- Not Anchored 0.6% Warehouse 0.5% Single Family Residence 0.4% Cross Collateral/Bridge 0.3% Restaurant/Tavern 0.3% Gas Station/Convenience Store 0.1% Convalescent/Assisted Living 0.1% Automotive Service/Repair 0.1% All Others 1.1%

Significant Liquidity and High-Quality Securities Portfolio 17 High quality, $5.6 billion cash and investment portfolio with $15.7 billion remaining collateral and lines as a source of additional potential liquidity Cash and Securities Composition Total Cash and Securities: $5.6B Cash and Securities / Total Assets: 21% Cash & Securities / Total Assets1 As of 12/31/2025, WAFD maintains $5.6B of balance sheet Liquidity. • Cash and Securities is 21% of assets • Investment Portfolio targets low credit risk / moderate duration • 84% Cash and US Government-backed Agency Bonds and MBS • Current Yield on Cash and Investments Portfolio is 4.35% Liquidity is tested quarterly through utilizing various scenarios to determine their effect on available liquidity. Whether minor or extreme, these tests show strong liquidity as a result of deposits and borrowing capacity from reliable collateralized sources. Source: SNL Financial, Company Filings 1 Peers represent Banks similar to WaFd in size, geography and operations Total Cash and Securities: $4.8B Cash and Securities / Total Assets: 17% 12/31/2024 12/31/2025 US Backed, 71%Cash, 13% High Quality Bonds, 16% US Backed, 45% Cash, 31% High Quality Bonds, 24% WAFD Peers Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep 2025 Dec 2025 10.00% 20.00% 30.00% 40.00%

Investment Portfolio 18 High quality, $4.9 billion investment portfolio with a duration of 3.0 years. Portfolio is 36% variable rate. HTM Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 735,361 $ (29,433) 6.6 4.17% AFS Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 3,236,393 $ 9,487 6.2 4.57% Agency and Student Loan Bonds 708,099 (679) 13.6 4.91% Corporate Bonds 162,689 (7,849) 6.2 3.61% Municipal Bonds 35,104 (292) 9.5 5.22% $ 4,142,285 $ 667 Hedges Gain/(Loss) Borrowing Cash Flow Hedges $ 94,529

Highly Diversified Deposit Base - % of Deposits by Industry 19 Top 20 depositors make up 11% of total deposits. 26.2% of total deposits are uninsured and not collateralized as of December 31, 2025

20 Deposit Trends Shifting away from time deposits in favor of transaction accounts. Checking accounts now make up 37% of all deposits Transaction Accounts, $12,866, 60.1% Time Deposits, $8,551, 39.9% Transaction Accounts, $11,854, 55.3% Time Deposits, $9,585, 44.7% As of 12/31/2025 As of 12/31/2024 Transaction Accounts Time Deposits WTD Rate 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 YT D $— $4,000 $8,000 $12,000 $16,000 $20,000 $24,000 —% 0.80% 1.60% 2.40% 3.20% 4.00% 4.80%

21 Deposit Flows Overall changes by quarter and balances by type. Balances $ in thousands. Customer Deposit Accounts 9/30/2023 12/31/2023 3/31/20241 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Checking - Noninterest Bearing 2,729,888 2,604,281 2,482,010 2,514,310 2,500,467 2,489,394 2,400,172 2,487,816 2,567,539 2,692,680 Checking - Interest Bearing 4,124,463 4,084,933 4,579,413 4,481,465 4,486,444 4,554,922 4,625,596 4,705,457 4,865,808 5,187,008 Savings 817,547 777,204 771,260 733,973 718,560 714,755 715,199 703,085 701,558 722,188 Money Market 3,358,603 3,191,646 4,506,179 4,199,257 4,111,714 4,094,788 4,113,017 4,072,766 4,171,627 4,264,098 CDs 4,863,849 5,380,723 9,000,911 9,255,760 9,556,785 9,584,918 9,573,442 9,417,447 9,131,104 8,550,996 Total 15,894,350 16,038,787 21,339,773 21,184,765 21,373,970 21,438,777 21,427,426 21,386,571 21,437,636 21,416,970 Quarter % Change 1.6 % (0.5) % 33.1 % (0.7) % 0.9 % 0.3 % (0.1) % (0.2) % 0.2 % (0.1) % Quarter $ Change 259,476 (81,637) 5,300,986 (155,008) 189,205 64,807 (11,351) (40,855) 51,065 (20,666) Uninsured & Uncollateralized Deposits 4,124,355 4,182,289 5,436,402 5,238,217 5,134,192 5,317,511 5,490,142 5,094,400 5,302,026 5,607,476 % of Total Deposits 25.6 % 26.1 % 25.5 % 24.7 % 24.0 % 24.8 % 25.6 % 23.8 % 24.7 % 26.2 % 1 Deposit balances increased in FY24 as a result of the LBC merger. The merger added $3.7 billion in time deposits and $1.9 billion in transaction accounts.

Borrowings and Debt Outstanding & Weighted Rate 22 Total Debt is 97.9% FHLB advances and 2.1% Junior Subordinated debentures and is used in part to manage interest rate risk. Increase in borrowings for 2020 was from locking in $1 billion of funding at a fixed rate of 66 bps for 10 years. Borrowings WTD Rate 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Effective Maturity Schedule $ in millions Within 3 months: $ 800 3.70 % 4 to 6 months: $ — — % 7 to 9 months: $ 118 4.52 % 10 to 12 months: $ 150 3.81 % 1 to 3 years: $ 225 3.41 % 3 to 5 years: $ 994 1.06 % 5+ years: $ 202 4.57 %

Cost of Deposits Through the Current Fed Rate Cycle 23 0.23% 0.42% 0.79% 1.34% 1.77% 2.07% 2.42% 2.65% 2.95% 3.11% 3.02% 2.89% 2.77% 2.67% 2.53% 0.94% 2.35% 3.82% 4.64% 5.07% 5.40% 5.40% 5.40% 5.40% 5.33% 4.71% 4.50% 4.50% 4.46% 4.02% Cost of All Deposits Avg Fed Funds (Upper) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 —% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%

AOCI vs our Peers 24

25 Income Statement Comparison 25 $ In thousands Three Months Ended 12/31/2025 12/31/2024 $ Change % Change INTEREST INCOME Loans receivable $ 264,207 $ 286,597 $ (22,390) (8)% Mortgage-backed securities 38,902 18,337 20,565 112% Investment securities and cash equivalents 19,387 40,183 (20,796) (52)% 322,496 345,117 (22,621) (7)% INTEREST EXPENSE Customer accounts 136,214 162,150 (25,936) (16)% FHLB advances and other borrowings 15,171 27,536 (12,365) (45)% 151,385 189,686 (38,301) (20)% Net interest income 171,111 155,431 15,680 10% Provision (release) for credit losses 3,500 — 3,500 Net interest income after provision (release) 167,611 155,431 12,180 8%

26 Income Statement Comparison Efficiency Ratio of 55.25% for the quarter ending December 31, 2025 down from 65.04% for the quarter ending December 31, 2024. Effective tax rate for the quarter ending December 31, 2025 is 22.00% up from 21.55% for the quarter ending December 31, 2024. $ In thousands Three Months Ended 12/31/2025 12/31/2024 $ Change % Change NON-INTEREST INCOME $ 20,255 $ 15,702 $ 4,553 29% NON-INTEREST EXPENSE Compensation and benefits 54,190 59,927 (5,737) (10)% Occupancy 11,170 10,788 382 4% FDIC premiums 5,400 4,850 550 11% Product delivery 6,574 5,785 789 14% Information technology 14,384 14,192 192 1% Other expense 14,003 15,769 (1,766) (11)% 105,721 111,311 (5,590) (5)% Gain (loss) on REO 156 429 (273) (64)% Income before income taxes 82,301 60,251 22,050 37% Income tax provision 18,105 12,984 5,121 39% NET INCOME $ 64,196 $ 47,267 $ 16,929 36% Dividends on preferred stock 3,656 3,656 — —% Net income available to common shareholders $ 60,540 $ 43,611 $ 16,929 39%

27 Net Interest Income and Net Interest Margin Net interest income in thousands. IRR measures as of December 31, 2025: • Net Interest Income (NII) would decrease by 0.2% in +100 bps immediate and parallel shock and would increase by 4.8% in a -100 bps immediate parallel shock. • Net Portfolio Value (NPV) after +200bps shock is 22.5% lower ($701M) and at $2.4 billion would be 9.66% of total assets. NPV after -200bps shock is 17.5% higher ($546M) and at $3.7 billion would be 13.3% of total assets. Net Interest Income Margin % Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 — 40,000 80,000 120,000 160,000 200,000 240,000 —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00%

28 Net Income and Common Earnings Per Share Annual Quarterly March 31, 2024 Net Income and EPS reflect merger-related expenses of $25 million and the preliminary ACL provision of $16 million. Net Income (in thousands) EPS 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 $— $60,000 $120,000 $180,000 $240,000 $300,000 $— $1.00 $2.00 $3.00 $4.00 Net Income (in thousands) EPS Ju n-22 Sep -22 Dec -22 Mar- 23 Ju n-23 Sep -23 Dec -23 Mar- 24 Ju n-24 Sep -24 Dec -24 Mar- 25 Ju n-25 Sep -25 Dec -25 $— $20,000 $40,000 $60,000 $80,000 $— $0.25 $0.50 $0.75 $1.00 $1.25 $1.50

29 Diverse sources of Non-Interest Income provide steady growth and balance our revenue profile Non-Interest Income for Quarter-Ended December 31, 2025 Non-Interest Income Over Time ($MM) Non-Interest Income / Total Loan Revenue Other Income includes: • BOLI income • Rental income • Income on equity method investments Loan Fees, 6.7% Deposit Fees, 38.8% WaFd Insurance Commissions, 21.6% Other Income, 17.1% Gain on Sale of Buildings, 15.9% 9% 11% 16% 12% 10% 6% 5% 6% 8% FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025FY 2026 YTD $3.9 $7.3 $6.9 $7.2 $3.9 $2.7 $6.9 $24.9 $23.7 $24.7 $25.9 $26.1 $27.5 $29.6 $7.9 $10.2 $10.9 $11.9 $13.4 $14.6 $17.4 $19.5 $4.4 $13.1 $13.2 $16.7 $19.8 $8.5 $12.5 $15.0 $3.4 $10.1 $30.7 $3.2 Loan Fees Deposit Fees WaFd Insurance Other Income Gain on Sale of Investments Gain on Sale of Buildings FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YTD Non-Interest Income

30 Non-Interest Expense Over Time Annual and Quarterly - Expenses in thousands Annual Quarterly Non-interest expense includes FDIC premiums, product delivery & IT related costs and other miscellaneous expenses. The quarter-ended March 31, 2024 includes merger related expenses and other non-operating expenses. If removed, the adjusted efficiency ratio for 2024 would have been 57.5%. See additional details for ‘other’ expenses within Other Non-Interest Expense on the next page. 50% 51% 48% 50% 52% 59% 59% 54% 51% 62% 59% Compensation Occupancy Other Expense Efficiency Ratio FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 $— $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 —% 10% 20% 30% 40% 50% 60% 70% 50% 47% 52% 52% 52% 58% 78% 57% 57% 65% 58% 56% 57% 55% Compensation Occupancy Other Expense Efficiency Ratio SEP-22 DEC-22 MAR-23 JU N-23 SEP-23 DEC-23 MAR-24 JU N-24 SEP-24 DEC-24 MAR-25 JU N-25 SEP-25 DEC-25 $— $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 —% 10% 20% 30% 40% 50% 60% 70% 80%

31 Breakout of Non-Interest Expense Non-Interest Expense includes: • FDIC Premiums • Product Delivery • Information Technology • ‘Other expense’ line-item include professional services, marketing and administrative costs. Expenses in millions $9.8 $10.9 $14.4 $9.5 $20.0 $28.9 $20.2 $5.4 $15.9 $17.0 $18.5 $19.5 $21.0 $24.0 $25.9 $6.6 $38.9 $52.9 $42.7 $47.2 $49.4 $53.3 $60.1 $14.4 $34.6 $47.5 $41.1 $45.9 $47.5 $65.9 $54.2 $14.0 FDIC Premiums Product Delivery Information Technology Other Expense FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YTD

32 Capital Ratios WAFD does not seek to maximize leverage. Rather, we aspire to be the bank that can best weather the next storm on the horizon. • Source: S&P Global, Company Filings Common Equity Tier 1 Ratio WaFd Inc. Top 100 Banks Peer Banks Well Capitalized Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep 2025 Dec 2025 —% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Total Risk-Based Capital WaFd Inc. Top 100 Banks Peer Banks Well Capitalized Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep 2025 Dec 2025 —% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Tangible Common Equity/Tangible Assets Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep 2025 Dec 2025 9.00% 9.50% 10.00% 10.50%

Returning Capital to Shareholders Recent Capital Activities • Current cash dividend of $0.27 provides a yield of 3.20% based on the current stock price (February 9) • 1,950,013 shares were repurchased in YTD fiscal 2026 with a weighted price of $29.75 • Since 2013, 54.8 million shares repurchased which is 51.6% of total outstanding shares as of 9/30/2012 • 6.2 million shares remain in buyback authorization as of December 31, 2025. • On February 3, 2026 the Board of Directors authorized an additional 4.5 million shares for repurchase. • 33 Common Dividend as a % of Net IncomeReturn of Income to Common Shareholders Share Repurchases 38.3% 38.0% 27.8% 26.3% 40.1% 40.0% 33.6% 2020 2021 2022 2023 2024 2025 2026 YTD Net Income Stock Buyback & Dividends 2019 $210,256 $187,163 89 % 2020 $173,438 $178,629 103 % 2021 $173,581 $414,527 239 % * 2022 $221,705 $64,837 29 % 2023 $242,801 $94,255 39 % 2024 $185,416 $101,355 55 % 2025 $211,443 $186,571 88 % 2026 YTD $60,540 $78,379 129 % * Preferred stock issuance proceeds were used to repurchase 8 million shares # of Shares Wtd Price Paid % Outstanding at beginning of the year 2019 4,065,352 $30.46 5 % 2020 3,339,530 $33.58 4 % 2021 10,810,113 $32.25 14 % 2022 92,774 $35.14 0.1 % 2023 1,165,161 $26.14 2 % 2024 1,070,207 $25.29 1.6 % 2025 3,447,771 $29.56 4.2 % 2026 YTD 1,950,013 $29.75 2.6 %

As of 12/31/2025: Book Value per Share $35.70 Tangible Book Value per Share 29.91 Price to BV: 89.7% Price to TBV: 107% Stock Price & Book Value Per Share 34

Managing Capital Text Text Text Tex 35 Perspective through the last Credit Cycle

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of WaFd’s management and are subject to significant risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of the presentation, and WaFd assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements.

FAQ

How did WaFd (WAFD) perform in the quarter ended December 31, 2025?

WaFd reported stronger results, with net income rising 36% to $64.2 million and net income available to common shareholders up 39% to $60.5 million. Higher net interest income and improved efficiency helped drive this year-over-year earnings growth.

What are WaFd (WAFD) key balance sheet figures as of December 31, 2025?

As of December 31, 2025, WaFd reported $27.3 billion in total assets, $19.8 billion in loans held for investment, $21.4 billion in total deposits and $3.0 billion in stockholders’ equity, reflecting a sizable regional banking franchise.

How strong is WaFd (WAFD) asset quality in the latest period?

WaFd reported non‑performing assets of $203 million, equal to 0.75% of total assets, with an allowance for credit losses of $200 million. Management also noted historically low net charge‑offs, indicating continued strong credit quality.

What does the WaFd (WAFD) investor presentation say about liquidity?

The bank reported $5.6 billion in cash and securities, representing 21% of total assets as of December 31, 2025. The investment portfolio emphasizes high‑quality, largely U.S. government‑backed securities, supporting WaFd’s overall liquidity position.

How did WaFd (WAFD) net interest income change year over year?

Net interest income for the quarter ended December 31, 2025 was $171.1 million, an increase of 10% from the prior-year quarter. The improvement reflects lower interest expense on customer accounts and borrowings relative to total interest income.

What is WaFd (WAFD) current efficiency ratio and what does it indicate?

WaFd reported an efficiency ratio of 55.25% for the quarter ended December 31, 2025, down from 65.04% a year earlier. A lower ratio indicates the bank is generating revenue more efficiently relative to its non‑interest operating expenses.

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