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WaFd Bank
WAFD
#4353
Rank
C$3.30 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$43.20
Share price
-1.71%
Change (1 day)
7.60%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. WaFd Bank
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

WaFd Bank - 10-Q quarterly report FY2025 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-34654
WAFD, INC.
(Exact name of registrant as specified in its charter)
 
Washington
91-1661606
(State or other jurisdiction of incorporation or organization)
(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
 
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 ("Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes  ☒    No  ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒


The registrant had outstanding 78,792,054 shares of common stock as of July 31, 2025.


WAFD, INC. AND SUBSIDIARIES
 
  
The Consolidated Financial Statements of WaFd, Inc. and Subsidiaries filed as a part of the report are as follows:
  
  
  
  

2

PART I – Financial Information
Item 1. Financial Statements
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)





June 30, 2025September 30, 2024
(In thousands, except share data)
ASSETS
Cash and cash equivalents$809,252 $2,381,102 
Available-for-sale securities, at fair value
3,387,497 2,572,709 
Held-to-maturity securities, at amortized cost
512,854 436,972 
Loans receivable, net of allowance for loan losses of $198,768 and $203,753
20,277,164 20,916,354 
Interest receivable99,224 102,827 
Premises and equipment, net254,403 247,901 
Real estate owned11,154 4,567 
FHLB stock95,899 95,617 
Bank owned life insurance273,221 267,633 
Intangible assets, including goodwill of $414,723 and $411,360
444,291 448,425 
Federal and state income tax assets, net120,104 119,248 
Other assets446,852 466,975 
$26,731,915 $28,060,330 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Customer accounts
Transaction deposit accounts$11,969,124 $11,817,185 
Time deposit accounts9,417,447 9,556,785 
21,386,571 21,373,970 
Borrowings1,939,675 3,267,589 
Junior subordinated debentures51,412 50,718 
Advance payments by borrowers for taxes and insurance33,680 61,330 
Accrued expenses and other liabilities306,252 306,423 
23,717,590 25,060,030 
Commitments and contingencies (see Note I)
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 outstanding
300,000 300,000 
Common stock, $1.00 par value, 300,000,000 shares authorized; 154,385,498 and 154,007,429 shares issued; 79,130,276 and 81,220,269 shares outstanding
154,385 154,007 
Additional paid-in capital2,160,793 2,150,675 
Accumulated other comprehensive income (loss), net of taxes41,531 55,851 
Treasury stock, at cost; 75,255,222 and 72,787,160 shares
(1,711,999)(1,639,131)
Retained earnings2,069,615 1,978,898 
3,014,325 3,000,300 
$26,731,915 $28,060,330 

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
3
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended June 30,Nine Months Ended June 30,
 2025202420252024
(In thousands, except share data)(In thousands, except share data)
INTEREST INCOME
Loans receivable$279,476 $337,118 $848,150 $857,251 
Mortgage-backed securities27,855 17,523 70,118 41,694 
Investment securities and cash equivalents24,383 37,300 94,647 98,668 
331,714 391,941 1,012,915 997,613 
INTEREST EXPENSE
Customer accounts146,735 154,359 460,833 367,194 
Borrowings, senior debt and junior subordinated debentures16,991 60,396 67,753 142,399 
163,726 214,755 528,586 509,593 
Net interest income167,988 177,186 484,329 488,020 
Provision for credit losses2,000 1,500 4,750 17,500 
Net interest income after provision165,988 175,686 479,579 470,520 
NON-INTEREST INCOME
Gain on sale of investment securities— 80 20 251 
Gain on termination of hedging derivatives56 54 126 169 
Loan fee income1,650 594 4,807 1,988 
Deposit fee income7,588 6,960 21,691 20,460 
Other income8,979 9,567 26,212 21,946 
Total non-interest income18,273 17,255 52,856 44,814 
NON-INTEREST EXPENSE
Compensation and benefits53,481 57,169 166,118 180,165 
Occupancy11,755 10,904 34,042 31,193 
FDIC insurance premiums5,150 7,600 15,800 22,070 
Product delivery6,621 6,090 19,313 17,680 
Information technology15,022 13,428 43,695 39,177 
Other expense12,298 14,888 41,502 50,046 
Total non-interest expense104,327 110,079 320,470 340,331 
Gain (loss) on real estate owned, net(176)(124)54 387 
Income before income taxes79,758 82,738 212,019 175,390 
Income tax expense17,806 18,178 46,548 36,489 
Net income61,952 64,560 165,471 138,901 
Dividends on preferred stock3,656 3,656 10,968 10,969 
Net income available to common shareholders$58,296 $60,904 $154,503 $127,932 
PER SHARE DATA
Basic earnings per common share$0.73 $0.75 $1.91 $1.78 
Diluted earnings per common share0.73 0.75 1.91 1.78 
Dividends paid on common stock per share0.27 0.26 0.80 0.77 
Basic weighted average shares outstanding79,888,52081,374,81180,748,83871,905,924
Diluted weighted average shares outstanding79,907,67281,393,70880,821,80771,930,215
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
4
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

 Three Months Ended June 30,
 20252024
(In thousands)
Net income$61,952 $64,560 
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $(1,443) and $(699)
4,672 4,790 
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $0 and $(20)
— 60 
Net unrealized gain (loss) from investment securities, net of reclassification adjustment4,672 4,850 
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $3,313 and $1,387
(10,727)(1,869)
Reclassification adjustment of net (gain) loss included in net income during the period from hedging derivatives, net of tax of $1,179 and $0
(3,818)— 
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment(14,545)(1,869)
Other comprehensive income (loss)(9,873)2,981 
Comprehensive income$52,079 $67,541 

 Nine Months Ended June 30,
 20252024
(In thousands)
Net income$165,471 $138,901 
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $(1,445) and $(9,476)
4,678 34,336 
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $76 and $(57)
(246)193 
Net unrealized gain (loss) from investment securities, net of reclassification adjustment4,432 34,529 
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $2,529 and $6,507
(8,187)(26,534)
Reclassification adjustment of net (gain) loss included in net income during the period from hedging derivatives, net of tax of $3,263 and $0
(10,565)— 
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment(18,752)(26,534)
Other comprehensive income (loss)(14,320)7,995 
Comprehensive income$151,151 $146,896 
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
5
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED) 

(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at April 1, 2025$300,000 $154,355 $2,158,037 $2,032,563 $51,404 $(1,663,739)$3,032,620 
Net income— — — 61,952 — — 61,952 
Other comprehensive loss— — — — (9,873)— (9,873)
Dividends on common stock
($0.27 per share)
— — — (21,244)— — (21,244)
Dividends on preferred stock ($12.1875 per share)
— — — (3,656)— — (3,656)
Proceeds from stock issuances— 30 776 — — — 806 
Stock-based compensation expense— — 1,980 — — 81 2,061 
Treasury stock purchased— — — — — (48,341)(48,341)
Balance at June 30, 2025$300,000 $154,385 $2,160,793 $2,069,615 $41,531 $(1,711,999)$3,014,325 
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at April 1, 2024$300,000 $153,835 $2,143,343 $1,902,305 $51,935 $(1,629,512)$2,921,906 
Net income— — — 64,560 — — 64,560 
Other comprehensive income— — — — 2,981 — 2,981 
Dividends on common stock
($0.26 per share)
— — — (20,932)— — (20,932)
Dividends on preferred stock ($12.1875 per share)
— — — (3,656)— — (3,656)
Proceeds from stock issuances— 27 711 — — — 738 
Stock-based compensation expense— 78 2,095 — — 84 2,257 
Treasury stock purchased— — — — — (9,515)(9,515)
Balance at June 30, 2024$300,000 $153,940 $2,146,149 $1,942,277 $54,916 $(1,638,943)$2,958,339 









SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
6
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at October 1, 2024$300,000 $154,007 $2,150,675 $1,978,898 $55,851 $(1,639,131)$3,000,300 
Net income— — — 165,471 — — 165,471 
Other comprehensive loss— — — — (14,320)— (14,320)
Dividends on common stock
($0.80 per share)
— — — (63,785)— — (63,785)
Dividends on preferred stock ($36.5625 per share)
— — — (10,969)— — (10,969)
Proceeds from stock issuances— 145 4,084 — — — 4,229 
Stock-based compensation expense— 233 6,034 — — 224 6,491 
Treasury stock purchased— — — — — (73,092)(73,092)
Balance at June 30, 2025$300,000 $154,385 $2,160,793 $2,069,615 $41,531 $(1,711,999)$3,014,325 
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at October 1, 2023$300,000 $136,467 $1,687,634 $1,867,749 $46,921 $(1,612,345)$2,426,426 
Net income— — — 138,901 — — 138,901 
Other comprehensive income— — — — 7,995 — 7,995 
Dividends on common stock
($0.77 per share)
— — — (53,404)— — (53,404)
Dividends on preferred stock ($36.5625 per share)
— — — (10,969)— — (10,969)
Stock issued in merger— 17,089 448,415 — 465,504 
Proceeds from stock issuances— 122 3,146 — — — 3,268 
Stock-based compensation expense— 262 6,954 — — 221 7,437 
Treasury stock purchased— — — — — (26,819)(26,819)
Balance at June 30, 2024$300,000 $153,940 $2,146,149 $1,942,277 $54,916 $(1,638,943)$2,958,339 
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) 
 Nine Months Ended June 30,
 20252024
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$165,471 $138,901 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and other, net10,963 194,150 
Stock-based compensation expense6,491 7,437 
Provision (release) for credit losses4,750 17,500 
Loss (gain) on sale of investment securities(20)(250)
Net realized (gain) loss on sales of premises, equipment, and real estate owned(602)(2,531)
Impairment loss on premises and equipment38 — 
Decrease (increase) in accrued interest receivable3,603 9,290 
Decrease (increase) in federal and state income tax receivable3,567 9,246 
Decrease (increase) in cash surrender value of bank owned life insurance(5,588)(5,119)
Decrease (increase) in other assets11,589 42,415 
Increase (decrease) in accrued expenses and other liabilities(20,690)(68,427)
Net cash provided by (used in) operating activities179,572 342,612 
CASH FLOWS FROM INVESTING ACTIVITIES
Origination of loans and principal repayments, net778,608 (447,832)
Loans purchased(140,336)— 
FHLB stock purchased(355,873)(517,575)
FHLB stock redeemed355,592 608,775 
Available-for-sale securities purchased(1,218,796)(321,308)
Principal payments and maturities of available-for-sale securities412,578 270,178 
Proceeds from sales of available-for-sale securities797 179,215 
Held-to-maturity securities purchased(114,182)(47,092)
Principal payments and maturities of held-to-maturity securities38,269 25,503 
Proceeds from sales of real estate owned2,865 6,271 
Equity method investments purchased(3,575)(4,097)
Net cash received (paid) in business combinations(360)623,583 
Proceeds from sales of loans— 2,564,791 
Proceeds from sales of premises and equipment1,689 1,341 
Premises and equipment purchased and REO improvements(16,931)(17,482)
Net cash provided by (used in) investing activities(259,655)2,924,271 
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in customer accounts12,601 (517,961)
Proceeds from borrowings7,893,743 15,936,735 
Repayments of borrowings(9,226,844)(17,072,226)
Proceeds from stock-based awards3,571 2,488 
Dividends paid on common stock(63,785)(53,404)
Dividends paid on preferred stock(10,969)(10,969)
Proceeds from employee stock purchase658 780 
Treasury stock purchased(73,092)(26,819)
Increase (decrease) in advances payments by borrowers for taxes and insurance(27,650)(13,652)
Net cash provided by (used in) financing activities(1,491,767)(1,755,028)
Increase (decrease) in cash and cash equivalents(1,571,850)1,511,855 
Cash, cash equivalents and restricted cash at beginning of period2,381,102 980,649 
Cash, cash equivalents and restricted cash at end of period$809,252 $2,492,504 
(CONTINUED)
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
8
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months Ended June 30,
 20252024
(In thousands)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Non-cash investing activities
Real estate acquired through foreclosure$5,583 $— 
Non-cash financing activities
Preferred stock dividend payable3,656 3,656 
Cash paid (received) during the period for
Interest580,775 534,614 
Income tax31,203 14,065 
The following summarizes the non-cash activities related to acquisitions
Fair value of assets and intangibles acquired, including goodwill$— $7,676,486 
Fair value of liabilities assumed— (7,316,542)
Net fair value of assets (liabilities)$— $359,944 


SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
9
Table of Contents

WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE A – Summary of Significant Accounting Policies

Company and Nature of Operations - Washington Federal Bank, a federally-insured Washington state chartered commercial bank dba WaFd Bank (the “Bank” or “WaFd Bank”), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Washington Federal, Inc., a Washington corporation, was formed as the Bank’s holding company in November, 1994.

On September 27, 2023, Articles of Amendment were filed with the Washington Secretary of State to change the name of Washington Federal, Inc. to WaFd, Inc. This change was effective on September 29, 2023. As used throughout this document, the terms “WaFd” or the “Company” or “we” or “us” and “our” refer to WaFd, Inc. and its consolidated subsidiaries, and the term “Bank” refers to the operating subsidiary, Washington Federal Bank dba WaFd Bank.

The Company is headquartered in Seattle, Washington. The Bank conducts its activities through a network of 208 bank branches located in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, California and Texas.

Basis of Presentation - The Company has prepared the consolidated unaudited interim financial statements included in this report. All intercompany transactions and accounts have been eliminated in consolidation. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation are reflected in the interim financial statements.

On February 29, 2024, WaFd, Inc. closed its previously announced merger with Luther Burbank Corporation ("Luther Burbank" or "LBC"), a California corporation, on March 1, 2024 (the "Merger Date"). Pursuant to the Merger Agreement, Luther Burbank merged with and into WaFd, Inc. (the “Corporate Merger”), with WaFd surviving the Corporate Merger. Promptly following the Corporate Merger, Luther Burbank’s wholly-owned bank subsidiary, Luther Burbank Savings, merged with and into WaFd Bank with WaFd Bank as the surviving institution (the “Bank Merger”). The Corporate Merger and the Bank Merger are collectively referred to in this Quarterly Report on Form 10-Q as the “Merger.” As a result of the Merger, the Company's financial results for the nine months ended June 30, 2025 are not directly comparable to the prior year results.

The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes contained in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024 filed with the Securities and Exchange Commission ("SEC") on November 20, 2024 ("2024 Annual Financial Statements"). Interim results are not necessarily indicative of results for a full year.

Summary of Significant Accounting Policies - The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its 2024 Annual Financial Statements. There have not been any significant changes in the Company's significant accounting policies compared to those contained in its 2024 Annual Financial Statements.
Business Combinations - The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity recognizes the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes prevailing valuation techniques appropriate for the asset or liability being measured in determining these fair values. This method often involves estimates based on third party valuations based on discounted cash flow analyses or other valuation techniques, all of which are inherently subjective. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value if the fair value can be determined during the measurement period. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. Fair values are subject to refinement over the measurement period, not to exceed one year after the closing date.

Restricted Cash Balances - The Company was not required to maintain cash reserve balances with the Federal Reserve Bank as of June 30, 2025. As of June 30, 2025 and September 30, 2024, the Company held counterparty cash collateral of $138,100,000 and $168,200,000, respectively, related to derivative contracts.

10
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Equity Securities - The Company records equity securities within Other assets in its Consolidated Statements of Financial Condition. These equity investments are accounted for under different methods.

•Low-income housing tax credit ("LIHTC") investments are accounted for under the proportional amortization method. Under this method, the initial book value (gross commitment amount) of the investment is amortized over time in proportion to the projected tax benefits to be received. This amortization is a component of income tax expense. See Note I for more information about the Company's LIHTC investments.
•For equity investments where the Company has significant influence, the Company applies the equity method of accounting, which adjusts the carrying value of the investment to recognize a proportionate share of the financial results of the investment entity, regardless of whether any distribution is made. Any adjustments to the fair value of these investments are recorded in Other income in the Consolidated Statements of Operations.
•For certain nonmarketable equity investments where the equity method of accounting is not applicable, the Company applies the fair value method. Any adjustments to the fair value of these investments are recorded in Other income in the Consolidated Statements of Operations. Fair value is determined by reference to readily determinable market values, if applicable. As these investments do not have readily determinable fair values, they are generally accounted for at cost minus impairment, if any, plus or minus changes resulting from observable transactions involving the same or similar investments from the same issuer. This practice is referred to as the measurement alternative.
•Equity investments in qualified real estate funds can use the net asset value ("NAV") expedient for fair value measurement. Under this method, the NAV is determined by the fund as fair value for the investment. At June 30, 2025, equity investments held by the Company and recorded at NAV had a carrying amount of $35,743,134 and a remaining unfunded commitment of $13,632,376. These NAV based investments cannot be transferred without consent and we do not have redemption rights. Equity investments measured at NAV are not classified in the fair value hierarchy.

Allowance for Credit Losses (Loans Receivable) - The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The current expected credit loss methodology (“CECL”) requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures).

The ACL consists of the allowance for loan losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable.

Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated two loan portfolio segments, commercial loans and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial loan portfolio segment is disaggregated into five classes: multi-family, commercial real estate, commercial and industrial, construction, and land acquisition and development. The risk of loss for the commercial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into five classes: single-family-residential mortgage, custom construction, consumer lot loans, home equity lines of credit, and other consumer. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each commercial and consumer loan portfolio class may also be further segmented based on risk characteristics.

For most loan portfolio classes, the historical loss experience is determined using a cohort methodology. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the cohort methodology. For any such
11
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
loan portfolio class, the weighted-average remaining maturity (“WARM”) methodology is being utilized until sufficient historical loss data is obtained. The WARM method multiplies an average annual loss rate by the expected remaining life of the loan pool to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class.

The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors and 2) reasonable and supportable forecast of future economic conditions and collateral values.

The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. The second qualitative adjustment noted above, economic conditions and collateral values, encompasses a one-year reasonable and supportable forecast period. The overlay adjustment for the reasonable and supportable forecast assumes an immediate reversion after the one-year forecast period to historical loss rates for the remaining life of the respective loan pool.

The Company may establish a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool if management deems it appropriate. If this occurs, these individually evaluated loans are removed from their respective pools. These loans typically represent collateral dependent loans but may also include other non-performing loans.

Allowance for Credit Losses (Held-to-Maturity Debt Securities) - For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. See Note F "Fair Value Measurements" for more information about HTM debt securities.

Allowance for Credit Losses (Available-for-Sale Debt Securities) - The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or recapture of) credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. See Note F "Fair Value Measurements" for more information about AFS debt securities.

Accrued Interest Receivable - The Company made the following elections regarding accrued interest receivable (“AIR”):

•Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition.
•Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements.
•Continuing the Company's policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment.
•Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner, as described above.
12
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Non-Accrual Loans - Loans are placed on non-accrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on non-accrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet contractual obligations.

If a consumer loan is on non-accrual status before being modified, it will stay on non-accrual status following restructuring until it has been performing for at least six months, at which point it may be moved to accrual status. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made, management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual status.

Collateral-Dependent Loans - A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land.

Off-Balance-Sheet Credit Exposures - Off-balance-sheet credit exposures for the Company include unfunded loan commitments and letters of credit from the Federal Home Loan Banks of both Des Moines and San Francisco ("FHLB-DM" and "FHLB-SF", respectively), which may be used as collateral for public funds deposits and as confirming letters of credit on letters of credit issued by the Bank. The reserve for unfunded commitments is recognized as a liability (other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. See Note I “Commitments and Contingencies” for more information.
Intangible Assets - Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Other intangibles, including core deposit intangibles, are acquired assets that lack physical substance but can be distinguished from goodwill. Goodwill is not amortized but is evaluated for potential impairment on an annual basis and between tests if there are applicable circumstances such as material adverse changes in legal, business, regulatory and economic factors. We have determined our goodwill balance is all related to a single reporting unit and perform a quantitative impairment assessment. An impairment loss is recorded when the carrying amount of goodwill exceeds its implied fair value. If circumstances indicate that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. Other intangible assets are amortized over their estimated lives and are subject to impairment testing when events or circumstances change.
The Company performs a goodwill impairment assessment annually and continuously monitors for triggering events and circumstances that could negatively impact the key assumptions in determining the fair value of goodwill.
As a result of the Merger, the Company recorded $107,890,000 in goodwill and $37,022,000 in core deposit intangible assets. Additional information on the Merger and purchase price allocation is provided in Note B "Business Combination". The core deposit intangible asset value was determined by an analysis of the cost differential between the core deposits acquired, inclusive of estimated servicing costs, and alternative funding sources for those deposits. The core deposit intangible asset recorded is amortized on an accelerated basis over 6 years. Apart from the impacts of the Merger, the Company might experience minor increases in intangibles due to acquisitions carried out by its subsidiary, WAFD Insurance Group, Inc.

13
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The table below provides detail regarding the Company's intangible assets.
GoodwillCore Deposit and Other IntangiblesTotal
(In thousands)
Balance at September 30, 2024$411,360 $37,065 $448,425 
Additions3,363 180 3,543 
Amortization— (2,755)(2,755)
Balance at December 31, 2024414,723 34,490 449,213 
Additions— — — 
Amortization— (2,553)(2,553)
Balance at March 31, 2025414,723 31,937 446,660 
Additions— — — 
Amortization— (2,369)(2,369)
Balance at June 30, 2025$414,723 $29,568 $444,291 

The table below presents the estimated future amortization expense of other intangibles for the next five years as of June 30, 2025.
Fiscal YearExpected Expense
(In thousands)
2025$2,200 
20267,332 
20275,582 
20285,220 
20295,127 
Thereafter4,107 
Total Intangible Assets$29,568 


Subsequent Events - The Company has evaluated events and transactions through the date the consolidated financial statements were issued for potential recognition or disclosure and determined that there have been no events or transactions that have occurred that would require disclosure.

New Accounting Pronouncements - In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updated ("ASU") 2023-06 Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. The amendments will be effective for the Company only if the SEC removes the related disclosure requirement from its existing regulations no later than June 30, 2027. If the SEC timely removes such a related requirement from its existing regulations, the corresponding amendments within the ASU will become effective for the Company on the same date with early adoption permitted. The Company does not expect the amendments in this update to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280) to improve reportable segment disclosure requirements through enhanced disclosures about significant segment
14
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
expenses. The ASU applies to all public entities that are required to report segment information in accordance with Accounting Standards Codification ("ASC") 280. For public companies, amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Tax - Improvements to Income Tax Disclosures (Topic 740) which requires reporting companies to break out their income tax expense and tax rate reconciliation in more detail. For public companies, the requirements will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements – Amendments to Remove References to the Concepts Statements. This accounting standards update removes references to various FASB Concept Statements in the codified accounting standards in order to avoid reliance or interpretations based on such Concept Statements, which are not authoritative. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This accounting standards update will require public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. As clarified by the FASB in ASU 2025-01, the amendments of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for quarterly reporting beginning after December 15, 2027. Early adoption is permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements.


NOTE B – Business Combination

On March 1, 2024 ("the Merger Date"), WaFd, Inc. acquired Luther Burbank Corporation, headquartered in Santa Rosa, California. The Merger was effectively an all-stock transaction and has been accounted for as a business combination. See Note A "Summary of Significant Accounting Policies" for more information regarding the Merger and our policies pertaining to business combinations.

As of March 31, 2025, the Company had finalized its valuation of all assets acquired and liabilities assumed in connection with the Merger. Of the approximate $465,504,000 purchase price, the Company recorded approximately $107,890,000 of goodwill and $37,022,000 of other intangibles. Goodwill represents the excess of the purchase price over the fair value of the assets acquired net of fair value of liabilities assumed. Information regarding goodwill and the carrying amount and amortization of intangible assets are provided in Note A.

During the three and nine months ended June 30, 2025, there were $0 and $239,000 in merger-related expenses, respectively, compared to $2,285,000 and $27,921,000 during the three months and nine months ended June 30, 2024, respectively. Merger related expenses are recognized in the periods in which they were incurred.

The following table presents unaudited pro forma information as if the Merger had occurred on October 1, 2022. The pro forma adjustments give effect to any change in interest income due to the accretion of the discount (premium) associated with the fair value adjustments to acquired loans, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustment to acquired interest-bearing deposits, borrowings and long-term debt and the amortization of the core deposit intangible that would have resulted had the deposits been acquired as of October 1, 2022. The pro forma information is not indicative of what would have occurred had the Merger occurred as of the beginning of the fiscal year prior to the Merger Date. The pro forma amounts below do not reflect the Company's expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the Merger. As a result, actual amounts differed from the unaudited pro forma information presented.



15
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Unaudited Pro Forma for the
Nine Months Ended
June 30, 2024
(in thousands)
Net-interest income
$531,398 
Non-interest income
47,493 
Net income
142,921 




NOTE C – Dividends and Share Repurchases

On June 6, 2025, the Company paid a regular dividend on its common stock of $0.27 per share, which represented the 169th consecutive quarterly cash dividend. Dividends per share were $0.27 and $0.26 for the quarters ended June 30, 2025 and 2024, respectively.

For the three months ended June 30, 2025, the Company repurchased 1,662,508 shares of its common stock at an average per share price of $29.08. For the nine months ended June 30, 2025, the Company repurchased 2,478,118 shares of its common stock at an average per share price of $29.49. As of June 30, 2025, there are 9,129,488 remaining shares authorized to be repurchased under the current Board of Directors ("Board") approved share repurchase program.

The Company pays a cash dividend, if declared by the Board, of $12.1875 per share on its Series A Preferred Stock quarterly on January 15, April 15, July 15 and October 15. This dividend equals $0.30468750 per depositary share (each dividend, a "Series A Preferred Dividend").


16
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE D – Loans Receivable

For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies" above.

The Company's loans held for investment are divided into two portfolio segments, commercial loans and consumer loans, with each of those segments further split into loan classes for purposes of estimating the allowance for credit losses.

The following table is a summary of loans receivable by loan portfolio segment and class.
 June 30, 2025September 30, 2024
Gross loans by category(In thousands)(In thousands)
Commercial loans
Multi-family$4,881,996 22.9 %$4,658,119 20.8 %
Commercial real estate3,615,077 16.9 3,757,040 16.8 
Commercial & industrial2,295,802 10.7 2,337,139 10.4 
Construction1,540,474 7.2 2,174,254 9.7 
Land - acquisition & development175,643 0.8 200,713 1.0 
Total commercial loans12,508,992 58.5 13,127,265 58.7 
Consumer loans
Single-family residential8,231,623 38.5 8,399,030 37.6 
Construction - custom188,109 0.9 384,161 1.7 
   Land - consumer lot loans96,582 0.5 108,791 0.5 
   HELOC272,614 1.3 266,151 1.2 
   Consumer69,912 0.3 73,998 0.3 
Total consumer loans8,858,840 41.5 9,232,131 41.3 
Total gross loans21,367,832 100 %22,359,396 100 %
   Less:
      Allowance for credit losses on loans198,768 203,753 
      Loans in process673,338 1,009,798 
      Net deferred fees, costs and discounts218,562 229,491 
Total loan contra accounts1,090,668 1,443,042 
Net loans$20,277,164 $20,916,354 


The Company elected to exclude accrued interest receivable from the amortized cost basis of loans for disclosure purposes and from the calculations of estimated credit losses. As of June 30, 2025 and September 30, 2024, AIR for loans totaled $85,812,000 and $92,362,000, respectively, and is included in the Interest receivable line item balance on the Company’s consolidated statements of financial condition.

As of June 30, 2025, loans in the amount of $14,078,000,000 were pledged to secure borrowings and available lines of credit. None of the agencies to which we have pledged loans have the right to sell or re-pledge them.
17
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table sets forth the amortized cost basis of non-accrual loans and loans 90 days or more past due and accruing.

 
 June 30, 2025September 30, 2024
 (In thousands, except ratio data)
Non-accrualNon-accrual with no ACL90 days or more past due and accruingNon-accrualNon-accrual with no ACL90 days or more past due and accruing
Commercial loans
Multi-family$11,601 $— $— $18,743 $— $— 
Commercial real estate46,720 — — 26,362 — — 
Commercial & industrial33 — — — — 1,083 
Construction3,400 — — 1,120 — — 
Land - acquisition & development— — — 74 — — 
   Total commercial loans61,754 — — 46,299 — 1,083 
Consumer loans
Single-family residential19,246 — — 21,488 — — 
Construction - custom847 — — 848 — — 
Land - consumer lot loans8 — — — — — 
HELOC662 — — 596 — — 
Consumer179 — — 310 — — 
   Total consumer loans20,942 — — 23,242 — — 
Total non-accrual loans$82,696 $— $— $69,541 $— $1,083 
% of total loans0.40 %0.33 %

The Company recognized interest income on non-accrual loans of approximately $2,694,000 in the nine months ended June 30, 2025 as a result of the collection of past due amounts. If these loans had been on accrual status and performed according to their original contract terms, the Company would have recognized interest income of approximately $2,834,000 for the nine months ended June 30, 2025. Interest cash flows collected on non-accrual loans vary from period to period as those loans are brought current or are paid off.

18
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables provide details regarding loan delinquencies by loan portfolio and class.

 
June 30, 2025Days Delinquent Based on $ Amount of Loans% based
on $
Type of LoanLoans Receivable (Amortized Cost)Current306090Total Delinquent
(In thousands, except ratio data)
Commercial Loans
Multi-family$4,780,029 $4,770,424 $1,077 $1,356 $7,172 $9,605 0.20 %
Commercial real estate3,592,395 3,587,652 627 430 3,686 4,743 0.13 
Commercial & industrial2,292,082 2,291,247 582 221 32 835 0.04 
Construction1,035,701 1,035,701 — — — — — 
Land - acquisition & development130,035 130,035 — — — — — 
   Total commercial loans11,830,242 11,815,059 2,286 2,007 10,890 15,183 0.13 
Consumer Loans
Single-family residential8,108,147 8,073,214 12,241 3,990 18,702 34,933 0.43 
Construction - custom95,372 94,524 — — 848 848 0.89 
Land - consumer lot loans95,935 95,637 291 — 7 298 0.31 
HELOC276,278 274,096 1,469 138 575 2,182 0.79 
Consumer69,959 69,615 113 51 180 344 0.49 
   Total consumer loans8,645,691 8,607,086 14,114 4,179 20,312 38,605 0.45 
Total Loans$20,475,933 $20,422,145 $16,400 $6,186 $31,202 $53,788 0.26 %
Delinquency %99.74%0.08%0.02%0.15%0.26%



September 30, 2024Days Delinquent Based on $ Amount of Loans% based
on $
Type of LoanLoans Receivable (Amortized Cost)Current306090Total Delinquent
(In thousands, except ratio data)
Commercial Loans
Multi-family$4,556,200 $4,541,527 $— $4,890 $9,783 $14,673 0.32 %
Commercial real estate3,732,155 3,731,494 89 — 572 661 0.02 
Commercial & industrial2,332,732 2,330,686 — 1,023 1,023 2,046 0.09 
Construction1,424,016 1,421,966 930 — 1,120 2,050 0.14 
Land - acquisition & development160,317 160,243 — — 74 74 0.05 
  Total commercial loans12,205,420 12,185,916 1,019 5,913 12,572 19,504 0.16 
Consumer Loans
Single-family residential8,280,300 8,250,589 3,927 7,540 18,244 29,711 0.36 
Construction - custom182,415 181,567 — — 848 848 0.46 
Land - consumer lot loans108,060 108,060 — — — — — 
HELOC269,857 267,347 1,387 577 546 2,510 0.93 
Consumer74,055 73,290 311 144 310 765 1.03 
  Total consumer loans8,914,687 8,880,853 5,625 8,261 19,948 33,834 0.38 
Total Loans$21,120,107 $21,066,769 $6,644 $14,174 $32,520 $53,338 0.25 %
Delinquency %99.75%0.03%0.07%0.15%0.25%

19
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Loans are considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The following table presents the amortized basis of collateral-dependent loans by loan class and collateral type as of June 30, 2025.
Loan typeResidential Real EstateCommercial Real Estate
($ in thousands)
Commercial loans
Multi-Family$— $11,857 
Commercial Real Estate— 46,721 
Commercial & Industrial— — 
Construction— 3,400 
Land - Acquisition & Development— — 
Total commercial loans— 61,978 
Consumer loans
Single-Family Residential2,069 — 
Construction - Custom88 — 
Land - Consumer Lot Loans7 — 
HELOC58 — 
Consumer— — 
Total consumer loans2,222 — 
Total Loans$2,222 $61,978 

Loans may be modified as the result of borrowers experiencing financial difficulty needing relief from the contractual terms of their loan. Most loan modifications to borrowers experiencing financial difficulty are accruing and performing loans where the borrower has approached the Company about modification due to temporary financial difficulties. Each request for modification is individually evaluated for merit and likelihood of success. Often a term extension is needed in the short term in order to evaluate the need for further corrective action. Payment delays and interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans.
For commercial loans, modifications could be any of the above-listed modification types available or a mix thereof. Modifications to extend the term, lower the payment amount or delay payment are made for the purposes of providing borrowers additional time to return to compliance with the terms of their loans. Renewals of commercial lines to borrowers experiencing financial difficulty are included within the disclosures below though many of these are made in the normal course of business.
For consumer loans, modifications typically consist of minor payment delays or deferrals and may include a modification of the existing contractual rate or extension of the maturity date, or both, when it is determined the borrowers are likely to successfully maintain compliance with these modified loan terms.

The following tables present the amortized basis of loans that were modified to borrowers experiencing financial difficulty during the three and nine month periods ending June 30, 2025 by loan class and modification type. Modifications during the periods presented were term extensions or payment deferrals.

20
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Three Months Ended June 30, 2025
Loan ClassTerm ExtensionPayment Deferral% of Total Loan Class BalanceWtd. Avg.
Term Extension 		Deferral Amount
( in thousands)(in months)( in thousands)
Multi-family$21,103 $— 0.43 %15
Commercial real estate14,953 — 0.41 6
Commercial & industrial18,035 — 0.79 5
Construction37,709 — 0.04 5
Total commercial loans91,800 — 0.77 7
Single-Family Residential— 8,283 0.10 $110 
Total consumer loans— 8,283 0.09 $110 
Total Loans$91,800 $8,283 0.48 %

Three Months Ended June 30, 2024
Loan ClassTerm ExtensionPayment Deferral% of Total Loan Class BalanceWtd. Avg.
Term Extension 		Deferral Amount
( in thousands)(in months)
Commercial real estate$23,435 $— 0.63 36
Commercial & industrial24,233 — 1.01 9
Construction— — — 0
Total commercial loans47,668 — 0.20 22
Single-Family Residential563 — 0.01 %6
Total consumer loans563 — 0.01 6
Total Loans$48,231 $— 0.23 %

Nine Months Ended June 30, 2025
Loan ClassTerm ExtensionPayment Deferral% of Total Loan Class BalanceWtd. Avg.
Term Extension		Deferral Amount
( in thousands)(in months)(in thousands)
Multi-family$22,196 $— 0.46 %14
Commercial real estate20,346 — 0.56 11
Commercial & industrial56,957 — 2.48 12
Construction37,709 — 0.04 %5
Total commercial loans137,208 — 1.15 10
Single-Family Residential449 8,283 0.11 6$236 
Total consumer loans449 8,283 0.10 6$236 
Total Loans$137,657 $8,283 0.71 %

21
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended June 30, 2024
Loan ClassTerm ExtensionPayment Deferral% of Total Loan Class BalanceWtd. Avg.
Term Extension		Deferral Amount
( in thousands)(in months)
Commercial real estate$23,502 $— 0.63 36
Commercial & industrial56,891 — 2.38 8
Construction13,153 — 0.91 15
Total commercial loans93,546 — 0.76 6
Single-Family Residential563 — 0.01 %6
Total consumer loans563 — 0.01 6
Total Loans$94,109 $— 0.45 %
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of modification efforts.
None of the loans modified in the twelve months ended June 30, 2025 have defaulted after modification as of June 30, 2025 and only one commercial and industrial loan with a balance of $349,963 was past due 30 days.

The Company evaluates the credit quality of its loans based on regulatory risk ratings and also considers other factors. Based on this evaluation, the loans are assigned a grade and classified as follows:

•Pass – the credit does not meet one of the definitions below.

•Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss of principal or interest is foreseen; however, proper supervision and management attention is required to deter further deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset.

•Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy due to the existence of one or more well defined weaknesses. In these situations, loss of principal is likely if the weakness is not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified will have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets risk rated substandard.

•Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans.

•Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if the collateral offers some identifiable protection.

The following tables present by primary credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of June 30, 2025 and September 30, 2024. There were no commercial loans classified as Loss as of either date.
22
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
June 30, 2025Term Loans Amortized Cost Basis by Origination Year
YTD 20252024202320222021Prior to 2021Revolving LoansRevolving to Term LoansTotal Loans
Commercial loans
Multi-family
Pass$22,567 $91,676 $446,828 $1,593,415 $1,255,185 $1,147,473 $2,063 $— $4,559,207 
Special Mention— — — 28,455 16,006 17,246 — — 61,707 
Substandard— — — 57,636 11,600 87,507 — — 156,743 
Doubtful— — — — — 2,372 — — 2,372 
Total$22,567 $91,676 $446,828 $1,679,506 $1,282,791 $1,254,598 $2,063 $— $4,780,029 
Gross Charge-offs— — — — 271 102 — — 373 
Commercial real estate
Pass$165,908 $236,536 $237,424 $1,092,453 $586,073 $1,039,413 $33,890 $1,178 $3,392,875 
Special Mention— — — 5,407 — 3,367 — — 8,774 
Substandard— — 14,810 6,022 92,022 75,079 — — 187,933 
Doubtful— — — — — 2,813 — — 2,813 
Total$165,908 $236,536 $252,234 $1,103,882 $678,095 $1,120,672 $33,890 $1,178 $3,592,395 
Gross Charge-offs— — — 163 — 9,489 — 9,652 
Commercial & industrial
Pass$162,694 $38,959 $137,589 $144,604 $263,013 $196,640 $982,389 $36,739 $1,962,627 
Special Mention— — — 16,407 — — 15,249 — 31,656 
Substandard32,350 6,795 21,512 26,003 2,399 47,071 157,348 4,321 297,799 
Total$195,044 $45,754 $159,101 $187,014 $265,412 $243,711 $1,154,986 $41,060 $2,292,082 
Gross Charge-offs— 212 — 15 — 405 24 49 705 
Construction
Pass$85,641 $160,519 $215,836 $349,333 $66,943 $— $103,728 $— $982,000 
Special Mention— — — 4,409 — — — — 4,409 
Substandard5,661 2,265 468 23,655 17,243 — — — 49,292 
Total$91,302 $162,784 $216,304 $377,397 $84,186 $— $103,728 $— $1,035,701 
Land - acquisition & development
Pass$21,856 $19,212 $10,706 $39,889 $36,289 $1,350 $— $— $129,302 
Substandard175 240 43 — — 275 — — 733 
Total$22,031 $19,452 $10,749 $39,889 $36,289 $1,625 $— $— $130,035 
Total commercial loans
Pass$458,666 $546,902 $1,048,383 $3,219,694 $2,207,503 $2,384,876 $1,122,070 $37,917 $11,026,011 
Special Mention— — — 54,678 16,006 20,613 15,249 — 106,546 
Substandard38,186 9,300 36,833 113,316 123,264 209,932 157,348 4,321 692,500 
Doubtful— — — — — 5,185 — — 5,185 
Total$496,852 $556,202 $1,085,216 $3,387,688 $2,346,773 $2,620,606 $1,294,667 $42,238 $11,830,242 
Gross Charge-offs$— $212 $— $178 $271 $9,996 $24 $49 $10,730 

23
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
June 30, 2025Term Loans Amortized Cost Basis by Origination Year
YTD 20252024202320222021Prior to 2021Revolving LoansRevolving to Term LoansTotal Loans
Consumer loans
Single-family residential
Current$208,382 $349,217 $811,576 $2,182,650 $1,957,884 $2,563,505 $— $— $8,073,214 
30 days past due30 277 1,036 2,996 412 7,490 — — 12,241 
60 days past due— — — — 1,735 2,255 — — 3,990 
90+ days past due— — 1,711 3,729 546 12,716 — — 18,702 
Total$208,412 $349,494 $814,323 $2,189,375 $1,960,577 $2,585,966 $— $— $8,108,147 
Gross Charge-offs— — — — — 338 — — 338 
Construction - custom
Current$27,868 $52,334 $9,961 $4,361 $— $— $— $— $94,524 
90+ days past due— — — 848 — — — — 848 
Total$27,868 $52,334 $9,961 $5,209 $— $— $— $— $95,372 
Land - consumer lot loans
Current$7,104 $15,501 $11,104 $20,548 $21,511 $19,869 $— $— $95,637 
30 days past due— — — 291 — — — — 291 
90+ days past due— — — — — 7 — — 7 
Total$7,104 $15,501 $11,104 $20,839 $21,511 $19,876 $— $— $95,935 
HELOC
Current$— $— $— $— $— $4,782 $267,607 $1,707 $274,096 
30 days past due— — — — — 197 1,272 — 1,469 
60 days past due— — — — — 45 93 — 138 
90+ days past due— — — — — 8 567 — 575 
Total$— $— $— $— $— $5,032 $269,539 $1,707 $276,278 
Consumer
Current$179 $269 $18 $— $7,510 $23,112 $38,527 $— $69,615 
30 days past due— — — — — — 113 — 113 
60 days past due— — — — — 15 36 — 51 
90+ days past due— — — — — 52 128 — 180 
Total$179 $269 $18 $— $7,510 $23,179 $38,804 $— $69,959 
Gross Charge-offs— — 5 — — 67 881 4 957 
Total consumer loans
Current$243,533 $417,321 $832,659 $2,207,559 $1,986,905 $2,611,268 $306,134 $1,707 $8,607,086 
30 days past due30 277 1,036 3,287 412 7,687 1,385 — 14,114 
60 days past due— — — — 1,735 2,315 129 — 4,179 
90+ days past due— — 1,711 4,577 546 12,783 695 — 20,312 
Total$243,563 $417,598 $835,406 $2,215,423 $1,989,598 $2,634,053 $308,343 $1,707 $8,645,691 
Gross Charge-offs$— $— $5 $— $— $405 $881 $4 $1,295 
24
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2024Term Loans Amortized Cost Basis by Origination Year
20242023202220212020Prior to 2020Revolving LoansRevolving to Term LoansTotal Loans
Commercial loans
Multi-family
Pass$62,038 $198,790 $1,645,460 $1,203,005 $577,037 $716,573 $56,627 $16,753 $4,476,283 
Special Mention— — 1,698 2,655 2,572 5,452 — — 12,377 
Substandard— — 13,566 5,850 7,059 41,065 — — 67,540 
Total$62,038 $198,790 $1,660,724 $1,211,510 $586,668 $763,090 $56,627 $16,753 $4,556,200 
Commercial real estate
Pass$216,520 $252,923 $1,086,200 $723,600 $475,313 $797,877 $35,249 $— $3,587,682 
Special Mention— — — 22,216 8,682 9,399 — — 40,297 
Substandard— — 8,686 2,260 25,319 67,911 — — 104,176 
Total$216,520 $252,923 $1,094,886 $748,076 $509,314 $875,187 $35,249 $— $3,732,155 
Gross Charge-offs— — — — — 203 — — 203 
Commercial & industrial
Pass$42,232 $148,059 $231,215 $282,148 $89,219 $156,666 $1,116,283 $41,957 $2,107,779 
Special Mention— — — — — — 21,264 — 21,264 
Substandard2,142 19,818 35,717 2,284 13,227 44,870 85,627 4 203,689 
Total$44,374 $167,877 $266,932 $284,432 $102,446 $201,536 $1,223,174 $41,961 $2,332,732 
Gross Charge-offs175 42 10 15 — 7 2,331 31 2,611 
Construction
Pass$146,154 $421,334 $532,310 $233,200 $— $— $59,334 $— $1,392,332 
Special Mention— — — 3,221 — — — — 3,221 
Substandard82 8,622 6,060 13,699 — — — — 28,463 
Total$146,236 $429,956 $538,370 $250,120 $— $— $59,334 $— $1,424,016 
Land - acquisition & development
Pass$23,475 $12,976 $56,292 $46,635 $2,774 $17,768 $— $— $159,920 
Substandard— — — — 74 323 — — 397 
Total$23,475 $12,976 $56,292 $46,635 $2,848 $18,091 $— $— $160,317 
Gross Charge-offs— — — — — 149 — — 149 
Total commercial loans
Pass$490,419 $1,034,082 $3,551,477 $2,488,588 $1,144,343 $1,688,884 $1,267,493 $58,710 $11,723,996 
Special Mention— — 1,698 28,092 11,254 14,851 21,264 — 77,159 
Substandard2,224 28,440 64,029 24,093 45,679 154,169 85,627 4 404,265 
Total$492,643 $1,062,522 $3,617,204 $2,540,773 $1,201,276 $1,857,904 $1,374,384 $58,714 $12,205,420 
Gross Charge-offs$175 $42 $10 $15 $— $359 $2,331 $31 $2,963 


25
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2024Term Loans Amortized Cost Basis by Origination Year
20242023202220212020Prior to 2020Revolving LoansRevolving to Term LoansTotal Loans
Consumer loans
Single-family residential
Current$384,516 $765,673 $2,285,996 $2,061,359 $797,586 $1,955,459 $— $— $8,250,589 
30 days past due— — 375 — 1,063 2,489 — — 3,927 
60 days past due— 3,237 — 1,199 662 2,442 — — 7,540 
90+ days past due— 820 3,454 1,339 1,027 11,604 — — 18,244 
Total$384,516 $769,730 $2,289,825 $2,063,897 $800,338 $1,971,994 $— $— $8,280,300 
Gross Charge-offs— — 13 — — 131 — — 144 
Construction - custom
Current$54,649 $108,941 $17,082 $537 $— $358 $— $— $181,567 
90+ days past due— — 848 — — — — — 848 
Total$54,649 $108,941 $17,930 $537 $— $358 $— $— $182,415 
Land - consumer lot loans
Current$19,672 $14,809 $26,839 $23,804 $9,223 $13,713 $— $— $108,060 
Total$19,672 $14,809 $26,839 $23,804 $9,223 $13,713 $— $— $108,060 
HELOC
Current$— $— $— $— $— $4,176 $262,055 $1,116 $267,347 
30 days past due— — — — — 216 1,171 — 1,387 
60 days past due— — — — — 392 185 — 577 
90+ days past due— — — — — 8 538 — 546 
Total$— $— $— $— $— $4,792 $263,949 $1,116 $269,857 
Consumer
Current$1,515 $33 $(19)$9,440 $8,000 $18,329 $35,992 $— $73,290 
30 days past due— — — — — 92 219 — 311 
60 days past due— — — — — — 144 — 144 
90+ days past due— — — — — 91 219 — 310 
Total$1,515 $33 $(19)$9,440 $8,000 $18,512 $36,574 $— $74,055 
Gross Charge-offs— — — — — 139 379 — 518 
Total consumer loans
Current$460,352 $889,456 $2,329,898 $2,095,140 $814,809 $1,992,035 $298,047 $1,116 $8,880,853 
30 days past due— — 375 — 1,063 2,797 1,390 — 5,625 
60 days past due— 3,237 — 1,199 662 2,834 329 — 8,261 
90+ days past due— 820 4,302 1,339 1,027 11,703 757 — 19,948 
Total$460,352 $893,513 $2,334,575 $2,097,678 $817,561 $2,009,369 $300,523 $1,116 $8,914,687 
Gross Charge-offs$— $— $13 $— $— $270 $379 $— $662 



26
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE E – Allowance for Losses on Loans

For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies."

The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class. 
Three Months Ended June 30, 2025Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers1
Ending Allowance
 (In thousands)
Commercial loans
   Multi-family$26,556 $(373)$— $623 $26,806 
   Commercial real estate38,469 (5,097)— 8,903 42,275 
   Commercial & industrial60,147 (112)201 (3,463)56,773 
   Construction19,406 — — (2,293)17,113 
   Land - acquisition & development6,703 — 6 (302)6,407 
      Total commercial loans151,281 (5,582)207 3,468 149,374 
Consumer loans
   Single-family residential40,963 — 105 (1,070)39,998 
   Construction - custom1,076 — 2 (332)746 
   Land - consumer lot loans2,415 — — (138)2,277 
   HELOC3,257 — 1 (136)3,122 
   Consumer3,717 (215)41 (292)3,251 
      Total consumer loans51,428 (215)149 (1,968)49,394 
Total ACL - loans$202,709 $(5,797)$356 $1,500 $198,768 
1Provision & transfer amounts within the table do not include provision for unfunded commitments of $500,000.

Three Months Ended June 30, 2024Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers1
Ending Allowance
 (In thousands)
Commercial loans
   Multi-family$21,979 $— $— $3,220 $25,199 
   Commercial real estate32,991 (203)2 6,966 39,756 
   Commercial & industrial59,261 (2,346)1,003 (85)57,833 
   Construction27,317 — — (4,610)22,707 
   Land - acquisition & development7,865 — 17 (182)7,700 
      Total commercial loans149,413 (2,549)1,022 5,309 153,195 
Consumer loans
   Single-family residential41,054 (13)118 (843)40,316 
   Construction - custom1,918 — — (424)1,494 
   Land - consumer lot loans3,214 — 2 (568)2,648 
   HELOC2,974 — 1 (51)2,924 
   Consumer3,004 (151)317 77 3,247 
      Total consumer loans52,164 (164)438 (1,809)50,629 
Total ACL - Loans$201,577 $(2,713)$1,460 $3,500 $203,824 
1Provision & transfer amounts within the table do not include the provision recapture on unfunded commitments of $2,000,000.

27
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended June 30, 2025Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers1
Ending Allowance
 (In thousands)
Commercial loans
   Multi-family$25,248 $(373)$— $1,931 $26,806 
   Commercial real estate39,210 (9,652)169 12,548 42,275 
   Commercial & industrial58,748 (705)243 (1,513)56,773 
   Construction22,267 — — (5,154)17,113 
   Land - acquisition & development7,900 — 25 (1,518)6,407 
      Total commercial loans153,373 (10,730)437 6,294 149,374 
Consumer loans
   Single-family residential40,523 (338)568 (755)39,998 
   Construction - custom1,427 — 2 (683)746 
   Land - consumer lot loans2,564 — 1 (288)2,277 
   HELOC3,049 — 2 71 3,122 
   Consumer2,817 (957)280 1,111 3,251 
      Total consumer loans50,380 (1,295)853 (544)49,394 
Total ACL - loans$203,753 $(12,025)$1,290 $5,750 $198,768 
1Provision & transfer amounts within the table do not include provision recapture from unfunded commitments of $1,000,000.

Nine Months Ended June 30, 2024Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers1
Ending Allowance
 (In thousands)
Commercial loans
   Multi-family$13,155 $— $— $12,044 $25,199 
   Commercial real estate28,842 (203)4 11,113 39,756 
   Commercial & industrial58,773 (2,473)1,067 466 57,833 
   Construction29,408 — — (6,701)22,707 
   Land - acquisition & development7,016 (18)88 614 7,700 
      Total commercial loans137,194 (2,694)1,159 17,536 153,195 
Consumer loans
   Single-family residential28,029 (144)293 12,138 40,316 
   Construction - custom2,781 — — (1,287)1,494 
   Land - consumer lot loans3,512 — 57 (921)2,648 
   HELOC2,859 — 3 62 2,924 
   Consumer2,832 (513)553 375 3,247 
      Total consumer loans40,013 (657)906 10,367 50,629 
Total ACL - Loans$177,207 $(3,351)$2,065 $27,903 $203,824 
1Provision & transfer amounts within the table include the $16,000,000 initial provision related to the non-PCD loans acquired during the quarter and the $7,403,000 PCD ACL amount included in the Merger purchase price allocation but do not include the provision recapture from unfunded commitments of $3,000,000.


The Company recorded a $2,000,000 provision for credit losses for the three months ended June 30, 2025, compared with a provision of $1,500,000 for the three months ended June 30, 2024. The provision in the three months ended June 30, 2025 was the result of mixed credit metrics, including the increasing trends in negative migration of criticized and nonperforming loans, and net charge-offs taken during the quarter, partially offset by decreased loan balances. The increase in the overall provision included an increase in the reserve for unfunded commitments. The Company recorded a $4,750,000 provision for credit losses for the nine months ended June 30, 2025 compared to $17,500,000 for the nine months ended June 30, 2024. The current fiscal
28
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
year to date period also reflects changes to credit quality and increased charge-offs, partially offset by balance decreases while the prior year period reflects the initial provision recorded for the loans acquired in the Merger. Net charge-offs totaled $5,441,000 for the three months ended June 30, 2025, compared to $1,253,000 of net charge-offs during the three months ended June 30, 2024. Net charge-offs totaled $10,735,000 for the nine months ended June 30, 2025, compared to $1,286,000 during the nine months ended June 30, 2024.

Non-performing assets were $97,160,000, or 0.36% of total assets, at June 30, 2025, compared to $77,418,000, or 0.28% of total assets, at September 30, 2024. Non-accrual loans were $82,696,000, or 0.40% of total loans at amortized cost, at June 30, 2025, compared to $69,541,000, or 0.33%, at September 30, 2024. Delinquencies, as a percent of total loans, were 0.26% at June 30, 2025, compared to 0.25% at September 30, 2024.

The Company has an asset quality review function that analyzes its loan portfolio and reports the results of the review to its Board of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a grade and classified as described in Note D "Loans Receivable."

The following tables provide the amortized cost of loans receivable based on risk rating categories as previously defined.
June 30, 2025Internally Assigned Grade
 PassSpecial MentionSubstandardDoubtfulLossTotal
 (In thousands, except ratio data)
Loan type
Commercial loans
  Multi-family$4,559,207 $61,707 $156,743 $2,372 $— $4,780,029 
  Commercial real estate3,392,875 8,774 187,933 2,813 — 3,592,395 
  Commercial & industrial1,962,627 31,656 297,799 — — 2,292,082 
  Construction982,000 4,409 49,292 — — 1,035,701 
  Land - acquisition & development129,302 — 733 — — 130,035 
    Total commercial loans11,026,011 106,546 692,500 5,185 — 11,830,242 
Consumer loans
  Single-family residential8,088,901 — 19,246 — — 8,108,147 
  Construction - custom94,524 — 848 — — 95,372 
  Land - consumer lot loans95,927 — 8 — — 95,935 
  HELOC275,616 — 662 — — 276,278 
  Consumer69,819 — 140 — — 69,959 
    Total consumer loans8,624,787 — 20,904 — — 8,645,691 
Total$19,650,798 $106,546 $713,404 $5,185 $— $20,475,933 
Total grade as a % of total loans95.97 %0.52 %3.48 %0.03 %— %


29
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2024Internally Assigned Grade
 PassSpecial MentionSubstandardDoubtfulLossTotal Gross Loans
 (In thousands, except ratio data)
Loan type
Commercial loans
  Multi-family$4,476,283 $12,377 $67,540 $— $— $4,556,200 
  Commercial real estate3,587,682 40,297 104,176 — — 3,732,155 
  Commercial & industrial2,107,780 21,264 203,688 — — 2,332,732 
  Construction1,392,332 3,221 28,463 — — 1,424,016 
  Land - acquisition & development159,919 — 398 — — 160,317 
    Total commercial loans11,723,996 77,159 404,265 — — 12,205,420 
Consumer loans
  Single-family residential8,258,812 — 21,488 — — 8,280,300 
  Construction - custom181,567 — 848 — — 182,415 
  Land - consumer lot loans108,060 — — — — 108,060 
  HELOC269,261 — 596 — — 269,857 
  Consumer73,824 — 231 — — 74,055 
    Total consumer loans8,891,524 — 23,163 — — 8,914,687 
Total loans$20,615,520 $77,159 $427,428 $— $— $21,120,107 
Total grade as a % of total gross loans97.61 %0.37 %2.02 %— %— %

The following tables provide information on the amortized cost of loans receivable based on borrower payment activity.

June 30, 2025Performing LoansNon-Performing Loans
 Amount% of Total
Loans		Amount% of Total
Loans
 (In thousands, except ratio data)
Commercial loans
   Multi-family$4,768,428 99.8 %$11,601 0.2 %
   Commercial real estate3,545,675 98.7 46,720 1.3 
   Commercial & industrial2,292,049 100.0 33 — 
   Construction1,032,301 99.7 3,400 0.3 
   Land - acquisition & development130,035 100.0 — — 
      Total commercial loans11,768,488 99.5 61,754 0.5 
Consumer loans
   Single-family residential8,088,901 99.8 19,246 0.2 
   Construction - custom94,525 99.1 847 0.9 
   Land - consumer lot loans95,927 100.0 8 0.0 
   HELOC275,616 99.8 662 0.2 
   Consumer69,780 99.7 179 0.3 
      Total consumer loans8,624,749 99.8 20,942 0.2 
Total loans$20,393,237 99.6 %$82,696 0.4 %
30
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2024Performing LoansNon-Performing Loans
 Amount% of Total
Loans		Amount% of Total
Loans
 (In thousands, except ratio data)
Commercial loans
   Multi-family$4,537,457 99.6 %$18,743 0.4 %
   Commercial real estate3,705,793 99.3 26,362 0.7 
   Commercial & industrial2,332,732 100.0 — — 
   Construction1,422,896 99.9 1,120 0.1 
   Land - acquisition & development160,243 100.0 74 — 
      Total commercial loans12,159,121 99.6 46,299 0.4 
Consumer loans
   Single-family residential8,258,812 99.7 21,488 0.3 
   Construction - custom181,567 99.5 848 0.5 
   Land - consumer lot loans108,060 100.0 — — 
   HELOC269,261 99.8 596 0.2 
   Consumer73,745 99.6 310 0.4 
      Total consumer loans8,891,445 99.7 23,242 0.3 
Total loans$21,050,566 99.7 %$69,541 0.3 %


NOTE F – Fair Value Measurements
FASB ASC 820, Fair Value Measurement ("ASC 820") defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active exchange markets that the entity has the ability to access as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company has established and documented the process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, fair value is determined using valuation models or third-party appraisals. The following is a description of the valuation methodologies used to measure and report the fair value of financial assets and liabilities on a recurring or nonrecurring basis.


31
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Measured on a Recurring Basis

Available-for-Sale Investment Securities and Derivative Contracts
Securities available for sale are recorded at fair value on a recurring basis. The fair value of debt securities are priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and under GAAP are considered a Level 2 input method. Securities that are traded on active exchanges are measured using the closing price in an active market and are considered a Level 1 input method.
The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counter party to offset its interest rate risk. The Company has also entered into commercial loan hedges, mortgage pool hedges and borrowings hedges using interest rate swaps. The fair value of these interest rate swaps are estimated by a third-party pricing service using a discounted cash flow technique. These are considered a Level 2 input method.
 
The following tables present the balance and level in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (with the exception of those measured using the NAV practical expedient).
 June 30, 2025
 Level 1Level 2Level 3Total
 (In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities$— $250,861 $— $250,861 
Asset-backed securities— 519,109 — 519,109 
Municipal bonds— 34,886 — 34,886 
Corporate debt securities— 170,934 — 170,934 
Mortgage-backed securities
Agency pass-through certificates— 2,411,707 — 2,411,707 
Total available-for-sale securities— 3,387,497 — 3,387,497 
Client swap program hedges— 41,081 — 41,081 
Commercial loan fair value hedges— 1,738 — 1,738 
Mortgage loan fair value hedges— 15,393 — 15,393 
Borrowings cash flow hedges— 106,555 — 106,555 
Total financial assets$— $3,552,264 $— $3,552,264 
Financial Liabilities
Client swap program hedges$— $41,584 $— $41,584 
Mortgage backed securities fair value hedges— 13,504 — 13,504 
Total financial liabilities$— $74,143 $— $74,143 
32
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 September 30, 2024
 Level 1Level 2Level 3Total
 (In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities$— $314,204 $— $314,204 
Asset-backed securities— 540,125 540,125 
Municipal bonds— 35,073 — 35,073 
Corporate debt securities— 296,282 — 296,282 
Mortgage-backed securities
Agency pass-through certificates— 1,387,025 — 1,387,025 
Total available-for-sale securities— 2,572,709 — 2,572,709 
Client swap program hedges— 46,758 — 46,758 
Commercial loan fair value hedges— 1,595 — 1,595 
Mortgage loan fair value hedges— — — — 
Borrowings cash flow hedges— 117,271 — 117,271 
Total financial assets$— $2,738,333 $— $2,738,333 
Financial Liabilities
Client swap program hedges$— $47,388 $— $47,388 
Mortgage loan fair value hedges667 667 
Total financial liabilities$— $48,055 $— $48,055 
33
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Measured on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans and real estate owned ("REO"). REO consists principally of properties acquired through foreclosure and branch properties no longer in use. From time to time, and on a nonrecurring basis, adjustments using fair value measurements are recorded to reflect increases or decreases in the carrying balances based on the discounted cash flows, the current appraisal or estimated value of the collateral or REO property.

When management determines that the fair value of the collateral or the REO requires additional adjustments, either as a result of an updated appraised value or when there is no observable market price, the Company classifies the collateral dependent loan or real estate owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at June 30, 2025 included loans for which an allowance was established or a partial charge-off was recorded based on the fair value of collateral, as well as real estate owned where the fair value of the property was less than the cost basis.

The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at June 30, 2025 and June 30, 2024, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs.
 
 June 30, 2025Three Months Ended June 30, 2025Nine Months Ended June 30, 2025
 Level 1Level  2Level  3TotalTotal Gains (Losses)
 (In thousands)(In thousands)
Loans1
$— $— $32,132 $32,132 $(5,750)$(11,113)
Real estate owned— — — — — — 
Balance at end of period$— $— $32,132 $32,132 $(5,750)$(11,113)
1The gains (losses) represent re-measurements of collateral-dependent loans.

June 30, 2024Three Months Ended June 30, 2024Nine Months Ended June 30, 2024
Level 1Level  2Level  3TotalTotal Gains (Losses)
(In thousands)(In thousands)
Loans1
$— $— $4,345 $4,345 $(2,679)$(3,004)
Real estate owned— — 1,460 1,460 (35)(1,910)
Balance at end of period$— $— $5,805 $5,805 $(2,714)$(4,914)
1The gains (losses) represent re-measurements of collateral-dependent loans.

At June 30, 2025, there was $488,000 in foreclosed residential real estate properties held as REO. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $2,491,000.
Fair Values of Financial Instruments
FASB ASC 825, Financial Instruments ("ASC 825") requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below.
34
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 June 30, 2025September 30, 2024
 Level in Fair Value HierarchyCarrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
 ($ in thousands)
Financial assets
Cash and cash equivalents1$809,252 $809,252 $2,381,102 $2,381,102 
Available-for-sale securities
U.S. government and agency securities2250,861 250,861 314,204 314,204 
Asset-backed securities2519,109 519,109 540,125 540,125 
Municipal bonds234,886 34,886 35,073 35,073 
Corporate debt securities2170,934 170,934 296,282 296,282 
Mortgage-backed securities
Agency pass-through certificates22,411,707 2,411,707 1,387,025 1,387,025 
Total available-for-sale securities3,387,497 3,387,497 2,572,709 2,572,709 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates2512,854 472,041 436,972 401,046 
Total held-to-maturity securities512,854 472,041 436,972 401,046 
Loans receivable320,277,164 19,788,509 20,916,354 20,269,059 
FHLB stock295,899 95,899 95,617 95,617 
        Other assets - client swap program hedges241,081 41,081 46,758 46,758 
        Other assets - commercial fair value loan hedges21,738 1,738 1,595 1,595 
        Other assets - mortgage loan fair value hedges215,393 15,393 — — 
        Other assets - borrowings cash flow hedges2106,555 106,555 117,271 117,271 
Financial liabilities
Time deposits29,417,447 9,396,406 9,556,785 9,787,187 
Borrowings21,939,675 1,928,620 3,267,589 3,276,122 
Junior subordinated debentures351,412 50,865 50,718 50,240 
        Other liabilities - client swap program hedges241,584 41,584 47,388 47,388 
Other liabilities - mortgage loan fair value hedges219,055 19,055 667 667 
Other liabilities - mortgage backed securities fair value hedges213,504 13,504 — — 

The following methods and assumptions were used to estimate the fair value of financial instruments:
Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value. 
Available-for-sale securities and held-to-maturity securities – Securities at fair value are primarily priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and are considered a Level 2 input method. Equity securities that are exchange traded are considered a Level 1 input method.
Loans receivable – Fair values are estimated first by stratifying the portfolios of loans with similar financial characteristics. Loans are segregated by type such as multi-family real estate, residential mortgage, construction, commercial, consumer and land loans. Each loan category is further segmented into fixed- and adjustable-rate interest terms. For residential mortgages and multi-family loans, the bank determined that its best exit price was by securitization. Mortgage backed securities ("MBS") benchmark prices are used as a base price, with further loan level pricing adjustments made based on individual loan
35
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
characteristics such as FICO score, loan to value ratio, Property Type and occupancy. For all other loan categories an estimate of fair value is then calculated based on discounted cash flows using a discount rate offered and observed in the market on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature of the loans, as well as an annual loss rate based on historical losses to arrive at an estimated exit price fair value. Fair value for impaired loans is also based on recent appraisals or estimated cash flows discounted using rates commensurate with risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information.
FHLB stock – The fair value is based upon the par value of the stock that equates to its carrying value.
Time deposits – The fair value of time deposits is estimated by discounting the estimated future cash flows using rates offered for deposits with similar remaining maturities.
Borrowings – The fair value of FHLB advances and Federal Reserve Bank ("FRB") borrowings is estimated by discounting the estimated future cash flows using rates currently available to the Company for debt with similar remaining maturities.
Junior subordinated deferrable interest debentures - The fair value of junior subordinated debentures is estimated using an income approach valuation technique. The significant unobservable input utilized in the estimation of fair value of these instruments is the credit risk adjusted spread. The credit risk adjusted spread represents the nonperformance risk of the liability, contemplating the inherent risk of the obligation. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads, the Company has classified this as a Level 3 fair value measurement.
Interest rate swaps – The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counterparty to offset its interest rate risk. The Company also uses interest rate swaps for various fair value hedges and cash flow hedges. The fair value of these interest rate swaps is estimated by a third-party pricing service using a discounted cash flow technique.


36
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables provide details about the amortized cost and fair value of available-for-sale and held-to-maturity securities.


 June 30, 2025
 Amortized
Cost		Gross UnrealizedFair
Value		Yield
 GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
1 to 5 years$3,719 $— $(75)$3,644 2.58 %
5 to 10 years171,549 114 (480)171,183 4.96 
Over 10 years76,337 238 (541)76,034 5.52 
Asset-backed securities
Within 1 year10,728 — (349)10,379 5.07 
5 to 10 years5,262 — (6)5,256 5.22 
Over 10 years504,965 778 (2,269)503,474 5.33 
Corporate debt securities due
Within 1 year19,999 — (82)19,917 6.00 
1 to 5 years32,978 — (2,480)30,498 4.95 
5 to 10 years128,156 305 (7,942)120,519 4.44 
Municipal bonds due
5 to 10 years25,666 — (315)25,351 5.71 
Over 10 years9,764 — (229)9,535 4.56 
Mortgage-backed securities
Agency pass-through certificates2,436,742 21,704 (46,739)2,411,707 3.77 
3,425,865 23,139 (61,507)3,387,497 4.17 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates512,854 983 (41,796)472,041 3.58 
$3,938,719 $24,122 $(103,303)$3,859,538 4.03 %
37
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 September 30, 2024
 Amortized
Cost		Gross UnrealizedFair
Value		Yield
 GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year$4,360 $4 $— $4,364 5.58 %
1 to 5 years4,640 2 (124)4,518 2.82 
5 to 10 years166,070 1,230 — 167,300 5.97 
Over 10 years137,799 394 (171)138,022 6.29 
Asset-backed securities
1 to 5 years11,466 — (284)11,182 6.04 
5 to 10 years9,631 — (3)9,628 6.20 
Over 10 years520,756 600 (2,041)519,315 6.15 
Corporate debt securities due
Within 1 year45,024 — (367)44,657 4.61 
1 to 5 years99,244 977 — 100,221 5.39 
5 to 10 years112,029 — (10,625)101,404 3.87 
Over 10 years50,000 — — 50,000 6.85 
Municipal bonds due
5 to 10 years5,689 — (243)5,446 3.00 
Over 10 years29,793 — (166)29,627 5.85 
Mortgage-backed securities
Agency pass-through certificates1,420,376 7,324 (40,675)1,387,025 4.09 
2,616,877 10,531 (54,699)2,572,709 4.87 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates436,972 913 (36,839)401,046 3.18 
$3,053,849 $11,444 $(91,538)$2,973,755 4.63 %


The Company purchased $1,218,796,000 of AFS investment securities during the nine months ended June 30, 2025 and purchased $321,308,000 of AFS securities during the nine months ended June 30, 2024. Sales of AFS securities totaled $797,000 during the nine months ended June 30, 2025 compared to $179,215,000 during the prior year's same period. The Company sold approximately $171,000,000 of AFS securities obtained in the Merger during the nine months ended June 30, 2024 to rebalance the overall portfolio. Realized gains and losses from the sales were included in purchase accounting adjustments to reflect the acquisition date fair value as they took place close to the Merger date.

For HTM investment securities, there were $114,182,000 in purchases during the nine months ended June 30, 2025 and $47,092,000 in purchases during the nine months ended June 30, 2024. There were no sales of HTM investment securities during the nine months ended June 30, 2025 or June 30, 2024. Substantially all of the agency mortgage-backed securities have contractual maturity dates that exceed 25 years.

The Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this note. For AFS securities, AIR totaled $11,881,000 and $9,311,000 as of June 30, 2025 and September 30, 2024, respectively. For HTM debt securities, AIR totaled $1,531,000 and $1,154,000 as of June 30, 2025 and September 30, 2024, respectively. AIR for securities is included in the Interest receivable line item balance on the Company’s consolidated statements of financial condition.
38
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables show the gross unrealized losses and fair value of securities as of June 30, 2025 and September 30, 2024, by length of time that individual securities in each category have been in a continuous loss position. There were 223 and 209 securities with an unrealized loss as of June 30, 2025 and September 30, 2024, respectively.
 
June 30, 2025Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$(425)$19,575 $(10,079)$121,054 $(10,504)$140,629 
Municipal bonds(1)19,999 (543)14,887 (544)34,886 
Asset-backed securities(1,318)263,453 (2,402)217,301 (3,720)480,754 
Mortgage-backed securities(1,373)152,180 (45,367)606,519 (46,740)758,699 
(3,117)455,207 (58,391)959,761 (61,508)1,414,968 
Held-to-maturity securities
Mortgage-backed securities(56)33,753 (41,739)315,567 (41,795)349,320 
$(3,173)$488,960 $(100,130)$1,275,328 $(103,303)$1,764,288 

September 30, 2024Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$— $— $(10,993)$146,060 $(10,993)$146,060 
Municipal bonds due(15)19,985 (394)15,088 (409)35,073 
Asset-backed securities(249)116,173 (2,373)235,846 (2,622)352,019 
Mortgage-backed securities(165)103,283 (40,510)728,968 (40,675)832,251 
(429)239,441 (54,270)1,125,962 (54,699)1,365,403 
Held-to-maturity securities
Mortgage-backed securities— — (36,839)348,573 (36,839)348,573 
$(429)$239,441 $(91,109)$1,474,535 $(91,538)$1,713,976 

Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities as of June 30, 2025 or September 30, 2024. The Company does not consider HTM investments to have any credit impairment.

The Company does not believe that the AFS debt securities that were in an unrealized loss position have any credit loss impairment as of June 30, 2025 or September 30, 2024. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is more likely than not that the Company will not be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. AFS debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Corporate debt securities and municipal bonds are considered to have an issuer of high credit quality and the decline in fair value is due to changes in interest rates and other market conditions. The issuer continues to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.


39
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE G – Derivatives and Hedging Activities

The following tables present the fair value, notional amount and balance sheet classification of derivative assets and liabilities at June 30, 2025 and September 30, 2024.

June 30, 2025Derivative AssetsDerivative Liabilities
Interest rate contract purposeBalance Sheet LocationNotionalFair ValueBalance Sheet LocationNotionalFair Value
(In thousands)(In thousands)
Client swap program hedgesOther assets$1,017,764 $41,081 Other liabilities$1,017,764 $41,584 
Commercial loan fair value hedgesOther assets34,341 1,738 Other liabilities— — 
Mortgage loan fair value hedgesOther assets470,000 15,393 Other liabilities1,100,000 19,055 
Mortgage backed securities fair value hedgesOther assets— — Other liabilities520,000 13,504 
Borrowings cash flow hedgesOther assets900,000 106,555 Other liabilities— — 
$2,422,105 $164,767 $2,637,764 $74,143 

September 30, 2024Derivative AssetsDerivative Liabilities
Interest rate contract purposeBalance Sheet LocationNotionalFair ValueBalance Sheet LocationNotionalFair Value
(In thousands)(In thousands)
Client swap program hedgesOther assets$1,044,512 $46,758 Other liabilities$1,044,512 $47,388 
Commercial loan fair value hedgesOther assets37,042 1,595 Other liabilities— — 
Mortgage loan fair value hedgesOther assets— — Other liabilities2,570,000 667 
Borrowings cash flow hedgesOther assets900,000 117,271 Other liabilities— — 
$1,981,554 $165,624 $3,614,512 $48,055 

The Company enters into interest rate swaps to hedge interest rate risk. These arrangements include hedges of individual fixed rate commercial loans and also hedges of a specified portion of pools of prepayable fixed rate mortgage loans and mortgage backed securities under the "portfolio layer" method. These relationships qualify as fair value hedges under FASB ASC 815, Derivatives and Hedging ("ASC 815"), which provides for offsetting of the recognition of gains and losses of the respective interest rate swap and the hedged items. Gains and losses on interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item.

Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative impact of changes in fair value attributable to the hedged risk. The hedge basis adjustment remains with the hedged item until the hedged item is de-recognized from the balance sheet. The following tables present the impact of fair value hedge accounting on the carrying value of the hedged items at June 30, 2025 and September 30, 2024.

(In thousands)June 30, 2025
Balance sheet line item in which hedged item is recordedCarrying value of hedged itemsCumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items
Loans receivable (1) (2)$5,552,460 $2,986 
Available-for-sale securities, at fair value (3)
$747,269 $13,828 
$6,299,729 $16,814 

(1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are a portfolio layer expected to be remaining at the end of the hedging relationships. At
40
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
June 30, 2025, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $5,519,772,000, the cumulative basis adjustment associated with the hedging relationships was $4,594,000, and the amount of the designated hedged items was $470,000,000.

(2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At June 30, 2025, the amortized cost basis of the hedged commercial loans was $32,688,000 and the cumulative basis adjustment associated with the hedging relationships was $(1,608,000).

(3) Includes the fair value basis of mortgage backed securities designated in fair value hedging relationships. At June 30, 2025, the fair value of the hedged mortgage based securities was $747,269,000, the cumulative basis adjustment associated with the hedging relationships was $13,828,000, and the amount of the designated hedged items was $520,000,000.

(In thousands)September 30, 2024
Balance sheet line item in which hedged item is recordedCarrying value of hedged itemsCumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items
Loans receivable (1) (2)$7,287,540 $20,005 
$7,287,540 $20,005 

(1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2024, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $7,252,017,000, the cumulative basis adjustment associated with the hedging relationships was $21,476,000, and the amount of the designated hedged items was $2,570,000,000. During fiscal 2024, hedge accounting was discontinued on a $300,000,000 last of layer hedge. A basis adjustment of $1,232,211 associated with the terminated portion of the hedge was deferred and is being accreted over the remaining life of the associated pool of loans.

(2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2024, the amortized cost basis of the hedged commercial loans was $35,523,000 and the cumulative basis adjustment associated with the hedging relationships was $(1,471,000).

The Company has entered into interest rate swaps to convert certain short-term borrowings to fixed rate payments. The primary purpose of these hedges is to mitigate the risk of changes in future cash flows resulting from increasing interest rates. For qualifying cash flow hedges under ASC 815, gains and losses on the interest rate swaps are recorded in accumulated other comprehensive income ("AOCI") and then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line item as the hedged cash flows. As of June 30, 2025, the maturities for hedges of adjustable rate borrowings ranged from one year to five years, with the weighted average being 4.3 years.

41
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables present the impact of derivative instruments (cash flow hedges on borrowings) on AOCI for the periods presented.

(In thousands)Three Months Ended June 30,
Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships20252024
Interest rate contracts:
Pay fixed/receive floating swaps on borrowings cash flow hedges$(14,040)$(3,256)
Reclassification adjustment of net (gain)/loss included in net income(70)— 
Total pre-tax gain/(loss) recognized in AOCI $(14,110)$(3,256)


(In thousands)Nine Months Ended June 30,
Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships20252024
Interest rate contracts:
Pay fixed/receive floating swaps on borrowings cash flow hedges$(10,716)$(33,040)
Reclassification adjustment of net (gain)/loss included in net income— — 
Total pre-tax gain/(loss) recognized in AOCI $(10,716)$(33,040)


The following tables present the gain (loss) on derivative instruments in fair value and cash flow accounting hedging relationships under ASC 815 for the periods presented.
42
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
Interest income on loans receivableInterest on Mortgage-backed securitiesInterest expense on FHLB advancesInterest income on loans receivableInterest on Mortgage-backed securitiesInterest expense on FHLB advances
(In thousands)(In thousands)
Interest income/(expense), including the effects of fair value and cash flow hedges$279,476 $27,855 $(16,991)$337,118 $17,523 $(60,396)
Gain/(loss) on fair value hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$3,780 $314 $13,113 $— 
Recognized on derivatives(10,789)$(4,822)3,044 — 
Recognized on hedged items10,800 4,927 (1,972)— 
Net income/(expense) recognized on fair value hedges$3,791 $419 $14,185 $— 
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$8,649 $11,718 
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense— — 
Net income/(expense) recognized on cash flow hedges$8,649 $11,718 

43
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended June 30, 2025Nine Months Ended June 30, 2024
Interest income on loans receivableInterest on Mortgage-backed securitiesInterest expense on FHLB advancesInterest income on loans receivableInterest on Mortgage-backed securitiesInterest expense on FHLB advances
(In thousands)(In thousands)
Interest income/(expense), including the effects of fair value and cash flow hedges$848,150 $70,118 $(67,753)$857,251 $41,694 $(142,399)
Gain/(loss) on fair value hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$16,762 $430 $27,123 $— 
Recognized on derivatives6,031 (13,504)(6,937)— 
Recognized on hedged items(13,002)13,828 7,254 — 
Net income/(expense) recognized on fair value hedges$9,791 $754 $27,440 $— 
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$26,702 $35,279 
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense— — 
Net income/(expense) recognized on cash flow hedges$26,702 $35,279 


The Company periodically enters into certain interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rate payments, while the Company retains a variable rate loan. Under these agreements, the Company enters into a variable rate loan agreement and a swap agreement with the client. The swap agreement effectively converts the client’s variable rate loan into a fixed rate. The Company enters into a corresponding swap agreement with a third party in order to offset its exposure on the variable and fixed components of the client's swap agreement. The interest rate swaps are derivatives under ASC 815, with changes in fair value recorded in earnings. The impact to the statement of operations for the nine months ended June 30, 2025 was an increase in other income of $126,000 and an increase of $169,000 for the nine months ended June 30, 2024.

The following tables present the impact of derivative instruments (client swap program) that are not designated in accounting hedges under ASC 815 for the periods presented.

(In thousands)Three Months Ended June 30,
Derivative instrumentsClassification of gain/(loss) recognized in income on derivative instrument20252024
Interest rate contracts:
Pay fixed/receive floating swapOther noninterest income$(7,677)$(715)
Receive fixed/pay floating swapOther noninterest income7,733 770 
$56 $55 
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WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

(In thousands)Nine Months Ended June 30,
Derivative instrumentsClassification of gain/(loss) recognized in income on derivative instrument20252024
Interest rate contracts:
Pay fixed/receive floating swapOther noninterest income$1,013 $(18,410)
Receive fixed/pay floating swapOther noninterest income(887)18,579 
$126 $169 


NOTE H – Revenue from Contracts with Customers

Since net interest income on financial assets and liabilities is outside the scope of ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), a significant majority of Company revenues are not subject to that guidance.

Revenue streams that are within the scope of ASC 606 are presented within non-interest income and are, in general, recognized as revenue at the same time the Company's obligation to the customer is satisfied. Most of the Company's customer contracts that are within the scope of ASC 606 are cancelable by either party without penalty and are short-term in nature. These sources of revenue include depositor and other consumer and business banking fees, commission income, as well as debit and credit card interchange fees. In scope revenue streams represented approximately 3.6% of Company total revenue for the nine months ended June 30, 2025, compared to 3.3% for the nine months ended June 30, 2024. As this standard is immaterial to the consolidated financial statements, the Company has omitted certain disclosures in ASC 606, including the disaggregation of revenue table. Sources of non-interest income within the scope of the guidance include the following:

Deposit Related and Other Service Charges (recognized in Deposit fee income) - The Company's deposit accounts are governed by standardized contracts customary in the industry. Revenues are earned at a point in time or over time (monthly) from account maintenance fees and charges for specific transactions such as wire transfers, stop payment orders, overdrafts, debit card replacements, check orders and cashier’s checks. The Company’s performance obligation related to each of these fees is generally satisfied, and the related revenue recognized, at the time the service is provided (point in time or monthly). The Company is principal in each of these contracts.

Debit and Credit Card Interchange Fees (recognized in Deposit fee income) - The Company receives interchange fees from the debit card or credit card payment network based on transactions involving debit or credit cards issued by the Company, generally measured as a percentage of the underlying transaction. Interchange fees from debit and credit card transactions are recognized as the transaction processing services are provided by the network. The Company acts as an agent in the card payment network arrangement, so the interchange fees are recorded net of any expenses paid to the principal (the card payment network in this case).

Insurance Agency Commissions (recognized in Other income) - WAFD Insurance Group, Inc. is a wholly owned subsidiary of Washington Federal Bank that operates as an insurance agency, selling and marketing property and casualty insurance policies for a small number of high-quality insurance carriers. WAFD Insurance Group, Inc. earns revenue in the form of commissions paid by the insurance carriers for policies that have been sold. In addition to the origination commission, WAFD Insurance Group, Inc. may also receive contingent incentive fees based on the volume of business generated for the insurance carrier and based on policy renewal rates.


NOTE I – Commitments and Contingencies

Lease Commitments - The Company’s lease commitments consist primarily of real estate property for branches and office space under various non-cancellable operating leases that expire between 2025 and 2070. The majority of the leases contain renewal options and provisions for increases in rental rates based on a predetermined schedule or an agreed upon index.

Financial Instruments with Off-Balance Sheet Risk - Off-balance-sheet credit exposures for the Company include unfunded loan commitments and letters of credit from the FHLB of Des Moines and the FHLB of San Francisco. As of June 30, 2025, the
45
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Bank was obligated on FHLB letters of credit totaling $62,606,000 and unfunded loan commitments had a balance of $2,535,278,000. These amounts are decreased compared to September 30, 2024 when the bank was obligated on FHLB letters of credit totaling $902,606,000 and had unfunded commitments of $2,928,697,000. The reserve for unfunded commitments was $20,500,000 as of June 30, 2025, which is a decrease from $21,500,000 at September 30, 2024. See Note A "Summary of Significant Accounting Policies" for details regarding the reserve methodology.

Legal Proceedings - The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company.

LIHTC Investments - The Company has LIHTC investments which are designed to promote qualified affordable housing projects. These investments provide a return through the generation of income tax credits and other income tax benefits and support the Company's regulatory compliance with the Community Reinvestment Act. The Company has evaluated its involvement with the low-income housing projects and determined it does not have the ability to exercise significant influence over or participate in the decision-making activities related to the management of the projects, and therefore, is not the primary beneficiary, and does not consolidate these interests. LIHTC investments are accounted for using the proportional amortization method.
The Company records the investments in affordable housing partnerships of $141,272,000 and $112,342,000 as of June 30, 2025 and September 30, 2024, respectively, as a component of other assets on the Consolidated Statements of Financial Condition and uses the proportional amortization method to account for the investments. The Company's unfunded contribution commitments to these investments were $62,183,000 and $41,702,000 as of June 30, 2025 and September 30, 2024, respectively, which are recorded as a component of other liabilities on the Consolidated Statements of Financial Condition. Both the tax benefits and the amortization expense related to these investments are reflected in the provision for income taxes on the Condensed Consolidated Statements of Operations.

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WAFD, INC. AND SUBSIDIARIES
PART I – Financial Information
Item 2.                Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of WaFd, Inc. (the “Company” or “WaFd”) and its financial condition and results of operations should be read together with the financial statements and the related notes included elsewhere herein and the Consolidated Financial Statements, accompanying notes and management’s discussion and analysis of financial condition and results of operations and other disclosures contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the Securities and Exchange Commission ("SEC") on November 20, 2024 (the “2024 10-K”).

FORWARD LOOKING STATEMENTS

This discussion contains forward-looking statements that involve risks and uncertainties. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “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. These statements are not historical facts, but instead represent current expectations, plans or forecasts of the Company and are based on the beliefs and assumptions of the management of the Company and the information available to management at the time that these disclosures were prepared. The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and often are beyond the Company's control. Actual outcomes and results may differ materially from those expressed in, or implied by, the Company's forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this report, and including the Risk Factors included in the Company’s 2024 10-K, and in any of the Company's other subsequent SEC filings, which could cause the Company's future results to differ materially from the plans, objectives, goals, estimates, intentions and expectations expressed in forward-looking statements:

Operational Risks:
•fluctuating interest rates and the impact of inflation on the Company's business and financial results;
•risks associated with cybersecurity incidents and threat actors;
•risks associated with changes in business structure and divestitures of lines of business, including the Bank's exit from the single family mortgage lending market;
•economic uncertainty or a deterioration in economic conditions or slowdowns in economic growth, including financial stress on borrowers (consumers and businesses) as a result of high interest rates; inflation; tariffs, including retaliatory tariffs; low consumer confidence; or an uncertain economic environment;
•the effects of and changes in monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government;
•global economic trends, including developments related to Ukraine and Russia, the Middle East, and related negative financial impacts on our borrowers, the financial markets and the global economy;
•the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors and the impact they may have on us, our customers and our operations, assets and liabilities;
•possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; and our ability to make accurate assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the assets securing these loans;
•risk associated with the development and use of artificial intelligence;
•risks related to operational, technological, and third-party provided technology infrastructure;
•risks associated with data privacy laws and regulations;
•risks related to the integration of Luther Burbank Corporation;
•risks associated with our failure to retain or attract key employees;
•risks associated with failures of our risk management framework;
•risks related to the impacts of climate change on our business or reputation;
•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, including on our asset credit quality and business operations, as well as its impact on general economic and financial market conditions;
47
WAFD, INC. AND SUBSIDIARIES




Regulatory and Litigation Risks:
•non-compliance with the USA PATRIOT Act, Bank Secrecy Act, Community Reinvestment Act, Fair Lending Laws, Real Estate Settlement Procedures Act, Truth-in-Lending Act, Flood Insurance Reform Act or other laws and regulations;
•the Company’s ability to manage the risks and costs involved in the remediation efforts to the Bank's Home Mortgage Disclosure Act (“HMDA”) compliance and reporting, and the impact of enforcement actions or legal proceedings with respect to the Bank’s HMDA program, including compliance with the Bank's 2013 and 2020 HMDA Consent Orders;
•legislative and regulatory limitations, including those arising under the Dodd-Frank Act, the Washington Commercial Bank Act and potential limitations in the manner in which the Company conducts its business and undertakes new investments and activities;
•risks associated with increases to deposit insurance premiums or special assessments;
•litigation risks resulting in significant expenses, losses and reputational damage;
•environmental risks resulting from our real estate lending business;

Market and Industry Risks:
•eroding confidence in the banking system and regional banks in particular;
•downturns in the real estate market;
•changes in banking operations, including a shift from retail to online activities;
•changes in other economic, competitive, governmental, regulatory and technological factors affecting the Company's markets, operations, pricing, products, services and fees;
•risks associated with inadequate or faulty underwriting and loan collection practices;
•risks associated with our geographic concentration, including the effects of a severe economic downturn, including high unemployment rates and declines in housing prices and both commercial and residential property values, in our primary market areas;
•industry deficiencies in foreclosure practices, including delays and challenges in the foreclosure process;
•impairment of goodwill and other intangible assets;

Competitive Risks:
•competition from other financial institutions and new market participants, offering services similar to those offered by the Bank, and consolidation in the industry resulting in the creation of larger competitors with greater financial resources;
•our ability to grow organically or through acquisitions;
•risks associated with our entry into the California market;

Security Ownership Risks:
•our ability to continue to pay dividends, including on our outstanding Series A Preferred Stock; and make stock repurchases;
•risks related to the volatility of our Common Stock, and future dilution;
•the ability of the Company to obtain external financing to fund its operations or obtain financing on favorable terms, when needed;
•risks related to Washington's anti-takeover statute;
•effects of activist shareholders;

General Risks:
•the success of the Company at managing the risks involved in the foregoing and managing its business; and
•the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond the Company's control.
For the reasons described above, we caution you against relying on any forward-looking statements. You should not consider the summary of such factors to be an exhaustive statement of all of the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, all forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update or revise any forward-
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WAFD, INC. AND SUBSIDIARIES
looking statements to reflect changed assumptions, the occurrence of unanticipated events, changes to future operating results over time, or the impact of circumstances arising after the date the forward-looking statement was made.
GENERAL & BUSINESS DESCRIPTION

Washington Federal Bank, a federally-insured Washington state chartered commercial bank dba WaFd Bank (the "Bank" or "WaFd Bank"), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Washington Federal, Inc., a Washington corporation, was formed as the Bank’s holding company in November, 1994. On September 27, 2023, the Company filed Articles of Amendment to its Restated Articles of Incorporation, as amended, with the Washington Secretary of State, to change its name from Washington Federal, Inc. to WaFd, Inc. This change was effective on September 29, 2023. As used throughout this document, the terms "WaFd," the "Company" or "we" or "us" and "our" refer to WaFd, Inc. and its consolidated subsidiaries, and the term "Bank" or "WaFd Bank" refers to its bank operating subsidiary. The Company is headquartered in Seattle, Washington.

CRITICAL ACCOUNTING POLICIES

See Note A to the Consolidated Financial Statements in "Item 1. Financial Statements" above. Also, refer to "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2024 10-K.

ASSET QUALITY & ALLOWANCE FOR CREDIT LOSSES

See Notes A, D and E to the Consolidated Financial Statements in "Item 1. Financial Statements" above. Also, refer to "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2024 10-K.

INTEREST RATE RISK
Based on management's assessment of the current interest rate environment, the Company has taken steps, including growing shorter-term loans and transaction deposit accounts, to reduce its interest rate risk profile. The mix of transaction and savings accounts is 56% and 44%, respectively, of total deposits as of June 30, 2025 while the composition of the investment securities portfolio is 49% variable and 51% fixed rate. The Company entered into $520,000,000 of pay fixed interest rate swaps to hedge the fair value risk of the AFS portfolio which effectively converts 13% of fixed securities to variable as of June 30, 2025. When interest rates rise, the fair value of the investment securities with fixed rates will decrease and vice versa when interest rates decline. The Company has $512,854,000 of mortgage-backed securities that it has designated as HTM and are carried at amortized cost. As of June 30, 2025, the net unrealized loss on these securities was $40,813,000. The Company has $3,387,497,000 of AFS securities that are carried at fair value. As of June 30, 2025, the net unrealized loss on these securities was $38,368,000. The Company recognized in earnings a gain of $13,828,000 on fair value of AFS securities hedged by the fixed interest rate swaps. The Company has executed interest rate swaps to hedge interest rate risk on certain FHLB borrowings. The unrealized gain on these interest rate swaps as of June 30, 2025 was $106,555,000. All of the above are pre-tax net unrealized gains or losses.

The Company relies on various measures of interest rate risk, including an asset/liability analysis, modeling of changes in forecasted net interest income under various rate change scenarios, and the impact of interest rate changes on the net portfolio value (“NPV”) of the Company.

Net Interest Income Sensitivity - The Company estimates the sensitivity of its net interest income to changes in market interest rates using an interest rate simulation model that includes assumptions related to the level of balance sheet growth, deposit repricing characteristics and the rate of prepayments for multiple interest rate change scenarios. Interest rate sensitivity depends on certain repricing characteristics in the Company's interest-earning assets and interest-bearing liabilities, including the maturity structure of assets and liabilities and their repricing characteristics during the periods of changes in market interest rates. The analysis assumes a constant balance sheet. Actual results would differ from the assumptions used in this model, as management monitors and adjusts loan and deposit pricing and the size and composition of the balance sheet to respond to changing interest rates.
The following table models the potential impact of changing interest rates on net income over a twelve-month period and compares the current results to the results as of the prior year end. The Company's focus is primarily on the impact of abrupt upward or downward changes in short term rates. It is important to note that this is not a forecast or prediction of future events,
49
WAFD, INC. AND SUBSIDIARIES
but is used as a tool for measuring potential risk. This analysis assumes zero balance sheet growth and a constant percentage composition of assets and liabilities.
Potential Increase (Decrease) in Net Interest Income - Year 1
Basis Point Increase (Decrease) in Interest RatesJune 30, 2025September 30, 2024
 (In thousands, except percentages)
(200)$52,563 7.14 %$(8,284)(1.01)%
(100)29,659 4.03 1,832 0.22 
1008,274 1.12 (144)(0.02)
20017,080 2.32 22,816 2.79 


NPV Sensitivity - Another method used to quantify interest rate risk is the NPV analysis. This analysis calculates the difference between the present value of interest-bearing liabilities and the present value of expected cash flows from interest-earning assets and off-balance-sheet contracts. The following table sets forth an analysis of the Company’s interest rate risk as measured by the estimated changes in NPV resulting from instantaneous and sustained parallel shifts in the yield curve (measured in 100-basis-point increments) and compares the current model results to the prior quarter results.

Potential Increase (Decrease) in NPV as of
Basis Point Increase (Decrease) in Interest RatesJune 30, 2025September 30, 2024
 (In thousands, except percentages)
(200)$570,650 18.95 %$393,113 13.35 %
(100)304,822 10.12 256,991 8.73 
100(359,356)(11.93)(293,070)(9.96)
200(661,283)(21.96)(559,613)(19.01)


Prepayment speeds continue to be relatively low at June 30, 2025 but increasing with the Bank's conditional payment rate ("CPR") for single-family mortgages at 9.00%, up from 6.60% the year before.

Net Interest Margin - Net interest margin is measured as net interest income divided by average earning assets for the period. Net interest margin was 2.69% for the quarter ended June 30, 2025 compared to 2.56% for the quarter ended June 30, 2024. The yield on interest-earning assets decreased 36 basis points to 5.30% and the cost of interest-bearing liabilities decreased 50 basis points to 3.13% over that same period. The lower yield on interest-earning assets was primarily due to falling intrest rates affecting adjustable rate loans, net cash settlements on our loan and securities fair value hedge programs and interest-bearing cash deposits.
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WAFD, INC. AND SUBSIDIARIES
The following tables set forth the information explaining the changes in the net interest margin for the periods indicated compared to the respective periods one year ago.

Three Months Ended June 30, 2025Three Months Ended June 30, 2024
 Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
($ in thousands)($ in thousands)
Assets
Loans receivable$20,592,807 $279,476 5.44 %$23,536,530 $337,118 5.76 %
Mortgage-backed securities2,708,789 27,855 4.12 1,765,314 17,523 3.99 
Cash & Investments1,683,378 21,544 5.13 2,386,434 33,693 5.68 
FHLB stock106,816 2,839 10.66 164,018 3,608 8.84 
Total interest-earning assets25,091,790 331,714 5.30 %27,852,296 391,942 5.66 %
Other assets1,721,710 1,851,041 
Total assets$26,813,500 $29,703,337 
Liabilities and Equity
Interest-bearing customer accounts$18,769,137 $146,735 3.14 %$18,398,704 $154,359 3.37 %
Borrowings2,226,086 16,991 3.06 5,406,585 60,397 4.49 
Total interest-bearing liabilities20,995,223 163,726 3.13 %23,805,289 214,756 3.63 %
Noninterest-bearing customer accounts2,493,365 2,593,381 
Other liabilities294,167 357,611 
               Total liabilities23,782,755 26,756,281 
Shareholders' equity3,030,745 2,947,056 
Total liabilities and equity$26,813,500 $29,703,337 
Net interest income/interest rate spread$167,988 2.17 %$177,186 2.03 %
Net interest margin (NIM)2.69 %2.56 %














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WAFD, INC. AND SUBSIDIARIES

Nine Months Ended June 30, 2025Nine Months Ended June 30, 2024
 Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
($ in thousands)($ in thousands)
Assets
Loans receivable$20,822,283 $848,150 5.45 %$20,245,730 $857,251 5.66 %
Mortgage-backed securities2,318,554 70,118 4.04 1,523,673 41,694 3.66 
Cash & Investments2,254,121 87,116 5.17 2,085,208 89,947 5.76 
FHLB stock112,011 7,531 8.99 142,097 8,721 8.20 
Total interest-earning assets25,506,969 1,012,915 5.31 %23,996,708 997,613 5.55 %
Other assets1,723,318 1,655,369 
Total assets$27,230,287 $25,652,077 
Liabilities and Equity
Interest-bearing customer accounts$18,797,319 $460,833 3.28 %$15,567,225 $367,194 3.15 %
Borrowings2,616,896 67,753 3.46 4,479,958 142,399 4.25 
Total interest-bearing liabilities21,414,215 528,586 3.30 %20,047,183 509,593 3.40 %
Noninterest-bearing customer accounts2,488,886 2,595,259 
Other liabilities298,952 332,769 
               Total liabilities24,202,053 22,975,211 
Shareholders' equity3,028,234 2,676,866 
Total liabilities and equity$27,230,287 $25,652,077 
Net interest income/interest rate spread$484,329 2.01 %$488,020 2.16 %
Net interest margin (NIM)2.54 %2.72 %

As of June 30, 2025, total assets had decreased by $1,328,415,000 to $26,731,915,000 from $28,060,330,000 at September 30, 2024 primarily due to a reduction in loans receivable and cash used to reduce borrowings and purchase investments during the period. During the nine months ended June 30, 2025, loans receivable decreased $639,190,000, investment and mortgage-backed securities increased by $890,670,000, and FHLB stock increased by $282,000 while cash and cash equivalents decreased by $1,571,850,000, in each case as compared to September 30, 2024.
Management believes the Company's cash and cash equivalents of $809,252,000 and shareholders’ equity of $3,014,325,000 as of June 30, 2025 will provide flexibility in managing the Company's interest rate risk going forward.


LIQUIDITY AND CAPITAL RESOURCES
The principal sources of funds for the Company's activities are loan repayments (including prepayments), net deposit inflows, sales and repayments of investments and borrowings and retained earnings, if applicable. The Company's principal sources of revenue are interest on loans and interest and dividends on investments. Additionally, the Company earns fee income for loan, deposit, insurance and other services.
The Bank has a credit line with the Federal Home Loan Bank of Des Moines ("FHLB - DM") of up to 45% of total assets depending on specific collateral eligibility. This line provides the Bank a substantial source of additional liquidity. The Bank has entered into borrowing agreements with the FHLB - DM to borrow funds under a short-term floating rate cash management advance program and fixed-rate term loan agreements. All borrowings are secured by stock of the FHLB - DM, deposits with the FHLB - DM, and a blanket pledge of qualifying loans receivable. The Bank also has a credit line with the Federal Home
52
WAFD, INC. AND SUBSIDIARIES
Loan Bank of San Francisco ("FHLB - SF") in support of LBC borrowings from the FHLB - SF, but the Bank is unable to take down new advances against this line. The FHLB - SF credit line is secured by a line-item pledge of mortgage backed securities.
To ensure ample contingent liquidity the Bank participates in the FRB of San Francisco Borrower-in-Custody program which collateralizes primary credit borrowings and serves as a backstop for the FHLB - DM credit line. Due to differing program requirements between the FHLB - DM and FRB of San Francisco, participating in both increases the amount of eligible collateral that may be pledged in support of contingent liquidity needs. The Bank is also eligible to borrow under the Federal Reserve Bank's primary credit program.
Customer account balances have remained stable, increasing by $12,601,000, or 0.1%, to $21,386,571,000 at June 30, 2025 compared with $21,373,970,000 at September 30, 2024. Total borrowings were $1,939,675,000 as of June 30, 2025, a decrease from $3,267,589,000 at September 30, 2024.
The Company's cash and cash equivalents totaled $809,252,000 at June 30, 2025, a decrease from $2,381,102,000 at September 30, 2024. This decrease served to fund purchases of investment securities and pay down borrowings.
The Company’s shareholders' equity at June 30, 2025 was $3,014,325,000, or 11.28% of total assets. This is an increase of $14,025,000 from September 30, 2024 when shareholders' equity was $3,000,300,000, or 10.69% of total assets. The Company’s shareholders' equity was impacted in the nine months ended June 30, 2025 by net income of $165,471,000, the payment of $63,785,000 in common stock dividends, the payment of $10,969,000 in preferred stock dividends, treasury stock purchases of $73,092,000, as well as the other comprehensive loss of $14,320,000. The ratio of tangible capital to tangible assets at June 30, 2025 was 9.78%. Management believes the Company's strong equity position allows it to manage balance sheet risk and provide the capital support needed for controlled growth in a regulated environment.
WaFd, Inc. and its banking subsidiary are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly discretionary actions by regulators that, if undertaken, could have a material adverse effect on the Company's financial statements.
Federal banking agencies establish regulatory capital rules that require minimum capital ratios and establish criteria for calculating regulatory capital. Minimum capital ratios for four measures are used for assessing capital adequacy. The standards are indicated in the table below. The common equity tier 1 capital ratio recognizes common equity as the highest form of capital. The denominator for all except the leverage ratio is risk weighted assets. The rules set forth a “capital conservation buffer” of up to 2.5%. In the event that a bank’s capital levels fall below the minimum ratios plus these buffers, the bank's regulators may place restrictions on it. These restrictions include reducing dividend payments, share buy-backs, and staff bonus payments. The purpose of these buffers is to require banks to build up capital outside of periods of stress that can be drawn down during periods of stress. As a result, even during periods where losses are incurred, the minimum capital ratios can still be met.
There are also standards for Adequate and Well Capitalized criteria that are used for “Prompt Corrective Action” purposes. To remain categorized as well capitalized, the Bank and the Company must maintain minimum common equity risk-based, tier 1 risk-based, total risk-based and tier 1 leverage ratios as set forth in the following table.
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WAFD, INC. AND SUBSIDIARIES
As of June 30, 2025 and September 30, 2024, the Company and the Bank met all capital adequacy requirements to which they are subject, and the Bank's regulators categorized it as well capitalized under the regulatory framework for prompt corrective action.
ActualMinimum Capital
Adequacy Guidelines		Minimum Well-Capitalized Guidelines
($ in thousands)CapitalRatioRatioRatio
 
June 30, 2025
Common Equity Tier I risk-based capital ratio:
      The Company$2,189,703 11.75 %4.50 %NA
      The Bank2,502,215 13.43 %4.50 %6.50 %
Tier I risk-based capital ratio:
      The Company2,489,703 13.36 %6.00 %NA
      The Bank2,502,215 13.43 %6.00 %8.00 %
Total risk-based capital ratio:
      The Company2,754,285 14.78 %8.00 %NA
      The Bank2,715,386 14.58 %8.00 %10.00 %
Tier 1 Leverage ratio:
      The Company2,489,703 9.44 %4.00 %NA
      The Bank2,502,215 9.49 %4.00 %5.00 %
September 30, 2024
Common Equity Tier 1 risk-based capital ratio:
      The Company$2,153,721 11.31 %4.50 %NA
      The Bank2,463,266 12.94 %4.50 %6.50 %
Tier I risk-based capital ratio:
      The Company2,453,721 12.88 %6.00 %NA
      The Bank2,463,266 12.94 %6.00 %8.00 %
Total risk-based capital ratio:
      The Company2,722,290 14.29 %8.00 %NA
      The Bank2,681,116 14.08 %8.00 %10.00 %
Tier 1 Leverage ratio:
      The Company2,453,721 8.90 %4.00 %NA
      The Bank2,463,266 8.94 %4.00 %5.00 %

CHANGES IN FINANCIAL CONDITION
Cash and cash equivalents - Cash and cash equivalents were $809,252,000 at June 30, 2025, a decrease of $1,571,850,000, or 66.0%, since September 30, 2024. This decrease served to fund purchases of investment securities and pay down borrowings.

Available-for-sale and held-to-maturity investment securities - AFS securities increased $814,788,000, or 31.7%, during the nine months ended June 30, 2025, a result of securities purchases of $1,218,796,000 combined with unrealized gains during the period of $6,123,000 and a reclassification of gain into earnings from AFS securities hedging derivatives of $13,828,000 partially offset by principal repayments and maturities of $412,578,000. During the same period, the balance of HTM securities increased by $75,882,000 primarily due to purchases of $114,182,000 partially offset by principal pay-downs and maturities of $38,269,000. As of June 30, 2025, the Company had a total net unrealized loss on AFS securities of $38,368,000, which is included on a net of tax basis in accumulated other comprehensive income (loss).

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WAFD, INC. AND SUBSIDIARIES
Substantially all of the Company’s HTM and AFS debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit or implicit guarantee of the U.S. government and have a long history of zero credit loss. The Company did not record an allowance for credit losses for HTM securities as of June 30, 2025 or September 30, 2024 as the investment portfolio consists primarily of U.S. government agency mortgage-backed securities that management deems to have immaterial risk of loss. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolios as well as the economic conditions at future reporting periods. The Company does not believe that any of its AFS debt securities had credit loss impairment as of June 30, 2025 or September 30, 2024; therefore, no allowance was recorded.

Loans receivable - Loans receivable, net of related contra accounts, decreased by $639,190,000 to $20,277,164,000 at June 30, 2025, compared to $20,916,354,000 at September 30, 2024. The decrease was primarily loan principal repayments of $3,644,554,000 outpacing originations of $2,541,479,000 and decreases in loans-in-process of $336,460,000. Commercial loan originations accounted for 77% of total originations and consumer loan originations were 23% during the year to date. The Company continues to focus on commercial lending, coupled with growing economies in all major markets in which we operate.
The following table shows the loan portfolio by category and the change from prior fiscal year end.
 June 30, 2025September 30, 2024Change
($ in thousands)($ in thousands)$%
Commercial loans
Multi-family$4,881,996 22.9 %$4,658,119 20.8 %$223,877 4.8 %
Commercial real estate3,615,077 16.9 3,757,040 16.8 (141,963)(3.8)
Commercial & industrial2,295,802 10.7 2,337,139 10.4 (41,337)(1.8)
Construction1,540,474 7.2 2,174,254 9.7 (633,780)(29.1)
Land - acquisition & development175,643 0.8 200,713 1.0 (25,070)(12.5)
Total commercial loans12,508,992 58.5 13,127,265 58.7 (618,273)(4.7)
Consumer loans
Single-family residential8,231,623 38.5 8,399,030 37.6 (167,407)(2.0)
Construction - custom188,109 0.9 384,161 1.7 (196,052)(51.0)
   Land - consumer lot loans96,582 0.5 108,791 0.5 (12,209)(11.2)
   HELOC272,614 1.3 266,151 1.2 6,463 2.4 
   Consumer69,912 0.3 73,998 0.3 (4,086)(5.5)
Total consumer loans8,858,840 41.5 9,232,131 41.3 (373,291)(4.0)
Total gross loans21,367,832 100 %22,359,396 100 %(991,564)(4.4)
   Less:
      Allowance for credit losses on loans198,768 203,753 (4,985)(2.4)
      Loans in process673,338 1,009,798 (336,460)(33.3)
      Net deferred fees, costs and discounts218,562 229,491 (10,929)(4.8)
Total loan contra accounts1,090,668 1,443,042 (352,374)(24.4)
Net loans$20,277,164 $20,916,354 $(639,190)(3.1)%

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WAFD, INC. AND SUBSIDIARIES

The following tables provide information regarding loans receivable by loan class and geography.
June 30, 2025Multi-
family		Commercial
Real Estate		Commercial
and Industrial		ConstructionLand -
A & D		Single -
Family
Residential		Construction -
custom		Land -
Lot Loans		ConsumerHELOCTotal
 (In thousands)
Washington$499,039 $507,663 $844,426 $158,500 $23,545 $3,301,897 $46,219 $51,554 $15,689 $141,946 $5,590,478 
California1,038,159 239,422 130,564 7,891 — 1,464,262 — — 10,297 815 2,891,410 
Oregon786,789 401,171 244,036 72,399 38,287 896,078 11,810 11,532 229 36,136 2,498,467 
Arizona716,755 503,407 95,559 128,604 1,829 776,990 17,170 15,821 9,175 34,454 2,299,764 
Utah664,869 345,368 128,688 156,177 45,720 590,664 7,320 1,205 27,382 12,705 1,980,098 
Texas528,335 803,958 619,790 283,070 5,803 144,223 — 338 5 4,957 2,390,479 
New Mexico198,333 296,239 17,110 48,443 2,306 211,395 4,455 2,470 97 10,364 791,212 
Idaho181,610 178,757 44,069 83,077 8,278 398,417 3,632 7,689 50 22,049 927,628 
Nevada126,583 160,843 99,529 43,537 4,267 316,787 4,766 5,326 2,027 10,959 774,624 
Other39,557 155,567 68,311 54,003 — 7,434 — — 5,008 1,893 331,773 
$4,780,029 $3,592,395 $2,292,082 $1,035,701 $130,035 $8,108,147 $95,372 $95,935 $69,959 $276,278 $20,475,933 
Percentage by geographic area
June 30, 2025Multi-
family		Commercial
Real Estate		Commercial
and Industrial		ConstructionLand -
A & D		Single -
Family
Residential		Construction -
custom		Land -
Lot Loans		ConsumerHELOCTotal
 As % of total gross loans
Washington2.5 %2.4 %4.1 %0.8 %0.1 %16.1 %0.4 %0.3 %0.1 %0.6 %27.4 %
California5.1 1.2 0.6 — — 7.2 — — 0.1 — 14.2 
Oregon3.8 2.0 1.2 0.4 0.3 4.4 .0.1 — 0.1 12.3 
Arizona3.5 2.5 0.5 0.6 — 3.8 0.1 0.1 — 0.2 11.3 
Utah3.2 1.7 0.6 0.8 0.2 2.9 — — 0.1 0.1 9.6 
Texas2.6 3.9 3.0 1.4 — 0.7 — — — — 11.6 
New Mexico1.0 1.4 0.1 0.2 — 1.0 — — — 0.1 3.8 
Idaho0.9 0.9 0.2 0.4 — 1.9 — — — 0.1 4.4 
Nevada0.6 0.8 0.5 0.2 — 1.5 — — — 0.1 3.7 
Other0.2 0.7 0.4 0.3 — 0.1 — — — — 1.7 
23.4 %17.5 %11.2 %5.1 %0.6 %39.6 %0.5 %0.5 %0.3 %1.3 %100 %
Percentage by geographic area as a % of each loan type
June 30, 2025Multi-
family		Commercial
Real Estate		Commercial
and Industrial		ConstructionLand -
A & D		Single -
Family
Residential		Construction -
custom		Land -
Lot Loans		ConsumerHELOC
As % of total gross loans
Washington10.4 %14.1 %36.8 %15.3 %18.1 %40.7 %48.4 %53.7 %22.4 %51.3 %
California21.7 6.7 5.7 0.8 — 18.0 — — 14.7 0.3 
Oregon16.5 11.2 10.7 7.0 29.5 11.1 12.4 12.0 0.3 13.1 
Arizona15.0 14.0 4.2 12.4 1.4 9.6 18.0 16.5 13.1 12.5 
Utah13.9 9.6 5.7 15.1 35.2 7.3 7.7 1.3 39.1 4.6 
Texas11.1 22.4 27.0 27.3 4.5 1.8 — 0.4 — 1.8 
New Mexico4.1 8.2 0.7 4.7 1.8 2.6 4.7 2.6 0.2 3.7 
Idaho3.8 5.0 1.9 8.0 6.4 4.9 3.8 8.0 0.1 8.0 
Nevada2.6 4.5 4.3 4.2 3.3 3.9 5.0 5.5 2.9 4.0 
Other0.9 4.3 3.0 5.2 — 0.1 — — 7.2 0.7 
100 %100 %100 %100 %100 %100 %100 %100 %100 %100 %
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WAFD, INC. AND SUBSIDIARIES

The following table shows the geographic distribution by state of the loan portfolio and the change from the prior fiscal year end.
June 30, 2025September 30, 2024Change
Washington27.4 %27.3 %0.1 
California14.2 14.4 (0.2)
Oregon12.3 11.7 0.6 
Arizona11.3 11.0 0.3 
Utah9.6 9.9 (0.3)
Texas11.6 11.8 (0.2)
New Mexico3.8 3.6 0.2 
Idaho4.4 4.3 0.1 
Nevada3.7 3.7 — 
Other1
1.7 2.3 (0.6)
100 %100 %
1Includes loans from outside of our nine state footprint.

Non-performing assets - Non-performing assets increased $19,742,000 during the nine months ended June 30, 2025 to $97,160,000 from $77,418,000 at September 30, 2024. The change is due to a $13,155,000 increase in non-accrual loans and a $6,587,000 increase in real estate owned. Non-performing assets as a percentage of total assets was 0.36% at June 30, 2025 compared to 0.28% at September 30, 2024.

The following table sets forth information regarding non-performing assets.
June 30,
2025		September 30,
2024
 ($ in thousands)
Non-accrual loans:
Multi - family$11,601 14.0 %$18,743 27.0 %
Commercial real estate46,720 56.5 26,362 37.9 
Commercial & industrial33 0.1 — — 
Construction3,400 4.1 1,120 1.6 
Land - acquisition & development— — 74 0.1 
Single-family residential19,246 23.3 21,488 30.9 
Construction - custom847 1.0 848 1.2 
Land - consumer lot loans8 — — — 
HELOC662 0.8 596 0.9 
Consumer179 0.2 310 0.4 
Total non-accrual loans82,696 100 %69,541 100 %
Real estate owned11,154 4,567 
Other property owned3,310 3,310 
Total non-performing assets$97,160 $77,418 
Total non-performing assets as a percentage of total assets0.36 %0.28 %


The Company would have recognized interest income of $2,834,000 for the same period had non-accrual loans performed according to their original contract terms. In addition to the non-accrual loans reflected in the above table, the Company had
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WAFD, INC. AND SUBSIDIARIES
$687,436,000 of loans that were less than 90 days delinquent at June 30, 2025 but were classified as substandard for one or more reasons. If these loans were deemed non-performing, the Company's ratio of total NPAs as a percent of total assets would have increased to 2.94% at June 30, 2025. For the nine months ended June 30, 2025, the Company recognized $2,694,000 in interest income on cash payments received from borrowers on non-accrual loans.

Loans may be modified as the result of borrowers experiencing financial difficulty needing relief from the contractual terms of their loan. Most loan modifications to borrowers experiencing financial difficulty are accruing and performing loans where the borrower has approached the Company about modification due to temporary financial difficulties. Each request for modification is individually evaluated for merit and likelihood of success. Often a term extension is needed in the short term in order to evaluate the need for further corrective action. Payment delays and interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans.

For commercial loans, six consecutive payments on newly restructured loan terms are generally required prior to returning the loan to accrual status. In some instances after the required six consecutive payments are made, a management assessment will conclude that collection of the entire principal balance is still in doubt. In those instances, the loan will remain on non-accrual. Homogeneous loans may or may not be on accrual status at the time of restructuring, but all are placed on accrual status upon the restructuring of the loan. Homogeneous loans are restructured only if the borrower can demonstrate the ability to meet the restructured payment terms; otherwise, collection is pursued and the loan remains on non-accrual status until liquidated. If the homogeneous restructured loan does not perform, it will be placed in non-accrual status when it is 90 days delinquent.

Allowance for credit losses - The following table shows the composition of the Company’s allowance for credit losses and the change since the prior fiscal year end.
June 30, 2025September 30, 2024Change
Allowance for credit losses:($ in thousands)($ in thousands)$%
Commercial loans
   Multi-family$26,806 13.5 %25,248 12.4 %$1,558 6.2 %
   Commercial real estate42,275 21.3 39,210 19.2 3,065 7.8 
   Commercial & industrial56,773 28.5 58,748 28.8 (1,975)(3.4)
   Construction17,113 8.6 22,267 10.9 (5,154)(23.1)
   Land - acquisition & development6,407 3.3 7,900 3.9 (1,493)(18.9)
      Total commercial loans149,374 75.2 153,373 75.3 (3,999)(2.6)
Consumer loans
   Single-family residential39,998 20.1 40,523 19.9 (525)(1.3)
   Construction - custom746 0.3 1,427 0.7 (681)(47.7)
   Land - consumer lot loans2,277 1.1 2,564 1.3 (287)(11.2)
   HELOC3,122 1.7 3,049 1.5 73 2.4 
   Consumer3,251 1.6 2,817 1.4 434 15.4 
      Total consumer loans49,394 24.8 50,380 24.7 (986)(2.0)
Total allowance for loan losses198,768 100.0 %203,753 100.0 %(4,985)(2.4)
Reserve for unfunded commitments20,500 21,500 (1,000)(4.7)
Total allowance for credit losses$219,268 $225,253 $(5,985)(2.7)%

Management believes the allowance for credit losses of $219,268,000, or 1.03% of gross loans, is sufficient to absorb estimated losses inherent in the portfolio of loans and unfunded commitments. See Note E and Note I for further details of the allowance for loan losses and reserve for unfunded commitments as of and for the periods ended June 30, 2025 and September 30, 2024.

Real estate owned ("REO") - REO increased during the nine months ended June 30, 2025 by $6,587,000 to $11,154,000. The increase was due to the foreclosure of two commercial properties and one residential property and the transfer of three former branch properties.

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WAFD, INC. AND SUBSIDIARIES
Intangible assets - Intangible assets decreased to $444,291,000 as of June 30, 2025 from $448,425,000 as of September 30, 2024 as the result of an adjustment to purchase accounting related to the Merger combined with normal amortization.

Customer accounts - Customer accounts increased $12,601,000, or 0.1%, to $21,386,571,000 at June 30, 2025 compared with $21,373,970,000 at September 30, 2024. Transaction accounts increased by $151,939,000 or 1.3% during that period, while time deposits decreased $139,338,000, or 1.5%, consistent with our strategy to shift away from time deposits in favor of transaction accounts.

The following table shows the composition of the Bank’s customer accounts by deposit type.

  
June 30, 2025September 30, 2024
 Deposit Account BalanceAs a % of Total DepositsWeighted
Average
Rate		Deposit Account BalanceAs a % of Total DepositsWeighted
Average
Rate
($ in thousands)
Non-interest checking$2,487,816 11.6 %— %$2,500,467 11.7 %— %
Interest checking4,705,457 21.9 2.61 4,486,444 21.0 2.89 
Savings703,085 3.5 0.22 718,560 3.4 0.23 
Money market4,072,766 19.0 2.15 4,111,714 19.2 2.22 
Time deposits9,417,447 44.0 3.88 9,556,785 44.7 4.58 
Total$21,386,571 100 %2.70 %$21,373,970 100 %3.09 %

Borrowings - Borrowings were $1,939,675,000 as of June 30, 2025 a decrease from $3,267,589,000 as of September 30, 2024 as a result of repayments. The weighted average effective rate for borrowings was 2.76% as of June 30, 2025 and 3.93% at September 30, 2024.

Shareholders' equity - The Company’s shareholders' equity at June 30, 2025 was $3,014,325,000, or 11.28% of total assets. This is an increase of $14,025,000 from September 30, 2024 when shareholders' equity was $3,000,300,000, or 10.69% of total assets. The Company’s shareholders' equity was impacted in the nine months ended June 30, 2025 by net income of $165,471,000, the payment of $63,785,000 in common stock dividends, payment of $10,969,000 in preferred stock dividends, treasury stock purchases of $73,092,000, as well as changes in other comprehensive income of $14,320,000.


RESULTS OF OPERATIONS

Net Income - The Company recorded net income of $61,952,000 for the three months ended June 30, 2025 compared to $64,560,000 for the prior year quarter. All driving factors are described below.
Net Interest Income - For the three months ended June 30, 2025, net interest income was $167,988,000, which is $9,198,000 less than the same quarter of the prior year. This is largely the result of decreased loan volume as net interest margin was 2.69% for the quarter ended June 30, 2025 compared to 2.56% for the quarter ended June 30, 2024. The decrease in net interest income compared to the June 30, 2024 quarter is largely due to reduced interest-earning asset balances as a result of loan repayments and decreased demand for new loans compared to the reduction in interest-bearing liabilities for the same period. Average interest-earning assets decreased by $2,760,506,000 compared to a decrease of $2,810,066,000 in average interest-bearing liabilities. Although the reduction in liabilities was larger the effect of the lower assets was magnified by the higher yields. The effects of the balance decreases were partially offset by a lower average rate paid on interest-bearing liabilities which decreased by 50 basis points. For the nine months ended June 30, 2025, net interest income was $484,329,000, which is a decrease of $3,691,000 from the same period of the prior year. Net interest margin was 2.54% for the nine months ended June 30, 2025 compared to 2.72% for the prior year same period.

The following table sets forth certain information explaining changes in interest income and interest expense for the period indicated compared to the same period one year ago. For each category of interest-earning asset and interest-bearing liability, information is provided on changes attributable to (1) changes in volume (changes in volume multiplied by old rate) and (2) changes in rate (changes in rate multiplied by old volume). The change in interest income and interest expense attributable to changes in both volume and rate has been allocated proportionately to the change due to volume and the change due to rate.
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WAFD, INC. AND SUBSIDIARIES
Rate / Volume Analysis:
 Comparison of Three Months Ended
 6/30/2025 and 6/30/2024		Comparison of Nine Months Ended
6/30/2025 and 6/30/2024
($ in thousands)VolumeRateTotalVolumeRateTotal
Interest income:
Loans receivable$(39,922)$(17,720)$(57,642)$23,749 $(32,850)$(9,101)
Mortgage-backed securities9,737 595 10,332 23,697 4,727 28,424 
Investments (1)(10,417)(2,500)(12,917)5,971 (9,992)(4,021)
All interest-earning assets(40,602)(19,625)(60,227)53,417 (38,115)15,302 
Interest expense:
Customer accounts3,083 (10,707)(7,624)78,096 15,544 93,640 
Borrowings(28,145)(15,260)(43,405)(51,600)(23,046)(74,646)
All interest-bearing liabilities(25,062)(25,967)(51,029)26,496 (7,502)18,994 
Change in net interest income$(15,540)$6,342 $(9,198)$26,921 $(30,613)$(3,692)
___________________ 
(1)Includes interest on cash equivalents and dividends on FHLB stock.
Provision for Credit Losses - The Company recorded $2,000,000 provision for credit losses for the three months ended June 30, 2025, compared with a provision for credit losses of $1,500,000 for the three months ended June 30, 2024. The provision recorded in the three months ended June 30, 2025 was the net result of a decreased loan receivable balance, mixed credit metrics, including the increasing trends in negative migration of criticized and nonperforming loans, and charge-offs taken during the quarter. The provision in 2024 was due to borrower sensitivity to high interest rates and inflationary pressures within the commercial and industrial portfolio. The Company recorded $4,750,000 provision for credit losses for the nine months ended June 30, 2025 compared to $17,500,000 for the nine months ended June 30, 2024. The provision in the prior period included the initial provision of $16,000,000 recorded for the loans acquired in the Merger. Net charge-offs totaled $5,441,000 for the three months ended June 30, 2025, compared to $1,253,000 during the three months ended June 30, 2024. Net charge-offs totaled $10,735,000 for the nine months ended June 30, 2025, compared to $1,286,000 during the nine months ended June 30, 2024.

Non-Interest Income - The three months ended June 30, 2025 results included total non-interest income of $18,273,000 compared to $17,255,000 for the same period one year ago, a $1,018,000 increase. The increase was primarily due to increased prepayments and other fees earned on loans. The results for the nine months ended June 30, 2025 include total non-interest income of $52,856,000 compared to $44,814,000 for the nine months ended June 30, 2024, an $8,042,000 increase. This increase was the result of increased prepayment fees earned on loans plus increased commission income from WaFd Insurance, the Company's insurance subsidiary.

Non-Interest Expense - Non-interest expense was $104,327,000 for the three months ended June 30, 2025, a decrease of $5,752,000 from $110,079,000 for the prior year quarter, largely a result of reduced compensation costs in the current fiscal year due to restructuring arising from management's decision to exit the single family mortgage lending market combined with reduced FDIC premium costs. Non-interest expense for the three months ended June 30, 2025 and June 30, 2024 equaled 1.56% and 1.48%, respectively, of average assets Non-interest expense was $320,470,000 for the nine months ended June 30, 2025, a decrease of $19,861,000 from $340,331,000 for the same period in fiscal 2024. This decrease was due to the large amount of Merger-related expenses incurred in the first half of fiscal 2024 in addition to the quarter-over-quarter savings described above. Total non-interest expense for the nine months ended June 30, 2025 and June 30, 2024 equaled 1.57% and 1.77%, respectively, of average assets.

Gain (Loss) on Real Estate Owned - Results for the three months ended June 30, 2025 include a net loss on REO of $176,000, compared to a net loss of $124,000 for the prior year quarter. Results for the nine months ended June 30, 2025 included a net gain on REO of $54,000, compared to a net gain of $387,000 in the prior year period.

Income Tax Expense - Income tax expense totaled $17,806,000 for the three months ended June 30, 2025, compared to $18,178,000 for the prior year quarter. The effective tax rate was 22.33% and 21.97% for the three months ended June 30, 2025 and June 30, 2024, respectively. Income tax expense totaled $46,548,000 for the nine months ended June 30, 2025, compared to $36,489,000 for the prior year period. The effective tax rate was 21.95% and 20.80% for the nine months ended June 30, 2025 and June 30, 2024, respectively. The Company’s effective tax rate varies from the statutory rate mainly due to
60
WAFD, INC. AND SUBSIDIARIES
state taxes, tax-exempt income, tax-credit investments, miscellaneous non-deductible expenses and discrete tax adjustments for prior periods.

On July 4, 2025, the One Big Beautiful Bill Act, officially designated as H.R. 1, was enacted into law. This legislation includes significant changes to federal tax law and other regulatory provisions that may impact the Company. Key provisions include the permanent extension of several business tax benefits originally introduced under the 2017 Tax Cuts and Jobs Act. The Company is currently evaluating the provisions of the new law and the potential effects on its financial position, results of operations and cash flows. At this time, we believe that there will be no significant impact.

We account for our portfolio of LIHTC investments under the proportional amortization method. The tax benefits from pass-through tax credits and losses from our LIHTC investments are included in our estimate of income tax liability for the year, and therefore reflected in the Income Tax Expense line of the statement of operations. We currently estimate that the total amount of tax benefits from our LIHTC investment portfolio that will be recognized during this fiscal year is about $19.7 million.

The amortization of LIHTC investments is a component of our income tax expense and therefore also reflected in the Income Tax Expense line. We expect the total amount of amortization expense that will be recognized during this fiscal year is about $16.1 million.


Item 3.                Quantitative and Qualitative Disclosures About Market Risk
Management believes that there have been no material changes in the Company’s quantitative and qualitative information about market risk since September 30, 2024, as described in the Company's 2024 10-K. For a complete discussion of the Company’s quantitative and qualitative market risk, see "Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in the Company’s 2024 Form 10-K.

Item 4.                Controls and Procedures


(a) Evaluation of Disclosure Controls and Procedures. The Company maintains a set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management has evaluated, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this quarterly report (the "Evaluation Date"). Based on the evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, the Company's disclosure controls and procedures are effective.

(b) Changes in Internal Control over Financial Reporting. During the period to which this report relates, there have not been any changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or that are reasonably likely to materially affect, such controls.
61


 
PART II – Other Information
Item 1. Legal Proceedings
The Company and its consolidated subsidiaries are involved in legal proceedings occurring in the ordinary course of business that in the aggregate are believed by management to be immaterial to the financial statements of the Company.

Item 1A. Risk Factors

In addition to the new or revised risk factors set forth below and the other information set forth in this report, you should carefully consider the factors discussed under "Part I--Item 1A--Risk Factors" in the Company's 2024 10-K. These factors could materially and adversely affect the Company's business, financial condition, liquidity, results of operations and capital position, and could cause its actual results to differ materially from its historical results or the results contemplated by the forward-looking statements contained in this report.

Our “Needs to Improve” rating under the Community Reinvestment Act (“CRA”) may restrict our operations and limit our ability to pursue certain strategic opportunities.

On December 27, 2024, the Bank received an overall CRA rating from the FDIC of “Needs to Improve” for the period covering June 3, 2020 to March 26, 2024. Based on its performance on the individual components of the CRA tests, the Bank received a “High Satisfactory” rating on both the Investment Test and the Service Test and a “Needs to Improve” rating on the Lending Test, which resulted in the overall “Needs to Improve” rating. The Bank disagrees with the overall CRA rating and has appealed. If our appeal is unsuccessful in changing the overall CRA rating, having a “Needs to Improve” rating will result in restrictions on certain expansionary activity, including mergers and acquisitions and the establishment and relocation of bank branches. This rating will also result in a loss of expedited processing of applications to undertake certain activities. It could also have an impact on our relationships with certain states, counties, municipalities or other public agencies to the extent applicable law, regulation or policy limits, restricts or influences whether such entity may do business with a company that has a below “Satisfactory” rating and, in general, could negatively affect our reputation, business, financial condition and results of operations. These restrictions, among others, will remain in place at least until the Bank’s next CRA rating is publicly released by the FDIC following a subsequent CRA examination which is likely to occur in 2026. As a result of these limitations and conditions, we may be unable or may fail to pursue, evaluate or complete transactions that might have been strategically or competitively significant.

Changes in our business operations and divestitures of lines of business may not be successful, resulting in a negative impact on our operating results and financial condition.

In January 2025, we made a significant shift in focus in our business model and announced that WaFd Bank would be exiting the single-family mortgage lending market. We made this determination for several reasons: first because home loans are seen as a commodity, with nearly 70% of originations sold to US government sponsored enterprises like Freddie Mac and Fannie Mae, which has caused our profitability to decrease and credit risk to increase, and second, because technology has made it easy for consumers to refinance, increasing our interest rate risk. While we have estimated annual expense savings of approximately $17 million from our exit from the single-family mortgage business, this change involves a number of risks, including significant costs and expenses (including a $5.4 million restructuring charge), the potential loss of customer relationships, a loss of community goodwill and a decrease in revenues and earnings. Exiting this business could impact future earnings if we are unable to offset the loss of revenue associated with the single-family mortgage business against the anticipated expense savings. In addition, the shift in business focus will require varying levels of management resources, which may divert our attention from other business operations. If we are unable to realize the expected benefits of these types of changes in our business operations, our consolidated financial position, results of operations and cash flows could be negatively impacted.

Item 2.                 Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information with respect to purchases made by or on behalf of the Company of the Company’s common stock during the three months ended June 30, 2025.

62

PeriodNumber of Shares Purchased Average Price
Paid Per Share		 Total Number of
Shares Purchased
as Part of  Publicly
Announced Plan (1)(2)		Maximum
Number of Shares
That May Yet Be
Purchased Under
the Plan at the
End of the Period
April 1, 2025 to April 30, 2025613,048 $28.05 611,239 10,166,659 
May 1, 2025 to May 31, 2025737,786 30.04 728,446 9,438,213 
June 1, 2025 to June 30, 2025311,674 28.81 308,725 9,129,488 
Total1,662,508 $29.08 1,648,410 9,129,488 
(1)The Company's stock repurchase program was publicly announced by its Board of Directors on February 3, 1995 and has no expiration date. Under this ongoing program, a total of 86,956,264 shares have been authorized for repurchase. This includes the 10,000,000 additional shares authorized by the Board of Directors on May 14, 2024.
(2)Shares purchased outside the Company's publicly announced stock repurchase program consist of the forfeiture and cancellation of shares upon vesting of restricted stock awards to pay required tax withholding obligations and shares underlying stock options surrendered in payment of the exercise price and to pay required tax withholding obligations.

The Company’s ability to pay dividends is subject to bank regulatory requirements, including (but not limited to) the capital adequacy regulations and policies established by the Board of Governors of the Federal Reserve System. The Company’s Board of Directors' dividend policy is to review our financial performance, capital adequacy, regulatory compliance and cash resources on a quarterly basis, and, if such review is favorable, to declare and pay a quarterly cash dividend to common shareholders. The Company’s 4.875% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred”), ranks senior to the Company’s common stock with respect to payment of dividends, and dividends (if declared) accrue and are payable on the Series A Preferred a rate of 4.875% per annum, payable quarterly, in arrears. While the Series A Preferred is outstanding, unless the full dividend for the preceding quarterly period is paid in full, or declared and a sum set aside, no dividend may be declared or paid on the Company’s common stock.

Item 3.                Defaults Upon Senior Securities
Not applicable

Item 4.                Mine Safety Disclosures
Not applicable

Item 5.                Other Information
Trading Arrangements - During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K except as follows:

On June 17, 2025, Director Sean Singleton entered into a Rule 10b5-1 Plan, intended to satisfy the affirmative defense of Rule 10b5- 1(c) under the Exchange Act. The Rule 10b5-1 Plan provides for the potential sale (beginning on September 17, 2025) of up to 1,004 shares of the Company's common stock. The Rule 10b5-1 Plan expires on December 31, 2025, or upon the earlier completion of all the transactions authorized thereunder.

63
Table of Contents

Item 6.                Exhibits
(a)Exhibits
101.INSXBRL Instance Document *
101.SCHXBRL Taxonomy Extension Schema Document *
101.CALXBRL Taxonomy Extension Calculation Linkbase Document *
101.DEFXBRL Taxonomy Extension Definition Linkbase Document *
101.LABXBRL Taxonomy Extension Label Linkbase Document *
101.PREXBRL Taxonomy Extension Presentation Linkbase Document *
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). *
* Filed herewith
** Furnished herewith

64
WAFD, INC. AND SUBSIDIARIES
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.


 
August 5, 2025/S/    BRENT J. BEARDALL
BRENT J. BEARDALL
Vice Chair, President & Chief Executive Officer
 (Principal Executive Officer)
August 5, 2025
/S/    KELLI J. HOLZ  
KELLI J. HOLZ
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
August 5, 2025
/S/    BLAYNE A. SANDEN      
BLAYNE A. SANDEN
Senior Vice President and Principal Accounting Officer
(Principal Accounting Officer)

65

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