0000936528false00009365282024-07-162024-07-160000936528us-gaap:CommonStockMember2024-07-162024-07-160000936528us-gaap:SeriesAPreferredStockMember2024-07-162024-07-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 16, 2024
 ____________________________________

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

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

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

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

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

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



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




Item 2.02Results of Operations and Financial Condition

On July 16, 2024, WaFd, Inc. (the "Company") announced by press release its earnings for the quarter ended June 30, 2024. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the June 30, 2024 Fact Sheet, which presents certain detailed financial information about the Company, is attached as Exhibit 99.2. This information is being furnished under Item 2.02 (Results of Operations and Financial Condition) of Form 8-K.

Item 9.01Financial Statements and Exhibits

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

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

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

By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2023 10-K, and Quarterly Reports on Form 10-Q which could cause actual performance to differ materially from that anticipated by any forward-looking statements. In particular, any forward-looking statements are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth; (iii) risks related to the integration of the operations of Luther Burbank Corporation; (iv) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (v) changes in deposit flows or loan demands; (vi) the impact of bank failures or adverse developments at other banks and related negative press about
3

regional banks and the banking industry in general; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in Israel and Gaza, and related negative financial impacts on our borrowers; (ix) litigation risks resulting in significant expenses, losses and reputational damage; (x) our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and identity theft; and (xi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services.
4

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
July 17, 2024WAFD, INC.
By:/s/ KELLI J. HOLZ
Kelli J. Holz
Executive Vice President
and Chief Financial Officer

5
Exhibit 99.1

imagea.jpg
Tuesday, July 16, 2024
FOR IMMEDIATE RELEASE


WaFd Continues Tracking to Plan Post-Acquisition; Announces Quarterly Earnings Per Share of $0.75

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced quarterly earnings of $64,560,000 for the quarter ended June 30, 2024, the first full quarter after successfully completing the acquisition of California-based Luther Burbank Corporation ("LBC"). This represents an increase of 306% from net earnings of $15,888,000 for the quarter ended March 31, 2024 and an increase of 5% from net earnings of $61,775,000 for the quarter ended June 30, 2023. After the effect of dividends on preferred stock, net income available for common shareholders was $0.75 per diluted share for the quarter ended June 30, 2024, compared to $0.17 per diluted share for the quarter ended March 31, 2024, a $0.58 or 341% increase, and $0.89 per diluted share for the quarter ended June 30, 2023, a $0.14 or 16% decrease in fully diluted earnings per common share. For the quarter ended June 30, 2024, return on common shareholders' equity was 9.2% and return on assets was 0.87%. These results reflect acquisition-related costs of $2.3 million for the quarter. Adjusted for these expenses, return on common shareholders' equity for the quarter ended June 30, 2024 was 9.4% compared to 8.7% for the adjusted quarter ended March 31, 2024 and 11.1% for the quarter ended June 30, 2023. Adjusted, return on assets for the quarter ended June 30, 2024 was 0.9% compared to 0.9% for the adjusted previous quarter and 1.1% for the same quarter in the prior year. For a reconciliation, see the Non-GAAP Financial Measures section below.
President and CEO Brent Beardall commented, "We are very pleased to report solid results for the first full quarter following the largest acquisition in our history. In addition to successfully integrating Luther Burbank into our operations, we also executed what we believe to be the largest Commercial Real Estate ("CRE") loan sale ever in US banking (excluding FDIC
1


transactions), proving the quality and liquidity of our loans and we did it at no loss to WaFd. Initially, we used the net proceeds of approximately $2.6 billion to pay down $1.6 billion of borrowings with the remainder invested overnight in our Federal Reserve account at 5.40%. Over the next several quarters we plan on redeploying the liquidity into new loans at higher rates. In addition, we have entered into a commitment to sell, with no anticipated P&L impact, approximately $450 million of single-family mortgage loans. We expect that sale to close in late August.
Our margin for the quarter was 2.56% which we expect to be the nadir for this cycle (assuming no further interest rate increases) as we believe the benefits of both loan sales to be accretive to the margin going forward.
Contrary to many headlines that are predicting credit challenges for banks, our asset quality is holding up very well. Loan delinquencies decreased from 0.36% at March 31, 2024 to 0.22% at June 30, 2024, while non-performing loans were flat. For CRE, delinquencies are just 0.09% on a portfolio of $9.9 billion dollars.
Tangible book value per share is a key metric for our management team and we took some dilution in completing the Luther Burbank acquisition in the March quarter. For the June quarter, tangible book value per share grew at a 8.2% annualized rate to $27.18. Our share repurchase plan currently has an authorization of 11 million shares, which provides what we believe is a compelling investment alternative.
We continue to invest in improvements to our technology to better serve our clients. Over the next few months, we will launch two new apps, a new mobile banking app and a new online account opening app, both built by our affiliate Archway Software. Features will include real time notifications to clients, richer transaction data, five-minute account opening, enhanced fraud detection and prevention and voice authentication. Banking is about relationships, and technology is the front door for our clients. We believe our technology will provide a competitive advantage with our goal being to make banking simple, reliable and fast so our clients can live their lives knowing their financial house is in order."
As a result of the acquisition on February 29, 2024, the Company's balances as of June 30, 2024 reflect a full quarter of the newly combined entity. Given this, the Company's financial results are not directly comparable to prior reported periods. Total assets were $28.6 billion as of June 30, 2024, compared to $22.5 billion at September 30, 2023. Net loans held for
2


investment increased by $3.4 billion, or 19.4%, from September 30, 2023 to June 30, 2024 reflecting the addition of LBC loans. The Company sold $2.8 billion in acquired multifamily loans in the June 2024 quarter and has identified approximately $0.5 billion single family loans to sell and have reclassified them as Held for Sale as of June 30, 2024. Cash and cash equivalents as of June 30, 2024 increased by $1.5 billion, or 154.2%, since September 30, 2023 as a result of the LBC acquisition and the completion of the multifamily loan sale during the quarter. Investment securities increased by $457.7 million compared to September 30, 2023 due to the addition of $529.2 million in securities obtained in the acquisition offset by normal activity during the year.
Customer deposits totaled $21.2 billion as of June 30, 2024, an increase of 31.8% since September 30, 2023 due to deposits obtained in the acquisition. Transaction accounts increased by $1.2 billion or 10.8% during the period, while time deposits increased $4.0 billion or 74.5% as 66% of the LBC deposit portfolio was time deposits. As a result of this mix, the Company’s transaction accounts as a percentage of total customer deposits decreased to 56.3% compared to 67.0% at September 30, 2023. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 81.8% of deposits at June 30, 2024. Deposits that are uninsured or not collateralized were 24.7% as of June 30, 2024, down from 25.7% as of September 30, 2023.
Borrowings totaled $3.9 billion as of June 30, 2024, up from $3.7 billion at September 30, 2023, a net increase of $200 million. The Company utilized proceeds from the multifamily loan sale to pay off $1.6 billion of borrowings which matured during the quarter. The acquisition added $1.4 billion in borrowings to the balance sheet in addition to net borrowing activity of $400 million fiscal year to date. The effective weighted average interest rate of the combined borrowings and other debt was 4.10% as of June 30, 2024, compared to 3.98% at September 30, 2023.
The Company had loan originations of $1.0 billion for the third fiscal quarter of 2024, compared to $0.9 billion of originations in the same quarter one year ago. Offsetting loan originations in each of these quarters were loan repayments of $1.0 billion and $1.1 billion, respectively. The Bank has intentionally slowed new loan production to temper net loan growth. Commercial loans represented 67% of all loan originations during the third fiscal quarter of 2024
3


and consumer loans accounted for the remaining 33%. Commercial loans are viewed by the Bank as preferable; they generally have floating interest rates and shorter durations. The weighted average period end interest rate on the loan portfolio was 5.29% as of June 30, 2024, an increase from 5.22% as of September 30, 2023.
Credit quality continues to be monitored closely in light of the shifting economic and monetary environment. As of June 30, 2024, non-performing assets were $69 million, or 0.2% of total assets compared to $58 million, or 0.3% of total assets, at September 30, 2023. The percentage of delinquent loans was 0.2% of total loans at June 30, 2024 compared to 0.4% at September 30, 2023. The following table shows the changes in non-performing assets and delinquencies during the current fiscal year including the effect of the LBC acquisition.
Non-Performing AssetsDelinquencies
(In thousands)
Balance at September 30, 2023$57,924 $63,315 
Decrease in balance(2,536)(5,258)
Balance at December 31, 202355,388 58,057 
Acquisition-related additions13,487 23,258 
Decrease in balance(514)(5,267)
Balance at March 31, 202468,361 76,048 
Increase (decrease) in balance426 (29,328)
Balance at June 30, 2024$68,787 $46,720 

The allowance for credit losses including the reserve for unfunded commitments ("ACL") totaled $225 million as of June 30, 2024, representing 1.00% of gross loans outstanding, as compared to $202 million, or 1.03% of gross loans outstanding, as of September 30, 2023. The increase in the ACL reflects the $16.0 million provision recorded on LBC loans held for investment that are not credit deteriorated and the $7.4 million estimated lifetime credit losses for those that are considered purchased credit deteriorated ("PCD"). Net charge-offs were $1 million for the third fiscal quarter of 2024, compared to net charge-offs of $10 million for the prior year same quarter.
4


The Company paid quarterly dividends on Series A preferred stock on April 15, 2024 and July 15, 2024. On June 7, 2024, the Company paid a regular cash dividend on common stock of $0.26 per share, which represented the 165th consecutive quarterly cash dividend. During the quarter, the Company repurchased 357,303 shares of common stock at a weighted average price of $26.63 per share and has authorization to repurchase 11,501,005 additional shares. Tangible common shareholders' equity per share decreased by $0.87, or 3.1%, to $27.18 since September 30, 2023. Over the past 12 months, tangible book value per share decreased by $0.40 or 1.4%. The ratio of total tangible shareholders' equity to tangible assets decreased to 8.91% as of June 30, 2024. See the reconciliation for these non-GAAP measures starting on page 12.
Net interest income was $177 million for the third fiscal quarter of 2024, an increase of $8.5 million or 5.0% from the same quarter in the prior year. The increase in net interest income was due to overall growth of the Bank's assets despite the decrease in net interest margin compared to prior year. The net interest margin was 2.56% in the third fiscal quarter of 2024 compared to 3.27% for the same quarter in the prior year. This decrease was the result of the combination of greater growth in interest-bearing liabilities balances than in interest-paying assets and a larger increase in the rate paid on those liabilities compared to the rates earned on interest-earning assets. Average interest-bearing liabilities grew by 43.3% while average interest-earning assets grew by 34.8%. Rates on interest-bearing liabilities increased by 112 basis points outpacing the 37 basis point increase in the average rate on interest-earning assets. Similarly, net interest income was 11.7% higher than the quarter ended March 31, 2024, reflecting three full months post-acquisition, despite a decrease in the net interest margin for the quarter to 2.56%. This drop in margin resulted from an increase of 31 basis points in the rate paid on interest-bearing liabilities versus an increase of 16 basis points on the rate on interest-earning assets.
Total non-interest income was $17.3 million for the third fiscal quarter of 2024 compared to $13.8 million in the prior year same quarter. The increase is largely due to recording unrealized gains for certain equity method investments compared to unrealized gains in the same quarter prior year.
5


Total non-interest expense was $110.1 million in the third fiscal quarter of 2024, an increase of $15.4 million, or 16.2%, from the prior year's quarter. Compensation expense increased by $6.7 million as a result of $1.4 million in acquisition-related retention costs combined with a larger post-acquisition workforce. Information technology costs increased by $1.8 million due to increased telephone and data lines combined with lingering conversion costs and termination fees on LBC software. FDIC premiums increased $2.3 million compared to the same period last year. Other expense also increased by $3.3 million compared to the same quarter in the prior year. This is largely due to a full quarter of intangible amortization resulting from the Core Deposit Intangible created in the acquisition.
The Company recorded a provision for credit losses of $1.5 million in the third fiscal quarter of 2024, compared to a provision for credit losses of $9.0 million in the same quarter of fiscal 2023. The provision for loan losses in the quarter ended June 30, 2024 was due to prolonged and increased borrower sensitivity to high interest rates and operating costs resulting from inflationary pressures in the C&I portfolio. This was offset by a reduction in balance resulting from reclassifying a portion of the LBC single-family loans as Held for Sale.
The Company’s efficiency ratio in the third fiscal quarter of 2024 was 55.7% (as adjusted, see Non-GAAP Financial Measures below), compared to 58.5% as adjusted in the prior quarter and 51.9% for the same period one year ago.
Income tax expense totaled $18.2 million for the third fiscal quarter of 2024, as compared to $17.7 million for the prior year same quarter. The effective tax rate for the quarter ended June 30, 2024 was 21.97% compared to 20.81% for the year ended September 30, 2023. Although the Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments, much of the change in the current quarter resulted specifically from the LBC acquisition and consideration of California State and Local taxes. The effective tax rate for the quarter ended June 30, 2024 decreased compared to 24.20% for the quarter ended March 31, 2024 due to the size of non-deductible acquisition costs incurred compared to pre-tax income in the March quarter.
6


WaFd Bank is headquartered in Seattle, Washington, and has 210 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.
7

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
June 30, 2024September 30, 2023
 (In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents$2,492,504 $980,649 
Available-for-sale securities, at fair value2,428,769 1,995,097 
Held-to-maturity securities, at amortized cost447,638 423,586 
Loans receivable, net of allowance for loan losses of $203,824 and $177,20720,873,919 17,476,550 
Loans held for sale468,527 — 
Interest receivable103,410 87,003 
Premises and equipment, net244,529 237,011 
Real estate owned4,209 4,149 
FHLB stock107,282 126,820 
Bank owned life insurance265,819 242,919 
Intangible assets, including goodwill of $412,213 and $304,750452,255 310,619 
Federal and state income tax assets, net129,044 8,479 
Other assets562,895 581,793 
$28,580,800 $22,474,675 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits$11,929,005 $10,765,313 
Time deposits9,255,760 5,305,016 
Total customer deposits21,184,765 16,070,329 
Borrowings3,934,514 3,650,000 
Junior subordinated deferrable debentures50,485 — 
Senior debt
$95,000 face amount, 6.5% interest rate, due September 30, 202494,361 — 
Advance payments by borrowers for taxes and insurance38,898 52,550 
Accrued expenses and other liabilities319,438 275,370 
25,622,461 20,048,249 
Shareholders’ equity
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding300,000 300,000 
Common stock, $1.00 par value, 300,000,000 shares authorized; 153,939,952 and 136,466,579 shares issued; 81,157,173 and 64,736,916 shares outstanding153,940 136,467 
Additional paid-in capital2,146,149 1,687,634 
Accumulated other comprehensive income (loss), net of taxes54,916 46,921 
Treasury stock, at cost; 72,782,779 and 71,729,663 shares(1,638,943)(1,612,345)
Retained earnings1,942,277 1,867,749 
2,958,339 2,426,426 
$28,580,800 $22,474,675 
CONSOLIDATED FINANCIAL HIGHLIGHTS
Common shareholders' equity per share$32.76 $32.85 
Tangible common shareholders' equity per share1
27.18 28.05 
Shareholders' equity to total assets10.35 %10.80 %
Tangible shareholders' equity to tangible assets1
8.91 %9.55 %
Tangible shareholders' equity + allowance for credit losses to tangible assets1
9.63 %10.35 %
WEIGHTED AVERAGE RATES AS OF PERIOD END
   Loans and mortgage-backed securities5.18 %5.08 %
   Combined loans, mortgage-backed securities and investments5.17 5.07 
   Customer accounts2.91 2.12 
   Combined cost of borrowings, junior debentures, senior debt4.10 3.98 
   Combined cost of customer accounts and borrowings3.10 2.46 
   Net interest spread2.07 2.61 
1Metric is a non-GAAP Financial Measure. See page 12 for additional information on our use of Non-GAAP Financial Measures.
8

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
As of
SUMMARY FINANCIAL DATAJune 30,
2024		March 31, 2024December 31, 2023September 30, 2023June 30, 2023
(In thousands, except share and ratio data)
Cash$2,492,504 $1,505,771 $1,144,774 $980,649 $1,139,643 
Loans receivable, net20,873,919 20,795,259 17,584,622 17,476,550 17,384,188 
Allowance for credit losses ("ACL")225,324 225,077 201,820 201,707 204,569 
Loans held for sale468,527 2,993,658 — — — 
Available-for-sale securities, at fair value2,428,768 2,438,114 2,018,445 1,995,097 2,036,233 
Held-to-maturity securities, at amortized cost447,638 457,882 415,079 423,586 434,172 
Total assets28,580,800 30,140,288 22,640,122 22,474,675 22,552,588 
Transaction deposits11,929,005 12,338,862 10,658,064 10,765,313 11,256,575 
Time deposits9,255,760 9,000,911 5,380,723 5,305,016 4,863,849 
Borrowings, senior debt and junior subordinated debentures4,079,360 5,489,501 3,875,000 3,650,000 3,750,000 
Total shareholders' equity2,958,339 2,921,906 2,452,004 2,426,426 2,394,066 
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share$32.76 $32.21 $33.49 $32.85 $32.36 
Tangible common shareholders' equity per share2
$27.18 $26.64 $28.65 $28.05 $27.58 
Shareholders' equity to total assets10.35 %9.69 %10.83 %10.80 %10.62 %
Tangible shareholders' equity to tangible assets2
8.91 %8.31 %9.59 %9.55 %9.37 %
Tangible shareholders' equity + ACL to tangible assets2
9.63 %8.99 %10.39 %10.35 %10.17 %
Common shares outstanding81,157,173 81,405,391 64,254,700 64,736,916 64,721,190 
Preferred shares outstanding300,000 300,000 300,000 300,000 300,000 
Loans to customer deposits 1
98.53 %97.45 %109.64 %108.75 %107.84 %
CREDIT QUALITY1
ACL to gross loans1.00 %1.00 %1.04 %1.03 %1.03 %
ACL to non-accrual loans367.77 %370.16 %445.93 %400.04 %370.09 %
Non-accrual loans to net loans0.29 %0.29 %0.26 %0.29 %0.32 %
Non-accrual loans$61,268 $60,806 $45,258 $50,422 $55,276 
Non-performing assets to total assets0.24 %0.23 %0.24 %0.26 %0.30 %
Non-performing assets$68,787 $68,361 $55,388 $57,924 $67,000 
Criticized loans to net loans3.01 %2.59 %2.27 %2.33 %2.42 %
Criticized loans$628,699 $537,802 $399,895 $407,086 $421,507 
Substandard loans to net loans1.84 %1.48 %1.74 %1.75 %1.71 %
Substandard loans$384,843 $307,412 $305,606 $305,179 $296,541 
1Metrics include only loans held for investment. Loans held for sale are not included.
2Metric is a non-GAAP Measure. See page 12 for additional information on our use of Non-GAAP Financial Measures.
9

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 Three Months Ended June 30,Nine Months Ended June 30,
 2024202320242023
 (In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$337,118 $232,167 $857,251 $659,070 
Mortgage-backed securities17,523 10,454 41,694 31,489 
Investment securities and cash equivalents37,300 29,859 98,668 70,686 
391,941 272,480 997,613 761,245 
INTEREST EXPENSE
Customer accounts154,359 70,062 367,194 153,831 
Borrowings, senior debt and junior subordinated debentures60,396 33,718 142,399 80,877 
214,755 103,780 509,593 234,708 
Net interest income177,186 168,700 488,020 526,537 
Provision for credit losses1,500 9,000 17,500 15,000 
Net interest income after provision (release)175,686 159,700 470,520 511,537 
NON-INTEREST INCOME
Gain (loss) on sale of investment securities80 — 251 — 
Gain (loss) on termination of hedging derivatives54 (926)169 (900)
Loan fee income594 1,000 1,988 3,154 
Deposit fee income6,960 6,660 20,460 19,201 
Other income9,567 7,037 21,946 16,412 
17,255 13,771 44,814 37,867 
NON-INTEREST EXPENSE
Compensation and benefits57,169 50,456 180,165 150,970 
Occupancy10,904 10,444 31,193 31,464 
FDIC insurance premiums7,600 5,350 22,070 13,025 
Product delivery6,090 5,217 17,680 15,154 
Information technology13,428 11,661 39,177 36,775 
Other expense14,888 11,571 50,046 36,470 
110,079 94,699 340,331 283,858 
Gain (loss) on real estate owned, net(124)722 387 411 
Income before income taxes82,738 79,494 175,390 265,957 
Income tax provision18,178 17,719 36,489 58,739 
Net income64,560 61,775 138,901 207,218 
Dividends on preferred stock3,656 3,656 10,969 10,969 
Net income available to common shareholders$60,904 $58,119 $127,932 $196,249 
PER SHARE DATA
Basic earnings per common share$0.75 $0.89 $1.78 $3.00 
Diluted earnings per common share0.75 0.89 1.78 3.00 
Cash dividends per common share0.26 0.25 0.77 0.74 
Basic weighted average shares outstanding81,374,811 65,194,880 71,905,924 65,348,709 
Diluted weighted average shares outstanding81,393,708 65,212,846 71,930,215 65,442,910 
PERFORMANCE RATIOS
Return on average assets0.87 %1.12 %0.72 %1.28 %
Return on average common equity9.20 11.09 7.18 12.72 
Net interest margin2.56 3.27 2.72 3.49 
Efficiency ratio56.61 51.90 63.87 50.29 


10

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)


 Three Months Ended
 June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
 (In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$337,118 $274,341 $245,792 $240,998 $232,167 
Mortgage-backed securities17,523 12,905 11,266 11,695 10,454 
Investment securities and cash equivalents37,300 31,580 29,788 29,017 29,859 
391,941 318,826 286,846 281,710 272,480 
INTEREST EXPENSE
Customer accounts154,359 116,164 96,671 83,402 70,062 
Borrowings, senior debt and jr. subordinated debentures60,396 44,065 37,938 34,611 33,718 
214,755 160,229 134,609 118,013 103,780 
Net interest income177,186 158,597 152,237 163,697 168,700 
Provision for credit losses1,500 16,000 — 26,500 9,000 
Net interest income after provision (release)175,686 142,597 152,237 137,197 159,700 
NON-INTEREST INCOME
Gain (loss) on sale of investment securities80 90 81 33 — 
Gain (loss) on termination of hedging derivatives54 6 109 33 (926)
Loan fee income594 550 844 731 1,000 
Deposit fee income6,960 6,698 6,802 6,849 6,660 
Other income9,567 6,048 6,331 6,688 7,037 
17,255 13,392 14,167 14,334 13,771 
NON-INTEREST EXPENSE
Compensation and benefits57,169 73,155 49,841 45,564 50,456 
Occupancy10,904 10,918 9,371 10,115 10,444 
FDIC insurance premiums7,600 7,900 6,570 7,000 5,350 
Product delivery6,090 5,581 6,009 5,819 5,217 
Information technology13,428 12,883 12,866 12,672 11,661 
Other expense14,888 23,275 11,883 11,007 11,571 
110,079 133,712 96,540 92,177 94,699 
Gain (loss) on real estate owned, net(124)(1,315)1,826 (235)722 
Income before income taxes82,738 20,962 71,690 59,119 79,494 
Income tax provision18,178 5,074 13,237 8,911 17,719 
Net income64,560 15,888 58,453 50,208 61,775 
Dividends on preferred stock3,656 3,656 3,656 3,656 3,656 
Net income available to common shareholders$60,904 $12,232 $54,797 $46,552 $58,119 
PER SHARE DATA
Basic earnings per common share$0.75 $0.17 $0.85 $0.72 $0.89 
Diluted earnings per common share0.75 0.17 0.85 0.72 0.89 
Cash dividends per common share0.26 0.26 0.25 0.25 0.25 
Basic weighted average shares outstanding81,374,811 70,129,072 64,297,499 64,729,006 65,194,880 
Diluted weighted average shares outstanding81,393,708 70,164,558 64,312,110 64,736,864 65,212,846 
PERFORMANCE RATIOS
Return on average assets0.87 %0.26 %1.04 %0.90 %1.12 %
Return on average common equity9.20 2.09 10.21 8.73 11.09 
Net interest margin2.56 2.73 2.91 3.13 3.27 
Efficiency ratio56.61 77.74 58.02 51.78 51.90 
11


Non-GAAP Financial Measures and Management Projections
The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that Management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Tangible MeasuresJune 30,
 2024		March 31,
 2024		September 30,
2023
(Unaudited - In thousands, except for ratio data)
Shareholders equity - GAAP$2,958,339 $2,921,906 $2,426,426 
Less intangible assets - GAAP452,255 453,539 310,619 
Tangible shareholders' equity$2,506,084 $2,468,367 $2,115,807 
Less preferred stock - GAAP300,000 300,000 300,000 
Tangible common shareholders' equity$2,206,084 $2,168,367 $1,815,807 
Total assets - GAAP$28,580,800 $30,140,288 $22,474,675 
Less intangible assets - GAAP452,255 453,539 310,619 
Tangible assets$28,128,545 $29,686,749 $22,164,056 
Tangible Metrics
Common shares outstanding - GAAP81,157,173 81,405,391 64,736,916 
Tangible common equity per share$27.18 $26.64 $28.05 
Tangible equity to tangible assets 8.91 %8.31 %9.55 %
Allowance for credit losses$203,824 $201,577 $177,207 
Tangible shareholders' equity + allowance for credit losses to tangible assets9.63 %8.99 %10.35 %
12


Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items
Three Months Ended June 30, 2024Three Months Ended March 31, 2024Three Months Ended December 31, 2023
(Unaudited - In thousands, except for ratio data)
Non-interest income adjustments
Distribution received on LBC equity method investment$(299)$(287)$— 
(Gain)Loss on WaFd Bank equity method investment(748)2,195 693 
Total non-interest income adjustments$(1,047)$1,908 $693 
Non-interest expense adjustments
Acquisition-related expenses$2,285 $25,120 $516 
Select non-operating expenses:
   FDIC Special Assessment — 1,800 500 
   Legal and Compliance Accruals— 3,000 — 
   Charitable Donation— 2,000 — 
— 6,800 500 
Total non-interest expense adjustments$2,285 $31,920 $1,016 
Net Income - GAAP$64,560 $15,888 $58,453 
Preliminary ACL provision on LBC loans— 16,000 — 
Non-interest income adjustments(1,047)1,908 693 
Non-interest expense adjustments2,285 31,920 1,016 
REO adjustments124 1,315 (1,826)
Income tax adjustment(299)(12,274)22 
Net Income - non-GAAP$65,623 $54,757 $58,358 
Dividend on preferred stock$3,656 $3,656 $3,656 
Net Income available to common shareholders - non-GAAP$61,967 $51,101 $54,702 
Basic weighted average number of shares outstanding - GAAP81,374,81170,129,07264,297,499
Diluted weighted average number of shares outstanding - GAAP81,393,70870,164,55864,312,110
Basic EPS - non-GAAP0.760.730.84
Diluted EPS - non-GAAP0.760.730.84

13


Adjusted Efficiency RatioThree Months Ended June 30, 2024Three Months Ended March 31, 2024Three Months Ended December 31, 2023
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP56.6 %77.7 %58.0 %
Non-interest expense - GAAP$110,079 $133,712 $96,540 
Deduct acquisition-related expenses2,285 25,120 516 
Deduct select non-operating expenses— 6,800 500 
Non-interest Expenses - non-GAAP$107,794 $101,792 $95,524 
Non-interest income - GAAP$17,255 $13,392 $14,167 
Total non-interest income adjustments(1,047)1,908 693 
Non-interest income - non-GAAP$16,208 $15,300 $14,860 
Net Interest Income - GAAP$177,186 $158,597 $152,237 
Non-interest income - non-GAAP16,208 15,300 14,860 
Total Income - non-GAAP$193,394 $173,897 $167,097 
Adjusted Efficiency Ratio55.7 %58.5 %57.2 %
Adjusted ROA and ROEThree Months Ended June 30, 2024Three Months Ended March 31, 2024Three Months Ended December 31, 2023
(Unaudited - In thousands, except for ratio data)
Net Income - GAAP$64,560 $15,888 $58,453 
Net income available to common shareholders - GAAP$60,904 $12,232 $54,797 
Average Assets29,703,33724,907,37622,381,459
Return on Assets0.87 %0.26 %1.04 %
Average Common Equity2,647,0562,338,4832,147,580
Return on common equity9.20 %2.09 %10.21 %
Net Income - non-GAAP $65,623 $54,757 $58,358 
Net income available to common shareholders - non-GAAP$61,967 $51,101 $54,702 
Average Assets29,703,33724,907,37622,381,459
Adjusted Return on Assets0.88 %0.88 %1.04 %
Average Common Equity2,647,0562,338,4832,147,580
Adjusted Return on common equity9.36 %8.74 %10.19 %
14


Important Cautionary Statements

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements related to the potential sale of approximately $0.5 billion of single-family real estate loans categorized as Held for Sale, and statements relating to the benefits to the Company and our shareholders of the LBC merger, including its anticipated effect on earnings per share. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2023 10-K, and Quarterly Reports on Form 10-Q which could cause actual performance to differ materially from that anticipated by any forward-looking statements. In particular, forward-looking statements relating to the potential sale of approximately $0.5 billion of single family real estate loans categorized as Held for Sale are subject to risks and uncertainties that affect our ability to sell the loans, the anticipated timing of the sale, and the final purchase price for the assets,
15


including, without limitation continued fluctuations in interest rates, deteriorating economic conditions or declines in the real estate market, and regulatory limitations. Other forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth; (iii) risks related to the integration of the operations of Luther Burbank Corporation; (iv) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (v) changes in deposit flows or loan demands; (vi) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in Israel and Gaza, and related negative financial impacts on our borrowers; (ix) litigation risks resulting in significant expenses, losses and reputational damage; (x) our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and identity theft; and (xi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services.
# # #


Contact:

WaFd, Inc.
425 Pike Street, Seattle, WA 98101
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
brad.goode@wafd.com
16

WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)
Exhibit 99.2
As of 12/23As of 03/24As of 06/24
Allowance for Credit Losses (ACL) - Total$201,820 $225,077 $225,324 
     ACL - Loans179,320 201,577 203,824 
     ACL - Unfunded Commitments22,500 23,500 21,500 
     Total ACL as a % of Gross Loans1.04 %1.00 %1.00 %
12/23 QTR12/23 YTD03/24 QTR03/24 YTD06/24 QTR06/24 YTD
Loan Originations - Total$871,446 $871,446 $825,733 $1,697,179 $972,500 $2,669,679 
     Multi-Family10,408 10,408 39,802 50,210 8,523 58,733 
     Commercial Real Estate63,616 63,616 81,634 145,250 57,956 203,206 
     Commercial & Industrial419,046 419,046 370,476 789,522 456,351 1,245,873 
     Construction150,977 150,977 136,038 287,015 124,978 411,993 
     Land - Acquisition & Development12,557 12,557 11,475 24,032 6,099 30,131 
     Single-Family Residential83,514 83,514 67,506 151,020 141,018 292,038 
     Construction - Custom46,302 46,302 50,940 97,242 58,490 155,732 
     Land - Consumer Lot Loans3,849 3,849 3,914 7,763 6,478 14,241 
     HELOC40,996 40,996 31,859 72,855 46,246 119,101 
     Consumer40,181 40,181 32,089 72,270 66,361 138,631 
Purchased Loans (including acquisitions, both held for investment and held for sale)$— $— $6,415,128 $6,415,128 $— $6,415,128 
Net Loan Fee and Discount Accretion$4,613 $4,613 $7,127 $11,740 $14,807 $26,547 
Repayments
Loans$1,153,510 $1,153,510 $983,348 $2,136,858 $1,035,515 $3,172,373 
MBS36,437 36,437 35,927 72,364 58,582 130,946 
MBS Premium Amortization (Accretion)$(64)$(64)$160 $96 $561 $657 
Efficiency
Operating Expenses/Average Assets1.73 %1.73 %2.15 %1.95 %1.48 %1.77 %
Efficiency Ratio (%)58.02 %58.02 %77.74 %68.04 %56.61 %63.87 %
Amortization of Intangibles$266 $266 $1,303 $1,569 $3,197 $4,766 
EOP Numbers
Shares Issued and Outstanding64,254,700 81,405,391 81,157,173 
Share repurchase information
Remaining shares authorized for repurchase1,861,290 1,853,453 11,501,005 
Shares repurchased697,893 697,893 7,837 705,730 357,303 1,063,033 
Average share repurchase price$24.45 $24.45 $30.38 $24.52 $26.63 $25.23 



1
WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)
Tangible Common Shareholders' Book ValueAs of 12/23As of 03/24As of 06/24
$ Amount$1,840,901 $2,168,367 $2,206,084 
Per Share28.65 26.64 27.18 
# of Employees*
2,092 2,335 2,204 
*Number of employees as of 3/31/24 includes 102 LBC that were not retained
Investments
Available-for-sale:
     Agency MBS$940,763 $1,291,648 $1,351,997 
     Other1,077,682 1,146,466 1,076,771 
$2,018,445 $2,438,114 $2,428,768 
Held-to-maturity:
     Agency MBS$415,079 $457,882 $447,638 
$415,079 $457,882 $447,638 
As of 12/23As of 03/24As of 06/24
Loans Receivable by Category 1
 AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$3,054,426 15.8%$4,173,375 18.5%$4,616,359 20.5%
     Commercial Real Estate3,351,113 17.33,570,790 15.83,781,247 16.8
     Commercial & Industrial2,371,393 12.32,290,452 10.12,394,978 10.6
     Construction2,868,207 14.72,631,783 11.62,247,530 10.0
     Land - Acquisition & Development190,732 1.0215,831 1.0195,796 0.9
     Single-Family Residential6,535,073 33.88,816,039 39.08,364,415 37.2
     Construction - Custom543,748 2.8466,740 2.1414,483 1.8
     Land - Consumer Lot Loans119,735 0.6115,022 0.6112,317 0.5
     HELOC243,742 1.3243,852 1.1255,271 1.1
     Consumer74,884 0.474,269 0.384,445 0.4
19,353,053 100%22,598,153 100%22,466,841 100%
     Less:
        Allowance for Credit Losses (ACL)179,320 201,577 203,824 
        Loans in Process1,516,522 1,303,978 1,094,956 
        Net Deferred Fees, Costs and Discounts72,589 297,339 294,142 
        Sub-Total1,768,431 1,802,894 1,592,922 
$17,584,622 $20,795,259 $20,873,919 
Net Loan Portfolio by Category 1
 AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$3,008,665 17.1%$4,067,739 19.6%$4,488,124 21.5%
     Commercial Real Estate3,303,286 18.83,511,893 16.93,707,189 17.8
     Commercial & Industrial2,304,148 13.12,224,662 10.72,331,403 11.2
     Construction1,666,643 9.51,596,178 7.71,417,444 6.8
     Land - Acquisition & Development142,052 0.8167,839 0.8148,724 0.7
     Single-Family Residential6,466,893 36.88,578,862 41.38,146,045 39.0
     Construction - Custom261,377 1.5221,460 1.1188,940 0.9
     Land - Consumer Lot Loans115,572 0.7111,043 0.5108,927 0.4
     HELOC244,171 1.4244,331 1.2255,908 1.2
     Consumer71,815 0.471,252 0.381,215 0.4
$17,584,622 100%$20,795,259 100%$20,873,919 100%
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
2
WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)
As of 12/23As of 03/24As of 06/24
Loans by State 1
 AMOUNT% AMOUNT% AMOUNT%
     Washington$5,476,536 30.8 %$5,770,917 27.5 %$5,771,422 27.4 %
     Idaho908,006 5.1 896,501 4.3 917,733 4.4 
     Oregon2,391,543 13.5 2,441,076 11.7 2,486,762 11.8 
     Utah1,984,396 11.2 2,013,988 9.6 2,084,601 9.9 
     Nevada772,743 4.4 781,351 3.7 776,656 3.6 
     Texas2,435,784 13.7 2,466,030 11.7 2,526,689 12.0 
     Arizona2,377,491 13.4 2,386,260 11.4 2,314,192 11.0 
     New Mexico745,931 4.3 750,750 3.6 750,935 3.6 
     California257,392 1.4 3,121,531 14.9 3,027,699 14.4 
     Other414,120 2.3 368,432 1.8 421,054 2.0 
     Total$17,763,942 100%$20,996,836 100%$21,077,743 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans: 1
     Multi-Family$132 0.3%$8,377 13.8%$9,984 16.3%
     Commercial Real Estate24,283 53.727,022 44.426,408 43.1
     Commercial & Industrial4,437 9.84,436 7.32,138 3.5
     Construction— —— —1,120 1.8
     Land - Acquisition & Development— —112 0.274 0.1
     Single-Family Residential15,396 33.920,016 32.920,422 33.3
     Construction - Custom88 0.288 —88 0.1
     Land - Consumer Lot Loans57 0.1— —236 0.4
     HELOC603 1.3491 0.8758 1.2
     Consumer262 0.6264 0.340 0.1
        Total non-accrual loans45,258 100%60,806 100%61,268 100%
Real Estate Owned6,820 4,245 4,209 
Other Property Owned3,310 3,310 3,310 
Total non-performing assets$55,388 $68,361 $68,787 
Non-accrual loans as % of total net loans0.26 %0.29 %0.29 %
Non-performing assets as % of total assets0.24 %0.23 %0.24 %
Net Charge-offs (Recoveries) by Category12/23 QTRCO % (a)03/24 QTRCO % (a)06/24 QTRCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate(2)—— —201 0.02
Commercial & Industrial30 0.0133 0.011,343 0.22
Construction— —— —— —
Land - Acquisition & Development(32)(0.07)(21)(0.04)(17)(0.03)
Single-Family Residential(120)(0.01)76 —(105)(0.01)
Construction - Custom— —— —— —
Land - Consumer Lot Loans(9)(0.03)(46)(0.16)(2)(0.01)
HELOC(1)—(1)—(1)—
Consumer21 0.11105 0.57(166)(0.79)
Total net charge-offs (recoveries)$(113)—%$146 —%$1,253 0.02%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
3
WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)
As of 12/23As of 03/24As of 06/24
Deposits & Branches by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$7,881,675 49.2 %71 $8,254,930 38.7 %73 $8,302,664 39.2 %73 
     Idaho921,611 5.7 22 918,143 4.3 22 922,547 4.4 22 
     Oregon2,460,582 15.3 36 2,744,489 12.8 36 2,711,175 12.9 36 
     Utah617,113 3.8 9 541,895 2.5 9 549,876 2.7 9 
     Nevada504,217 3.1 8 513,980 2.4 8 508,648 2.4 8 
     Texas566,940 3.4 5 404,120 1.9 5 371,539 1.8 5 
     Arizona1,599,257 10.0 28 1,587,253 7.4 28 1,610,523 7.6 28 
     New Mexico1,487,392 9.3 19 1,479,225 6.9 19 1,555,373 7.3 19 
     California4,895,738 22.9 10 4,652,420 22.0 10 
     Total$16,038,787 100%198 $21,339,773 100%210 $21,184,765 100%210 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,604,281 16.2 %$2,482,010 11.6 %$2,514,310 11.9 %
Interest Checking4,084,933 25.5 4,579,413 21.5 4,481,465 21.2 
Savings777,204 4.8 771,260 3.6 733,973 3.6 
Money Market3,191,646 19.9 4,506,179 21.1 4,199,257 19.8 
Time Deposits5,380,723 33.5 9,000,911 42.2 9,255,760 43.7 
Total$16,038,787 100%$21,339,773 100%$21,184,765 100%
Deposits Uninsured &
Non-collateralized - EOP		$4,182,289 26.1 %$5,436,402 25.5 %$5,238,217 24.7 %
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$2,150,962 4.00 %$1,807,709 4.16 %$2,300,304 4.37 %
From 4 to 6 months678,257 3.64 %1,880,835 4.38 %2,586,273 4.76 %
From 7 to 9 months407,869 3.42 %2,093,121 4.75 %1,953,833 4.63 %
From 10 to 12 months1,189,019 4.43 %1,966,821 4.46 %1,071,346 4.26 %
Debt & Borrowings (Effective Maturity)2
AmountRateAmountRateAmountRate
Within 1 year$2,975,000 4.99 %$4,447,572 5.20 %$3,036,283 5.01 %
1 to 3 years100,000 1.65 %191,507 3.12 %192,425 3.13 %
3 to 5 years— — %— — %— — %
More than 5 years800,000 0.58 %850,422 1.06 %850,652 1.04 %
Total$3,875,000 $5,489,501 $4,079,360 
Interest Rate Risk
NPV post 200 bps shock3
8.8 %9.2 %8.2 %
Change in NII after 200 bps shock3
(1.0)%9.3 %7.2 %
2 includes FHLB and FRB borrowings, senior debt and junior subordinated debentures
3Assumes no balance sheet management actions taken.
4
WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)


Historical CPR Rates4
Average for Quarter Ended:SFR MortgagesGSE MBS
6/30/202213.1 %20.9 %
9/30/20228.1 %14.7 %
12/31/20226.3 %12.6 %
3/31/20235.8 %8.9 %
6/30/20237.9 %11.8 %
9/30/20237.0 %14.5 %
12/31/20236.6 %9.7 %
3/31/20244.8 %8.7 %
6/30/20246.6 %12.0 %
4The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that is paid off prematurely in each period.

5
WaFd, Inc.
Fact Sheet
June 30, 2024
Average Balance Sheet
($ in Thousands)
Quarter Ended
December 31, 2023March 31, 2024June 30, 2024
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable1
$17,533,944 $245,792 5.58 %$19,696,515 $274,341 5.60 %$23,536,530 $337,118 5.76 %
Mortgage-backed securities1,337,174 11,266 3.35 1,470,581 12,905 3.53 1,765,314 17,523 3.99 
Cash & investments1,851,301 27,354 5.88 2,020,460 28,901 5.75 2,386,434 33,693 5.68 
FHLB Stock124,019 2,434 7.81 138,452 2,679 7.78 164,018 3,608 8.85 
Total interest-earning assets20,846,438 286,846 5.47 %23,326,008 318,826 5.50 %27,852,296 391,942 5.66 %
Other assets1,535,021 1,581,368 1,851,041 
Total assets$22,381,459 $24,907,376 $29,703,337 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$13,248,450 96,671 2.90 %$15,080,002 116,164 3.10 %$18,398,704 154,359 3.37 %
Borrowings, junior debentures, senior debt3,718,207 37,938 4.06 4,323,454 44,065 4.10 5,406,585 60,397 4.49 
Total interest-bearing liabilities16,966,657 134,609 3.16 %19,403,456 160,229 3.32 %23,805,289 214,756 3.63 %
Noninterest-bearing customer accounts2,654,982 2,536,757 2,593,381 
Other liabilities312,240 328,680 357,611 
Total liabilities19,933,879 22,268,893 26,756,281 
Stockholders’ equity2,447,580 2,638,483 2,947,056 
Total liabilities and equity$22,381,459 $24,907,376 $29,703,337 
Net interest income/interest rate spread$152,237 2.32 %$158,597 2.18 %$177,186 2.03 %
Net interest margin2
2.91 %2.73 %2.56 %
1 Includes loans held for sale
2Annualized net interest income divided by average interest-earning assets

6
WaFd, Inc.
Fact Sheet
June 30, 2024
Delinquency Summary
($ in Thousands)
TYPE OF LOANS# OF LOANS% based% based
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
June 30, 2024
     Multi-Family1,951 2,313 $4,513,323 — 1 2 3 0.15 %$6,612 0.15 %
     Commercial Real Estate1,302 2,878 3,746,945 — 2 2 4 0.31 589 0.02 
     Commercial & Industrial1,871 1,277 2,389,236 2 — 9 11 0.59 2,138 0.09 
     Construction404 3,565 1,440,152 — 1 2 3 0.74 1,120 0.08 
     Land - Acquisition & Development82 1,908 156,424 — — 2 2 2.44 74 0.05 
     Single-Family Residential21,789 376 8,186,361 35 16 56 107 0.49 32,111 0.39 
     Construction - Custom400 476 190,433 1 — 1 2 0.50 848 0.45 
     Land - Consumer Lot Loans1,037 108 111,574 2 1 4 7 0.68 703 0.63 
     HELOC4,360 59 258,833 10 5 18 0.41 2,251 0.87 
     Consumer7,110 12 84,462 32 17 48 97 1.36 275 0.33 
40,306 523 $21,077,743 82 41 131 254 0.63 %$46,721 0.22 %
March 31, 2024
     Multi-Family1,765 2,317 $4,089,719 12 — 2 14 0.79 %$17,644 0.43 %
     Commercial Real Estate1,287 2,754 3,544,884 — — 7 7 0.54 24,598 0.69 
     Commercial & Industrial1,898 1,203 2,283,922 15 — 13 28 1.48 4,575 0.20 
     Construction450 3,608 1,623,496 2 — — 2 0.44 760 0.05 
     Land - Acquisition & Development87 2,020 175,704 — — 3 3 3.45 112 0.06 
     Single-Family Residential22,392 385 8,619,916 29 17 56 102 0.46 25,761 0.30 
     Construction - Custom451 495 223,377 1 — 1 2 0.44 847 0.38 
     Land - Consumer Lot Loans1,076 106 114,256 4 1 1 6 0.56 307 0.27 
     HELOC4,318 57 247,305 5 2 3 10 0.23 1,009 0.41 
     Consumer7,497 10 74,257 15 15 135 165 2.20 435 0.59 
41,221 509 $20,996,836 83 35 221 339 0.82 %$76,048 0.36 %
December 31, 2023
     Multi-Family1,147 2,635 $3,022,457 — — 1 1 0.09 %$132 — %
     Commercial Real Estate1,205 2,765 3,332,293 2 — 5 7 0.58 25,217 0.76 
     Commercial & Industrial1,953 1,211 2,364,982 11 2 7 20 1.02 7,141 0.30 
     Construction476 3,562 1,695,506 — — — — — — — 
     Land - Acquisition & Development95 1,565 148,711 — — — — — — — 
     Single-Family Residential19,713 330 6,495,449 33 19 44 96 0.49 22,143 0.34 
     Construction - Custom538 490 263,638 1 — 1 2 0.37 847 0.32 
     Land - Consumer Lot Loans1,106 108 118,917 2 — 1 3 0.27 393 0.33 
     HELOC4,281 58 247,145 9 7 16 0.37 1,668 0.67 
     Consumer7,068 11 74,844 24 10 32 66 0.93 516 0.69 
37,582 473 $17,763,942 82 31 98 211 0.56 %$58,057 0.33 %

Tables above do not include loans held for sale.
7
v3.24.2
Document and Entity Information
Jul. 16, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 16, 2024
Entity Registrant Name WAFD, INC.
Entity Central Index Key 0000936528
Amendment Flag false
Entity Incorporation, State or Country Code WA
Entity File Number 001-34654
Entity Tax Identification Number 91-1661606
Entity Address, Address Line One 425 Pike Street
Entity Address, City or Town Seattle
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98101
City Area Code 206
Local Phone Number 624-7930
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Series A Preferred Stock  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock
Trading Symbol WAFDP
Security Exchange Name NASDAQ
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $1.00 par value per share
Trading Symbol WAFD
Security Exchange Name NASDAQ
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