US Market News
2 months ago
WaFd Announces Quarterly Earnings Per Share Of $0.82April 16, 2026 5:00 PM
Business Wire
WaFd, Inc. (Nasdaq: WAFD):
Q2 Highlights
$66 Million
$0.82
0.96%
10.8%
Net Income
Diluted Earnings per Common Share
Return on Average Assets
Return on Tangible Common Equity1
"Uncertainty seems to be our new reality, not just in the banking sector, but also in the broader global context. Our strong foundation enabled us to deliver for our customers even during uncertain times. During the quarter, we executed on our strategic plan and grew our active loan segments by 12% annualized. Given our growth in loans, notable improvements in asset quality metrics, and a widening margin, we see a bright future in spite of current uncertainties. Our stock was trading near tangible book value for the majority of the quarter, so we aggressively bought back shares at less than 1.1x tangible book value. We were able to buy back 3.6% of total outstanding shares during the quarter. Our return on tangible common equity was 10.8% making it one of the best investment alternatives available to us. Credit goes to our amazing team of bankers that is working hard to deliver for our clients."
Brent Beardall
President and CEO of WaFd Bank
Net Interest Income and NIM
$178 million net interest income for the quarter compared to $171 million in Q1.
Net interest margin at 2.81% for the quarter compared to 2.70% for Q1.
Credit Quality
Non-performing assets down $71 million to 0.48% of total assets compared to 0.75% for Q1.
Delinquencies down $58 million to 0.78% of total loans compared to 1.07% for Q1.
Non-Interest Income and Expense
Non-interest income was stable and non-interest expense up $4 million compared to prior quarter.
Efficiency ratio increased to 55.66% compared to 55.25% in the prior quarter as a result of a higher increase in expenses compared to income.
Shareholder Returns and Stock Activity
On February 27, 2026, the Company paid a cash dividend of $0.27 per share, 172nd consecutive quarterly dividend paid.
2,738,096 shares were repurchased during the quarter at a weighted average price of $31.85 per share.
1 Metric is a non-GAAP Financial Measure. See page 10 for additional information on our use of non-GAAP Financial Measures
WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (or the "Bank"), today announced quarterly earnings of $65,548,000 for the quarter ended March 31, 2026, an increase of 2% from net earnings of $64,196,000 for the quarter ended December 31, 2025 and an increase of 17% from net earnings of $56,252,000 for the quarter ended March 31, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.82 per diluted share for the quarter ended March 31, 2026, compared to $0.79 per diluted share for the quarter ended December 31, 2025, and $0.65 per diluted share for the quarter ended March 31, 2025, a $0.17 or 26% increase in fully diluted earnings per common share.
The following table provides the Company's financial scorecard for the last five quarters:
As of
(In thousands, except share and ratio data)
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
BALANCE SHEET
Cash
$
669,799
$
734,915
$
657,310
$
809,252
$
1,231,461
Loans receivable, net
19,966,983
19,848,156
20,088,618
20,277,164
20,920,001
Allowance for credit losses ("ACL")
224,450
221,039
221,220
219,268
222,709
Available-for-sale securities, at fair value
4,352,258
4,142,285
3,533,201
3,387,497
3,142,763
Held-to-maturity securities, at amortized cost
745,727
764,794
645,802
512,854
526,502
Total investments
5,097,985
4,907,079
4,179,003
3,900,351
3,669,265
Total assets
27,568,785
27,285,744
26,699,699
26,731,915
27,644,637
Transaction deposits
12,746,921
12,865,974
12,306,532
11,969,124
11,853,984
Time deposits
8,377,230
8,550,996
9,131,104
9,417,447
9,573,442
Total deposits
21,124,151
21,416,970
21,437,636
21,386,571
21,427,426
Borrowings and junior subordinated debentures
3,114,548
2,488,411
1,817,249
1,991,087
2,814,938
Total shareholders' equity
2,981,283
3,029,407
3,039,575
3,014,325
3,032,620
Loans to customer deposits
94.52
%
92.67
%
93.71
%
94.81
%
97.63
%
PROFITABILITY
Net income
$
65,548
$
64,196
$
60,597
$
61,952
$
56,252
Net income to common shareholders
61,892
60,540
56,941
58,296
52,596
Earnings per common share
0.82
0.79
0.72
0.73
0.65
Return on tangible common equity1
10.82
%
10.57
%
9.99
%
10.20
%
9.18
%
Return on tangible assets1
0.97
%
0.97
%
0.93
%
0.94
%
0.84
%
Net interest margin
2.81
%
2.70
%
2.71
%
2.69
%
2.55
%
Efficiency ratio
55.66
%
55.25
%
56.82
%
56.01
%
58.31
%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share
$
36.30
$
35.70
$
35.04
$
34.30
$
33.84
Tangible common shareholders' equity per share1
30.27
29.91
29.38
28.69
28.31
Shareholders' equity to total assets
10.81
%
11.10
%
11.38
%
11.28
%
10.97
%
Tangible shareholders' equity to tangible assets1
9.35
%
9.64
%
9.89
%
9.78
%
9.51
%
Common shares outstanding
73,855,919
76,448,351
78,186,520
79,130,276
80,758,674
Preferred shares outstanding
300,000
300,000
300,000
300,000
300,000
CREDIT QUALITY
ACL to gross loans
1.05
%
1.05
%
1.04
%
1.03
%
1.01
%
Non-accrual loans to net loans
0.62
%
0.96
%
0.64
%
0.41
%
0.29
%
Delinquencies to net loans
0.78
%
1.07
%
0.60
%
0.26
%
0.27
%
Non-performing assets to total assets
0.48
%
0.75
%
0.54
%
0.36
%
0.26
%
Total criticized loans to net loans
4.24
%
4.60
%
4.39
%
4.07
%
3.32
%
Total adversely classified loans to net loans
2.60
%
2.94
%
3.16
%
3.54
%
2.53
%
1Metric is a non-GAAP Financial Measure. See page 10 for additional information on our use of non-GAAP Financial Measures.
Balance Sheet Total assets increased to $27.6 billion as of March 31, 2026, compared to $26.7 billion at September 30, 2025, primarily due to the purchase of investment securities during the period. Investment securities increased by $919 million, or 22.0% in the six months ended March 31, 2026, a result of $1.2 billion of purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 4.87%. Net loans decreased $122 million to $20.0 billion and cash increased $12 million, or 1.9% during same period.
Customer deposits totaled $21.1 billion as of March 31, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.41% as of March 31, 2026, compared to 2.69% at September 30, 2025. Transaction accounts increased by $440 million or 3.6% during the six months ended March 31, 2026, while time deposits decreased $754 million or 8.3%. As of March 31, 2026, 60.3% of the Company’s deposits were transaction accounts, an increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 80.4% of deposits at March 31, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.2% of total deposits as of March 31, 2026, a decrease from 26.2% as of September 30, 2025.
Borrowings totaled $3.1 billion as of March 31, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.01% as of March 31, 2026, compared to 2.50% at September 30, 2025.
Loan originations for active loan types totaled $1.5 billion for the second fiscal quarter of 2026, compared to $1.1 billion of originations in the prior quarter. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $0.9 billion and $1.0 billion, respectively. Active loan types include the commercial segment and the consumer portfolio. Inactive loan-types include all consumer residential portfolios. These loan types had repayments of $0.3 billion during the quarter. Commercial loans represented 96% of all loan originations during the second fiscal quarter of 2026 and consumer loans accounted for the remaining 4%. The period end interest yield on the loan portfolio was 5.26% as of March 31, 2026, a decrease from 5.38% at September 30, 2025.
Tangible common equity per share is a key metric for our management team. For the six months ended March 31, 2026, tangible book value per share grew to $30.27 at March 31, 2026 from $29.38 as of September 30, 2025. This metric is a non-GAAP Financial Measure. See page 10 for additional information on our use of non-GAAP Financial Measures. During the quarter, the Company repurchased 2,738,096 shares of common stock at a weighted average price of $31.85. In February, the WaFd, Inc. Board of Directors authorized an increase in shares available to be repurchased to a total of 10 million shares. Our share repurchase plan currently has a remaining authorization of 8.0 million shares which, depending on share price, provides a compelling investment alternative.
Credit Quality Considering the shifting economic and monetary environment, further impacted by recent global developments, credit quality continues to be monitored closely. As of March 31, 2026, non-performing assets decreased to $132 million, or 0.48% of total assets, from $203 million, or 0.75%, at December 31, 2025 and from $143 million, or 0.54%, at September 30, 2025. The change is due to non-accrual loans decreasing by $4.8 million, or 4%, since September 30, 2025 combined with decreases in real estate owned ("REO") of $3.0 million and other property owned of $3.3 million during the same time frame. Delinquent loans increased to 0.78% of total loans at March 31, 2026, compared to 0.60% at September 30, 2025 but decreased compared to 1.07% at December 31, 2025.
The allowance for credit losses (including the reserve for unfunded commitments) totaled $224 million as of March 31, 2026, and was 1.05% of gross loans outstanding, as compared to $221 million, or 1.04% of gross loans outstanding, as of September 30, 2025. Net charge-offs were $0.6 million for the second fiscal quarter of 2026, compared to $3.7 million for the prior quarter.
Profitability Net interest income was $178 million for the second fiscal quarter of 2026, an increase of $6.5 million or 4% from the prior quarter. The increase in net interest income was primarily due to an 5 basis point increase in the rate earned on interest earning assets combined with a 9 basis point decrease in the rate paid on interest bearing liabilities. As a result of these changes, net interest margin increased to 2.81% in the second fiscal quarter of 2026 compared to 2.70% for the quarter ended December 31, 2025.
Total non-interest income was $19.8 million for the second fiscal quarter of 2026 compared to $20.3 million the prior quarter. The decrease compared to the prior quarter was primarily due to losses taken on certain equity method investments in the quarter offset by increased commission income from the Bank's insurance subsidiary, WaFd Insurance.
Total non-interest expense was $109.9 million in the second fiscal quarter of 2026, an increase of $4.1 million, or 3.9%, from the prior quarter. The increase is the result of increased compensation and technology expenses, reflecting annual merit increases and continued investment in operational efficiency.
The Company recorded a $4.0 million provision for credit losses in the second fiscal quarter of 2026 compared to a provision of $3.5 million the prior quarter. The provision for loan losses in the quarter ended March 31, 2026 was the net result of increased commercial loan originations. $0.6 million of net charge-offs were taken during the quarter.
Return on common shareholders' equity for the quarter ended March 31, 2026 was 9.05% compared to 8.86% for the quarter ended December 31, 2025. Adjusted for certain non-operating items, return on equity for the quarter was 9.12% compared to adjusted return on equity of 8.49% the prior quarter. Return on assets for the quarter ended March 31, 2026 was 0.96%, unchanged from the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter was 0.97% compared to adjusted return on assets of 0.92% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.
Income tax expense totaled $18.3 million the second fiscal quarter of 2026, as compared to $18.1 million for the prior quarter. The effective tax rate for the quarter ended March 31, 2026 was 21.8% compared to 22.0% for the quarter ended December 31, 2025. The Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.
WaFd Bank is headquartered in Seattle, Washington, and has 208 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company will host a conference call for investors and analysts at 7:00 am Pacific Time on Friday, April 17, 2026. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link (https://register-conf.media-server.com/register/BI3742b47b9d1546a6a24d982d3a85576b). The Company uses its website to distribute financial and other material information about the Company.
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
March 31, 2026
September 30, 2025
(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents
$
669,799
$
657,310
Available-for-sale securities, at fair value
4,352,258
3,533,201
Held-to-maturity securities, at amortized cost
745,727
645,802
Loans receivable, net of allowance for loan losses of $201,950 and $199,720
19,966,983
20,088,618
Interest receivable
98,856
98,589
Premises and equipment, net
294,033
261,271
Real estate owned
8,125
11,084
FHLB stock
146,351
88,068
Bank owned life insurance
279,097
275,159
Intangible assets, including goodwill of $418,447 and $414,722
445,511
442,093
Federal and state income tax assets
106,063
112,784
Other assets
455,982
485,720
$
27,568,785
$
26,699,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits
$
12,746,921
$
12,306,532
Time deposits
8,377,230
9,131,104
Total customer deposits
21,124,151
21,437,636
Borrowings
3,062,441
1,765,604
Junior subordinated debentures
52,107
51,645
Advance payments by borrowers for taxes and insurance
45,356
59,845
Federal and state income tax liabilities
470
—
Accrued expenses and other liabilities
302,977
345,394
24,587,502
23,660,124
Shareholders’ equity
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding
300,000
300,000
Common stock, $1.00 par value, 300,000,000 shares authorized; 154,758,612 and 154,408,001 shares issued; 73,855,919 and 78,186,520 shares outstanding
154,759
154,408
Additional paid-in capital
2,169,653
2,163,276
Accumulated other comprehensive income (loss), net of taxes
55,085
56,950
Treasury stock, at cost 80,902,693 and 76,221,481 shares
(1,885,828
)
(1,740,761
)
Retained earnings
2,187,614
2,105,702
2,981,283
3,039,575
$
27,568,785
$
26,699,699
Yield and margin as of period end
Loans receivable1
5.26
%
5.38
%
Mortgage-backed securities
4.45
4.44
Combined cash, investments and FHLB stock
4.22
4.96
Interest-earning assets
5.06
5.23
Interest-bearing customer accounts
2.74
2.95
Borrowings1
3.01
2.50
Interest-bearing liabilities
2.78
2.91
Net interest spread
2.28
2.32
Net interest margin
2.81
2.82
1Accretion and amortization assumed to be same as prior quarter. Also includes the impact of derivatives.
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31,
Six Months Ended March 31,
2026
2025
2026
2025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable
$
262,148
$
282,077
$
526,355
$
568,674
Mortgage-backed securities
44,341
23,926
83,243
42,263
Investment securities and cash equivalents
18,245
30,081
37,632
70,264
324,734
336,084
647,230
681,201
INTEREST EXPENSE
Customer accounts
125,999
151,948
262,213
314,098
Borrowings and junior subordinated debentures
21,165
23,226
36,336
50,762
147,164
175,174
298,549
364,860
Net interest income
177,570
160,910
348,681
316,341
Provision (release) for credit losses
4,000
2,750
7,500
2,750
Net interest income after provision (release)
173,570
158,160
341,181
313,591
NON-INTEREST INCOME
Gain (loss) on sale of investment securities
—
—
—
20
Gain (loss) on termination of hedging derivatives
426
65
450
70
Loan fee income
2,216
1,812
3,570
3,157
Deposit fee income
7,674
7,057
15,532
14,103
Other income
9,497
9,947
20,516
17,233
Total non-interest income
19,813
18,881
40,068
34,583
NON-INTEREST EXPENSE
Compensation and benefits
57,120
52,710
111,310
112,637
Occupancy
11,711
11,499
22,881
22,287
FDIC insurance premiums
5,050
5,800
10,450
10,650
Product delivery
7,110
6,907
13,684
12,692
Information technology
15,919
14,481
30,303
28,673
Other expense
12,947
13,435
26,950
29,204
Total non-interest expense
109,857
104,832
215,578
216,143
Gain (loss) on real estate owned, net
280
(199
)
436
230
Income before income taxes
83,806
72,010
166,107
132,261
Income tax provision
18,258
15,758
36,363
28,742
Net income
65,548
56,252
129,744
103,519
Dividends on preferred stock
3,656
3,656
7,312
7,312
Net income available to common shareholders
$
61,892
$
52,596
$
122,432
$
96,207
PER SHARE DATA
Basic earnings per common share
$
0.82
$
0.65
$
1.61
$
1.19
Diluted earnings per common share
0.82
0.65
1.60
1.18
Cash dividends per common share
0.27
0.27
0.54
0.53
Basic weighted average shares outstanding
75,487,399
81,061,206
76,236,709
81,178,997
Diluted weighted average shares outstanding
75,574,228
81,105,536
76,315,090
81,278,102
PERFORMANCE RATIOS
Return on average assets
0.96
%
0.82
%
0.96
%
0.75
%
Return on average common equity
9.05
%
7.68
%
8.96
%
7.06
%
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable
$
262,148
$
264,207
$
271,787
$
279,476
$
282,077
Mortgage-backed securities
44,341
38,902
32,953
27,855
23,926
Investment securities and cash equivalents
18,245
19,387
21,794
24,383
30,081
324,734
322,496
326,534
331,714
336,084
INTEREST EXPENSE
Customer accounts
125,999
136,214
143,874
146,735
151,948
Borrowings and junior subordinated debentures
21,165
15,171
12,754
16,991
23,226
147,164
151,385
156,628
163,726
175,174
Net interest income
177,570
171,111
169,906
167,988
160,910
Provision for credit losses
4,000
3,500
3,000
2,000
2,750
Net interest income after provision
173,570
167,611
166,906
165,988
158,160
NON-INTEREST INCOME
Gain on sale of investment securities
—
—
—
—
—
Gain on termination of hedging derivatives
426
24
32
56
65
Loan fee income
2,216
1,354
2,081
1,650
1,812
Deposit fee income
7,674
7,858
7,959
7,588
7,057
Other income
9,497
11,019
8,319
8,979
9,947
Total non-interest income
19,813
20,255
18,391
18,273
18,881
NON-INTEREST EXPENSE
Compensation and benefits
57,120
54,190
56,028
53,481
52,710
Occupancy
11,711
11,170
10,895
11,755
11,499
FDIC insurance premiums
5,050
5,400
4,400
5,150
5,800
Product delivery
7,110
6,574
6,558
6,621
6,907
Information technology
15,919
14,384
16,406
15,022
14,481
Other expense
12,947
14,003
12,706
12,298
13,435
Total non-interest expense
109,857
105,721
106,993
104,327
104,832
Gain (loss) on real estate owned, net
280
156
(681
)
(176
)
(199
)
Income before income taxes
83,806
82,301
77,623
79,758
72,010
Income tax provision
18,258
18,105
17,026
17,806
15,758
Net income
65,548
64,196
60,597
61,952
56,252
Dividends on preferred stock
3,656
3,656
3,656
3,656
3,656
Net income available to common shareholders
$
61,892
$
60,540
$
56,941
$
58,296
$
52,596
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share
$
0.82
$
0.79
$
0.73
$
0.73
$
0.65
Diluted earnings per common share
0.82
0.79
0.72
0.73
0.65
Cash dividends per common share
0.27
0.27
0.27
0.27
0.27
Basic weighted average shares outstanding
75,487,399
76,969,729
78,509,472
79,888,520
81,061,206
Diluted weighted average shares outstanding
75,574,228
77,015,554
78,573,457
79,907,672
81,105,536
PERFORMANCE RATIOS
Return on average assets
0.96
%
0.96
%
0.91
%
0.92
%
0.82
%
Return on average common equity
9.05
8.86
8.36
8.54
7.68
Net interest margin
2.81
2.70
2.71
2.69
2.55
Efficiency ratio
55.66
55.25
56.82
56.01
58.31
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Non-GAAP Financial Measures
The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Tangible Measures
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP
$
2,981,283
$
3,029,407
$
3,039,575
$
3,014,325
$
3,032,620
Less intangible assets - GAAP
445,511
443,085
442,093
444,291
446,660
Tangible shareholders' equity
$
2,535,772
$
2,586,322
$
2,597,482
$
2,570,034
$
2,585,960
Less preferred stock - GAAP
300,000
300,000
300,000
300,000
300,000
Tangible common shareholders' equity
$
2,235,772
$
2,286,322
$
2,297,482
$
2,270,034
$
2,285,960
Total assets - GAAP
$
27,568,785
$
27,285,744
$
26,699,699
$
26,731,915
$
27,644,637
Less intangible assets - GAAP
445,511
443,085
442,093
444,291
446,660
Tangible assets
$
27,123,274
$
26,842,659
$
26,257,606
$
26,287,624
$
27,197,977
Tangible Metrics
Common shares outstanding - GAAP
73,855,919
76,448,351
78,186,520
79,130,276
80,758,674
Tangible common equity per share
$
30.27
$
29.91
$
29.38
$
28.69
$
28.31
Tangible equity to tangible assets
9.35
%
9.64
%
9.89
%
9.78
%
9.51
%
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Average Tangible Measures
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP
$
3,034,123
$
3,033,933
$
3,023,098
$
3,030,745
$
3,039,021
Less average preferred stock
- GAAP
300,000
300,000
300,000
300,000
300,000
Less average intangible assets - GAAP
445,155
442,226
443,382
445,733
448,272
Average tangible common equity
$
2,288,968
$
2,291,707
$
2,279,716
$
2,285,012
$
2,290,749
Average Assets - GAAP
$
27,350,614
$
26,852,389
$
26,540,782
$
26,813,500
$
27,371,320
Less average intangible assets - GAAP
445,155
442,226
443,382
445,733
448,272
Average tangible assets
$
26,905,459
$
26,410,163
$
26,097,400
$
26,367,767
$
26,923,048
Average Tangible Metrics
Net income - GAAP
65,548
64,196
60,597
61,952
56,252
Net income available to common shareholders' - GAAP
61,892
60,540
56,941
58,296
52,596
Return on tangible common equity
10.82
%
10.57
%
9.99
%
10.20
%
9.18
%
Return on tangible assets
0.97
%
0.97
%
0.93
%
0.94
%
0.84
%
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(Unaudited - In thousands, except for share and ratio data)
Non-interest income
(Gain)Loss on sale of branch property
$
27
$
(3,214
)
$
467
$
4
$
—
Distribution received on LBC equity method investment
(225
)
(237
)
(251
)
(255
)
(257
)
(Gain)Loss on WaFd Bank equity method investment
1,072
408
(815
)
304
(155
)
Total non-interest income
$
874
$
(3,043
)
$
(599
)
$
53
$
(412
)
Net Income - GAAP
$
65,548
$
64,196
$
60,597
$
61,952
$
56,252
Interest income adjustments
—
—
—
—
—
Non-interest income adjustments
874
(3,043
)
(599
)
53
(412
)
Non-interest expense adjustments
—
—
—
—
—
REO adjustments
(280
)
(156
)
681
176
199
Income tax adjustment
(129
)
704
(18
)
(51
)
47
Net Income - non-GAAP
$
66,013
$
61,701
$
60,661
$
62,130
$
56,086
Dividend on preferred stock
3,656
3,656
3,656
3,656
3,656
Net Income available to common shareholders' - non-GAAP
$
62,357
$
58,045
$
57,005
$
58,474
$
52,430
Basic weighted average number
75,487,399
76,969,729
78,509,472
79,888,520
81,061,206
Diluted weighted average
75,574,228
77,015,554
78,573,457
79,907,672
81,105,536
Basic EPS - non-GAAP
$
0.83
$
0.75
$
0.73
$
0.73
$
0.65
Diluted EPS - non-GAAP
0.83
0.75
0.73
0.73
0.65
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted Efficiency Ratio
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP
55.7
%
55.3
%
56.8
%
56.0
%
58.3
%
Net interest income - GAAP
$
177,570
$
171,111
$
169,906
$
167,988
$
160,910
Total interest income adjustments
—
—
—
—
—
Net interest income - non-GAAP
$
177,570
$
171,111
$
169,906
$
167,988
$
160,910
Non-interest expense - GAAP
$
109,857
$
105,721
$
106,993
$
104,327
$
104,832
Less non-operating expenses
—
—
—
—
—
Non-interest Expenses -
non-GAAP
$
109,857
$
105,721
$
106,993
$
104,327
$
104,832
Non-interest income - GAAP
$
19,813
$
20,255
$
18,391
$
18,273
$
18,881
Total other income
874
(3,043
)
(599
)
53
(412
)
Non-interest income -
non-GAAP
$
20,687
$
17,212
$
17,792
$
18,326
$
18,469
Net Interest Income -
non-GAAP
$
177,570
$
171,111
$
169,906
$
167,988
$
160,910
Non-interest income -
non-GAAP
20,687
17,212
17,792
18,326
18,469
Total Income - non-GAAP
$
198,257
$
188,323
$
187,698
$
186,314
$
179,379
Adjusted Efficiency Ratio
55.4
%
56.1
%
57.0
%
56.0
%
58.4
%
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted ROA and ROE
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP
$
65,548
$
64,196
$
60,597
$
61,952
$
56,252
Net income available to common shareholders - GAAP
$
61,892
$
60,540
$
56,941
$
58,296
$
52,596
Average Assets
27,350,614
26,852,389
26,540,782
26,813,500
27,371,320
Return on Assets
0.96
%
0.96
%
0.91
%
0.92
%
0.82
%
Average Common Equity
$
2,734,123
$
2,733,933
$
2,723,098
$
2,730,745
$
2,739,021
Return on Common Equity
9.05
%
8.86
%
8.36
%
8.54
%
7.68
%
Adjusted:
Net Income - non-GAAP
$
66,013
$
61,701
$
60,661
$
62,130
$
56,086
Net income available to common shareholders - non-GAAP
$
62,357
$
58,045
$
57,005
$
58,474
$
52,430
Average Assets
27,350,614
26,852,389
26,540,782
26,813,500
27,371,320
Adjusted Return on Assets
0.97
%
0.92
%
0.91
%
0.93
%
0.82
%
Average Common Equity
2,734,123
2,733,933
2,723,098
2,730,745
2,739,021
Adjusted Return on Common Equity
9.12
%
8.49
%
8.37
%
8.57
%
7.66
%
Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2025 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including through the use of artificial intelligence, such as security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, which may impose restrictions or penalties on the Company's activities and changes in laws, regulations, or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiv) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260416685747/en/
WaFd, Inc.
425 Pike Street, Seattle, WA 98101
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
brad.goode@wafd.com
Original: WaFd Announces Quarterly Earnings Per Share Of $0.82
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