WaFd Announces Fourth Quarter and Fiscal 2025 Results

October 16, 2025 at 17:00 PM EDT

WaFd, Inc. (Nasdaq: WAFD):

Fiscal Year Highlights

$226 Million	$2.63	0.84%	9.20%
Net Income	Diluted Earnings per Common Share	Return on Average Assets	Return on Tangible Common Equity ₍₁₎

Fourth Quarter Highlights

$61 Million	$0.72	0.91%	9.99%
Net Income	Diluted Earnings per Common Share	Return on Average Assets	Return on Tangible Common Equity ₍₁₎

"We finished Fiscal 2025 trending in the right direction with an improving margin, a significant increase in loan originations and an improving deposit mix. The margin increased to 2.71% from 2.69% in the 3rd quarter and 2.62% in the same quarter one year ago, driven by decreasing cost of deposits and borrowings. Importantly, we experienced a 103% increase in new loan originations over the 3rd quarter, signaling that our clients are now starting to come off of the sidelines. Our loan pipeline has now been building in each of the last three quarters, a promising sign for growth over the next year. It would be hard to overstate the magnitude of the shift in our business model undertaken in 2025, moving from mortgage lending to providing solutions for businesses. While this is a long-term shift we are very pleased with the early results, specifically the changing mix of our deposits with checking accounts going from 33% of deposits up to 35% of deposits over the year. We are convinced that focusing on businesses will increase the relevancy of our branches and improve long-term shareholder returns."

Brent Beardall

President and CEO of WaFd Bank


Net Interest Income and NIM	$169.9 million net interest income for the quarter compared to $168.0 million in Q3. Net interest margin at 2.71% for the quarter compared to 2.69% for Q3.	Credit Quality	Non-performing assets up $46 million at 0.54% of total assets compared to 0.36% as of June 2025. Delinquencies up $69 million to 0.60% of total loans compared to 0.26% as of June 2025.

Non-Interest Income and Expense	Non-interest income flat and non-interest expense up $2.7 million compared to Q3 due to strategic investments in staff and subsidiaries. Efficiency ratio increased to 56.82% compared to 56.01% in the prior quarter as a result.	Shareholder Returns and Stock Activity	On September 5, 2025, the Company paid a cash dividend of $0.27 per share, 170^th consecutive quarterly dividend paid. 969,653 shares were repurchased during the quarter at a weighted average price of $29.74 per share.

⁽¹⁾

Metric is a non-GAAP Financial Measure. See page 11 for additional information on our use of non-GAAP Financial Measures.

The following table provides the Company's financial scorecard for the last five quarters:

	As of
(In thousands, except share and ratio data)	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
BALANCE SHEET
Cash	$	657,310		$	809,252		$	1,231,461		$	1,507,735		$	2,381,102
Loans receivable, net		20,088,618			20,277,164			20,920,001			21,060,501			20,916,354
Allowance for credit losses ("ACL")		221,220			219,268			222,709			225,022			225,253
Available-for-sale securities, at fair value		3,533,201			3,387,497			3,142,763			2,743,731			2,572,709
Held-to-maturity securities, at amortized cost		645,802			512,854			526,502			537,348			436,972
Total investments		4,179,003			3,900,351			3,669,265			3,281,079			3,009,681
Total assets		26,699,699			26,731,915			27,644,637			27,684,454			28,060,330
Transaction deposits		12,306,532			11,969,124			11,853,984			11,853,859			11,817,185
Time deposits		9,131,104			9,417,447			9,573,442			9,584,918			9,556,785
Total deposits		21,437,636			21,386,571			21,427,426			21,438,777			21,373,970
Borrowings, senior debt and junior subordinated debentures		1,817,249			1,991,087			2,814,938			2,914,627			3,318,307
Total shareholders' equity		3,039,575			3,014,325			3,032,620			3,021,636			3,000,300
Loans to customer deposits²		93.71	%		94.81	%		97.63	%		98.24	%		97.86	%

PROFITABILITY
Net income	$	60,597		$	61,952		$	56,252		$	47,267		$	61,140
Net income to common shareholders		56,941			58,296			52,596			43,611			57,484
Earnings per common share		0.73			0.73			0.65			0.54			0.71
Return on tangible common equity¹		9.99	%		10.20	%		9.18	%		7.69	%		10.24	%
Return on tangible assets¹		0.93	%		0.94	%		0.84	%		0.70	%		0.89	%
Net interest margin		2.71	%		2.69	%		2.55	%		2.39	%		2.62	%
Efficiency ratio		56.82	%		56.01	%		58.31	%		65.04	%		57.21	%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	35.04		$	34.30		$	33.84		$	33.45		$	33.25
Tangible common shareholders' equity per share¹		29.38			28.69			28.31			27.93			27.73
Shareholders' equity to total assets		11.38	%		11.28	%		10.97	%		10.91	%		10.69	%
Tangible shareholders' equity to tangible assets¹		9.89	%		9.78	%		9.51	%		9.45	%		9.24	%
Common shares outstanding		78,186,520			79,130,276			80,758,674			81,373,760			81,220,269
Preferred shares outstanding		300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY²
ACL to gross loans		1.04	%		1.03	%		1.01	%		1.00	%		1.01	%
Non-accrual loans to net loans		0.64	%		0.41	%		0.29	%		0.34	%		0.33	%
Delinquencies to net loans		0.60	%		0.26	%		0.27	%		0.30	%		0.25	%
Non-performing assets to total assets		0.54	%		0.36	%		0.26	%		0.29	%		0.28	%
Total criticized loans to net loans		4.39	%		4.07	%		3.32	%		2.54	%		2.41	%
Total adversely classified loans to net loans		3.16	%		3.54	%		2.53	%		1.97	%		2.04	%

⁽¹⁾		Metric is a non-GAAP Financial Measure. See page 11 for additional information on our use of non-GAAP Financial Measures.
⁽²⁾		Metrics include only loans held for investment. Loans held for sale are not included.

WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (the "Bank"), today announced quarterly earnings of $60,597,000, a decrease of 2% compared to the quarter ended June 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.72 per diluted share for the quarter ended September 30, 2025 compared to $0.73 the prior quarter.

Annual earnings were $226,068,000 for fiscal year ended September 30, 2025, an increase of 13% from net earnings of $200,041,000 for the year ended September 30, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $2.63 per diluted share for the year ended September 30, 2025, compared to $2.50 per diluted share for the year ended September 30, 2024, a $0.13 or 5.20% increase in fully diluted earnings per common share. Fiscal year 2024 results include the effects of the acquisition of Luther Burbank Corporation.

Balance Sheet Total assets decreased to $26.7 billion as of September 30, 2025, compared to $28.1 billion at September 30, 2024, primarily due to a reduction in loans receivable and cash used to reduce borrowings and purchase investments during the year. Net loans decreased $0.8 billion to $20.1 billion and cash decreased $1.7 billion, or 72.4%. Investment securities increased by $1.2 billion, or 38.9% in the year ended September 30, 2025.

Customer deposits totaled $21.4 billion as of September 30, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $0.5 billion or 4.1% during the period, while time deposits decreased $0.4 billion or 4.5%. As of September 30, 2025, 57.4% of the Company’s deposits were transaction accounts, a slight increase from 55.3% at September 30, 2024. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 77.9% of deposits at September 30, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 24.7% of total deposits as of September 30, 2025, a small increase from 23.8% as of September 30, 2024.

Borrowings totaled $1.8 billion as of September 30, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 2.5% as of September 30, 2025, compared to 3.9% at September 30, 2024.

Loan originations totaled $4.0 billion for fiscal year 2025, compared to $3.6 billion of originations in fiscal year 2024. Offsetting loan originations in each year were loan repayments of $5.1 billion and $4.3 billion, respectively. Commercial loans represented 83% of all loan originations during fiscal 2025 and consumer loans accounted for the remaining 17%. The period end interest yield on the loan portfolio was 5.38% as of September 30, 2025, a decrease from 5.62% as of September 30, 2024.

Tangible common equity per share is a key metric for our management team. For the year ended September 30, 2025, tangible book value per share grew from $27.73 as of September 30, 2024 to $29.38 at September 30, 2025. This metric is a non-GAAP Financial Measure. See page 11 for additional information on our use of non-GAAP Financial Measures. During the year, the Company repurchased 3,447,771 shares of common stock at a weighted average price of $29.56. Our share repurchase plan currently has an authorization of 8,162,654 shares, which provides what we believe is a compelling investment alternative.

Credit Quality Credit quality continues to be closely monitored with the shifting economic and monetary environment. As of September 30, 2025, non-performing assets increased to $143 million, or 0.54% of total assets, from $97 million, or 0.36%, at June 30, 2025 and from $77 million, or 0.28%, at September 30, 2024. The change is due to non-accrual loans increasing by $46 million, or 47.20%, since June 30 2025 and by $59 million, or 84.97%, since September 30, 2024. REO also increased during the year as a result of the Company's continued branch optimization plan. Delinquent loans were 0.60% of total loans at September 30, 2025, compared to 0.26% at June 30, 2025 and 0.25% at September 30, 2024. The Q4 increase in non-performing assets is the result of one commercial real estate loan over 90 days past due. Although appropriately non-accrual based on policy, it was determined no charge-off was needed for this credit. Management is actively collaborating with the borrower and recent developments indicate positive momentum.

The allowance for credit losses (including the reserve for unfunded commitments) totaled $221 million as of September 30, 2025, and was 1.04% of gross loans outstanding, as compared to 1.03% or 1.01% of gross loans outstanding as of June 30, 2025 and September 30, 2024, respectively. Net charge-offs were $1.0 million for the quarter ended September 30, 2025 compared to $5.4 million the prior quarter. Net charge-offs were $11.8 million for fiscal year 2025, compared to $1.4 million for fiscal 2024.

Profitability Net interest income was $169.9 million for the fourth fiscal quarter of 2025, an increase of $1.9 million or 1.1% from the prior quarter. The increase was the net effect of the reduction in interest paid on liabilities outpacing the reduction in interest earned on assets by 3 basis points. Net interest margin was 2.71% in the fourth fiscal quarter 2025 compared to 2.69% for the quarter ended June 30, 2025.

Total non-interest income was flat at $18.4 million for the fourth fiscal quarter of 2025 compared to $18.3 million the prior quarter.

Total non-interest expense was $107.0 million for the fourth fiscal quarter of 2025, an increase of $2.7 million, or 2.6%, from the prior quarter resulting from strategic investments in our people and technologies. This drove increases in Compensation and Information Technology expenses which resulted in a small increase in the Company’s efficiency ratio in the fourth fiscal quarter of 2025 to 56.82%, compared to 56.01% in the prior quarter.

The Company recorded a $3.0 million provision for credit losses for the quarter ended September 30, 2025 compared to a provision of $2.0 million the prior quarter. The provision for loan losses for the fourth fiscal quarter of 2025 was the net result of mixed credit metrics, including the increasing trends in negative migration of delinquent and nonperforming loans during the quarter.

Return on common shareholders' equity for the quarter ended September 30, 2025 was 8.36% compared to 8.54% for the quarter ended June 30, 2025. Return on assets for the quarter ended September 30, 2025 was 0.91% compared to 0.92% for the previous quarter.

Income tax expense totaled $17.0 million for the fourth fiscal quarter of 2025, as compared to $17.8 million for the prior quarter. The effective tax rate for the quarter ended September 30, 2025 was 21.93% compared to 22.33% for the quarter ended June 30, 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 7:00am PDT on Friday October 17, 2025. 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/BIce57cc298b024b9b9446805d5613f404). 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)

	September 30, 2025				September 30, 2024
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents		$	657,310			$	2,381,102
Available-for-sale securities, at fair value			3,533,201				2,572,709
Held-to-maturity securities, at amortized cost			645,802				436,972
Loans receivable, net of allowance for loan losses of $199,720 and $203,753			20,088,618				20,916,354
Interest receivable			98,589				102,827
Premises and equipment, net			261,271				247,901
Real estate owned			11,084				4,567
FHLB stock			88,068				95,617
Bank owned life insurance			275,159				267,633
Intangible assets, including goodwill of $414,722 and $411,360			442,093				448,425
Federal and state income tax assets, net			112,784				119,248
Other assets			485,720				466,975
		$	26,699,699			$	28,060,330
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits		$	12,306,532			$	11,817,185
Time deposits			9,131,104				9,556,785
Total customer deposits			21,437,636				21,373,970
Borrowings			1,765,604				3,267,589
Junior subordinated debentures			51,645				50,718
Advance payments by borrowers for taxes and insurance			59,845				61,330
Accrued expenses and other liabilities			345,394				306,423
			23,660,124				25,060,030
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; 154,408,001 and 154,007,429 shares issued; 78,186,520 and 81,220,269 shares outstanding			154,408				154,007
Additional paid-in capital			2,163,276				2,150,675
Accumulated other comprehensive income (loss), net of taxes			56,950				55,851
Treasury stock, at cost; 76,221,481 and 72,787,160 shares			(1,740,761	)			(1,639,131	)
Retained earnings			2,105,702				1,978,898
			3,039,575				3,000,300
		$	26,699,699			$	28,060,330

Yield and margin as of period end
Loans receivable¹	5.38	%	5.62	%
Mortgage-backed securities	4.44		4.00
Combined cash, investments and FHLB stock	4.96		5.10
Interest-earning assets	5.23		5.44
Interest-bearing customer accounts	2.95		3.50
Borrowings¹	2.50		3.93
Interest-bearing liabilities	2.91		3.56
Net interest spread	2.32		1.88
Net interest margin	2.82		2.44
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 September 30, 2025							Twelve Months Ended September 30, 2025
			2025			2024			2025			2024
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	271,787		$	308,598		$	1,119,937		$	1,165,849
Mortgage-backed securities			32,953			18,088			103,071			59,782
Investment securities and cash equivalents			21,794			47,411			116,441			146,079
			326,534			374,097			1,339,449			1,371,710
INTEREST EXPENSE
Customer accounts			143,874			165,240			604,707			532,434
Borrowings, senior debt and junior subordinated debentures			12,754			36,045			80,507			178,444
			156,628			201,285			685,214			710,878
Net interest income			169,906			172,812			654,235			660,832
Provision (release) for credit losses			3,000			—			7,750			17,500
Net interest income after provision (release)			166,906		��	172,812			646,485			643,332
NON-INTEREST INCOME
Gain on sale of investment securities			—			91			20			342
Gain on termination of hedging derivatives			32			72			158			241
Loan fee income			2,081			757			6,888			2,745
Deposit fee income			7,959			7,047			29,650			27,507
Other income			8,319			7,911			34,531			29,857
Total non-interest income			18,391			15,878			71,247			60,692
NON-INTEREST EXPENSE
Compensation and benefits			56,028			53,983			222,146			234,148
Occupancy			10,895			10,843			44,937			42,036
FDIC insurance premiums			4,400			6,800			20,200			28,870
Product delivery			6,558			6,306			25,871			23,986
Information technology			16,406			14,129			60,101			53,306
Other expense			12,706			15,880			54,208			65,926
Total non-interest expense			106,993			107,941			427,463			448,272
Gain (loss) on real estate owned, net			(681	)		(83	)		(627	)		304
Income before income taxes			77,623			80,666			289,642			256,056
Income tax provision			17,026			19,526			63,574			56,015
Net income			60,597			61,140			226,068			200,041
Dividends on preferred stock			3,656			3,656			14,625			14,625
Net income available to common shareholders		$	56,941		$	57,484		$	211,443		$	185,416

PER SHARE DATA
Basic earnings per common share	$	0.73		$	0.71		$	2.64		$	2.50
Diluted earnings per common share		0.72			0.71			2.63			2.50
Cash dividends per common share		0.27			0.26			1.07			1.03
Basic weighted average shares outstanding		78,509,472			81,208,683			80,184,395			74,244,323
Diluted weighted average shares outstanding		78,573,457			81,353,644			80,255,189			74,290,568
PERFORMANCE RATIOS
Return on average assets		0.91	%		0.87	%		0.84	%		0.76	%
Return on average common equity		8.36	%		8.53	%		7.75	%		7.55	%

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

	Three Months Ended
	September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024			September 30, 2024
		(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	271,787			$	279,476			$	282,077			$	286,597		$	308,598
Mortgage-backed securities			32,953				27,855				23,926				18,337			18,088
Investment securities and cash equivalents			21,794				24,383				30,081				40,183			47,411
			326,534				331,714				336,084				345,117			374,097
INTEREST EXPENSE
Customer accounts			143,874				146,735				151,948				162,150			165,240
Borrowings, senior debt and junior subordinated debentures			12,754				16,991				23,226				27,536			36,045
			156,628				163,726				175,174				189,686			201,285
Net interest income			169,906				167,988				160,910				155,431			172,812
Provision for credit losses			3,000				2,000				2,750				—			—
Net interest income after provision			166,906				165,988				158,160				155,431			172,812
NON-INTEREST INCOME
Gain on sale of investment securities			—				—				—				20			91
Gain on termination of hedging derivatives			32				56				65				5			72
Loan fee income			2,081				1,650				1,812				1,345			757
Deposit fee income			7,959				7,588				7,057				7,046			7,047
Other income			8,319				8,979				9,947				7,286			7,911
Total non-interest income			18,391				18,273				18,881				15,702			15,878
NON-INTEREST EXPENSE
Compensation and benefits			56,028				53,481				52,710				59,927			53,983
Occupancy			10,895				11,755				11,499				10,788			10,843
FDIC insurance premiums			4,400				5,150				5,800				4,850			6,800
Product delivery			6,558				6,621				6,907				5,785			6,306
Information technology			16,406				15,022				14,481				14,192			14,129
Other expense			12,706				12,298				13,435				15,769			15,880
Total non-interest expense			106,993				104,327				104,832				111,311			107,941
Gain (loss) on real estate owned, net			(681	)			(176	)			(199	)			429			(83	)
Income before income taxes			77,623				79,758				72,010				60,251			80,666
Income tax provision			17,026				17,806				15,758				12,984			19,526
Net income			60,597				61,952				56,252				47,267			61,140
Dividends on preferred stock			3,656				3,656				3,656				3,656			3,656
Net income available to common shareholders		$	56,941			$	58,296			$	52,596			$	43,611		$	57,484

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

	Three Months Ended
	September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024
		(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share		$	0.73			$	0.73			$	0.65			$	0.54			$	0.71
Diluted earnings per common share			0.72				0.73				0.65				0.54				0.71
Cash dividends per common share			0.27				0.27				0.27				0.26				0.26
Basic weighted average shares outstanding			78,509,472				79,888,520				81,061,206				81,294,227				81,208,683
Diluted weighted average shares outstanding			78,573,457				79,907,672				81,105,536				81,401,599				81,353,644
PERFORMANCE RATIOS
Return on average assets			0.91	%			0.92	%			0.82	%			0.69	%			0.87	%
Return on average common equity			8.36				8.54				7.68				6.42				8.53
Net interest margin			2.71				2.69				2.55				2.39				2.62
Efficiency ratio			56.82				56.01				58.31				65.04				57.21

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	September 30, 2025				June 30, 2025				March 31, 2025			December 31, 2024				September 30, 2024
Tangible Measures	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP		$	3,039,575			$	3,014,325		$	3,032,620			$	3,021,636			$	3,000,300
Less intangible assets - GAAP			442,093				444,291			446,660				449,213				448,425
Tangible shareholders' equity		$	2,597,482			$	2,570,034		$	2,585,960			$	2,572,423			$	2,551,875
Less preferred stock - GAAP			300,000				300,000			300,000				300,000				300,000
Tangible common shareholders' equity		$	2,297,482			$	2,270,034		$	2,285,960			$	2,272,423			$	2,251,875

Total assets - GAAP		$	26,699,699			$	26,731,915		$	27,644,637			$	27,684,454			$	28,060,330
Less intangible assets - GAAP			442,093				444,291			446,660				449,213				448,425
Tangible assets		$	26,257,606			$	26,287,624		$	27,197,977			$	27,235,241			$	27,611,905

Tangible Metrics
Common shares outstanding - GAAP			78,186,520				79,130,276			80,758,674				81,373,760				81,220,269
Tangible common equity per share		$	29.38			$	28.69		$	28.31			$	27.93			$	27.73
Tangible equity to tangible assets			9.89	%			9.78	%		9.51	%			9.45	%			9.24	%

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

		Three Months Ended
Average Tangible Measures	September 30, 2025				June 30, 2025				March 31, 2025			December 31, 2024				September 30, 2024
Average Tangible Measures		(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP		$	3,023,098			$	3,030,745		$	3,039,021			$	3,015,197			$	2,996,093
Less average preferred stock - GAAP			300,000				300,000			300,000				300,000				300,000
Less average intangible assets - GAAP			443,382				445,733			448,272				447,754				451,204
Average tangible common equity		$	2,279,716			$	2,285,012		$	2,290,749			$	2,267,443			$	2,244,889

Average Assets - GAAP		$	26,540,782			$	26,813,500		$	27,371,320			$	27,504,576			$	28,000,482
Less average intangible assets - GAAP			443,382				445,733			448,272				447,754				451,204
Average tangible assets		$	26,097,400			$	26,367,767		$	26,923,048			$	27,056,822			$	27,549,278

Average Tangible Metrics
Net income - GAAP			60,597				61,952			56,252				47,267				61,140
Net income available to common shareholders - GAAP			56,941				58,296			52,596				43,611				57,484
Return on tangible common equity			9.99	%			10.20	%		9.18	%			7.69	%			10.24	%
Return on tangible assets			0.93	%			0.94	%		0.84	%			0.70	%			0.89	%

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

		Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items	September 30, 2025				June 30, 2025				March 31, 2025			December 31, 2024				September 30, 2024
		(Unaudited - In thousands, except for share and ratio data)
Interest income
LBC Hedge Valuation Adj		$	—			$	—		$	—			$	3,933			$	—

Non-interest income
Distribution received on LBC equity method investment		$	(251	)		$	(255	)	$	(257	)		$	(279	)		$	(288	)
(Gain)Loss on WaFd Bank equity method investment			(815	)			304			(155	)			48				(896	)
Total non-interest income		$	(1,066	)		$	49		$	(412	)		$	(231	)		$	(1,184	)

Non-interest expense
Acquisition-related expenses		$	—			$	—		$	—			$	239			$	(1,602	)
Non-operating expenses:
Restructuring Charges			—				—			—				5,390				—
FDIC Special Assessment			—				—			—				—				(216	)
Legal and Compliance			—				—			—				—				(182	)
			—				—			—				5,390				(398	)
Total non-interest expense		$	—			$	—		$	—			$	5,629			$	(2,000	)

Net Income - GAAP		$	60,597			$	61,952		$	56,252			$	47,267			$	61,140
Interest income adjustments			—				—			—				3,933				—
Non-interest income adjustments			(1,066	)			49			(412	)			(231	)			(1,184	)
Non-interest expense adjustments			—				—			—				5,629				(2,000	)
REO adjustments			681				176			199				(429	)			83
Income tax adjustment			84				(50	)		47				(1,918	)			751
Net Income - non-GAAP		$	60,296			$	62,127		$	56,086			$	54,251			$	58,790

Dividend on preferred stock			3,656				3,656			3,656				3,656				3,656
Net Income available to common shareholders - non-GAAP		$	56,640			$	58,471		$	52,430			$	50,595			$	55,134

Basic weighted average number			78,509,472				79,888,520			81,061,206				81,294,227				81,208,683
Diluted weighted average			78,573,457				79,907,672			81,105,536				81,401,599				81,353,644

Basic EPS - non-GAAP		$	0.72			$	0.73		$	0.65			$	0.62			$	0.68
Diluted EPS - non-GAAP			0.72				0.73			0.65				0.62				0.68

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

		Three Months Ended
	September 30, 2025				June 30, 2025				March 31, 2025			December 31, 2024				September 30, 2024
Adjusted Efficiency Ratio		(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP			56.8	%			56.0	%		58.3	%			65.0	%			57.2	%

Net interest income - GAAP		$	169,906			$	167,988		$	160,910			$	155,431			$	172,812
Total interest income adjustments			—				—			—				3,933				—
Net interest income - non-GAAP		$	169,906			$	167,988		$	160,910			$	159,364			$	172,812

Non-interest expense - GAAP		$	106,993			$	104,327		$	104,832			$	111,311			$	107,941
Less merger related expenses			—				—			—				239				(1,602	)
Less non-operating expenses			—				—			—				5,390				(398	)
Non-interest Expenses - non-GAAP		$	106,993			$	104,327		$	104,832			$	105,682			$	109,941

Non-interest income - GAAP		$	18,391			$	18,273		$	18,881			$	15,702			$	15,878
Total other income			(1,066	)			49			(412	)			(231	)			(1,184	)
Non-interest income - non-GAAP		$	17,325			$	18,322		$	18,469			$	15,471			$	14,694

Net Interest Income - non-GAAP		$	169,906			$	167,988		$	160,910			$	159,364			$	172,812
Non-interest income - non-GAAP			17,325				18,322			18,469				15,471				14,694
Total Income - non-GAAP		$	187,231			$	186,310		$	179,379			$	174,835			$	187,506

Adjusted Efficiency Ratio			57.1	%			56.0	%		58.4	%			60.4	%			58.6	%

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

	Three Months Ended
Adjusted ROA and ROE	September 30, 2025			June 30, 2025				March 31, 2025			December 31, 2024				September 30, 2024
Adjusted ROA and ROE	(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP	$	60,597			$	61,952		$	56,252			$	47,267			$	61,140
Net income available to common shareholders - GAAP	$	56,941			$	58,296		$	52,596			$	43,611			$	57,484

Average Assets		26,540,782				26,813,500			27,371,320				27,504,576				28,000,482
Return on Assets		0.91	%			0.92	%		0.82	%			0.69	%			0.87	%

Average Common Equity	$	2,723,098			$	2,730,745		$	2,739,021			$	2,715,197			$	2,696,093
Return on common equity		8.36	%			8.54	%		7.68	%			6.42	%			8.53	%

Adjusted:
Net Income - non-GAAP	$	60,296			$	62,127		$	56,086			$	54,251			$	58,790
Net income available to common shareholders - non-GAAP	$	56,640			$	58,471		$	52,430			$	50,595			$	55,134

Average Assets		26,540,782				26,813,500			27,371,320				27,504,576				28,000,482
Adjusted Return on Assets		0.91	%			0.93	%		0.82	%			0.79	%			0.84	%

Average Common Equity		2,723,098				2,730,745			2,739,021				2,715,197				2,696,093
Adjusted Return on common equity		8.32	%			8.56	%		7.66	%			7.45	%			8.18	%

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, 2024 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 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, including a "Needs to Improve" CRA rating, which may impose restrictions or penalties on the Company's activities; (ix) expectations regarding key growth initiatives and strategic priorities; (x) 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; (xi) litigation risks resulting in significant expenses, losses and reputational damage; (xii) 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 (xiii) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.