WaFd Announces Quarterly Earnings Per Share of $0.73

July 17, 2025 at 17:00 PM EDT

WaFd, Inc. (Nasdaq: WAFD):

Q3 Highlights

$62 Million	$0.73	0.92%	10.2%
Net Income	Diluted Earnings per Common Share	Return on Average Assets	Return on Tangible Common Equity


"The third quarter delivered strong core earnings driven by improved margin and resultant net interest income. Our cost of funds in dollars decreased 6.5% on a linked quarter basis, benefiting from lower rates on deposits and reduced borrowings as we chose to shrink the balance sheet. We have found loan demand to be tepid at best, as many borrowers are waiting for more certainty before starting new projects. Absent loan demand, we aggressively repurchased shares this quarter at attractive prices (1.01x of tangible book value), contributing to the 12% increase in earnings per share and the 5.4% annualized increase in tangible book value per share."

Brent Beardall President and CEO of WaFd Bank

Net Interest Income and NIM	•	$168 million net interest income for the quarter compared to $161 million in Q2.	Credit Quality	•	Non-performing assets up $26 million at 0.36% of total assets compared to 0.26% for Q2.
	•	Net interest margin at 2.69% for the quarter compared to 2.55% for Q2.		•	Delinquencies down $4 million to 0.26% of total loans compared to 0.27% for Q2.

Non-Interest Income and Expense	•	Non-interest income and expense stable compared to Q2.	Shareholder Returns and Stock Activity	•	On June 7, 2025, the Company paid a cash dividend of $0.27 per share, 169^th consecutive quarterly dividend paid.
	•	Efficiency ratio decreased to 56.01% Q3 compared to 58.31% in the prior quarter as a result of the increased net interest income.		•	1,662,508 shares were repurchased during the quarter at a weighted average price of $29.08 per share.

WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced quarterly earnings of $61,952,000 for the quarter ended June 30, 2025, an increase of 10% from net earnings of $56,252,000 for the quarter ended March 31, 2025 and a decrease of 4% from net earnings of $64,560,000 for the quarter ended June 30, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $0.73 per diluted share for the quarter ended June 30, 2025, compared to $0.65 per diluted share for the quarter ended March 31, 2025, an $0.08 or 12% increase, and $0.75 per diluted share for the quarter ended June 30, 2024, a $0.02 or 3% decrease 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)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
BALANCE SHEET
Cash	$	809,252		$	1,231,461		$	1,507,735		$	2,381,102		$	2,492,504
Loans receivable, net		20,277,164			20,920,001			21,060,501			20,916,354			20,873,919
Allowance for credit losses ("ACL")		219,268			222,709			225,022			225,253			225,324
Loans held for sale		—			—			—			—			468,527
Available-for-sale securities, at fair value		3,387,497			3,142,763			2,743,731			2,572,709			2,428,768
Held-to-maturity securities, at amortized cost		512,854			526,502			537,348			436,972			447,638
Total investments		3,900,351			3,669,265			3,281,079			3,009,681			2,876,406
Total assets		26,731,915			27,644,637			27,684,454			28,060,330			28,580,800
Transaction deposits		11,969,124			11,853,984			11,853,859			11,817,185			11,929,005
Time deposits		9,417,447			9,573,442			9,584,918			9,556,785			9,255,760
Total deposits		21,386,571			21,427,426			21,438,777			21,373,970			21,184,765
Borrowings, senior debt and junior subordinated debentures		1,991,087			2,814,938			2,914,627			3,318,307			4,079,360
Total shareholders' equity		3,014,325			3,032,620			3,021,636			3,000,300			2,958,339
Loans to customer deposits²		94.81	%		97.63	%		98.24	%		97.86	%		98.53	%

PROFITABILITY
Net income	$	61,952		$	56,252		$	47,267		$	61,140		$	64,560
Net income to common shareholders		58,296			52,596			43,611			57,484			60,904
Earnings per common share		0.73			0.65			0.54			0.71			0.75
Return on tangible common equity¹		10.20	%		9.18	%		7.69	%		10.24	%		11.10	%
Return on tangible assets¹		0.94	%		0.84	%		0.70	%		0.89	%		0.88	%
Net interest margin		2.69	%		2.55	%		2.39	%		2.62	%		2.56	%
Efficiency ratio		56.01	%		58.31	%		65.04	%		57.21	%		56.61	%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	34.30		$	33.84		$	33.45		$	33.25		$	32.76
Tangible common shareholders' equity per share¹		28.69			28.31			27.93			27.73			27.18
Shareholders' equity to total assets		11.28	%		10.97	%		10.91	%		10.69	%		10.35	%
Tangible shareholders' equity to tangible assets¹		9.78	%		9.51	%		9.45	%		9.24	%		8.91	%
Common shares outstanding		79,130,276			80,758,674			81,373,760			81,220,269			81,157,173
Preferred shares outstanding		300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY²
ACL to gross loans		1.03	%		1.01	%		1.00	%		1.01	%		1.00	%
Non-accrual loans to net loans		0.41	%		0.29	%		0.34	%		0.33	%		0.29	%
Delinquencies to net loans		0.26	%		0.27	%		0.30	%		0.25	%		0.22	%
Non-performing assets to total assets		0.36	%		0.26	%		0.29	%		0.28	%		0.24	%
Criticized loans to net loans		4.07	%		3.32	%		2.54	%		2.41	%		3.01	%
Substandard loans to net loans		3.52	%		2.51	%		1.96	%		2.04	%		1.84	%

⁽¹⁾		Metric is a non-GAAP Financial Measure. See page 10 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.

Balance Sheet Total assets decreased to $26.7 billion as of June 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 period. Net loans decreased $0.6 billion to $20.3 billion and cash decreased $1.6 billion, or 66.0%. Investment securities increased by $891 million, or 29.6% in the nine months ended June 30, 2025.

Customer deposits totaled $21.4 billion as of June 30, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $152 million or 1.3% during the period, while time deposits decreased $139 million or 1.5%. As of June 30, 2025, 56.0% 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 77.3% of deposits at June 30, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 23.8% of total deposits as of June 30, 2025, a decrease from 24.8% as of September 30, 2024.

Borrowings totaled $1.9 billion as of June 30, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 2.76% as of June 30, 2025, compared to 3.93% at September 30, 2024.

Loan originations totaled $0.7 billion for the third fiscal quarter of 2025, compared to $0.9 billion of originations in the prior quarter. Offsetting loan originations in each of these quarters were loan repayments of $1.5 billion and $1.2 billion, respectively. Commercial loans represented 86% of all loan originations during the third fiscal quarter of 2025 and consumer loans accounted for the remaining 14%. The period end interest yield on the loan portfolio was 5.42% as of June 30, 2025, the same yield as of March 31, 2025 and 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 nine months ended June 30, 2025, tangible book value per share grew from $27.73 as of September 30, 2024 to $28.69 at June 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 1,662,508 shares of common stock at a weighted average price of $29.08. Our share repurchase plan currently has an authorization of 9.1 million 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 June 30, 2025, non-performing assets increased to $97 million, or 0.36% of total assets, from $77 million, or 0.28%, at September 30, 2024. The change fiscal year to date is due to non-accrual loans increasing by $13.2 million, or 19%, since September 30, 2024 and REO increasing by $6.6 million during the same time frame. The REO increase is the result of former branch properties held for sale. Delinquent loans were slightly increased at 0.26% of total loans at June 30, 2025, compared to 0.25% at September 30, 2024 but improved compared to 0.27% at March 31, 2025. The allowance for credit losses (including the reserve for unfunded commitments) totaled $219 million as of June 30, 2025, and was 1.03% of gross loans outstanding, as compared to $225 million, or 1.01% of gross loans outstanding, as of September 30, 2024. Net charge-offs were $5.4 million for the third fiscal quarter of 2025, compared to $5.1 million for the prior quarter.

Profitability Net interest income was $168 million for the third fiscal quarter of 2025, an increase of $7.1 million or 4% from the prior quarter. The increase in net interest income was primarily due to a 16 basis point decrease in the rate paid on interest bearing liabilities. Net interest margin was 2.69% in the third fiscal quarter of 2025 compared to 2.55% for the quarter ended March 31, 2025.

Total non-interest income was $18.3 million for the third fiscal quarter of 2025 compared to $18.9 million the prior quarter. The decrease compared to the prior quarter was primarily due to decreased income from the Bank's insurance subsidiary, WaFd Insurance as the March quarter included annual contingency fee income.

Total non-interest expense stabilized at $104.3 million in the third fiscal quarter of 2025, a slight decrease of $0.5 million, or 0.5%, from the prior quarter. The decrease is the result of reduced Other Expenses and FDIC Insurance costs offset by slightly higher Compensation expenses. Decreased expenses combined with increased net interest income resulted in a decrease in the Company’s efficiency ratio in the third fiscal quarter of 2025 to 56.0%, compared to 58.3% in the prior quarter.

The Company recorded a $2.0 million provision for credit losses in the third fiscal quarter of 2025 compared to a provision of $2.8 million the prior quarter. The provision for loan losses in the quarter ended June 30, 2025 was the net result of decreased loan balances, mixed credit metrics, including the increasing trends in negative migration of criticized and nonperforming loans and $5.4 million of net charge-offs taken during the quarter.

Return on common shareholders' equity for the quarter ended June 30, 2025 was 8.54% compared to 7.68% for the quarter ended March 31, 2025. Adjusted for certain non-operating items, return on equity for the quarter is 8.56% compared to adjusted return on equity of 7.66% the prior quarter. Return on assets for the quarter ended June 30, 2025 was 0.92% compared to 0.82% for the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter is 0.93% compared to adjusted return on assets of 0.82% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

Income tax expense totaled $17.8 million the third fiscal quarter of 2025, as compared to $15.8 million for the second quarter. The effective tax rate for the quarter ended June 30, 2025 was 22.33% compared to 21.88% for the quarter ended March 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 uses its website to distribute financial and other material information about the Company.

WAFD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
	June 30, 2025				September 30, 2024
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents		$	809,252			$	2,381,102
Available-for-sale securities, at fair value			3,387,497				2,572,709
Held-to-maturity securities, at amortized cost			512,854				436,972
Loans receivable, net of allowance for loan losses of $198,768 and $203,753			20,277,164				20,916,354
Interest receivable			99,224				102,827
Premises and equipment, net			254,403				247,901
Real estate owned			11,154				4,567
FHLB stock			95,899				95,617
Bank owned life insurance			273,221				267,633
Intangible assets, including goodwill of $414,723 and $411,360			444,291				448,425
Federal and state income tax assets, net			120,104				119,248
Other assets			446,852				466,975
		$	26,731,915			$	28,060,330
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits		$	11,969,124			$	11,817,185
Time deposits			9,417,447				9,556,785
Total customer deposits			21,386,571				21,373,970
Borrowings			1,939,675				3,267,589
Junior subordinated debentures			51,412				50,718
Advance payments by borrowers for taxes and insurance			33,680				61,330
Accrued expenses and other liabilities			306,252				306,423
			23,717,590				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; 154,385,498 and 154,007,429 shares issued; 79,130,276 and 81,220,269 shares outstanding			154,385				154,007
Additional paid-in capital			2,160,793				2,150,675
Accumulated other comprehensive income (loss), net of taxes			41,531				55,851
Treasury stock, at cost 75,255,222 and 72,787,160 shares			(1,711,999	)			(1,639,131	)
Retained earnings			2,069,615				1,978,898
			3,014,325				3,000,300
		$	26,731,915			$	28,060,330

Yield and margin as of period end
Loans receivable¹	5.42	%	5.62	%
Mortgage-backed securities	4.32		4.00
Combined cash, investments and FHLB stock	5.03		5.10
Interest-earning assets	5.26		5.44
Interest-bearing customer accounts	3.05		3.50
Borrowings¹	2.76		3.93
Interest-bearing liabilities	3.03		3.56
Net interest spread	2.23		1.88
Net interest margin	2.74		2.44

⁽¹⁾

Accretion 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 June 30,								Nine Months Ended June 30,
	2025				2024				2025		2024
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	279,476			$	337,118		$	848,150	$	857,251
Mortgage-backed securities			27,855				17,523			70,118		41,694
Investment securities and cash equivalents			24,383				37,300			94,647		98,668
			331,714				391,941			1,012,915		997,613
INTEREST EXPENSE
Customer accounts			146,735				154,359			460,833		367,194
Borrowings, senior debt and junior subordinated debentures			16,991				60,396			67,753		142,399
			163,726				214,755			528,586		509,593
Net interest income			167,988				177,186			484,329		488,020
Provision (release) for credit losses			2,000				1,500			4,750		17,500
Net interest income after provision (release)			165,988				175,686			479,579		470,520
NON-INTEREST INCOME
Gain (loss) on sale of investment securities			—				80			20		251
Gain (loss) on termination of hedging derivatives			56				54			126		169
Loan fee income			1,650				594			4,807		1,988
Deposit fee income			7,588				6,960			21,691		20,460
Other income			8,979				9,567			26,212		21,946
Total non-interest income			18,273				17,255			52,856		44,814
NON-INTEREST EXPENSE
Compensation and benefits			53,481				57,169			166,118		180,165
Occupancy			11,755				10,904			34,042		31,193
FDIC insurance premiums			5,150				7,600			15,800		22,070
Product delivery			6,621				6,090			19,313		17,680
Information technology			15,022				13,428			43,695		39,177
Other expense			12,298				14,888			41,502		50,046
Total non-interest expense			104,327				110,079			320,470		340,331
Gain (loss) on real estate owned, net			(176	)			(124	)		54		387
Income before income taxes			79,758				82,738			212,019		175,390
Income tax provision			17,806				18,178			46,548		36,489
Net income			61,952				64,560			165,471		138,901
Dividends on preferred stock			3,656				3,656			10,968		10,969
Net income available to common shareholders		$	58,296			$	60,904		$	154,503	$	127,932

PER SHARE DATA
Basic earnings per common share	$	0.73		$	0.75		$	1.91		$	1.78
Diluted earnings per common share		0.73			0.75			1.91			1.78
Cash dividends per common share		0.27			0.26			0.80			0.77
Basic weighted average shares outstanding		79,888,520			81,374,811			80,748,838			71,905,924
Diluted weighted average shares outstanding		79,907,672			81,393,708			80,821,807			71,930,215
PERFORMANCE RATIOS
Return on average assets		0.92	%		0.87	%		0.81	%		0.72	%
Return on average common equity		8.54	%		9.20	%		7.55	%		7.18	%

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

	Three Months Ended
	June 30, 2025				March 31, 2025				December 31, 2024			September 30, 2024				June 30, 2024
		(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	279,476			$	282,077			$	286,597		$	308,598			$	337,118
Mortgage-backed securities			27,855				23,926				18,337			18,088				17,523
Investment securities and cash equivalents			24,383				30,081				40,183			47,411				37,300
			331,714				336,084				345,117			374,097				391,941
INTEREST EXPENSE
Customer accounts			146,735				151,948				162,150			165,240				154,359
Borrowings, senior debt and junior subordinated debentures			16,991				23,226				27,536			36,045				60,396
			163,726				175,174				189,686			201,285				214,755
Net interest income			167,988				160,910				155,431			172,812				177,186
Provision for credit losses			2,000				2,750				—			—				1,500
Net interest income after provision			165,988				158,160				155,431			172,812				175,686
NON-INTEREST INCOME
Gain on sale of investment securities			—				—				20			91				80
Gain on termination of hedging derivatives			56				65				5			72				54
Loan fee income			1,650				1,812				1,345			757				594
Deposit fee income			7,588				7,057				7,046			7,047				6,960
Other income			8,979				9,947				7,286			7,911				9,567
Total non-interest income			18,273				18,881				15,702			15,878				17,255
NON-INTEREST EXPENSE
Compensation and benefits			53,481				52,710				59,927			53,983				57,169
Occupancy			11,755				11,499				10,788			10,843				10,904
FDIC insurance premiums			5,150				5,800				4,850			6,800				7,600
Product delivery			6,621				6,907				5,785			6,306				6,090
Information technology			15,022				14,481				14,192			14,129				13,428
Other expense			12,298				13,435				15,769			15,880				14,888
Total non-interest expense			104,327				104,832				111,311			107,941				110,079
Gain (loss) on real estate owned, net			(176	)			(199	)			429			(83	)			(124	)
Income before income taxes			79,758				72,010				60,251			80,666				82,738
Income tax provision			17,806				15,758				12,984			19,526				18,178
Net income			61,952				56,252				47,267			61,140				64,560
Dividends on preferred stock			3,656				3,656				3,656			3,656				3,656
Net income available to common shareholders		$	58,296			$	52,596			$	43,611		$	57,484			$	60,904

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

	Three Months Ended
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
		(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share		$	0.73			$	0.65			$	0.54			$	0.71			$	0.75
Diluted earnings per common share			0.73				0.65				0.54				0.71				0.75
Cash dividends per common share			0.27				0.27				0.26				0.26				0.26
Basic weighted average shares outstanding			79,888,520				81,061,206				81,294,227				81,208,683				81,374,811
Diluted weighted average shares outstanding			79,907,672				81,105,536				81,401,599				81,353,644				81,393,708
PERFORMANCE RATIOS
Return on average assets			0.92	%			0.82	%			0.69	%			0.87	%			0.87	%
Return on average common equity			8.54				7.68				6.42				8.53				9.20
Net interest margin			2.69				2.55				2.39	��			2.62				2.56
Efficiency ratio			56.01				58.31				65.04				57.21				56.61

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	June 30, 2025				March 31, 2025				December 31, 2024			September 30, 2024				June 30, 2024
Tangible Measures	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP		$	3,014,325			$	3,032,620		$	3,021,636			$	3,000,300			$	2,958,339
Less intangible assets - GAAP			444,291				446,660			449,213				448,425				452,255
Tangible shareholders' equity		$	2,570,034			$	2,585,960		$	2,572,423			$	2,551,875			$	2,506,084
Less preferred stock - GAAP			300,000				300,000			300,000				300,000				300,000
Tangible common shareholders' equity		$	2,270,034			$	2,285,960		$	2,272,423			$	2,251,875			$	2,206,084

Total assets - GAAP		$	26,731,915			$	27,644,637		$	27,684,454			$	28,060,330			$	28,580,800
Less intangible assets - GAAP			444,291				446,660			449,213				448,425				452,255
Tangible assets		$	26,287,624			$	27,197,977		$	27,235,241			$	27,611,905			$	28,128,545

Tangible Metrics
Common shares outstanding - GAAP			79,130,276				80,758,674			81,373,760				81,220,269				81,157,173
Tangible common equity per share		$	28.69			$	28.31		$	27.93			$	27.73			$	27.18
Tangible equity to tangible assets			9.78	%			9.51	%		9.45	%			9.24	%			8.91	%

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

		Three Months Ended
Average Tangible Measures	June 30, 2025				March 31, 2025				December 31, 2024			September 30, 2024				June 30, 2024
Average Tangible Measures		(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP		$	3,030,745			$	3,039,021		$	3,015,197			$	2,996,093			$	2,947,056
Less average preferred stock - GAAP			300,000				300,000			300,000				300,000				300,000
Less average intangible assets - GAAP			445,733				448,272			447,754				451,204				453,142
Average tangible common equity		$	2,285,012			$	2,290,749		$	2,267,443			$	2,244,889			$	2,193,914

Average Assets - GAAP		$	26,813,500			$	27,371,320		$	27,504,576			$	28,000,482			$	29,703,337
Less average intangible assets - GAAP			445,733				448,272			447,754				451,204				453,142
Average tangible assets		$	26,367,767			$	26,923,048		$	27,056,822			$	27,549,278			$	29,250,195

Average Tangible Metrics
Net income - GAAP			61,952				56,252			47,267				61,140				64,560
Net income available to common shareholders' - GAAP			58,296				52,596			43,611				57,484				60,904
Return on tangible common equity			10.20	%			9.18	%		7.69	%			10.24	%			11.10	%
Return on tangible assets			0.94	%			0.84	%		0.70	%			0.89	%			0.88	%

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

		Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items	June 30, 2025				March 31, 2025				December 31, 2024			September 30, 2024				June 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		$	(255	)		$	(257	)	$	(279	)		$	(288	)		$	(299	)
(Gain)Loss on WaFd Bank equity method investment			304				(155	)		48				(896	)			(748	)
Total non-interest income		$	49			$	(412	)	$	(231	)		$	(1,184	)		$	(1,047	)

Non-interest expense
Acquisition-related expenses		$	—			$	—		$	239			$	(1,602	)		$	2,285
Non-operating expenses:
Restructuring Charges			—				—			5,390				—				—
FDIC Special Assessment			—				—			—				(216	)			—
Legal and Compliance			—				—			—				(182	)			—
Charitable Donation			—				—			—				—				—
			—				—			5,390				(398	)			—
Total non-interest expense		$	—			$	—		$	5,629			$	(2,000	)		$	2,285

Net Income - GAAP		$	61,952			$	56,252		$	47,267			$	61,140			$	64,560
Preliminary ACL provision on LBC loans			—				—			—				—				—
Interest income adjustments			—				—			3,933				—				—
Non-interest income adjustments			49				(412	)		(231	)			(1,184	)			(1,047	)
Non-interest expense adjustments			—				—			5,629				(2,000	)			2,285
REO adjustments			176				199			(429	)			83				124
Income tax adjustment			(50	)			47			(1,918	)			751				(299	)
Net Income - non-GAAP		$	62,127			$	56,086		$	54,251			$	58,790			$	65,623

Dividend on preferred stock			3,656				3,656			3,656				3,656				3,656
Net Income available to common shareholders' - non-GAAP		$	58,471			$	52,430		$	50,595			$	55,134			$	61,967

Basic weighted average number			79,888,520				81,061,206			81,294,227				81,208,683				81,374,811
Diluted weighted average			79,907,672				81,105,536			81,401,599				81,353,644				81,393,708

Basic EPS - non-GAAP		$	0.73			$	0.65		$	0.62			$	0.68			$	0.76
Diluted EPS - non-GAAP			0.73				0.65			0.62				0.68				0.76

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

	Three Months Ended
Adjusted Efficiency Ratio	June 30, 2025				March 31, 2025					December 31, 2024				September 30, 2024					June 30, 2024
Adjusted Efficiency Ratio		(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP			56.0	%			58.3		%		65.0		%			57.2		%			56.6		%

Net interest income - GAAP		$	167,988			$	160,910			$	155,431				$	172,812				$	177,186
Total interest income adjustments			—				—				3,933					—					—
Net interest income - non-GAAP		$	167,988			$	160,910			$	159,364				$	172,812				$	177,186

Non-interest expense - GAAP		$	104,327			$	104,832			$	111,311				$	107,941				$	110,079
Less merger related expenses			—				—				239					(1,602	)				2,285
Less non-operating expenses			—				—				5,390					(398	)				—
Non-interest Expenses - non-GAAP		$	104,327			$	104,832			$	105,682				$	109,941				$	107,794

Non-interest income - GAAP		$	18,273			$	18,881			$	15,702				$	15,878				$	17,255
Total other income			49				(412	)			(231	)				(1,184	)				(1,047	)
Non-interest income - non-GAAP		$	18,322			$	18,469			$	15,471				$	14,694				$	16,208

Net Interest Income - non-GAAP		$	167,988			$	160,910			$	159,364				$	172,812				$	177,186
Non-interest income - non-GAAP			18,322				18,469				15,471					14,694					16,208
Total Income - non-GAAP		$	186,310			$	179,379			$	174,835				$	187,506				$	193,394

Adjusted Efficiency Ratio			56.0	%			58.4		%		60.4		%			58.6		%			55.7		%

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

	Three Months Ended
Adjusted ROA and ROE	June 30, 2025			March 31, 2025				December 31, 2024			September 30, 2024				June 30, 2024
Adjusted ROA and ROE	(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP	$	61,952			$	56,252		$	47,267			$	61,140			$	64,560
Net income available to common shareholders' - GAAP	$	58,296			$	52,596		$	43,611			$	57,484			$	60,904

Average Assets		26,813,500				27,371,320			27,504,576				28,000,482				29,703,337
Return on Assets		0.92	%			0.82	%		0.69	%			0.87	%			0.87	%

Average Common Equity	$	2,730,745			$	2,739,021		$	2,715,197			$	2,696,093			$	2,647,056
Return on common equity		8.54	%			7.68	%		6.42	%			8.53	%			9.20	%

Adjusted:
Net Income - non-GAAP	$	62,127			$	56,086		$	54,251			$	58,790			$	65,623
Net income available to common shareholders' - non-GAAP	$	58,471			$	52,430		$	50,595			$	55,134			$	61,967

Average Assets		26,813,500				27,371,320			27,504,576				28,000,482				29,703,337
Adjusted Return on Assets		0.93	%			0.82	%		0.79	%			0.84	%			0.88	%

Average Common Equity		2,730,745				2,739,021			2,715,197				2,696,093				2,647,056
Adjusted Return on common equity		8.56	%			7.66	%		7.45	%			8.18	%			9.36	%

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.