WaFd Announces Quarterly Earnings Per Share Of $0.84

SEATTLE--(BUSINESS WIRE)--WaFd, Inc. (Nasdaq: WAFD):

Q3 Highlights
$66 Million	$0.84	0.96%	11.0%
Net Income	Diluted Earnings per Common Share	Return on Average Assets	Return on Tangible Common Equity^1

"WaFd delivered strong results in the third quarter of fiscal 2026, with healthy growth in earnings, loans, and equity. Earnings per share increased 15% year-over-year and 2% compared to the March quarter. While overall loans outstanding grew modestly for the quarter, net loans in our active loan portfolios grew at an annualized rate of 10.4%. Growth in net interest income, combined with disciplined expense management, drove our efficiency ratio to 53.7%, and we delivered an 11.0% return on tangible common equity for the quarter. We believe that the market is beginning to recognize WaFd's consistent earnings power — our stock price is up 19% from March 31, with 4.7 million shares repurchased in the first two quarter of the fiscal year. I want to thank our team of bankers for their continued dedication to delivering for our clients and shareholders."

Brent Beardall President and CEO of WaFd Bank

Net Interest Income and NIM	$181 million net interest income for the quarter compared to $178 million in Q2. Net interest margin at 2.81% for the quarter - same as Q2.	Credit Quality	Non-performing assets at 0.49% of total assets compared to 0.48% for Q2. Delinquencies down to 0.75% of total loans compared to 0.78% for Q2.
Non-Interest Income and Expense	Non-interest income up $4.4 million as a result of a gain on sale of a branch property. Non-interest expense stable compared to prior quarter. Efficiency ratio decreased to 53.69% compared to 55.66% in the prior quarter as a result of the increase in other income.	Shareholder Returns and Stock Activity	On June 5, 2026, the Company paid a cash dividend of $0.27 per share, 173rd consecutive quarterly dividend paid. ROATCE^1 of 11.0% compared to 10.8% at March 31 - a 2.1% increase over Q2.
^1Metric 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 $66,130,000 for the quarter ended June 30, 2026, an increase of 1% from net earnings of $65,548,000 for the quarter ended March 31, 2026 and an increase of 7% from net earnings of $61,952,000 for the quarter ended June 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.84 per diluted share for the quarter ended June 30, 2026, compared to $0.82 per diluted share for the quarter ended March 31, 2026, and $0.73 per diluted share for the quarter ended June 30, 2025, an $0.11 or 15% 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)	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
BALANCE SHEET
Cash	$	676,467		$	669,799		$	734,915		$	657,310		$	809,252
Loans receivable, net		20,017,876			19,966,983			19,848,156			20,088,618			20,277,164
Allowance for credit losses ("ACL")		233,831			224,450			221,039			221,220			219,268
Available-for-sale securities, at fair value		4,190,263			4,352,258			4,142,285			3,533,201			3,387,497
Held-to-maturity securities, at amortized cost		858,261			745,727			764,794			645,802			512,854
Total investments		5,048,524			5,097,985			4,907,079			4,179,003			3,900,351
Total assets		27,596,970			27,568,785			27,285,744			26,699,699			26,731,915
Transaction deposits		12,745,791			12,746,921			12,865,974			12,306,532			11,969,124
Time deposits		8,186,284			8,377,230			8,550,996			9,131,104			9,417,447
Total deposits		20,932,075			21,124,151			21,416,970			21,437,636			21,386,571
Borrowings and junior subordinated debentures		3,315,697			3,114,548			2,488,411			1,817,249			1,991,087
Total shareholders' equity		3,022,569			2,981,283			3,029,407			3,039,575			3,014,325
Loans to customer deposits		95.63	%		94.52	%		92.67	%		93.71	%		94.81	%
PROFITABILITY
Net income	$	66,130		$	65,548		$	64,196		$	60,597		$	61,952
Net income to common shareholders		62,474			61,892			60,540			56,941			58,296
Diluted earnings per common share		0.84			0.82			0.79			0.72			0.73
Return on tangible common equity^1		11.04	%		10.82	%		10.57	%		9.99	%		10.20	%
Return on tangible assets^1		0.97	%		0.97	%		0.97	%		0.93	%		0.94	%
Net interest margin		2.81	%		2.81	%		2.70	%		2.71	%		2.69	%
Efficiency ratio		53.69	%		55.66	%		55.25	%		56.82	%		56.01	%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	36.81		$	36.30		$	35.70		$	35.04		$	34.30
Tangible common shareholders' equity per share^1		30.82			30.27			29.91			29.38			28.69
Shareholders' equity to total assets		10.95	%		10.81	%		11.10	%		11.38	%		11.28	%
Tangible shareholders' equity to tangible assets^1		9.50	%		9.35	%		9.64	%		9.89	%		9.78	%
Common shares outstanding		73,954,133			73,855,919			76,448,351			78,186,520			79,130,276
Preferred shares outstanding		300,000			300,000			300,000			300,000			300,000
CREDIT QUALITY
ACL to gross loans		1.08	%		1.05	%		1.05	%		1.04	%		1.03	%
Non-accrual loans to net loans		0.64	%		0.62	%		0.96	%		0.64	%		0.41	%
Delinquencies to net loans		0.75	%		0.78	%		1.07	%		0.60	%		0.26	%
Non-performing assets to total assets		0.49	%		0.48	%		0.75	%		0.54	%		0.36	%
Total criticized loans to net loans		4.93	%		4.24	%		4.60	%		4.39	%		4.07	%
Total adversely classified loans to net loans		2.59	%		2.60	%		2.94	%		3.16	%		3.54	%
^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 June 30, 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 $870 million, or 20.8% in the nine months ended June 30, 2026, a result of $1.4 billion of purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 5%. Net loans decreased $71 million to $20.0 billion and cash increased $19 million, or 2.9% during same period.

Customer deposits totaled $20.9 billion as of June 30, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.39% as of June 30, 2026, compared to 2.69% at September 30, 2025. Transaction accounts increased by $439 million or 3.6% during the nine months ended June 30, 2026, while time deposits decreased $945 million or 10.3%. As of June 30, 2026, 60.9% 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 80.6% of deposits at June 30, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.4% of total deposits as of June 30, 2026, an increase from 24.7% as of September 30, 2025.

Borrowings totaled $3.3 billion as of June 30, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.08% as of June 30, 2026, compared to 2.50% at September 30, 2025.

Loan originations for active loan types totaled $1.5 billion for both the second and third fiscal quarters of 2026. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $1.0 billion and $0.9 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 $299 million during the quarter. Commercial loans represented 96% of all loan originations during the third fiscal quarter of 2026 and consumer loans accounted for the remaining 4%. The period end interest yield on the loan portfolio was 5.33% as of June 30, 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 nine months ended June 30, 2026, tangible book value per share grew to $30.82 at June 30, 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 8,806 shares of common stock at a weighted average price of $36.20 as a result of option exercise activity. Our share repurchase plan currently has a remaining authorization of 8.0 million shares which, depending on share price, may provide a compelling investment alternative.

Return on common shareholders' equity for the quarter ended June 30, 2026 was 9.23% compared to 9.05% for the quarter ended March 31, 2026. Adjusted for certain non-operating items, return on equity for the quarter was 8.80% compared to adjusted return on equity of 9.12% the prior quarter.  Return on assets for the quarter ended June 30, 2026 was 0.96%, unchanged from the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter was 0.92% compared to adjusted return on assets of 0.97% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

WaFd’s capital ratios are expected to be in line with the March 2026 results which showed the total risk-based capital ratio at 14.4% and common equity tier 1 risk-based capital ratio at 11.4%. All ratios remain above current “well-capitalized” regulatory minimums. In March 2026, federal banking regulators re-proposed revisions to the Basel III Endgame capital framework, which remains subject to finalization following the close of the industry comment period in June 2026. Based on management’s review and analysis, using March 31, 2026 data, WaFd estimates that opting into the revised framework, once finalized, could reduce risk-weighted assets by approximately 12.5%, representing an estimated $317 million of total risk-based capital relief.  We will continue to evaluate this opportunity as the rule is finalized.

Credit Quality Considering the shifting economic and monetary environment, further impacted by recent global developments, credit quality continues to be monitored closely. As of June 30, 2026, non-performing assets increased to $136 million, or 0.49% of total assets, from $132 million, or 0.48%, at March 31, 2026 and decreased from $143 million, or 0.54%, at September 30, 2025. The decrease compared to September is the result of non-accrual loans decreasing by $1.1 million, or 1%, since September 30, 2025 combined with decreases in real estate owned ("REO") of $2.9 million and other property owned of $3.3 million during the same time frame. Delinquent loans increased to 0.75% of total loans at June 30, 2026, compared to 0.60% at September 30, 2025 but decreased compared to 0.78% at March 31, 2026.

The allowance for credit losses (including the reserve for unfunded commitments) totaled $234 million as of June 30, 2026, and was 1.08% of gross loans outstanding, as compared to $221 million, or 1.04% of gross loans outstanding, as of September 30, 2025. This increase was the result in growth in the active loan portfolio, specifically C&I and Construction loans, in addition to concerns related to possible losses on adversely classified loans. Net charge-offs were $1.6 million for the third fiscal quarter of 2026, compared to $0.6 million for the prior quarter.

Profitability Net interest income was $181 million for the third fiscal quarter of 2026, an increase of $3.8 million or 2% from the prior quarter.  The increase in net interest income was primarily due to a basis point increase in the rate earned on interest earning assets combined with a basis point decrease in the rate paid on interest bearing liabilities. As a result of these minor changes, the net interest margin held steady at 2.81% for the third fiscal quarter of 2026.

Total non-interest income was $24.2 million for the third fiscal quarter of 2026 compared to $19.8 million the prior quarter. The increase compared to the prior quarter was primarily due to $3.2 million of gains recognized on the sale of bank real estate combined with lower losses recognized on equity method investments.

Total non-interest expense was $110.3 million in the third fiscal quarter of 2026, an increase of $0.5 million, or 0.4%, from the prior quarter. The increase is the result of small increases in compensation, FDIC insurance and technology expenses.

The Company recorded an $11.0 million provision for credit losses in the third fiscal quarter of 2026 compared to a provision of $4.0 million the prior quarter. The provision for loan losses in the quarter ended June 30, 2026 was the result of growth in the active loan portfolio, specifically C&I and Construction loans, in addition to concerns related to possible losses on adversely classified loans. $1.6 million of net charge-offs were taken during the quarter.

Income tax expense totaled $18.2 million in the third fiscal quarter of 2026, as compared to $18.3 million for the prior quarter. The effective tax rate for the quarter ended June 30, 2026 was 21.6% compared to 21.8% for the quarter ended March 31, 2026. 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 210 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 July 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/BI9ff2eae6a533436b9e0084f615323197). 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, 2026				September 30, 2025
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents		$	676,467			$	657,310
Available-for-sale securities, at fair value			4,190,263				3,533,201
Held-to-maturity securities, at amortized cost			858,261				645,802
Loans receivable, net of allowance for loan losses of $214,831 and $199,720			20,017,876				20,088,618
Interest receivable			99,120				98,589
Premises and equipment, net			291,606				261,271
Real estate owned			8,179				11,084
FHLB stock			155,392				88,068
Bank owned life insurance			281,131				275,159
Intangible assets, including goodwill of $418,447 and $414,722			443,670				442,093
Federal and state income tax assets			110,616				112,784
Other assets			464,389				485,720
		$	27,596,970			$	26,699,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits		$	12,745,791			$	12,306,532
Time deposits			8,186,284				9,131,104
Total customer deposits			20,932,075				21,437,636
Borrowings			3,263,359				1,765,604
Junior subordinated debentures			52,338				51,645
Advance payments by borrowers for taxes and insurance			36,094				59,845
Federal and state income tax liabilities			158				—
Accrued expenses and other liabilities			290,377				345,394
			24,574,401				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; 154,862,525 and 154,408,001 shares issued; 73,954,133 and 78,186,520 shares outstanding			154,863				154,408
Additional paid-in capital			2,175,267				2,163,276
Accumulated other comprehensive income (loss), net of taxes			48,087				56,950
Treasury stock, at cost 80,908,392 and 76,221,481 shares			(1,886,075	)			(1,740,761	)
Retained earnings			2,230,427				2,105,702
			3,022,569				3,039,575
		$	27,596,970			$	26,699,699

Yield and margin as of period end
Loans receivable^1	5.33	%	5.38	%
Mortgage-backed securities	4.51		4.44
Combined cash, investments and FHLB stock	4.22		4.96
Interest-earning assets	5.12		5.23
Interest-bearing customer accounts	2.71		2.95
Borrowings^1	3.08		2.50
Interest-bearing liabilities	2.77		2.91
Net interest spread	2.35		2.32
Net interest margin	2.82		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 June 30,								Nine Months Ended June 30,
	2026				2025				2026		2025
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	267,243			$	279,476		$	793,598	$	848,150
Mortgage-backed securities			46,569				27,855			129,812		70,118
Investment securities and cash equivalents			18,313				24,383			55,945		94,647
			332,125				331,714			979,355		1,012,915
INTEREST EXPENSE
Customer accounts			123,079				146,735			385,292		460,833
Borrowings and junior subordinated debentures			27,708				16,991			64,044		67,753
			150,787				163,726			449,336		528,586
Net interest income			181,338				167,988			530,019		484,329
Provision (release) for credit losses			11,000				2,000			18,500		4,750
Net interest income after provision (release)			170,338				165,988			511,519		479,579
NON-INTEREST INCOME
Gain (loss) on sale of investment securities			112				—			112		20
Gain (loss) on termination of hedging derivatives			(12	)			56			438		126
Loan fee income			2,181				1,650			5,751		4,807
Deposit fee income			8,142				7,588			23,674		21,691
Other income			13,755				8,979			34,271		26,212
Total non-interest income			24,178				18,273			64,246		52,856
NON-INTEREST EXPENSE
Compensation and benefits			57,399				53,481			168,709		166,118
Occupancy			11,842				11,755			34,723		34,042
FDIC insurance premiums			5,542				5,150			15,992		15,800
Product delivery			7,067				6,621			20,751		19,313
Information technology			16,157				15,022			46,460		43,695
Other expense			12,327				12,298			39,277		41,502
Total non-interest expense			110,334				104,327			325,912		320,470
Gain (loss) on real estate owned, net			167				(176	)		603		54
Income before income taxes			84,349				79,758			250,456		212,019
Income tax provision			18,219				17,806			54,582		46,548
Net income			66,130				61,952			195,874		165,471
Dividends on preferred stock			3,656				3,656			10,969		10,968
Net income available to common shareholders		$	62,474			$	58,296		$	184,905	$	154,503

PER SHARE DATA
Basic earnings per common share	$	0.85		$	0.73		$	2.45		$	1.91
Diluted earnings per common share		0.84			0.73			2.45			1.91
Cash dividends per common share		0.27			0.27			0.81			0.80
Basic weighted average shares outstanding		73,901,725			79,888,520			75,458,381			80,748,838
Diluted weighted average shares outstanding		74,046,838			79,907,672			75,553,798			80,821,807
PERFORMANCE RATIOS
Return on average assets		0.96	%		0.92	%		0.96	%		0.81	%
Return on average common equity		9.23	%		8.54	%		9.05	%		7.55	%

WAFD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended
	June 30, 2026				March 31, 2026			December 31, 2025			September 30, 2025				June 30, 2025
		(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	267,243			$	262,148		$	264,207		$	271,787			$	279,476
Mortgage-backed securities			46,569				44,341			38,902			32,953				27,855
Investment securities and cash equivalents			18,313				18,245			19,387			21,794				24,383
			332,125				324,734			322,496			326,534				331,714
INTEREST EXPENSE
Customer accounts			123,079				125,999			136,214			143,874				146,735
Borrowings and junior  subordinated debentures			27,708				21,165			15,171			12,754				16,991
			150,787				147,164			151,385			156,628				163,726
Net interest income			181,338				177,570			171,111			169,906				167,988
Provision for credit losses			11,000				4,000			3,500			3,000				2,000
Net interest income after provision			170,338				173,570			167,611			166,906				165,988
NON-INTEREST INCOME
Gain (loss) on sale of investment securities			112				—			—			—				—
Gain (loss) on termination of hedging derivatives			(12	)			426			24			32				56
Loan fee income			2,181				2,216			1,354			2,081				1,650
Deposit fee income			8,142				7,674			7,858			7,959				7,588
Other income			13,755				9,497			11,019			8,319				8,979
Total non-interest income			24,178				19,813			20,255			18,391				18,273
NON-INTEREST EXPENSE
Compensation and benefits			57,399				57,120			54,190			56,028				53,481
Occupancy			11,842				11,711			11,170			10,895				11,755
FDIC insurance premiums			5,542				5,050			5,400			4,400				5,150
Product delivery			7,067				7,110			6,574			6,558				6,621
Information technology			16,157				15,919			14,384			16,406				15,022
Other expense			12,327				12,947			14,003			12,706				12,298
Total non-interest expense			110,334				109,857			105,721			106,993				104,327
Gain (loss) on real estate owned, net			167				280			156			(681	)			(176	)
Income before income taxes			84,349				83,806			82,301			77,623				79,758
Income tax provision			18,219				18,258			18,105			17,026				17,806
Net income			66,130				65,548			64,196			60,597				61,952
Dividends on preferred stock			3,656				3,656			3,656			3,656				3,656
Net income available to common shareholders		$	62,474			$	61,892		$	60,540		$	56,941			$	58,296

WAFD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended
	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025
		(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share		$	0.85			$	0.82			$	0.79			$	0.73			$	0.73
Diluted earnings per common share			0.84				0.82				0.79				0.72				0.73
Cash dividends per common share			0.27				0.27				0.27				0.27				0.27
Basic weighted average shares outstanding			73,901,725				75,487,399				76,969,729				78,509,472				79,888,520
Diluted weighted average shares outstanding			74,046,838				75,574,228				77,015,554				78,573,457				79,907,672
PERFORMANCE RATIOS
Return on average assets			0.96	%			0.96	%			0.96	%			0.91	%			0.92	%
Return on average common equity			9.23				9.05				8.86				8.36				8.54
Net interest margin			2.81				2.81				2.70				2.71				2.69
Efficiency ratio			53.69				55.66				55.25				56.82				56.01

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, 2026				March 31, 2026				December 31, 2025				September 30, 2025			June 30, 2025
	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP		$	3,022,569			$	2,981,283			$	3,029,407		$	3,039,575			$	3,014,325
Less intangible assets - GAAP			443,670				445,511				443,085			442,093				444,291
Tangible shareholders' equity		$	2,578,899			$	2,535,772			$	2,586,322		$	2,597,482			$	2,570,034
Less preferred stock - GAAP			300,000				300,000				300,000			300,000				300,000
Tangible common shareholders' equity		$	2,278,899			$	2,235,772			$	2,286,322		$	2,297,482			$	2,270,034
Total assets - GAAP		$	27,596,970			$	27,568,785			$	27,285,744		$	26,699,699			$	26,731,915
Less intangible assets - GAAP			443,670				445,511				443,085			442,093				444,291
Tangible assets		$	27,153,300			$	27,123,274			$	26,842,659		$	26,257,606			$	26,287,624
Tangible Metrics
Common shares outstanding - GAAP			73,954,133				73,855,919				76,448,351			78,186,520				79,130,276
Tangible common equity per share		$	30.82			$	30.27			$	29.91		$	29.38			$	28.69
Tangible equity to tangible assets			9.50	%			9.35	%			9.64	%		9.89	%			9.78	%

WAFD, INC. AND SUBSIDIARIES NON-GAAP MEASURES (UNAUDITED)
		Three Months Ended
Average Tangible Measures	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025			June 30, 2025
		(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP		$	3,008,370			$	3,034,123			$	3,033,933		$	3,023,098			$	3,030,745
Less average preferred stock  - GAAP			300,000				300,000				300,000			300,000				300,000
Less average intangible assets - GAAP			444,665				445,155				442,226			443,382				445,733
Average tangible common equity		$	2,263,705			$	2,288,968			$	2,291,707		$	2,279,716			$	2,285,012
Average Assets - GAAP		$	27,612,152			$	27,350,614			$	26,852,389		$	26,540,782			$	26,813,500
Less average intangible assets - GAAP			444,665				445,155				442,226			443,382				445,733
Average tangible assets		$	27,167,487			$	26,905,459			$	26,410,163		$	26,097,400			$	26,367,767
Average Tangible Metrics
Net income - GAAP			66,130				65,548				64,196			60,597				61,952
Net income available to common shareholders - GAAP			62,474				61,892				60,540			56,941				58,296
Return on tangible common equity			11.04	%			10.82	%			10.57	%		9.99	%			10.20	%
Return on tangible assets			0.97	%			0.97	%			0.97	%		0.93	%			0.94	%

WAFD, INC. AND SUBSIDIARIES NON-GAAP MEASURES (UNAUDITED)
		Three Months Ended
Net Income Adjusted for Non-Operating Items	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025			June 30, 2025
		(Unaudited - In thousands, except for share and ratio data)
Non-interest income
(Gain)Loss on sale of branch property		$	(3,205	)		$	27			$	(3,214	)	$	467			$	4
Distribution received on LBC equity method investment			(225	)			(225	)			(237	)		(251	)			(255	)
(Gain)Loss on WaFd Bank equity method investment			(48	)			1,072				408			(815	)			304
Total non-interest income		$	(3,478	)		$	874			$	(3,043	)	$	(599	)		$	53
Net Income - GAAP		$	66,130			$	65,548			$	64,196		$	60,597			$	61,952
Non-interest income adjustments			(3,478	)			874				(3,043	)		(599	)			53
REO adjustments			(167	)			(280	)			(156	)		681				176
Income tax adjustment			787				(129	)			704			(18	)			(51	)
Net Income -  non-GAAP		$	63,272			$	66,013			$	61,701		$	60,661			$	62,130
Dividend on preferred stock			3,656				3,656				3,656			3,656				3,656
Net Income available to common shareholders - non-GAAP		$	59,616			$	62,357			$	58,045		$	57,005			$	58,474
Basic weighted average number			73,901,725				75,487,399				76,969,729			78,509,472				79,888,520
Diluted weighted average			74,046,838				75,574,228				77,015,554			78,573,457				79,907,672
Basic EPS - non-GAAP		$	0.81			$	0.83			$	0.75		$	0.73			$	0.73
Diluted EPS - non-GAAP			0.81				0.83				0.75			0.73				0.73

WAFD, INC. AND SUBSIDIARIES NON-GAAP MEASURES (UNAUDITED)
		Three Months Ended
Adjusted Efficiency Ratio	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025		June 30, 2025
		(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP		53.7	%		55.7	%		55.3	%	56.8	%		56.0	%
Net interest income - GAAP		$    181,338			$    177,570			$     171,111		$        169,906			$    167,988
Total interest income adjustments		—			—			—		—			—
Net interest income - non-GAAP		$    181,338			$    177,570			$     171,111		$        169,906			$    167,988
Non-interest expense - GAAP		$    110,334			$    109,857			$     105,721		$        106,993			$    104,327
Less non-operating expenses		—			—			—		—			—
Non-interest Expenses - non-GAAP		$    110,334			$    109,857			$     105,721		$        106,993			$    104,327
Non-interest income - GAAP		$      24,178			$      19,813			$       20,255		$           18,391			$      18,273
Total other income		(3,478)			874			(3,043)		(599)			53
Non-interest income - non-GAAP		$      20,700			$      20,687			$       17,212		$           17,792			$      18,326
Net Interest Income - non-GAAP		$    181,338			$    177,570			$     171,111		$        169,906			$    167,988
Non-interest income - non-GAAP		20,700			20,687			17,212		17,792			18,326
Total Income - non-GAAP		$    202,038			$    198,257			$     188,323		$        187,698			$    186,314
Adjusted Efficiency Ratio		54.6	%		55.4	%		56.1	%	57.0	%		56.0	%

WAFD, INC. AND SUBSIDIARIES NON-GAAP MEASURES (UNAUDITED)
		Three Months Ended
Adjusted ROA and ROE	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025			June 30, 2025
		(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP		$	66,130			$	65,548			$	64,196		$	60,597			$	61,952
Net income available to common shareholders - GAAP		$	62,474			$	61,892			$	60,540		$	56,941			$	58,296
Average Assets			27,612,152				27,350,614				26,852,389			26,540,782				26,813,500
Return on Assets			0.96	%			0.96	%			0.96	%		0.91	%			0.92	%
Average Common Equity		$	2,708,370			$	2,734,123			$	2,733,933		$	2,723,098			$	2,730,745
Return on Common Equity			9.23	%			9.05	%			8.86	%		8.36	%			8.54	%
Adjusted:
Net Income - non-GAAP		$	63,272			$	66,013			$	61,701		$	60,661			$	62,130
Net income available to common shareholders - non-GAAP		$	59,616			$	62,357			$	58,045		$	57,005			$	58,474
Average Assets			27,612,152				27,350,614				26,852,389			26,540,782				26,813,500
Adjusted Return on Assets			0.92	%			0.97	%			0.92	%		0.91	%			0.93	%
Average Common Equity			2,708,370				2,734,123				2,733,933			2,723,098				2,730,745
Adjusted Return on Common Equity			8.80	%			9.12	%			8.49	%		8.37	%			8.57	%

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.