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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2024

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 001-34654

WAFD, INC.

(Exact name of registrant as specified in its charter)

 

Washington

91-1661606

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

425 Pike Street

Seattle

Washington

98101

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (206) 624-7930

 

(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $1.00 par value per share			WAFD			NASDAQ Stock Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock			WAFDP			NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 ("Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes  ☒    No  ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer			☒			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒

The registrant had outstanding 81,551,336 shares of common stock as of January 31, 2025.

---

WAFD, INC. AND SUBSIDIARIES

 

PART I

Item 1.

Financial Statements (Unaudited)

The Consolidated Financial Statements of WaFd, Inc. and Subsidiaries filed as a part of the report are as follows:

Consolidated Statements of Financial Condition as of December 31, 2024 and September 30, 2024

3

Consolidated Statements of Operations for the three months ended December 31, 2024 and December 31, 2023

4

Consolidated Statements of Comprehensive Income for the three months ended December 31, 2024 and December 31, 2023

5

Consolidated Statements of Shareholders' Equity for the three months ended December 31, 2024 and December 31, 2023

6

Consolidated Statements of Cash Flows for the three months ended December 31, 2024 and December 31, 2023

7

Notes to Interim Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

57

Item 4.

Controls and Procedures

57

PART II

Item 1.

Legal Proceedings

58

Item 1A.

Risk Factors

58

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 3.

Defaults Upon Senior Securities

59

Item 4.

Mine Safety Disclosures

59

Item 5.

Other Information

59

Item 6.

Exhibits

60

Signatures

61

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WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

			December 31, 2024						September 30, 2024
			(In thousands, except share data)
ASSETS
Cash and cash equivalents			$	1,507,735					$	2,381,102
Available-for-sale securities, at fair value			2,743,731						2,572,709
Held-to-maturity securities, at amortized cost			537,348						436,972
Loans receivable, net of allowance for loan losses of $204,522 and $203,753			21,060,501						20,916,354
Interest receivable			103,147						102,827
Premises and equipment, net			248,924						247,901
Real estate owned			3,316						4,567
FHLB stock			128,396						95,617
Bank owned life insurance			269,473						267,633
Intangible assets, including goodwill of $414,723 and $411,360			449,213						448,425
Deferred tax assets, net			111,830						119,248
Other assets			520,840						466,975
			$	27,684,454					$	28,060,330
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Customer accounts
Transaction deposit accounts			$	11,853,859					$	11,817,185
Time deposit accounts			9,584,918						9,556,785
			21,438,777						21,373,970
Borrowings			2,863,675						3,267,589
Junior subordinated debentures			50,952						50,718
Advance payments by borrowers for taxes and insurance			20,188						61,330
Accrued expenses and other liabilities			289,226						306,423
			24,662,818						25,060,030
Commitments and contingencies (see Note I)
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; 154,247,734 and 154,007,429 shares issued; 81,373,760 and 81,220,269 shares outstanding			154,248						154,007
Additional paid-in capital			2,154,929						2,150,675
Accumulated other comprehensive income (loss), net of taxes			53,353						55,851
Treasury stock, at cost; 72,873,974 and 72,787,160 shares			(1,642,480)						(1,639,131)
Retained earnings			2,001,586						1,978,898
			3,021,636						3,000,300
			$	27,684,454					$	28,060,330

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

			Three Months Ended December 31,
			2024						2023
			(In thousands, except share data)
INTEREST INCOME
Loans receivable			$	286,597					$	245,792
Mortgage-backed securities			18,337						11,266
Investment securities and cash equivalents			40,183						29,788
			345,117						286,846
INTEREST EXPENSE
Customer accounts			162,150						96,671
Borrowings and junior subordinated debentures			27,536						37,938
			189,686						134,609
Net interest income			155,431						152,237
Provision for credit losses			—						—
Net interest income after provision			155,431						152,237
NON-INTEREST INCOME
Gain on sale of investment securities			20						81
Gain on termination of hedging derivatives			5						109
Loan fee income			1,345						844
Deposit fee income			7,046						6,802
Other income			7,286						6,331
Total non-interest income			15,702						14,167
NON-INTEREST EXPENSE
Compensation and benefits			59,927						49,841
Occupancy			10,788						9,371
FDIC insurance premiums			4,850						6,570
Product delivery			5,785						6,009
Information technology			14,192						12,866
Other expense			15,769						11,883
Total non-interest expense			111,311						96,540
Gain on real estate owned, net			429						1,826
Income before income taxes			60,251						71,690
Income tax expense			12,984						13,237
Net income			47,267						58,453
Dividends on preferred stock			3,656						3,656
Net income available to common shareholders			$	43,611					$	54,797
PER SHARE DATA
Basic earnings per common share			$	0.54					$	0.85
Diluted earnings per common share			0.54						0.85
Dividends paid on common stock per share			0.26						0.25
Basic weighted average number of shares outstanding			81,294,227						64,297,499
Diluted weighted average number of shares outstanding			81,401,599						64,312,110

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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Table of Contents

WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

			Three Months Ended December 31,
			2024						2023
			(In thousands)
Net income			$	47,267					$	58,453
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $5,793 and $(9,294)			(18,754)						31,276
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $76 and $(19)			(246)						63
Net unrealized gain (loss) from investment securities, net of reclassification adjustment			(19,000)						31,339
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $(5,101) and $9,281			16,498						(31,246)
Reclassification adjustment of net (gain) loss included in net income during the period from hedging derivatives, net of tax of $(1) and $0			4						—
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment			16,502						(31,246)
Other comprehensive income (loss)			(2,498)						93
Comprehensive income			$	44,769					$	58,546

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(UNAUDITED) 

(in thousands)			Preferred Stock			Common Stock			Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance at October 1, 2024			$	300,000		$	154,007		$	2,150,675		$	1,978,898		$	55,851		$	(1,639,131)		$	3,000,300
Net income			—			—			—			47,267			—			—			47,267
Other comprehensive loss			—			—			—			—			(2,498)			—			(2,498)
Dividends on common stock ($0.26 per share)			—			—			—			(20,923)			—			—			(20,923)
Dividends on preferred stock ($12.1875 per share)			—			—			—			(3,656)			—			—			(3,656)
Proceeds from stock issuances			—			89			2,616			—			—			—			2,705
Stock-based compensation expense			—			152			1,638			—			—			61			1,851
Treasury stock purchased			—			—			—			—			—			(3,410)			(3,410)
Balance at December 31, 2024			$	300,000		$	154,248		$	2,154,929		$	2,001,586		$	53,353		$	(1,642,480)		$	3,021,636
(in thousands)			Preferred Stock			Common Stock			Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance at October 1, 2023			$	300,000		$	136,467		$	1,687,634		$	1,867,749		$	46,921		$	(1,612,345)		$	2,426,426
Net income			—			—			—			58,453			—			—			58,453
Other comprehensive income			—			—			—			—			93			—			93
Dividends on common stock ($0.25 per share)			—			—			—			(15,989)			—			—			(15,989)
Dividends on preferred stock ($12.1875 per share)			—			—			—			(3,656)			—			—			(3,656)
Proceeds from stock issuances			—			55			1,394			—			—			—			1,449
Stock-based compensation expense			—			157			2,074			—			—			62			2,293
Treasury stock purchased			—			—			—			—			—			(17,065)			(17,065)
Balance at December 31, 2023			$	300,000		$	136,679		$	1,691,102		$	1,906,557		$	47,014		$	(1,629,348)		$	2,452,004

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

6

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WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED) 

			Three Months Ended December 31,
			2024						2023
			(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	47,267					$	58,453
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and other, net			44,350						(22,095)
Stock-based compensation expense			1,851						2,293
Loss (gain) on sale of investment securities			(20)						(81)
Net realized (gain) loss on sales of premises, equipment, and real estate owned			(433)						(3,571)
Impairment loss on premises and equipment			34						—
Decrease (increase) in accrued interest receivable			(320)						(19)
Decrease (increase) in federal and state income tax receivable			8,189						8,451
Decrease (increase) in cash surrender value of bank owned life insurance			(1,840)						(1,639)
Decrease (increase) in other assets			(25,136)						85,553
Increase (decrease) in federal and state income tax liabilities			—						1,478
Increase (decrease) in accrued expenses and other liabilities			(24,512)						(18,563)
Net cash provided by (used in) operating activities			49,430						110,260
CASH FLOWS FROM INVESTING ACTIVITIES
Origination of loans and principal repayments, net			(46,171)						(81,947)
Loans purchased			(133,641)						—
FHLB stock purchased			(97,944)						(156,375)
FHLB stock redeemed			65,166						145,255
Available-for-sale securities purchased			(310,999)						(49,380)
Principal payments and maturities of available-for-sale securities			114,882						64,120
Proceeds from sales of available-for-sale securities			797						2,624
Held-to-maturity securities purchased			(114,182)						—
Principal payments and maturities of held-to-maturity securities			13,786						8,438
Proceeds from sales of real estate owned			1,846						4,762
Equity method investments purchased			(3,000)						—
Increase in intangible assets			—						—
Net cash received (paid) in business combinations			(360)						(750)
Proceeds from sales of premises and equipment			1,689						421
Premises and equipment purchased and REO improvements			(6,446)						(8,195)
Net cash provided by (used in) investing activities			(514,577)						(71,027)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in customer accounts			64,807						(31,542)
Proceeds from borrowings			2,168,400						6,050,000
Repayments of borrowings			(2,575,001)						(5,825,000)
Proceeds from stock-based awards			2,510						1,220
Dividends paid on common stock			(20,923)						(15,989)
Dividends paid on preferred stock			(3,656)						(3,656)
Proceeds from employee stock purchase			195						229
Treasury stock purchased			(3,410)						(17,064)
Increase (decrease) in advances payments by borrowers for taxes and insurance			(41,142)						(33,306)
Net cash provided by (used in) financing activities			(408,220)						124,892
Increase (decrease) in cash and cash equivalents			(873,367)						164,125
Cash, cash equivalents and restricted cash at beginning of period			2,381,102						980,649
Cash, cash equivalents and restricted cash at end of period			$	1,507,735					$	1,144,774

(CONTINUED)

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

7

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WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

			Three Months Ended December 31,
			2024						2023
			(In thousands)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Non-cash financing activities
Preferred stock dividend payable			3,656						3,656
Cash paid (received) during the period for
Interest			228,660						131,204
Income tax			200						(738)

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE A – Summary of Significant Accounting Policies

Company and Nature of Operations - Washington Federal Bank, a federally-insured Washington state chartered commercial bank dba WaFd Bank (the “Bank” or “WaFd Bank”), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Washington Federal, Inc., a Washington corporation, was formed as the Bank’s holding company in November, 1994.

On September 27, 2023, Articles of Amendment were filed with the Washington Secretary of State to change the name of Washington Federal, Inc. to WaFd, Inc. This change was effective on September 29, 2023. As used throughout this document, the terms “WaFd” or the “Company” or “we” or “us” and “our” refer to WaFd, Inc. and its consolidated subsidiaries, and the term “Bank” refers to the operating subsidiary, Washington Federal Bank dba WaFd Bank.

The Company is headquartered in Seattle, Washington. The Bank conducts its activities through a network of 210 bank branches located in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, California and Texas.

Basis of Presentation - The Company has prepared the consolidated unaudited interim financial statements included in this report. All intercompany transactions and accounts have been eliminated in consolidation. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation are reflected in the interim financial statements.

On February 29, 2024, WaFd, Inc. closed its previously announced merger with Luther Burbank Corporation ("Luther Burbank" or "LBC"), a California corporation, on March 1, 2024 (the "Merger Date"). Pursuant to the Merger Agreement, at the Effective Time Luther Burbank merged with and into the Company (the “Corporate Merger”), with the Company surviving the Corporate Merger. Promptly following the Corporate Merger, Luther Burbank’s wholly-owned bank subsidiary, Luther Burbank Savings, merged with and into WaFd Bank with WaFd Bank as the surviving institution (the “Bank Merger”). The Corporate Merger and the Bank Merger are collectively referred to in this Quarterly Report on Form 10-Q as the “Merger.” As a result of the Merger, the Company's financial results as of December 31, 2024 are not directly comparable to the results of periods prior to the Merger Date.

The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes contained in the Company's 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on November 20, 2024 ("2024 Annual Financial Statements"). Interim results are not necessarily indicative of results for a full year.

Summary of Significant Accounting Policies - The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its 2024 Annual Financial Statements. There have not been any significant changes in the Company's significant accounting policies compared to those contained in its 2024 Annual Financial Statements.

Business Combinations - The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity recognizes the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes prevailing valuation techniques appropriate for the asset or liability being measured in determining these fair values. This method often involves estimates based on third party valuations based on discounted cash flow analyses or other valuation techniques, all of which are inherently subjective. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value if the fair value can be determined during the measurement period. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. Fair values are subject to refinement over the measurement period, not to exceed one year after the closing date.

Restricted Cash Balances - The Company was not required to maintain cash reserve balances with the Federal Reserve Bank as of December 31, 2024. As of December 31, 2024 and September 30, 2024, the Company held counterparty cash collateral of $235,860,000 and $168,200,000, respectively, related to derivative contracts.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Equity Securities - The Company records equity securities within Other assets in its Consolidated Statements of Financial Condition. These equity investments are accounted for under different methods.

•Low-income housing tax credit ("LIHTC") investments are accounted for under the proportional amortization method. Under this method, the initial book value (gross commitment amount) of the investment is amortized over time in proportion to the projected tax benefits to be received. This amortization is a component of income tax expense. See FN I for more information about the Company's LIHTC investments.

•For equity investments where the Company has significant influence, the Company applies the equity method of accounting, which adjusts the carrying value of the investment to recognize a proportionate share of the financial results of the investment entity, regardless of whether any distribution is made. Any adjustments to the fair value of these investments are recorded in Other income in the Consolidated Statements of Operations.

•For certain nonmarketable equity investments where the equity method of accounting is not applicable, the Company applies the fair value method. Any adjustments to the fair value of these investments are recorded in Other income in the Consolidated Statements of Operations. Fair value is determined by reference to readily determinable market values, if applicable. As these investments do not have readily determinable fair values, they are generally accounted for at cost minus impairment, if any, plus or minus changes resulting from observable transactions involving the same or similar investments from the same issuer. This practice is referred to as the measurement alternative.

•Equity investments in qualified real estate funds can use the net asset value ("NAV") expedient for fair value measurement. Under this method, the NAV is determined by the fund as fair value for the investment. At December 31, 2024, equity investments held by the Company and recorded at NAV had a carrying amount of $35,271,845 and a remaining unfunded commitment of $15,119,261. These NAV based investments cannot be transferred without consent and we do not have redemption rights. Equity investments measured at NAV are not classified in the fair value hierarchy.

Allowance for Credit Losses (Loans Receivable) - The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The current expected credit loss methodology (“CECL”) requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures).

The ACL consists of the allowance for loan losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable.

Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated two loan portfolio segments, commercial loans and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial loan portfolio segment is disaggregated into five classes: multi-family, commercial real estate, commercial and industrial, construction, and land acquisition and development. The risk of loss for the commercial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into five classes: single-family-residential mortgage, custom construction, consumer lot loans, home equity lines of credit, and other consumer. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each commercial and consumer loan portfolio class may also be further segmented based on risk characteristics.

For most loan portfolio classes, the historical loss experience is determined using a cohort methodology. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the cohort methodology. For any such

10

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

loan portfolio class, the weighted-average remaining maturity (“WARM”) methodology is being utilized until sufficient historical loss data is obtained. The WARM method multiplies an average annual loss rate by the expected remaining life of the loan pool to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class.

The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors and 2) reasonable and supportable forecast of future economic conditions and collateral values.

The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. The second qualitative adjustment noted above, economic conditions and collateral values, encompasses a one-year reasonable and supportable forecast period. The overlay adjustment for the reasonable and supportable forecast assumes an immediate reversion after the one-year forecast period to historical loss rates for the remaining life of the respective loan pool.

The Company may establish a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool if management deems it appropriate. If this occurs, these individually evaluated loans are removed from their respective pools. These loans typically represent collateral dependent loans but may also include other non-performing loans.

Allowance for Credit Losses (Held-to-Maturity Debt Securities) - For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. See Note F "Fair Value Measurements" for more information about HTM debt securities.

Allowance for Credit Losses (Available-for-Sale Debt Securities) - The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or recapture of) credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. See Note F "Fair Value Measurements" for more information about AFS debt securities.

Accrued Interest Receivable - The Company made the following elections regarding accrued interest receivable (“AIR”):

•Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition.

•Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements.

•Continuing the Company's policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment.

•Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner, as described above.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Non-Accrual Loans - Loans are placed on non-accrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on non-accrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet contractual obligations.

If a consumer loan is on non-accrual status before being modified, it will stay on non-accrual status following restructuring until it has been performing for at least six months, at which point it may be moved to accrual status. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made, management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual status.

Collateral-Dependent Loans - A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land.

Off-balance-sheet credit exposures - Off-balance-sheet credit exposures for the Company include unfunded loan commitments and letters of credit from the Federal Home Loan Banks of both Des Moines and San Francisco ("FHLB-DM" and "FHLB-SF", respectively), which are used as collateral for public funds deposits and as confirming letters of credit on letters of credit issued by the Bank. The reserve for unfunded commitments is recognized as a liability (other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. See Note I “Commitments and Contingencies” for more information.

Intangible assets - Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Other intangibles, including core deposit intangibles, are acquired assets that lack physical substance but can be distinguished from goodwill. Goodwill is not amortized but is evaluated for potential impairment on an annual basis and between tests if there are applicable circumstances such as material adverse changes in legal, business, regulatory and economic factors. We have determined our goodwill balance is all related to a single reporting unit and perform a quantitative impairment assessment. An impairment loss is recorded when the carrying amount of goodwill exceeds its implied fair value. If circumstances indicate that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. Other intangible assets are amortized over their estimated lives and are subject to impairment testing when events or circumstances change.

The Company performs a goodwill impairment assessment annually and continuously monitors for triggering events and circumstances that could negatively impact the key assumptions in determining the fair value of goodwill.

As a result of the Merger, the Company recorded $107,890,000 in goodwill and $37,022,000 in core deposit intangible assets. Additional information on the Merger and purchase price allocation is provided in Note B "Business Combination". The core deposit intangible asset value was determined by an analysis of the cost differential between the core deposits acquired, inclusive of estimated servicing costs, and alternative funding sources for those deposits. The core deposit intangible asset recorded is amortized on an accelerated basis over 6 years. In addition to the effects of the Merger, the Company added a small amount of intangibles during fiscal 2024 as the result of acquisitions made by subsidiary WAFD Insurance Group, Inc. No impairment losses separate from the scheduled amortization have been recognized in the periods presented.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The table below provides detail regarding the Company's intangible assets.

			Goodwill						Core Deposit and Other Intangibles						Total
			(In thousands)
Balance at September 30, 2024			$	411,360					$	37,065					$	448,425
Additions			3,363						180						3,543
Amortization			—						(2,755)						(2,755)
Balance at December 31, 2024			$	414,723					$	34,490					$	449,213

The table below presents the estimated future amortization expense of other intangibles for the next five years as of December 31, 2024.

Fiscal Year						Expected Expense
						(In thousands)
2025						$	7,121
2026						7,332
2027						5,582
2028						5,220
2029						5,127
Thereafter						4,108
Total Intangibles Assets						$	34,490

Subsequent events - The Company has evaluated events and transactions through the date the consolidated financial statements were issued for potential recognition or disclosure.

New Accounting Pronouncements - In October 2023, the FASB issued ASU 2023-06 Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. The amendments will be effective for the Company only if the SEC removes the related disclosure requirement from its existing regulations no later than June 30, 2027. If the SEC timely removes such a related requirement from its existing regulations, the corresponding amendments within the ASU will become effective for the Company on the same date with early adoption permitted. The Company does not expect the amendments in this update to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280) to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280. For public companies, amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Tax - Improvements to Income Tax Disclosures (Topic 740) which requires reporting companies to break out their income tax expense and tax rate reconciliation in more detail. For public companies, the requirements will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In March 2024, the FASB issued ASU 2024-02, Codification Improvements – Amendments to Remove References to the Concepts Statements. This accounting standards update removes references to various FASB Concept Statements in the codified accounting standards in order to avoid reliance or interpretations based on such Concept Statements, which are not authoritative. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This accounting standards update will require public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2026, for annual reporting and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company does not expect this ASU to have a material effect on our consolidated financial statements.

NOTE B – Business Combination

On March 1, 2024 ("the Merger Date"), WaFd, Inc. acquired Luther Burbank Corporation, headquartered in Santa Rosa, California. The Merger was effectively an all-stock transaction and has been accounted for as a business combination. See Note A "Summary of Significant Accounting Policies" for more information regarding the Merger and our policies pertaining to business combinations.

While the Company believes that the information available on the Merger Date provided a reasonable basis for estimating fair value, additional information may be obtained during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the Merger Date or the date the Company concludes that all necessary information about the facts and circumstances that existed as of the Merger Date have been obtained. Management anticipates that facts obtained during the measurement period could result in adjustments to the Merger Date valuation amounts presented herein.

The table below displays the amounts recognized as of the Merger Date for each major class of assets acquired and liabilities assumed:

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

			March 1, 2024
			(in thousands)
Total merger consideration						$	465,504
Fair value of assets acquired
Cash and cash equivalents			$	627,403
Investment securities			518,878
Loans receivable			3,186,891
Loans held for sale			3,017,506
Interest receivable			25,697
Premises and equipment			6,436
FHLB stock			35,831
Bank owned life insurance			17,781
Intangible assets			37,022
Deferred tax asset, net			125,151
Other assets			75,398
Total assets acquired			$	7,673,994
Fair value of liabilities assumed
Customer accounts			$	5,640,440
Borrowings			1,432,138
Junior subordinated debentures			50,175
Senior Debt			93,514
Accrued expenses and other liabilities			100,113
Total liabilities assumed			$	7,316,380
Net Assets Acquired						$	357,614
Goodwill						$	107,890

In connection with the Merger, the Company recorded approximately $107,890,000 of goodwill and $37,022,000 of other intangibles. Goodwill represents the excess of the purchase price over the fair value of the assets acquired net of fair value of liabilities assumed. Information regarding goodwill and the carrying amount and amortization of intangible assets are provided in Note A.

During the three months ended December 31, 2024, there were $239,000 in merger-related expenses compared to $517,000 during the three months ended December 31, 2023. Merger related expenses are recognized in the periods in which they were incurred.

The following table presents unaudited pro forma information as if the Merger had occurred on October 1, 2022. The pro forma adjustments give effect to any change in interest income due to the accretion of the discount (premium) associated with the fair value adjustments to acquired loans, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustment to acquired interest-bearing deposits, borrowings and long-term debt and the amortization of the core deposit intangible that would have resulted had the deposits been acquired as of October 1, 2022. The pro forma information is not indicative of what would have occurred had the Merger occurred as of the beginning of the year prior to the Merger Date. The pro forma amounts below do not reflect the Company's expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the Merger. As a result, actual amounts differed from the unaudited pro forma information presented.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

			Unaudited Pro Forma for the Three Months Ended
			December 31, 2024
			(in thousands)
Net-interest income			$	161,356
Non-interest income			15,702
Net income			50,611

NOTE C – Dividends and Share Repurchases

On December 6, 2024, the Company paid a regular dividend on common stock of $0.26 per share, which represented the 167th consecutive quarterly cash dividend. Dividends per share were $0.26 and $0.25 for the quarters ended December 31, 2024 and 2023, respectively.

For the three months ended December 31, 2024, the Company repurchased 89,528 shares at an average price of 34.14. As of December 31, 2024, there are 11,501,005 remaining shares authorized to be repurchased under the current Board approved share repurchase program.

The Company pays a cash dividend, if declared by the Board, of $12.1875 per share on its Series A Preferred Stock quarterly on January 15, April 15, July 15 and October 15. This dividend equals $0.30468750 per depositary share (each dividend, a "Series A Preferred Dividend"). The Company paid a Series A Preferred Dividend on both October 15, 2024 and January 15, 2025.

NOTE D – Loans Receivable

For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies" above.

The Company's loans held for investment are divided into two portfolio segments, commercial loans and consumer loans, with each of those segments further split into loan classes for purposes of estimating the allowance for credit losses.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table is a summary of loans receivable by loan portfolio segment and class.

			December 31, 2024									September 30, 2024
Gross loans by category			(In thousands)									(In thousands)
Commercial loans
Multi-family			$	4,829,736		21.6		%				$	4,658,119		20.8		%
Commercial real estate			3,637,986			16.2						3,757,040			16.8
Commercial & industrial			2,408,693			10.7						2,337,139			10.5
Construction			2,062,116			9.2						2,174,254			9.7
Land - acquisition & development			178,687			0.8						200,713			0.9
Total commercial loans			13,117,218			58.5						13,127,265			58.7
Consumer loans
Single-family residential			8,520,833			38.0						8,399,030			37.6
Construction - custom			335,715			1.5						384,161			1.7
Land - consumer lot loans			107,205			0.5						108,791			0.5
HELOC			275,132			1.2						266,151			1.2
Consumer			75,933			0.3						73,998			0.3
Total consumer loans			9,314,818			41.5						9,232,131			41.3
Total gross loans			22,432,036			100		%				22,359,396			100		%
Less:
Allowance for credit losses on loans			204,522									203,753
Loans in process			903,253									1,009,798
Net deferred fees, costs and discounts			263,760									229,491
Total loan contra accounts			1,371,535									1,443,042
Net loans			$	21,060,501								$	20,916,354

The Company elected to exclude accrued interest receivable from the amortized cost basis of loans for disclosure purposes and from the calculations of estimated credit losses. As of December 31, 2024, and September 30, 2024, AIR for loans totaled $91,214,000 and $92,362,000, respectively, and is included in the Interest receivable line item balance on the Company’s consolidated statements of financial condition.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

As of December 31, 2024, loans in the amount of $13,985,988,000 were pledged to secure borrowings and available lines of credit. None of the agencies to which we have pledged loans have the right to sell or re-pledge them.

The following table sets forth the amortized cost basis of non-accrual loans and loans 90 days or more past due and accruing.

 

			December 31, 2024																		September 30, 2024
			(In thousands, except ratio data)
			Non-accrual						Non-accrual with no ACL						90 days or more past due and accruing						Non-accrual						Non-accrual with no ACL						90 days or more past due and accruing
Commercial loans
Multi-family			$	24,077					$	—					$	—					$	18,743					$	—					$	—
Commercial real estate			26,292						—						—						26,362						—						—
Commercial & industrial			1,963						—						—						—						—						1,083
Construction			624						—						—						1,120						—						—
Land - acquisition & development			—						—						—						74						—						—
Total commercial loans			52,956						—						—						46,299						—						1,083
Consumer loans
Single-family residential			17,440						—						—						21,488						—						—
Construction - custom			848						—						—						848						—						—
Land - consumer lot loans			8						—						—						—						—						—
HELOC			786						—						—						596						—						—
Consumer			449						—						—						310						—						—
Total consumer loans			19,531						—						—						23,242						—						—
Total non-accrual loans			$	72,487					$	—					$	—					$	69,541					$	—					$	1,083
% of total loans			0.34		%																0.33		%

The Company recognized interest income on non-accrual loans of approximately $761,000 in the three months ended December 31, 2024 as a result of the collection of past due amounts. If these loans had been on accrual status and performed according to their original contract terms, the Company would have recognized interest income of approximately $924,000 for the three months ended December 31, 2024. Interest cash flows collected on non-accrual loans vary from period to period as those loans are brought current or are paid off.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following tables provide details regarding loan delinquencies by loan portfolio and class.

 

December 31, 2024									Days Delinquent Based on $ Amount of Loans																														% based on $
Type of Loan			Loans Receivable (Amortized Cost)						Current						30						60						90						Total Delinquent
			(In thousands, except ratio data)
Commercial Loans
Multi-family			$	4,740,797					$	4,717,293					$	8,539					$	2,520					$	12,445					$	23,504					0.50		%
Commercial real estate			3,610,758						3,610,088						88						34						548						670						0.02
Commercial & industrial			2,403,719						2,401,473						256						30						1,960						2,246						0.09
Construction			1,383,048						1,378,553						622						3,249						624						4,495						0.33
Land - acquisition & development			146,609						146,609						—						—						—						—						—
Total commercial loans			12,284,931						12,254,016						9,505						5,833						15,577						30,915						0.25
Consumer Loans
Single-family residential			8,362,881						8,333,284						6,639						6,107						16,851						29,597						0.35
Construction - custom			155,714						154,866						—						—						848						848						0.54
Land - consumer lot loans			106,489						106,156						326						—						7						333						0.31
HELOC			279,039						277,002						916						383						738						2,037						0.73
Consumer			75,969						75,257						133						130						449						712						0.94
Total consumer loans			8,980,092						8,946,565						8,014						6,620						18,893						33,527						0.37
Total Loans			$	21,265,023					$	21,200,581					$	17,519					$	12,453					$	34,470					$	64,442					0.30		%
Delinquency %									99.70%						0.09%						0.05%						0.16%						0.30%

September 30, 2024									Days Delinquent Based on $ Amount of Loans																														% based on $
Type of Loan			Loans Receivable (Amortized Cost)						Current						30						60						90						Total Delinquent
			(In thousands, except ratio data)
Commercial Loans
Multi-family			$	4,556,200					$	4,541,527					$	—					$	4,890					$	9,783					$	14,673					0.32		%
Commercial real estate			3,732,155						3,731,494						89						—						572						661						0.02
Commercial & industrial			2,332,732						2,330,686						—						1,023						1,023						2,046						0.09
Construction			1,424,016						1,421,966						930						—						1,120						2,050						0.14
Land - acquisition & development			160,317						160,243						—						—						74						74						0.05
Total commercial loans			12,205,420						12,185,916						1,019						5,913						12,572						19,504						0.16
Consumer Loans
Single-family residential			8,280,300						8,250,589						3,927						7,540						18,244						29,711						0.36
Construction - custom			182,415						181,567						—						—						848						848						0.46
Land - consumer lot loans			108,060						108,060						—						—						—						—						—
HELOC			269,857						267,347						1,387						577						546						2,510						0.93
Consumer			74,055						73,290						311						144						310						765						1.03
Total consumer loans			8,914,687						8,880,853						5,625						8,261						19,948						33,834						0.38
Total Loans			$	21,120,107					$	21,066,769					$	6,644					$	14,174					$	32,520					$	53,338					0.25		%
Delinquency %									99.75%						0.03%						0.07%						0.15%						0.25%

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Loans are considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The following table presents the amortized basis of collateral-dependent loans by loan class and collateral type as of December 31, 2024.

Loan type						Residential Real Estate						Commercial Real Estate
						($ in thousands)
Commercial loans
Multi-Family						$	—					$	24,701
Commercial Real Estate						—						29,671
Commercial & Industrial						—						—
Construction						624						—
Land - Acquisition & Development						—						—
Total commercial loans						624						54,372
Consumer loans
Single-Family Residential						3,825						—
Construction - Custom						88						—
Land - Consumer Lot Loans						—						—
HELOC						515						—
Consumer						—						—
Total consumer loans						4,428						—
Total Loans						$	5,052					$	54,372

Loans may be modified as the result of borrowers experiencing financial difficulty needing relief from the contractual terms of their loan. Most loan modifications to borrowers experiencing financial difficulty are accruing and performing loans where the borrower has approached the Company about modification due to temporary financial difficulties. Each request for modification is individually evaluated for merit and likelihood of success. Often a term extension is needed in the short term in order to evaluate the need for further corrective action. Payment delays and interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans.

For commercial loans, modifications could be any of the above-listed modification types available or a mix thereof. Modifications to extend the term, lower the payment amount or delay payment are made for the purposes of providing borrowers additional time to return to compliance with the terms of their loans. Renewals of commercial lines to borrowers experiencing financial difficulty are included within the disclosures below though many of these are made in the normal course of business.

For consumer loans, modifications typically consist of minor payment delays or deferrals and may include a modification of the existing contractual rate or extension of the maturity date, or both, when it is determined the borrowers are likely to successfully maintain compliance with these modified loan terms.

The following table presents the amortized basis of loans that were modified to borrowers experiencing financial difficulty during the period by loan class and modification type. All such modifications during the quarter were term extensions.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

			Three Months Ended December 31, 2024
Loan Class			Term Extension						% of Total Loan Class Balance						Wtd. Avg. Term Extension
			( in thousands)												(in months)
Commercial & industrial			9,396						0.39		%				14
Total commercial loans			9,396						0.08
Single-Family Residential			455						0.01						6
Total consumer loans			455						0.01
Total Loans			$	9,851					0.05		%

			Three Months Ended December 31, 2023
Loan Class			Term Extension						% of Total Loan Class Balance						Wtd. Avg. Term Extension
			( in thousands)												(in months)
Commercial real estate			$	143					—		%				20
Commercial & industrial			7,814						0.33						4
Construction			346						0.02						4
Total commercial loans			8,303						0.09
Total Loans			$	8,303					0.05		%

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of modification efforts. The following table presents the performance of such loans that have been modified for the twelve months ended December 31, 2024.

												Days Delinquent
Loan type						Current						30						60						90						Total
Commercial loans
Commercial real estate						$	23,329					$	—					$	—					$	—					$	23,329
Commercial & industrial						49,542						—						—						992						50,534
Construction						19,232						—						—						—						19,232
Total commercial loans						92,103						—						—						992						93,095
Consumer loans
Single-family residential						776						557						—						—						1,333
Total consumer loans						776						557						—						—						1,333
Total Loans						$	92,879					$	557					$	—					$	992					$	94,428

None of the loans modified in the twelve months ended December 31, 2024 defaulted after modification.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company evaluates the credit quality of its loans based on regulatory risk ratings and also consider other factors. Based on this evaluation, the loans are assigned a grade and classified as follows:

•Pass – the credit does not meet one of the definitions below.

•Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss of principal or interest is foreseen; however, proper supervision and management attention is required to deter further deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset.

•Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy due to the existence of one or more well defined weaknesses. In these situations, loss of principal is likely if the weakness is not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified will have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets risk rated substandard.

•Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans.

•Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if the collateral offers some identifiable protection.

The following tables present by primary credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of December 31, 2024 and September 30, 2024. There were no commercial loans classified as Loss as of either date.

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(UNAUDITED)

December 31, 2024			Term Loans Amortized Cost Basis by Origination Year
			YTD 2025			2024			2023			2022			2021			Prior to 2021			Revolving Loans			Revolving to Term Loans			Total Loans
Commercial loans
Multi-family
Pass			$	5,618		$	78,096		$	267,763		$	1,594,835		$	1,273,530		$	1,368,909		$	56,627		$	—		$	4,645,378
Special Mention			—			—			—			1,692			2,644			8,011			—			—			12,347
Substandard			—			—			—			24,500			7,355			48,607			—			—			80,462
Doubtful			—			—			—			—			—			2,610			—			—			2,610
Total			$	5,618		$	78,096		$	267,763		$	1,621,027		$	1,283,529		$	1,428,137		$	56,627		$	—		$	4,740,797
Commercial real estate
Pass			$	44,950		$	224,619		$	230,989		$	1,117,060		$	701,263		$	1,143,521		$	35,046		$	995		$	3,498,443
Special Mention			—			—			—			—			22,086			1,382			—			—			23,468
Substandard			—			—			—			4,776			2,253			81,818			—			—			88,847
Total			$	44,950		$	224,619		$	230,989		$	1,121,836		$	725,602		$	1,226,721		$	35,046		$	995		$	3,610,758
Gross Charge-offs			—			—			163			—			—			—			—						163
Commercial & industrial
Pass			$	11,132		$	77,063		$	144,166		$	224,384		$	272,034		$	249,495		$	1,178,878		$	166		$	2,157,318
Special Mention			—			2,062			—			—			—			—			59,255			—			61,317
Substandard			16,274			122			22,835			23,380			1,887			43,932			75,133			1,521			185,084
Total			$	27,406		$	79,247		$	167,001		$	247,764		$	273,921		$	293,427		$	1,313,266		$	1,687		$	2,403,719
Gross Charge-offs			—			—			—			—			—			308			—			49			357
Construction
Pass			$	17,375		$	172,782		$	392,323		$	513,286		$	164,966		$	—		$	63,313		$	—		$	1,324,045
Special Mention			—			—			—			18,094			3,400			—			—			—			21,494
Substandard			—			4,252			13,450			5,339			13,844			—			—			—			36,885
Doubtful			—			—			—			624			—			—			—			—			624
Total			$	17,375		$	177,034		$	405,773		$	537,343		$	182,210		$	—		$	63,313		$	—		$	1,383,048
Land - acquisition & development
Pass			$	7,596		$	24,063		$	12,291		$	50,156		$	36,229		$	14,841		$	—		$	—		$	145,176
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			153			698			275			—			—			307			—			—			1,433
Total			$	7,749		$	24,761		$	12,566		$	50,156		$	36,229		$	15,148		$	—		$	—		$	146,609
Total commercial loans
Pass			$	86,671		$	576,623		$	1,047,532		$	3,499,721		$	2,448,022		$	2,776,766		$	1,333,864		$	1,161		$	11,770,360
Special Mention			—			2,062			—			19,786			28,130			9,393			59,255			—			118,626
Substandard			16,427			5,072			36,560			57,995			25,339			174,664			75,133			1,521			392,711
Doubtful			—			—			—			624			—			2,610			—			—			3,234
Total			$	103,098		$	583,757		$	1,084,092		$	3,578,126		$	2,501,491		$	2,963,433		$	1,468,252		$	2,682		$	12,284,931
Gross Charge-offs			$	—		$	—		$	163		$	—		$	—		$	308		$	—		$	49		$	520

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

December 31, 2024			Term Loans Amortized Cost Basis by Origination Year
			YTD 2025			2024			2023			2022			2021			Prior to 2021			Revolving Loans			Revolving to Term Loans			Total Loans
Consumer loans
Single-family residential
Current			$	222,407		$	340,215		$	792,890		$	2,255,616		$	2,025,980		$	2,696,176		$	—		$	—		$	8,333,284
30 days past due			—			—			—			1,276			49			5,314			—			—			6,639
60 days past due			—			—			—			1,883			1,944			2,280			—			—			6,107
90+ days past due			—			—			914			2,593			738			12,606			—			—			16,851
Total			$	222,407		$	340,215		$	793,804		$	2,261,368		$	2,028,711		$	2,716,376		$	—		$	—		$	8,362,881
Construction - custom
Current			$	1,104		$	72,529		$	69,754		$	11,120		$	—		$	359		$	—		$	—		$	154,866
90+ days past due			—			—			—			848			—			—			—			—			848
Total			$	1,104		$	72,529		$	69,754		$	11,968		$	—		$	359		$	—		$	—		$	155,714
Land - consumer lot loans
Current			$	4,931		$	18,454		$	13,143		$	24,512		$	23,088		$	22,028		$	—		$	—		$	106,156
30 days past due			—			—			126			—			200			—			—			—			326
90+ days past due			—			—			—			—			—			7			—			—			7
Total			$	4,931		$	18,454		$	13,269		$	24,512		$	23,288		$	22,035		$	—		$	—		$	106,489
HELOC
Current			$	—		$	—		$	—		$	—		$	—		$	4,448		$	271,826		$	728		$	277,002
30 days past due			—			—			—			—			—			233			663			20			916
60 days past due			—			—			—			—			—			152			231			—			383
90+ days past due			—			—			—			—			—			8			730			—			738
Total			$	—		$	—		$	—		$	—		$	—		$	4,841		$	273,450		$	748		$	279,039
Consumer
Current			$	79		$	1,210		$	23		$	(15)		$	9,319		$	24,964		$	39,677		$	—		$	75,257
30 days past due			—			—			—			—			—			18			115			—			133
60 days past due			—			—			—			—			—			71			59			—			130
90+ days past due			—			—			—			—			—			32			417			—			449
Total			$	79		$	1,210		$	23		$	(15)		$	9,319		$	25,085		$	40,268		$	—		$	75,969
Gross Charge-offs			—			—			—			—			—			261			—			4			265
Total consumer loans
Current			$	228,521		$	432,408		$	875,810		$	2,291,233		$	2,058,387		$	2,747,975		$	311,503		$	728		$	8,946,565
30 days past due			—			—			126			1,276			249			5,565			778			20			8,014
60 days past due			—			—			—			1,883			1,944			2,503			290			—			6,620
90+ days past due			—			—			914			3,441			738			12,653			1,147			—			18,893
Total			$	228,521		$	432,408		$	876,850		$	2,297,833		$	2,061,318		$	2,768,696		$	313,718		$	748		$	8,980,092
Gross Charge-offs			$	—		$	—		$	—		$	—		$	—		$	261		$	—		$	4		$	265

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

September 30, 2024			Term Loans Amortized Cost Basis by Origination Year
			2024			2023			2022			2021			2020			Prior to 2020			Revolving Loans			Revolving to Term Loans			Total Loans
Commercial loans
Multi-family
Pass			$	62,038		$	198,790		$	1,645,460		$	1,203,005		$	577,037		$	716,573		$	56,627		$	16,753		$	4,476,283
Special Mention			—			—			1,698			2,655			2,572			5,452			—			—			12,377
Substandard			—			—			13,566			5,850			7,059			41,065			—			—			67,540
Total			$	62,038		$	198,790		$	1,660,724		$	1,211,510		$	586,668		$	763,090		$	56,627		$	16,753		$	4,556,200
Commercial real estate
Pass			$	216,520		$	252,923		$	1,086,200		$	723,600		$	475,313		$	797,877		$	35,249		$	—		$	3,587,682
Special Mention			—			—			—			22,216			8,682			9,399			—			—			40,297
Substandard			—			—			8,686			2,260			25,319			67,911			—			—			104,176
Total			$	216,520		$	252,923		$	1,094,886		$	748,076		$	509,314		$	875,187		$	35,249		$	—		$	3,732,155
Gross Charge-offs			—			—			—			—			—			203			—			—			203
Commercial & industrial
Pass			$	42,232		$	148,059		$	231,215		$	282,148		$	89,219		$	156,666		$	1,116,283		$	41,957		$	2,107,779
Special Mention			—			—			—			—			—			—			21,264			—			21,264
Substandard			2,142			19,818			35,717			2,284			13,227			44,870			85,627			4			203,689
Total			$	44,374		$	167,877		$	266,932		$	284,432		$	102,446		$	201,536		$	1,223,174		$	41,961		$	2,332,732
Gross Charge-offs			175			42			10			15			—			7			2,331			31			2,611
Construction
Pass			$	146,154		$	421,334		$	532,310		$	233,200		$	—		$	—		$	59,334		$	—		$	1,392,332
Special Mention			—			—			—			3,221			—			—			—			—			3,221
Substandard			82			8,622			6,060			13,699			—			—			—			—			28,463
Total			$	146,236		$	429,956		$	538,370		$	250,120		$	—		$	—		$	59,334		$	—		$	1,424,016
Land - acquisition & development
Pass			$	23,475		$	12,976		$	56,292		$	46,635		$	2,774		$	17,768		$	—		$	—		$	159,920
Substandard			—			—			—			—			74			323			—			—			397
Total			$	23,475		$	12,976		$	56,292		$	46,635		$	2,848		$	18,091		$	—		$	—		$	160,317
Gross Charge-offs			—			—			—			—			—			149			—			—			149
Total commercial loans
Pass			$	490,419		$	1,034,082		$	3,551,477		$	2,488,588		$	1,144,343		$	1,688,884		$	1,267,493		$	58,710		$	11,723,996
Special Mention			—			—			1,698			28,092			11,254			14,851			21,264			—			77,159
Substandard			2,224			28,440			64,029			24,093			45,679			154,169			85,627			4			404,265
Total			$	492,643		$	1,062,522		$	3,617,204		$	2,540,773		$	1,201,276		$	1,857,904		$	1,374,384		$	58,714		$	12,205,420
Gross Charge-offs			$	175		$	42		$	10		$	15		$	—		$	359		$	2,331		$	31		$	2,963

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

September 30, 2024			Term Loans Amortized Cost Basis by Origination Year
			2024			2023			2022			2021			2020			Prior to 2020			Revolving Loans			Revolving to Term Loans			Total Loans
Consumer loans
Single-family residential
Current			$	384,516		$	765,673		$	2,285,996		$	2,061,359		$	797,586		$	1,955,459		$	—		$	—		$	8,250,589
30 days past due			—			—			375			—			1,063			2,489			—			—			3,927
60 days past due			—			3,237			—			1,199			662			2,442			—			—			7,540
90+ days past due			—			820			3,454			1,339			1,027			11,604			—			—			18,244
Total			$	384,516		$	769,730		$	2,289,825		$	2,063,897		$	800,338		$	1,971,994		$	—		$	—		$	8,280,300
Gross Charge-offs			—			—			13			—			—			131			—			—			144
Construction - custom
Current			$	54,649		$	108,941		$	17,082		$	537		$	—		$	358		$	—		$	—		$	181,567
90+ days past due			—			—			848			—			—			—			—			—			848
Total			$	54,649		$	108,941		$	17,930		$	537		$	—		$	358		$	—		$	—		$	182,415
Land - consumer lot loans
Current			$	19,672		$	14,809		$	26,839		$	23,804		$	9,223		$	13,713		$	—		$	—		$	108,060
Total			$	19,672		$	14,809		$	26,839		$	23,804		$	9,223		$	13,713		$	—		$	—		$	108,060
HELOC
Current			$	—		$	—		$	—		$	—		$	—		$	4,176		$	262,055		$	1,116		$	267,347
30 days past due			—			—			—			—			—			216			1,171			—			1,387
60 days past due			—			—			—			—			—			392			185			—			577
90+ days past due			—			—			—			—			—			8			538			—			546
Total			$	—		$	—		$	—		$	—		$	—		$	4,792		$	263,949		$	1,116		$	269,857
Consumer
Current			$	1,515		$	33		$	(19)		$	9,440		$	8,000		$	18,329		$	35,992		$	—		$	73,290
30 days past due			—			—			—			—			—			92			219			—			311
60 days past due			—			—			—			—			—			—			144			—			144
90+ days past due			—			—			—			—			—			91			219			—			310
Total			$	1,515		$	33		$	(19)		$	9,440		$	8,000		$	18,512		$	36,574		$	—		$	74,055
Gross Charge-offs			—			—			—			—			—			139			379			—			518
Total consumer loans
Current			$	460,352		$	889,456		$	2,329,898		$	2,095,140		$	814,809		$	1,992,035		$	298,047		$	1,116		$	8,880,853
30 days past due			—			—			375			—			1,063			2,797			1,390			—			5,625
60 days past due			—			3,237			—			1,199			662			2,834			329			—			8,261
90+ days past due			—			820			4,302			1,339			1,027			11,703			757			—			19,948
Total			$	460,352		$	893,513		$	2,334,575		$	2,097,678		$	817,561		$	2,009,369		$	300,523		$	1,116		$	8,914,687
Gross Charge-offs			$	—		$	—		$	13		$	—		$	—		$	270		$	379		$	—		$	662

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE E – Allowance for Losses on Loans

For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies."

The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class. 

Three Months Ended December 31, 2024			Beginning Allowance						Charge-offs						Recoveries						Provision & Transfers1						Ending Allowance
			(In thousands)
Commercial loans
Multi-family			$	25,248					$	—					$	—					$	749					$	25,997
Commercial real estate			39,210						(163)						—						(1,174)						37,873
Commercial & industrial			58,748						(357)						4						2,079						60,474
Construction			22,267						—						—						(1,364)						20,903
Land - acquisition & development			7,900						—						12						(691)						7,221
Total commercial loans			153,373						(520)						16						(401)						152,468
Consumer loans
Single-family residential			40,523						—						456						1,138						42,117
Construction - custom			1,427						—						—						(208)						1,219
Land - consumer lot loans			2,564						—						—						(37)						2,527
HELOC			3,049						—						1						108						3,158
Consumer			2,817						(265)						81						400						3,033
Total consumer loans			50,380						(265)						538						1,401						52,054
Total ACL - loans			$	203,753					$	(785)					$	554					$	1,000					$	204,522

1Provision & transfer amounts within the table do not include provision recapture from unfunded commitments of $1,000,000.

Three Months Ended December 31, 2023			Beginning Allowance						Charge-offs						Recoveries						Provision & Transfers1						Ending Allowance
			(In thousands)
Commercial loans
Multi-family			$	13,155					$	—					$	—					$	636					$	13,791
Commercial real estate			28,842						—						2						163						29,007
Commercial & industrial			58,773						(62)						32						2,093						60,836
Construction			29,408						—						—						(545)						28,863
Land - acquisition & development			7,016						(18)						50						(390)						6,658
Total commercial loans			137,194						(80)						84						1,957						139,155
Consumer loans
Single-family residential			28,029						—						120						407						28,556
Construction - custom			2,781						—						—						(519)						2,262
Land - consumer lot loans			3,512						—						9						(176)						3,345
HELOC			2,859						—						1						113						2,973
Consumer			2,832						(213)						192						218						3,029
Total consumer loans			40,013						(213)						322						43						40,165
Total loans			$	177,207					$	(293)					$	406					$	2,000					$	179,320

1Provision & transfer amounts within the table do not include provision recapture from unfunded commitments of $2,000,000

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company recorded no provision for credit losses for the three months ended December 31, 2024, the same as the three months ended December 31, 2023. The lack of provision in the three months ended December 31, 2024 was primarily due to a stable loan receivable balance combined with stable credit performance. The increase in the overall ACL was offset by the equal decrease in the reserve for unfunded commitments. The lack of provision for the three months ended December 31, 2023 was for the same reason. Net charge-offs totaled $231,000 for the three months ended December 31, 2024, compared to $113,000 of net recoveries during the three months ended December 31, 2023.

Non-performing assets were $79,113,000, or 0.29% of total assets, at December 31, 2024, compared to $77,418,000, or 0.28% of total assets, at September 30, 2024. Non-accrual loans were $72,487,000 at December 31, 2024, compared to $69,541,000 at September 30, 2024. Delinquencies, as a percent of total loans, were 0.30% at December 31, 2024, compared to 0.25% at September 30, 2024.

The Company has an asset quality review function that analyzes its loan portfolio and reports the results of the review to its Board of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a grade and classified as described in Note D "Loans Receivable."

The following tables provide the amortized cost of loans receivable based on risk rating categories as previously defined.

December 31, 2024			Internally Assigned Grade
			Pass						Special mention						Substandard						Doubtful						Loss						Total
			(In thousands, except ratio data)
Loan type
Commercial loans
Multi-family			$	4,645,378					$	12,347					$	80,462					$	2,610					$	—					$	4,740,797
Commercial real estate			3,498,443						23,468						88,847						—						—						3,610,758
Commercial & industrial			2,157,318						61,317						185,084						—						—						2,403,719
Construction			1,324,045						21,494						36,885						624						—						1,383,048
Land - acquisition & development			145,176						—						1,433						—						—						146,609
Total commercial loans			11,770,360						118,626						392,711						3,234						—						12,284,931
Consumer loans
Single-family residential			8,345,441						—						17,440						—						—						8,362,881
Construction - custom			154,866						—						848						—						—						155,714
Land - consumer lot loans			106,481						—						8						—						—						106,489
HELOC			278,253						—						786						—						—						279,039
Consumer			75,539						—						430						—						—						75,969
Total consumer loans			8,960,580						—						19,512						—						—						8,980,092
Total			$	20,730,940					$	118,626					$	412,223					$	3,234					$	—					$	21,265,023
Total grade as a % of total loans			97.49		%				0.56		%				1.94		%				0.01		%				—		%

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September 30, 2024			Internally Assigned Grade
			Pass						Special mention						Substandard						Doubtful						Loss						Total Gross Loans
			(In thousands, except ratio data)
Loan type
Commercial loans
Multi-family			$	4,476,283					$	12,377					$	67,540					$	—					$	—					$	4,556,200
Commercial real estate			3,587,682						40,297						104,176						—						—						3,732,155
Commercial & industrial			2,107,780						21,264						203,688						—						—						2,332,732
Construction			1,392,332						3,221						28,463						—						—						1,424,016
Land - acquisition & development			159,919						—						398						—						—						160,317
Total commercial loans			11,723,996						77,159						404,265						—						—						12,205,420
Consumer loans
Single-family residential			8,258,812						—						21,488						—						—						8,280,300
Construction - custom			181,567						—						848						—						—						182,415
Land - consumer lot loans			108,060						—						—						—						—						108,060
HELOC			269,261						—						596						—						—						269,857
Consumer			73,824						—						231						—						—						74,055
Total consumer loans			8,891,524						—						23,163						—						—						8,914,687
Total loans			$	20,615,520					$	77,159					$	427,428					$	—					$	—					$	21,120,107
Total grade as a % of total gross loans			97.61		%				0.37		%				2.02		%				—		%				—		%

The following tables provide information on the amortized cost of loans receivable based on borrower payment activity.

December 31, 2024			Performing Loans												Non-Performing Loans
			Amount						% of Total Loans						Amount						% of Total Loans
			(In thousands, except ratio data)
Commercial loans
Multi-family			$	4,716,720					99.5		%				$	24,077					0.5		%
Commercial real estate			3,584,466						99.3						26,292						0.7
Commercial & industrial			2,401,756						99.9						1,963						0.1
Construction			1,382,424						100.0						624						0.0
Land - acquisition & development			146,609						100.0						—						—
Total commercial loans			12,231,975						99.6						52,956						0.4
Consumer loans
Single-family residential			8,345,441						99.8						17,440						0.2
Construction - custom			154,866						99.5						848						0.5
Land - consumer lot loans			106,481						100.0						8						0.0
HELOC			278,253						99.7						786						0.3
Consumer			75,520						99.4						449						0.6
Total consumer loans			8,960,561						99.8						19,531						0.2
Total loans			$	21,192,536					99.7		%				$	72,487					0.3		%

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September 30, 2024			Performing Loans												Non-Performing Loans
			Amount						% of Total Loans						Amount						% of Total Loans
			(In thousands, except ratio data)
Commercial loans
Multi-family			$	4,537,457					99.6		%				$	18,743					0.4		%
Commercial real estate			3,705,793						99.3						26,362						0.7
Commercial & industrial			2,332,732						100.0						—						—
Construction			1,422,896						99.9						1,120						0.1
Land - acquisition & development			160,243						100.0						74						—
Total commercial loans			12,159,121						99.6						46,299						0.4
Consumer loans
Single-family residential			8,258,812						99.7						21,488						0.3
Construction - custom			181,567						99.5						848						0.5
Land - consumer lot loans			108,060						100.0						—						—
HELOC			269,261						99.8						596						0.2
Consumer			73,745						99.6						310						0.4
Total consumer loans			8,891,445						99.7						23,242						0.3
Total loans			$	21,050,566					99.7		%				$	69,541					0.3		%

NOTE F – Fair Value Measurements

FASB ASC 820, Fair Value Measurement ("ASC 820") defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active exchange markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company has established and documented the process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, fair value is determined using valuation models or third-party appraisals. The following is a description of the valuation methodologies used to measure and report the fair value of financial assets and liabilities on a recurring or nonrecurring basis.

Measured on a Recurring Basis

Available-for-Sale Investment Securities and Derivative Contracts

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Securities available for sale are recorded at fair value on a recurring basis. The fair value of debt securities are priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and under GAAP are considered a Level 2 input method. Securities that are traded on active exchanges are measured using the closing price in an active market and are considered a Level 1 input method.

The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counter party to offset its interest rate risk. The Company has also entered into commercial loan hedges, mortgage pool hedges and borrowings hedges using interest rate swaps. The fair value of these interest rate swaps are estimated by a third-party pricing service using a discounted cash flow technique. These are considered a Level 2 input method.

 

The following tables present the balance and level in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (with the exception of those measured using the NAV practical expedient).

			December 31, 2024
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	294,193					$	—					$	294,193
Asset-backed securities			—						546,782						—						546,782
Municipal bonds			—						34,793						—						34,793
Corporate debt securities			—						267,874						—						267,874
Mortgage-backed securities
Agency pass-through certificates			—						1,600,089						—						1,600,089
Total available-for-sale securities			—						2,743,731						—						2,743,731
Client swap program hedges			—						56,862						—						56,862
Commercial loan fair value hedges			—						2,423						—						2,423
Mortgage loan fair value hedges			—						33,103						—						33,103
Borrowings cash flow hedges			—						138,870						—						138,870
Total financial assets			$	—					$	2,974,989					$	—					$	2,974,989
Financial Liabilities
Client swap program hedges			$	—					$	57,486					$	—					$	57,486
Total financial liabilities			$	—					$	57,486					$	—					$	57,486

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			September 30, 2024
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	314,204					$	—					$	314,204
Asset-backed securities			—						540,125												540,125
Municipal bonds			—						35,073						—						35,073
Corporate debt securities			—						296,282						—						296,282
Mortgage-backed securities
Agency pass-through certificates			—						1,387,025						—						1,387,025
Total available-for-sale securities			—						2,572,709						—						2,572,709
Client swap program hedges			—						46,758						—						46,758
Commercial loan fair value hedges			—						1,595						—						1,595
Mortgage loan fair value hedges			—						—						—						—
Borrowings cash flow hedges			—						117,271						—						117,271
Total financial assets			$	—					$	2,738,333					$	—					$	2,738,333
Financial Liabilities
Client swap program hedges			$	—					$	47,388					$	—					$	47,388
Mortgage loan fair value hedges									667												667
Total financial liabilities			$	—					$	48,055					$	—					$	48,055

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Measured on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans and real estate owned ("REO"). REO consists principally of properties acquired through foreclosure and branch properties no longer in use. From time to time, and on a nonrecurring basis, adjustments using fair value measurements are recorded to reflect increases or decreases based on the discounted cash flows, the current appraisal or estimated value of the collateral or REO property.

When management determines that the fair value of the collateral or the REO requires additional adjustments, either as a result of an updated appraised value or when there is no observable market price, the Company classifies the collateral dependent loan or real estate owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at December 31, 2024 included loans for which an allowance was established or a partial charge-off was recorded based on the fair value of collateral, as well as real estate owned where the fair value of the property was less than the cost basis.

The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2024 and December 31, 2023, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs.

 

			December 31, 2024																								Three Months Ended December 31, 2024
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans1			$	—					$	—					$	596					$	596					$	(271)
Real estate owned			—						—						—						—						—
Balance at end of period			$	—					$	—					$	596					$	596					$	(271)

1The gains (losses) represent re-measurements of collateral-dependent loans.

			December 31, 2023																								Three Months Ended December 31, 2023
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans1			$	—					$	—					$	781					$	781					$	(158)
Real estate owned			—						—						—						—						—
Balance at end of period			$	—					$	—					$	781					$	781					$	(158)

1The gains (losses) represent re-measurements of collateral-dependent loans.

At December 31, 2024, there was $681,000 in foreclosed residential real estate properties held as REO. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $6,281,000.

Fair Values of Financial Instruments

FASB ASC 825, Financial Instruments ("ASC 825") requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below.

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												December 31, 2024												September 30, 2024
						Level in Fair Value Hierarchy						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
												($ in thousands)
Financial assets
Cash and cash equivalents						1						$	1,507,735					$	1,507,735					$	2,381,102					$	2,381,102
Available-for-sale securities
U.S. government and agency securities						2						294,193						294,193						314,204						314,204
Asset-backed securities						2						546,782						546,782						540,125						540,125
Municipal bonds						2						34,793						34,793						35,073						35,073
Corporate debt securities						2						267,874						267,874						296,282						296,282
Mortgage-backed securities
Agency pass-through certificates						2						1,600,089						1,600,089						1,387,025						1,387,025
Total available-for-sale securities												2,743,731						2,743,731						2,572,709						2,572,709
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						537,348						485,106						436,972						401,046
Total held-to-maturity securities												537,348						485,106						436,972						401,046
Loans receivable						3						21,060,501						20,295,920						20,916,354						20,269,059
FHLB stock						2						128,396						128,396						95,617						95,617
Other assets - client swap program hedges						2						56,862						56,862						46,758						46,758
Other assets - commercial fair value loan hedges						2						2,423						2,423						1,595						1,595
Other assets - mortgage loan fair value hedges						2						33,103						33,103						—						—
Other assets - borrowings cash flow hedges						2						138,870						138,870						117,271						117,271
Financial liabilities
Time deposits						2						9,584,918						9,575,502						9,556,785						9,787,187
Borrowings						2						2,863,675						2,870,221						3,267,589						3,276,122
Junior subordinated debentures						3						50,952						50,834						50,718						50,240
Other liabilities - client swap program hedges						2						57,486						57,486						47,388						47,388
Other liabilities - mortgage loan fair value hedges						2						—						—						667						667

The following methods and assumptions were used to estimate the fair value of financial instruments:

Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value. 

Available-for-sale securities and held-to-maturity securities – Securities at fair value are primarily priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and are considered a Level 2 input method. Equity securities that are exchange traded are considered a Level 1 input method.

Loans receivable – Fair values are estimated first by stratifying the portfolios of loans with similar financial characteristics. Loans are segregated by type such as multi-family real estate, residential mortgage, construction, commercial, consumer and land loans. Each loan category is further segmented into fixed- and adjustable-rate interest terms. For residential mortgages and multi-family loans, the bank determined that its best exit price was by securitization. MBS benchmark prices are used as a base price, with further loan level pricing adjustments made based on individual loan characteristics such as FICO score, LTV, Property Type and occupancy. For all other loan categories an estimate of fair value is then calculated based on discounted cash flows using a discount rate offered and observed in the market on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature of the loans, as well as an annual loss rate based on historical losses to arrive at an estimated exit price

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fair value. Fair value for impaired loans is also based on recent appraisals or estimated cash flows discounted using rates commensurate with risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information.

FHLB stock – The fair value is based upon the par value of the stock that equates to its carrying value.

Time deposits – The fair value of time deposits is estimated by discounting the estimated future cash flows using rates offered for deposits with similar remaining maturities.

Borrowings – The fair value of FHLB advances and FRB borrowings is estimated by discounting the estimated future cash flows using rates currently available to the Company for debt with similar remaining maturities.

Junior subordinated deferrable interest debentures - The fair value of junior subordinated debentures is estimated using an income approach valuation technique. The significant unobservable input utilized in the estimation of fair value of these instruments is the credit risk adjusted spread. The credit risk adjusted spread represents the nonperformance risk of the liability, contemplating the inherent risk of the obligation. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads, the Company has classified this as a Level 3 fair value measurement.

Interest rate swaps – The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counterparty to offset its interest rate risk. The Company also uses interest rate swaps for various fair value hedges and cash flow hedges. The fair value of these interest rate swaps is estimated by a third-party pricing service using a discounted cash flow technique.

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The following tables provide details about the amortized cost and fair value of available-for-sale and held-to-maturity securities.

			December 31, 2024
			Amortized Cost						Gross Unrealized												Fair Value						Yield
									Gains						Losses
			($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year			$	2,184					$	1					$	(1)					$	2,184					5.02		%
1 to 5 years			4,583						1						(119)						4,465						2.69
5 to 10 years			195,082						1,327						(4)						196,405						5.45
Over 10 years			90,460						679						—						91,139						5.98
Asset-backed securities
1 to 5 years			11,047						—						(264)						10,783						5.33
5 to 10 years			8,026						13						—						8,039						5.48
Over 10 years			528,444						1,201						(1,685)						527,960						5.60
Corporate debt securities due
Within 1 year			45,011						—						(217)						44,794						4.61
1 to 5 years			74,556						507						—						75,063						5.74
5 to 10 years			161,731						—						(13,714)						148,017						4.57
Municipal bonds due
5 to 10 years			5,682						—						(375)						5,307						3.00
Over 10 years			29,783						17						(314)						29,486						5.85
Mortgage-backed securities
Agency pass-through certificates			1,656,178						3,994						(60,083)						1,600,089						4.15
			2,812,767						7,740						(76,776)						2,743,731						4.67
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			537,348						13						(52,255)						485,106						3.57
			537,348						13						(52,255)						485,106						3.57
			$	3,350,115					$	7,753					$	(129,031)					$	3,228,837					4.41		%

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			September 30, 2024
			Amortized Cost						Gross Unrealized												Fair Value						Yield
									Gains			Losses
			($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year			$	4,360					$	4					$	—					$	4,364					5.58		%
1 to 5 years			4,640						2						(124)						4,518						2.82
5 to 10 years			166,070						1,230						—						167,300						5.97
Over 10 years			137,799						394						(171)						138,022						6.29
Asset-backed securities
1 to 5 years			11,466						—						(284)						11,182						6.04
5 to 10 years			9,631						—						(3)						9,628						6.20
Over 10 years			520,756						600						(2,041)						519,315						6.15
Corporate debt securities due
Within 1 year			45,024						—						(367)						44,657						4.61
1 to 5 years			99,244						977						—						100,221						5.39
5 to 10 years			112,029						—						(10,625)						101,404						3.87
Over 10 years			50,000						—						—						50,000						6.85
Municipal bonds due
5 to 10 years			5,689						—						(243)						5,446						3.00
Over 10 years			29,793						—						(166)						29,627						5.85
Mortgage-backed securities
Agency pass-through certificates			1,420,376						7,324						(40,675)						1,387,025						4.09
			2,616,877						10,531						(54,699)						2,572,709						4.87
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			436,972						913						(36,839)						401,046						3.18
			436,972						913						(36,839)						401,046						3.18
			$	3,053,849					$	11,444					$	(91,538)					$	2,973,755					4.63		%

The Company purchased $310,999,000 of AFS investment securities during the three months ended December 31, 2024 and purchased $49,380,000 of AFS securities during the three months ended December 31, 2023. Sales of AFS securities totaled $797,000 during the three months ended December 31, 2024 compared to $2,624,000 during the prior year same period. For HTM investment securities, there were $114,182,000 in purchases during the three months ended December 31, 2024 and no purchases during the three months ended December 31, 2023. There were no sales of HTM investment securities during the three months ended December 31, 2024 or December 31, 2023. Substantially all of the agency mortgage-backed securities have contractual due dates that exceed 25 years.

The Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS securities, AIR totaled $10,331,000 and $9,311,000 as of December 31, 2024 and September 30, 2024, respectively. For HTM debt securities, AIR totaled $1,602,000 and $1,154,000 as of December 31, 2024 and September 30, 2024, respectively. AIR for securities is included in the Interest receivable line item balance on the Company’s consolidated statements of financial condition.

The following tables show the gross unrealized losses and fair value of securities as of December 31, 2024 and September 30, 2024, by length of time that individual securities in each category have been in a continuous loss position. There were 223 and 209 securities with an unrealized loss as of December 31, 2024 and September 30, 2024, respectively.

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

December 31, 2024			Less than 12 months												12 months or more												Total
			Unrealized Gross Losses						Fair Value						Unrealized Gross Losses						Fair Value						Unrealized Gross Losses						Fair Value
			(In thousands)
Available-for-sale securities
Corporate debt securities			$	—					$	—					$	(13,931)					$	142,810					$	(13,931)					$	142,810
Municipal bonds			—						—						(689)						14,777						(689)						14,777
U.S. government and agency securities			—						—						—						—						—						—
Asset-backed securities			(21)						29,965						(2,052)						213,102						(2,073)						243,067
Mortgage-backed securities			(875)						210,352						(59,207)						638,487						(60,082)						848,839
			(896)						240,317						(75,879)						1,009,176						(76,775)						1,249,493
Held-to-maturity securities
Mortgage-backed securities			(805)						139,477						(51,451)						324,133						(52,256)						463,610
			$	(1,701)					$	379,794					$	(127,330)					$	1,333,309					$	(129,031)					$	1,713,103

September 30, 2024			Less than 12 months												12 months or more												Total
			Unrealized Gross Losses						Fair Value						Unrealized Gross Losses						Fair Value						Unrealized Gross Losses						Fair Value
			(In thousands)
Available-for-sale securities
Corporate debt securities			$	—					$	—					$	(10,993)					$	146,060					$	(10,993)					$	146,060
Municipal bonds due			(15)						19,985						(394)						15,088						(409)						35,073
U.S. government and agency securities			—						—						—						—						—						—
Asset-backed securities			(249)						116,173						(2,373)						235,846						(2,622)						352,019
Mortgage-backed securities			(165)						103,283						(40,510)						728,968						(40,675)						832,251
			(429)						239,441						(54,270)						1,125,962						(54,699)						1,365,403
Held-to-maturity securities
Mortgage-backed securities			—						—						(36,839)						348,573						(36,839)						348,573
			$	(429)					$	239,441					$	(91,109)					$	1,474,535					$	(91,538)					$	1,713,976

Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities as of December 31, 2024 or September 30, 2024. The Company does not consider HTM investments to have any credit impairment.

The Company does not believe that the AFS debt securities that were in an unrealized loss position have any credit loss impairment as of December 31, 2024 or September 30, 2024. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is more likely than not the Company will not be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. AFS debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Corporate debt securities and municipal bonds are considered to have an issuer of high credit quality and the decline in fair value is due to changes in interest rates and other market conditions. The issuer continues to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE G – Derivatives and Hedging Activities

The following tables present the fair value, notional amount and balance sheet classification of derivative assets and liabilities at December 31, 2024 and September 30, 2024.

December 31, 2024			Derivative Assets												Derivative Liabilities
Interest rate contract purpose			Balance Sheet Location			Notional			Fair Value						Balance Sheet Location			Notional			Fair Value
			(In thousands)												(In thousands)
Client swap program hedges			Other assets			$	1,026,600		$	56,862					Other liabilities			$	1,026,600		$	57,486
Commercial loan fair value hedges			Other assets			34,341			2,423						Other liabilities			—			—
Mortgage loan fair value hedges			Other assets			2,570,000			33,103						Other liabilities			—			—
Borrowings cash flow hedges			Other assets			900,000			138,870						Other liabilities			—			—
						$	4,530,941		$	231,258								$	1,026,600		$	57,486

September 30, 2024			Derivative Assets												Derivative Liabilities
Interest rate contract purpose			Balance Sheet Location			Notional			Fair Value						Balance Sheet Location			Notional			Fair Value
			(In thousands)												(In thousands)
Client swap program hedges			Other assets			$	1,044,512		$	46,758					Other liabilities			$	1,044,512		$	47,388
Commercial loan fair value hedges			Other assets			37,042			1,595						Other liabilities			—			—
Mortgage loan fair value hedges			Other assets			—			—						Other liabilities			2,570,000			667
Borrowings cash flow hedges			Other assets			900,000			117,271						Other liabilities			—			—
						$	1,981,554		$	165,624								$	3,614,512		$	48,055

The Company enters into interest rate swaps to hedge interest rate risk. These arrangements include hedges of individual fixed rate commercial loans and also hedges of a specified portion of pools of prepayable fixed rate mortgage loans under the "portfolio layer" method. These relationships qualify as fair value hedges under FASB ASC 815, Derivatives and Hedging ("ASC 815"), which provides for offsetting of the recognition of gains and losses of the respective interest rate swap and the hedged items. Gains and losses on interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item.

Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative impact of changes in fair value attributable to the hedged risk. The hedge basis adjustment remains with the hedged item until the hedged item is de-recognized from the balance sheet. The following tables present the impact of fair value hedge accounting on the carrying value of the hedged items at December 31, 2024 and September 30, 2024.

(In thousands)			December 31, 2024
Balance sheet line item in which hedged item is recorded			Carrying value of hedged items			Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items
Loans receivable (1) (2)			$	7,095,344		$	(23,413)
			$	7,095,344		$	(23,413)

(1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are a portfolio layer expected to be remaining at the end of the hedging relationships. At December 31, 2024, the amortized cost basis of the closed loan portfolios used in the hedging relationships was

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

$7,063,384,000, the cumulative basis adjustment associated with the hedging relationships was $(21,080,000), and the amount of the designated hedged items was $2,570,000,000.

(2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At December 31, 2024, the amortized cost basis of the hedged commercial loans was $31,960,000 and the cumulative basis adjustment associated with the hedging relationships was $(2,333,000).

(In thousands)			September 30, 2024
Balance sheet line item in which hedged item is recorded			Carrying value of hedged items			Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items
Loans receivable (1) (2)			$	7,287,540		$	20,005
			$	7,287,540		$	20,005

(1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2024, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $7,252,017,000, the cumulative basis adjustment associated with the hedging relationships was $21,476,000, and the amount of the designated hedged items was $2,570,000,000. During fiscal 2024, hedge accounting was discontinued on a $300,000,000 last of layer hedge. A basis adjustment of $1,232,211 associated with the terminated portion of the hedge was deferred and is being accreted over the remaining life of the associated pool of loans.

(2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2024, the amortized cost basis of the hedged commercial loans was $35,523,000 and the cumulative basis adjustment associated with the hedging relationships was $(1,471,000).

The Company has entered into interest rate swaps to convert certain short-term borrowings to fixed rate payments. The primary purpose of these hedges is to mitigate the risk of changes in future cash flows resulting from increasing interest rates. For qualifying cash flow hedges under ASC 815, gains and losses on the interest rate swaps are recorded in accumulated other comprehensive income ("AOCI") and then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line item as the hedged cash flows. As of December 31, 2024, the maturities for hedges of adjustable rate borrowings ranged from one year to five years, with the weighted average being 4.8 years.

The following table presents the impact of derivative instruments (cash flow hedges on borrowings) on AOCI for the periods presented.

(In thousands)			Three Months Ended December 31,
Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships			2024			2023
Interest rate contracts:
Pay fixed/receive floating swaps on borrowings cash flow hedges			$	21,594		$	(40,527)
Reclassification adjustment of net (gain)/loss included in net income			5			—
Total pre-tax gain/(loss) recognized in AOCI			$	21,599		$	(40,527)

The following tables present the gain (loss) on derivative instruments in fair value and cash flow accounting hedging relationships under ASC 815 for the periods presented.

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WAFD, INC. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

			Three Months Ended December 31, 2024						Three Months Ended December 31, 2023
			Interest income on loans receivable			Interest expense on FHLB advances			Interest income on loans receivable			Interest expense on FHLB advances
			(In thousands)						(In thousands)
Interest income/(expense), including the effects of fair value and cash flow hedges			$	286,597		$	(27,536)		$	245,792		$	(37,938)
Gain/(loss) on fair value hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives			$	7,993					$	5,493
Recognized on derivatives			37,593						(25,496)
Recognized on hedged items			(43,418)						25,610
Net income/(expense) recognized on fair value hedges			$	2,168					$	5,607
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives						$	9,480					$	11,847
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense						(5)						—
Net income/(expense) recognized on cash flow hedges						$	9,475					$	11,847

The Company periodically enters into certain interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rate payments, while the Company retains a variable rate loan. Under these agreements, the Company enters into a variable rate loan agreement and a swap agreement with the client. The swap agreement effectively converts the client’s variable rate loan into a fixed rate. The Company enters into a corresponding swap agreement with a third party in order to offset its exposure on the variable and fixed components of the client's swap agreement. The interest rate swaps are derivatives under ASC 815, with changes in fair value recorded in earnings. The impact to the statement of operations for the three months ended December 31, 2024 was an increase in other income of $5,000 and an increase of $109,000 for the three months ended December 31, 2023.

The following tables present the impact of derivative instruments (client swap program) that are not designated in accounting hedges under ASC 815 for the periods presented.

(In thousands)						Three Months Ended December 31,
Derivative instruments			Classification of gain/(loss) recognized in income on derivative instrument			2024			2023
Interest rate contracts:
Pay fixed/receive floating swap			Other noninterest income			$	20,185		$	(28,709)
Receive fixed/pay floating swap			Other noninterest income			(20,180)			28,818
						$	5		$	109

NOTE H – Revenue from Contracts with Customers

Since net interest income on financial assets and liabilities is outside the scope of ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), a significant majority of Company revenues are not subject to that guidance.

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Revenue streams that are within the scope of ASC 606 are presented within non-interest income and are, in general, recognized as revenue at the same time the Company's obligation to the customer is satisfied. Most of the Company's customer contracts that are within the scope of the new guidance are cancelable by either party without penalty and are short-term in nature. These sources of revenue include depositor and other consumer and business banking fees, commission income, as well as debit and credit card interchange fees. In scope revenue streams represented approximately 3.2% of Company total revenue for the three months ended December 31, 2024, compared to 3.6% for the three months ended December 31, 2023. As this standard is immaterial to the consolidated financial statements, the Company has omitted certain disclosures in ASC 606, including the disaggregation of revenue table. Sources of non-interest income within the scope of the guidance include the following:

Deposit related and other service charges (recognized in Deposit fee income) - The Company's deposit accounts are governed by standardized contracts customary in the industry. Revenues are earned at a point in time or over time (monthly) from account maintenance fees and charges for specific transactions such as wire transfers, stop payment orders, overdrafts, debit card replacements, check orders and cashier’s checks. The Company’s performance obligation related to each of these fees is generally satisfied, and the related revenue recognized, at the time the service is provided (point in time or monthly). The Company is principal in each of these contracts.

Debit and Credit Card Interchange Fees (recognized in Deposit fee income) - The Company receives interchange fees from the debit card or credit card payment network based on transactions involving debit or credit cards issued by the Company, generally measured as a percentage of the underlying transaction. Interchange fees from debit and credit card transactions are recognized as the transaction processing services are provided by the network. The Company acts as an agent in the card payment network arrangement, so the interchange fees are recorded net of any expenses paid to the principal (the card payment network in this case).

Insurance Agency Commissions (recognized in Other income) - WAFD Insurance Group, Inc. is a wholly owned subsidiary of Washington Federal Bank that operates as an insurance agency, selling and marketing property and casualty insurance policies for a small number of high-quality insurance carriers. WAFD Insurance Group, Inc. earns revenue in the form of commissions paid by the insurance carriers for policies that have been sold. In addition to the origination commission, WAFD Insurance Group, Inc. may also receive contingent incentive fees based on the volume of business generated for the insurance carrier and based on policy renewal rates.

NOTE I – Commitments and Contingencies

Lease Commitments - The Company’s lease commitments consist primarily of real estate property for branches and office space under various non-cancellable operating leases that expire between 2025 and 2070. The majority of the leases contain renewal options and provisions for increases in rental rates based on a predetermined schedule or an agreed upon index.

Financial Instruments with Off-Balance Sheet Risk - Off-balance-sheet credit exposures for the Company include unfunded loan commitments and letters of credit from the FHLB of Des Moines and the FHLB of San Francisco. As of December 31, 2024, the Bank was obligated on FHLB letters of credit totaling $977,606,000 and unfunded loan commitments had a balance of $2,686,454,000. The reserve for unfunded commitments was $20,500,000 as of December 31, 2024, which is a decrease from $21,500,000 at September 30, 2024. See Note A "Summary of Significant Accounting Policies" for details regarding the reserve methodology.

Legal Proceedings - The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company.

LIHTC Investments - The Company has LIHTC investments which are designed to promote qualified affordable housing projects. These investments provide a return through the generation of income tax credits and other income tax benefits and support the Company's regulatory compliance with the Community Reinvestment Act. The Company has evaluated its involvement with the low-income housing projects and determined it does not have the ability to exercise significant influence over or participate in the decision-making activities related to the management of the projects, and therefore, is not the primary beneficiary, and does not consolidate these interests.

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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company records the investments in affordable housing partnerships of $122,319,000 and $112,342,000 as of December 31, 2024 and September 30, 2024, respectively, as a component of other assets on the Consolidated Statements of Financial Condition and uses the proportional amortization method to account for the investments. The Company's unfunded contribution commitments to these investments were $48,389,000 and $41,702,000 as of December 31, 2024 and September 30, 2024, respectively, which are recorded as a component of other liabilities on the Consolidated Statements of Financial Condition. Amortization related to these investments is recorded as a component of the provision for income taxes on the Condensed Consolidated Statements of Operation.

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WAFD, INC. AND SUBSIDIARIES

PART I – Financial Information

Item 2.                Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of WaFd, Inc. (the “Company” or “WaFd”) and its financial condition and results of operations should be read together with the financial statements and the related notes included elsewhere herein and the Consolidated Financial Statements, accompanying notes and management’s discussion and analysis of financial condition and results of operations and other disclosures contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the Securities and Exchange Commission ("SEC") on November 20, 2024 (the “2024 10-K”).

FORWARD LOOKING STATEMENTS

This discussion contains forward-looking statements that involve risks and uncertainties. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “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. These statements are not historical facts, but instead represent current expectations, plans or forecasts of the Company and are based on the beliefs and assumptions of the management of the Company and the information available to management at the time that these disclosures were prepared. The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and often are beyond the Company's control. Actual outcomes and results may differ materially from those expressed in, or implied by, the Company's forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this report, and including the Risk Factors included in the Company’s 2024 10-K, and in any of the Company's other subsequent Securities and Exchange Commission ("SEC") filings, which could cause the Company's future results to differ materially from the plans, objectives, goals, estimates, intentions and expectations expressed in forward-looking statements:

Operational Risks:

•fluctuating interest rates and the impact of inflation on the Company's business and financial results;

•risks associated with cybersecurity incidents and threat actors;

•risks related to the integration of Luther Burbank Corporation;

•Risks associated with changes in business structure and divestitures of lines of business, including the Bank's exist from the single family mortgage lending market;

•economic uncertainty or a deterioration in economic conditions or slowdowns in economic growth, including financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment;

•the effects of and changes in monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government;

•global economic trends, including developments related to Ukraine and Russia, the Middle East, and related negative financial impacts on our borrowers, the financial markets and the global economy;

•our ability to make accurate assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the assets securing these loans;

•risks related to operational, technological, and third-party provided technology infrastructure;

•risks associated with data privacy laws and regulations;

•risk associated with the development and use of artificial intelligence;

•risks associated with our failure to retain or attract key employees;

•risks associated with failures of our risk management framework;

•risks related to the impacts of climate change on our business or reputation;

•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, including on our asset credit quality and business operations, as well as its impact on general economic and financial market conditions;

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Regulatory and Litigation Risk:

•non-compliance with the USA PATRIOT Act, Bank Secrecy Act, Community Reinvestment Act, Fair Lending Laws, Real Estate Settlement Procedures Act, Truth-in-Lending Act, Flood Insurance Reform Act or other laws and regulations;

•the Company’s ability to manage the risks and costs involved in the remediation efforts to the Bank's Home Mortgage Disclosure Act (“HMDA”) compliance and reporting, and the impact of enforcement actions or legal proceedings with respect to the Bank’s HMDA program, including compliance with the Bank's 2013 and 2020 HMDA Consent Orders;

•legislative and regulatory limitations, including those arising under the Dodd-Frank Act, the Washington Commercial Bank Act and potential limitations in the manner in which the Company conducts its business and undertakes new investments and activities;

•risks associated with increases to deposit insurance premiums or special assessments;

•litigation risks resulting in significant expenses, losses and reputational damage;

•environmental risks resulting from our real estate lending business;

Market and Industry Risk:

•eroding confidence in the banking system and regional banks in particular;

•downturns in the real estate market;

•changes in banking operations, including a shift from retail to online activities;

•changes in other economic, competitive, governmental, regulatory and technological factors affecting the Company's markets, operations, pricing, products, services and fees;

•risks associated with inadequate or faulty underwriting and loan collection practices;

•risks associated with our geographic concentration, including the effects of a severe economic downturn, including high unemployment rates and declines in housing prices and both commercial and residential property values, in our primary market areas;

•industry deficiencies in foreclosure practices, including delays and challenges in the foreclosure process;

•impairment of goodwill;

Competitive Risks:

•competition from other financial institutions and new market participants, offering services similar to those offered by the Bank;

•our ability to grow organically or through acquisitions;

•risks associated with our entry into the California market.

Security Ownership Risks:

•our ability to continue to pay dividends, including on our outstanding Series A Preferred Stock;

•risks related to the volatility of our Common Stock, and future dilution;

•the ability of the Company to obtain external financing to fund its operations or obtain financing on favorable terms;

•risks related to Washington's anti-takeover statute;

•effects of activist shareholders;

General Risks:

•the success of the Company at managing the risks involved in the foregoing and managing its business; and

•the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond the Company's control.

For the reasons described above, we caution you against relying on any forward-looking statements. You should not consider the summary of such factors to be an exhaustive statement of all of the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, all forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, changes to future operating results over time, or the impact of circumstances arising after the date the forward-looking statement was made.

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WAFD, INC. AND SUBSIDIARIES

GENERAL & BUSINESS DESCRIPTION

Washington Federal Bank, a federally-insured Washington state chartered commercial bank dba WaFd Bank (the "Bank" or "WaFd Bank"), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. WaFd, Inc., a Washington corporation, was formed as the Bank’s holding company in November, 1994. On September 27, 2023, the Company filed Articles of Amendment to its Restated Articles of Incorporation, as amended, with the Washington Secretary of State, to change its name from Washington Federal, Inc. to WaFd, Inc. This change was effective on September 29, 2023. As used throughout this document, the terms "WaFd," the "Company" or "we" or "us" and "our" refer to WaFd, Inc. and its consolidated subsidiaries, and the term "Bank" or "WaFd Bank" refers to its bank operating subsidiary. The Company is headquartered in Seattle, Washington.

CRITICAL ACCOUNTING POLICIES

See Note A to the Consolidated Financial Statements in "Item 1. Financial Statements" above. Also, refer to "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2024 10-K.

ASSET QUALITY & ALLOWANCE FOR CREDIT LOSSES

See Note A, D and E to the Consolidated Financial Statements in "Item 1. Financial Statements" above. Also, refer to "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2024 10-K.

INTEREST RATE RISK

Based on management's assessment of the current interest rate environment, the Company has taken steps, including growing shorter-term loans and transaction deposit accounts, to reduce its interest rate risk profile. The mix of transaction and savings accounts is 55% of total deposits as of December 31, 2024 while the composition of the investment securities portfolio is 54% variable and 46% fixed rate. When interest rates rise, the fair value of the investment securities with fixed rates will decrease and vice versa when interest rates decline. The Company has $537,348,000 of mortgage-backed securities that it has designated as HTM and are carried at amortized cost. As of December 31, 2024, the net unrealized loss on these securities was $52,242,000. The Company has $2,743,731,000 of AFS securities that are carried at fair value. As of December 31, 2024, the net unrealized loss on these securities was $69,036,000. The Company has executed interest rate swaps to hedge interest rate risk on certain FHLB borrowings. The unrealized gain on these interest rate swaps as of December 31, 2024 was $138,870,000. All of the above are pre-tax net unrealized gains or losses.

The Company relies on various measures of interest rate risk, including an asset/liability analysis, modeling of changes in forecasted net interest income under various rate change scenarios, and the impact of interest rate changes on the net portfolio value (“NPV”) of the Company.

Net Interest Income Sensitivity - The Company estimates the sensitivity of its net interest income to changes in market interest rates using an interest rate simulation model that includes assumptions related to the level of balance sheet growth, deposit repricing characteristics and the rate of prepayments for multiple interest rate change scenarios. Interest rate sensitivity depends on certain repricing characteristics in the Company's interest-earning assets and interest-bearing liabilities, including the maturity structure of assets and liabilities and their repricing characteristics during the periods of changes in market interest rates. The analysis assumes a constant balance sheet. Actual results would differ from the assumptions used in this model, as management monitors and adjusts loan and deposit pricing and the size and composition of the balance sheet to respond to changing interest rates.

The following table shows the potential impact of changing interest rates on net income for one year and compares the current model results to the prior quarter. The Company's focus is primarily on the impact of abrupt upward or downward changes in short term rates. It is important to note that this is not a forecast or prediction of future events, but is used as a tool for measuring potential risk. This analysis assumes zero balance sheet growth and a constant percentage composition of assets and liabilities.

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			Potential Increase (Decrease) in Net Interest Income
Basis Point Increase (Decrease) in Interest Rates			December 31, 2024						September 30, 2024
			(In thousands, except percentages)
(200)			$	26,825		3.50		%	$	(8,414)		(1.02)		%
(100)			15,102			1.97			1,702			0.21
100			10,285			1.34			(274)			(0.03)
200			24,668			3.22			22,686			2.76

NPV Sensitivity - Another method used to quantify interest rate risk is the NPV analysis. This analysis calculates the difference between the present value of interest-bearing liabilities and the present value of expected cash flows from interest-earning assets and off-balance-sheet contracts. The following tables set forth an analysis of the Company’s interest rate risk as measured by the estimated changes in NPV resulting from instantaneous and sustained parallel shifts in the yield curve (measured in 100-basis-point increments) and compares the current model results to the prior quarter results.

			Potential Increase (Decrease) in NPV
Basis Point Increase (Decrease) in Interest Rates			December 31, 2024						September 30, 2024
			(In thousands, except percentages)
(200)			$	501,091		16.80		%	$	272,670		9.16		%
(100)			153,501			5.15			68,683			2.31
100			(543,836)			(18.23)			(505,028)			(16.96)
200			(848,408)			(28.44)			(740,588)			(24.87)

Prepayment speeds continue to be low at December 31, 2024 but increasing with the Bank's conditional payment rate ("CPR") for single family mortgages at 8.10%, up from 6.60% the year before.

Net Interest Margin - Net interest margin is measured as net interest income divided by average earning assets for the period. Net interest margin was 2.39% for the quarter ended December 31, 2024 compared to 2.91% for the quarter ended December 31, 2023. The yield on interest-earning assets decreased 16 basis points to 5.31% and the cost of interest-bearing liabilities decreased 32 basis points to 3.48% over that same period. The lower yield on interest-earning assets was primarily due to the impact of rate reductions on adjustable rate assets and cash. This decrease out-paced the decrease in interest-bearing liabilities resulted primarily from customer deposits repricing at a slower rate.

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The following table sets forth the information explaining the changes in the net interest margin for the period indicated compared to the same period one year ago.

			Three Months Ended December 31, 2024																		Three Months Ended December 31, 2023
			Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
			($ in thousands)																		($ in thousands)
Assets
Loans receivable			$	20,954,663					$	286,597					5.43		%				$	17,533,944					$	245,792					5.58		%
Mortgage-backed securities			1,882,688						18,337						3.86						1,337,174						11,266						3.35
Cash & Investments			2,855,030						37,941						5.27						1,851,301						27,354						5.88
FHLB stock			106,062						2,242						8.39						124,019						2,434						7.81
Total interest-earning assets			25,798,443						345,117						5.31		%				20,846,438						286,846						5.47		%
Other assets			1,706,133																		1,535,021
Total assets			$	27,504,576																	$	22,381,459
Liabilities and Equity
Interest-bearing customer accounts			$	18,743,048					$	162,150					3.43		%				$	13,248,450					$	96,671					2.90		%
Borrowings			2,899,012						27,536						3.77						3,718,207						37,938						4.06
Total interest-bearing liabilities			21,642,060						189,686						3.48		%				16,966,657						134,609						3.16		%
Noninterest-bearing customer accounts			2,523,510																		2,654,982
Other liabilities			323,809																		312,240
Total liabilities			24,489,379																		19,933,879
Shareholders' equity			3,015,197																		2,447,580
Total liabilities and equity			$	27,504,576																	$	22,381,459
Net interest income/interest rate spread									$	155,431					1.83		%										$	152,237					2.32		%
Net interest margin (NIM)															2.39		%																2.91		%

As of December 31, 2024, total assets had decreased by $375,876,000 to $27,684,454,000 from $28,060,330,000 at September 30, 2024. During the three months ended December 31, 2024, loans receivable increased $144,147,000, investment securities increased by $271,398,000, and FHLB stock increased by $32,779,000 while cash and cash equivalents decreased by $873,367,000.

Cash and cash equivalents of $1,507,735,000 and shareholders’ equity of $3,021,636,000 as of December 31, 2024 provide management with flexibility in managing interest rate risk going forward.

LIQUIDITY AND CAPITAL RESOURCES

The principal sources of funds for the Company's activities are loan repayments (including prepayments), net deposit inflows, sales and repayments of investments and borrowings and retained earnings, if applicable. The Company's principal sources of revenue are interest on loans and interest and dividends on investments. Additionally, the Company earns fee income for loan, deposit, insurance and other services.

The Bank has a credit line with the Federal Home Loan Bank of Des Moines ("FHLB - DM") of up to 45% of total assets depending on specific collateral eligibility. This line provides the Bank a substantial source of additional liquidity. The Bank has entered into borrowing agreements with the FHLB - DM to borrow funds under a short-term floating rate cash management advance program and fixed-rate term loan agreements. All borrowings are secured by stock of the FHLB - DM, deposits with the FHLB - DM, and a blanket pledge of qualifying loans receivable. The Bank also has a credit line with the Federal Home Loan Bank of San Francisco ("FHLB - SF") in support of LBC borrowings from the FHLB - SF, but the Bank is unable to take down new advances against this line. The FHLB - SF credit line is secured by a line-item pledge of single-family residential mortgages that are specifically identified.

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To ensure ample contingent liquidity the Bank participates in the FRB of San Francisco Borrower-in-Custody program which collateralizes primary credit borrowings and serves as a backstop for the FHLB - DM credit line. Due to differing program requirements between the FHLB - DM and FRB of San Francisco, participating in both increases the amount of eligible collateral that may be pledged in support of contingent liquidity needs. The Bank is also eligible to borrow under the Federal Reserve Bank's primary credit program.

Customer account balances have remained stable, increasing by $64,807,000, or 0.3%, to $21,438,777,000 at December 31, 2024 compared with $21,373,970,000 at September 30, 2024. Total borrowings were $2,863,675,000 as of December 31, 2024 a decrease from $3,267,589,000 at September 30, 2024.

The Company's cash and cash equivalents totaled $1,507,735,000 at December 31, 2024, a decrease from $2,381,102,000 at September 30, 2024. This decrease served to fund loan growth and purchases of investment securities and pay down borrowings.

The Company’s shareholders' equity at December 31, 2024 was $3,021,636,000, or 10.91% of total assets. This is an increase of $21,336,000 from September 30, 2024 when shareholders' equity was $3,000,300,000, or 10.69% of total assets. The Company’s shareholders' equity was impacted in the three months ended December 31, 2024 by net income of $47,267,000, the payment of $20,923,000 in common stock dividends, payment of $3,656,000 in preferred stock dividends, treasury stock purchases of $3,410,000, as well as the other comprehensive loss of $2,498,000. The ratio of tangible capital to tangible assets at December 31, 2024 was 9.45%. Management believes the Company's strong equity position allows it to manage balance sheet risk and provide the capital support needed for controlled growth in a regulated environment.

WaFd, Inc. and its banking subsidiary are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly discretionary actions by regulators that, if undertaken, could have a material adverse effect on the Company's financial statements.

Federal banking agencies establish regulatory capital rules that require minimum capital ratios and establish criteria for calculating regulatory capital. Minimum capital ratios for four measures are used for assessing capital adequacy. The standards are indicated in the table below. The common equity tier 1 capital ratio recognizes common equity as the highest form of capital. The denominator for all except the leverage ratio is risk weighted assets. The rules set forth a “capital conservation buffer” of up to 2.5%. In the event that a bank’s capital levels fall below the minimum ratios plus these buffers, the bank's regulators may place restrictions on it. These restrictions include reducing dividend payments, share buy-backs, and staff bonus payments. The purpose of these buffers is to require banks to build up capital outside of periods of stress that can be drawn down during periods of stress. As a result, even during periods where losses are incurred, the minimum capital ratios can still be met.

There are also standards for Adequate and Well Capitalized criteria that are used for “Prompt Corrective Action” purposes. To remain categorized as well capitalized, the Bank and the Company must maintain minimum common equity risk-based, tier 1 risk-based, total risk-based and tier 1 leverage ratios as set forth in the following table.

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As of December 31, 2024 and September 30, 2024, the Company and the Bank met all capital adequacy requirements to which they are subject, and the Bank's regulators categorized it as well capitalized under the regulatory framework for prompt corrective action.

			Actual												Minimum Capital Adequacy Guidelines						Minimum Well-Capitalized Guidelines
($ in thousands)			Capital						Ratio						Ratio						Ratio
December 31, 2024
Common Equity Tier I risk-based capital ratio:
The Company			$	2,180,527					11.45		%				4.50		%				NA
The Bank			2,466,081						12.95		%				4.50		%				6.50		%
Tier I risk-based capital ratio:
The Company			2,480,527						13.02		%				6.00		%				NA
The Bank			2,466,081						12.95		%				6.00		%				8.00		%
Total risk-based capital ratio:
The Company			2,749,098						14.43		%				8.00		%				NA
The Bank			2,683,700						14.10		%				8.00		%				10.00		%
Tier 1 Leverage ratio:
The Company			2,480,527						9.16		%				4.00		%				NA
The Bank			2,466,081						9.12		%				4.00		%				5.00		%
September 30, 2024
Common Equity Tier 1 risk-based capital ratio:
The Company			$	2,153,721					11.31		%				4.50		%				NA
The Bank			2,463,266						12.94		%				4.50		%				6.50		%
Tier I risk-based capital ratio:
The Company			2,453,721						12.88		%				6.00		%				NA
The Bank			2,463,266						12.94		%				6.00		%				8.00		%
Total risk-based capital ratio:
The Company			2,722,290						14.29		%				8.00		%				NA
The Bank			2,681,116						14.08		%				8.00		%				10.00		%
Tier 1 Leverage ratio:
The Company			2,453,721						8.90		%				4.00		%				NA
The Bank			2,463,266						8.94		%				4.00		%				5.00		%

CHANGES IN FINANCIAL CONDITION

Cash and cash equivalents - Cash and cash equivalents were $1,507,735,000 at December 31, 2024, a decrease of $873,367,000, or 36.7%, since September 30, 2024. This decrease served to fund loan growth and purchases of investment securities and pay down borrowings.

Available-for-sale and held-to-maturity investment securities - AFS securities increased $171,022,000, or 6.6%, during the three months ended December 31, 2024, a result of securities purchases of $310,999,000 offset by unrealized losses during the period of $24,547,000 and principal repayments and maturities of $114,882,000. During the same period, the balance of HTM securities increased by $100,376,000 primarily due to purchases of $114,182,000 offset by principal pay-downs and maturities of $13,786,000. As of December 31, 2024, the Company had a total net unrealized loss on AFS securities of $69,036,000, which is included on a net of tax basis in accumulated other comprehensive income (loss).

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Substantially all of the Company’s HTM and AFS debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. The Company did not record an allowance for credit losses for HTM securities as of December 31, 2024 or September 30, 2024 as the investment portfolio consists primarily of U.S. government agency mortgage-backed securities that management deems to have immaterial risk of loss. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolios as well as the economic conditions at future reporting periods. The Company does not believe that any of its AFS debt securities had credit loss impairment as of December 31, 2024 or September 30, 2024, therefore, no allowance was recorded.

Loans receivable - Loans receivable, net of related contra accounts, increased by $144,147,000 to $21,060,501,000 at December 31, 2024, compared to $20,916,354,000 at September 30, 2024. The increase was primarily the net result of originations of $930,789,000, a decrease to loans-in-process of $106,545,000, offset by loan principal repayments of $981,574,000. Commercial loan originations accounted for 68% of total originations and consumer loan originations were 32% during the period. The Company continues to focus on commercial lending, coupled with growing economies in all major markets in which we operate.

The following table shows the loan portfolio by category and the change in the quarter.

			December 31, 2024									September 30, 2024									Change
			($ in thousands)									($ in thousands)									$			%
Commercial loans
Multi-family			$	4,829,736		21.6		%				$	4,658,119		20.8		%				$	171,617		3.7		%
Commercial real estate			3,637,986			16.2						3,757,040			16.8						(119,054)			(3.2)
Commercial & industrial			2,408,693			10.7						2,337,139			10.5						71,554			3.1
Construction			2,062,116			9.2						2,174,254			9.7						(112,138)			(5.2)
Land - acquisition & development			178,687			0.8						200,713			0.9						(22,026)			(11.0)
Total commercial loans			13,117,218			58.5						13,127,265			58.7						(10,047)			(0.1)
Consumer loans
Single-family residential			8,520,833			38.0						8,399,030			37.6						121,803			1.5
Construction - custom			335,715			1.5						384,161			1.7						(48,446)			(12.6)
Land - consumer lot loans			107,205			0.5						108,791			0.5						(1,586)			(1.5)
HELOC			275,132			1.2						266,151			1.2						8,981			3.4
Consumer			75,933			0.3						73,998			0.3						1,935			2.6
Total consumer loans			9,314,818			41.5						9,232,131			41.3						82,687			0.9
Total gross loans			22,432,036			100		%				22,359,396			100		%				72,640			0.3
Less:
Allowance for credit losses on loans			204,522									203,753									769			0.4
Loans in process			903,253									1,009,798									(106,545)			(10.6)
Net deferred fees, costs and discounts			263,760									229,491									34,269			14.9
Total loan contra accounts			1,371,535									1,443,042									(71,507)			(5.0)
Net loans			$	21,060,501								$	20,916,354								$	144,147		0.7		%

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The following tables provide information regarding loans receivable by loan class and geography.

December 31, 2024			Multi- family			Commercial Real Estate			Commercial and Industrial			Construction			Land - A & D			Single - Family Residential			Construction - custom			Land - Lot Loans			Consumer			HELOC			Total
			(In thousands)
Washington			$	474,778		$	504,965		$	834,707		$	202,378		$	36,026		$	3,489,937		$	86,160		$	57,592		$	31,454		$	139,843		$	5,857,840
Oregon			757,870			406,008			212,111			82,686			46,240			911,689			12,369			13,034			128			35,308			2,477,443
Arizona			632,632			492,195			99,402			236,506			1,814			800,051			15,815			17,525			5,251			32,534			2,333,725
Utah			670,170			359,111			126,025			260,150			45,619			598,696			16,663			1,333			20,421			16,200			2,114,388
Texas			500,842			814,064			732,335			303,650			4,274			140,341			—			342			2			4,975			2,500,825
New Mexico			152,796			262,653			15,408			98,588			3,034			217,009			3,633			2,479			106			10,464			766,170
Idaho			176,437			184,150			41,697			81,492			5,169			411,530			8,273			8,663			57			22,626			940,094
Nevada			167,229			161,700			63,588			38,704			4,433			306,970			12,801			5,521			2,039			10,286			773,271
California			1,113,264			236,289			140,204			33,260			—			1,503,123			—			—			11,195			595			3,037,930
Other			94,779			189,623			138,242			45,634			—			(16,465)			—			—			5,316			6,208			463,337
			$	4,740,797		$	3,610,758		$	2,403,719		$	1,383,048		$	146,609		$	8,362,881		$	155,714		$	106,489		$	75,969		$	279,039		$	21,265,023

Percentage by geographic area
December 31, 2024			Multi- family			Commercial Real Estate			Commercial and Industrial			Construction			Land - A & D			Single - Family Residential			Construction - custom			Land - Lot Loans			Consumer			HELOC			Total
			As % of total gross loans
Washington			2.2		%	2.4		%	3.9		%	0.9		%	0.2		%	16.4		%	0.4		%	0.3		%	0.2		%	0.8		%	27.7		%
Oregon			3.6			1.9			1.0			0.4			0.3			4.2			0.1			0.1			—			0.1			11.7
Arizona			3.0			2.3			0.4			1.1			—			3.8			0.1			0.1			—			0.2			11.0
Utah			3.2			1.7			0.6			1.2			0.2			2.8			—			—			0.1			0.1			9.9
Texas			2.4			3.8			3.4			1.4			—			0.7			—			—			—			—			11.7
New Mexico			0.7			1.2			0.1			0.5			—			1.0			—			—			—			—			3.5
Idaho			0.8			0.9			0.2			0.4			—			1.9			—			—			—			0.1			4.3
Nevada			0.8			0.8			0.3			0.2			—			1.4			0.1			—			—			—			3.6
California			5.2			1.1			0.7			0.2			—			7.1			—			—			0.1			—			14.4
Other			0.4			0.9			0.7			0.2			—			—			—			—			—			—			2.2
			22.3		%	17.0		%	11.3		%	6.5		%	0.7		%	39.3		%	0.7		%	0.5		%	0.4		%	1.3		%	100		%

Percentage by geographic area as a % of each loan type
December 31, 2024			Multi- family			Commercial Real Estate			Commercial and Industrial			Construction			Land - A & D			Single - Family Residential			Construction - custom			Land - Lot Loans			Consumer			HELOC
			As % of total gross loans
Washington			10.0		%	14.0		%	34.7		%	14.6		%	24.6		%	41.7		%	55.3		%	54.1		%	41.4		%	50.1		%
Oregon			16.0			11.3			8.8			6.0			31.6			10.9			8.0			12.2			0.2			12.7
Arizona			13.4			13.6			4.1			17.1			1.2			9.6			10.2			16.5			6.9			11.7
Utah			14.1			9.9			5.3			18.8			31.1			7.2			10.7			1.3			26.9			5.8
Texas			10.6			22.5			30.5			22.0			2.9			1.7			—			0.3			—			1.8
New Mexico			3.2			7.3			0.6			7.1			2.1			2.6			2.3			2.3			0.1			3.8
Idaho			3.7			5.1			1.7			5.9			3.5			4.9			5.3			8.1			0.1			8.1
Nevada			3.5			4.5			2.7			2.8			3.0			3.7			8.2			5.2			2.7			3.7
California			23.5			6.5			5.8			2.4			—			17.9			—			—			14.7			0.2
Other			2.0			5.3			5.8			3.3			—			(0.2)			—			—			7.0			2.1
			100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%

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The following table shows the change in the geographic distribution by state of the loan portfolio since the prior quarter.

			December 31, 2024			September 30, 2024			Change
Washington			27.7		%	27.3		%	0.4
Oregon			11.7			11.7			—
Arizona			11.0			11.0			—
Utah			9.9			9.9			—
Texas			11.7			11.8			(0.1)
New Mexico			3.5			3.6			(0.1)
Idaho			4.3			4.3			—
Nevada			3.6			3.7			(0.1)
California			14.4			14.4			—
Other1			2.2			2.3			(0.1)
			100		%	100		%

1Includes loans from outside of our nine state footprint.

Non-performing assets - Non-performing assets increased $1,695,000 during the three months ended December 31, 2024 to $79,113,000 from $77,418,000 at September 30, 2024. The change is primarily due to a $2,946,000 increase in non-accrual loans offset by a $1,251,000 decrease in real estate owned as a result of property sales. Non-performing assets as a percentage of total assets was 0.29% at December 31, 2024 compared to 0.28% at September 30, 2024.

The following table sets forth information regarding non-performing assets.

			December 31, 2024												September 30, 2024
			($ in thousands)
Non-accrual loans:
Multi - family			$	24,077					33.2		%				$	18,743					27.0		%
Commercial real estate			26,292						36.3						26,362						37.9
Commercial & industrial			1,963						2.7						—						—
Construction			624						0.9						1,120						1.6
Land - acquisition & development			—						—						74						0.1
Single-family residential			17,440						24.1						21,488						30.9
Construction - custom			848						1.1						848						1.2
Land - consumer lot loans			8						—						—						—
HELOC			786						1.1						596						0.9
Consumer			449						0.6						310						0.4
Total non-accrual loans			72,487						100		%				69,541						100		%
Real estate owned			3,316												4,567
Other property owned			3,310												3,310
Total non-performing assets			$	79,113											$	77,418
Total non-performing assets and performing restructured loans as a percentage of total assets			0.29		%										0.28		%

For the three months ended December 31, 2024, the Company recognized $761,000 in interest income on cash payments received from borrowers on non-accrual loans. Recognized interest income on loans for the three months ended December 31, 2024 was higher than what otherwise would have been recognized in the period due to the collection of past due amounts. The

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Company would have recognized interest income of $924,000 for the same period had non-accrual loans performed according to their original contract terms. In addition to the non-accrual loans reflected in the above table, the Company had $381,010,000 of loans that were less than 90 days delinquent at December 31, 2024 but were classified as substandard for one or more reasons. If these loans were deemed non-performing, the Company's ratio of total NPAs as a percent of total assets would have increased to 1.66% at December 31, 2024.

Loans may be modified as the result of borrowers experiencing financial difficulty needing relief from the contractual terms of their loan. Most loan modifications to borrowers experiencing financial difficulty are accruing and performing loans where the borrower has approached the Company about modification due to temporary financial difficulties. Each request for modification is individually evaluated for merit and likelihood of success. Often a term extension is needed in the short term in order to evaluate the need for further corrective action. Payment delays and interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans.

For commercial loans, six consecutive payments on newly restructured loan terms are generally required prior to returning the loan to accrual status. In some instances after the required six consecutive payments are made, a management assessment will conclude that collection of the entire principal balance is still in doubt. In those instances, the loan will remain on non-accrual. Homogeneous loans may or may not be on accrual status at the time of restructuring, but all are placed on accrual status upon the restructuring of the loan. Homogeneous loans are restructured only if the borrower can demonstrate the ability to meet the restructured payment terms; otherwise, collection is pursued and the loan remains on non-accrual status until liquidated. If the homogeneous restructured loan does not perform, it will be placed in non-accrual status when it is 90 days delinquent.

Allowance for credit losses - The following table shows the composition of the Company’s allowance for credit losses.

			December 31, 2024									September 30, 2024									Change
Allowance for credit losses:			($ in thousands)									($ in thousands)									$			%
Commercial loans
Multi-family			$	25,997		12.7		%				25,248			12.4		%				$	749		3.0		%
Commercial real estate			37,873			18.5						39,210			19.2						(1,337)			(3.4)
Commercial & industrial			60,474			29.6						58,748			28.8						1,726			2.9
Construction			20,903			10.2						22,267			10.9						(1,364)			(6.1)
Land - acquisition & development			7,221			3.6						7,900			3.9						(679)			(8.6)
Total commercial loans			152,468			74.6						153,373			75.3						(905)			(0.6)
Consumer loans
Single-family residential			42,117			20.6						40,523			19.9						1,594			3.9
Construction - custom			1,219			0.5						1,427			0.7						(208)			(14.6)
Land - consumer lot loans			2,527			1.2						2,564			1.3						(37)			(1.4)
HELOC			3,158			1.6						3,049			1.5						109			3.6
Consumer			3,033			1.5						2,817			1.4						216			7.7
Total consumer loans			52,054			25.4						50,380			24.7						1,674			3.3
Total allowance for loan losses			204,522			100.0		%				203,753			100.0		%				769			0.4
Reserve for unfunded commitments			20,500									21,500									(1,000)			(4.7)
Total allowance for credit losses			$	225,022								$	225,253								$	(231)		(0.1)		%

Management believes the allowance for credit losses of $225,022,000, or 1.00% of gross loans, is sufficient to absorb estimated losses inherent in the portfolio of loans and unfunded commitments. See Note E and Note I for further details of the allowance for loan losses and reserve for unfunded commitments as of and for the period ended December 31, 2024 and September 30, 2024.

Real estate owned ("REO") - REO decreased during the three months ended December 31, 2024 by $1,251,000 to $3,316,000. The decrease was due to property sales.

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Intangible assets - Intangible assets increased to $449,213,000 as of December 31, 2024 from $448,425,000 as of September 30, 2024 as the result of an adjustment to purchase accounting related to the Merger.

Customer accounts - Customer accounts increased $64,807,000, or 0.3%, to $21,438,777,000 at December 31, 2024 compared with $21,373,970,000 at September 30, 2024. Transaction accounts increased by $36,674,000 or 0.3% during that period, while time deposits increased $28,133,000 or 0.3%.

The following table shows the composition of the Bank’s customer accounts by deposit type.

			December 31, 2024																		September 30, 2024
			Deposit Account Balance						As a % of Total Deposits						Weighted Average Rate						Deposit Account Balance						As a % of Total Deposits						Weighted Average Rate
($ in thousands)
Non-interest checking			$	2,489,394					11.6		%				—		%				$	2,500,467					11.7		%				—		%
Interest checking			4,554,922						21.2						2.55						4,486,444						21.0						2.89
Savings			714,755						3.4						0.22						718,560						3.4						0.23
Money market			4,094,788						19.1						2.16						4,111,714						19.2						2.22
Time deposits			9,584,918						44.7						4.37						9,556,785						44.7						4.58
Total			$	21,438,777					100		%				2.92		%				$	21,373,970					100		%				3.09		%

Borrowings - Borrowings were $2,863,675,000 as of December 31, 2024 a decrease from $3,267,589,000 as of September 30, 2024 as a result of repayments. The weighted average rate for borrowings was 3.62% as of December 31, 2024 and 3.93% at September 30, 2024.

Shareholders' equity - The Company’s shareholders' equity at December 31, 2024 was $3,021,636,000, or 10.91% of total assets. This is an increase of $21,336,000 from September 30, 2024 when shareholders' equity was $3,000,300,000, or 10.69% of total assets. The Company’s shareholders' equity was impacted in the three months ended December 31, 2024 by net income of $47,267,000, the payment of $20,923,000 in common stock dividends, payment of $3,656,000 in preferred stock dividends, treasury stock purchases of $3,410,000, as well as changes in other comprehensive income of $2,498,000.

RESULTS OF OPERATIONS

Net Income - The Company recorded net income of $47,267,000 for the three months ended December 31, 2024 compared to $58,453,000 for the prior year quarter. The changes are due to the factors described below.

Net Interest Income - For the three months ended December 31, 2024, net interest income was $155,431,000, which is $3,194,000 lower than the same quarter of the prior year. Net interest margin was 2.39% for the quarter ended December 31, 2024 compared to 2.91% for the quarter ended December 31, 2023. The decrease in net interest income compared to the December 31, 2023 quarter is largely due to greater growth in interest-bearing liabilities than in interest-earning assets. As a result of the Merger, average interest-earning assets increased by 23.75% from the same quarter last year while average interest-bearing liabilities increased by 27.56%. Additionally, average rate earned on interest-earning assets decreased by 16 basis points to 5.31% while the average rate paid on interest-bearing liabilities increased by 32 basis points to 3.48%.

The following table sets forth certain information explaining changes in interest income and interest expense for the period indicated compared to the same period one year ago. For each category of interest-earning asset and interest-bearing liability, information is provided on changes attributable to (1) changes in volume (changes in volume multiplied by old rate) and (2) changes in rate (changes in rate multiplied by old volume). The change in interest income and interest expense attributable to changes in both volume and rate has been allocated proportionately to the change due to volume and the change due to rate.

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Rate / Volume Analysis:

			Comparison of Three Months Ended  12/31/2024 and 12/31/2023
($ in thousands)			Volume						Rate						Total
Interest income:
Loans receivable			$	47,421					$	(6,616)					$	40,805
Mortgage-backed securities			5,151						1,920						7,071
Investments (1)			13,683						(3,288)						10,395
All interest-earning assets			66,255						(7,984)						58,271
Interest expense:
Customer accounts			45,417						20,062						65,479
Borrowings			(7,852)						(2,550)						(10,402)
All interest-bearing liabilities			37,565						17,512						55,077
Change in net interest income			$	28,690					$	(25,496)					$	3,194

___________________ 

(1)Includes interest on cash equivalents and dividends on FHLB stock.

Provision for Credit Losses - The Company recorded no provision for credit losses both the three months ended December 31, 2024 and the three months ended December 31, 2023. The lack of provision in the three months ended December 31, 2024 was primarily due to a stable loan receivable balance and stable credit performance. The increase in overall ACL was offset by the equal decrease in the reserve for unfunded commitments. Net charge-offs totaled $231,000 for the three months ended December 31, 2024, compared to net recoveries of $113,000 during the three months ended December 31, 2023.

Non-Interest Income - The three months ended December 31, 2024 results include total non-interest income of $15,702,000 compared to $14,167,000 for the same period one year ago, a $1,535,000 increase. The increase is primarily due to income growth of WaFd Insurance, the Company's insurance subsidiary as well as increases in overall fee income as a result of the Merger.

Non-Interest Expense - Total other expense was $111,311,000 for the three months ended December 31, 2024, an increase of $14,771,000 from $96,540,000 for the prior year quarter, largely as the result of being a larger organization post-Merger, driving increased occupancy and compensation costs. Related to this, other non-interest expenses for the quarter included $2,755,000 of intangible amortization costs arising from the recognition of a Core Deposit Intangible in Merger accounting. In addition, the quarter included a $5,400,000 restructuring charge arising from management's decision to exit the single family mortgage lending market. These increases were offset by a reduction in FDIC premiums of $1,720,000. Total non-interest expense for the three months ended December 31, 2024 and December 31, 2023 equaled 1.62% and 1.73%, respectively, of average assets.

Gain (Loss) on Real Estate Owned - Results for the three months ended December 31, 2024 include a net gain on REO of $429,000, compared to a net gain of $1,826,000 for the prior year quarter. The gains during both periods were due to property sales.

Income Tax Expense - Income tax expense totaled $12,984,000 for the three months ended December 31, 2024, compared to $13,237,000 for the prior year quarter. The effective tax rate was 21.55% and 18.46% for the three months ended December 31, 2024 and December 31, 2023, respectively. The Company’s effective tax rate varies from the statutory rate mainly due to state taxes, tax-exempt income, tax-credit investments miscellaneous non-deductible expenses and discrete tax adjustments for prior periods.

We account for our portfolio of LIHTC investments under the proportional amortization method. The tax benefits from pass-through tax credits and losses from our LIHTC investments are included in our estimate of income tax liability for the year, and therefore reflected in the Income Tax Expense line of the income statement. We currently estimate that the total amount of tax benefits that will be recognized during this fiscal year is about $19.7 million.

The amortization of LIHTC investments is a component of our income tax expense and therefore also reflected in the Income Tax Expense line. We expect the total amount of amortization expense that will be recognized during this fiscal year is about $16.1 million.

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Item 3.                Quantitative and Qualitative Disclosures About Market Risk

Management believes that there have been no material changes in the Company’s quantitative and qualitative information about market risk since September 30, 2024. For a complete discussion of the Company’s quantitative and qualitative market risk, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2024 Form 10-K.

PART I – Financial Information

Item 4.                Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures. The Company maintains a set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management has evaluated, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this quarterly report (the "Evaluation Date"). Based on the evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, the Company's disclosure controls and procedures are effective.

(b) Changes in Internal Control over Financial Reporting. During the period to which this report relates, there have not been any changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or that are reasonably likely to materially affect, such controls.

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PART II – Other Information

Item 1. Legal Proceedings

The Company and its consolidated subsidiaries are involved in legal proceedings occurring in the ordinary course of business that in the aggregate are believed by management to be immaterial to the financial statements of the Company.

Item 1A. Risk Factors

In addition to other information set forth in this report, you should carefully consider the factors discussed under "Part I--Item 1A--Risk Factors" in the Company's Annual Report on Form 10-K for the year ended September 30, 2024. These factors could materially and adversely affect the Company's business, financial condition, liquidity, results of operations and capital position, and could cause its actual results to differ materially from its historical results or the results contemplated by the forward-looking statements contained in this report.

Our “Needs to Improve” rating under the Community Reinvestment Act (“CRA”) may restrict our operations and limit our ability to pursue certain strategic opportunities.

On December 27, 2024, the Bank received an overall CRA rating from the FDIC of “Needs to Improve” for the period covering June 3, 2020 to March 26, 2024. Based on its performance on the individual components of the CRA tests, the Bank received a “High Satisfactory” rating on both the Investment Test and the Service Test and a “Needs to Improve” rating on the Lending Test, which resulted in the overall “Needs to Improve” rating. The Bank disagrees with the overall CRA rating and intends to appeal. If our appeal is unsuccessful in changing the overall CRA rating, having a “Needs to Improve” rating will result in restrictions on certain expansionary activity, including mergers and acquisitions and the establishment and relocation of bank branches. This rating will also result in a loss of expedited processing of applications to undertake certain activities. It could also have an impact on our relationships with certain states, counties, municipalities or other public agencies to the extent applicable law, regulation or policy limits, restricts or influences whether such entity may do business with a company that has a below “Satisfactory” rating and, in general, could negatively affect our reputation, business, financial condition and results of operations. These restrictions, among others, will remain in place at least until the Bank’s next CRA rating is publicly released by the FDIC following a subsequent CRA examination which is likely to occur in 2026. As a result of these limitations and conditions, we may be unable or may fail to pursue, evaluate or complete transactions that might have been strategically or competitively significant.

Changes in our business operations and divestitures of lines of business may not be successful, resulting in a negative impact on our operating results and financial condition.

In January 2025, we made a significant shift in focus in our business model and announced that WaFd Bank would be exiting the single-family mortgage lending market. We made this determination for several reasons: first because home loans are seen as a commodity, with nearly 70% of originations sold to US government sponsored enterprises like Freddie Mac and Fannie Mae, which has caused our profitability to decrease and credit risk to increase, and second, because technology has made it easy for consumers to refinance, increasing our interest rate risk. While we have estimated annual expense savings of approximately $17 million from our exit from the single-family mortgage business, this change involves a number of risks, including significant costs and expenses (including a $5.4 million restructuring charge), the potential loss of customer relationships, a loss of community goodwill and a decrease in revenues and earnings. Exiting this business could impact future earnings if we are unable to offset the loss of revenue associated with the single-family mortgage business against the anticipated expense savings. In addition, the shift in business focus will require varying levels of management resources, which may divert our attention from other business operations. If we are unable to realize the expected benefits of these types of changes in our business operations, our consolidated financial position, results of operations and cash flows could be negatively impacted.

Item 2.                 Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information with respect to purchases of Common Stock made by or on behalf of the Company of the Company’s common stock during the three months ended December 31, 2024 under the Company's stock repurchase plan.

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Period			Number of Shares Purchased						Average Price Paid Per Share						Total Number of Shares Purchased as Part of  Publicly Announced Plan (1)(2)						Maximum Number of Shares That May Yet Be Purchased Under the Plan at the End of the Period
October 1, 2024 to October 31, 2024			563						$	35.14					—						11,501,005
November 1, 2024 to November 30, 2024			88,965						34.13						—						11,501,005
December 1, 2024 to December 31, 2024			—						—						—						11,501,005
Total			89,528						$	34.14					—						11,501,005

(1)The Company's stock repurchase program was publicly announced by its Board of Directors on February 3, 1995 and has no expiration date. Under this ongoing program, a total of 86,956,264 shares have been authorized for repurchase. This includes the 10,000,000 additional shares authorized by the Board of Directors on May 14, 2024.

(2)Shares purchased outside the publicly announced stock repurchase program consist of cancellation of shares to be issued upon vesting of restricted stock awards and upon exercise of stock options to pay for withholding taxes.

The Company’s ability to pay dividends is subject to bank regulatory requirements, including (but not limited to) the capital adequacy regulations and policies established by the Board of Governors of the Federal Reserve System. The Company’s Board of Directors' dividend policy is to review our financial performance, capital adequacy, regulatory compliance and cash resources on a quarterly basis, and, if such review is favorable, to declare and pay a quarterly cash dividend to common shareholders. The Company’s 4.875% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred”), ranks senior to the Company’s common stock with respect to payment of dividends, and dividends (if declared) accrue and are payable on the Series A Preferred a rate of 4.875% per annum, payable quarterly, in arrears. While the Series A Preferred is outstanding, unless the full dividend for the preceding quarterly period is paid in full, or declared and a sum set aside, no dividend may be declared or paid on the Company’s common stock.

Item 3.                Defaults Upon Senior Securities

Not applicable

Item 4.                Mine Safety Disclosures

Not applicable

Item 5.                Other Information

Trading Arrangements - During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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Item 6.                Exhibits

(a)

Exhibits

31.1

Section 302 Certification by the Chief Executive Officer *

31.2

Section 302 Certification by the Chief Financial Officer *

32

Section 1350 Certification by the Chief Executive Officer and Chief Financial Officer **

101.INS

XBRL Instance Document *

101.SCH

XBRL Taxonomy Extension Schema Document *

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document *

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document *

101.LAB

XBRL Taxonomy Extension Label Linkbase Document *

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document *

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). *

* Filed herewith ** Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

February 4, 2025			/S/    BRENT J. BEARDALL
			BRENT J. BEARDALL Vice Chair, President & Chief Executive Officer
			(Principal Executive Officer)
February 4, 2025			/S/    KELLI J. HOLZ
			KELLI J. HOLZ Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
February 4, 2025			/S/    BLAYNE A. SANDEN
			BLAYNE A. SANDEN Senior Vice President and Principal Accounting Officer
			(Principal Accounting Officer)

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