EX-99.1 2 exhibit991_march2025earnin.htm EX-99.1 Document
Exhibit 99.1
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Friday, April 11, 2025
FOR IMMEDIATE RELEASE
WaFd Announces Quarterly Earnings Per Share Of $0.65
Q2 Highlights
$56 Million$0.650.82%7.68%
Net IncomeDiluted Earnings per Common ShareReturn on Average AssetsReturn on Average Common Equity
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In the second quarter of fiscal 2025 our margin bounced back, expenses declined, and bottom-line results improved for shareholders. We are enthusiastic about the shift toward business banking we implemented last quarter and are pleased to see early successes including 382 new small business loans originated through our branches (compared to none in the prior quarter), merchant processing referrals increasing 125% on a linked quarter basis, and our insurance subsidiary delivering 53% year over year growth in profit. Additionally, we have been able to hire two former executives from the Small Business Administration to assist in establishing SBA lending at WaFd. We understand that our continued evolution toward higher margin business lines will be measured in years, not quarters, but we are off to a good start.
This quarter we were recognized by JD Power as the 2nd best for customer service among all banks doing business in the Pacific Northwest. This is a well-deserved compliment to our team of bankers that focus first on our clients.

Brent Beardall
President and CEO of WaFd Bank
Net Interest Income and NIM
■$161 million net interest income for the quarter compared to 155 million in Q1.
■Net interest margin at 2.55% for the quarter compared to 2.39% for Q1.
Credit Quality
■Non-performing assets down by $8 million at 0.26% of total assets compared to 0.29% Q1.
■$2.75 million provision the result of net charge-offs offset by a stable loans receivable balance.


Non-Interest Income and Expense
■20% increase in non-interest income compared to Q1 driven by WaFd Insurance revenue increase: $1.7 million over the December quarter and $1.3 million over March 2024.
Shareholder Returns and Stock Activity
■On March 7, 2025, the Company paid a cash dividend of $0.27 per share, 168th consecutive quarterly dividend paid.
■726,082 shares were repurchased during the quarter
SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced quarterly earnings of $56,252,000 for the quarter ended March 31, 2025, an increase of 19% from net earnings of $47,267,000 for the quarter ended December 31, 2024 and an increase of 254% from net earnings of $15,888,000 for the quarter ended March 31, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $0.65 per diluted share for the quarter ended March 31, 2025, compared to $0.54 per diluted share for the quarter ended December 31, 2024, an $0.11 or 20% increase, and $0.17 per diluted share for the quarter ended March 31, 2024, a $0.48 or 282% increase in fully diluted earnings per common share. The March 31, 2024 results reflected significant acquisition-related expenses and certain non-operating adjustments of $51.1 million and the December 31, 2024 results reflected one-time restructuring charges of $5.4 million.
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Quarterly Earnings Release Q2 2025
1
WaFd Inc. Announces Second Quarter Results
The following table provides the Company's financial scorecard for the last five quarters:
As of
(In thousands, except share and ratio data)March 31, 2025December 31, 2024September 30, 2024
June 30,
2024
March 31, 2024
BALANCE SHEET
Cash$1,231,461 $1,507,735 $2,381,102 $2,492,504 $1,505,771 
Loans receivable, net20,920,001 21,060,501 20,916,354 20,873,919 20,795,259 
Allowance for credit losses ("ACL")222,709 225,022 225,253 225,324 225,077 
Loans held for sale— — — 468,527 2,993,658 
Available-for-sale securities, at fair value3,142,763 2,743,731 2,572,709 2,428,768 2,438,114 
Held-to-maturity securities, at amortized cost526,502 537,348 436,972 447,638 457,882 
Total investments3,669,265 3,281,079 3,009,681 2,876,406 2,895,996 
Total assets27,644,637 27,684,454 28,060,330 28,580,800 30,140,288 
Transaction deposits11,853,984 11,853,859 11,817,185 11,929,005 12,338,862 
Time deposits9,573,442 9,584,918 9,556,785 9,255,760 9,000,911 
Total deposits21,427,426 21,438,777 21,373,970 21,184,765 21,339,773 
Borrowings2,814,938 2,914,627 3,318,307 4,079,360 5,489,501 
Total shareholders' equity3,032,620 3,021,636 3,000,300 2,958,339 2,921,906 
Loans to customer deposits2
97.63 %98.24 %97.86 %98.53 %97.45 %
PROFITABILITY
Net income$56,252 $47,267 $61,140 $64,560 $15,888 
Net income to common shareholders52,596 43,611 57,484 60,904 12,232 
Earnings per common share0.65 0.54 0.71 0.75 0.17 
Return on tangible common equity1
9.18 %7.69 %10.24 %11.10 %2.47 %
Return on tangible assets1
0.84 %0.70 %0.89 %0.88 %0.26 %
Net interest margin2.55 %2.39 %2.62 %2.56 %2.73 %
Efficiency ratio58.31 %65.04 %57.21 %56.61 %77.74 %
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share$33.84 $33.45 $33.25 $32.76 $32.21 
Tangible common shareholders' equity per share1
28.31 27.93 27.73 27.18 26.64 
Shareholders' equity to total assets10.97 %10.91 %10.69 %10.35 %9.69 %
Tangible shareholders' equity to tangible assets1
9.51 %9.45 %9.24 %8.91 %8.31 %
Common shares outstanding80,758,674 81,373,760 81,220,269 81,157,173 81,405,391 
Preferred shares outstanding300,000 300,000 300,000 300,000 300,000 
CREDIT QUALITY2
ACL to gross loans1.01 %1.00 %1.01 %1.00 %1.00 %
Non-accrual loans to net loans0.29 %0.34 %0.33 %0.29 %0.29 %
Delinquencies to net loans0.27 %0.30 %0.25 %0.22 %0.36 %
Non-performing assets to total assets0.26 %0.29 %0.28 %0.24 %0.23 %
Criticized loans to net loans3.32 %2.54 %2.41 %3.01 %2.59 %
Substandard loans to net loans2.38 %1.96 %2.04 %1.84 %1.48 %
(1)Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures.
(2)Metrics include only loans held for investment. Loans held for sale are not included.
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Quarterly Earnings Release Q2 2025
2
WaFd Inc. Announces Second Quarter Results

Balance Sheet Total assets decreased to $27.6 billion as of March 31, 2025, compared to $28.1 billion at September 30, 2024, primarily due to cash used to reduce borrowings and purchase investments during the period. Net loans were flat at $20.9 billion and cash decreased $1.1 billion, or 48.3%. Investment securities increased by $660 million, or 21.9% in the first half of FY 2025.
Customer deposits totaled $21.4 billion as of March 31, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $37 million or 0.3% during the period, while time deposits increased $17 million or 0.2%. As of March 31, 2025, 55.3% of the Company’s deposits were transaction accounts, similar to September 30, 2024. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 78.8% of deposits at March 31, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 25.6% as of March 31, 2025, an increase from 24.0% as of September 30, 2024.
Borrowings totaled $2.8 billion as of March 31, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 3.30% as of March 31, 2025, compared to 3.93% at September 30, 2024.
Loan originations totaled $1.0 billion for the second fiscal quarter of 2025, compared to $0.9 billion of originations in the prior quarter. Offsetting loan originations in each of these quarters were loan repayments of $1.3 billion and $1.0 billion, respectively. Commercial loans represented 73% of all loan originations during the second fiscal quarter of 2025 and consumer loans accounted for the remaining 27%. The period end interest yield on the loan portfolio was 5.42% as of March 31, 2025, a decrease from 5.62% as of September 30, 2024.
Tangible common equity per share is a key metric for our management team. For the March quarter, tangible book value per share grew from $27.73 as of September 30, 2024 to $28.31 at March 31, 2025. This metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. During the quarter, the Company repurchased 726,082 shares of common stock at a weighted average price of $29.39. Our share repurchase plan currently has an authorization of 10.8 million shares, which provides what we believe is a compelling investment alternative.
Credit Quality Credit quality continues to be monitored closely in light of the shifting economic and monetary environment. As of March 31, 2025, non-performing assets decreased to $71 million, or 0.26% of total assets, from $77 million, or 0.28%, at September 30, 2024. The change fiscal year to date is due primarily to non-accrual loans decreasing by $9.7 million, or 14%, since September 30, 2024. Delinquent loans were slightly increased at 0.27% of total loans at March 31, 2025, compared to 0.25% at September 30, 2024 but improved compared to 0.30% at December 31, 2024. The allowance for credit losses (including the reserve for unfunded commitments) totaled $223 million as of March 31, 2025, and was 1.01% of gross loans outstanding, as compared to $225 million, or 1.01% of gross loans outstanding, as of September 30, 2024. Net charge-offs were $5,063,000 for the second fiscal quarter of 2025, compared to $231,000 for the prior quarter.
Profitability Net interest income was $161 million for the second fiscal quarter of 2025, an increase of $5.5 million or 4% from the prior quarter. The increase in net interest income was primarily due to a 19 basis point decrease in the rate paid on interest bearing liabilities offset by a $170 million decrease in interest earning asset balances for which the yield was flat. Net interest margin was 2.55% in the second fiscal quarter of 2025 compared to 2.39% for the quarter ended December 31, 2024.
Total non-interest income was $18.9 million for the second fiscal quarter of 2025 compared to $15.7 million the prior quarter. The increase compared to the prior quarter was primarily due to increased prepayment fees earned on loans and increased commission income from the Bank's insurance subsidiary, WaFd Insurance.
Total non-interest expense was $104.8 million in the second fiscal quarter of 2025, a decrease of $6.5 million, or 5.8%, from the prior quarter. The overall decrease is the result of the $5.4 million of restructuring costs incurred in the prior quarter. Decreased expenses combined with increased net interest income resulted in a decrease in the Company’s efficiency ratio in the second fiscal quarter of 2025 to 58.3%, compared to 65.0% in the prior quarter.
The Company recorded a $2.8 million provision for credit losses in the second fiscal quarter of 2025 compared to no provision the prior quarter. The provision for loan losses in the quarter ended March 31, 2025 was primarily the result of the stable loans receivable balance offset by $5.1 million of net charge-offs taken during the quarter.
Return on common shareholders' equity for the quarter ended March 31, 2025 was 7.68% compared to 6.42% for the quarter ended December 31, 2024. Adjusted for certain non-operating items and restructuring charges, return on equity for the quarter is 7.66% compared to adjusted return on equity of 7.45% the prior quarter. Return on assets for the quarter ended March 31, 2025 was 0.82% compared to 0.69% for the previous quarter. Adjusted for certain non-operating items
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Quarterly Earnings Release Q2 2025
3
WaFd Inc. Announces Second Quarter Results
and restructuring charges, return on assets for the quarter is 0.82% compared to adjusted return on assets of 0.79% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.
Income tax expense totaled $15.8 million the second fiscal quarter of 2025, as compared to $5.1 million for the prior year same quarter. The effective tax rate for the quarter ended March 31, 2025 was 21.88% compared to 21.55% for the quarter ended December 31, 2024. The Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.
WaFd Bank is headquartered in Seattle, Washington, and has 209 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.
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Quarterly Earnings Release Q2 2025
4
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
March 31, 2025September 30, 2024
(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents$1,231,461 $2,381,102 
Available-for-sale securities, at fair value3,142,763 2,572,709 
Held-to-maturity securities, at amortized cost526,502 436,972 
Loans receivable, net of allowance for loan losses of $202,709 and $203,75320,920,001 20,916,354 
Interest receivable101,778 102,827 
Premises and equipment, net250,896 247,901 
Real estate owned7,688 4,567 
FHLB stock133,964 95,617 
Bank owned life insurance271,321 267,633 
Intangible assets, including goodwill of $414,723 and $411,360446,660 448,425 
Deferred tax assets, net122,739 119,248 
Other assets488,864 466,975 
$27,644,637 $28,060,330 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits$11,853,984 $11,817,185 
Time deposits9,573,442 9,556,785 
Total customer deposits21,427,426 21,373,970 
Borrowings2,763,758 3,267,589 
Junior subordinated debentures51,180 50,718 
Advance payments by borrowers for taxes and insurance44,496 61,330 
Accrued expenses and other liabilities325,157 306,423 
24,612,017 25,060,030 
Shareholders’ equity
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding300,000 300,000 
Common stock, $1.00 par value, 300,000,000 shares authorized; 154,355,059 and 154,007,429 shares issued; 80,758,674 and 81,220,269 shares outstanding154,355 154,007 
Additional paid-in capital2,158,037 2,150,675 
Accumulated other comprehensive income (loss), net of taxes51,404 55,851 
Treasury stock, at cost 73,596,385 and 72,787,160 shares(1,663,739)(1,639,131)
Retained earnings2,032,563 1,978,898 
3,032,620 3,000,300 
$27,644,637 $28,060,330 
Yield and margin as of period end
Loans receivable1
5.42 %5.62 %
Mortgage-backed securities4.22 4.00 
Combined cash, investments and FHLB stock4.62 5.10 
Interest-earning assets5.22 5.44 
Interest-bearing customer accounts3.16 3.50 
Borrowings1
3.30 3.93 
Interest-bearing liabilities3.17 3.56 
Net interest spread2.05 1.88 
Net interest margin2.55 2.44 
1Accretion and amortization assumed to be same as prior quarter. Also includes the impact of derivatives.
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Quarterly Earnings Release Q2 2025
5
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31,Six Months Ended March 31,
2025202420252024
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$282,077 $274,341 $568,674 $520,133 
Mortgage-backed securities23,926 12,905 42,263 24,171 
Investment securities and cash equivalents30,081 31,580 70,264 61,368 
336,084 318,826 681,201 605,672 
INTEREST EXPENSE
Customer accounts151,948 116,164 314,098 212,835 
Borrowings, senior debt and junior subordinated debentures23,226 44,065 50,762 82,003 
175,174 160,229 364,860 294,838 
Net interest income160,910 158,597 316,341 310,834 
Provision (release) for credit losses2,750 16,000 2,750 16,000 
Net interest income after provision (release)158,160 142,597 313,591 294,834 
NON-INTEREST INCOME
Gain (loss) on sale of investment securities— 90 20 171 
Gain (loss) on termination of hedging derivatives65 6 70 115 
Loan fee income1,812 550 3,157 1,394 
Deposit fee income7,057 6,698 14,103 13,500 
Other income9,947 6,048 17,233 12,379 
Total non-interest income18,881 13,392 34,583 27,559 
NON-INTEREST EXPENSE
Compensation and benefits52,710 73,155 112,637 122,996 
Occupancy11,499 10,918 22,287 20,289 
FDIC insurance premiums5,800 7,900 10,650 14,470 
Product delivery6,907 5,581 12,692 11,590 
Information technology14,481 12,883 28,673 25,749 
Other expense13,435 23,275 29,204 35,158 
Total non-interest expense104,832 133,712 216,143 230,252 
Gain (loss) on real estate owned, net(199)(1,315)230 511 
Income before income taxes72,010 20,962 132,261 92,652 
Income tax provision15,758 5,074 28,742 18,311 
Net income56,252 15,888 103,519 74,341 
Dividends on preferred stock3,656 3,656 7,312 7,312 
Net income available to common shareholders$52,596 $12,232 $96,207 $67,029 
PER SHARE DATA
Basic earnings per common share$0.65 $0.17 $1.19 $1.00 
Diluted earnings per common share0.65 0.17 1.18 1.00 
Cash dividends per common share0.27 0.26 0.53 0.51 
Basic weighted average shares outstanding81,061,206 70,129,072 81,178,997 67,197,352 
Diluted weighted average shares outstanding81,105,536 70,164,558 81,278,102 67,225,099 
PERFORMANCE RATIOS
Return on average assets0.82 %0.26 %0.75 %0.63 %
Return on average common equity7.68 %2.09 %7.06 %5.98 %
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Quarterly Earnings Release Q2 2025
6
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable$282,077 $286,597 $308,598 $337,118 $274,341 
Mortgage-backed securities23,926 18,337 18,088 17,523 12,905 
Investment securities and cash equivalents30,081 40,183 47,411 37,300 31,580 
336,084 345,117 374,097 391,941 318,826 
INTEREST EXPENSE
Customer accounts151,948 162,150 165,240 154,359 116,164 
Borrowings, senior debt and junior subordinated debentures23,226 27,536 36,045 60,396 44,065 
175,174 189,686 201,285 214,755 160,229 
Net interest income160,910 155,431 172,812 177,186 158,597 
Provision for credit losses2,750 — — 1,500 16,000 
Net interest income after provision158,160 155,431 172,812 175,686 142,597 
NON-INTEREST INCOME
Gain on sale of investment securities— 20 91 80 90 
Gain on termination of hedging derivatives65 5 72 54 6 
Loan fee income1,812 1,345 757 594 550 
Deposit fee income7,057 7,046 7,047 6,960 6,698 
Other income9,947 7,286 7,911 9,567 6,048 
Total non-interest income18,881 15,702 15,878 17,255 13,392 
NON-INTEREST EXPENSE
Compensation and benefits52,710 59,927 53,983 57,169 73,155 
Occupancy11,499 10,788 10,843 10,904 10,918 
FDIC insurance premiums5,800 4,850 6,800 7,600 7,900 
Product delivery6,907 5,785 6,306 6,090 5,581 
Information technology14,481 14,192 14,129 13,428 12,883 
Other expense13,435 15,769 15,880 14,888 23,275 
Total non-interest expense104,832 111,311 107,941 110,079 133,712 
Gain (loss) on real estate owned, net(199)429 (83)(124)(1,315)
Income before income taxes72,010 60,251 80,666 82,738 20,962 
Income tax provision15,758 12,984 19,526 18,178 5,074 
Net income56,252 47,267 61,140 64,560 15,888 
Dividends on preferred stock3,656 3,656 3,656 3,656 3,656 
Net income available to common shareholders$52,596 $43,611 $57,484 $60,904 $12,232 



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Quarterly Earnings Release Q2 2025
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended
March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share$0.65 $0.54 $0.71 $0.75 $0.17 
Diluted earnings per common share0.65 0.54 0.71 0.75 0.17 
Cash dividends per common share0.27 0.26 0.26 0.26 0.26 
Basic weighted average shares outstanding81,061,206 81,294,227 81,208,683 81,374,811 70,129,072 
Diluted weighted average shares outstanding81,105,536 81,401,599 81,353,644 81,393,708 70,164,558 
PERFORMANCE RATIOS
Return on average assets0.82 %0.69 %0.87 %0.87 %0.26 %
Return on average common equity7.68 6.42 8.53 9.20 2.09 
Net interest margin2.55 2.39 2.62 2.56 2.73 
Efficiency ratio58.31 65.04 57.21 56.61 77.74 
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Quarterly Earnings Release Q2 2025
8
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Non-GAAP Financial Measures
The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Tangible MeasuresMarch 31, 2025December 31, 2024September 30, 2024
June 30,
2024
March 31, 2024
(Unaudited - In thousands, except for ratio data)
Shareholders' equity - GAAP$3,032,620 $3,021,636 $3,000,300 $2,958,339 $2,921,906 
Less intangible assets - GAAP446,660 449,213 448,425 452,255 453,539 
Tangible shareholders' equity$2,585,960 $2,572,423 $2,551,875 $2,506,084 $2,468,367 
Less preferred stock - GAAP300,000 300,000 300,000 300,000 300,000 
Tangible common shareholders' equity$2,285,960 $2,272,423 $2,251,875 $2,206,084 $2,168,367 
Total assets - GAAP$27,644,637 $27,684,454 $28,060,330 $28,580,800 $30,140,288 
Less intangible assets - GAAP446,660 449,213 448,425 452,255 453,539 
Tangible assets$27,197,977 $27,235,241 $27,611,905 $28,128,545 $29,686,749 
Tangible Metrics
Common shares outstanding - GAAP80,758,674 81,373,760 81,220,269 81,157,173 81,405,391 
Tangible common equity per share$28.31 $27.93 $27.73 $27.18 $26.64 
Tangible equity to tangible assets 9.51 %9.45 %9.24 %8.91 %8.31 %
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Quarterly Earnings Release Q2 2025
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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

Three Months Ended
Average Tangible MeasuresMarch 31, 2025December 31, 2024September 30, 2024June 30,
2024		March 31, 2024
(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP$3,039,021 $3,015,197 $2,996,093 $2,947,056 $2,638,483 
Less average preferred stock
 - GAAP		300,000 300,000 300,000 300,000 300,000 
Less average intangible assets - GAAP448,272 447,754 451,204 453,142 360,251 
Average tangible common equity$2,290,749 $2,267,443 $2,244,889 $2,193,914 $1,978,232 
Average Assets - GAAP$27,371,320 $27,504,576 $28,000,482 $29,703,337 $24,907,376 
Less average intangible assets - GAAP448,272 447,754 451,204 453,142 360,251 
Average tangible assets$26,923,048 $27,056,822 $27,549,278 $29,250,195 $24,547,125 
Average Tangible Metrics
Net income - GAAP56,252 47,267 61,140 64,560 15,888 
Net income available to common shareholders' - GAAP52,596 43,611 57,484 60,904 12,232 
Return on tangible common equity9.18 %7.69 %10.24 %11.10 %2.47 %
Return on tangible assets0.84 %0.70 %0.89 %0.88 %0.26 %
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Quarterly Earnings Release Q2 2025
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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items
March 31, 2025December 31, 2024September 30, 2024June 30,
2024		March 31, 2024
(Unaudited - In thousands, except for ratio data)
Interest income
LBC Hedge Valuation Adj$— $3,933 $— $— $— 
Non-interest income adjustments
Distribution received on LBC equity method investment$(257)$(279)$(288)$(299)$(287)
(Gain)Loss on WaFd Bank equity method investment(155)48 (896)(748)2,195 
Total non-interest income adjustments$(412)$(231)$(1,184)$(1,047)$1,908 
Non-interest expense adjustments
Acquisition-related expenses$— $239 $(1,602)$2,285 $25,120 
Non-operating expenses:
Restructuring Charges— 5,390 — — — 
FDIC Special Assessment — — (216)— 1,800 
Legal and Compliance Accruals— — (182)— 3,000 
Charitable Donation— — — — 2,000 
— 5,390 (398)— 6,800 
Total non-interest expense adjustments$— $5,629 $(2,000)$2,285 $31,920 
Net Income - GAAP$56,252 $47,267 $61,140 $64,560 $15,888 
Preliminary ACL provision on LBC loans— — — — 16,000 
Interest income adjustments— 3,933 — — — 
Non-interest income adjustments(412)(231)(1,184)(1,047)1,908 
Non-interest expense adjustments— 5,629 (2,000)2,285 31,920 
REO adjustments199 (429)83 124 1,315 
Income tax adjustment47 (1,918)751 (299)(12,274)
Net Income - non-GAAP$56,086 $54,251 $58,790 $65,623 $54,757 
Dividend on preferred stock3,656 3,656 3,656 3,656 3,656 
Net Income available to common shareholders' - non-GAAP$52,430 $50,595 $55,134 $61,967 $51,101 
Basic weighted average number of shares outstanding - GAAP81,061,206 81,294,227 81,208,683 81,374,811 70,129,072 
Diluted weighted average number of shares outstanding - GAAP81,105,536 81,401,599 81,353,644 81,393,708 70,164,558 
Basic EPS - non-GAAP$0.65 $0.62 $0.68 $0.76 $0.73 
Diluted EPS - non-GAAP0.65 0.62 0.68 0.76 0.73 
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Quarterly Earnings Release Q2 2025
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WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted Efficiency RatioMarch 31, 2025December 31, 2024September 30, 2024June 30,
2024		March 31, 2024
(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP58.3 %65.0 %57.2 %56.6 %77.7 %
Net interest income - GAAP$160,910 $155,431 $172,812 $177,186 $158,597 
Total interest income adjustments— 3,933 — — — 
Net interest income - non-GAAP$160,910 $159,364 $172,812 $177,186 $158,597 
Non-interest expense - GAAP$104,832 $111,311 $107,941 $110,079 $133,712 
Less merger related expenses— 239 (1,602)2,285 25,120 
Less non-operating expenses— 5,390 (398)— 6,800 
Non-interest Expenses -
non-GAAP		$104,832 $105,682 $109,941 $107,794 $101,792 
Non-interest income - GAAP$18,881 $15,702 $15,878 $17,255 $13,392 
Total other income adjustments(412)(231)(1,184)(1,047)1,908 
Non-interest income -
non-GAAP		$18,469 $15,471 $14,694 $16,208 $15,300 
Net Interest Income -
non-GAAP		$160,910 $159,364 $172,812 $177,186 $158,597 
Non-interest income -
non-GAAP		18,469 15,471 14,694 16,208 15,300 
Total Income - non-GAAP$179,379 $174,835 $187,506 $193,394 $173,897 
Adjusted Efficiency Ratio58.4 %60.4 %58.6 %55.7 %58.5 %
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Quarterly Earnings Release Q2 2025
12
WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Three Months Ended
Adjusted ROA and ROEMarch 31, 2025December 31, 2024September 30, 2024June 30,
2024		March 31, 2024
(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP$56,252 $47,267 $61,140 $64,560 $15,888 
Net income available to common shareholders' - GAAP$52,596 $43,611 $57,484 $60,904 $12,232 
Average Assets27,371,320 27,504,576 28,000,482 29,703,337 24,907,376 
Return on Assets0.82 %0.69 %0.87 %0.87 %0.26 %
Average Common Equity$2,739,021 $2,715,197 $2,696,093 $2,647,056 $2,338,483 
Return on common equity7.68 %6.42 %8.53 %9.20 %2.09 %
Adjusted:
Net Income - non-GAAP$56,086 $54,251 $58,790 $65,623 $54,757 
Net income available to common shareholders' - non-GAAP$52,430 $50,595 $55,134 $61,967 $51,101 
Average Assets27,371,320 27,504,576 28,000,482 29,703,337 24,907,376 
Adjusted Return on Assets0.82 %0.79 %0.84 %0.88 %0.88 %
Average Common Equity2,739,021 2,715,197 2,696,093 2,647,056 2,338,483 
Adjusted Return on common equity7.66 %7.45 %8.18 %9.36 %8.74 %
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Quarterly Earnings Release Q2 2025
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Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2024 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, including a "Needs to Improve" CRA rating, which may impose restrictions or penalties on the Company's activities; (ix) expectations regarding key growth initiatives and strategic priorities; (x) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xi) litigation risks resulting in significant expenses, losses and reputational damage; (xii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiii) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.
# # #
CONTACT:
WaFd, Inc.
425 Pike Street, Seattle, WA 98101
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
brad.goode@wafd.com
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Quarterly Earnings Release Q2 2025
14