EX-99.2 3 exhibit992_march2025factsh.htm EX-99.2 Document
WaFd Inc. Announces Second Quarter 2025 Results
WaFd, Inc.
Fact Sheet
March 31, 2025
($ in Thousands)
Exhibit 99.2
As of 09/24As of 12/24As of 03/25
Allowance for Credit Losses (ACL) - Total$225,253 $225,022 $222,709 
ACL - Loans203,753 204,522 202,709 
ACL - Unfunded Commitments21,500 20,500 20,000 
Total ACL as a % of Gross Loans1.01 %1.00 %1.01 %
09/24 QTR09/24 YTD12/24 QTR12/24 YTD03/25 QTR03/25 YTD
Loan Originations - Total$962,393 $3,632,072 $930,689 $930,689 $1,008,874 $1,939,563 
Multi-Family1,997 60,730 6,388 6,388 24,464 30,852 
Commercial Real Estate43,724 246,930 47,726 47,726 82,295 130,021 
Commercial & Industrial431,498 1,677,371 405,877 405,877 429,009 834,886 
Construction191,837 603,829 162,662 162,661 171,344 334,005 
Land - Acquisition & Development15,275 45,406 7,934 7,934 24,474 32,408 
Single-Family Residential138,234 430,272 156,117 156,117 143,203 299,320 
Construction - Custom54,049 209,781 51,009 51,009 28,986 79,995 
Land - Consumer Lot Loans6,946 21,187 4,968 4,968 2,372 7,340 
HELOC42,816 161,917 43,030 43,030 41,897 84,927 
Consumer36,017 174,648 44,978 44,978 60,830 105,808 
Purchased Loans (including acquisitions)$— $6,207,393 $102,016 $102,016 $3,847 $105,863 
Loan Repayments & Payoffs - Total$1,129,986 $4,302,359 $981,574 $981,574 $1,279,011 $2,260,585 
Multi-Family48,998 164,139 63,136 63,136 80,455 143,591 
Commercial Real Estate47,456 287,398 114,179 114,179 106,057 220,236 
Commercial & Industrial465,350 1,658,384 338,005 338,005 476,377 814,382 
Construction197,283 969,672 116,331 116,331 164,167 280,498 
Land - Acquisition & Development11,174 72,148 29,960 29,960 25,047 55,007 
Single-Family Residential241,570 738,340 214,726 214,726 327,561 542,287 
Construction - Custom29,210 73,178 21,526 21,526 14,704 36,230 
Land - Consumer Lot Loans10,474 38,088 6,556 6,556 7,104 13,660 
HELOC31,934 130,176 34,048 34,048 32,659 66,707 
Consumer46,537 170,836 43,107 43,107 44,880 87,987 
Weighted Average Rate on Originations7.77 %6.91 %7.12 %
Weighted Average Rate on Payoffs6.65 %6.50 %6.74 %
Net Loan Fee Accretion$4,118 $17,208 $3,070 $3,070 $3,192 $6,262 
Net Discount Accretion on Acquired Loans$6,824 $20,281 $6,930 $6,930 $6,447 $13,377 
MBS Repayments64,885 195,831 68,287 68,287 59,306 127,593 
MBS Net Premium Amortization$403 $1,060 $434 $434 $877 $1,311 

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WaFd Fact Sheet Q2 2025
1
WaFd Inc. Announces Second Quarter 2025 Results
WaFd, Inc.
Fact Sheet
March 31, 2025
($ in Thousands)
As of 09/24As of 12/24As of 03/25
Loans Receivable by Category1
 Amount % Amount % Amount %
Multi-Family$4,658,119 20.8 %$4,829,736 21.5 %$4,967,125 22.4 %
Commercial Real Estate3,757,040 16.8 3,637,986 16.2 3,665,363 16.6 
Commercial & Industrial2,337,139 10.5 2,408,693 10.6 2,389,025 10.7 
Construction2,174,254 9.7 2,062,116 9.2 1,791,886 8.1 
Land - Acquisition & Development200,713 0.9 178,687 0.8 178,114 0.8 
Single-Family Residential8,399,030 37.6 8,520,833 38.0 8,401,084 37.9 
Construction - Custom384,161 1.7 335,715 1.5 287,461 1.3 
Land - Consumer Lot Loans108,791 0.6 107,205 0.5 102,475 0.5 
HELOC266,151 1.2 275,132 1.2 284,295 1.3 
Consumer73,998 0.3 75,933 0.3 91,899 0.4 
22,359,396 100 %22,432,036 100 %22,158,727 100 %
Less:
Loans in Process1,009,798 903,253 798,996 
Net Deferred Fees, Costs and Discounts229,491 263,760 237,021 
Loans at Amortized Cost21,120,107 21,265,023 21,122,710 
Less:
Allowance for Credit Losses (ACL)203,753 204,522 202,709 
Net Loans $20,916,354 $21,060,501 $20,920,001 
Net Loan Portfolio by Category1
 Amount % Amount % Amount %
Multi-Family$4,530,951 21.7 %$4,714,800 22.4 %$4,840,784 23.2 %
Commercial Real Estate3,692,946 17.7 3,572,885 17.0 3,601,008 17.2 
Commercial & Industrial2,273,984 10.9 2,343,246 11.1 2,324,598 11.1 
Construction1,401,748 6.7 1,362,145 6.5 1,191,930 5.7 
Land - Acquisition & Development152,416 0.7 139,388 0.7 129,358 0.6 
Single-Family Residential8,239,778 39.4 8,320,765 39.5 8,223,356 39.3 
Construction - Custom180,988 0.9 154,495 0.7 136,424 0.7 
Land - Consumer Lot Loans105,496 0.5 103,961 0.4 99,370 0.4 
HELOC266,808 1.3 275,880 1.3 284,970 1.4 
Consumer71,239 0.3 72,936 0.3 88,203 0.4 
$20,916,354 100 %$21,060,501 100 %$20,920,001 100 %
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
Loan Contractual Term to Maturity or Repricing2
AmountRateAmountRateAmountRate
Within 3 months$5,338,837 7.74% $5,612,092 7.12% $5,577,953 6.98% 
From 4 to 6 months461,449 5.74 372,974 5.83 410,864 5.69 
From 7 to 9 months194,824 5.14 328,727 3.19 341,198 4.70 
From 10 to 12 months261,503 4.95 371,071 4.90 377,179 4.76 
1 to 3 years3,064,601 3.91 3,070,702 4.04 3,063,242 4.22 
3 to 5 years1,973,078 5.06 1,850,505 4.95 1,811,205 4.94 
More than 5 years9,825,815 4.16 9,658,951 4.19 9,541,069 4.22 
Total$21,120,107 5.17 %$21,265,022 5.04 %$21,122,710 5.06 %
2Includes the effect of derivatives.
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WaFd Fact Sheet Q2 2025
2
WaFd Inc. Announces Second Quarter 2025 Results
WaFd, Inc.
Fact Sheet
March 31, 2025
($ in Thousands)
As of 09/24As of 12/24As of 03/25
Loans by State1
Amount%Amount%Amount%
Washington$5,771,729 27.3 %$5,857,840 27.5 %$5,726,161 27.1 %
Idaho924,573 4.4 940,094 4.4 935,583 4.4 
Oregon2,463,530 11.7 2,477,443 11.7 2,505,629 11.9 
Utah2,085,051 9.9 2,114,388 9.9 2,129,700 10.1 
Nevada783,600 3.7 773,271 3.5 786,919 3.6 
Texas2,495,541 11.8 2,500,824 11.8 2,417,928 11.4 
Arizona2,319,106 11.0 2,333,725 11.0 2,355,148 11.1 
New Mexico761,853 3.6 766,170 3.6 802,884 3.8 
California3,037,606 14.4 3,037,930 14.3 2,979,107 14.1 
Other477,518 2.3 463,337 2.2 483,651 2.3 
Total$21,120,107 100 %$21,265,022 100 %$21,122,710 100 %
Non-Performing AssetsAmount %Amount %Amount %
Non-accrual loans1:
Multi-Family$18,743 27.0 %$24,077 33.2 %$10,477 17.5 %
Commercial Real Estate26,362 37.9 26,292 36.3 29,320 49.0 
Commercial & Industrial— — 1,963 2.7 — — 
Construction1,120 1.6 624 0.9 — — 
Land - Acquisition & Development74 0.1 — — — — 
Single-Family Residential21,488 30.9 17,440 24.1 18,734 31.3 
Construction - Custom848 1.1 848 1.2 847 1.4 
Land - Consumer Lot Loans— — 8 — 8 — 
HELOC596 0.9 786 1.1 300 0.5 
Consumer310 0.3 449 0.6 200 0.3 
Total non-accrual loans69,541 100 %72,487 100 %59,886 100 %
Real Estate Owned4,567 3,316 7,688 
Other Property Owned3,310 3,310 3,310 
Total non-performing assets$77,418 $79,113 $70,884 
Non-accrual loans as % of total net loans0.33 %0.34 %0.29 %
Non-performing assets as % of total assets0.28 %0.29 %0.26 %
Net Charge-offs (Recoveries) by Category09/24 QTR
CO % (a)
12/24 QTR
CO % (a)
03/25 QTR
CO % (a)
Multi-Family$— — %$— — %$— — %
Commercial Real Estate— — 163 0.02 4,223 0.46 
Commercial & Industrial136 0.02 353 0.06 198 0.03 
Construction— — — — — — 
Land - Acquisition & Development114 0.23 (12)(0.03)(8)(0.02)
Single-Family Residential(88)— (456)(0.02)331 0.02 
Construction - Custom(1)— — — — — 
Land - Consumer Lot Loans(1)— — — — — 
HELOC(1)— (1)— — — 
Consumer(89)(0.48)184 0.97 319 1.39 
Total net charge-offs (recoveries)$70 — %$231 — %$5,063 0.09 %
(a)Annualized Net Charge-offs (recoveries) divided by Gross Balance
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
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WaFd Fact Sheet Q2 2025
3
WaFd Inc. Announces Second Quarter 2025 Results
WaFd, Inc.
Fact Sheet
March 31, 2025
($ in Thousands)
09/24 QTR09/24 YTD12/24 QTR12/24 YTD03/25 QTR03/25 YTD
Efficiency
Operating Expenses/Average Assets1.54 %1.71 %1.62 %1.62 %1.53 %1.58 %
Efficiency Ratio (%)57.21 %62.13 %65.04 %65.04 %58.31 %61.59 %
Amortization of Intangibles$2,977 $7,743 $2,755 $2,755 $2,553 $5,308 
EOP Numbers
Shares Issued and Outstanding81,220,269 81,373,760 80,758,674 
Share repurchase information
Remaining shares authorized for repurchase11,501,005 11,501,005 10,777,898 
Shares repurchased7,174 1,070,207 89,528 89,528 726,082 815,610 
Average share repurchase price$34.82 $25.29 $38.09 $38.09 $29.39 $30.35 

Tangible Common Shareholders' Book ValueAs of 09/24As of 12/24As of 03/25
$ Amount$2,251,875 $2,272,423 $2,285,960 
Per Share27.73 27.93 28.31 
# of Employees2,208 2,175 2,018 
Investments
Available-for-sale:
Agency MBS$1,387,025 $1,600,089 $2,074,672 
Other1,185,684 1,143,642 1,068,091 
$2,572,709 $2,743,731 $3,142,763 
Held-to-maturity:
Agency MBS$436,972 $537,348 $526,502 
$436,972 $537,348 $526,502 
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WaFd Fact Sheet Q2 2025
4
WaFd Inc. Announces Second Quarter 2025 Results
WaFd, Inc.
Fact Sheet
March 31, 2025
($ in Thousands)
As of 09/24As of 12/24As of 03/25
Deposits & Branches by StateAmount%#Amount%#Amount%#
Washington$8,528,608 39.9 %73 $8,589,398 40.1 %73 $8,723,693 40.7 %73 
Idaho949,025 4.4 22 946,554 4.4 22 949,570 4.4 21 
Oregon2,696,243 12.6 36 2,704,966 12.6 36 2,798,850 13.1 36 
Utah584,001 2.7 9 573,469 2.7 9 601,503 2.8 9 
Nevada527,704 2.5 8 531,383 2.5 8 538,439 2.5 8 
Texas398,736 1.8 5 683,513 3.2 5 398,210 1.9 5 
Arizona1,619,101 7.6 28 1,628,742 7.6 28 1,676,939 7.8 28 
New Mexico1,622,534 7.6 19 1,568,788 7.3 19 1,666,280 7.8 19 
California4,448,018 20.8 10 4,211,964 19.6 10 4,073,942 19.0 10 
Total$21,373,970 100 %210 $21,438,777 100 %210 $21,427,426 100 %209 
Deposits by TypeAmount%Amount%Amount%
Non-Interest Checking$2,500,467 11.7 %$2,489,394 11.6 %$2,400,172 11.2 %
Interest Checking4,486,444 21.0 4,554,922 21.2 4,625,596 21.6 
Savings718,560 3.4 714,755 3.4 715,199 3.3 
Money Market4,111,714 19.2 4,094,788 19.1 4,113,017 19.2 
Time Deposits9,556,785 44.7 9,584,918 44.7 9,573,442 44.7 
Total$21,373,970 100 %$21,438,777 100 %$21,427,426 100 %
Deposits Uninsured &
Non-collateralized - EOP		$5,134,192 24.0 %$5,317,511 24.8 %$5,490,142 25.6 %
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$2,923,299 4.72 %$3,744,158 4.59 %$3,380,830 4.31 %
From 4 to 6 months3,140,278 4.65 %2,655,054 4.38 %3,153,646 4.23 %
From 7 to 9 months1,236,201 4.49 %1,538,725 4.49 %1,412,021 3.86 %
From 10 to 12 months1,307,000 4.37 %836,930 3.41 %962,710 3.39 %
Borrowings (Effective Maturity)AmountRateAmountRateAmountRate
Within 3 months$449,584 5.39 %$1,850,825 4.84 %$1,750,000 4.50 %
From 4 to 6 months1,824,483 4.91 %— — %— — %
From 7 to 9 months— — %— — %— — %
From 10 to 12 months— — %— — %100,000 1.67 %
1 to 3 years193,355 3.17 %194,284 3.14 %95,193 4.66 %
3 to 5 years— — %18,400 — %18,565 0.04 %
More than 5 years850,885 1.23 %851,118 1.15 %851,180 0.95 %
Total$3,318,307 $2,914,627 $2,814,938 

09/24 QTR09/24 YTD12/24 QTR12/24 YTD03/25 QTR03/25 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings$305 $(185)$(2,920)$(2,920)$(1,811)$(4,731)
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WaFd Fact Sheet Q2 2025
5
WaFd Inc. Announces Second Quarter 2025 Results
WaFd, Inc.
Fact Sheet
March 31, 2025
($ in Thousands)

Interest Rate Risk(b)
As of 09/24As of 12/24As of 03/25
NPV post up 100 bps shock8.7 %9.5 %9.4 %
NPV post down 100 bps shock10.2 %11.6 %11.6 %
Change in NII after up 100 bps shock0.2 %1.3 %1.0 %
Change in NII after down 100 bps shock0.4 %2.0 %1.3 %
(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)
Average for Quarter Ended:WAFD
SFR Mortgages		WAFD
GSE MBS
3/31/20235.8 %8.9 %
6/30/20237.9 %11.8 %
9/30/20237.0 %14.5 %
12/31/20236.6 %9.7 %
3/31/20244.8 %8.7 %
6/30/20246.6 %12.0 %
9/30/20248.6 %12.9 %
12/31/20248.1 %12.7 %
3/31/20258.1 %9.1 %
(c)The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that is paid off prematurely in each period.
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WaFd Fact Sheet Q2 2025
6
WaFd Inc. Announces Second Quarter 2025 Results
WaFd, Inc.
Fact Sheet
March 31, 2025
Average Balance Sheet
($ in Thousands)
Quarter Ended
September 30, 2024December 31, 2024March 31, 2025
Average BalanceInterestAverage RateAverage BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets
Loans receivable$21,258,400 $308,598 5.78 %$20,954,663 $286,597 5.43 %$20,918,986 $282,077 5.47 %
Mortgage-backed securities1,817,639 18,088 3.96 1,882,688 18,337 3.86 2,369,535 23,926 4.10 
Cash & investments3,061,063 43,661 5.67 2,855,030 37,941 5.27 2,216,944 27,631 5.05 
FHLB Stock99,195 3,750 15.04 106,062 2,242 8.39 123,346 2,450 8.06 
Total interest-earning assets26,236,297 374,097 5.67 %25,798,443 345,117 5.31 %25,628,811 336,084 5.32 %
Other assets1,764,185 1,706,133 1,742,509 
Total assets$28,000,482 $27,504,576 $27,371,320 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$18,590,638 165,240 3.54 %$18,743,048 162,150 3.43 %$18,881,290 151,948 3.26 %
Borrowings3,535,015 36,045 4.05 2,899,012 27,536 3.77 2,723,664 23,226 3.46 
Total interest-bearing liabilities22,125,653 201,285 3.62 %21,642,060 189,686 3.48 %21,604,954 175,174 3.29 %
Noninterest-bearing customer accounts2,588,528 2,523,510 2,448,965 
Other liabilities290,208 323,809 278,380 
Total liabilities25,004,389 24,489,379 24,332,299 
Stockholders’ equity2,996,093 3,015,197 3,039,021 
Total liabilities and equity$28,000,482 $27,504,576 $27,371,320 
Net interest income/interest rate spread$172,812 2.05 %$155,431 1.83 %$160,910 2.03 %
Net interest margin(1)
2.62 %2.39 %2.55 %
(1)Annualized net interest income divided by average interest-earning assets
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WaFd Fact Sheet Q1 2025
7
WaFd Inc. Announces Second Quarter 2025 Results
WaFd, Inc.
Fact Sheet
March 31, 2025
Delinquency Summary
($ in Thousands)
# of Loans
Type of Loans #LoansAVG SizeLoans
Amortized
Cost		30 60 90 Total% Based on #$ Delinquent% Based on #
March 31, 2025
Multi-Family1,901 2,560 $4,867,340 12 — 3 15 0.79 %$15,220 0.31 %
Commercial Real Estate1,288 2,826 3,639,477 2 1 2 5 0.39 3,821 0.10 
Commercial & Industrial2,057 1,159 2,384,745 10 1 10 21 1.02 53 — 
Construction370 3,274 1,211,336 — — — — — — — 
Land - Acquisition & Development70 1,944 136,061 — — — — — — — 
Single-Family Residential21,516 384 8,264,318 46 15 60 121 0.56 34,312 0.42 
Construction - Custom266 517 137,501 — — 2 2 0.75 848 0.62 
Land - Consumer Lot Loans976 104 101,784 1 — 2 3 0.31 175 0.17 
HELOC4,473 64 288,228 12 6 24 0.54 2,835 0.98 
Consumer8,463 11 91,920 22 18 42 82 0.97 683 0.74 
41,380 510 $21,122,710 105 41 127 273 0.66 %$57,947 0.27 %
December 31, 2024
Multi-Family1,922 2,467 $4,740,797 10 3 10 23 1.20 %$23,504 0.50 %
Commercial Real Estate1,282 2,817 3,610,758 1 1 3 5 0.39 670 0.02 
Commercial & Industrial1,792 1,341 2,403,719 12 5 9 26 1.45 2,246 0.09 
Construction389 3,555 1,383,048 2 1 2 5 1.29 4,495 0.33 
Land - Acquisition & Development78 1,880 146,609 — — — — — — — 
Single-Family Residential21,643 386 8,362,881 34 17 59 110 0.51 29,597 0.35 
Construction - Custom308 506 155,714 — — 2 2 0.65 848 0.54 
Land - Consumer Lot Loans998 107 106,489 2 — 2 4 0.40 333 0.31 
HELOC4,466 62 279,039 9 3 10 22 0.49 2,037 0.73 
Consumer7,947 10 75,969 16 15 70 101 1.27 712 0.94 
40,825 521 $21,265,023 86 45 167 298 0.73 %$64,442 0.30 %
September 30, 2024
Multi-Family1,938 2,351 $4,556,200 — 3 5 8 0.41 %$14,673 0.32 %
Commercial Real Estate1,295 2,882 3,732,155 1 — 3 4 0.31 661 0.02 
Commercial & Industrial1,827 1,277 2,332,732 1 4 8 13 0.71 2,046 0.09 
Construction406 3,507 1,424,016 1 — 3 4 0.99 2,050 0.14 
Land - Acquisition & Development81 1,979 160,317 — — 2 2 2.47 74 0.05 
Single-Family Residential22,141 374 8,280,300 28 19 52 99 0.45 29,711 0.36 
Construction - Custom364 501 182,415 — — 2 2 0.55 848 0.46 
Land - Consumer Lot Loans1,017 106 108,060 — — 1 1 0.10 — — 
HELOC4,400 61 269,857 13 6 6 25 0.57 2,510 0.93 
Consumer7,677 10 74,055 35 27 64 126 1.64 765 1.03 
41,146 513 $21,120,107 79 59 146 284 0.69 %$53,338 0.25 %
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WaFd Fact Sheet Q1 2025
8