WAFD INC

Listed Company

WAFDCIK 0000936528NasdaqLarge AcceleratedNational Commercial BanksWashingtonFY ends Sep 30

Period

FY 2025

Revenue

$29.65M

Net Income

$226.07M

Total Assets

$26.70B

Equity

$3.04B

Shares Out

75.86M

Op. Cash Flow

$236.95M

Business

WAFD INC operates as a bank holding company that provides commercial banking services through its operating bank, WaFd Bank. Its primary products and services include a range of lending products (commercial, commercial real estate, multi-family, construction, land development, SBA and consumer loans), deposit and treasury management products, investment and securities activities, insurance brokerage through WaFd Insurance Group and wealth management through WaFd Wealth. Key business divisions include the Bank subsidiary, WaFd Insurance Group, Inc., and WaFd Wealth, Inc. The Company distributes its products through a branch network across nine western states and digital channels including its website and mobile application.

Summary from filing dated 2025-11-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Loans receivable	1,120	1,166	900	602	538
Mortgage-backed securities	103	60	43	26	25
Investment securities and cash equivalents	116	146	100	38	29
Total Income	1,339	1,372	1,043	666	592
Customer accounts	605	532	237	43	—
Borrowings, senior debt and junior subordinated debentures	81	178	115	29	44
Total interest expense	685	711	353	72	—
Net interest income	654	661	690	595	505
Provision for credit losses	8	18	42	3	500,000
Net interest income after provision	646	643	649	592	505
Gain on sale of investment securities	20,000	342,000	33,000	99,000	14,000
Gain (loss) on termination of hedging derivatives	158,000	241,000	−867,000	0	14
Loan fee income	7	3	4	7	7
Deposit fee income	30	28	26	26	25
Other income	35	30	23	33	29
Total non-interest income	71	61	52	66	61
Compensation and benefits	222	234	197	194	176
Occupancy	45	42	42	42	40
FDIC insurance premiums	20	29	20	10	14
Product delivery	26	24	21	20	19
Information technology	60	53	49	47	43
Other expense	54	66	47	46	41
Total non-interest expense	427	448	376	359	332
Gain (loss) on real estate owned, net	−627,000	304,000	176,000	651,000	427,000
Income before income taxes	290	256	325	300	233
Income tax expense	64	56	68	64	50
Net income	226	200	257	236	184
Dividends on preferred stock	15	15	15	15	10
Net income available to common shareholders	211	185	243	222	174
Basic earnings per share (in dollars per share)	2.64	2.5	3.72	3.4	2.39
Diluted earnings per share (in dollars per share)	2.63	2.5	3.72	3.39	2.39
Dividends paid on common stock per share (in dollars per share)	1.07	1.03	0.99	0.95	0.91
Basic weighted average number of common shares outstanding (in shares)	80	74	65	65	73
Diluted weighted average number of common shares outstanding (in shares)	80	74	65	65	73

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	657	2,381	981	684	2,091
Available-for-sale securities, at fair value	3,533	2,573	1,995	2,051	2,138
Held-to-maturity securities, at amortized cost	646	437	424	463	366
Loans receivable, net of allowance for loan losses of $199,720 and $203,753	20,089	20,916	17,477	16,114	13,834
Interest receivable	99	103	87	64	51
Premises and equipment, net	261	248	237	243	255
Real estate owned	11	5	4	7	8
FHLB stock	88	96	127	95	—
Bank owned life insurance	275	268	243	238	233
Intangible assets, including goodwill of $414,722 and $411,360	442	448	311	309	310
Federal and state income tax assets, net	113	119	—	—	—
Other assets	486	467	582	505	258
Total assets	26,700	28,060	22,475	20,772	19,651
Transaction deposit accounts	12,307	11,817	10,765	12,692	12,108
Time deposit accounts	9,131	9,557	5,305	3,338	3,434
Customer accounts	21,438	21,374	16,070	16,030	15,542
Borrowings	1,766	3,268	3,650	—	—
Junior subordinated debentures	52	51	0	—	—
Advance payments by borrowers for taxes and insurance	60	61	53	50	47
Accrued expenses and other liabilities	345	306	275	290	215
Total liabilities	23,660	25,060	20,048	18,498	17,525
Commitments and contingencies (see Note N)	—	—	—	—	—
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	300	300	300	300
Common stock, $1.00 par value, 300,000,000 shares authorized; 154,408,001 and 154,007,429 shares issued; 78,186,520 and 81,220,269 shares outstanding	154	154	136	136	136
Additional paid-in capital	2,163	2,151	1,688	1,687	1,679
Accumulated other comprehensive income, net of taxes	57	56	47	52	70
Treasury stock, at cost; 76,221,481 and 72,787,160 shares	−1,741	−1,639	−1,612	−1,590	—
Retained earnings	2,106	1,979	1,868	1,689	1,529
Total stockholders equity	3,040	3,000	2,426	2,274	2,126
Total liabilities and shareholders equity	26,700	28,060	22,475	20,772	19,651

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation, amortization, accretion and other, net	10	134	23	64	—
Stock-based compensation expense	9	9	8	7	6
Loss (gain) on sale of investment securities	−20,000	−342,000	−33,000	−99,000	−14,000
Gain on settlements of bank owned life insurance	0	0	−821,000	−1	0
Impairment loss on premises and equipment	992,000	0	6,000	0	944,000
Net realized (gain) loss on sales of premises, equipment and real estate owned	−419,000	−3	−1	655,000	−593,000
Decrease (increase) in accrued interest receivable	4	10	−23	−13	3
Decrease (increase) in federal and state income tax receivable	6	19	−7	4	2
Decrease (increase) in cash surrender value of bank owned life insurance	−8	−7	−6	−6	−6
Decrease (increase) in other assets	−28	148	−67	−100	156
Increase (decrease) in federal and state income tax liabilities	0	0	−3	8	−16
Increase (decrease) in accrued expenses and other liabilities	9	−88	−7	66	−49
Net cash provided by (used in) operating activities	237	439	214	268	314
Origination of loans and principal repayments, net	973	−349	−1,330	−1,749	−556
Loans purchased	−144	0	−80	−577	−488
FHLB & FRB stock purchase	−497	−603	−655	−294	−296
FHLB & FRB stock redeemed	504	670	623	302	335
Available-for-sale securities purchased	−1,482	−549	−376	−588	−530
Principal payments and maturities of available-for-sale securities	562	387	420	510	647
Proceeds from sales of available-for-sale investment securities	797,000	183	1	5	1
Held-to-maturity securities purchased	−262	−47	0	−195	0
Principal payments and maturities of held-to-maturity securities	53	36	39	95	332
Proceeds from sales of real estate owned	3	7	7	7	—
Proceeds from settlements of bank owned life insurance	0	0	2	2	0
Equity method investments purchased	−3	−4	−13	—	—
Net cash received (paid) in business combinations	−360,000	624	−3	0	−2
Proceeds from sales of loans	0	2,957	0	—	—
Proceeds from sales of premises and equipment	2	1	1	41,000	3
Premises and equipment purchased and REO improvements	−29	−25	−15	−12	−29
Net cash provided by (used in) investing activities	−318	3,287	−1,378	−2,493	−580
Net increase (decrease) in customer accounts	64	−325	41	487	1,762
Proceeds from borrowings	11,020	17,037	17,175	7,345	7,400
Repayments of borrowings	−12,528	−18,843	−15,650	−6,940	—
Principal payments and maturities of senior debt	0	−95	0	0	—
Proceeds from stock-based awards	4	5	1	2	339,000
Dividends paid on common stock	−85	−74	−64	−62	−66
Dividends paid on preferred stock	−15	−15	−15	−15	−6
Proceeds from employee stock purchase	842,000	992,000	177,000	0	0
Treasury stock purchased	−102	−27	−30	−3	−349
Increase (decrease) in advance payments by borrowers for taxes and insurance	−1	9	2	3	−2
Net cash provided by (used by) financing activities	−1,642	−2,326	1,461	818	653
Increase (decrease) in cash and cash equivalents	−1,724	1,400	297	−1,407	388
Real estate acquired through foreclosure	6	681,000	121,000	73,000	221,000
Interest	747	739	364	65	72
Income taxes	42	20	61	35	—
Fair value of assets and intangibles acquired	0	7,677	0	0	—
Fair value of liabilities assumed	0	−7,316	0	0	—
Net fair value of acquired assets (liabilities)	0	361	0	0	—

Filings

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