WAFD INCWAFD

WAFD INC Debt Disclosure

10-KFiled Nov 18, 20252 min read
BORROWINGS
 
The Company had total borrowings outstanding at September 30, 2025 with carrying values of $1,765,604,000 compared to
$3,267,589,000 at September 30, 2024. The borrowings consisted of FHLB advances and funds received from the FRB's Bank
Term Funding Program. The table below shows the contractual maturity dates of outstanding FHLB advances.
 
September 30, 2025
September 30, 2024
 
(In thousands)
Within 1 year
$1,747,041
$2,099,353
1 to 3 years
—
93,354
3 to 5 years
18,563
167
$1,765,604
$2,192,874
 
As of September 30, 2025, there are no advances that are callable by the FHLB.  Taking into account cash flow hedges, the
weighted average effective maturity of FHLB advances at September 30, 2025 is 2.19 years.
 
Financial information pertaining to the weighted-average cost and the amount of FHLB advances were as follows.
 
2025
2024
2023
 
($ in thousands)
Weighted average interest rate, including cash flow hedges, at end of year
2.35%
3.32%
3.83%
Weighted daily average interest rate, including cash flow hedges, during the year
3.09%
3.78%
3.42%
Daily average of FHLB advances during the year
$2,260,209
$2,952,872
$2,916,849
Maximum amount of FHLB advances at any month end
$2,913,373
$4,338,731
$3,425,000
Interest expense during the year (including swap interest income and expense)
$69,912
$111,574
$99,631
 
The Bank has a credit line with the FHLB - DM equal to 45% of total assets depending on specific collateral eligibility. 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
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 mortgage backed securities.
The Bank had $1,074,714,000 of borrowings from the FRB's Bank Term Funding plan as of September 30, 2024 which
matured and were repaid during fiscal 2025. The Bank also participates in the FRB of San Francisco Borrower-in-Custody
program which collateralizes primary credit borrowings. 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.

Historical Timeline

Fiscal YearFiled
2025Nov 18, 2025Showing above
2024Nov 20, 2024
2023Nov 17, 2023
2021Nov 19, 2021
2019Nov 20, 2019
2017Nov 21, 2017
2016Nov 21, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&ECommitmentsStock CompensationNew Standards