Companies: 11,222     total market cap: A$219.559 T
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WaFd Bank
WAFD
#4418
Rank
A$3.88 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$52.56
Share price
-0.83%
Change (1 day)
17.79%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. WaFd Bank
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

WaFd Bank - 10-Q quarterly report FY2026 Q3


Text size:
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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 June 30, 2026
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 73,995,238 shares of common stock as of July 31, 2026.


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

2

PART I – Financial Information
Item 1. Financial Statements
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)





June 30, 2026September 30, 2025
(In thousands, except share data)
ASSETS
Cash and cash equivalents$676,467 $657,310 
Available-for-sale securities, at fair value
4,190,263 3,533,201 
Held-to-maturity securities, at amortized cost
858,261 645,802 
Loans receivable, net of allowance for loan losses of $214,831 and $199,720
20,017,876 20,088,618 
Interest receivable99,120 98,589 
Premises and equipment, net291,606 261,271 
Real estate owned8,179 11,084 
FHLB stock155,392 88,068 
Bank owned life insurance281,131 275,159 
Intangible assets, including goodwill of $418,447 and $414,722
443,670 442,093 
Federal and state income tax assets110,616 112,784 
Other assets464,389 485,720 
$27,596,970 $26,699,699 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Customer accounts
Transaction deposit accounts$12,745,791 $12,306,532 
Time deposit accounts8,186,284 9,131,104 
20,932,075 21,437,636 
Borrowings3,263,359 1,765,604 
Junior subordinated debentures52,338 51,645 
Advance payments by borrowers for taxes and insurance36,094 59,845 
Federal and state income tax liabilities158 — 
Accrued expenses and other liabilities290,377 345,394 
24,574,401 23,660,124 
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; 154,862,525 and 154,408,001 shares issued; 73,954,133 and 78,186,520 shares outstanding
154,863 154,408 
Additional paid-in capital2,175,267 2,163,276 
Accumulated other comprehensive income (loss), net of taxes48,087 56,950 
Treasury stock, at cost; 80,908,392 and 76,221,481 shares
(1,886,075)(1,740,761)
Retained earnings2,230,427 2,105,702 
3,022,569 3,039,575 
$27,596,970 $26,699,699 
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
3
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025
(In thousands, except share data)(In thousands, except share data)
INTEREST INCOME
Loans receivable$267,243 $279,476 $793,598 $848,150 
Mortgage-backed securities46,569 27,855 129,812 70,118 
Investment securities and cash equivalents18,313 24,383 55,945 94,647 
332,125 331,714 979,355 1,012,915 
INTEREST EXPENSE
Customer accounts123,079 146,735 385,292 460,833 
Borrowings and junior subordinated debentures27,708 16,991 64,044 67,753 
150,787 163,726 449,336 528,586 
Net interest income181,338 167,988 530,019 484,329 
Provision for credit losses11,000 2,000 18,500 4,750 
Net interest income after provision170,338 165,988 511,519 479,579 
NON-INTEREST INCOME
Gain on sale of investment securities112 — 112 20 
Gain (loss) on termination of hedging derivatives(12)56 438 126 
Loan fee income2,181 1,650 5,751 4,807 
Deposit fee income8,142 7,588 23,674 21,691 
Other income13,755 8,979 34,271 26,212 
Total non-interest income24,178 18,273 64,246 52,856 
NON-INTEREST EXPENSE
Compensation and benefits57,399 53,481 168,709 166,118 
Occupancy11,842 11,755 34,723 34,042 
FDIC insurance premiums5,542 5,150 15,992 15,800 
Product delivery7,067 6,621 20,751 19,313 
Information technology16,157 15,022 46,460 43,695 
Other expense12,327 12,298 39,277 41,502 
Total non-interest expense110,334 104,327 325,912 320,470 
Gain (loss) on real estate owned, net167 (176)603 54 
Income before income taxes84,349 79,758 250,456 212,019 
Income tax expense18,219 17,806 54,582 46,548 
Net income66,130 61,952 195,874 165,471 
Dividends on preferred stock3,656 3,656 10,969 10,968 
Net income available to common shareholders$62,474 $58,296 $184,905 $154,503 
PER SHARE DATA
Basic earnings per common share$0.85 $0.73 $2.45 $1.91 
Diluted earnings per common share0.84 0.73 2.45 1.91 
Dividends paid on common stock per share0.27 0.27 0.81 0.80 
Basic weighted average shares outstanding73,901,72579,888,52075,458,38180,748,838
Diluted weighted average shares outstanding74,046,83879,907,67275,553,79880,821,807
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
4
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

Three Months Ended June 30,
20262025
(In thousands)
Net income$66,130 $61,952 
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $5,350 and $(1,443)
(17,320)4,672 
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $0 and $0
— — 
Net unrealized gain (loss) from investment securities, net of reclassification adjustment(17,320)4,672 
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $(1,668) and $3,313
5,400 (10,727)
Reclassification adjustment of net (gain) loss included in net income during the period from mortgage backed securities fair value hedges, net of tax of $(1,520) and $1,179
4,922 (3,818)
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment10,322 (14,545)
Other comprehensive income (loss)(6,998)(9,873)
Comprehensive income$59,132 $52,079 

Nine Months Ended June 30,
20262025
(In thousands)
Net income$195,874 $165,471 
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $7,133 and $(1,445)
(23,093)4,678 
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $5 and $76
(15)(246)
Net unrealized gain (loss) from investment securities, net of reclassification adjustment(23,108)4,432 
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $(1,231) and $2,529
3,985 (8,187)
Reclassification adjustment of net (gain) loss included in net income during the period from hedging derivatives, net of tax of $(3,170) and $3,263
10,260 (10,565)
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment14,245 (18,752)
Other comprehensive income (loss)(8,863)(14,320)
Comprehensive income$187,011 $151,151 
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
5
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED) 

(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at April 1, 2026$300,000 $154,759 $2,169,653 $2,187,614 $55,085 $(1,885,828)$2,981,283 
Net income— — — 66,130 — — 66,130 
Other comprehensive loss— — — — (6,998)— (6,998)
Dividends on common stock
($0.27 per share)
— — — (19,661)— — (19,661)
Dividends on preferred stock ($12.1875 per share)
— — — (3,656)— — (3,656)
Proceeds from stock issuances— 110 3,304 — — — 3,414 
Stock-based compensation expense— (6)2,310 — — 72 2,376 
Treasury stock purchased— — — — — (319)(319)
Balance at June 30, 2026$300,000 $154,863 $2,175,267 $2,230,427 $48,087 $(1,886,075)$3,022,569 
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at April 1, 2025$300,000 $154,355 $2,158,037 $2,032,563 $51,404 $(1,663,739)$3,032,620 
Net income— — — 61,952 — — 61,952 
Other comprehensive loss— — — — (9,873)— (9,873)
Dividends on common stock
($0.27 per share)
— — — (21,244)— — (21,244)
Dividends on preferred stock ($12.1875 per share)
— — — (3,656)— — (3,656)
Proceeds from stock issuances— 30 776 — — — 806 
Stock-based compensation expense— — 1,980 — — 81 2,061 
Treasury stock purchased— — — — — (48,341)(48,341)
Balance at June 30, 2025$300,000 $154,385 $2,160,793 $2,069,615 $41,531 $(1,711,999)$3,014,325 









SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
6
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at October 1, 2025$300,000 $154,408 $2,163,276 $2,105,702 $56,950 $(1,740,761)$3,039,575 
Net income— — — 195,874 — — 195,874 
Other comprehensive loss— — — — (8,863)— (8,863)
Dividends on common stock
($0.81 per share)
— — — (60,181)— — (60,181)
Dividends on preferred stock ($36.5625 per share)
— — — (10,968)— — (10,968)
Proceeds from stock issuances— 159 4,653 — — — 4,812 
Stock-based compensation expense— 296 7,338 — — 229 7,863 
Treasury stock purchased— — — — — (145,543)(145,543)
Balance at June 30, 2026$300,000 $154,863 $2,175,267 $2,230,427 $48,087 $(1,886,075)$3,022,569 
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
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— — — 165,471 — — 165,471 
Other comprehensive loss— — — — (14,320)— (14,320)
Dividends on common stock
($0.80 per share)
— — — (63,785)— — (63,785)
Dividends on preferred stock ($36.5625 per share)
— — — (10,969)— — (10,969)
Proceeds from stock issuances— 145 4,084 — — — 4,229 
Stock-based compensation expense— 233 6,034 — — 224 6,491 
Treasury stock purchased— — — — — (73,092)(73,092)
Balance at June 30, 2025$300,000 $154,385 $2,160,793 $2,069,615 $41,531 $(1,711,999)$3,014,325 
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
7
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) 
Nine Months Ended June 30,
20262025
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$195,874 $165,471 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and other, net13,066 10,963 
Stock-based compensation expense7,863 6,491 
Provision (release) for credit losses18,500 4,750 
Loss (gain) on sale of investment securities(112)(20)
Net realized (gain) loss on sales of premises, equipment, and real estate owned(7,529)(602)
Impairment loss on premises and equipment— 38 
Decrease (increase) in accrued interest receivable(531)3,603 
Decrease (increase) in federal and state income tax receivable4,906 3,567 
Decrease (increase) in cash surrender value of bank owned life insurance(5,972)(5,588)
Decrease (increase) in other assets57,047 11,589 
Increase (decrease) in federal and state income tax liabilities158 — 
Increase (decrease) in accrued expenses and other liabilities(73,137)(20,690)
Net cash provided by (used in) operating activities210,133 179,572 
CASH FLOWS FROM INVESTING ACTIVITIES
Origination of loans and principal repayments, net39,664 778,608 
Loans purchased(10,198)(140,336)
FHLB stock purchased(550,697)(355,873)
FHLB stock redeemed483,373 355,592 
Available-for-sale securities purchased(1,161,720)(1,218,796)
Principal payments and maturities of available-for-sale securities408,047 412,578 
Proceeds from sales of available-for-sale securities77,171 797 
Held-to-maturity securities purchased(278,367)(114,182)
Principal payments and maturities of held-to-maturity securities66,361 38,269 
Proceeds from sales of real estate owned5,605 2,865 
Equity method investments purchased(1,000)(3,575)
Net cash received (paid) in business combinations(5,400)(360)
Proceeds from sales of premises and equipment11,141 1,689 
Premises and equipment purchased and REO improvements(28,764)(16,931)
Net cash provided by (used in) investing activities(944,784)(259,655)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in customer accounts(505,561)12,601 
Proceeds from borrowings12,176,750 7,893,743 
Repayments of borrowings(10,681,750)(9,226,844)
Proceeds from stock-based awards4,214 3,571 
Dividends paid on common stock(60,181)(63,785)
Dividends paid on preferred stock(10,968)(10,969)
Proceeds from employee stock purchases598 658 
Treasury stock purchased(145,543)(73,092)
Increase (decrease) in advances payments by borrowers for taxes and insurance(23,751)(27,650)
Net cash provided by (used in) financing activities753,808 (1,491,767)
Increase (decrease) in cash and cash equivalents19,157 (1,571,850)
Cash, cash equivalents and restricted cash at beginning of period657,310 2,381,102 
Cash, cash equivalents and restricted cash at end of period$676,467 $809,252 
(CONTINUED)
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
8
WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended June 30,
20262025
(In thousands)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Non-cash investing activities
Real estate acquired through foreclosure$21,152 $5,583 
Accounts payable related to subsidiary assets and intangibles acquired2,050 — 
Non-cash financing activities
Preferred stock dividend payable3,656 3,656 
Cash paid (received) during the period for
Interest475,898 580,775 
Income tax37,702 31,203 


SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
9
Table of Contents

WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE A – Summary of Significant Accounting Policies

Company and Nature of Operations - WaFd Bank, a federally-insured Washington state chartered commercial bank (the “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, small, mid-sized and large businesses, and owners and developers of commercial real estate. The business of the Bank consists primarily of accepting deposits from the general public and investing these funds in loans of various types, including construction loans, land acquisition and development loans, loans on multi-family, commercial real estate and other income producing properties, and business loans, including U.S. Small Business Administration (“SBA”) loans. In January 2025, the Bank announced it will no longer originate consumer single family home loans and home equity lines of credit. Our existing consumer home loans still make up a significant portion of our loan portfolio. The Bank also invests in certain United States government and agency obligations and other investments permitted by applicable laws and regulations.

Effective September 25, 2025, the Bank formally changed its name from Washington Federal Bank to WaFd Bank by filing its Second Amended and Restated Articles of Incorporation with the Washington Secretary of State. WaFd, 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, 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.

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 Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed with the Securities and Exchange Commission ("SEC") on November 18, 2025 ("2025 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 2025 Annual Financial Statements. There have not been any significant changes in the Company's significant accounting policies compared to those contained in its 2025 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 June 30, 2026. As of June 30, 2026 and September 30, 2025, the Company held counterparty cash collateral of $144,700,000 and $118,400,000, respectively, related to derivative contracts.

10
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 Note 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 June 30, 2026, equity investments held by the Company and recorded at NAV had a carrying amount of $34,901,510 and a remaining unfunded commitment of $11,205,846. 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
11
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.
12
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 may be 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.
Apart from the impacts of larger transactions, the Company might experience minor increases in intangibles due to acquisitions carried out by its subsidiary, WAFD Insurance Group, Inc.

13
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The table below provides detail regarding the Company's intangible assets.
GoodwillCore Deposit and Other IntangiblesTotal
(In thousands)
Balance at September 30, 2025$414,722 $27,371 $442,093 
Additions1,525 1,525 3,050 
Amortization— (2,058)(2,058)
Balance at December 31, 2025416,247 26,838 443,085 
Additions2,200 2,200 4,400 
Amortization— (1,974)(1,974)
Balance at March 31, 2026418,447 27,064 445,511 
Additions— — — 
Amortization— (1,841)(1,841)
Balance at June 30, 2026$418,447 $25,223 $443,670 

The table below presents the estimated future amortization expense of other intangibles for the next five years as of June 30, 2026.
Fiscal YearExpected Expense
(In thousands)
2026$1,728 
20275,892 
20285,530 
20295,437 
20302,654 
Thereafter3,982 
Total Intangible Assets$25,223 


Subsequent Events - The Company has evaluated events and transactions through the date the consolidated financial statements were issued for potential recognition or disclosure and determined that there have been no events or transactions that have occurred that would require disclosure.



NOTE B – New Accounting Pronouncements

In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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.
14
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

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. As clarified by the FASB in ASU 2025-01, the amendments of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for quarterly reporting 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 C – Dividends and Share Repurchases

On June 5, 2026, the Company paid a regular dividend on its common stock of $0.27 per share, which represented the 173rd consecutive quarterly cash dividend. Dividends per share were $0.27 for both the quarters ended June 30, 2026 and 2025.

For the three months ended June 30, 2026, the Company repurchased 8,806 shares of its common stock at an average per share price of $36.20 as a result of option exercise activity. For the nine months ended June 30, 2026, the Company repurchased 4,696,915 shares of its common stock at an average per share price of $30.99. Purchases were made both under the Company's Board of Directors (“Board”) approved publicly announced stock repurchase program, and outside the repurchase program, primarily consisting of the forfeiture and cancellation of shares upon vesting of restricted stock awards to pay required tax withholding obligations, and shares underlying stock options surrendered in payment of the exercise price and to pay required tax withholding obligations. In February 2026, the Board increased the number of shares authorized under the program to 10 million shares. As of June 30, 2026, there are 7,992,669 remaining shares authorized to be repurchased under the current Board approved stock 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").


15
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

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.

The following table is a summary of loans receivable by loan portfolio segment and class.
June 30, 2026September 30, 2025
Gross loans by category(In thousands)(In thousands)
Commercial loans
Multi-family$4,721,719 21.8 %$4,718,480 22.2 %
Commercial real estate3,642,259 16.9 3,604,600 16.9 
Commercial & industrial3,110,005 14.4 2,392,685 11.3 
Construction2,144,343 9.9 1,756,890 8.3 
Land - acquisition & development219,267 1.0 179,099 0.8 
Total commercial loans13,837,593 64.0 12,651,754 59.5 
Consumer loans
Single-family residential7,389,117 34.2 8,053,771 37.8 
Construction - custom35,260 0.2 150,237 0.7 
   Land - consumer lot loans72,451 0.3 89,298 0.4 
   HELOC244,726 1.1 267,871 1.3 
   Consumer54,245 0.2 61,461 0.3 
Total consumer loans7,795,799 36.0 8,622,638 40.5 
Total gross loans21,633,392 100 %21,274,392 100 %
   Less:
      Allowance for credit losses on loans214,831 199,720 
      Loans in process1,186,436 773,606 
      Net deferred fees, costs and discounts214,249 212,448 
Total loan contra accounts1,615,516 1,185,774 
Net loans$20,017,876 $20,088,618 


Accrued interest receivable ("AIR") is excluded from the amortized cost basis of loans for disclosure purposes and from the calculations of estimated credit losses. As of June 30, 2026 and September 30, 2025, AIR for loans totaled $81,333,000 and $85,444,000, respectively, and is included in the Interest receivable line item balance on the Company’s Consolidated Statements of Financial Condition.

As of June 30, 2026, loans in the amount of $13,705,000,000 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.
16
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table sets forth the amortized cost basis of non-accrual loans and loans 90 days or more past due and accruing.

 
June 30, 2026September 30, 2025
(In thousands, except ratio data)
Non-accrualNon-accrual with no ACL90 days or more past due and accruingNon-accrualNon-accrual with no ACL90 days or more past due and accruing
Commercial loans
Multi-family$34,249 $— $— $19,121 $— $— 
Commercial real estate3,114 — — 69,972 — — 
Commercial & industrial65,741 — — 11,047 — — 
Construction— — — 3,400 — — 
   Total commercial loans103,104 — — 103,540 — — 
Consumer loans
Single-family residential22,445 — — 23,741 — — 
Construction - custom892 — — 760 — — 
Land - consumer lot loans239 — — 23 — — 
HELOC627 — — 412 — — 
Consumer262 — — 152 — — 
   Total consumer loans24,465 — — 25,088 — — 
Total non-accrual loans$127,569 $— $— $128,628 $— $— 
% of total loans0.63 %0.63 %

The Company recognized interest income on non-accrual loans of approximately $1,264,000 in the nine months ended June 30, 2026 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 $5,681,000 for the nine months ended June 30, 2026. Interest cash flows collected on non-accrual loans vary from period to period as those loans are brought current or are paid off.

17
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables provide details regarding loan delinquencies by loan portfolio and class.

 
June 30, 2026Days Delinquent Based on $ Amount of Loans% based
on $
Type of LoanLoans Receivable (Amortized Cost)Current306090+Total Delinquent
(In thousands, except ratio data)
Commercial Loans
Multi-family$4,645,902 $4,609,974 $— $2,103 $33,825 $35,928 0.77 %
Commercial real estate3,626,043 3,616,011 700 9,332 — 10,032 0.28 
Commercial & industrial3,101,192 3,037,254 111 487 63,340 63,938 2.06 
Construction1,015,908 1,015,908 — — — — — 
Land - acquisition & development185,232 185,232 — — — — — 
   Total commercial loans12,574,277 12,464,379 811 11,922 97,165 109,898 0.87 
Consumer Loans
Single-family residential7,268,163 7,230,764 9,865 6,307 21,227 37,399 0.51 
Construction - custom16,417 15,525 — — 892 892 5.43 
Land - consumer lot loans71,982 71,386 336 21 239 596 0.83 
HELOC247,584 244,991 1,406 602 585 2,593 1.05 
Consumer54,284 53,711 221 88 264 573 1.06 
   Total consumer loans7,658,430 7,616,377 11,828 7,018 23,207 42,053 0.55 
Total Loans$20,232,707 $20,080,756 $12,639 $18,940 $120,372 $151,951 0.75 %
Delinquency %99.25%0.06%0.08%0.60%0.75%



September 30, 2025Days Delinquent Based on $ Amount of Loans% based
on $
Type of LoanLoans Receivable (Amortized Cost)Current306090+Total Delinquent
(In thousands, except ratio data)
Commercial Loans
Multi-family$4,631,321 $4,610,677 $— $12,482 $8,162 $20,644 0.45 %
Commercial real estate3,588,950 3,537,909 87 912 50,042 51,041 1.42 
Commercial & industrial2,386,363 2,385,178 52 1,088 45 1,185 0.05 
Construction1,105,101 1,105,101 — — — — — 
Land - acquisition & development139,922 139,922 — — — — — 
  Total commercial loans11,851,657 11,778,787 139 14,482 58,249 72,870 0.61 
Consumer Loans
Single-family residential7,936,931 7,890,843 16,639 6,176 23,273 46,088 0.58 
Construction - custom78,243 77,483 — — 760 760 0.97 
Land - consumer lot loans88,696 88,364 249 60 23 332 0.37 
HELOC271,286 269,104 1,432 384 366 2,182 0.80 
Consumer61,525 61,172 99 102 152 353 0.57 
  Total consumer loans8,436,681 8,386,966 18,419 6,722 24,574 49,715 0.59 
Total Loans$20,288,338 $20,165,753 $18,558 $21,204 $82,823 $122,585 0.60 %
Delinquency %99.40%0.09%0.10%0.41%0.60%

18
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 June 30, 2026.
Loan typeResidential Real EstateCommercial Real EstateGeneral Business Assets
($ in thousands)
Commercial loans
Multi-Family$— $34,248 $— 
Commercial Real Estate— 3,114 — 
Commercial & Industrial— 746 63,255 
Total commercial loans— 38,108 63,255 
Consumer loans
Single-Family Residential7,732 — — 
Construction - Custom132 — — 
Land - Consumer Lot Loans60 — — 
HELOC86 — — 
Total consumer loans8,010 — — 
Total Loans$8,010 $38,108 $63,255 

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 tables present the amortized basis of loans that were modified to borrowers experiencing financial difficulty during the three and nine month period ending June 30, 2026 by loan class and modification type. Modifications during the periods presented were term extensions or payment deferrals.

19
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Three Months Ended June 30, 2026
Loan ClassTerm ExtensionPayment Deferral% of Total Loan Class BalanceWtd. Avg.
Term Extension 		Deferral Amount
( in thousands)(in months)( in thousands)
Commercial real estate19,327 — 0.53 3— 
Commercial & industrial25,723 — 0.83 4— 
Total commercial loans45,050 — 0.36 3— 
Total Loans$45,050 $— 0.22 %

Three Months Ended June 30, 2025
Loan ClassTerm ExtensionPayment Deferral% of Total Loan Class BalanceWtd. Avg.
Term Extension 		Deferral Amount
( in thousands)(in months)( in thousands)
Multi-family$21,103 $— 0.43 %15$— 
Commercial real estate14,953 — 0.41 6— 
Commercial & industrial18,035 — 0.79 5— 
Construction37,709 — 0.04 5— 
Total commercial loans91,800 — 0.77 7— 
Single-Family Residential— 8,283 0.10 0110 
Total consumer loans— 8,283 0.10 0$110 
Total Loans$91,800 $8,283 0.48 %


Nine Months Ended June 30, 2026
Loan ClassTerm ExtensionPayment Deferral% of Total Loan Class BalanceWtd. Avg.
Term Extension		Deferral Amount
( in thousands)(in months)(in thousands)
Commercial real estate19,327 3,006 0.61 6167 
Commercial & industrial51,853 — 1.67 8— 
Total commercial loans71,180 3,006 0.59 7167 
Single-Family Residential— 10,587 0.14 0306 
Total consumer loans— 10,587 0.14 0$306 
Total Loans$71,180 $13,593 0.41 %
20
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended June 30, 2025
Loan ClassTerm ExtensionPayment Deferral% of Total Loan Class BalanceWtd. Avg.
Term Extension		Deferral Amount
( in thousands)(in months)( in thousands)
Multi-family$22,196 $— 0.46 %14$— 
Commercial real estate20,346 — 0.56 11— 
Commercial & industrial56,957 — 2.48 12— 
Construction37,709 — 0.04 5— 
Total commercial loans137,208 — 1.15 10— 
Single-Family Residential449 8,283 0.11 6236 
Total consumer loans449 8,283 0.11 6$236 
Total Loans$137,657 $8,283 0.71 %
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of modification efforts. Loans are considered to be in default at 90 or more days past due. The following table presents the performance of such loans that have been modified for the twelve months ended June 30, 2026 and June 30, 2025, respectively.

June 30, 2026Days Delinquent
Current306090+Total
Commercial loans( in thousands)
Multi-family$— $— $— $— $— 
Commercial real estate22,333 — — — 22,333 
Commercial & industrial51,853 — — — 51,853 
Construction— — — — — 
Total commercial loans74,186 — — — 74,186 
Consumer loans
Single-family residential9,553 — 122 912 10,587 
Total consumer loans9,553 — 122 912 10,587 
Total Loans$83,739 $— $122 $912 $84,773 

June 30, 2025Days Delinquent
Current306090+Total
Commercial loans( in thousands)
Multi-family$22,196 $— $— $— $22,196 
Commercial real estate20,346 — — — 20,346 
Commercial & industrial59,592 350 — — 59,942 
Construction37,709 — — — 37,709 
Total commercial loans139,843 350 — — 140,193 
Consumer loans
Single-family residential9,049 — — — 9,049 
Total consumer loans9,049 — — — 9,049 
Total Loans$148,892 $350 $— $— $149,242 
21
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Two single-family loans with a combined balance of $1,034,000 modified for borrowers experiencing financial difficulties were past due more than 30 days in the twelve months ended June 30, 2026. No loans modified for borrowers experiencing financial difficulties defaulted in the twelve months ended June 30, 2025.


The Company evaluates the credit quality of its loans based on regulatory risk ratings and also considers 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.

•Watch – A watch designation is one that deserves a higher level of scrutiny and monitoring due to either an event that has occurred or is expected to occur in the near future that will likely lead to further change in risk rating (either favorably or unfavorably). Watch loans possess some credit deficiency or potential weakness that deserve close attention but which do not yet appear to jeopardize repayment. The key distinctions of a watch designation are that the credit is performing normally, but there is an uncertain level of risk due to such factors as (1) lack of or slow generation/receipt of financial information, (2) a documentation defect that could jeopardize repayment in the future, (3) construction delays or delays in lease up/stabilization, (4) declining market trends, (5) global cash flow deficiency of guarantors, or (6) management deficiencies/turnover. A loan designated as a “watch” is not considered criticized.

•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 watch rating was implemented by the bank for fiscal 2026 on a prospective basis.

The following tables present by primary credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of June 30, 2026 and September 30, 2025.

22
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
June 30, 2026Term Loans Amortized Cost Basis by Origination Year
( in thousands)YTD 20262025202420232022Prior to 2022Revolving LoansRevolving to Term LoansTotal Loans
Commercial loans
Multi-family
Pass$359,611 $66,644 $132,498 $368,604 $1,400,262 $1,847,050 $33,942 $— $4,208,611 
Watch— — 1,320 8,307 40,490 23,794 — — 73,911 
Special Mention— — — 16,630 93,148 96,011 — — 205,789 
Substandard— 1,674 — 9,653 51,263 91,667 1,002 — 155,259 
Doubtful— — — — — 2,332 — — 2,332 
Total$359,611 $68,318 $133,818 $403,194 $1,585,163 $2,060,854 $34,944 $— $4,645,902 
Gross Charge-offs— — — — — 81 — — 81 
Commercial real estate
Pass$476,485 $287,440 $190,800 $206,589 $872,544 $1,343,301 $14,704 $17,437 $3,409,300 
Watch— 11,055 — 17,614 11,766 34,331 — — 74,766 
Special Mention— — 615 316 10,576 14,217 — — 25,724 
Substandard— — — 23,077 4,895 88,267 — 14 116,253 
Total$476,485 $298,495 $191,415 $247,596 $899,781 $1,480,116 $14,704 $17,451 $3,626,043 
Gross Charge-offs— 878 — — — 79 — — 957 
Commercial & industrial
Pass$600,743 $226,108 $60,447 $107,676 $123,511 $420,605 $1,159,036 $15,526 $2,713,652 
Watch— 935 4,205 — 23,518 3,003 45,872 — 77,533 
Special Mention1,834 27 — 3,556 2,582 995 85,997 — 94,991 
Substandard— 28,839 3,906 23,141 7,643 36,176 54,555 7,777 162,037 
Doubtful— — 10 6 16,454 3 36,506 — 52,979 
Total$602,577 $255,909 $68,568 $134,379 $173,708 $460,782 $1,381,966 $23,303 $3,101,192 
Gross Charge-offs— 361 — — — 49 — 4,664 5,074 
Construction
Pass$171,087 $314,476 $80,325 $63,169 $178,670 $173 $70,452 $— $878,352 
Watch218 776 — — — — — — 994 
Special Mention4,171 2,579 — 20,798 57,222 — 51,792 — 136,562 
Total$175,476 $317,831 $80,325 $83,967 $235,892 $173 $122,244 $— $1,015,908 
Land - acquisition & development
Pass$63,690 $51,108 $5,288 $3,729 $15,981 $35,033 $— $— $174,829 
Watch102 — 597 — — — — — 699 
Special Mention2,028 679 291 584 — — — — 3,582 
Substandard— — 5,914 — — 208 — — 6,122 
Total$65,820 $51,787 $12,090 $4,313 $15,981 $35,241 $— $— $185,232 
Total commercial loans
Pass$1,671,616 $945,776 $469,358 $749,767 $2,590,968 $3,646,162 $1,278,134 $32,963 $11,384,744 
Watch320 12,766 6,122 25,921 75,774 61,128 45,872 — 227,903 
Special Mention8,033 3,285 906 41,884 163,528 111,223 137,789 — 466,648 
Substandard— 30,513 9,820 55,871 63,801 216,318 55,557 7,791 439,671 
Doubtful— — 10 6 16,454 2,335 36,506 — 55,311 
Total$1,679,969 $992,340 $486,216 $873,449 $2,910,525 $4,037,166 $1,553,858 $40,754 $12,574,277 
Gross Charge-offs$— $1,239 $— $— $— $209 $— $4,664 $6,112 
23
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
June 30, 2026Term Loans Amortized Cost Basis by Origination Year
( in thousands)YTD 20262025202420232022Prior to 2022Revolving LoansRevolving to Term LoansTotal Loans
Consumer loans
Single-family residential
Current$— $186,447 $280,663 $675,312 $2,015,453 $4,072,889 $— $— $7,230,764 
30 days past due— 255 — — 2,021 7,589 — — 9,865 
60 days past due— — — 955 358 4,994 — — 6,307 
90+ days past due— — 197 1,368 4,436 15,226 — — 21,227 
Total$— $186,702 $280,860 $677,635 $2,022,268 $4,100,698 $— $— $7,268,163 
Gross Charge-offs— — — — — 82 — — 82 
Construction - custom
Current$— $14,614 $911 $— $— $— $— $— $15,525 
90+ days past due— — — 132 760 — — — 892 
Total$— $14,614 $911 $132 $760 $— $— $— $16,417 
Land - consumer lot loans
Current$— $4,684 $10,035 $6,948 $15,817 $33,902 $— $— $71,386 
30 days past due— — 336 — — — — — 336 
60 days past due— — — — — 21 — — 21 
90+ days past due— — — 60 124 55 — — 239 
Total$— $4,684 $10,371 $7,008 $15,941 $33,978 $— $— $71,982 
HELOC
Current$— $— $— $— $— $5,144 $238,373 $1,474 $244,991 
30 days past due— — — — — 51 1,341 14 1,406 
60 days past due— — — — — 2 — 600 602 
90+ days past due— — — — — 130 412 43 585 
Total$— $— $— $— $— $5,327 $240,126 $2,131 $247,584 
Consumer
Current$415 $43 $11 $16 $— $26,701 $26,525 $— $53,711 
30 days past due— — — — — 96 125 — 221 
60 days past due— — — — — — 88 — 88 
90+ days past due— — — — — 34 230 — 264 
Total$415 $43 $11 $16 $— $26,831 $26,968 $— $54,284 
Gross Charge-offs— — — — — 5 1,537 19 1,561 
Total consumer loans
Current$415 $205,788 $291,620 $682,276 $2,031,270 $4,138,636 $264,898 $1,474 $7,616,377 
30 days past due— 255 336 — 2,021 7,736 1,466 14 11,828 
60 days past due— — — 955 358 5,017 88 600 7,018 
90+ days past due— — 197 1,560 5,320 15,445 642 43 23,207 
Total$415 $206,043 $292,153 $684,791 $2,038,969 $4,166,834 $267,094 $2,131 $7,658,430 
Gross Charge-offs$— $— $— $— $— $87 $1,537 $19 $1,643 
24
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2025Term Loans Amortized Cost Basis by Origination Year
20252024202320222021Prior to 2021Revolving LoansRevolving to Term LoansTotal Loans
Commercial loans
Multi-family
Pass$51,779 $91,285 $431,401 $1,521,149 $1,154,189 $1,066,496 $21,048 $— $4,337,347 
Special Mention— — 8,225 44,350 13,686 70,556 — — 136,817 
Substandard2,334 — 9,166 51,486 12,661 78,158 1,002 — 154,807 
Doubtful— — — — — 2,350 — — 2,350 
Total$54,113 $91,285 $448,792 $1,616,985 $1,180,536 $1,217,560 $22,050 $— $4,631,321 
Gross Charge-offs182 — — — 271 102 — — 555 
Commercial real estate
Pass$311,687 $226,269 $231,132 $997,347 $550,234 $987,607 $33,688 $1,098 $3,339,062 
Special Mention— — — 27,900 21,928 11,752 — — 61,580 
Substandard— — 15,484 15,035 83,665 71,343 — — 185,527 
Doubtful— — — — — 2,781 — — 2,781 
Total$311,687 $226,269 $246,616 $1,040,282 $655,827 $1,073,483 $33,688 $1,098 $3,588,950 
Gross Charge-offs— — — 163 — 9,489 — — 9,652 
Commercial & industrial
Pass$263,637 $46,817 $113,824 $147,522 $227,043 $184,325 $1,066,532 $37,050 $2,086,750 
Special Mention— 1,975 — 16,396 — 16,176 10,451 — 44,998 
Substandard35,490 3,042 21,527 24,733 1,725 32,281 130,613 5,180 254,591 
Loss— — 10 — — 3 — 11 24 
Total$299,127 $51,834 $135,361 $188,651 $228,768 $232,785 $1,207,596 $42,241 $2,386,363 
Gross Charge-offs199 307 — — — 621 — 164 1,291 
Construction
Pass$169,743 $171,558 $221,207 $346,051 $66,878 $— $116,245 $— $1,091,682 
Special Mention— — — 4,435 — — — — 4,435 
Substandard— 204 — 5,380 3,400 — — — 8,984 
Total$169,743 $171,762 $221,207 $355,866 $70,278 $— $116,245 $— $1,105,101 
Land - acquisition & development
Pass$48,379 $18,650 $11,026 $27,172 $33,060 $1,376 $— $— $139,663 
Substandard— — — — — 259 — — 259 
Total$48,379 $18,650 $11,026 $27,172 $33,060 $1,635 $— $— $139,922 
Total commercial loans
Pass$845,225 $554,579 $1,008,590 $3,039,241 $2,031,404 $2,239,804 $1,237,513 $38,148 $10,994,504 
Special Mention— 1,975 8,225 93,081 35,614 98,484 10,451 — 247,830 
Substandard37,824 3,246 46,177 96,634 101,451 182,041 131,615 5,180 604,168 
Doubtful— — — — — 5,131 — — 5,131 
Loss— — 10 — — 3 — 11 24 
Total$883,049 $559,800 $1,063,002 $3,228,956 $2,168,469 $2,525,463 $1,379,579 $43,339 $11,851,657 
Gross Charge-offs$381 $307 $— $163 $271 $10,212 $— $164 $11,498 
25
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2025Term Loans Amortized Cost Basis by Origination Year
20252024202320222021Prior to 2021Revolving LoansRevolving to Term LoansTotal Loans
Consumer loans
Single-family residential
Current$202,919 $353,679 $786,634 $2,143,244 $1,912,465 $2,491,902 $— $— $7,890,843 
30 days past due402 949 1,751 1,061 7,107 5,369 — — 16,639 
60 days past due— 376 965 692 339 3,804 — — 6,176 
90+ days past due— 998 813 3,711 4,414 13,337 — — 23,273 
Total$203,321 $356,002 $790,163 $2,148,708 $1,924,325 $2,514,412 $— $— $7,936,931 
Gross Charge-offs— — — — — 338 — — 338 
Construction - custom
Current$34,932 $33,380 $5,256 $3,915 $— $— $— $— $77,483 
90+ days past due— — — 760 — — — — 760 
Total$34,932 $33,380 $5,256 $4,675 $— $— $— $— $78,243 
Land - consumer lot loans
Current$6,175 $14,686 $9,091 $19,489 $20,373 $18,550 $— $— $88,364 
30 days past due— — — 55 194 — — — 249 
60 days past due— — 60 — — — — — 60 
90+ days past due— — — — — 23 — — 23 
Total$6,175 $14,686 $9,151 $19,544 $20,567 $18,573 $— $— $88,696 
HELOC
Current$— $— $— $— $— $4,276 $262,581 $2,247 $269,104 
30 days past due— — — — — 145 1,183 104 1,432 
60 days past due— — — — — 181 203 — 384 
90+ days past due— — — — — — 366 — 366 
Total$— $— $— $— $— $4,602 $264,333 $2,351 $271,286 
Consumer
Current$158 $30 $17 $— $7,507 $22,365 $31,095 $— $61,172 
30 days past due— — — — — — 99 — 99 
60 days past due— — — — — 52 50 — 102 
90+ days past due— — — — — 44 108 — 152 
Total$158 $30 $17 $— $7,507 $22,461 $31,352 $— $61,525 
Gross Charge-offs— 2 — — — 62 1,252 18 1,334 
Total consumer loans
Current$244,184 $401,775 $800,998 $2,166,648 $1,940,345 $2,537,093 $293,676 $2,247 $8,386,966 
30 days past due402 949 1,751 1,116 7,301 5,514 1,282 104 18,419 
60 days past due— 376 1,025 692 339 4,037 253 — 6,722 
90+ days past due— 998 813 4,471 4,414 13,404 474 — 24,574 
Total$244,586 $404,098 $804,587 $2,172,927 $1,952,399 $2,560,048 $295,685 $2,351 $8,436,681 
Gross Charge-offs$— $2 $— $— $— $400 $1,252 $18 $1,672 

26
WAFD, INC. AND SUBSIDIARIES
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 June 30, 2026Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers1
Ending Allowance
(In thousands)
Commercial loans
   Multi-family$25,923 $— $— $(277)$25,646 
   Commercial real estate41,503 (957)685 (459)40,772 
   Commercial & industrial68,662 (616)16 16,831 84,893 
   Construction16,712 — — 1,383 18,095 
   Land - acquisition & development7,692 — 6 762 8,460 
      Total commercial loans160,492 (1,573)707 18,240 177,866 
Consumer loans
   Single-family residential33,679 — 11 (4,186)29,504 
   Construction - custom302 — 2 (176)128 
   Land - consumer lot loans1,821 — — (114)1,707 
   HELOC2,850 — 1 (87)2,764 
   Consumer2,806 (857)90 823 2,862 
      Total consumer loans41,458 (857)104 (3,740)36,965 
Total ACL - loans$201,950 $(2,430)$811 $14,500 $214,831 
1Provision & transfer amounts within the table do not include the provision recapture on unfunded commitments of $3,500,000.

Three Months Ended June 30, 2025Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers1
Ending Allowance
(In thousands)
Commercial loans
   Multi-family$26,556 $(373)$— $623 $26,806 
   Commercial real estate38,469 (5,097)— 8,903 42,275 
   Commercial & industrial60,147 (112)201 (3,463)56,773 
   Construction19,406 — — (2,293)17,113 
   Land - acquisition & development6,703 — 6 (302)6,407 
      Total commercial loans151,281 (5,582)207 3,468 149,374 
Consumer loans
   Single-family residential40,963 — 105 (1,070)39,998 
   Construction - custom1,076 — 2 (332)746 
   Land - consumer lot loans2,415 — — (138)2,277 
   HELOC3,257 — 1 (136)3,122 
   Consumer3,717 (215)41 (292)3,251 
      Total consumer loans51,428 (215)149 (1,968)49,394 
Total ACL - Loans$202,709 $(5,797)$356 $1,500 $198,768 
1Provision & transfer amounts within the table do not include the provision on unfunded commitments of $500,000.


27
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended June 30, 2026Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers1
Ending Allowance
(In thousands)
Commercial loans
   Multi-family$25,953 $(81)$— $(226)$25,646 
   Commercial real estate41,988 (957)1,340 (1,599)40,772 
   Commercial & industrial59,163 (5,074)159 30,645 84,893 
   Construction18,136 — — (41)18,095 
   Land - acquisition & development6,894 — 122 1,444 8,460 
      Total commercial loans152,134 (6,112)1,621 30,223 177,866 
Consumer loans
   Single-family residential38,880 (82)23 (9,317)29,504 
   Construction - custom610 — 6 (488)128 
   Land - consumer lot loans2,105 — — (398)1,707 
   HELOC3,069 — 2 (307)2,764 
   Consumer2,922 (1,561)214 1,287 2,862 
      Total consumer loans47,586 (1,643)245 (9,223)36,965 
Total ACL - loans$199,720 $(7,755)$1,866 $21,000 $214,831 
 1Provision & transfer amounts within the table do not include provision recapture on unfunded commitments of $2,500,000.
Nine Months Ended June 30, 2025Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers1
Ending Allowance
(In thousands)
Commercial loans
   Multi-family$25,248 $(373)$— $1,931 $26,806 
   Commercial real estate39,210 (9,652)169 12,548 42,275 
   Commercial & industrial58,748 (705)243 (1,513)56,773 
   Construction22,267 — — (5,154)17,113 
   Land - acquisition & development7,900 — 25 (1,518)6,407 
      Total commercial loans153,373 (10,730)437 6,294 149,374 
Consumer loans
   Single-family residential40,523 (338)568 (755)39,998 
   Construction - custom1,427 — 2 (683)746 
   Land - consumer lot loans2,564 — 1 (288)2,277 
   HELOC3,049 — 2 71 3,122 
   Consumer2,817 (957)280 1,111 3,251 
      Total consumer loans50,380 (1,295)853 (544)49,394 
Total ACL - Loans$203,753 $(12,025)$1,290 $5,750 $198,768 
1Provision & transfer amounts within the table do not include the provision recapture on unfunded commitments of $1,000,000.
The Company recorded an $11,000,000 provision for credit losses for the three months ended June 30, 2026, compared with a $2,000,000 provision for the three months ended June 30, 2025. The provision in the three months ended June 30, 2026 was primarily the result of growth in the active loan portfolio, specifically C&I and Construction loans, in addition to concerns related to possible losses on adversely classified loans. The increase in the overall provision was offset by a decrease in the reserve for unfunded commitments. The Company recorded an $18,500,000 provision for credit losses for the nine months ended June 30, 2026 compared to $4,750,000 for the nine months ended June 30, 2025. The current fiscal year to date period also reflects growth in the active portfolio. Net charge-offs totaled $1,619,000 for the three months ended June 30, 2026,
28
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
compared to $5,441,000 of net charge-offs during the three months ended June 30, 2025. Net charge-offs totaled $5,889,000 for the nine months ended June 30, 2026, compared to $10,735,000 during the nine months ended June 30, 2025.

Non-performing assets were $135,748,000, or 0.5% of total assets, at June 30, 2026, compared to $143,022,000, or 0.5% of total assets, at September 30, 2025. Non-accrual loans were $127,569,000, or 0.6% of total loans at amortized cost, at June 30, 2026, compared to $128,628,000, or 0.6%, at September 30, 2025. Delinquencies, as a percent of total loans, were 0.8% at June 30, 2026, compared to 0.6% at September 30, 2025.

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.
June 30, 2026Internally Assigned Grade
PassWatchSpecial MentionSubstandardDoubtfulTotal
(In thousands, except ratio data)
Loan type
Commercial loans
  Multi-family$4,208,611 $73,911 $205,789 $155,259 $2,332 $4,645,902 
  Commercial real estate3,409,300 74,766 25,724 116,253 — 3,626,043 
  Commercial & industrial2,713,652 77,533 94,991 162,037 52,979 3,101,192 
  Construction878,352 994 136,562 — — 1,015,908 
  Land - acquisition & development174,829 699 3,582 6,122 — 185,232 
    Total commercial loans11,384,744 227,903 466,648 439,671 55,311 12,574,277 
Consumer loans
  Single-family residential7,245,719 — — 22,444 — 7,268,163 
  Construction - custom15,525 — — 892 — 16,417 
  Land - consumer lot loans71,743 — — 239 — 71,982 
  HELOC246,956 — — 628 — 247,584 
  Consumer54,022 — — 262 — 54,284 
    Total consumer loans7,633,965 — — 24,465 — 7,658,430 
Total$19,018,709 $227,903 $466,648 $464,136 $55,311 $20,232,707 
Total grade as a % of total loans at amortized cost94.0 %1.1 %2.3 %2.3 %0.3 %


29
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2025Internally Assigned Grade
PassSpecial MentionSubstandardDoubtfulLossTotal Gross Loans
(In thousands, except ratio data)
Loan type
Commercial loans
  Multi-family$4,337,347 $136,817 $154,807 $2,350 $— $4,631,321 
  Commercial real estate3,339,062 61,580 185,527 2,781 — 3,588,950 
  Commercial & industrial2,086,750 44,998 254,591 — 24 2,386,363 
  Construction1,091,682 4,435 8,984 — — 1,105,101 
  Land - acquisition & development139,663 — 259 — — 139,922 
    Total commercial loans10,994,504 247,830 604,168 5,131 24 11,851,657 
Consumer loans
  Single-family residential7,913,120 — 23,811 — — 7,936,931 
  Construction - custom77,483 — 760 — — 78,243 
  Land - consumer lot loans88,613 — 83 — — 88,696 
  HELOC270,874 — 412 — — 271,286 
  Consumer61,406 — 119 — — 61,525 
    Total consumer loans8,411,496 — 25,185 — — 8,436,681 
Total loans$19,406,000 $247,830 $629,353 $5,131 $24 $20,288,338 
Total grade as a % of total loans at amortized cost95.7 %1.2 %3.1 %— %— %

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

June 30, 2026Performing LoansNon-Performing Loans
Amount% of Total
Loans		Amount% of Total
Loans
(In thousands, except ratio data)
Commercial loans
   Multi-family$4,611,653 99.3 %$34,249 0.7 %
   Commercial real estate3,622,929 99.9 3,114 0.1 
   Commercial & industrial3,035,451 97.9 65,741 2.1 
   Construction1,015,908 100.0 — 0.0 
   Land - acquisition & development185,232 100.0 — — 
      Total commercial loans12,471,173 99.2 103,104 0.8 
Consumer loans
   Single-family residential7,245,718 99.7 22,445 0.3 
   Construction - custom15,525 94.6 892 5.4 
   Land - consumer lot loans71,743 99.7 239 0.3 
   HELOC246,957 99.7 627 0.3 
   Consumer54,022 99.5 262 0.5 
      Total consumer loans7,633,965 99.7 24,465 0.3 
Total loans$20,105,138 99.4 %$127,569 0.6 %
30
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2025Performing LoansNon-Performing Loans
Amount% of Total
Loans		Amount% of Total
Loans
(In thousands, except ratio data)
Commercial loans
   Multi-family$4,612,200 99.6 %$19,121 0.4 %
   Commercial real estate3,518,978 98.1 69,972 1.9 
   Commercial & industrial2,375,316 99.5 11,047 0.5 
   Construction1,101,701 99.7 3,400 0.3 
   Land - acquisition & development139,922 100.0 — — 
      Total commercial loans11,748,117 99.1 103,540 0.9 
Consumer loans
   Single-family residential7,913,190 99.7 23,741 0.3 
   Construction - custom77,483 99.0 760 1.0 
   Land - consumer lot loans88,673 100.0 23 — 
   HELOC270,874 99.8 412 0.2 
   Consumer61,373 99.8 152 0.2 
      Total consumer loans8,411,593 99.7 25,088 0.3 
Total loans$20,159,710 99.4 %$128,628 0.6 %


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.


31
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Measured on a Recurring Basis

Available-for-Sale Investment Securities and Derivative Contracts
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).
June 30, 2026
Level 1Level 2Level 3Total
(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities$— $190,897 $— $190,897 
Asset-backed securities— 426,124 — 426,124 
Municipal bonds— 35,276 — 35,276 
Corporate debt securities— 160,563 — 160,563 
Mortgage-backed securities
Agency pass-through certificates— 3,377,403 — 3,377,403 
Total available-for-sale securities— 4,190,263 — 4,190,263 
Client swap program hedges— 37,009 — 37,009 
Mortgage loan fair value hedges— 10,034 — 10,034 
Mortgage backed securities fair value hedges— 1,947 — 1,947 
Borrowings cash flow hedges— 104,446 — 104,446 
Total financial assets$— $4,343,699 $— $4,343,699 
Financial Liabilities
Client swap program hedges$— $37,088 $— $37,088 
Mortgage loan fair value hedges— 2,825 — 2,825 
Mortgage backed securities fair value hedges— 3,728 — 3,728 
Total financial liabilities$— $43,641 $— $43,641 
32
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2025
Level 1Level 2Level 3Total
(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities$— $235,919 $— $235,919 
Asset-backed securities— 506,334 506,334 
Municipal bonds— 35,258 — 35,258 
Corporate debt securities— 152,537 — 152,537 
Mortgage-backed securities
Agency pass-through certificates— 2,603,153 — 2,603,153 
Total available-for-sale securities— 3,533,201 — 3,533,201 
Client swap program hedges— 37,347 — 37,347 
Commercial loan fair value hedges— 1,611 — 1,611 
Mortgage loan fair value hedges— 13,082 — 13,082 
Borrowings cash flow hedges— 99,231 — 99,231 
Total financial assets$— $3,684,472 $— $3,684,472 
Financial Liabilities
Client swap program hedges$— $37,818 $— $37,818 
Mortgage backed securities fair value hedges— 15,086 — 15,086 
Mortgage loan fair value hedges— 20,426 — 20,426 
Total financial liabilities$— $73,330 $— $73,330 
33
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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 in the carrying balances 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 REO as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at June 30, 2026 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 June 30, 2026 and June 30, 2025, 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.
 
June 30, 2026Three Months Ended June 30, 2026Nine Months Ended June 30, 2026
Level 1Level  2Level  3TotalTotal Gains (Losses)
(In thousands)(In thousands)
Collateral dependent loans$— $— $17,221 $17,221 $(2,226)$(7,507)
Real estate owned— — 390 390 — 69 
Balance at end of period$— $— $17,611 $17,611 $(2,226)$(7,438)


June 30, 2025Three Months Ended June 30, 2025Nine Months Ended June 30, 2025
Level 1Level  2Level  3TotalTotal Gains (Losses)
(In thousands)(In thousands)
Collateral dependent loans$— $— $32,132 $32,132 $(5,750)$(11,113)
Real estate owned— — — — — — 
Balance at end of period$— $— $32,132 $32,132 $(5,750)$(11,113)

At June 30, 2026, there was $551,000 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 $8,010,000.
Fair Values of Financial Instruments
FASB ASC 825, Financial Instruments ("ASC 825") requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below.
34
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
June 30, 2026September 30, 2025
Level in Fair Value HierarchyCarrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
($ in thousands)
Financial assets
Cash and cash equivalents1$676,467 $676,467 $657,310 $657,310 
Available-for-sale securities
U.S. government and agency securities2190,897 190,897 235,919 235,919 
Asset-backed securities2426,124 426,124 506,334 506,334 
Municipal bonds235,276 35,276 35,258 35,258 
Corporate debt securities2160,563 160,563 152,537 152,537 
Mortgage-backed securities
Agency pass-through certificates23,377,403 3,377,403 2,603,153 2,603,153 
Total available-for-sale securities4,190,263 4,190,263 3,533,201 3,533,201 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates2858,261 821,516 645,802 612,739 
Total held-to-maturity securities858,261 821,516 645,802 612,739 
Loans receivable320,017,876 19,663,857 20,088,618 19,681,909 
FHLB stock2155,392 155,392 88,068 88,068 
        Other assets - client swap program hedges237,009 37,009 37,347 37,347 
        Other assets - commercial fair value loan hedges2— — 1,611 1,611 
        Other assets - mortgage loan fair value hedges210,034 10,034 13,082 13,082 
        Other assets - mortgage backed securities fair value
                               hedges		21,947 1,947 — — 
        Other assets - borrowings cash flow hedges2104,446 104,446 99,231 99,231 
Financial liabilities
Time deposits28,186,284 8,167,373 9,131,104 9,121,470 
Borrowings23,263,359 3,260,689 1,765,604 1,755,130 
Junior subordinated debentures352,338 52,230 51,645 50,925 
        Other liabilities - client swap program hedges237,088 37,088 37,818 37,818 
Other liabilities - mortgage loan fair value hedges22,825 2,825 20,426 20,426 
Other liabilities - mortgage backed securities fair value hedges23,728 3,728 15,086 15,086 

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
35
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
multi-family loans, the Company determined that its best exit price was by securitization. Mortgage backed securities ("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, loan to value ratio, 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 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 Federal Reserve Bank ("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.


36
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables provide details about the amortized cost and fair value of available-for-sale and held-to-maturity securities.


June 30, 2026
Amortized
Cost		Gross UnrealizedFair
Value		Yield
GainsLosses
($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year$1,129 $— $(5)$1,124 2.05 %
1 to 5 years306 — (1)305 4.25 
5 to 10 years127,047 175 (86)127,136 4.20 
Over 10 years62,237 208 (113)62,332 4.80 
Asset-backed securities
Within 1 year9,445 — (143)9,302 4.39 
Over 10 years416,906 855 (939)416,822 4.69 
Corporate debt securities due
1 to 5 years90,572 464 (5,910)85,126 4.90 
5 to 10 years79,352 — (3,915)75,437 3.94 
Municipal bonds due
1 to 5 years5,598 — (96)5,502 3.00 
5 to 10 years20,000 290 — 20,290 6.45 
Over 10 years9,698 — (214)9,484 4.59 
Mortgage-backed securities
Agency pass-through certificates3,407,456 22,301 (52,354)3,377,403 3.93 
4,229,746 24,293 (63,776)4,190,263 4.06 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates858,261 2,367 (39,112)821,516 4.22 
$5,088,007 $26,660 $(102,888)$5,011,779 4.08 %
37
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 2025
Amortized
Cost		Gross UnrealizedFair
Value		Yield
GainsLosses
($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year$1,687 $— $(29)$1,658 2.05 %
1 to 5 years545 — — 545 5.00 
5 to 10 years158,026 162 (295)157,893 4.95 
Over 10 years75,887 163 (227)75,823 5.52 
Asset-backed securities
Within 1 year10,492 — (163)10,329 5.12 
5 to 10 years3,945 7 — 3,952 5.27 
Over 10 years491,734 1,702 (1,383)492,053 5.36 
Corporate debt securities due
1 to 5 years32,821 — (2,047)30,774 4.95 
5 to 10 years128,015 314 (6,566)121,763 4.37 
Municipal bonds due
5 to 10 years25,659 250 (179)25,730 5.71 
Over 10 years9,754 — (226)9,528 4.57 
Mortgage-backed securities
Agency pass-through certificates2,603,873 38,399 (39,119)2,603,153 3.83 
3,542,438 40,997 (50,234)3,533,201 4.17 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates645,802 4,073 (37,136)612,739 3.85 
$4,188,240 $45,070 $(87,370)$4,145,940 4.12 %


The Company purchased $1,161,720,000 of AFS investment securities during the nine months ended June 30, 2026 and purchased $1,218,796,000 of AFS securities during the nine months ended June 30, 2025. There was $77,171,000 in sales of AFS securities during the nine months ended June 30, 2026 compared to $797,000 during the prior year's same period.

For HTM investment securities, there were $278,367,000 in purchases during the nine months ended June 30, 2026 and $114,182,000 in purchases during the nine months ended June 30, 2025. There were no sales of HTM investment securities during the nine months ended June 30, 2026 or June 30, 2025. Substantially all of the agency mortgage-backed securities have contractual maturity dates that exceed 25 years.

Accrued interest receivable ("AIR") is excluded from the amortized cost basis of debt securities disclosed throughout this note. For AFS securities, AIR totaled $14,748,000 and $11,057,000 as of June 30, 2026 and September 30, 2025, respectively. For HTM debt securities, AIR totaled $3,039,000 and $2,089,000 as of June 30, 2026 and September 30, 2025, 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 June 30, 2026 and September 30, 2025, by length of time that individual securities in each category have been in a continuous loss position. There were 305 and 213 securities with an unrealized loss as of June 30, 2026 and September 30, 2025, respectively.
38
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 
June 30, 2026Less than 12 months12 months or moreTotal
Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
(In thousands)
Available-for-sale securities
Corporate debt securities$(575)$29,425 $(9,250)$120,674 $(9,825)$150,099 
Municipal bonds— — (309)14,986 (309)14,986 
U.S. government and agency securities(114)14,379 (205)131,521 (319)145,900 
Asset-backed securities(420)95,145 (548)80,823 (968)175,968 
Mortgage-backed securities(16,394)1,204,316 (35,961)535,538 (52,355)1,739,854 
(17,503)1,343,265 (46,273)883,542 (63,776)2,226,807 
Held-to-maturity securities
Mortgage-backed securities(2,234)244,248 (36,878)287,361 (39,112)531,609 
$(19,737)$1,587,513 $(83,151)$1,170,903 $(102,888)$2,758,416 

September 30, 2025Less than 12 months12 months or moreTotal
Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
(In thousands)
Available-for-sale securities
Corporate debt securities$(119)$19,881 $(8,495)$102,342 $(8,614)$122,223 
Municipal bonds due— — (405)15,008 (405)15,008 
U.S. government and agency securities(483)143,444 (127)35,211 (610)178,655 
Asset-backed securities(62)34,932 (1,424)135,315 (1,486)170,247 
Mortgage-backed securities(782)81,025 (38,337)653,800 (39,119)734,825 
(1,446)279,282 (48,788)941,676 (50,234)1,220,958 
Held-to-maturity securities
Mortgage-backed securities— — (37,136)310,597 (37,136)310,597 
$(1,446)$279,282 $(85,924)$1,252,273 $(87,370)$1,531,555 

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 June 30, 2026 or September 30, 2025. 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 June 30, 2026 or September 30, 2025. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is more likely than not that 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.

39
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 June 30, 2026 and September 30, 2025.

June 30, 2026Derivative AssetsDerivative Liabilities
Interest rate contract purposeBalance Sheet LocationNotionalFair ValueBalance Sheet LocationNotionalFair Value
(In thousands)(In thousands)
Client swap program hedgesOther assets$959,875 $37,009 Other liabilities$959,875 $37,088 
Mortgage loan fair value hedgesOther assets670,000 10,034 Other liabilities700,000 2,825 
Mortgage backed securities fair value hedgesOther assets210,000 1,947 Other liabilities400,000 3,727 
Borrowings cash flow hedgesOther assets1,350,000 104,446 Other liabilities— — 
$3,189,875 $153,436 $2,059,875 $43,640 

September 30, 2025Derivative AssetsDerivative Liabilities
Interest rate contract purposeBalance Sheet LocationNotionalFair ValueBalance Sheet LocationNotionalFair Value
(In thousands)(In thousands)
Client swap program hedgesOther assets$977,017 $37,347 Other liabilities$977,017 $37,818 
Commercial loan fair value hedgesOther assets34,341 1,611 Other liabilities— — 
Mortgage backed securities fair value hedgesOther assets— — Other liabilities610,000 15,086 
Mortgage loan fair value hedgesOther assets470,000 13,082 Other liabilities1,100,000 20,426 
Borrowings cash flow hedgesOther assets900,000 99,231 Other liabilities— — 
$2,381,358 $151,271 $2,687,017 $73,330 

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 and mortgage backed securities 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.

The Company also enters into credit risk participation agreements with financial counterparties for interest rate swaps related to loans in which the Company is a participant. The risk participation agreements entered into by the Company as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. The Company is party to two risk participation agreements with a total notional amount of $69,665,000 at June 30, 2026. The estimated exposure when applying a credit valuation adjustment framework to these exposures and the fair value of these exposures was insignificant to the consolidated financial statements as of June 30, 2026.

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 June 30, 2026 and September 30, 2025.

40
WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(In thousands)June 30, 2026
Balance sheet line item in which hedged item is recordedCarrying value of hedged itemsCumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items
Loans receivable (1)$5,003,997 $(6,486)
Available-for-sale securities, at fair value (2)
$882,040 $2,022 
$5,886,037 $(4,464)

(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 June 30, 2026, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $5,003,997,000, the cumulative basis adjustment associated with the hedging relationships was $(6,486,000), and the amount of the designated hedged items was $1,370,000,000.

(2) Includes the fair value basis of mortgage backed securities designated in fair value hedging relationships. At June 30, 2026, the fair value of the hedged mortgage backed securities was $882,040,000, the cumulative basis adjustment associated with the hedging relationships was $2,022,000, and the amount of the designated hedged items was $610,000,000.

(In thousands)September 30, 2025
Balance sheet line item in which hedged item is recordedCarrying value of hedged itemsCumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items
Loans receivable (1) (2)$5,426,086 $6,794 
Available-for-sale securities, at fair value (3)
940,110 15,452 
$6,366,196 $22,246 

(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, 2025, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $5,393,257,000, the cumulative basis adjustment associated with the hedging relationships was $8,262,000, and the amount of the designated hedged items was $1,570,000,000. During fiscal 2025, hedge accounting was discontinued on a $1,600,000,000 last of layer hedge. A basis adjustment of $4,016,668 associated with the terminated portion of the hedge was deferred and is being amortized 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, 2025, the amortized cost basis of the hedged commercial loans was $32,829,000 and the cumulative basis adjustment associated with the hedging relationships was $(1,468,000).

(3) Includes the fair value basis of mortgage backed securities designated in fair value hedging relationships. At September 30, 2025, the fair value of the hedged mortgage backed securities was $940,110,000, the cumulative basis adjustment associated with the hedging relationships was $15,452,000, and the amount of the designated hedged items was $610,000,000.

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 June 30, 2026, the maturities for hedges of adjustable rate borrowings ranged from one year to seven years, with the weighted average being 3.6 years.

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WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables present the impact of derivative instruments (cash flow hedges on borrowings) on AOCI for the periods presented.

(In thousands)Three Months Ended June 30,
Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships20262025
Interest rate contracts:
Pay fixed/receive floating swaps on borrowings cash flow hedges$7,068 $(14,040)
Reclassification adjustment of net (gain)/loss included in net income— (70)
Total pre-tax gain/(loss) recognized in AOCI $7,068 $(14,110)


(In thousands)Nine Months Ended June 30,
Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships20262025
Interest rate contracts:
Pay fixed/receive floating swaps on borrowings cash flow hedges$5,216 $(10,716)
Reclassification adjustment of net (gain)/loss included in net income— — 
Total pre-tax gain/(loss) recognized in AOCI $5,216 $(10,716)

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 June 30, 2026Three Months Ended June 30, 2025
Interest income on loans receivableInterest on Mortgage-backed securitiesInterest expense on FHLB advancesInterest income on loans receivableInterest on Mortgage-backed securitiesInterest expense on FHLB advances
(In thousands)(In thousands)
Interest income/(expense), including the effects of fair value and cash flow hedges$267,243 $46,569 $(27,708)$279,476 $27,855 $(16,991)
Gain/(loss) on fair value hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$1,366 $(500)$3,780 $314 
Recognized on derivatives7,736 $6,393 (10,789)(4,822)
Recognized on hedged items(7,791)(6,442)10,800 4,927 
Net income/(expense) recognized on fair value hedges$1,311 $(549)$3,791 $419 
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$6,841 $8,649 
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense— — 
Net income/(expense) recognized on cash flow hedges$6,841 $8,649 

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WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended June 30, 2026Nine Months Ended June 30, 2025
Interest income on loans receivableInterest on Mortgage-backed securitiesInterest expense on FHLB advancesInterest income on loans receivableInterest on Mortgage-backed securitiesInterest expense on FHLB advances
(In thousands)(In thousands)
Interest income/(expense), including the effects of fair value and cash flow hedges$793,598 $129,812 $(64,044)$848,150 $70,118 $(67,753)
Gain/(loss) on fair value hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$5,735 $(832)$16,762 $430 
Recognized on derivatives14,600 13,305 6,031 (13,504)
Recognized on hedged items(14,783)(13,431)(13,002)13,828 
Net income/(expense) recognized on fair value hedges$5,552 $(958)$9,791 $754 
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$22,492 $26,702 
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense— — 
Net income/(expense) recognized on cash flow hedges$22,492 $26,702 


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 Consolidated Statement of Operations for the nine months ended June 30, 2026 was an increase in other income of $392,000 and an increase of $126,000 for the nine months ended June 30, 2025.

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 June 30,
Derivative instrumentsClassification of gain/(loss) recognized in income on derivative instrument20262025
Interest rate contracts:
Pay fixed/receive floating swapOther non-interest income$5,105 $(7,677)
Receive fixed/pay floating swapOther non-interest income(5,117)7,733 
$(12)$56 
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WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

(In thousands)Nine Months Ended June 30,
Derivative instrumentsClassification of gain/(loss) recognized in income on derivative instrument20262025
Interest rate contracts:
Pay fixed/receive floating swapOther non-interest income$4,389 $1,013 
Receive fixed/pay floating swapOther non-interest income(3,997)(887)
$392 $126 


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.

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 ASC 606 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 4.1% of Company total revenue for the nine months ended June 30, 2026, compared to 3.6% for the nine months ended June 30, 2025. 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 WaFd 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 2026 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.

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WAFD, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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 June 30, 2026, the Bank was obligated on FHLB letters of credit totaling $30,500,000 and unfunded loan commitments had a balance of $3,244,801,000 compared to September 30, 2025 when the bank was obligated on FHLB letters of credit totaling $62,606,000 and had unfunded commitments of $2,841,596,000. The reserve for unfunded commitments was $19,000,000 as of June 30, 2026, a decrease from $21,500,000 at September 30, 2025. 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 equity investments as limited partners in LIHTC investment funds 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 LIHTC investments and determined it does not have the ability to exercise significant influence over the operating or financial decisions of the funds. This lack of significant influence due to the Company's role as a limited partner allows the Company to account for its LIHTC investments using the proportional amortization method.
The Company records the investments in affordable housing partnerships of $145,273,000 and $157,249,000 as of June 30, 2026 and September 30, 2025, 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 $57,054,000 and $73,123,000 as of June 30, 2026 and September 30, 2025, respectively, which are recorded as a component of other liabilities on the Consolidated Statements of Financial Condition. Both the tax benefits and the amortization expense related to these investments are reflected in the provision for income taxes on the Consolidated Statements of Operations.

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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, 2025, filed with the Securities and Exchange Commission ("SEC") on November 18, 2025 (the “2025 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 2025 10-K, and in any of the Company's other subsequent 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 associated with changes in business structure and divestitures of lines of business, including the Bank's exit from the single family mortgage lending market;
•possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; and 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;
•economic uncertainty or a deterioration in economic conditions or slowdowns in economic growth, including financial stress on borrowers (consumers and businesses);
•risks associated with changes to monetary policy by the Federal Reserve;
•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;
•risks associated with inflationary pressures and rising prices;
•risk associated with the development and use of artificial intelligence;
•risks related to operational, technological, and third-party provided technology infrastructure;
•risks associated with data privacy laws and regulations;
•risks associated with failures of our risk management framework;
•risks associated with our failure to retain or attract key employees;
•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, and related regulations, and potential impact on the creditworthiness of our customers;

Regulatory and Litigation Risks:
•non-compliance with banking laws, rules and regulations;
•legislative and regulatory limitations on business activities, and potential limitations on the manner in which the Company conducts its business and undertakes new investments and activities;
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WAFD, INC. AND SUBSIDIARIES
•risks associated with changes in regulation, regulatory capital requirements or regulatory oversight, accounting rules, and laws;
•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 Risks:
•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;
•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;
•impairment of goodwill and other intangible assets;

Competitive Risks:
•competition from other financial institutions and new market participants, and consolidation in the industry resulting in the creation of larger competitors with greater financial resources;
•the ability of the Company to obtain external financing to fund its operations or obtain financing on favorable terms, when needed;
•our ability to grow organically or through acquisitions;
•risks associated with our entry into the California market;

Security Ownership Risks:
•negative effects of activist shareholders;
•our ability to continue to pay dividends, including on our outstanding Series A Preferred Stock; and make stock repurchases;
•risks related to the volatility of our Common Stock, and future dilution;
•risks related to Washington's anti-takeover statute;

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

WaFd Bank, a federally-insured Washington state chartered commercial bank (the "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. Effective September 25, 2025, the Bank formally changed its name from Washington Federal Bank to WaFd Bank by filing its Second Amended and Restated Articles of Incorporation with the Washington Secretary of State. 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 2025 10-K.

ASSET QUALITY & ALLOWANCE FOR CREDIT LOSSES

See Notes 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 2025 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 customer deposit accounts is 61% variable and 39% fixed as of June 30, 2026 while the composition of the investment securities portfolio is 35% variable and 65% fixed rate. As of June 30, 2026 the Company was a party to $610,000,000 of pay fixed interest rate swaps to hedge the fair value risk of the AFS portfolio which effectively converts 12% of fixed securities to variable. 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 $858,261,000 of mortgage-backed securities that it has designated as HTM and are carried at amortized cost. As of June 30, 2026, the net unrealized loss on these securities was $36,745,000. The Company has $4,190,263,000 of AFS securities that are carried at fair value. As of June 30, 2026, the net unrealized loss on these securities was $39,483,000. The Company recognized in earnings a loss of $13,430,000 on the fair value of AFS securities hedged by the fixed interest rate swaps for the nine months ended June 30, 2026. The Company has also executed interest rate swaps to hedge interest rate risk on certain FHLB borrowings. The unrealized gain on these interest rate swaps as of June 30, 2026 was $104,446,000. 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 models the potential impact of changing interest rates on net income over a twelve-month period and compares the current results to the results as of the prior year end. 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,
49
WAFD, INC. AND SUBSIDIARIES
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.
Hypothetical, Immediate and ParallelPotential Increase (Decrease) in Net Interest Income - Year 1
Basis Point Increase (Decrease) in Interest RatesJune 30, 2026September 30, 2025
(In thousands, except percentages)
(200)$79,375 10.55 %$65,287 8.79 %
(100)40,647 5.40 35,318 4.76 
1006,799 0.90 (407)(0.05)
20012,446 1.65 6,298 0.85 


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 table sets 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 September 30, 2025 results.

Hypothetical, Immediate and ParallelPotential Increase (Decrease) in NPV as of
Basis Point Increase (Decrease) in Interest RatesJune 30, 2026September 30, 2025
(In thousands, except percentages)
(200)$497,215 15.58 %$550,692 17.96 %
(100)310,028 9.72 317,236 10.35 
100(317,215)(9.94)(341,329)(11.13)
200(630,334)(19.76)(649,066)(21.17)


Prepayment speeds continue to be relatively low at June 30, 2026 with the Bank's conditional payment rate ("CPR") for single-family mortgages at 9.50%, compared to 9.0% for the same quarter 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 2.81% for the quarter ended June 30, 2026 compared to 2.69% for the quarter ended June 30, 2025. The yield on interest-earning assets decreased 15 basis points to 5.15% and the cost of interest-bearing liabilities decreased 34 basis points to 2.78% over that same period. The lower yield on interest-earning assets was primarily due to falling interest rates affecting adjustable rate loans, lower net cash settlements on our loan and securities fair value hedge programs and interest-bearing cash deposits.
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WAFD, INC. AND SUBSIDIARIES
The following tables set forth the information explaining the changes in the net interest margin for the periods indicated compared to the respective periods one year ago.

Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
($ in thousands)($ in thousands)
Assets
Loans receivable$20,067,639 $267,243 5.34 %$20,592,807 $279,476 5.44 %
Mortgage-backed securities4,261,449 46,569 4.38 2,708,789 27,855 4.12 
Cash & Investments1,379,508 15,147 4.40 1,683,378 21,544 5.13 
FHLB stock163,777 3,166 7.75 106,816 2,839 10.66 
Total interest-earning assets25,872,373 332,125 5.15 %25,091,790 331,714 5.30 %
Other assets1,739,779 1,721,710 
Total assets$27,612,152 $26,813,500 
Liabilities and Equity
Interest-bearing customer accounts$18,218,857 $123,079 2.71 %$18,769,137 $146,735 3.14 %
Borrowings3,502,129 27,708 3.17 2,226,086 16,991 3.06 
Total interest-bearing liabilities21,720,986 150,787 2.78 %20,995,223 163,726 3.13 %
Noninterest-bearing customer accounts2,604,805 2,493,365 
Other liabilities277,991 294,167 
               Total liabilities24,603,782 23,782,755 
Shareholders' equity3,008,370 3,030,745 
Total liabilities and equity$27,612,152 $26,813,500 
Net interest income/interest rate spread$181,338 2.36 %$167,988 2.17 %
Net interest margin (NIM)2.81 %2.69 %
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WAFD, INC. AND SUBSIDIARIES
Nine Months Ended June 30, 2026Nine Months Ended June 30, 2025
Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
($ in thousands)($ in thousands)
Assets
Loans receivable$19,967,682 $793,598 5.31 %$20,822,283 $848,150 5.45 %
Mortgage-backed securities4,023,011 129,812 4.31 2,318,554 70,118 4.04 
Cash & Investments1,411,436 48,148 4.56 2,254,121 87,116 5.17 
FHLB stock134,434 7,797 7.75 112,011 7,531 8.99 
Total interest-earning assets25,536,563 979,355 5.13 %25,506,969 1,012,915 5.31 %
Other assets1,733,330 1,723,318 
Total assets$27,269,893 $27,230,287 
Liabilities and Equity
Interest-bearing customer accounts$18,470,834 $385,292 2.79 %$18,797,319 $460,833 3.28 %
Borrowings2,848,969 64,044 3.01 2,616,896 67,753 3.46 
Other borrowings— 
Total interest-bearing liabilities21,319,803 449,336 2.82 %21,414,215 528,586 3.30 %
Noninterest-bearing customer accounts2,614,948 2,488,886 
Other liabilities309,667 298,952 
               Total liabilities24,244,418 24,202,053 
Shareholders' equity3,025,475 3,028,234 
Total liabilities and equity$27,269,893 $27,230,287 
Net interest income/interest rate spread$530,019 2.31 %$484,329 2.01 %
Net interest margin (NIM)2.77 %2.54 %

As of June 30, 2026, total assets had increased by $897,271,000 to $27,596,970,000 from $26,699,699,000 at September 30, 2025 primarily due to the purchase of investments during the period. During the nine months ended June 30, 2026, loans receivable decreased $70,742,000, investment and mortgage-backed securities increased by $869,521,000, FHLB stock increased by $67,324,000 and cash and cash equivalents increased by $19,157,000, in each case as compared to September 30, 2025.
Management believes the Company's cash and cash equivalents of $676,467,000 and shareholders’ equity of $3,022,569,000 as of June 30, 2026 will provide flexibility in managing the Company's 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 Luther Burbank Corporation ("LBC") borrowings from the FHLB -
52
WAFD, INC. AND SUBSIDIARIES
SF as a result of the merger with LBC effective March 1, 2024, 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.
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 decreased by $505,561,000, or 2.4%, to $20,932,075,000 at June 30, 2026 compared with $21,437,636,000 at September 30, 2025. Total borrowings were $3,263,359,000 as of June 30, 2026, an increase from $1,765,604,000 at September 30, 2025, which were used for securities purchases during the fiscal year to date.
The Company's cash and cash equivalents totaled $676,467,000 at June 30, 2026, an increase from $657,310,000 at September 30, 2025. This increase is the result of normal transactions and activities.
The Company’s shareholders' equity at June 30, 2026 was $3,022,569,000, or 10.95% of total assets. This is a decrease of $17,006,000 from September 30, 2025 when shareholders' equity was $3,039,575,000, or 11.38% of total assets. The Company’s shareholders' equity was impacted in the nine months ended June 30, 2026 by net income of $195,874,000, the payment of $60,181,000 in common stock dividends, the payment of $10,968,000 in preferred stock dividends, treasury stock purchases of $145,543,000, as well as a decrease in other comprehensive income of $8,863,000. The Company's tier 1 leverage ratio at June 30, 2026 was 9.19%. 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.
53
WAFD, INC. AND SUBSIDIARIES
As of June 30, 2026 and September 30, 2025, 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.
ActualMinimum Capital
Adequacy Guidelines		Minimum Well-Capitalized Guidelines
($ in thousands)CapitalRatioRatioRatio
June 30, 2026
Common Equity Tier I risk-based capital ratio:
      The Company$2,195,096 11.36 %4.50 %NA
      The Bank2,500,113 12.95 %4.50 %6.50 %
Tier I risk-based capital ratio:
      The Company2,495,096 12.91 %6.00 %NA
      The Bank2,500,113 12.95 %6.00 %8.00 %
Total risk-based capital ratio:
      The Company2,776,942 14.37 %8.00 %NA
      The Bank2,729,620 14.14 %8.00 %10.00 %
Tier 1 Leverage ratio:
      The Company2,495,096 9.19 %4.00 %NA
      The Bank2,500,113 9.21 %4.00 %5.00 %
September 30, 2025
Common Equity Tier 1 risk-based capital ratio:
      The Company$2,202,901 11.77 %4.50 %NA
      The Bank2,506,271 13.40 %4.50 %6.50 %
Tier I risk-based capital ratio:
      The Company2,502,901 13.37 %6.00 %NA
      The Bank2,506,271 13.40 %6.00 %8.00 %
Total risk-based capital ratio:
      The Company2,770,166 14.80 %8.00 %NA
      The Bank2,721,890 14.55 %8.00 %10.00 %
Tier 1 Leverage ratio:
      The Company2,502,901 9.59 %4.00 %NA
      The Bank2,506,271 9.61 %4.00 %5.00 %

CHANGES IN FINANCIAL CONDITION
Cash and cash equivalents - Cash and cash equivalents were $676,467,000 at June 30, 2026, an increase of $19,157,000, or 2.9%, since September 30, 2025. This increase was the result of normal transactions and activities.

Available-for-sale and held-to-maturity investment securities - AFS securities increased $657,062,000, or 18.6%, during the nine months ended June 30, 2026, a result of securities purchases of $1,161,720,000 offset by unrealized losses during the period of $30,226,000, a reclassification of loss into earnings from AFS securities hedging derivatives of $13,430,000 and principal repayments and maturities of $408,047,000. During the same period, the balance of HTM securities increased by $212,459,000 due to purchases of $278,367,000, offset by principal pay-downs and maturities of $66,361,000. As of June 30, 2026, the Company had a total net unrealized loss on AFS securities of $39,483,000, which is included on a net of tax basis in accumulated other comprehensive income (loss).

54
WAFD, INC. AND SUBSIDIARIES
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 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 June 30, 2026 or September 30, 2025 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 June 30, 2026 or September 30, 2025, therefore, no allowance was recorded.

Loans receivable - Loans receivable, net of related contra accounts, decreased by $70,742,000 to $20,017,876,000 at June 30, 2026, compared to $20,088,618,000 at September 30, 2025. The decrease was primarily loan principal repayments outpacing originations net of the growth in loans in process. Commercial loan originations accounted for 95% of total originations and consumer loan originations were 5% for the nine months ended June 30, 2026. The Company continues to focus on commercial lending, coupled with growing economies in all major markets in which we operate.
The following table shows the loan portfolio by category and the change from prior fiscal year end.
June 30, 2026September 30, 2025Change
($ in thousands)($ in thousands)$%
Commercial loans
Multi-family$4,721,719 21.8 %$4,718,480 22.2 %$3,239 0.1 %
Commercial real estate3,642,259 16.9 3,604,600 16.9 37,659 1.0 
Commercial & industrial3,110,005 14.4 2,392,685 11.3 717,320 30.0 
Construction2,144,343 9.9 1,756,890 8.3 387,453 22.1 
Land - acquisition & development219,267 1.0 179,099 0.8 40,168 22.4 
Total commercial loans13,837,593 64.0 12,651,754 59.5 1,185,839 9.4 
Consumer loans
Single-family residential7,389,117 34.2 8,053,771 37.8 (664,654)(8.3)
Construction - custom35,260 0.2 150,237 0.7 (114,977)(76.5)
   Land - consumer lot loans72,451 0.3 89,298 0.4 (16,847)(18.9)
   HELOC244,726 1.1 267,871 1.3 (23,145)(8.6)
   Consumer54,245 0.2 61,461 0.3 (7,216)(11.7)
Total consumer loans7,795,799 36.0 8,622,638 40.5 (826,839)(9.6)
Total gross loans21,633,392 100 %21,274,392 100 %359,000 1.7 
   Less:
      Allowance for credit losses on loans214,831 199,720 15,111 7.6 
      Loans in process1,186,436 773,606 412,830 53.4 
      Net deferred fees, costs and discounts214,249 212,448 1,801 0.8 
Total loan contra accounts1,615,516 1,185,774 429,742 36.2 
Net loans$20,017,876 $20,088,618 $(70,742)(0.4)%

55
WAFD, INC. AND SUBSIDIARIES

The following tables provide information regarding loans receivable by loan class and geography.
June 30, 2026Multi-
family		Commercial
Real Estate		Commercial
and Industrial		ConstructionLand -
A & D		Single -
Family
Residential		Construction -
custom		Land -
Lot Loans		ConsumerHELOCTotal
(In thousands)
Washington$505,265 $505,342 $1,004,333 $271,903 $54,304 $3,005,065 $10,492 $38,124 $18,622 $125,337 $5,538,787 
California987,860 285,815 213,491 14,126 — 1,252,710 — — 7,972 557 2,762,531 
Oregon727,580 372,584 256,229 60,543 39,481 818,905 — 9,277 236 32,132 2,316,967 
Arizona566,846 568,201 118,675 134,205 7,339 703,396 2,910 12,042 5,079 31,817 2,150,510 
Utah658,146 281,229 202,019 96,148 58,382 530,775 3,015 1,127 14,785 12,552 1,858,178 
Texas547,880 758,784 659,283 288,011 7,518 129,818 — 84 8 4,626 2,396,012 
New Mexico233,297 301,546 25,135 34,723 4,027 194,306 — 1,875 463 8,189 803,561 
Idaho221,984 164,907 83,946 78,879 8,741 356,773 — 5,599 41 19,698 940,568 
Nevada157,788 176,473 164,041 1,562 5,440 280,039 — 3,854 2,063 9,674 800,934 
Other39,256 211,162 374,040 35,808 — (3,624)— — 5,015 3,002 664,659 
$4,645,902 $3,626,043 $3,101,192 $1,015,908 $185,232 $7,268,163 $16,417 $71,982 $54,284 $247,584 $20,232,707 
Percentage by geographic area
June 30, 2026Multi-
family		Commercial
Real Estate		Commercial
and Industrial		ConstructionLand -
A & D		Single -
Family
Residential		Construction -
custom		Land -
Lot Loans		ConsumerHELOCTotal
As % of total gross loans
Washington2.5 %2.5 %4.9 %1.3 %0.3 %14.9 %0.1 %0.2 %0.1 %0.6 %27.4 %
California4.9 1.4 1.1 0.1 — 6.2 — — — — 13.7 
Oregon3.6 1.8 1.3 0.3 0.2 4.0 — — — 0.2 11.4 
Arizona2.8 2.8 0.6 0.7 — 3.5 — 0.2 — 0.2 10.8 
Utah3.2 1.4 1.0 0.5 0.4 2.5 — — 0.2 0.1 9.3 
Texas2.7 3.8 3.3 1.3 — 0.6 — — — — 11.7 
New Mexico1.2 1.5 0.1 0.2 — 1.0 — — — — 4.0 
Idaho1.1 0.8 0.4 0.4 — 1.8 — — — 0.1 4.6 
Nevada0.8 0.9 0.8 — — 1.4 — — — — 3.9 
Other0.2 1.0 1.8 0.2 — — — — — — 3.2 
23.0 %17.9 %15.3 %5.0 %0.9 %35.9 %0.1 %0.4 %0.3 %1.2 %100 %
Percentage by geographic area as a % of each loan type
June 30, 2026Multi-
family		Commercial
Real Estate		Commercial
and Industrial		ConstructionLand -
A & D		Single -
Family
Residential		Construction -
custom		Land -
Lot Loans		ConsumerHELOC
As % of total gross loans
Washington10.9 %13.9 %32.4 %26.8 %29.3 %41.3 %63.9 %53.0 %34.3 %50.5 %
California21.3 7.9 6.9 1.4 — 17.2 — — 14.7 0.2 
Oregon15.7 10.3 8.3 6.0 21.3 11.3 — 12.9 0.4 13.0 
Arizona12.2 15.7 3.8 13.2 4.0 9.6 17.7 16.7 9.4 12.9 
Utah14.2 7.8 6.5 9.5 31.5 7.3 18.4 1.6 27.2 5.1 
Texas11.8 20.9 21.3 28.2 4.1 1.8 — 0.1 — 1.9 
New Mexico5.0 8.3 0.8 3.4 2.2 2.7 — 2.6 0.9 3.3 
Idaho4.8 4.5 2.7 7.8 4.7 4.9 — 7.8 0.1 8.0 
Nevada3.4 4.9 5.3 0.2 2.9 3.9 — 5.3 3.8 3.9 
Other0.7 5.8 12.0 3.5 — — — — 9.2 1.2 
100 %100 %100 %100 %100 %100 %100 %100 %100 %100 %
56
WAFD, INC. AND SUBSIDIARIES

The following table shows the geographic distribution by state of the loan portfolio and the change from the prior fiscal year end.
June 30, 2026September 30, 2025Change
Washington27.4 %27.6 %(0.2)
California13.7 14.0 (0.3)
Oregon11.4 12.2 (0.8)
Arizona10.8 11.3 (0.5)
Utah9.3 9.4 (0.1)
Texas11.7 11.4 0.3 
New Mexico4.0 3.9 0.1 
Idaho4.6 4.5 0.1 
Nevada3.9 4.0 (0.1)
Other1
3.2 1.7 1.5 
100 %100 %
1Includes loans from outside of our nine state footprint.

Non-performing assets - Non-performing assets decreased $7,274,000 during the nine months ended June 30, 2026 to $135,748,000 from $143,022,000 at September 30, 2025. The change is due to a $1,059,000 decrease in non-accrual loans combined with a $2,905,000 decrease in real estate owned and a $3,310,000 decrease in other property owned. Non-performing assets as a percentage of total assets was 0.49% at June 30, 2026 compared to 0.54% at September 30, 2025.

The following table sets forth information regarding non-performing assets.
June 30,
2026		September 30,
2025
($ in thousands)
Non-accrual loans:
Multi - family$34,249 26.8 %$19,121 14.9 %
Commercial real estate3,114 2.4 69,972 54.4 
Commercial & industrial65,741 51.5 11,047 8.6 
Construction— — 3,400 2.6 
Land - acquisition & development— — — — 
Single-family residential22,445 17.6 23,741 18.5 
Construction - custom892 0.8 760 0.6 
Land - consumer lot loans239 0.2 23 — 
HELOC627 0.5 412 0.3 
Consumer262 0.2 152 0.1 
Total non-accrual loans127,569 100 %128,628 100 %
Real estate owned8,179 11,084 
Other property owned— 3,310 
Total non-performing assets$135,748 $143,022 
Total non-performing assets as a percentage of total assets0.49 %0.54 %


57
WAFD, INC. AND SUBSIDIARIES
The Company would have recognized interest income of $5,681,000 for the nine months ended June 30, 2026 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 $398,190,000 of loans that were less than 90 days delinquent at June 30, 2026 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 1.93% at June 30, 2026. For the nine months ended June 30, 2026, the Company recognized $1,264,000 in interest income on cash payments received from borrowers on non-accrual loans.

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 and the change since the prior fiscal year end.
June 30, 2026September 30, 2025Change
Allowance for credit losses:($ in thousands)($ in thousands)$%
Commercial loans
   Multi-family$25,646 11.9 %$25,953 13.0 %$(307)(1.2)%
   Commercial real estate40,772 19.0 41,988 21.0 (1,216)(2.9)
   Commercial & industrial84,893 39.5 59,163 29.6 25,730 43.5 
   Construction18,095 8.4 18,136 9.1 (41)(0.2)
   Land - acquisition & development8,460 4.0 6,894 3.5 1,566 22.7 
      Total commercial loans177,866 82.8 152,134 76.2 25,732 16.9 
Consumer loans
   Single-family residential29,504 13.7 38,880 19.5 (9,376)(24.1)
   Construction - custom128 — 610 0.3 (482)(79.0)
   Land - consumer lot loans1,707 0.8 2,105 1.1 (398)(18.9)
   HELOC2,764 1.4 3,069 1.5 (305)(9.9)
   Consumer2,862 1.3 2,922 1.5 (60)(2.1)
      Total consumer loans36,965 17.2 47,586 23.8 (10,621)(22.3)
Total allowance for loan losses214,831 100.0 %199,720 100.0 %15,111 7.6 
Reserve for unfunded commitments19,000 21,500 (2,500)(11.6)
Total allowance for credit losses$233,831 $221,220 $12,611 5.7 %

Management believes the allowance for credit losses of $233,831,000, or 1.08% 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 periods ended June 30, 2026 and September 30, 2025.

Real estate owned ("REO") - REO decreased during the nine months ended June 30, 2026 by $2,905,000 to $8,179,000. The decrease was due to the sale of properties.

58
WAFD, INC. AND SUBSIDIARIES
Intangible assets - Intangible assets increased to $443,670,000 as of June 30, 2026 from $442,093,000 as of September 30, 2025 as the result of small acquisitions made by the Company's insurance subsidiary offset by normal amortization.

Customer accounts - Customer accounts decreased $505,561,000, or 2.4%, to $20,932,075,000 at June 30, 2026 compared with $21,437,636,000 at September 30, 2025. Transaction accounts increased by $439,259,000 or 3.6% during that period, while time deposits decreased $944,820,000, or 10.3%, consistent with our strategy to shift away from time deposits in favor of transaction accounts.

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

  
June 30, 2026September 30, 2025
Deposit Account BalanceAs a % of Total DepositsWeighted
Average
Rate		Deposit Account BalanceAs a % of Total DepositsWeighted
Average
Rate
($ in thousands)
Non-interest checking$2,646,615 12.6 %— %$2,567,539 12.0 %— %
Interest checking4,991,715 23.8 2.37 4,865,808 22.7 2.55 
Savings712,829 3.6 0.26 701,558 3.3 0.22 
Money market4,394,632 20.9 2.07 4,171,627 19.4 2.14 
Time deposits8,186,284 39.1 3.48 9,131,104 42.6 3.74 
Total$20,932,075 100 %2.37 %$21,437,636 100 %2.60 %

Borrowings - Borrowings were $3,315,697,000 as of June 30, 2026, an increase from $1,817,249,000 as of September 30, 2025. The increase was utilized to support asset growth. The weighted average effective rate for borrowings was 3.08% as of June 30, 2026 and 2.50% at September 30, 2025.

Shareholders' equity - The Company’s shareholders' equity at June 30, 2026 was $3,022,569,000, or 10.95% of total assets. This is a decrease of $17,006,000 from September 30, 2025 when shareholders' equity was $3,039,575,000, or 11.38% of total assets. The Company’s shareholders' equity was impacted in the nine months ended June 30, 2026 by net income of $195,874,000, the payment of $60,181,000 in common stock dividends, payment of $10,968,000 in preferred stock dividends, treasury stock purchases of $145,543,000, as well as a decrease in other comprehensive income of $8,863,000.


RESULTS OF OPERATIONS

Net Income - The Company recorded net income of $66,130,000 for the three months ended June 30, 2026 compared to $61,952,000 for the prior year quarter. All driving factors are described below.
Net Interest Income - For the three months ended June 30, 2026, net interest income was $181,338,000, which is an increase of $13,350,000 from the same quarter of the prior year. Net interest margin increased to 2.81% for the quarter ended June 30, 2026 compared to 2.69% for the quarter ended June 30, 2025. The increase in net interest income is largely due to decreased rates on interest-bearing liabilities partially offset by the decrease in rate earned on interest-earning assets. The rate paid on interest-bearing liabilities decreased by 34 basis points while the rate earned on interest-earning assets fell by 15 basis points. For the nine months ended June 30, 2026, net interest income was $530,019,000, which is an increase of $45,690,000 from the same period of the prior year. Net interest margin was 2.77% for the nine months ended June 30, 2026 compared to 2.54% for the prior year same period.

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.
59
WAFD, INC. AND SUBSIDIARIES
Rate / Volume Analysis:
Comparison of Three Months Ended
6/30/2026 and 6/30/2025		Comparison of Nine Months Ended
6/30/2026 and 6/30/2025
($ in thousands)VolumeRateTotalVolumeRateTotal
Interest income:
Loans receivable$(7,109)$(5,124)$(12,233)$(33,635)$(20,917)$(54,552)
Mortgage-backed securities16,857 1,857 18,714 54,793 4,901 59,694 
Investments (1)(3,145)(2,925)(6,070)(30,501)(8,201)(38,702)
All interest-earning assets6,603 (6,192)411 (9,343)(24,217)(33,560)
Interest expense:
Customer accounts(4,169)(19,487)(23,656)(7,767)(67,774)(75,541)
Borrowings10,032 685 10,717 3,333 (7,042)(3,709)
All interest-bearing liabilities5,863 (18,802)(12,939)(4,434)(74,816)(79,250)
Change in net interest income$740 $12,610 $13,350 $(4,909)$50,599 $45,690 
___________________ 
(1)Includes interest on cash equivalents and dividends on FHLB stock.
Provision for Credit Losses - The Company recorded an $11,000,000 provision for credit losses for the three months ended June 30, 2026, compared with a $2,000,000 provision for credit losses for the three months ended June 30, 2025. The provision recorded in the three months ended June 30, 2026 was the result of growth in the active loan portfolio, specifically C&I and Construction loans, in addition to concerns related to possible losses on adversely classified loans. This provision increased the reserve to 1.08% of gross loans compared with 1.03% at June 30, 2025. The Company recorded an $18,500,000 provision for credit losses for the nine months ended June 30, 2026 compared to $4,750,000 for the nine months ended June 30, 2025.

Non-Interest Income - The results for the three months ended June 30, 2026 included total non-interest income of $24,178,000 compared to $18,273,000 for the same period one year ago, a $5,905,000 increase. The increase was primarily due to approximately $3,200,000 of gain recognized on the sale of bank real estate combined with lower losses recognized on equity method investments and increased fee income recognized on loan and deposit accounts. The results for the nine months ended June 30, 2026 include total non-interest income of $64,246,000 compared to $52,856,000 for the nine months ended June 30, 2025, an $11,390,000 increase. This increase was also the result of gains recognized on sales of bank real estate combined with increased fee income on loans and deposits.

Non-Interest Expense - Non-interest expense was $110,334,000 for the three months ended June 30, 2026, an increase of $6,007,000 from $104,327,000 for the prior year quarter, largely a result of increased compensation and technology expenses, reflecting annual merit increases and continued investment in operational efficiency. Non-interest expense for the three months ended June 30, 2026 and June 30, 2025 equaled 1.60% and 1.56%, respectively, of average assets. Non-interest expense was $325,912,000 for the nine months ended June 30, 2026, an increase of $5,442,000 from $320,470,000 for the same period in fiscal 2025. This increase was also the result of increased compensation and technology expenses. Total non-interest expense for the nine months ended June 30, 2026 and June 30, 2025 equaled 1.59% and 1.57%, respectively, of average assets.

Gain (Loss) on Real Estate Owned - Results for the three months ended June 30, 2026 include a net gain on REO of $167,000, compared to a net loss of $176,000 for the prior year quarter. Results for the nine months ended June 30, 2026 included a net gain on REO of $603,000, compared to a net gain of $54,000 in the prior year period.

Income Tax Expense - Income tax expense totaled $18,219,000 for the three months ended June 30, 2026, compared to $17,806,000 for the prior year quarter. The effective tax rate was 21.60% and 22.33% for the three months ended June 30, 2026 and June 30, 2025, respectively. Income tax expense totaled $54,582,000 for the nine months ended June 30, 2026, compared to $46,548,000 for the prior year period. The effective tax rate was 21.79% and 21.95% for the nine months ended June 30, 2026 and June 30, 2025, 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. During the quarter ended June 30, 2026, the Company purchased $9,200,000 of Federal energy tax credits and have committed to a four year investment in similar tax credits which reduces our tax expense and effective tax rate.

60
WAFD, INC. AND SUBSIDIARIES
On July 4, 2025, the One Big Beautiful Bill Act, officially designated as H.R. 1, was enacted into law. This legislation includes significant changes to federal tax law and other regulatory provisions. Key provisions include the permanent extension of several business tax benefits originally introduced under the 2017 Tax Cuts and Jobs Act. The Company has evaluated the provisions of the new law and believes it will generally have no material impact on our financial position, results of operations and cash flows.

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 Consolidated Statement of Operations. We currently estimate that the total amount of tax benefits from our LIHTC investment portfolio that will be recognized during this fiscal year is about $20.0 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 approximately $15.9 million.


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, 2025, as described in the Company's 2025 10-K. For a complete discussion of the Company’s quantitative and qualitative market risk, see "Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in the Company’s 2025 10-K.

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.
61


 
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 the information set forth in this report, you should carefully consider the factors discussed under "Part I--Item 1A--Risk Factors" in the Company's 2025 10-K. 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.

There have been no material changes in the Company's risk factors from those disclosed in the Company's 2025 10-K with the exception of the items listed below. The following risk factor from the September 30, 2025 10-K has been modified, as shown below, given the Company received an upgrade to the overall CRA rating to "Satisfactory" on January 16th, 2026 as a result of our successful appeal.

A “Needs to Improve” rating under the Community Reinvestment Act (“CRA”) may impact our reputation, 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 disagreed with the overall CRA rating and appealed. On January 16, 2026, the Supervision Appeals Review committee ("SARC") of the FDIC issued a decision granting the Bank's appeal and elevated the Bank's rating on the CRA Lending Test from "Needs to Improve" to "Low Satisfactory" and upgraded the Bank's overall CRA rating to "Satisfactory."

We anticipate that our next CRA exam will occur sometime in 2027. If the Bank were to receive a “Needs to Improve” rating in future exams, it could result in restrictions on certain expansionary activity, including mergers and acquisitions and the establishment and relocation of bank branches, result in a loss of expedited processing of applications to undertake certain activities 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. In addition, a "Needs to Improve" rating could also negatively affect our reputation, business, financial condition and results of operations.



Item 2.                 Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information with respect to purchases made by or on behalf of the Company of the Company’s common stock during the three months ended June 30, 2026.

62

PeriodNumber of Shares PurchasedAverage 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
April 1, 2026 to April 30, 20262,106 $35.22 — 7,992,669 
May 1, 2026 to May 31, 20261,979 35.52 — 7,992,669 
June 1, 2026 to June 30, 20264,721 36.92 — 7,992,669 
Total8,806 $36.20 — 7,992,669 
(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 91,421,638 shares have been authorized for repurchase. This includes the 4,500,000 additional shares authorized by the Board of Directors on February 3, 2026.
(2)The Company did not repurchase any shares under the Company's publicly announced stock repurchase plan during the quarter ended June 30, 2026. Shares purchased outside the Company's publicly announced stock repurchase program consist of the forfeiture and cancellation of shares upon vesting of restricted stock awards to pay required tax withholding obligations and shares underlying stock options surrendered in payment of the exercise price and to pay required tax withholding obligations.

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
Rule 10b5-1 Plan and Non-Rule 10b5-1 Trading Arrangement Adoptions, Terminations, and Modifications - 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.

Director Resignation - As previously disclosed in the Company's Quarterly Report for the quarter ended March 31, 2026, on May 1, 2026, Mr. Shawn Bice notified the Company’s Board that he was resigning from service as a director of the Company, effective immediately. With the resignation, Mr. Bice also resigned from his position as the chair of the Board’s Technology Committee. Mr. Bice’s resignation was not the result of any disagreement with the Company on any matter relating to the operations, policies, or practices of the Company. Rather, Mr. Bice resigned in connection with his acceptance of a new position with another employer, which limited his ability to continue his service on the Board.
63
Table of Contents

Item 6.                Exhibits
(a)Exhibits
101.INSXBRL Instance Document *
101.SCHXBRL Taxonomy Extension Schema Document *
101.CALXBRL Taxonomy Extension Calculation Linkbase Document *
101.DEFXBRL Taxonomy Extension Definition Linkbase Document *
101.LABXBRL Taxonomy Extension Label Linkbase Document *
101.PREXBRL Taxonomy Extension Presentation Linkbase Document *
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). *
* Filed herewith
** Furnished herewith

64
WAFD, INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
August 4, 2026/S/    BRENT J. BEARDALL
BRENT J. BEARDALL
Vice Chair, President & Chief Executive Officer
 (Principal Executive Officer)
August 4, 2026
/S/    KELLI J. HOLZ  
KELLI J. HOLZ
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
August 4, 2026
/S/    BLAYNE A. SANDEN      
BLAYNE A. SANDEN
Senior Vice President and Principal Accounting Officer
(Principal Accounting Officer)

65

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