$WAFD

WAFD INC

CIK:0000936528|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME
Loans receivable	$ 267,243	$ 279,476	$ 793,598	$ 848,150
Mortgage-backed securities	46,569	27,855	129,812	70,118
Investment securities and cash equivalents	18,313	24,383	55,945	94,647
Total income	332,125	331,714	979,355	1,012,915
INTEREST EXPENSE
Customer accounts	123,079	146,735	385,292	460,833
Borrowings and junior subordinated debentures	27,708	16,991	64,044	67,753
Total interest expense	150,787	163,726	449,336	528,586
Net interest income	181,338	167,988	530,019	484,329
Provision for credit losses	11,000	2,000	18,500	4,750
Net interest income after provision	170,338	165,988	511,519	479,579
NON-INTEREST INCOME
Gain on sale of investment securities	112	0	112	20
Gain (loss) on termination of hedging derivatives	(12)	56	438	126
Loan fee income	2,181	1,650	5,751	4,807
Deposit fee income	$ 8,142	$ 7,588	$ 23,674	$ 21,691
Revenue, Product and Service [Extensible Enumeration]	Deposit Account [Member]	Deposit Account [Member]	Deposit Account [Member]	Deposit Account [Member]
Other income	$ 13,755	$ 8,979	$ 34,271	$ 26,212
Total non-interest income	24,178	18,273	64,246	52,856
NON-INTEREST EXPENSE
Compensation and benefits	57,399	53,481	168,709	166,118
Occupancy	11,842	11,755	34,723	34,042
FDIC insurance premiums	5,542	5,150	15,992	15,800
Product delivery	7,067	6,621	20,751	19,313
Information technology	16,157	15,022	46,460	43,695
Other expense	12,327	12,298	39,277	41,502
Total non-interest expense	110,334	104,327	325,912	320,470
Gain (loss) on real estate owned, net	167	(176)	603	54
Income before income taxes	84,349	79,758	250,456	212,019
Income tax expense	18,219	17,806	54,582	46,548
Net income	66,130	61,952	195,874	165,471
Dividends on preferred stock	3,656	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 (in dollars per share)	$ 0.85	$ 0.73	$ 2.45	$ 1.91
Diluted earnings per common share (in dollars per share)	0.84	0.73	2.45	1.91
Dividends paid on common stock per share (in dollars per share)	$ 0.27	$ 0.27	$ 0.81	$ 0.80
Basic weighted average shares outstanding (in shares)	73,901,725	79,888,520	75,458,381	80,748,838
Diluted weighted average shares outstanding (in shares)	74,046,838	79,907,672	75,553,798	80,821,807

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
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, net	13,066	10,963
Stock-based compensation expense	7,863	6,491
Provision (release) for credit losses	18,500	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	0	38
Decrease (increase) in accrued interest receivable	(531)	3,603
Decrease (increase) in federal and state income tax receivable	4,906	3,567
Decrease (increase) in cash surrender value of bank owned life insurance	(5,972)	(5,588)
Decrease (increase) in other assets	57,047	11,589
Increase (decrease) in federal and state income tax liabilities	158	0
Increase (decrease) in accrued expenses and other liabilities	(73,137)	(20,690)
Net cash provided by (used in) operating activities	210,133	179,572
CASH FLOWS FROM INVESTING ACTIVITIES
Origination of loans and principal repayments, net	39,664	778,608
Loans purchased	(10,198)	(140,336)
FHLB stock purchased	(550,697)	(355,873)
FHLB stock redeemed	483,373	355,592
Available-for-sale securities purchased	(1,161,720)	(1,218,796)
Principal payments and maturities of available-for-sale securities	408,047	412,578
Proceeds from sales of available-for-sale securities	77,171	797
Held-to-maturity securities purchased	(278,367)	(114,182)
Principal payments and maturities of held-to-maturity securities	66,361	38,269
Proceeds from sales of real estate owned	5,605	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 equipment	11,141	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 borrowings	12,176,750	7,893,743
Repayments of borrowings	(10,681,750)	(9,226,844)
Proceeds from stock-based awards	4,214	3,571
Dividends paid on common stock	(60,181)	(63,785)
Dividends paid on preferred stock	(10,968)	(10,969)
Proceeds from employee stock purchases	598	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 activities	753,808	(1,491,767)
Increase (decrease) in cash and cash equivalents	19,157	(1,571,850)
Cash, cash equivalents and restricted cash at beginning of period	657,310	2,381,102
Cash, cash equivalents and restricted cash at end of period	676,467	809,252
Non-cash investing activities
Real estate acquired through foreclosure	21,152	5,583
Accounts payable related to subsidiary assets and intangibles acquired	2,050	0
Non-cash financing activities
Preferred stock dividend payable	3,656	3,656
Cash paid (received) during the period for
Interest	475,898	580,775
Income tax	$ 37,702	$ 31,203

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
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 receivable	99,120	98,589
Premises and equipment, net	291,606	261,271
Real estate owned	8,179	11,084
FHLB stock	155,392	88,068
Bank owned life insurance	281,131	275,159
Intangible assets, including goodwill of $418,447 and $414,722	443,670	442,093
Federal and state income tax assets	110,616	112,784
Other assets	464,389	485,720
Total assets	27,596,970	26,699,699
Customer accounts
Transaction deposit accounts	12,745,791	12,306,532
Time deposit accounts	8,186,284	9,131,104
Total customer accounts	20,932,075	21,437,636
Borrowings	3,263,359	1,765,604
Junior subordinated debentures	52,338	51,645
Advance payments by borrowers for taxes and insurance	36,094	59,845
Federal and state income tax liabilities	158	0
Accrued expenses and other liabilities	290,377	345,394
Total liabilities	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 capital	2,175,267	2,163,276
Accumulated other comprehensive income (loss), net of taxes	48,087	56,950
Treasury stock, at cost; 80,908,392 and 76,221,481 shares	(1,886,075)	(1,740,761)
Retained earnings	2,230,427	2,105,702
Total stockholders' equity	3,022,569	3,039,575
Total liabilities and shareholders' equity	$ 27,596,970	$ 26,699,699