Financial Information - WAFD, Inc.. (Tables)

12 Months Ended

Sep. 30, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Financial Information of Parent Company

The following WaFd, Inc. (parent company only) financial information should be read in conjunction with the other notes to the Consolidated Financial Statements.


Condensed Statements of Financial Condition
	September 30, 2024		September 30, 2023
	(In thousands)
Assets
Cash	$	25,966	$	74,450
Other assets	18,024		16,171
Investment in statutory trust	1,857		—
Investment in subsidiary	3,009,845		2,340,199
Total assets	$	3,055,692	$	2,430,820

Liabilities
Dividend payable on preferred stock	$	3,656	$	3,656
Junior subordinated deferrable debentures	50,718		—
Other liabilities	1,018		738
Total liabilities	55,392		4,394

Shareholders’ equity
Total shareholders’ equity	3,000,300		2,426,426
Total liabilities and shareholders’ equity	$	3,055,692	$	2,430,820


Condensed Statements of Operations
Twelve Months Ended September 30,	2024		2023		2022
	(In thousands)
Income
Dividends from subsidiary	$	140,000	$	56,490	$	172,850

Interest income	78		—		—
Total Income	140,078		56,490		172,850
Expense
Miscellaneous expense	11,341		2,214		619
Total expense	11,341		2,214		619

Net income (loss) before equity in undistributed net income (loss) of subsidiary	128,737		54,276		172,231
Equity in undistributed net income (loss) of subsidiaries	68,628		202,643		63,956
Income before income taxes	197,365		256,919		236,187
Income tax benefit (expense)	2,676		507		143
Net income	200,041		257,426		236,330
Dividends on preferred stock	14,625		14,625		14,625
Net income available to common shareholders	$	185,416	$	242,801	$	221,705


Condensed Statements of Cash Flows
Twelve Months Ended September 30,	2024		2023		2022
	(In thousands)
Cash Flows From Operating Activities
Net income	$	200,041	$	257,426	$	236,330
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings from investments in subsidiaries	(68,628)		(202,643)		(63,956)
Distributions in excess of earnings from investments in subsidiaries	—		—		—
Stock based compensation expense	9,181		7,914		6,808
Net changes in other assets and liabilities	2,531		1,365		262
Net cash provided by operating activities	143,125		64,062		179,444

Cash Flows From Investing Activities
Net cash received in business combinations	16,173		—		—
Purchase of strategic investments	(3,000)		(12,500)		—
Net cash provided by (used in) investing activities	13,173		(12,500)		—

Cash Flows From Financing Activities
Proceeds from exercise of common stock options and related tax benefit	5,187		1,089		1,823
Proceeds from issuance of preferred stock, net	—		—		—
Proceeds from the purchase of common stock through the Employee Stock Purchase Program	992		177		—
Repayment of long term senior debt	(95,000)		0		0
Treasury stock purchased	(27,069)		(30,463)		(3,260)
Dividends on preferred stock	(14,625)		(14,625)		(14,625)
Dividends on common stock	(74,267)		(63,792)		(61,576)
Net cash provided by (used in) financing activities	(204,782)		(107,614)		(77,638)

Increase (decrease) in cash	(48,484)		(56,052)		101,806
Cash at beginning of year	74,450		130,502		28,696
Cash at end of year	$	25,966	$	74,450	$	130,502