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Business Combination (Tables) | 9 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Business Acquisition | The purchase price for purposes of the transaction accounting adjustments is calculated based on the number of shares of WaFd stock issued to LBC shareholders and the closing share price on the Merger Date as shown in the following table (amounts in thousands except share and per share data).
Number of WaFd shares issued to LBC shareholders |  | 17,089 |
WaFd market price per share on February 29, 2024 |  | $ | 27.24 |
Purchase price of shares issued to LBC shareholders |  | $ | 465,501 |
Cash in lieu of fractional shares |  | $ | 3 |
Purchase price consideration |  | $ | 465,504 |
The following table shows the impact of merger-related expenses for the three and nine months ended June 30, 2024.
Merger-Related Expenses | Three Months Ended June 30, 2024 |  | Nine Months Ended June 30, 2024
| (in thousands)
Severance and employee-related | $ | 1,400 |  |  | $ | 21,666 |
Legal and Professional | 505 |  |  | 4,487 |
Charitable contributions | — |  |  | 1,000 |
System conversion and integration | 380 |  |  | 768 |
| $ | 2,285 |  |  | $ | 27,921 |
Schedule of Assets Acquired and Liabilities Assumed | The table below displays the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:
| March 1, 2024
| (in thousands)
Total merger consideration |  |  | $ | 465,504 |
Fair value of assets acquired |  |  |
Cash and cash equivalents | $ | 627,403 |  |  |
Investment securities | 518,878 |  |  |
Loans receivable | 3,116,899 |  |  |
Loans held for sale | 3,089,442 |  |  |
Interest receivable | 25,697 |  |  |
Premises and equipment | 6,436 |  |  |
FHLB stock | 35,831 |  |  |
Bank owned life insurance | 17,781 |  |  |
Intangible assets | 37,022 |  |  |
Deferred tax asset, net | 125,452 |  |  |
Other assets | 75,645 |  |  |
Total assets acquired | $ | 7,676,486 |  |  |
Fair value of liabilities assumed |  |  |
Customer accounts | $ | 5,640,440 |  |  |
Borrowings | 1,432,138 |  |  |
Junior subordinated deferrable interest debentures | 50,175 |  |  |
Senior Debt | 93,514 |  |  |
Accrued expenses and other liabilities | 100,275 |  |  |
Total liabilities assumed | $ | 7,316,542 |  |  |
Net Assets Acquired |  |  | $ | 359,944 |
Goodwill |  |  | $ | 105,560 |
Schedule of Financing Receivables Acquired | The following table provides a summary of these PCD loans at acquisition:
| March 1, 2024
| (In thousands)
Principal of PCD loans acquired | $ | 293,204 |
PCD ACL at acquisition | (7,403) |
Non-credit discount on PCD loans | (45,869) |
Fair value of PCD loans | $ | 239,932 |
Schedule of Pro Forma Information | The pro forma amounts below do not reflect the Company's expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the Merger. As a result, actual amounts differed from the unaudited pro forma information presented.
| Unaudited Pro Forma for the Nine Months Ended
| June 30, 2024 |  | June 30, 2023
| (in thousands)
Net-interest income | $ | 531,398 |  |  | $ | 646,731 |
Non-interest income | $ | 47,493 |  |  | $ | 40,965 |
Net income | $ | 142,921 |  |  | $ | 238,473 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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