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BUSINESS COMBINATION (Tables)
 12 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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 years ended September 30, 2025 and September 30,
2024.
Year Ended
Merger-Related Expenses
September 30, 2025
September 30, 2024
(in thousands)
Severance and employee-related
$—
$18,846
Legal and Professional
103
5,573
Charitable contributions
—
1,000
System conversion and integration
136
900
$239
$26,319
Schedule 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
3,186,891
Loans held for sale
3,017,506
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
125,151
Other assets
75,398
Total assets acquired
$7,673,994
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
100,113
Total liabilities assumed
$7,316,380
Net Assets Acquired
$357,614
Goodwill
$107,890
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 following table presents unaudited pro forma information as if the Merger had occurred on October 1, 2022. The pro forma
adjustments give effect to any change in interest income due to the accretion of the discount (premium) associated with the fair
value adjustments to acquired loans, any change in interest expense due to estimated premium amortization/discount accretion
associated with the fair value adjustment to acquired interest-bearing deposits, borrowings and long-term debt and the
amortization of the core deposit intangible that would have resulted had the deposits been acquired as of October 1, 2022. The
pro forma information is not indicative of what would have occurred had the Merger occurred as of the beginning of the year
prior to the Merger Date. 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
Year Ended
September 30, 2024
September 30, 2023
(in thousands)
Net-interest income
$710,644
$833,957
Non-interest income
63,371
56,331
Net income
207,689
291,832