FINANCIAL INFORMATION – WAFD, INC. (Tables)

12 Months Ended

Sep. 30, 2025

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, 2025	September 30, 2024
	(In thousands)
Assets
Cash	$35,447	$25,966
Other assets	13,588	18,024
Investment in statutory trust	1,857	1,857
Investment in WaFd Wealth, Inc.	2,836	—
Investment in WaFd Bank	3,042,944	3,009,845
Total assets	$3,096,672	$3,055,692

Liabilities
Dividend payable on preferred stock	$3,656	$3,656
Junior subordinated deferrable debentures	51,645	50,718
Other liabilities	1,796	1,018
Total liabilities	57,097	55,392

Shareholders’ equity
Total shareholders’ equity	3,039,575	3,000,300
Total liabilities and shareholders’ equity	$3,096,672	$3,055,692


Condensed Statements of Operations
Twelve Months Ended September 30,	2025	2024	2023
	(In thousands)
Income
Dividends from WaFd Bank	$200,000	$140,000	$56,490
Interest income	116	78	—
Total Income	200,116	140,078	56,490
Expense
Miscellaneous expense	7,256	11,341	2,214
Total expense	7,256	11,341	2,214

Net income (loss) before equity in undistributed net income (loss) of subsidiary	192,860	128,737	54,276
Equity in undistributed net income (loss) of subsidiaries	31,496	68,628	202,643
Income before income taxes	224,356	197,365	256,919
Income tax benefit (expense)	1,712	2,676	507
Net income	226,068	200,041	257,426
Dividends on preferred stock	14,625	14,625	14,625
Net income available to common shareholders	$211,443	$185,416	$242,801


Condensed Statements of Cash Flows
Twelve Months Ended September 30,	2025	2024	2023
	(In thousands)
Cash Flows From Operating Activities
Net income	$226,068	$200,041	$257,426
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings from investments in subsidiaries	(31,496)	(68,628)	(202,643)
Stock based compensation expense	8,521	9,181	7,914
Net changes in other assets and liabilities	2,801	2,531	1,365
Net cash provided by operating activities	205,894	143,125	64,062

Cash Flows From Investing Activities
Net cash received in business combinations	—	16,173	—
Equity method investments purchased	—	(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	3,942	5,187	1,089
Proceeds from the purchase of common stock through the Employee Stock Purchase Program	842	992	177
Repayment of long term senior debt	—	(95,000)	—
Treasury stock purchased	(101,931)	(27,069)	(30,463)
Dividends on preferred stock	(14,625)	(14,625)	(14,625)
Dividends on common stock	(84,639)	(74,267)	(63,792)
Net cash provided by (used in) financing activities	(196,411)	(204,782)	(107,614)

Increase (decrease) in cash	9,483	(48,484)	(56,052)
Cash at beginning of year	25,966	74,450	130,502
Cash at end of year	$35,449	$25,966	$74,450