EX-99.1 2 exhibit991_march2025earnin.htm EX-99.1
Exhibit 99.1

| Friday, April 11, 2025 FOR IMMEDIATE RELEASE

WaFd Announces Quarterly Earnings Per Share Of $0.65
Q2 Highlights

$56 Million |  | $0.65 |  | 0.82% |  | 7.68%
Net Income |  | Diluted Earnings per Common Share |  | Return on Average Assets |  | Return on Average Common Equity

In the second quarter of fiscal 2025 our margin bounced back, expenses declined, and bottom-line results improved for shareholders. We are enthusiastic about the shift toward business banking we implemented last quarter and are pleased to see early successes including 382 new small business loans originated through our branches (compared to none in the prior quarter), merchant processing referrals increasing 125% on a linked quarter basis, and our insurance subsidiary delivering 53% year over year growth in profit. Additionally, we have been able to hire two former executives from the Small Business Administration to assist in establishing SBA lending at WaFd. We understand that our continued evolution toward higher margin business lines will be measured in years, not quarters, but we are off to a good start. This quarter we were recognized by JD Power as the 2nd best for customer service among all banks doing business in the Pacific Northwest. This is a well-deserved compliment to our team of bankers that focus first on our clients.
Brent Beardall President and CEO of WaFd Bank

Net Interest Income and NIM | ■$161 million net interest income for the quarter compared to 155 million in Q1. ■Net interest margin at 2.55% for the quarter compared to 2.39% for Q1. |  | Credit Quality | ■Non-performing assets down by $8 million at 0.26% of total assets compared to 0.29% Q1. ■$2.75 million provision the result of net charge-offs offset by a stable loans receivable balance.
Non-Interest Income and Expense | ■20% increase in non-interest income compared to Q1 driven by WaFd Insurance revenue increase: $1.7 million over the December quarter and $1.3 million over March 2024. |  | Shareholder Returns and Stock Activity | ■On March 7, 2025, the Company paid a cash dividend of $0.27 per share, 168 th consecutive quarterly dividend paid. ■726,082 shares were repurchased during the quarter

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced quarterly earnings of $56,252,000 for the quarter ended March 31, 2025, an increase of 19% from net earnings of $47,267,000 for the quarter ended December 31, 2024 and an increase of 254% from net earnings of $15,888,000 for the quarter ended March 31, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $0.65 per diluted share for the quarter ended March 31, 2025, compared to $0.54 per diluted share for the quarter ended December 31, 2024, an $0.11 or 20% increase, and $0.17 per diluted share for the quarter ended March 31, 2024, a $0.48 or 282% increase in fully diluted earnings per common share. The March 31, 2024 results reflected significant acquisition-related expenses and certain non-operating adjustments of $51.1 million and the December 31, 2024 results reflected one-time restructuring charges of $5.4 million.

| Quarterly Earnings Release Q2 2025 | 1

WaFd Inc. Announces Second Quarter Results
The following table provides the Company's financial scorecard for the last five quarters:

| As of
(In thousands, except share and ratio data) | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024
BALANCE SHEET |
Cash | $ | 1,231,461 |  |  | $ | 1,507,735 |  |  | $ | 2,381,102 |  |  | $ | 2,492,504 |  |  | $ | 1,505,771 |
Loans receivable, net | 20,920,001 |  |  | 21,060,501 |  |  | 20,916,354 |  |  | 20,873,919 |  |  | 20,795,259 |
Allowance for credit losses ("ACL") | 222,709 |  |  | 225,022 |  |  | 225,253 |  |  | 225,324 |  |  | 225,077 |
Loans held for sale | — |  |  | — |  |  | — |  |  | 468,527 |  |  | 2,993,658 |
Available-for-sale securities, at fair value | 3,142,763 |  |  | 2,743,731 |  |  | 2,572,709 |  |  | 2,428,768 |  |  | 2,438,114 |
Held-to-maturity securities, at amortized cost | 526,502 |  |  | 537,348 |  |  | 436,972 |  |  | 447,638 |  |  | 457,882 |
Total investments | 3,669,265 |  |  | 3,281,079 |  |  | 3,009,681 |  |  | 2,876,406 |  |  | 2,895,996 |
Total assets | 27,644,637 |  |  | 27,684,454 |  |  | 28,060,330 |  |  | 28,580,800 |  |  | 30,140,288 |
Transaction deposits | 11,853,984 |  |  | 11,853,859 |  |  | 11,817,185 |  |  | 11,929,005 |  |  | 12,338,862 |
Time deposits | 9,573,442 |  |  | 9,584,918 |  |  | 9,556,785 |  |  | 9,255,760 |  |  | 9,000,911 |
Total deposits | 21,427,426 |  |  | 21,438,777 |  |  | 21,373,970 |  |  | 21,184,765 |  |  | 21,339,773 |
Borrowings | 2,814,938 |  |  | 2,914,627 |  |  | 3,318,307 |  |  | 4,079,360 |  |  | 5,489,501 |
Total shareholders' equity | 3,032,620 |  |  | 3,021,636 |  |  | 3,000,300 |  |  | 2,958,339 |  |  | 2,921,906 |
Loans to customer deposits 2 | 97.63 | % |  | 98.24 | % |  | 97.86 | % |  | 98.53 | % |  | 97.45 | %
PROFITABILITY |  |  |  |  |  |  |  |  |
Net income | $ | 56,252 |  |  | $ | 47,267 |  |  | $ | 61,140 |  |  | $ | 64,560 |  |  | $ | 15,888 |
Net income to common shareholders | 52,596 |  |  | 43,611 |  |  | 57,484 |  |  | 60,904 |  |  | 12,232 |
Earnings per common share | 0.65 |  |  | 0.54 |  |  | 0.71 |  |  | 0.75 |  |  | 0.17 |
Return on tangible common equity 1 | 9.18 | % |  | 7.69 | % |  | 10.24 | % |  | 11.10 | % |  | 2.47 | %
Return on tangible assets 1 | 0.84 | % |  | 0.70 | % |  | 0.89 | % |  | 0.88 | % |  | 0.26 | %
Net interest margin | 2.55 | % |  | 2.39 | % |  | 2.62 | % |  | 2.56 | % |  | 2.73 | %
Efficiency ratio | 58.31 | % |  | 65.04 | % |  | 57.21 | % |  | 56.61 | % |  | 77.74 | %
FINANCIAL HIGHLIGHTS |  |  |  |  |  |  |  |  |
Common shareholders' equity per share | $ | 33.84 |  |  | $ | 33.45 |  |  | $ | 33.25 |  |  | $ | 32.76 |  |  | $ | 32.21 |
Tangible common shareholders' equity per share 1 | 28.31 |  |  | 27.93 |  |  | 27.73 |  |  | 27.18 |  |  | 26.64 |
Shareholders' equity to total assets | 10.97 | % |  | 10.91 | % |  | 10.69 | % |  | 10.35 | % |  | 9.69 | %
Tangible shareholders' equity to tangible assets 1 | 9.51 | % |  | 9.45 | % |  | 9.24 | % |  | 8.91 | % |  | 8.31 | %
Common shares outstanding | 80,758,674 |  |  | 81,373,760 |  |  | 81,220,269 |  |  | 81,157,173 |  |  | 81,405,391 |
Preferred shares outstanding | 300,000 |  |  | 300,000 |  |  | 300,000 |  |  | 300,000 |  |  | 300,000 |
CREDIT QUALITY 2 |  |  |  |  |  |  |  |  |
ACL to gross loans | 1.01 | % |  | 1.00 | % |  | 1.01 | % |  | 1.00 | % |  | 1.00 | %
Non-accrual loans to net loans | 0.29 | % |  | 0.34 | % |  | 0.33 | % |  | 0.29 | % |  | 0.29 | %
Delinquencies to net loans | 0.27 | % |  | 0.30 | % |  | 0.25 | % |  | 0.22 | % |  | 0.36 | %
Non-performing assets to total assets | 0.26 | % |  | 0.29 | % |  | 0.28 | % |  | 0.24 | % |  | 0.23 | %
Criticized loans to net loans | 3.32 | % |  | 2.54 | % |  | 2.41 | % |  | 3.01 | % |  | 2.59 | %
Substandard loans to net loans | 2.38 | % |  | 1.96 | % |  | 2.04 | % |  | 1.84 | % |  | 1.48 | %

(1)Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures.
(2)Metrics include only loans held for investment. Loans held for sale are not included.

| Quarterly Earnings Release Q2 2025 | 2

WaFd Inc. Announces Second Quarter Results
Balance Sheet Total assets decreased to $27.6 billion as of March 31, 2025, compared to $28.1 billion at September 30, 2024, primarily due to cash used to reduce borrowings and purchase investments during the period. Net loans were flat at $20.9 billion and cash decreased $1.1 billion, or 48.3%. Investment securities increased by $660 million, or 21.9% in the first half of FY 2025.
Customer deposits totaled $21.4 billion as of March 31, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $37 million or 0.3% during the period, while time deposits increased $17 million or 0.2%. As of March 31, 2025, 55.3% of the Company’s deposits were transaction accounts, similar to September 30, 2024. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 78.8% of deposits at March 31, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 25.6% as of March 31, 2025, an increase from 24.0% as of September 30, 2024.
Borrowings totaled $2.8 billion as of March 31, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 3.30% as of March 31, 2025, compared to 3.93% at September 30, 2024.
Loan originations totaled $1.0 billion for the second fiscal quarter of 2025, compared to $0.9 billion of originations in the prior quarter. Offsetting loan originations in each of these quarters were loan repayments of $1.3 billion and $1.0 billion, respectively. Commercial loans represented 73% of all loan originations during the second fiscal quarter of 2025 and consumer loans accounted for the remaining 27%. The period end interest yield on the loan portfolio was 5.42% as of March 31, 2025, a decrease from 5.62% as of September 30, 2024.
Tangible common equity per share is a key metric for our management team. For the March quarter, tangible book value per share grew from $27.73 as of September 30, 2024 to $28.31 at March 31, 2025. This metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. During the quarter, the Company repurchased 726,082 shares of common stock at a weighted average price of $29.39. Our share repurchase plan currently has an authorization of 10.8 million shares, which provides what we believe is a compelling investment alternative.
Credit Quality Credit quality continues to be monitored closely in light of the shifting economic and monetary environment. As of March 31, 2025, non-performing assets decreased to $71 million, or 0.26% of total assets, from $77 million, or 0.28%, at September 30, 2024. The change fiscal year to date is due primarily to non-accrual loans decreasing by $9.7 million, or 14%, since September 30, 2024. Delinquent loans were slightly increased at 0.27% of total loans at March 31, 2025, compared to 0.25% at September 30, 2024 but improved compared to 0.30% at December 31, 2024. The allowance for credit losses (including the reserve for unfunded commitments) totaled $223 million as of March 31, 2025, and was 1.01% of gross loans outstanding, as compared to $225 million, or 1.01% of gross loans outstanding, as of September 30, 2024. Net charge-offs were $5,063,000 for the second fiscal quarter of 2025, compared to $231,000 for the prior quarter.
Profitability Net interest income was $161 million for the second fiscal quarter of 2025, an increase of $5.5 million or 4% from the prior quarter. The increase in net interest income was primarily due to a 19 basis point decrease in the rate paid on interest bearing liabilities offset by a $170 million decrease in interest earning asset balances for which the yield was flat. Net interest margin was 2.55% in the second fiscal quarter of 2025 compared to 2.39% for the quarter ended December 31, 2024.
Total non-interest income was $18.9 million for the second fiscal quarter of 2025 compared to $15.7 million the prior quarter. The increase compared to the prior quarter was primarily due to increased prepayment fees earned on loans and increased commission income from the Bank's insurance subsidiary, WaFd Insurance.
Total non-interest expense was $104.8 million in the second fiscal quarter of 2025, a decrease of $6.5 million, or 5.8%, from the prior quarter. The overall decrease is the result of the $5.4 million of restructuring costs incurred in the prior quarter. Decreased expenses combined with increased net interest income resulted in a decrease in the Company’s efficiency ratio in the second fiscal quarter of 2025 to 58.3%, compared to 65.0% in the prior quarter.
The Company recorded a $2.8 million provision for credit losses in the second fiscal quarter of 2025 compared to no provision the prior quarter. The provision for loan losses in the quarter ended March 31, 2025 was primarily the result of the stable loans receivable balance offset by $5.1 million of net charge-offs taken during the quarter.
Return on common shareholders' equity for the quarter ended March 31, 2025 was 7.68% compared to 6.42% for the quarter ended December 31, 2024. Adjusted for certain non-operating items and restructuring charges, return on equity for the quarter is 7.66% compared to adjusted return on equity of 7.45% the prior quarter. Return on assets for the quarter ended March 31, 2025 was 0.82% compared to 0.69% for the previous quarter. Adjusted for certain non-operating items

| Quarterly Earnings Release Q2 2025 | 3

WaFd Inc. Announces Second Quarter Results
and restructuring charges, return on assets for the quarter is 0.82% compared to adjusted return on assets of 0.79% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.
Income tax expense totaled $15.8 million the second fiscal quarter of 2025, as compared to $5.1 million for the prior year same quarter. The effective tax rate for the quarter ended March 31, 2025 was 21.88% compared to 21.55% for the quarter ended December 31, 2024. The Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.
WaFd Bank is headquartered in Seattle, Washington, and has 209 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.
# # #

| Quarterly Earnings Release Q2 2025 | 4

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)

| March 31, 2025 |  | September 30, 2024
| (In thousands, except share and ratio data)
ASSETS |  |  |  |  |
Cash and cash equivalents |  | $ | 1,231,461 |  |  |  | $ | 2,381,102 |
Available-for-sale securities, at fair value |  | 3,142,763 |  |  |  | 2,572,709 |
Held-to-maturity securities, at amortized cost |  | 526,502 |  |  |  | 436,972 |
Loans receivable, net of allowance for loan losses of $202,709 and $203,753 |  | 20,920,001 |  |  |  | 20,916,354 |
Interest receivable |  | 101,778 |  |  |  | 102,827 |
Premises and equipment, net |  | 250,896 |  |  |  | 247,901 |
Real estate owned |  | 7,688 |  |  |  | 4,567 |
FHLB stock |  | 133,964 |  |  |  | 95,617 |
Bank owned life insurance |  | 271,321 |  |  |  | 267,633 |
Intangible assets, including goodwill of $414,723 and $411,360 |  | 446,660 |  |  |  | 448,425 |
Deferred tax assets, net |  | 122,739 |  |  |  | 119,248 |
Other assets |  | 488,864 |  |  |  | 466,975 |
|  | $ | 27,644,637 |  |  |  | $ | 28,060,330 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |
Liabilities |  |  |  |  |
Transaction deposits |  | $ | 11,853,984 |  |  |  | $ | 11,817,185 |
Time deposits |  | 9,573,442 |  |  |  | 9,556,785 |
Total customer deposits |  | 21,427,426 |  |  |  | 21,373,970 |
Borrowings |  | 2,763,758 |  |  |  | 3,267,589 |
Junior subordinated debentures |  | 51,180 |  |  |  | 50,718 |
Advance payments by borrowers for taxes and insurance |  | 44,496 |  |  |  | 61,330 |
Accrued expenses and other liabilities |  | 325,157 |  |  |  | 306,423 |
|  | 24,612,017 |  |  |  | 25,060,030 |
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; 154,355,059 and 154,007,429 shares issued; 80,758,674 and 81,220,269 shares outstanding |  | 154,355 |  |  |  | 154,007 |
Additional paid-in capital |  | 2,158,037 |  |  |  | 2,150,675 |
Accumulated other comprehensive income (loss), net of taxes |  | 51,404 |  |  |  | 55,851 |
Treasury stock, at cost 73,596,385 and 72,787,160 shares |  | (1,663,739) |  |  |  | (1,639,131) |
Retained earnings |  | 2,032,563 |  |  |  | 1,978,898 |
|  | 3,032,620 |  |  |  | 3,000,300 |
|  | $ | 27,644,637 |  |  |  | $ | 28,060,330 |

Yield and margin as of period end |  |  |  |  |
Loans receivable 1 |  | 5.42 | % |  |  | 5.62 | %
Mortgage-backed securities |  | 4.22 |  |  |  | 4.00 |
Combined cash, investments and FHLB stock |  | 4.62 |  |  |  | 5.10 |
Interest-earning assets |  | 5.22 |  |  |  | 5.44 |
Interest-bearing customer accounts |  | 3.16 |  |  |  | 3.50 |
Borrowings 1 |  | 3.30 |  |  |  | 3.93 |
Interest-bearing liabilities |  | 3.17 |  |  |  | 3.56 |
Net interest spread |  | 2.05 |  |  |  | 1.88 |
Net interest margin |  | 2.55 |  |  |  | 2.44 |

1 Accretion and amortization assumed to be same as prior quarter. Also includes the impact of derivatives.

| Quarterly Earnings Release Q2 2025 | 5

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands, except share and ratio data)
INTEREST INCOME |  |  |  |  |  |  |  |  |
Loans receivable |  | $ | 282,077 |  |  |  | $ | 274,341 |  |  | $ | 568,674 |  |  | $ | 520,133 |
Mortgage-backed securities |  | 23,926 |  |  |  | 12,905 |  |  | 42,263 |  |  | 24,171 |
Investment securities and cash equivalents |  | 30,081 |  |  |  | 31,580 |  |  | 70,264 |  |  | 61,368 |
|  | 336,084 |  |  |  | 318,826 |  |  | 681,201 |  |  | 605,672 |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |
Customer accounts |  | 151,948 |  |  |  | 116,164 |  |  | 314,098 |  |  | 212,835 |
Borrowings, senior debt and junior subordinated debentures |  | 23,226 |  |  |  | 44,065 |  |  | 50,762 |  |  | 82,003 |
|  | 175,174 |  |  |  | 160,229 |  |  | 364,860 |  |  | 294,838 |
Net interest income |  | 160,910 |  |  |  | 158,597 |  |  | 316,341 |  |  | 310,834 |
Provision (release) for credit losses |  | 2,750 |  |  |  | 16,000 |  |  | 2,750 |  |  | 16,000 |
Net interest income after provision (release) |  | 158,160 |  |  |  | 142,597 |  |  | 313,591 |  |  | 294,834 |
NON-INTEREST INCOME |  |  |  |  |  |  |  |  |
Gain (loss) on sale of investment securities |  | — |  |  |  | 90 |  |  | 20 |  |  | 171 |
Gain (loss) on termination of hedging derivatives |  | 65 |  |  |  | 6 |  |  | 70 |  |  | 115 |
Loan fee income |  | 1,812 |  |  |  | 550 |  |  | 3,157 |  |  | 1,394 |
Deposit fee income |  | 7,057 |  |  |  | 6,698 |  |  | 14,103 |  |  | 13,500 |
Other income |  | 9,947 |  |  |  | 6,048 |  |  | 17,233 |  |  | 12,379 |
Total non-interest income |  | 18,881 |  |  |  | 13,392 |  |  | 34,583 |  |  | 27,559 |
NON-INTEREST EXPENSE |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 52,710 |  |  |  | 73,155 |  |  | 112,637 |  |  | 122,996 |
Occupancy |  | 11,499 |  |  |  | 10,918 |  |  | 22,287 |  |  | 20,289 |
FDIC insurance premiums |  | 5,800 |  |  |  | 7,900 |  |  | 10,650 |  |  | 14,470 |
Product delivery |  | 6,907 |  |  |  | 5,581 |  |  | 12,692 |  |  | 11,590 |
Information technology |  | 14,481 |  |  |  | 12,883 |  |  | 28,673 |  |  | 25,749 |
Other expense |  | 13,435 |  |  |  | 23,275 |  |  | 29,204 |  |  | 35,158 |
Total non-interest expense |  | 104,832 |  |  |  | 133,712 |  |  | 216,143 |  |  | 230,252 |
Gain (loss) on real estate owned, net |  | (199) |  |  |  | (1,315) |  |  | 230 |  |  | 511 |
Income before income taxes |  | 72,010 |  |  |  | 20,962 |  |  | 132,261 |  |  | 92,652 |
Income tax provision |  | 15,758 |  |  |  | 5,074 |  |  | 28,742 |  |  | 18,311 |
Net income |  | 56,252 |  |  |  | 15,888 |  |  | 103,519 |  |  | 74,341 |
Dividends on preferred stock |  | 3,656 |  |  |  | 3,656 |  |  | 7,312 |  |  | 7,312 |
Net income available to common shareholders |  | $ | 52,596 |  |  |  | $ | 12,232 |  |  | $ | 96,207 |  |  | $ | 67,029 |

PER SHARE DATA |  |  |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 0.65 |  |  |  | $ | 0.17 |  |  | $ | 1.19 |  |  | $ | 1.00 |
Diluted earnings per common share |  | 0.65 |  |  |  | 0.17 |  |  | 1.18 |  |  | 1.00 |
Cash dividends per common share |  | 0.27 |  |  |  | 0.26 |  |  | 0.53 |  |  | 0.51 |
Basic weighted average shares outstanding |  | 81,061,206 |  |  |  | 70,129,072 |  |  | 81,178,997 |  |  | 67,197,352 |
Diluted weighted average shares outstanding |  | 81,105,536 |  |  |  | 70,164,558 |  |  | 81,278,102 |  |  | 67,225,099 |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |
Return on average assets |  | 0.82 | % |  |  | 0.26 | % |  | 0.75 | % |  | 0.63 | %
Return on average common equity |  | 7.68 | % |  |  | 2.09 | % |  | 7.06 | % |  | 5.98 | %

| Quarterly Earnings Release Q2 2025 | 6

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

| Three Months Ended
| March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024
|  | (In thousands, except share and ratio data)
INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable |  | $ | 282,077 |  |  |  | $ | 286,597 |  |  |  | $ | 308,598 |  |  |  | $ | 337,118 |  |  |  | $ | 274,341 |
Mortgage-backed securities |  | 23,926 |  |  |  | 18,337 |  |  |  | 18,088 |  |  |  | 17,523 |  |  |  | 12,905 |
Investment securities and cash equivalents |  | 30,081 |  |  |  | 40,183 |  |  |  | 47,411 |  |  |  | 37,300 |  |  |  | 31,580 |
|  | 336,084 |  |  |  | 345,117 |  |  |  | 374,097 |  |  |  | 391,941 |  |  |  | 318,826 |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer accounts |  | 151,948 |  |  |  | 162,150 |  |  |  | 165,240 |  |  |  | 154,359 |  |  |  | 116,164 |
Borrowings, senior debt and junior subordinated debentures |  | 23,226 |  |  |  | 27,536 |  |  |  | 36,045 |  |  |  | 60,396 |  |  |  | 44,065 |
|  | 175,174 |  |  |  | 189,686 |  |  |  | 201,285 |  |  |  | 214,755 |  |  |  | 160,229 |
Net interest income |  | 160,910 |  |  |  | 155,431 |  |  |  | 172,812 |  |  |  | 177,186 |  |  |  | 158,597 |
Provision for credit losses |  | 2,750 |  |  |  | — |  |  |  | — |  |  |  | 1,500 |  |  |  | 16,000 |
Net interest income after provision |  | 158,160 |  |  |  | 155,431 |  |  |  | 172,812 |  |  |  | 175,686 |  |  |  | 142,597 |
NON-INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of investment securities |  | — |  |  |  | 20 |  |  |  | 91 |  |  |  | 80 |  |  |  | 90 |
Gain on termination of hedging derivatives |  | 65 |  |  |  | 5 |  |  |  | 72 |  |  |  | 54 |  |  |  | 6 |
Loan fee income |  | 1,812 |  |  |  | 1,345 |  |  |  | 757 |  |  |  | 594 |  |  |  | 550 |
Deposit fee income |  | 7,057 |  |  |  | 7,046 |  |  |  | 7,047 |  |  |  | 6,960 |  |  |  | 6,698 |
Other income |  | 9,947 |  |  |  | 7,286 |  |  |  | 7,911 |  |  |  | 9,567 |  |  |  | 6,048 |
Total non-interest income |  | 18,881 |  |  |  | 15,702 |  |  |  | 15,878 |  |  |  | 17,255 |  |  |  | 13,392 |
NON-INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 52,710 |  |  |  | 59,927 |  |  |  | 53,983 |  |  |  | 57,169 |  |  |  | 73,155 |
Occupancy |  | 11,499 |  |  |  | 10,788 |  |  |  | 10,843 |  |  |  | 10,904 |  |  |  | 10,918 |
FDIC insurance premiums |  | 5,800 |  |  |  | 4,850 |  |  |  | 6,800 |  |  |  | 7,600 |  |  |  | 7,900 |
Product delivery |  | 6,907 |  |  |  | 5,785 |  |  |  | 6,306 |  |  |  | 6,090 |  |  |  | 5,581 |
Information technology |  | 14,481 |  |  |  | 14,192 |  |  |  | 14,129 |  |  |  | 13,428 |  |  |  | 12,883 |
Other expense |  | 13,435 |  |  |  | 15,769 |  |  |  | 15,880 |  |  |  | 14,888 |  |  |  | 23,275 |
Total non-interest expense |  | 104,832 |  |  |  | 111,311 |  |  |  | 107,941 |  |  |  | 110,079 |  |  |  | 133,712 |
Gain (loss) on real estate owned, net |  | (199) |  |  |  | 429 |  |  |  | (83) |  |  |  | (124) |  |  |  | (1,315) |
Income before income taxes |  | 72,010 |  |  |  | 60,251 |  |  |  | 80,666 |  |  |  | 82,738 |  |  |  | 20,962 |
Income tax provision |  | 15,758 |  |  |  | 12,984 |  |  |  | 19,526 |  |  |  | 18,178 |  |  |  | 5,074 |
Net income |  | 56,252 |  |  |  | 47,267 |  |  |  | 61,140 |  |  |  | 64,560 |  |  |  | 15,888 |
Dividends on preferred stock |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |
Net income available to common shareholders |  | $ | 52,596 |  |  |  | $ | 43,611 |  |  |  | $ | 57,484 |  |  |  | $ | 60,904 |  |  |  | $ | 12,232 |

| Quarterly Earnings Release Q2 2025 | 7

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

| Three Months Ended
| March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024
|  | (In thousands, except share and ratio data)
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 0.65 |  |  |  | $ | 0.54 |  |  |  | $ | 0.71 |  |  |  | $ | 0.75 |  |  |  | $ | 0.17 |
Diluted earnings per common share |  | 0.65 |  |  |  | 0.54 |  |  |  | 0.71 |  |  |  | 0.75 |  |  |  | 0.17 |
Cash dividends per common share |  | 0.27 |  |  |  | 0.26 |  |  |  | 0.26 |  |  |  | 0.26 |  |  |  | 0.26 |
Basic weighted average shares outstanding |  | 81,061,206 |  |  |  | 81,294,227 |  |  |  | 81,208,683 |  |  |  | 81,374,811 |  |  |  | 70,129,072 |
Diluted weighted average shares outstanding |  | 81,105,536 |  |  |  | 81,401,599 |  |  |  | 81,353,644 |  |  |  | 81,393,708 |  |  |  | 70,164,558 |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  | 0.82 | % |  |  | 0.69 | % |  |  | 0.87 | % |  |  | 0.87 | % |  |  | 0.26 | %
Return on average common equity |  | 7.68 |  |  |  | 6.42 |  |  |  | 8.53 |  |  |  | 9.20 |  |  |  | 2.09 |
Net interest margin |  | 2.55 |  |  |  | 2.39 |  |  |  | 2.62 |  |  |  | 2.56 |  |  |  | 2.73 |
Efficiency ratio |  | 58.31 |  |  |  | 65.04 |  |  |  | 57.21 |  |  |  | 56.61 |  |  |  | 77.74 |

| Quarterly Earnings Release Q2 2025 | 8

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)
Non-GAAP Financial Measures
The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Tangible Measures | March 31, 2025 |  | December 31, 2024 |  |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024 |
(Unaudited - In thousands, except for ratio data) |
Shareholders' equity - GAAP |  | $ | 3,032,620 |  |  |  | $ | 3,021,636 |  |  |  | $ | 3,000,300 |  |  |  | $ | 2,958,339 |  |  |  | $ | 2,921,906 |  |
Less intangible assets - GAAP |  | 446,660 |  |  |  | 449,213 |  |  |  | 448,425 |  |  |  | 452,255 |  |  |  | 453,539 |  |
Tangible shareholders' equity |  | $ | 2,585,960 |  |  |  | $ | 2,572,423 |  |  |  | $ | 2,551,875 |  |  |  | $ | 2,506,084 |  |  |  | $ | 2,468,367 |  |
Less preferred stock - GAAP |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |
Tangible common shareholders' equity |  | $ | 2,285,960 |  |  |  | $ | 2,272,423 |  |  |  | $ | 2,251,875 |  |  |  | $ | 2,206,084 |  |  |  | $ | 2,168,367 |  |
Total assets - GAAP |  | $ | 27,644,637 |  |  |  | $ | 27,684,454 |  |  |  | $ | 28,060,330 |  |  |  | $ | 28,580,800 |  |  |  | $ | 30,140,288 |  |
Less intangible assets - GAAP |  | 446,660 |  |  |  | 449,213 |  |  |  | 448,425 |  |  |  | 452,255 |  |  |  | 453,539 |  |
Tangible assets |  | $ | 27,197,977 |  |  |  | $ | 27,235,241 |  |  |  | $ | 27,611,905 |  |  |  | $ | 28,128,545 |  |  |  | $ | 29,686,749 |  |
Tangible Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common shares outstanding - GAAP |  | 80,758,674 |  |  |  | 81,373,760 |  |  |  | 81,220,269 |  |  |  | 81,157,173 |  |  |  | 81,405,391 |  |
Tangible common equity per share |  | $ | 28.31 |  |  |  | $ | 27.93 |  |  |  | $ | 27.73 |  |  |  | $ | 27.18 |  |  |  | $ | 26.64 |  |
Tangible equity to tangible assets |  | 9.51 |  | % |  | 9.45 |  | % |  | 9.24 |  | % |  | 8.91 |  | % |  | 8.31 |  | %

| Quarterly Earnings Release Q2 2025 | 9

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

|  | Three Months Ended |
Average Tangible Measures | March 31, 2025 |  | December 31, 2024 |  |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024 |
| (Unaudited - In thousands, except for ratio data) |
Average shareholders' equity - GAAP |  | $ | 3,039,021 |  |  |  | $ | 3,015,197 |  |  |  | $ | 2,996,093 |  |  |  | $ | 2,947,056 |  |  |  | $ | 2,638,483 |  |
Less average preferred stock - GAAP |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |
Less average intangible assets - GAAP |  | 448,272 |  |  |  | 447,754 |  |  |  | 451,204 |  |  |  | 453,142 |  |  |  | 360,251 |  |
Average tangible common equity |  | $ | 2,290,749 |  |  |  | $ | 2,267,443 |  |  |  | $ | 2,244,889 |  |  |  | $ | 2,193,914 |  |  |  | $ | 1,978,232 |  |
Average Assets - GAAP |  | $ | 27,371,320 |  |  |  | $ | 27,504,576 |  |  |  | $ | 28,000,482 |  |  |  | $ | 29,703,337 |  |  |  | $ | 24,907,376 |  |
Less average intangible assets - GAAP |  | 448,272 |  |  |  | 447,754 |  |  |  | 451,204 |  |  |  | 453,142 |  |  |  | 360,251 |  |
Average tangible assets |  | $ | 26,923,048 |  |  |  | $ | 27,056,822 |  |  |  | $ | 27,549,278 |  |  |  | $ | 29,250,195 |  |  |  | $ | 24,547,125 |  |
Average Tangible Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income - GAAP |  | 56,252 |  |  |  | 47,267 |  |  |  | 61,140 |  |  |  | 64,560 |  |  |  | 15,888 |  |
Net income available to common shareholders' - GAAP |  | 52,596 |  |  |  | 43,611 |  |  |  | 57,484 |  |  |  | 60,904 |  |  |  | 12,232 |  |
Return on tangible common equity |  | 9.18 |  | % |  | 7.69 |  | % |  | 10.24 |  | % |  | 11.10 |  | % |  | 2.47 |  | %
Return on tangible assets |  | 0.84 |  | % |  | 0.70 |  | % |  | 0.89 |  | % |  | 0.88 |  | % |  | 0.26 |  | %

| Quarterly Earnings Release Q2 2025 | 10

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

|  | Three Months Ended |
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items | March 31, 2025 |  | December 31, 2024 |  |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024 |
| (Unaudited - In thousands, except for ratio data) |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LBC Hedge Valuation Adj |  | $ | — |  |  |  | $ | 3,933 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |
Non-interest income adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution received on LBC equity method investment |  | $ | (257) |  |  |  | $ | (279) |  |  |  | $ | (288) |  |  |  | $ | (299) |  |  |  | $ | (287) |  |
(Gain)Loss on WaFd Bank equity method investment |  | (155) |  |  |  | 48 |  |  |  | (896) |  |  |  | (748) |  |  |  | 2,195 |  |
Total non-interest income adjustments |  | $ | (412) |  |  |  | $ | (231) |  |  |  | $ | (1,184) |  |  |  | $ | (1,047) |  |  |  | $ | 1,908 |  |
Non-interest expense adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related expenses |  | $ | — |  |  |  | $ | 239 |  |  |  | $ | (1,602) |  |  |  | $ | 2,285 |  |  |  | $ | 25,120 |  |
Non-operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring Charges |  | — |  |  |  | 5,390 |  |  |  | — |  |  |  | — |  |  |  | — |  |
FDIC Special Assessment |  | — |  |  |  | — |  |  |  | (216) |  |  |  | — |  |  |  | 1,800 |  |
Legal and Compliance Accruals |  | — |  |  |  | — |  |  |  | (182) |  |  |  | — |  |  |  | 3,000 |  |
Charitable Donation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,000 |  |
|  | — |  |  |  | 5,390 |  |  |  | (398) |  |  |  | — |  |  |  | 6,800 |  |
Total non-interest expense adjustments |  | $ | — |  |  |  | $ | 5,629 |  |  |  | $ | (2,000) |  |  |  | $ | 2,285 |  |  |  | $ | 31,920 |  |
Net Income - GAAP |  | $ | 56,252 |  |  |  | $ | 47,267 |  |  |  | $ | 61,140 |  |  |  | $ | 64,560 |  |  |  | $ | 15,888 |  |
Preliminary ACL provision on LBC loans |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,000 |  |
Interest income adjustments |  | — |  |  |  | 3,933 |  |  |  | — |  |  |  | — |  |  |  | — |  |
Non-interest income adjustments |  | (412) |  |  |  | (231) |  |  |  | (1,184) |  |  |  | (1,047) |  |  |  | 1,908 |  |
Non-interest expense adjustments |  | — |  |  |  | 5,629 |  |  |  | (2,000) |  |  |  | 2,285 |  |  |  | 31,920 |  |
REO adjustments |  | 199 |  |  |  | (429) |  |  |  | 83 |  |  |  | 124 |  |  |  | 1,315 |  |
Income tax adjustment |  | 47 |  |  |  | (1,918) |  |  |  | 751 |  |  |  | (299) |  |  |  | (12,274) |  |
Net Income - non-GAAP |  | $ | 56,086 |  |  |  | $ | 54,251 |  |  |  | $ | 58,790 |  |  |  | $ | 65,623 |  |  |  | $ | 54,757 |  |
Dividend on preferred stock |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |
Net Income available to common shareholders' - non-GAAP |  | $ | 52,430 |  |  |  | $ | 50,595 |  |  |  | $ | 55,134 |  |  |  | $ | 61,967 |  |  |  | $ | 51,101 |  |
Basic weighted average number of shares outstanding - GAAP |  | 81,061,206 |  |  |  | 81,294,227 |  |  |  | 81,208,683 |  |  |  | 81,374,811 |  |  |  | 70,129,072 |  |
Diluted weighted average number of shares outstanding - GAAP |  | 81,105,536 |  |  |  | 81,401,599 |  |  |  | 81,353,644 |  |  |  | 81,393,708 |  |  |  | 70,164,558 |  |
Basic EPS - non-GAAP |  | $ | 0.65 |  |  |  | $ | 0.62 |  |  |  | $ | 0.68 |  |  |  | $ | 0.76 |  |  |  | $ | 0.73 |  |
Diluted EPS - non-GAAP |  | 0.65 |  |  |  | 0.62 |  |  |  | 0.68 |  |  |  | 0.76 |  |  |  | 0.73 |  |

| Quarterly Earnings Release Q2 2025 | 11

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

|  | Three Months Ended |
Adjusted Efficiency Ratio | March 31, 2025 |  | December 31, 2024 |  |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024 |
| (Unaudited - In thousands, except for ratio data) |
Efficiency ratio - GAAP |  | 58.3 |  | % |  | 65.0 |  | % |  | 57.2 |  | % |  | 56.6 |  | % |  | 77.7 |  | %
Net interest income - GAAP |  | $ | 160,910 |  |  |  | $ | 155,431 |  |  |  | $ | 172,812 |  |  |  | $ | 177,186 |  |  |  | $ | 158,597 |  |
Total interest income adjustments |  | — |  |  |  | 3,933 |  |  |  | — |  |  |  | — |  |  |  | — |  |
Net interest income - non-GAAP |  | $ | 160,910 |  |  |  | $ | 159,364 |  |  |  | $ | 172,812 |  |  |  | $ | 177,186 |  |  |  | $ | 158,597 |  |
Non-interest expense - GAAP |  | $ | 104,832 |  |  |  | $ | 111,311 |  |  |  | $ | 107,941 |  |  |  | $ | 110,079 |  |  |  | $ | 133,712 |  |
Less merger related expenses |  | — |  |  |  | 239 |  |  |  | (1,602) |  |  |  | 2,285 |  |  |  | 25,120 |  |
Less non-operating expenses |  | — |  |  |  | 5,390 |  |  |  | (398) |  |  |  | — |  |  |  | 6,800 |  |
Non-interest Expenses - non-GAAP |  | $ | 104,832 |  |  |  | $ | 105,682 |  |  |  | $ | 109,941 |  |  |  | $ | 107,794 |  |  |  | $ | 101,792 |  |
Non-interest income - GAAP |  | $ | 18,881 |  |  |  | $ | 15,702 |  |  |  | $ | 15,878 |  |  |  | $ | 17,255 |  |  |  | $ | 13,392 |  |
Total other income adjustments |  | (412) |  |  |  | (231) |  |  |  | (1,184) |  |  |  | (1,047) |  |  |  | 1,908 |  |
Non-interest income - non-GAAP |  | $ | 18,469 |  |  |  | $ | 15,471 |  |  |  | $ | 14,694 |  |  |  | $ | 16,208 |  |  |  | $ | 15,300 |  |
Net Interest Income - non-GAAP |  | $ | 160,910 |  |  |  | $ | 159,364 |  |  |  | $ | 172,812 |  |  |  | $ | 177,186 |  |  |  | $ | 158,597 |  |
Non-interest income - non-GAAP |  | 18,469 |  |  |  | 15,471 |  |  |  | 14,694 |  |  |  | 16,208 |  |  |  | 15,300 |  |
Total Income - non-GAAP |  | $ | 179,379 |  |  |  | $ | 174,835 |  |  |  | $ | 187,506 |  |  |  | $ | 193,394 |  |  |  | $ | 173,897 |  |
Adjusted Efficiency Ratio |  | 58.4 |  | % |  | 60.4 |  | % |  | 58.6 |  | % |  | 55.7 |  | % |  | 58.5 |  | %

| Quarterly Earnings Release Q2 2025 | 12

WAFD, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(UNAUDITED)

|  | Three Months Ended |
Adjusted ROA and ROE | March 31, 2025 |  | December 31, 2024 |  |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024 |
| (Unaudited - In thousands, except for ratio data) |
Reported: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income - GAAP |  | $ | 56,252 |  |  |  | $ | 47,267 |  |  |  | $ | 61,140 |  |  |  | $ | 64,560 |  |  |  | $ | 15,888 |  |
Net income available to common shareholders' - GAAP |  | $ | 52,596 |  |  |  | $ | 43,611 |  |  |  | $ | 57,484 |  |  |  | $ | 60,904 |  |  |  | $ | 12,232 |  |
Average Assets |  | 27,371,320 |  |  |  | 27,504,576 |  |  |  | 28,000,482 |  |  |  | 29,703,337 |  |  |  | 24,907,376 |  |
Return on Assets |  | 0.82 |  | % |  | 0.69 |  | % |  | 0.87 |  | % |  | 0.87 |  | % |  | 0.26 |  | %
Average Common Equity |  | $ | 2,739,021 |  |  |  | $ | 2,715,197 |  |  |  | $ | 2,696,093 |  |  |  | $ | 2,647,056 |  |  |  | $ | 2,338,483 |  |
Return on common equity |  | 7.68 |  | % |  | 6.42 |  | % |  | 8.53 |  | % |  | 9.20 |  | % |  | 2.09 |  | %
Adjusted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income - non-GAAP |  | $ | 56,086 |  |  |  | $ | 54,251 |  |  |  | $ | 58,790 |  |  |  | $ | 65,623 |  |  |  | $ | 54,757 |  |
Net income available to common shareholders' - non-GAAP |  | $ | 52,430 |  |  |  | $ | 50,595 |  |  |  | $ | 55,134 |  |  |  | $ | 61,967 |  |  |  | $ | 51,101 |  |
Average Assets |  | 27,371,320 |  |  |  | 27,504,576 |  |  |  | 28,000,482 |  |  |  | 29,703,337 |  |  |  | 24,907,376 |  |
Adjusted Return on Assets |  | 0.82 |  | % |  | 0.79 |  | % |  | 0.84 |  | % |  | 0.88 |  | % |  | 0.88 |  | %
Average Common Equity |  | 2,739,021 |  |  |  | 2,715,197 |  |  |  | 2,696,093 |  |  |  | 2,647,056 |  |  |  | 2,338,483 |  |
Adjusted Return on common equity |  | 7.66 |  | % |  | 7.45 |  | % |  | 8.18 |  | % |  | 9.36 |  | % |  | 8.74 |  | %

| Quarterly Earnings Release Q2 2025 | 13

Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2024 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, including a "Needs to Improve" CRA rating, which may impose restrictions or penalties on the Company's activities; (ix) expectations regarding key growth initiatives and strategic priorities; (x) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xi) litigation risks resulting in significant expenses, losses and reputational damage; (xii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiii) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.
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CONTACT:
WaFd, Inc.
425 Pike Street, Seattle, WA 98101
Brad Goode, SVP, Chief Marketing Officer
206-626-8178
brad.goode@wafd.com

| Quarterly Earnings Release Q2 2025 | 14