EX-99.1 2 exhibit991_sep2025earnings.htm EX-99.1
Exhibit 99.1

| Thursday, October 16, 2025 FOR IMMEDIATE RELEASE

WaFd Announces Fourth Quarter and Fiscal 2025 Results
Fiscal Year Highlights

$226 Million |  | $2.63 |  | 0.84% |  | 9.20%
Net Income |  | Diluted Earnings per Common Share |  | Return on Average Assets |  | Return on Tangible Common Equity (1)

Fourth Quarter Highlights

$61 Million |  | $0.72 |  | 0.91% |  | 9.99%
Net Income |  | Diluted Earnings per Common Share |  | Return on Average Assets |  | Return on Tangible Common Equity (1)

We finished Fiscal 2025 trending in the right direction with an improving margin, a significant increase in loan originations and an improving deposit mix. The margin increased to 2.71% from 2.69% in the 3rd quarter and 2.62% in the same quarter one year ago, driven by decreasing cost of deposits and borrowings. Importantly, we experienced a 103% increase in new loan originations over the 3rd quarter, signaling that our clients are now starting to come off of the sidelines. Our loan pipeline has now been building in each of the last three quarters, a promising sign for growth over the next year. It would be hard to overstate the magnitude of the shift in our business model undertaken in 2025, moving from mortgage lending to providing solutions for businesses. While this is a long-term shift we are very pleased with the early results, specifically the changing mix of our deposits with checking accounts going from 33% of deposits up to 35% of deposits over the year. We are convinced that focusing on businesses will increase the relevancy of our branches and improve long-term shareholder returns."
Brent Beardall President and CEO of WaFd Bank

Net Interest Income and NIM | ■$169.9 million net interest income for the quarter compared to $168.0 million in Q3. ■Net interest margin at 2.71% for the quarter compared to 2.69% for Q3. |  | Credit Quality | ■Non-performing assets up $46 million at 0.54% of total assets compared to 0.36% as of June 2025. ■Delinquencies up $69 million to 0.60% of total loans compared to 0.26% as of June 2025.
Non-Interest Income and Expense | ■Non-interest income flat and non-interest expense up $2.7 million c ompared to Q3 due to strategic investments in staff and subsidiaries. ■Efficiency ratio increased to 56.82% compared to 56.01% in the prior quarter as a result. |  | Shareholder Returns and Stock Activity | ■On September 5, 2025, the Company paid a cash dividend of $0.27 per share, 170 th consecutive quarterly dividend paid. ■969,653 shares were repurchased during the quarter at a weighted average price of $29.74 per share.

(1)Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures.

| Quarterly Earnings Release Q4 2025 | 1

WaFd Inc. Announces Annual and Fourth 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) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
BALANCE SHEET |
Cash | $ | 657,310 |  |  | $ | 809,252 |  |  | $ | 1,231,461 |  |  | $ | 1,507,735 |  |  | $ | 2,381,102 |
Loans receivable, net | 20,088,618 |  |  | 20,277,164 |  |  | 20,920,001 |  |  | 21,060,501 |  |  | 20,916,354 |
Allowance for credit losses ("ACL") | 221,220 |  |  | 219,268 |  |  | 222,709 |  |  | 225,022 |  |  | 225,253 |
Available-for-sale securities, at fair value | 3,533,201 |  |  | 3,387,497 |  |  | 3,142,763 |  |  | 2,743,731 |  |  | 2,572,709 |
Held-to-maturity securities, at amortized cost | 645,802 |  |  | 512,854 |  |  | 526,502 |  |  | 537,348 |  |  | 436,972 |
Total investments | 4,179,003 |  |  | 3,900,351 |  |  | 3,669,265 |  |  | 3,281,079 |  |  | 3,009,681 |
Total assets | 26,699,699 |  |  | 26,731,915 |  |  | 27,644,637 |  |  | 27,684,454 |  |  | 28,060,330 |
Transaction deposits | 12,306,532 |  |  | 11,969,124 |  |  | 11,853,984 |  |  | 11,853,859 |  |  | 11,817,185 |
Time deposits | 9,131,104 |  |  | 9,417,447 |  |  | 9,573,442 |  |  | 9,584,918 |  |  | 9,556,785 |
Total deposits | 21,437,636 |  |  | 21,386,571 |  |  | 21,427,426 |  |  | 21,438,777 |  |  | 21,373,970 |
Borrowings, senior debt and junior subordinated debentures | 1,817,249 |  |  | 1,991,087 |  |  | 2,814,938 |  |  | 2,914,627 |  |  | 3,318,307 |
Total shareholders' equity | 3,039,575 |  |  | 3,014,325 |  |  | 3,032,620 |  |  | 3,021,636 |  |  | 3,000,300 |
Loans to customer deposits 2 | 93.71 | % |  | 94.81 | % |  | 97.63 | % |  | 98.24 | % |  | 97.86 | %
PROFITABILITY |  |  |  |  |  |  |  |  |
Net income | $ | 60,597 |  |  | $ | 61,952 |  |  | $ | 56,252 |  |  | $ | 47,267 |  |  | $ | 61,140 |
Net income to common shareholders | 56,941 |  |  | 58,296 |  |  | 52,596 |  |  | 43,611 |  |  | 57,484 |
Earnings per common share | 0.73 |  |  | 0.73 |  |  | 0.65 |  |  | 0.54 |  |  | 0.71 |
Return on tangible common equity 1 | 9.99 | % |  | 10.20 | % |  | 9.18 | % |  | 7.69 | % |  | 10.24 | %
Return on tangible assets 1 | 0.93 | % |  | 0.94 | % |  | 0.84 | % |  | 0.70 | % |  | 0.89 | %
Net interest margin | 2.71 | % |  | 2.69 | % |  | 2.55 | % |  | 2.39 | % |  | 2.62 | %
Efficiency ratio | 56.82 | % |  | 56.01 | % |  | 58.31 | % |  | 65.04 | % |  | 57.21 | %
FINANCIAL HIGHLIGHTS |  |  |  |  |  |  |  |  |
Common shareholders' equity per share | $ | 35.04 |  |  | $ | 34.30 |  |  | $ | 33.84 |  |  | $ | 33.45 |  |  | $ | 33.25 |
Tangible common shareholders' equity per share 1 | 29.38 |  |  | 28.69 |  |  | 28.31 |  |  | 27.93 |  |  | 27.73 |
Shareholders' equity to total assets | 11.38 | % |  | 11.28 | % |  | 10.97 | % |  | 10.91 | % |  | 10.69 | %
Tangible shareholders' equity to tangible assets 1 | 9.89 | % |  | 9.78 | % |  | 9.51 | % |  | 9.45 | % |  | 9.24 | %
Common shares outstanding | 78,186,520 |  |  | 79,130,276 |  |  | 80,758,674 |  |  | 81,373,760 |  |  | 81,220,269 |
Preferred shares outstanding | 300,000 |  |  | 300,000 |  |  | 300,000 |  |  | 300,000 |  |  | 300,000 |
CREDIT QUALITY 2 |  |  |  |  |  |  |  |  |
ACL to gross loans | 1.04 | % |  | 1.03 | % |  | 1.01 | % |  | 1.00 | % |  | 1.01 | %
Non-accrual loans to net loans | 0.64 | % |  | 0.41 | % |  | 0.29 | % |  | 0.34 | % |  | 0.33 | %
Delinquencies to net loans | 0.60 | % |  | 0.26 | % |  | 0.27 | % |  | 0.30 | % |  | 0.25 | %
Non-performing assets to total assets | 0.54 | % |  | 0.36 | % |  | 0.26 | % |  | 0.29 | % |  | 0.28 | %
Total criticized loans to net loans | 4.39 | % |  | 4.07 | % |  | 3.32 | % |  | 2.54 | % |  | 2.41 | %
Total adversely classified loans to net loans | 3.16 | % |  | 3.54 | % |  | 2.53 | % |  | 1.97 | % |  | 2.04 | %

(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 Q4 2025 | 2

WaFd Inc. Announces Annual and Fourth Quarter Results
SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (the "Bank"), today announced quarterly earnings of $60,597,000, a decrease of 2% compared to the quarter ended June 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.72 per diluted share for the quarter ended September 30, 2025 compared to $0.73 the prior quarter.
Annual earnings were $226,068,000 for fiscal year ended September 30, 2025, an increase of 13% from net earnings of $200,041,000 for the year ended September 30, 2024. After the effect of dividends on preferred stock, net income available for common shareholders was $2.63 per diluted share for the year ended September 30, 2025, compared to $2.50 per diluted share for the year ended September 30, 2024, a $0.13 or 5.20% increase in fully diluted earnings per common share. Fiscal year 2024 results include the effects of the acquisition of Luther Burbank Corporation.
Balance Sheet Total assets decreased to $26.7 billion as of September 30, 2025, compared to $28.1 billion at September 30, 2024, primarily due to a reduction in loans receivable and cash used to reduce borrowings and purchase investments during the year. Net loans decreased $0.8 billion to $20.1 billion and cash decreased $1.7 billion, or 72.4%. Investment securities increased by $1.2 billion, or 38.9% in the year ended September 30, 2025.
Customer deposits totaled $21.4 billion as of September 30, 2025, largely unchanged from September 30, 2024. Transaction accounts increased by $0.5 billion or 4.1% during the period, while time deposits decreased $0.4 billion or 4.5%. As of September 30, 2025, 57.4% of the Company’s deposits were transaction accounts, a slight increase from 55.3% at September 30, 2024. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 77.9% of deposits at September 30, 2025, up from 75.1% on September 30, 2024. Deposits that are uninsured or not collateralized were 24.7% of total deposits as of September 30, 2025, a small increase from 23.8% as of September 30, 2024.
Borrowings totaled $1.8 billion as of September 30, 2025, down from $3.3 billion at September 30, 2024. The effective weighted average interest rate of borrowings was 2.5% as of September 30, 2025, compared to 3.9% at September 30, 2024.
Loan originations totaled $4.0 billion for fiscal year 2025, compared to $3.6 billion of originations in fiscal year 2024. Offsetting loan originations in each year were loan repayments of $5.1 billion and $4.3 billion, respectively. Commercial loans represented 83% of all loan originations during fiscal 2025 and consumer loans accounted for the remaining 17%. The period end interest yield on the loan portfolio was 5.38% as of September 30, 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 year ended September 30, 2025, tangible book value per share grew from $27.73 as of September 30, 2024 to $29.38 at September 30, 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 year, the Company repurchased 3,447,771 shares of common stock at a weighted average price of $29.56. Our share repurchase plan currently has an authorization of 8,162,654 shares, which provides what we believe is a compelling investment alternative.
Credit Quality Credit quality continues to be closely monitored with the shifting economic and monetary environment. As of September 30, 2025, non-performing assets increased to $143 million, or 0.54% of total assets, from $97 million, or 0.36%, at June 30, 2025 and from $77 million, or 0.28%, at September 30, 2024. The change is due to non-accrual loans increasing by $46 million, or 47.20%, since June 30 2025 and by $59 million, or 84.97%, since September 30, 2024. REO also increased during the year as a result of the Company's continued branch optimization plan. Delinquent loans were 0.60% of total loans at September 30, 2025, compared to 0.26% at June 30, 2025 and 0.25% at September 30, 2024. The Q4 increase in non-performing assets is the result of one commercial real estate loan over 90 days past due. Although appropriately non-accrual based on policy, it was determined no charge-off was needed for this credit. Management is actively collaborating with the borrower and recent developments indicate positive momentum.
The allowance for credit losses (including the reserve for unfunded commitments) totaled $221 million as of September 30, 2025, and was 1.04% of gross loans outstanding, as compared to 1.03% or 1.01% of gross loans outstanding as of June 30, 2025 and September 30, 2024, respectively. Net charge-offs were $1.0 million for the quarter ended September 30, 2025 compared to $5.4 million the prior quarter. Net charge-offs were $11.8 million for fiscal year 2025, compared to $1.4 million for fiscal 2024.
Profitability Net interest income was $169.9 million for the fourth fiscal quarter of 2025, an increase of $1.9 million or 1.1% from the prior quarter. The increase was the net effect of the reduction in interest paid on liabilities outpacing the reduction in interest earned on assets by 3 basis points. Net interest margin was 2.71% in the fourth fiscal quarter 2025 compared to 2.69% for the quarter ended June 30, 2025.

| Quarterly Earnings Release Q4 2025 | 3

WaFd Inc. Announces Annual and Fourth Quarter Results
Total non-interest income was flat at $18.4 million for the fourth fiscal quarter of 2025 compared to $18.3 million the prior quarter.
Total non-interest expense was $107.0 million for the fourth fiscal quarter of 2025, an increase of $2.7 million, or 2.6%, from the prior quarter resulting from strategic investments in our people and technologies. This drove increases in Compensation and Information Technology expenses which resulted in a small increase in the Company’s efficiency ratio in the fourth fiscal quarter of 2025 to 56.82%, compared to 56.01% in the prior quarter.
The Company recorded a $3.0 million provision for credit losses for the quarter ended September 30, 2025 compared to a provision of $2.0 million the prior quarter. The provision for loan losses for the fourth fiscal quarter of 2025 was the net result of mixed credit metrics, including the increasing trends in negative migration of delinquent and nonperforming loans during the quarter.
Return on common shareholders' equity for the quarter ended September 30, 2025 was 8.36% compared to 8.54% for the quarter ended June 30, 2025. Return on assets for the quarter ended September 30, 2025 was 0.91% compared to 0.92% for the previous quarter.
Income tax expense totaled $17.0 million for the fourth fiscal quarter of 2025, as compared to $17.8 million for the prior quarter. The effective tax rate for the quarter ended September 30, 2025 was 21.93% compared to 22.33% for the quarter ended June 30, 2025. 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 208 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company will host a conference call for investors and analysts at 7:00am PDT on Friday October 17, 2025. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link (https://register-conf.media-server.com/register/BIce57cc298b024b9b9446805d5613f404). The Company uses its website to distribute financial and other material information about the Company.
# # #

| Quarterly Earnings Release Q4 2025 | 4

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

| September 30, 2025 |  | September 30, 2024
| (In thousands, except share and ratio data)
ASSETS |  |  |  |  |
Cash and cash equivalents |  | $ | 657,310 |  |  |  | $ | 2,381,102 |
Available-for-sale securities, at fair value |  | 3,533,201 |  |  |  | 2,572,709 |
Held-to-maturity securities, at amortized cost |  | 645,802 |  |  |  | 436,972 |
Loans receivable, net of allowance for loan losses of $199,720 and $203,753 |  | 20,088,618 |  |  |  | 20,916,354 |
Interest receivable |  | 98,589 |  |  |  | 102,827 |
Premises and equipment, net |  | 261,271 |  |  |  | 247,901 |
Real estate owned |  | 11,084 |  |  |  | 4,567 |
FHLB stock |  | 88,068 |  |  |  | 95,617 |
Bank owned life insurance |  | 275,159 |  |  |  | 267,633 |
Intangible assets, including goodwill of $414,722 and $411,360 |  | 442,093 |  |  |  | 448,425 |
Federal and state income tax assets, net |  | 112,784 |  |  |  | 119,248 |
Other assets |  | 485,720 |  |  |  | 466,975 |
|  | $ | 26,699,699 |  |  |  | $ | 28,060,330 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |
Liabilities |  |  |  |  |
Transaction deposits |  | $ | 12,306,532 |  |  |  | $ | 11,817,185 |
Time deposits |  | 9,131,104 |  |  |  | 9,556,785 |
Total customer deposits |  | 21,437,636 |  |  |  | 21,373,970 |
Borrowings |  | 1,765,604 |  |  |  | 3,267,589 |
Junior subordinated debentures |  | 51,645 |  |  |  | 50,718 |
Advance payments by borrowers for taxes and insurance |  | 59,845 |  |  |  | 61,330 |
Accrued expenses and other liabilities |  | 345,394 |  |  |  | 306,423 |
|  | 23,660,124 |  |  |  | 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; 154,408,001 and 154,007,429 shares issued; 78,186,520 and 81,220,269 shares outstanding |  | 154,408 |  |  |  | 154,007 |
Additional paid-in capital |  | 2,163,276 |  |  |  | 2,150,675 |
Accumulated other comprehensive income (loss), net of taxes |  | 56,950 |  |  |  | 55,851 |
Treasury stock, at cost; 76,221,481 and 72,787,160 shares |  | (1,740,761) |  |  |  | (1,639,131) |
Retained earnings |  | 2,105,702 |  |  |  | 1,978,898 |
|  | 3,039,575 |  |  |  | 3,000,300 |
|  | $ | 26,699,699 |  |  |  | $ | 28,060,330 |

Yield and margin as of period end |  |  |  |  |
Loans receivable 1 |  | 5.38 | % |  |  | 5.62 | %
Mortgage-backed securities |  | 4.44 |  |  |  | 4.00 |
Combined cash, investments and FHLB stock |  | 4.96 |  |  |  | 5.10 |
Interest-earning assets |  | 5.23 |  |  |  | 5.44 |
Interest-bearing customer accounts |  | 2.95 |  |  |  | 3.50 |
Borrowings 1 |  | 2.50 |  |  |  | 3.93 |
Interest-bearing liabilities |  | 2.91 |  |  |  | 3.56 |
Net interest spread |  | 2.32 |  |  |  | 1.88 |
Net interest margin |  | 2.82 |  |  |  | 2.44 |

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

| Quarterly Earnings Release Q4 2025 | 5

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

| Three Months Ended September 30, 2025 |  | Twelve Months Ended September 30, 2025
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands, except share and ratio data)
INTEREST INCOME |  |  |  |  |  |  |  |  |
Loans receivable |  | $ | 271,787 |  |  |  | $ | 308,598 |  |  | $ | 1,119,937 |  |  | $ | 1,165,849 |
Mortgage-backed securities |  | 32,953 |  |  |  | 18,088 |  |  | 103,071 |  |  | 59,782 |
Investment securities and cash equivalents |  | 21,794 |  |  |  | 47,411 |  |  | 116,441 |  |  | 146,079 |
|  | 326,534 |  |  |  | 374,097 |  |  | 1,339,449 |  |  | 1,371,710 |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |
Customer accounts |  | 143,874 |  |  |  | 165,240 |  |  | 604,707 |  |  | 532,434 |
Borrowings, senior debt and junior subordinated debentures |  | 12,754 |  |  |  | 36,045 |  |  | 80,507 |  |  | 178,444 |
|  | 156,628 |  |  |  | 201,285 |  |  | 685,214 |  |  | 710,878 |
Net interest income |  | 169,906 |  |  |  | 172,812 |  |  | 654,235 |  |  | 660,832 |
Provision (release) for credit losses |  | 3,000 |  |  |  | — |  |  | 7,750 |  |  | 17,500 |
Net interest income after provision (release) |  | 166,906 |  |  |  | 172,812 |  |  | 646,485 |  |  | 643,332 |
NON-INTEREST INCOME |  |  |  |  |  |  |  |  |
Gain on sale of investment securities |  | — |  |  |  | 91 |  |  | 20 |  |  | 342 |
Gain on termination of hedging derivatives |  | 32 |  |  |  | 72 |  |  | 158 |  |  | 241 |
Loan fee income |  | 2,081 |  |  |  | 757 |  |  | 6,888 |  |  | 2,745 |
Deposit fee income |  | 7,959 |  |  |  | 7,047 |  |  | 29,650 |  |  | 27,507 |
Other income |  | 8,319 |  |  |  | 7,911 |  |  | 34,531 |  |  | 29,857 |
Total non-interest income |  | 18,391 |  |  |  | 15,878 |  |  | 71,247 |  |  | 60,692 |
NON-INTEREST EXPENSE |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 56,028 |  |  |  | 53,983 |  |  | 222,146 |  |  | 234,148 |
Occupancy |  | 10,895 |  |  |  | 10,843 |  |  | 44,937 |  |  | 42,036 |
FDIC insurance premiums |  | 4,400 |  |  |  | 6,800 |  |  | 20,200 |  |  | 28,870 |
Product delivery |  | 6,558 |  |  |  | 6,306 |  |  | 25,871 |  |  | 23,986 |
Information technology |  | 16,406 |  |  |  | 14,129 |  |  | 60,101 |  |  | 53,306 |
Other expense |  | 12,706 |  |  |  | 15,880 |  |  | 54,208 |  |  | 65,926 |
Total non-interest expense |  | 106,993 |  |  |  | 107,941 |  |  | 427,463 |  |  | 448,272 |
Gain (loss) on real estate owned, net |  | (681) |  |  |  | (83) |  |  | (627) |  |  | 304 |
Income before income taxes |  | 77,623 |  |  |  | 80,666 |  |  | 289,642 |  |  | 256,056 |
Income tax provision |  | 17,026 |  |  |  | 19,526 |  |  | 63,574 |  |  | 56,015 |
Net income |  | 60,597 |  |  |  | 61,140 |  |  | 226,068 |  |  | 200,041 |
Dividends on preferred stock |  | 3,656 |  |  |  | 3,656 |  |  | 14,625 |  |  | 14,625 |
Net income available to common shareholders |  | $ | 56,941 |  |  |  | $ | 57,484 |  |  | $ | 211,443 |  |  | $ | 185,416 |

PER SHARE DATA |  |  |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 0.73 |  |  |  | $ | 0.71 |  |  | $ | 2.64 |  |  | $ | 2.50 |
Diluted earnings per common share |  | 0.72 |  |  |  | 0.71 |  |  | 2.63 |  |  | 2.50 |
Cash dividends per common share |  | 0.27 |  |  |  | 0.26 |  |  | 1.07 |  |  | 1.03 |
Basic weighted average shares outstanding |  | 78,509,472 |  |  |  | 81,208,683 |  |  | 80,184,395 |  |  | 74,244,323 |
Diluted weighted average shares outstanding |  | 78,573,457 |  |  |  | 81,353,644 |  |  | 80,255,189 |  |  | 74,290,568 |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |
Return on average assets |  | 0.91 | % |  |  | 0.87 | % |  | 0.84 | % |  | 0.76 | %
Return on average common equity |  | 8.36 | % |  |  | 8.53 | % |  | 7.75 | % |  | 7.55 | %

| Quarterly Earnings Release Q4 2025 | 6

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

| Three Months Ended
| September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
|  | (In thousands, except share and ratio data)
INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable |  | $ | 271,787 |  |  |  | $ | 279,476 |  |  |  | $ | 282,077 |  |  |  | $ | 286,597 |  |  |  | $ | 308,598 |
Mortgage-backed securities |  | 32,953 |  |  |  | 27,855 |  |  |  | 23,926 |  |  |  | 18,337 |  |  |  | 18,088 |
Investment securities and cash equivalents |  | 21,794 |  |  |  | 24,383 |  |  |  | 30,081 |  |  |  | 40,183 |  |  |  | 47,411 |
|  | 326,534 |  |  |  | 331,714 |  |  |  | 336,084 |  |  |  | 345,117 |  |  |  | 374,097 |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer accounts |  | 143,874 |  |  |  | 146,735 |  |  |  | 151,948 |  |  |  | 162,150 |  |  |  | 165,240 |
Borrowings, senior debt and junior subordinated debentures |  | 12,754 |  |  |  | 16,991 |  |  |  | 23,226 |  |  |  | 27,536 |  |  |  | 36,045 |
|  | 156,628 |  |  |  | 163,726 |  |  |  | 175,174 |  |  |  | 189,686 |  |  |  | 201,285 |
Net interest income |  | 169,906 |  |  |  | 167,988 |  |  |  | 160,910 |  |  |  | 155,431 |  |  |  | 172,812 |
Provision for credit losses |  | 3,000 |  |  |  | 2,000 |  |  |  | 2,750 |  |  |  | — |  |  |  | — |
Net interest income after provision |  | 166,906 |  |  |  | 165,988 |  |  |  | 158,160 |  |  |  | 155,431 |  |  |  | 172,812 |
NON-INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of investment securities |  | — |  |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 91 |
Gain on termination of hedging derivatives |  | 32 |  |  |  | 56 |  |  |  | 65 |  |  |  | 5 |  |  |  | 72 |
Loan fee income |  | 2,081 |  |  |  | 1,650 |  |  |  | 1,812 |  |  |  | 1,345 |  |  |  | 757 |
Deposit fee income |  | 7,959 |  |  |  | 7,588 |  |  |  | 7,057 |  |  |  | 7,046 |  |  |  | 7,047 |
Other income |  | 8,319 |  |  |  | 8,979 |  |  |  | 9,947 |  |  |  | 7,286 |  |  |  | 7,911 |
Total non-interest income |  | 18,391 |  |  |  | 18,273 |  |  |  | 18,881 |  |  |  | 15,702 |  |  |  | 15,878 |
NON-INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 56,028 |  |  |  | 53,481 |  |  |  | 52,710 |  |  |  | 59,927 |  |  |  | 53,983 |
Occupancy |  | 10,895 |  |  |  | 11,755 |  |  |  | 11,499 |  |  |  | 10,788 |  |  |  | 10,843 |
FDIC insurance premiums |  | 4,400 |  |  |  | 5,150 |  |  |  | 5,800 |  |  |  | 4,850 |  |  |  | 6,800 |
Product delivery |  | 6,558 |  |  |  | 6,621 |  |  |  | 6,907 |  |  |  | 5,785 |  |  |  | 6,306 |
Information technology |  | 16,406 |  |  |  | 15,022 |  |  |  | 14,481 |  |  |  | 14,192 |  |  |  | 14,129 |
Other expense |  | 12,706 |  |  |  | 12,298 |  |  |  | 13,435 |  |  |  | 15,769 |  |  |  | 15,880 |
Total non-interest expense |  | 106,993 |  |  |  | 104,327 |  |  |  | 104,832 |  |  |  | 111,311 |  |  |  | 107,941 |
Gain (loss) on real estate owned, net |  | (681) |  |  |  | (176) |  |  |  | (199) |  |  |  | 429 |  |  |  | (83) |
Income before income taxes |  | 77,623 |  |  |  | 79,758 |  |  |  | 72,010 |  |  |  | 60,251 |  |  |  | 80,666 |
Income tax provision |  | 17,026 |  |  |  | 17,806 |  |  |  | 15,758 |  |  |  | 12,984 |  |  |  | 19,526 |
Net income |  | 60,597 |  |  |  | 61,952 |  |  |  | 56,252 |  |  |  | 47,267 |  |  |  | 61,140 |
Dividends on preferred stock |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |
Net income available to common shareholders |  | $ | 56,941 |  |  |  | $ | 58,296 |  |  |  | $ | 52,596 |  |  |  | $ | 43,611 |  |  |  | $ | 57,484 |

| Quarterly Earnings Release Q4 2025 | 7

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

| Three Months Ended
| September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
|  | (In thousands, except share and ratio data)
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 0.73 |  |  |  | $ | 0.73 |  |  |  | $ | 0.65 |  |  |  | $ | 0.54 |  |  |  | $ | 0.71 |
Diluted earnings per common share |  | 0.72 |  |  |  | 0.73 |  |  |  | 0.65 |  |  |  | 0.54 |  |  |  | 0.71 |
Cash dividends per common share |  | 0.27 |  |  |  | 0.27 |  |  |  | 0.27 |  |  |  | 0.26 |  |  |  | 0.26 |
Basic weighted average shares outstanding |  | 78,509,472 |  |  |  | 79,888,520 |  |  |  | 81,061,206 |  |  |  | 81,294,227 |  |  |  | 81,208,683 |
Diluted weighted average shares outstanding |  | 78,573,457 |  |  |  | 79,907,672 |  |  |  | 81,105,536 |  |  |  | 81,401,599 |  |  |  | 81,353,644 |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  | 0.91 | % |  |  | 0.92 | % |  |  | 0.82 | % |  |  | 0.69 | % |  |  | 0.87 | %
Return on average common equity |  | 8.36 |  |  |  | 8.54 |  |  |  | 7.68 |  |  |  | 6.42 |  |  |  | 8.53 |
Net interest margin |  | 2.71 |  |  |  | 2.69 |  |  |  | 2.55 |  |  |  | 2.39 |  |  |  | 2.62 |
Efficiency ratio |  | 56.82 |  |  |  | 56.01 |  |  |  | 58.31 |  |  |  | 65.04 |  |  |  | 57.21 |

| Quarterly Earnings Release Q4 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 | September 30, 2025 |  | June 30, 2025 |  |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |
(Unaudited - In thousands, except for share and ratio data) |  |
Shareholders' equity - GAAP |  | $ | 3,039,575 |  |  |  | $ | 3,014,325 |  |  |  | $ | 3,032,620 |  |  |  | $ | 3,021,636 |  |  |  | $ | 3,000,300 |  |
Less intangible assets - GAAP |  | 442,093 |  |  |  | 444,291 |  |  |  | 446,660 |  |  |  | 449,213 |  |  |  | 448,425 |  |
Tangible shareholders' equity |  | $ | 2,597,482 |  |  |  | $ | 2,570,034 |  |  |  | $ | 2,585,960 |  |  |  | $ | 2,572,423 |  |  |  | $ | 2,551,875 |  |
Less preferred stock - GAAP |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |
Tangible common shareholders' equity |  | $ | 2,297,482 |  |  |  | $ | 2,270,034 |  |  |  | $ | 2,285,960 |  |  |  | $ | 2,272,423 |  |  |  | $ | 2,251,875 |  |
Total assets - GAAP |  | $ | 26,699,699 |  |  |  | $ | 26,731,915 |  |  |  | $ | 27,644,637 |  |  |  | $ | 27,684,454 |  |  |  | $ | 28,060,330 |  |
Less intangible assets - GAAP |  | 442,093 |  |  |  | 444,291 |  |  |  | 446,660 |  |  |  | 449,213 |  |  |  | 448,425 |  |
Tangible assets |  | $ | 26,257,606 |  |  |  | $ | 26,287,624 |  |  |  | $ | 27,197,977 |  |  |  | $ | 27,235,241 |  |  |  | $ | 27,611,905 |  |
Tangible Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common shares outstanding - GAAP |  | 78,186,520 |  |  |  | 79,130,276 |  |  |  | 80,758,674 |  |  |  | 81,373,760 |  |  |  | 81,220,269 |  |
Tangible common equity per share |  | $ | 29.38 |  |  |  | $ | 28.69 |  |  |  | $ | 28.31 |  |  |  | $ | 27.93 |  |  |  | $ | 27.73 |  |
Tangible equity to tangible assets |  | 9.89 |  | % |  | 9.78 |  | % |  | 9.51 |  | % |  | 9.45 |  | % |  | 9.24 |  | %

| Quarterly Earnings Release Q4 2025 | 9

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

|  | Three Months Ended |
Average Tangible Measures | September 30, 2025 |  | June 30, 2025 |  |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |
| (Unaudited - In thousands, except for ratio data) |
Average shareholders' equity - GAAP |  | $ | 3,023,098 |  |  |  | $ | 3,030,745 |  |  |  | $ | 3,039,021 |  |  |  | $ | 3,015,197 |  |  |  | $ | 2,996,093 |  |
Less average preferred stock - GAAP |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |
Less average intangible assets - GAAP |  | 443,382 |  |  |  | 445,733 |  |  |  | 448,272 |  |  |  | 447,754 |  |  |  | 451,204 |  |
Average tangible common equity |  | $ | 2,279,716 |  |  |  | $ | 2,285,012 |  |  |  | $ | 2,290,749 |  |  |  | $ | 2,267,443 |  |  |  | $ | 2,244,889 |  |
Average Assets - GAAP |  | $ | 26,540,782 |  |  |  | $ | 26,813,500 |  |  |  | $ | 27,371,320 |  |  |  | $ | 27,504,576 |  |  |  | $ | 28,000,482 |  |
Less average intangible assets - GAAP |  | 443,382 |  |  |  | 445,733 |  |  |  | 448,272 |  |  |  | 447,754 |  |  |  | 451,204 |  |
Average tangible assets |  | $ | 26,097,400 |  |  |  | $ | 26,367,767 |  |  |  | $ | 26,923,048 |  |  |  | $ | 27,056,822 |  |  |  | $ | 27,549,278 |  |
Average Tangible Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income - GAAP |  | 60,597 |  |  |  | 61,952 |  |  |  | 56,252 |  |  |  | 47,267 |  |  |  | 61,140 |  |
Net income available to common shareholders - GAAP |  | 56,941 |  |  |  | 58,296 |  |  |  | 52,596 |  |  |  | 43,611 |  |  |  | 57,484 |  |
Return on tangible common equity |  | 9.99 |  | % |  | 10.20 |  | % |  | 9.18 |  | % |  | 7.69 |  | % |  | 10.24 |  | %
Return on tangible assets |  | 0.93 |  | % |  | 0.94 |  | % |  | 0.84 |  | % |  | 0.70 |  | % |  | 0.89 |  | %

| Quarterly Earnings Release Q4 2025 | 10

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

|  | Three Months Ended |
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items | September 30, 2025 |  | June 30, 2025 |  |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |
| (Unaudited - In thousands, except for share and ratio data) |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LBC Hedge Valuation Adj |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 3,933 |  |  |  | $ | — |  |
Non-interest income adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution received on LBC equity method investment |  | $ | (251) |  |  |  | $ | (255) |  |  |  | $ | (257) |  |  |  | $ | (279) |  |  |  | $ | (288) |  |
(Gain)Loss on WaFd Bank equity method investment |  | (815) |  |  |  | 304 |  |  |  | (155) |  |  |  | 48 |  |  |  | (896) |  |
Total non-interest income adjustments |  | $ | (1,066) |  |  |  | $ | 49 |  |  |  | $ | (412) |  |  |  | $ | (231) |  |  |  | $ | (1,184) |  |
Non-interest expense adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related expenses |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 239 |  |  |  | $ | (1,602) |  |
Non-operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring Charges |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,390 |  |  |  | — |  |
FDIC Special Assessment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (216) |  |
Legal and Compliance Accruals |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (182) |  |
|  | — |  |  |  | — |  |  |  | — |  |  |  | 5,390 |  |  |  | (398) |  |
Total non-interest expense adjustments |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 5,629 |  |  |  | $ | (2,000) |  |
Net Income - GAAP |  | $ | 60,597 |  |  |  | $ | 61,952 |  |  |  | $ | 56,252 |  |  |  | $ | 47,267 |  |  |  | $ | 61,140 |  |
Interest income adjustments |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,933 |  |  |  | — |  |
Non-interest income adjustments |  | (1,066) |  |  |  | 49 |  |  |  | (412) |  |  |  | (231) |  |  |  | (1,184) |  |
Non-interest expense adjustments |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,629 |  |  |  | (2,000) |  |
REO adjustments |  | 681 |  |  |  | 176 |  |  |  | 199 |  |  |  | (429) |  |  |  | 83 |  |
Income tax adjustment |  | 84 |  |  |  | (50) |  |  |  | 47 |  |  |  | (1,918) |  |  |  | 751 |  |
Net Income - non-GAAP |  | $ | 60,296 |  |  |  | $ | 62,127 |  |  |  | $ | 56,086 |  |  |  | $ | 54,251 |  |  |  | $ | 58,790 |  |
Dividend on preferred stock |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |  |  | 3,656 |  |
Net Income available to common shareholders - non-GAAP |  | $ | 56,640 |  |  |  | $ | 58,471 |  |  |  | $ | 52,430 |  |  |  | $ | 50,595 |  |  |  | $ | 55,134 |  |
Basic weighted average number of shares outstanding - GAAP |  | 78,509,472 |  |  |  | 79,888,520 |  |  |  | 81,061,206 |  |  |  | 81,294,227 |  |  |  | 81,208,683 |  |
Diluted weighted average number of shares outstanding - GAAP |  | 78,573,457 |  |  |  | 79,907,672 |  |  |  | 81,105,536 |  |  |  | 81,401,599 |  |  |  | 81,353,644 |  |
Basic EPS - non-GAAP |  | $ | 0.72 |  |  |  | $ | 0.73 |  |  |  | $ | 0.65 |  |  |  | $ | 0.62 |  |  |  | $ | 0.68 |  |
Diluted EPS - non-GAAP |  | 0.72 |  |  |  | 0.73 |  |  |  | 0.65 |  |  |  | 0.62 |  |  |  | 0.68 |  |

| Quarterly Earnings Release Q4 2025 | 11

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

|  | Three Months Ended |
Adjusted Efficiency Ratio | September 30, 2025 |  | June 30, 2025 |  |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |
| (Unaudited - In thousands, except for ratio data) |
Efficiency ratio - GAAP |  | 56.8 |  | % |  | 56.0 |  | % |  | 58.3 |  | % |  | 65.0 |  | % |  | 57.2 |  | %
Net interest income - GAAP |  | $ | 169,906 |  |  |  | $ | 167,988 |  |  |  | $ | 160,910 |  |  |  | $ | 155,431 |  |  |  | $ | 172,812 |  |
Total interest income adjustments |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,933 |  |  |  | — |  |
Net interest income - non-GAAP |  | $ | 169,906 |  |  |  | $ | 167,988 |  |  |  | $ | 160,910 |  |  |  | $ | 159,364 |  |  |  | $ | 172,812 |  |
Non-interest expense - GAAP |  | $ | 106,993 |  |  |  | $ | 104,327 |  |  |  | $ | 104,832 |  |  |  | $ | 111,311 |  |  |  | $ | 107,941 |  |
Less merger related expenses |  | — |  |  |  | — |  |  |  | — |  |  |  | 239 |  |  |  | (1,602) |  |
Less non-operating expenses |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,390 |  |  |  | (398) |  |
Non-interest Expenses - non-GAAP |  | $ | 106,993 |  |  |  | $ | 104,327 |  |  |  | $ | 104,832 |  |  |  | $ | 105,682 |  |  |  | $ | 109,941 |  |
Non-interest income - GAAP |  | $ | 18,391 |  |  |  | $ | 18,273 |  |  |  | $ | 18,881 |  |  |  | $ | 15,702 |  |  |  | $ | 15,878 |  |
Total other income adjustments |  | (1,066) |  |  |  | 49 |  |  |  | (412) |  |  |  | (231) |  |  |  | (1,184) |  |
Non-interest income - non-GAAP |  | $ | 17,325 |  |  |  | $ | 18,322 |  |  |  | $ | 18,469 |  |  |  | $ | 15,471 |  |  |  | $ | 14,694 |  |
Net Interest Income - non-GAAP |  | $ | 169,906 |  |  |  | $ | 167,988 |  |  |  | $ | 160,910 |  |  |  | $ | 159,364 |  |  |  | $ | 172,812 |  |
Non-interest income - non-GAAP |  | 17,325 |  |  |  | 18,322 |  |  |  | 18,469 |  |  |  | 15,471 |  |  |  | 14,694 |  |
Total Income - non-GAAP |  | $ | 187,231 |  |  |  | $ | 186,310 |  |  |  | $ | 179,379 |  |  |  | $ | 174,835 |  |  |  | $ | 187,506 |  |
Adjusted Efficiency Ratio |  | 57.1 |  | % |  | 56.0 |  | % |  | 58.4 |  | % |  | 60.4 |  | % |  | 58.6 |  | %

| Quarterly Earnings Release Q4 2025 | 12

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

|  | Three Months Ended |
Adjusted ROA and ROE |  | September 30, 2025 |  | June 30, 2025 |  |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |
| (Unaudited - In thousands, except for ratio data) |
Reported: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income - GAAP |  | $ | 60,597 |  |  |  | $ | 61,952 |  |  |  | $ | 56,252 |  |  |  | $ | 47,267 |  |  |  | $ | 61,140 |  |
Net income available to common shareholders - GAAP |  | $ | 56,941 |  |  |  | $ | 58,296 |  |  |  | $ | 52,596 |  |  |  | $ | 43,611 |  |  |  | $ | 57,484 |  |
Average Assets |  | 26,540,782 |  |  |  | 26,813,500 |  |  |  | 27,371,320 |  |  |  | 27,504,576 |  |  |  | 28,000,482 |  |
Return on Assets |  | 0.91 |  | % |  | 0.92 |  | % |  | 0.82 |  | % |  | 0.69 |  | % |  | 0.87 |  | %
Average Common Equity |  | $ | 2,723,098 |  |  |  | $ | 2,730,745 |  |  |  | $ | 2,739,021 |  |  |  | $ | 2,715,197 |  |  |  | $ | 2,696,093 |  |
Return on common equity |  | 8.36 |  | % |  | 8.54 |  | % |  | 7.68 |  | % |  | 6.42 |  | % |  | 8.53 |  | %
Adjusted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income - non-GAAP |  | $ | 60,296 |  |  |  | $ | 62,127 |  |  |  | $ | 56,086 |  |  |  | $ | 54,251 |  |  |  | $ | 58,790 |  |
Net income available to common shareholders - non-GAAP |  | $ | 56,640 |  |  |  | $ | 58,471 |  |  |  | $ | 52,430 |  |  |  | $ | 50,595 |  |  |  | $ | 55,134 |  |
Average Assets |  | 26,540,782 |  |  |  | 26,813,500 |  |  |  | 27,371,320 |  |  |  | 27,504,576 |  |  |  | 28,000,482 |  |
Adjusted Return on Assets |  | 0.91 |  | % |  | 0.93 |  | % |  | 0.82 |  | % |  | 0.79 |  | % |  | 0.84 |  | %
Average Common Equity |  | 2,723,098 |  |  |  | 2,730,745 |  |  |  | 2,739,021 |  |  |  | 2,715,197 |  |  |  | 2,696,093 |  |
Adjusted Return on common equity |  | 8.32 |  | % |  | 8.56 |  | % |  | 7.66 |  | % |  | 7.45 |  | % |  | 8.18 |  | %

| Quarterly Earnings Release Q4 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 Q4 2025 | 14