WaFd, Inc. (NASDAQ:WAFD):

"We are pleased to report the results for our fiscal year end 2026, including increasing earnings per share by 22%, increasing our transaction deposit balances by 4.6%, and growing our active loan segments by 7.9% along with seeing significant improvements in asset quality measures. Specifically, both non-performing assets and delinquencies decreased by 37% since the June 30th quarter end. Asset quality measures improved primarily through the resolution of a large previously classified loan during the quarter resulting in a $36 million charge-off. Our balance sheet strength and resiliency were demonstrated this quarter, allowing us to handle the classified loan, while still delivering meaningful improvement in earnings to shareholders. In spite of the recent surge in interest rates to their highest level in the last twenty years, with the 10 year bond at levels above 5.20%, WaFd is well positioned to benefit from rising rates as our assets are expected to reprice more quickly than our liabilities resulting in expansion of our margin over the short term."

Brent Beardall

President and CEO of WaFd Bank


Net Interest Income and NIM	$182.4 million net interest income for the quarter compared to $181.3 million in Q3. Net interest margin at 2.81% for the quarter compared to 2.81% for Q3.	Credit Quality	Non-performing assets down $57 million at 0.32% of total assets compared to 0.49% as of June 2026. Delinquencies down $56 million to 0.50% of total loans compared to 0.75% as of June 2026. Net Charge-offs of $39 million taken in Q4.

Non-Interest Income and Expense	Non-interest income up $13.9 million compared to Q3 due to SFR loan sale. Non-interest expense up $11.2 million compared to Q3 due to strategic investments and merger related expenses. Efficiency ratio increased to 55.12% as a result.	Shareholder Returns and Stock Activity	On September 4, 2026, the Company paid a cash dividend of $0.27 per share, 174^th consecutive quarterly dividend paid. EverBank Merger announced on September 7, 2026

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

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, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
BALANCE SHEET
Cash	$	749,696		$	676,467		$	669,799		$	734,915		$	657,310
Loans receivable, net		19,041,263			20,017,876			19,966,983			19,848,156			20,088,618
Allowance for credit losses ("ACL")		214,594			233,831			224,450			221,039			221,220
Loans held for sale		428,944			—			—			—			—
Available-for-sale securities, at fair value		4,048,405			4,190,263			4,352,258			4,142,285			3,533,201
Held-to-maturity securities, at amortized cost		886,881			858,261			745,727			764,794			645,802
Total investments		4,935,286			5,048,524			5,097,985			4,907,079			4,179,003
Total assets		27,230,636			27,596,970			27,568,785			27,285,744			26,699,699
Transaction deposits		12,875,849			12,745,791			12,746,921			12,865,974			12,306,532
Time deposits		8,445,118			8,186,284			8,377,230			8,550,996			9,131,104
Total deposits		21,320,967			20,932,075			21,124,151			21,416,970			21,437,636
Borrowings, senior debt and junior subordinated debentures		2,545,972			3,315,697			3,114,548			2,488,411			1,817,249
Total shareholders' equity		3,000,469			3,022,569			2,981,283			3,029,407			3,039,575
Loans to customer deposits²		89.31	%		95.63	%		94.52	%		92.67	%		93.71	%

PROFITABILITY
Net income	$	59,991		$	66,130		$	65,548		$	64,196		$	60,597
Net income to common shareholders		56,335			62,474			61,892			60,540			56,941
Earnings per common share		0.76			0.84			0.82			0.79			0.72
Return on tangible common equity¹		9.85	%		11.04	%		10.82	%		10.57	%		9.99	%
Return on tangible assets¹		0.89	%		0.97	%		0.97	%		0.97	%		0.93	%
Net interest margin		2.81	%		2.81	%		2.81	%		2.70	%		2.71	%
Efficiency ratio		55.12	%		53.69	%		55.66	%		55.25	%		56.82	%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	36.48		$	36.81		$	36.30		$	35.70		$	35.04
Tangible common shareholders' equity per share¹		30.51			30.82			30.27			29.91			29.38
Shareholders' equity to total assets		11.02	%		10.95	%		10.81	%		11.10	%		11.38	%
Tangible shareholders' equity to tangible assets¹		9.55	%		9.50	%		9.35	%		9.64	%		9.89	%
Common shares outstanding		74,016,318			73,954,133			73,855,919			76,448,351			78,186,520
Preferred shares outstanding		300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY²
ACL to gross loans		1.04	%		1.08	%		1.05	%		1.05	%		1.04	%
Non-accrual loans to net loans		0.40	%		0.64	%		0.62	%		0.96	%		0.64	%
Delinquencies to net loans		0.50	%		0.75	%		0.78	%		1.07	%		0.60	%
Non-performing assets to total assets		0.32	%		0.49	%		0.48	%		0.75	%		0.54	%
Total criticized loans to net loans		4.66	%		4.93	%		4.24	%		4.60	%		4.39	%
Total adversely classified loans to net loans		2.56	%		2.59	%		2.60	%		2.94	%		3.16	%

⁽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.

WaFd, Inc. (NASDAQ:WAFD) (the "Company"), parent company of WaFd Bank (the "Bank"), today announced quarterly earnings of $59,991,000, a decrease of 9% compared to the quarter ended June 30, 2026. After the effect of dividends on preferred stock, net income available for common shareholders was $0.76 per diluted share for the quarter ended September 30, 2026 compared to $0.84 the prior quarter.

Annual earnings were $255,865,000 for fiscal year ended September 30, 2026, an increase of 13% from earnings of $226,068,000 for the year ended September 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $3.21 per diluted share for the year ended September 30, 2026, compared to $2.63 per diluted share for the year ended September 30, 2025, a $0.58 or 22% increase in fully diluted earnings per common share.

Balance Sheet Total assets increased to $27.2 billion as of September 30, 2026, compared to $26.7 billion at September 30, 2025, primarily due to the purchase of investment securities during the period. Investment securities increased by $0.8 billion, or 18.1% in the year ended September 30, 2026, a result of the $1.4 billion in purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 5%. Net loans decreased $1.0 billion to $19.0 billion as a result of loan sale related activity. The Company sold $543 million of single-family residential loans during the September quarter and has entered into an agreement to sell $429 million of multifamily loans in the first quarter of fiscal 2027. These multifamily loans have been reclassified as Held for Sale as of September 30, 2026. We expect to realize a net gain of approximately $7 million when the sale is finalized.

Customer deposits totaled $21.3 billion as of September 30, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest bearing deposits, was 2.49% as of September 30, 2026, compared to 2.60% at September 30, 2025. Transaction accounts increased by $569 million or 4.6% during the period, while time deposits decreased $686 million or 7.5%. As of September 30, 2026, 60.4% of the Company’s deposits were transaction accounts, a slight increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 81.8% of deposits at September 30, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.7% of total deposits as of September 30, 2026, a small increase from 24.7% as of September 30, 2025.

Borrowings totaled $2.5 billion as of September 30, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.0% as of September 30, 2026, compared to 2.5% at September 30, 2025.

Loan originations for active loan types totaled $5.5 billion for fiscal year 2026, compared to $4.0 billion of originations in fiscal year 2025. Offsetting loan originations in each year were loan repayments of $3.9 billion and $5.1 billion, respectively. Active loan types include the commercial segment and the consumer portfolio. Inactive loan types include all consumer residential portfolios. These loan types had repayments of $1.1 billion during fiscal 2026. Commercial loans represented 95% of all loan originations during fiscal 2026 and consumer loans accounted for the remaining 5%. The period end interest yield on the loan portfolio was 5.44% as of September 30, 2026, an increase from 5.38% as of September 30, 2025.

Tangible common equity per share is a key metric for our management team. For the year ended September 30, 2026, tangible common equity per share grew from $29.38 as of September 30, 2025 to $30.51 at September 30, 2026. 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 4,703,844 shares of common stock at a weighted average price of $31.00. Our share repurchase plan currently has an authorization of 7,992,669 shares.

Credit Quality Considering the shifting economic and monetary environment, further impacted by on-going global developments, credit quality continues to be monitored closely. Asset quality metrics improved as of September 30, 2026, primarily a result of a $53 million loan relationship being resolved during the quarter resulting in a $36 million charge-off. Non-performing assets decreased to $86 million, or 0.32% of total assets, from $136 million, or 0.49%, at June 30, 2026 and from $143 million, or 0.54%, at September 30, 2025. Non-accrual loans decreased by $52 million, or 40%, compared to June 30 2026 and by $53 million, or 40.95%, since September 30, 2025. Delinquent loans decreased to 0.50% of total loans at September 30, 2026, compared to 0.75% at June 30, 2026 and 0.60% at September 30, 2025.

The allowance for credit losses (including the reserve for unfunded commitments) totaled $215 million as of September 30, 2026, and was 1.04% of gross loans outstanding, as compared to 1.08% and 1.04% of gross loans outstanding as of June 30, 2026 and September 30, 2025, respectively. The decrease compared to the prior quarter was the result of improved outlook on credit quality combined with a reduction in adversely classified loans. Net charge-offs were $39.2 million for the quarter ended September 30, 2026, compared to $1.6 million the prior quarter. Net charge-offs were $45.1 million for fiscal year 2026, compared to $11.8 million for fiscal 2025.

Profitability Net interest income was $182.4 million for the fourth fiscal quarter of 2026, a small increase of $1 million or 0.6% from the prior quarter. This minor change was the result of a flat net interest margin. Net interest margin was 2.81% in the fourth fiscal quarter 2026, the same as the quarter ended June 30, 2026.

Total non-interest income was $38.1 million for the fourth fiscal quarter of 2026 compared to $24.2 million the prior quarter. The increase was primarily driven by a $16.4 million gain on the sale of single family loans during the quarter. This gain was partially offset by the quarter-over-quarter reduction in non-interest income attributable to the $3 million gain on the sale of bank real estate recognized in the third quarter.

Total non-interest expense was $121.5 million for the fourth fiscal quarter of 2026, an increase of $11.2 million, or 10.1%, from the prior quarter. This was the result of continued investments in our people and technologies combined with $6 million in merger related costs incurred during the fourth quarter. The Company’s efficiency ratio increased in the fourth fiscal quarter of 2026 to 55.12%, compared to 53.69% in the prior quarter as a result of the increase in expenses related to the merger.

The Company recorded a $20.0 million provision for credit losses for the quarter ended September 30, 2026 compared to a provision of $11.0 million the prior quarter. The provision for loan losses for the fourth fiscal quarter of 2026 was the result of growth in the active loan portfolio and increased charge-offs during the quarter.

Income tax expense totaled $17.1 million for the fourth fiscal quarter of 2026, as compared to $18.2 million for the prior quarter. The effective tax rate for the quarter ended September 30, 2026 was 22.17%, compared to 21.60% for the quarter ended June 30, 2026. 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 210 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 16, 2026. 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/BI55bf810431ac4687be8738dd899c7d6d). The Company uses its website to distribute financial and other material information about the Company.

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

	September 30, 2026			September 30, 2025
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents	$	749,696		$	657,310
Available-for-sale securities, at fair value		4,048,405			3,533,201
Held-to-maturity securities, at amortized cost		886,881			645,802
Loans receivable, net of allowance for loan losses of $199,594 and $199,720		19,041,263			20,088,618
Loans held for sale		428,944			—
Interest receivable		101,923			98,589
Premises and equipment, net		291,695			261,271
Real estate owned		10,202			11,084
FHLB stock		122,568			88,068
Bank owned life insurance		383,934			275,159
Intangible assets, including goodwill of $418,447 and $414,722		441,958			442,093
Federal and state income tax assets, net		127,425			112,784
Other assets		595,742			485,720
	$	27,230,636		$	26,699,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits	$	12,875,849		$	12,306,532
Time deposits		8,445,118			9,131,104
Total customer deposits		21,320,967			21,437,636
Borrowings		2,493,400			1,765,604
Junior subordinated debentures		52,572			51,645
Advance payments by borrowers for taxes and insurance		61,099			59,845
Accrued expenses and other liabilities		302,129			345,394
		24,230,167			23,660,124
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; 154,928,571 and 154,408,001 shares issued; 74,016,318 and 78,186,520 shares outstanding		154,929			154,408
Additional paid-in capital		2,179,512			2,163,276
Accumulated other comprehensive income (loss), net of taxes		(14,781	)		56,950
Treasury stock, at cost; 80,912,253 and 76,221,481 shares		(1,886,265	)		(1,740,761	)
Retained earnings		2,267,074			2,105,702
		3,000,469			3,039,575
	$	27,230,636		$	26,699,699

Yield and margin as of period end
Loans receivable¹	5.44	%	5.38	%
Mortgage-backed securities	4.52		4.44
Combined cash, investments and FHLB stock	4.23		4.96
Interest-earning assets	5.21		5.23
Interest-bearing customer accounts	2.85		2.95
Borrowings¹	2.97		2.50
Interest-bearing liabilities	2.87		2.91
Net interest spread	2.34		2.32
Net interest margin	2.81		2.82

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

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

	Three months ended September 30,						Twelve months ended September 30,
		2026			2025			2026			2025
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable	$	270,935		$	271,787		$	1,064,533		$	1,119,937
Mortgage-backed securities		47,463			32,953			177,275			103,071
Investment securities and cash equivalents		18,095			21,794			74,040			116,441
		336,493			326,534			1,315,848			1,339,449
INTEREST EXPENSE
Customer accounts		129,921			143,874			515,213			604,707
Borrowings, and junior subordinated debentures		24,219			12,754			88,263			80,507
		154,140			156,628			603,476			685,214
Net interest income		182,353			169,906			712,372			654,235
Provision (release) for credit losses		20,000			3,000			38,500			7,750
Net interest income after provision (release)		162,353			166,906			673,872			646,485
NON-INTEREST INCOME
Gain on sale of investment securities		—			—			112			20
Gain on termination of hedging derivatives		(19	)		32			419			158
Gain on sale of loans		16,412			—			16,412			0
Loan fee income		2,731			2,081			8,482			6,888
Deposit fee income		8,253			7,959			31,927			29,650
Other income		10,707			8,319			44,978			34,531
Total non-interest income		38,084			18,391			102,330			71,247
NON-INTEREST EXPENSE
Compensation and benefits		59,985			56,028			228,694			222,146
Occupancy		13,064			10,895			47,787			44,937
FDIC insurance premiums		6,360			4,400			22,352			20,200
Product delivery		6,370			6,558			27,121			25,871
Information technology		17,441			16,406			63,901			60,101
Other expense		18,275			12,706			57,552			54,208
Total non-interest expense		121,495			106,993			447,407			427,463
Gain (loss) on real estate owned, net		(1,863	)		(681	)		(1,260	)		(627	)
Income before income taxes		77,079			77,623			327,535			289,642
Income tax provision		17,088			17,026			71,670			63,574
Net income		59,991			60,597			255,865			226,068
Dividends on preferred stock		3,656			3,656			14,625			14,625
Net income available to common shareholders	$	56,335		$	56,941		$	241,240		$	211,443

PER SHARE DATA
Basic earnings per common share	$	0.76		$	0.73		$	3.21		$	2.64
Diluted earnings per common share		0.76			0.72			3.21			2.63
Cash dividends per common share		0.27			0.27			1.08			1.07
Basic weighted average shares outstanding		74,001,170			78,509,472			75,091,220			80,184,395
Diluted weighted average shares outstanding		74,157,143			78,573,457			75,198,789			80,255,189
PERFORMANCE RATIOS
Return on average assets		0.87	%		0.91	%		0.94	%		0.84	%
Return on average common equity		8.25	%		8.36	%		8.85	%		7.75	%

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

	Three Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026		December 31, 2025		September 30, 2025
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable	$	270,935		$	267,243		$	262,148	$	264,207	$	271,787
Mortgage-backed securities		47,463			46,569			44,341		38,902		32,953
Investment securities and cash equivalents		18,095			18,313			18,245		19,387		21,794
		336,493			332,125			324,734		322,496		326,534
INTEREST EXPENSE
Customer accounts		129,921			123,079			125,999		136,214		143,874
Borrowings and junior subordinated debentures		24,219			27,708			21,165		15,171		12,754
		154,140			150,787			147,164		151,385		156,628
Net interest income		182,353			181,338			177,570		171,111		169,906
Provision for credit losses		20,000			11,000			4,000		3,500		3,000
Net interest income after provision		162,353			170,338			173,570		167,611		166,906
NON-INTEREST INCOME
Gain on sale of investment securities		—			112			—		—		—
Gain on termination of hedging derivatives		(19	)		(12	)		426		24		32
Gain on sale of loans		16,412			—			—		—		—
Loan fee income		2,731			2,181			2,216		1,354		2,081
Deposit fee income		8,253			8,142			7,674		7,858		7,959
Other income		10,707			13,755			9,497		11,019		8,319
Total non-interest income		38,084			24,178			19,813		20,255		18,391
NON-INTEREST EXPENSE
Compensation and benefits		59,985			57,399			57,120		54,190		56,028
Occupancy		13,064			11,842			11,711		11,170		10,895
FDIC insurance premiums		6,360			5,542			5,050		5,400		4,400
Product delivery		6,370			7,067			7,110		6,574		6,558
Information technology		17,441			16,157			15,919		14,384		16,406
Other expense		18,275			12,327			12,947		14,003		12,706
Total non-interest expense		121,495			110,334			109,857		105,721		106,993
Gain (loss) on real estate owned, net		(1,863	)		167			280		156		(681	)
Income before income taxes		77,079			84,349			83,806		82,301		77,623
Income tax provision		17,088			18,219			18,258		18,105		17,026
Net income		59,991			66,130			65,548		64,196		60,597
Dividends on preferred stock		3,656			3,656			3,656		3,656		3,656
Net income available to common shareholders	$	56,335		$	62,474		$	61,892	$	60,540	$	56,941

PER SHARE DATA
Basic earnings per common share	$	0.76		$	0.85		$	0.82		$	0.79		$	0.73
Diluted earnings per common share		0.76			0.84			0.82			0.79			0.72
Cash dividends per common share		0.27			0.27			0.27			0.27			0.27
Basic weighted average shares outstanding		74,001,170			73,901,725			75,487,399			76,969,729			78,509,472
Diluted weighted average shares outstanding		74,157,143			74,046,838			75,574,228			77,015,554			78,573,457
PERFORMANCE RATIOS
Return on average assets		0.87	%		0.96	%		0.96	%		0.96	%		0.91	%
Return on average common equity		8.25			9.23			9.05			8.86			8.36
Net interest margin		2.81			2.81			2.81			2.70			2.71
Efficiency ratio		55.12			53.69			55.66			55.25			56.82

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 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, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Tangible Measures	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP	$	3,000,469		$	3,022,569		$	2,981,283		$	3,029,407		$	3,039,575
Less intangible assets - GAAP		441,958			443,670			445,511			443,085			442,093
Tangible shareholders' equity	$	2,558,511		$	2,578,899		$	2,535,772		$	2,586,322		$	2,597,482
Less preferred stock - GAAP		300,000			300,000			300,000			300,000			300,000
Tangible common shareholders' equity	$	2,258,511		$	2,278,899		$	2,235,772		$	2,286,322		$	2,297,482

Total assets - GAAP	$	27,230,636		$	27,596,970		$	27,568,785		$	27,285,744		$	26,699,699
Less intangible assets - GAAP		441,958			443,670			445,511			443,085			442,093
Tangible assets	$	26,788,678		$	27,153,300		$	27,123,274		$	26,842,659		$	26,257,606

Tangible Metrics
Common shares outstanding - GAAP		74,016,318			73,954,133			73,855,919			76,448,351			78,186,520
Tangible common equity per share	$	30.51		$	30.82		$	30.27		$	29.91		$	29.38
Tangible equity to tangible assets		9.55	%		9.50	%		9.35	%		9.64	%		9.89	%

	Three Months Ended
Average Tangible Measures	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Average Tangible Measures	(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP	$	3,030,562		$	3,008,370		$	3,034,123		$	3,033,933		$	3,023,098
Less average preferred stock - GAAP		300,000			300,000			300,000			300,000			300,000
Less average intangible assets - GAAP		442,951			444,665			445,155			442,226			443,382
Average tangible common equity	$	2,287,611		$	2,263,705		$	2,288,968		$	2,291,707		$	2,279,716

Average Assets - GAAP	$	27,555,960		$	27,612,152		$	27,350,614		$	26,852,389		$	26,540,782
Less average intangible assets - GAAP		442,951			444,665			445,155			442,226			443,382
Average tangible assets	$	27,113,009		$	27,167,487		$	26,905,459		$	26,410,163		$	26,097,400

Average Tangible Metrics
Net income - GAAP		59,991			66,130			65,548			64,196			60,597
Net income available to common shareholders - GAAP		56,335			62,474			61,892			60,540			56,941
Return on tangible common equity		9.85	%		11.04	%		10.82	%		10.57	%		9.99	%
Return on tangible assets		0.89	%		0.97	%		0.97	%		0.97	%		0.93	%

	Three Months Ended
Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
	(Unaudited - In thousands, except for share and ratio data)
Non-interest income adjustments
(Gain)Loss on sale of branch property	$	22		$	(3,205	)	$	27		$	(3,214	)	$	467
Distribution received on LBC equity method investment		(210	)		(225	)		(225	)		(237	)		(251	)
(Gain)Loss on WaFd Bank equity method investment		422			(48	)		1,072			408			(815	)
Total non-interest income adjustments	$	234		$	(3,478	)	$	874		$	(3,043	)	$	(599	)

Non-interest expense adjustments
Merger-related expenses	$	6,168		$	—		$	—		$	—		$	—
Total non-interest expense adjustments	$	6,168		$	—		$	—		$	—		$	—

Net Income - GAAP	$	59,991		$	66,130		$	65,548		$	64,196		$	60,597
Non-interest income adjustments		234			(3,478	)		874			(3,043	)		(599	)
Non-interest expense adjustments		6,168			—			—			—			—
REO adjustments		1,863			(167	)		(280	)		(156	)		681
Income tax adjustment		(1,832	)		787			(129	)		704			(18	)
Net Income - non-GAAP	$	66,424		$	63,272		$	66,013		$	61,701		$	60,661

Dividend on preferred stock		3,656			3,656			3,656			3,656			3,656
Net Income available to common shareholders - non-GAAP	$	62,768		$	59,616		$	62,357		$	58,045		$	57,005

Basic weighted average number of shares outstanding - GAAP		74,001,170			73,901,725			75,487,399			76,969,729			78,509,472
Diluted weighted average number of shares outstanding - GAAP		74,157,143			74,046,838			75,574,228			77,015,554			78,573,457

Basic EPS - non-GAAP	$	0.85		$	0.81		$	0.83		$	0.75		$	0.73
Diluted EPS - non-GAAP		0.85			0.81			0.83			0.75			0.73

	Three Months Ended
Adjusted Efficiency Ratio	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Adjusted Efficiency Ratio	(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP		55.1	%		53.7	%		55.7	%		55.3	%		56.8	%

Net interest income - GAAP	$	182,353		$	181,338		$	177,570		$	171,111		$	169,906
Total interest income adjustments		—			—			—			—			—
Net interest income - non-GAAP	$	182,353		$	181,338		$	177,570		$	171,111		$	169,906

Non-interest expense - GAAP	$	121,495		$	110,334		$	109,857		$	105,721		$	106,993
Less merger related expenses		6,168			—			—			—			—
Non-interest Expenses - non-GAAP	$	115,327		$	110,334		$	109,857		$	105,721		$	106,993

Non-interest income - GAAP	$	38,084		$	24,178		$	19,813		$	20,255		$	18,391
Total other income adjustments		234			(3,478	)		874			(3,043	)		(599	)
Non-interest income - non-GAAP	$	38,318		$	20,700		$	20,687		$	17,212		$	17,792

Net Interest Income - non-GAAP	$	182,353		$	181,338		$	177,570		$	171,111		$	169,906
Non-interest income - non-GAAP		38,318			20,700			20,687			17,212			17,792
Total Income - non-GAAP	$	220,671		$	202,038		$	198,257		$	188,323		$	187,698

Adjusted Efficiency Ratio		52.3	%		54.6	%		55.4	%		56.1	%		57.0	%

	Three Months Ended
Adjusted ROA and ROE	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Adjusted ROA and ROE	(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP	$	59,991		$	66,130		$	65,548		$	64,196		$	60,597
Net income available to common shareholders - GAAP	$	56,335		$	62,474		$	61,892		$	60,540		$	56,941

Average Assets		27,555,960			27,612,152			27,350,614			26,852,389			26,540,782
Return on Assets		0.87	%		0.96	%		0.96	%		0.96	%		0.91	%

Average Common Equity	$	2,730,562		$	2,708,370		$	2,734,123		$	2,733,933		$	2,723,098
Return on common equity		8.25	%		9.23	%		9.05	%		8.86	%		8.36	%

Adjusted:
Net Income - non-GAAP	$	66,424		$	63,272		$	66,013		$	61,701		$	60,661
Net income available to common shareholders - non-GAAP	$	62,768		$	59,616		$	62,357		$	58,045		$	57,005

Average Assets		27,555,960			27,612,152			27,350,614			26,852,389			26,540,782
Adjusted Return on Assets		0.96	%		0.92	%		0.97	%		0.92	%		0.91	%

Average Common Equity		2,730,562			2,708,370			2,734,123			2,733,933			2,723,098
Adjusted Return on common equity		9.19	%		8.80	%		9.12	%		8.49	%		8.37	%

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, 2025 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 through the use of artificial intelligence, such as 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, which may impose restrictions or penalties on the Company's activities and changes in laws, regulations, or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) 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; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) 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 (xiv) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services; (xv) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between WaFd and EverBank, (xvi) the timing and completion of the transaction between WaFd and EverBank, including the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; (xvii) the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies; (xviii) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, and (xix) the outcome of any legal proceedings that may be instituted against WaFd or EverBank, including potential litigation that may be instituted against WaFd or its directors or officers related to the proposed transaction or the definitive merger agreement between WaFd and EverBank.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261015483998/en/

WaFd, Inc.

425 Pike Street, Seattle, WA 98101

Brad Goode, SVP, Chief Marketing Officer

206-626-8178

brad.goode@wafd.com

Fiscal Year Highlights

$256 Million

10.68%

Net Income

Diluted Earnings per

Common Share

Return on Average

Assets

Return on Tangible

Common Equity^₍₁₎