Form 8-K

8-K — WAFD INC

Accession: 0000936528-26-000038

Filed: 2026-04-17

Period: 2026-04-16

CIK: 0000936528

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wfsl-20260416.htm (Primary)

EX-99.1 (exhibit991_march2026earnin.htm)

EX-99.2 (exhibit992_mar2026factsheet.htm)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 8-K

____________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 16, 2026

____________________________________

WAFD, INC.

(Exact name of registrant as specified in its charter)

____________________________________

Washington

001-34654 91-1661606

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

425 Pike Street

Seattle

Washington

98101

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (206) 624-7930

Not Applicable

(Former name or former address, if changed since last report)

____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol Name of each exchange on which registered

Common Stock, $1.00 par value per share WAFD NASDAQ Stock Market

Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock WAFDP NASDAQ Stock Market

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Item 2.02 Results of Operations and Financial Condition

On April 16, 2026, WaFd, Inc. (the "Company") announced by press release its earnings for the quarter ended March 31, 2026. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the March 31, 2026 Fact Sheet, which presents certain detailed financial information about the Company, is attached as Exhibit 99.2. This information is being furnished under Item 2.02 (Results of Operations and Financial Condition) of Form 8-K.

Item 9.01 Financial Statements and Exhibits

99.1

Press release dated April 16, 2026

99.2

Fact Sheet as of March 31, 2026

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.

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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

April 16, 2026 WAFD, INC.

By: /s/ KELLI J. HOLZ

Kelli J. Holz

Executive Vice President

and Chief Financial Officer

EX-99.1

Filename: exhibit991_march2026earnin.htm · Sequence: 2

Document

Exhibit 99.1

Thursday, April 16, 2026

FOR IMMEDIATE RELEASE

WaFd Announces Quarterly Earnings Per Share Of $0.82

Q2 Highlights

$66 Million $0.82 0.96% 10.8%

Net Income Diluted Earnings per Common Share Return on Average Assets

Return on Tangible Common Equity1

Uncertainty seems to be our new reality, not just in the banking sector, but also in the broader global context. Our strong foundation enabled us to deliver for our customers even during uncertain times. During the quarter, we executed on our strategic plan and grew our active loan segments by 12% annualized. Given our growth in loans, notable improvements in asset quality metrics, and a widening margin, we see a bright future in spite of current uncertainties. Our stock was trading near tangible book value for the majority of the quarter, so we aggressively bought back shares at less than 1.1x tangible book value. We were able to buy back 3.6% of total outstanding shares during the quarter. Our return on tangible common equity was 10.8% making it one of the best investment alternatives available to us. Credit goes to our amazing team of bankers that is working hard to deliver for our clients."

Brent Beardall

President and CEO of WaFd Bank

Net Interest Income and NIM

■$178 million net interest income for the quarter compared to $171 million in Q1.

■Net interest margin at 2.81% for the quarter compared to 2.70% for Q1.

Credit Quality

■Non-performing assets down $71 million to 0.48% of total assets compared to 0.75% for Q1.

■Delinquencies down $58 million to 0.78% of total loans compared to 1.07% for Q1.

Non-Interest Income and Expense

■Non-interest income was stable and non-interest expense up $4 million compared to prior quarter.

■Efficiency ratio increased to 55.66% compared to 55.25% in the prior quarter as a result of a higher increase in expenses compared to income.

Shareholder Returns and Stock Activity

■On February 27, 2026, the Company paid a cash dividend of $0.27 per share, 172nd consecutive quarterly dividend paid.

■2,738,096 shares were repurchased during the quarter at a weighted average price of $31.85 per share.

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

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (or the "Bank"), today announced quarterly earnings of $65,548,000 for the quarter ended March 31, 2026, an increase of 2% from net earnings of $64,196,000 for the quarter ended December 31, 2025 and an increase of 17% from net earnings of $56,252,000 for the quarter ended March 31, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.82 per diluted share for the quarter ended March 31, 2026, compared to $0.79 per diluted share for the quarter ended December 31, 2025, and $0.65 per diluted share for the quarter ended March 31, 2025, a $0.17 or 26% increase in fully diluted earnings per common share.

Quarterly Earnings Release Q2 2026

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, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

BALANCE SHEET

Cash $ 669,799 $ 734,915 $ 657,310 $ 809,252 $ 1,231,461

Loans receivable, net 19,966,983 19,848,156 20,088,618 20,277,164 20,920,001

Allowance for credit losses ("ACL") 224,450 221,039 221,220 219,268 222,709

Available-for-sale securities, at fair value 4,352,258 4,142,285 3,533,201 3,387,497 3,142,763

Held-to-maturity securities, at amortized cost 745,727 764,794 645,802 512,854 526,502

Total investments 5,097,985 4,907,079 4,179,003 3,900,351 3,669,265

Total assets 27,568,785 27,285,744 26,699,699 26,731,915 27,644,637

Transaction deposits 12,746,921 12,865,974 12,306,532 11,969,124 11,853,984

Time deposits 8,377,230 8,550,996 9,131,104 9,417,447 9,573,442

Total deposits 21,124,151 21,416,970 21,437,636 21,386,571 21,427,426

Borrowings and junior subordinated debentures 3,114,548 2,488,411 1,817,249 1,991,087 2,814,938

Total shareholders' equity 2,981,283 3,029,407 3,039,575 3,014,325 3,032,620

Loans to customer deposits 94.52 % 92.67 % 93.71 % 94.81 % 97.63 %

PROFITABILITY

Net income $ 65,548 $ 64,196 $ 60,597 $ 61,952 $ 56,252

Net income to common shareholders 61,892 60,540 56,941 58,296 52,596

Earnings per common share 0.82 0.79 0.72 0.73 0.65

Return on tangible common equity1

10.82 % 10.57 % 9.99 % 10.20 % 9.18 %

Return on tangible assets1

0.97 % 0.97 % 0.93 % 0.94 % 0.84 %

Net interest margin 2.81 % 2.70 % 2.71 % 2.69 % 2.55 %

Efficiency ratio 55.66 % 55.25 % 56.82 % 56.01 % 58.31 %

FINANCIAL HIGHLIGHTS

Common shareholders' equity per share $ 36.30 $ 35.70 $ 35.04 $ 34.30 $ 33.84

Tangible common shareholders' equity per share1

30.27 29.91 29.38 28.69 28.31

Shareholders' equity to total assets 10.81 % 11.10 % 11.38 % 11.28 % 10.97 %

Tangible shareholders' equity to tangible assets1

9.35 % 9.64 % 9.89 % 9.78 % 9.51 %

Common shares outstanding 73,855,919 76,448,351 78,186,520 79,130,276 80,758,674

Preferred shares outstanding 300,000 300,000 300,000 300,000 300,000

CREDIT QUALITY

ACL to gross loans 1.05 % 1.05 % 1.04 % 1.03 % 1.01 %

Non-accrual loans to net loans 0.62 % 0.96 % 0.64 % 0.41 % 0.29 %

Delinquencies to net loans 0.78 % 1.07 % 0.60 % 0.26 % 0.27 %

Non-performing assets to total assets 0.48 % 0.75 % 0.54 % 0.36 % 0.26 %

Total criticized loans to net loans 4.24 % 4.60 % 4.39 % 4.07 % 3.32 %

Total adversely classified loans to net loans 2.60 % 2.94 % 3.16 % 3.54 % 2.53 %

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

Quarterly Earnings Release Q2 2026

WaFd Inc. Announces Second Quarter Results

Balance Sheet Total assets increased to $27.6 billion as of March 31, 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 $919 million, or 22.0% in the six months ended March 31, 2026, a result of $1.2 billion of purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 4.87%. Net loans decreased $122 million to $20.0 billion and cash increased $12 million, or 1.9% during same period.

Customer deposits totaled $21.1 billion as of March 31, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.41% as of March 31, 2026, compared to 2.69% at September 30, 2025. Transaction accounts increased by $440 million or 3.6% during the six months ended March 31, 2026, while time deposits decreased $754 million or 8.3%. As of March 31, 2026, 60.3% of the Company’s deposits were transaction accounts, an increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 80.4% of deposits at March 31, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.2% of total deposits as of March 31, 2026, a decrease from 26.2% as of September 30, 2025.

Borrowings totaled $3.1 billion as of March 31, 2026, up from $1.8 billion at September 30, 2025. The effective weighted average interest rate of borrowings was 3.01% as of March 31, 2026, compared to 2.50% at September 30, 2025.

Loan originations for active loan types totaled $1.5 billion for the second fiscal quarter of 2026, compared to $1.1 billion of originations in the prior quarter. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $0.9 billion and $1.0 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 $0.3 billion during the quarter. Commercial loans represented 96% of all loan originations during the second fiscal quarter of 2026 and consumer loans accounted for the remaining 4%. The period end interest yield on the loan portfolio was 5.26% as of March 31, 2026, a decrease from 5.38% at September 30, 2025.

Tangible common equity per share is a key metric for our management team. For the six months ended March 31, 2026, tangible book value per share grew to $30.27 at March 31, 2026 from $29.38 as of 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 quarter, the Company repurchased 2,738,096 shares of common stock at a weighted average price of $31.85. In February, the WaFd, Inc. Board of Directors authorized an increase in shares available to be repurchased to a total of 10 million shares. Our share repurchase plan currently has a remaining authorization of 8.0 million shares which, depending on share price, provides a compelling investment alternative.

Credit Quality Considering the shifting economic and monetary environment, further impacted by recent global developments, credit quality continues to be monitored closely. As of March 31, 2026, non-performing assets decreased to $132 million, or 0.48% of total assets, from $203 million, or 0.75%, at December 31, 2025 and from $143 million, or 0.54%, at September 30, 2025. The change is due to non-accrual loans decreasing by $4.8 million, or 4%, since September 30, 2025 combined with decreases in real estate owned ("REO") of $3.0 million and other property owned of $3.3 million during the same time frame. Delinquent loans increased to 0.78% of total loans at March 31, 2026, compared to 0.60% at September 30, 2025 but decreased compared to 1.07% at December 31, 2025.

The allowance for credit losses (including the reserve for unfunded commitments) totaled $224 million as of March 31, 2026, and was 1.05% of gross loans outstanding, as compared to $221 million, or 1.04% of gross loans outstanding, as of September 30, 2025. Net charge-offs were $0.6 million for the second fiscal quarter of 2026, compared to $3.7 million for the prior quarter.

Profitability Net interest income was $178 million for the second fiscal quarter of 2026, an increase of $6.5 million or 4% from the prior quarter. The increase in net interest income was primarily due to an 5 basis point increase in the rate earned on interest earning assets combined with a 9 basis point decrease in the rate paid on interest bearing liabilities. As a result of these changes, net interest margin increased to 2.81% in the second fiscal quarter of 2026 compared to 2.70% for the quarter ended December 31, 2025.

Total non-interest income was $19.8 million for the second fiscal quarter of 2026 compared to $20.3 million the prior quarter. The decrease compared to the prior quarter was primarily due to losses taken on certain equity method investments in the quarter offset by increased commission income from the Bank's insurance subsidiary, WaFd Insurance.

Total non-interest expense was $109.9 million in the second fiscal quarter of 2026, an increase of $4.1 million, or 3.9%, from the prior quarter. The increase is the result of increased compensation and technology expenses, reflecting annual merit increases and continued investment in operational efficiency.

Quarterly Earnings Release Q2 2026

WaFd Inc. Announces Second Quarter Results

The Company recorded a $4.0 million provision for credit losses in the second fiscal quarter of 2026 compared to a provision of $3.5 million the prior quarter. The provision for loan losses in the quarter ended March 31, 2026 was the net result of increased commercial loan originations. $0.6 million of net charge-offs were taken during the quarter.

Return on common shareholders' equity for the quarter ended March 31, 2026 was 9.05% compared to 8.86% for the quarter ended December 31, 2025. Adjusted for certain non-operating items, return on equity for the quarter was 9.12% compared to adjusted return on equity of 8.49% the prior quarter. Return on assets for the quarter ended March 31, 2026 was 0.96%, unchanged from the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter was 0.97% compared to adjusted return on assets of 0.92% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

Income tax expense totaled $18.3 million the second fiscal quarter of 2026, as compared to $18.1 million for the prior quarter. The effective tax rate for the quarter ended March 31, 2026 was 21.8% compared to 22.0% for the quarter ended December 31, 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 7:00 am Pacific Time on Friday April 17, 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/BI3742b47b9d1546a6a24d982d3a85576b). The Company uses its website to distribute financial and other material information about the Company.

# # #

Quarterly Earnings Release Q2 2026

WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

March 31, 2026 September 30, 2025

(In thousands, except share and ratio data)

ASSETS

Cash and cash equivalents $ 669,799 $ 657,310

Available-for-sale securities, at fair value 4,352,258 3,533,201

Held-to-maturity securities, at amortized cost 745,727 645,802

Loans receivable, net of allowance for loan losses of $201,950 and $199,720 19,966,983 20,088,618

Interest receivable 98,856 98,589

Premises and equipment, net 294,033 261,271

Real estate owned 8,125 11,084

FHLB stock 146,351 88,068

Bank owned life insurance 279,097 275,159

Intangible assets, including goodwill of $418,447 and $414,722 445,511 442,093

Federal and state income tax assets 106,063 112,784

Other assets 455,982 485,720

$ 27,568,785 $ 26,699,699

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Transaction deposits $ 12,746,921 $ 12,306,532

Time deposits 8,377,230 9,131,104

Total customer deposits 21,124,151 21,437,636

Borrowings 3,062,441 1,765,604

Junior subordinated debentures 52,107 51,645

Advance payments by borrowers for taxes and insurance 45,356 59,845

Federal and state income tax liabilities 470 —

Accrued expenses and other liabilities 302,977 345,394

24,587,502 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; 154,758,612 and 154,408,001 shares issued; 73,855,919 and 78,186,520 shares outstanding 154,759 154,408

Additional paid-in capital 2,169,653 2,163,276

Accumulated other comprehensive income (loss), net of taxes 55,085 56,950

Treasury stock, at cost 80,902,693 and 76,221,481 shares (1,885,828) (1,740,761)

Retained earnings 2,187,614 2,105,702

2,981,283 3,039,575

$ 27,568,785 $ 26,699,699

Yield and margin as of period end

Loans receivable1

5.26 % 5.38 %

Mortgage-backed securities 4.45 4.44

Combined cash, investments and FHLB stock 4.22 4.96

Interest-earning assets 5.06 5.23

Interest-bearing customer accounts 2.74 2.95

Borrowings1

3.01 2.50

Interest-bearing liabilities 2.78 2.91

Net interest spread 2.28 2.32

Net interest margin 2.81 2.82

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

Quarterly Earnings Release Q2 2026

WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended March 31, Six Months Ended March 31,

2026 2025 2026 2025

(In thousands, except share and ratio data)

INTEREST INCOME

Loans receivable $ 262,148 $ 282,077 $ 526,355 $ 568,674

Mortgage-backed securities 44,341 23,926 83,243 42,263

Investment securities and cash equivalents 18,245 30,081 37,632 70,264

324,734 336,084 647,230 681,201

INTEREST EXPENSE

Customer accounts 125,999 151,948 262,213 314,098

Borrowings and junior subordinated debentures 21,165 23,226 36,336 50,762

147,164 175,174 298,549 364,860

Net interest income 177,570 160,910 348,681 316,341

Provision (release) for credit losses 4,000 2,750 7,500 2,750

Net interest income after provision (release) 173,570 158,160 341,181 313,591

NON-INTEREST INCOME

Gain (loss) on sale of investment securities — — — 20

Gain (loss) on termination of hedging derivatives 426 65 450 70

Loan fee income 2,216 1,812 3,570 3,157

Deposit fee income 7,674 7,057 15,532 14,103

Other income 9,497 9,947 20,516 17,233

Total non-interest income 19,813 18,881 40,068 34,583

NON-INTEREST EXPENSE

Compensation and benefits 57,120 52,710 111,310 112,637

Occupancy 11,711 11,499 22,881 22,287

FDIC insurance premiums 5,050 5,800 10,450 10,650

Product delivery 7,110 6,907 13,684 12,692

Information technology 15,919 14,481 30,303 28,673

Other expense 12,947 13,435 26,950 29,204

Total non-interest expense 109,857 104,832 215,578 216,143

Gain (loss) on real estate owned, net 280 (199) 436 230

Income before income taxes 83,806 72,010 166,107 132,261

Income tax provision 18,258 15,758 36,363 28,742

Net income 65,548 56,252 129,744 103,519

Dividends on preferred stock 3,656 3,656 7,312 7,312

Net income available to common shareholders $ 61,892 $ 52,596 $ 122,432 $ 96,207

PER SHARE DATA

Basic earnings per common share $ 0.82 $ 0.65 $ 1.61 $ 1.19

Diluted earnings per common share 0.82 0.65 1.60 1.18

Cash dividends per common share 0.27 0.27 0.54 0.53

Basic weighted average shares outstanding 75,487,399 81,061,206 76,236,709 81,178,997

Diluted weighted average shares outstanding 75,574,228 81,105,536 76,315,090 81,278,102

PERFORMANCE RATIOS

Return on average assets 0.96 % 0.82 % 0.96 % 0.75 %

Return on average common equity 9.05 % 7.68 % 8.96 % 7.06 %

Quarterly Earnings Release Q2 2026

WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(In thousands, except share and ratio data)

INTEREST INCOME

Loans receivable $ 262,148 $ 264,207 $ 271,787 $ 279,476 $ 282,077

Mortgage-backed securities 44,341 38,902 32,953 27,855 23,926

Investment securities and cash equivalents 18,245 19,387 21,794 24,383 30,081

324,734 322,496 326,534 331,714 336,084

INTEREST EXPENSE

Customer accounts 125,999 136,214 143,874 146,735 151,948

Borrowings and junior subordinated debentures 21,165 15,171 12,754 16,991 23,226

147,164 151,385 156,628 163,726 175,174

Net interest income 177,570 171,111 169,906 167,988 160,910

Provision for credit losses 4,000 3,500 3,000 2,000 2,750

Net interest income after provision 173,570 167,611 166,906 165,988 158,160

NON-INTEREST INCOME

Gain on sale of investment securities — — — — —

Gain on termination of hedging derivatives 426 24 32 56 65

Loan fee income 2,216 1,354 2,081 1,650 1,812

Deposit fee income 7,674 7,858 7,959 7,588 7,057

Other income 9,497 11,019 8,319 8,979 9,947

Total non-interest income 19,813 20,255 18,391 18,273 18,881

NON-INTEREST EXPENSE

Compensation and benefits 57,120 54,190 56,028 53,481 52,710

Occupancy 11,711 11,170 10,895 11,755 11,499

FDIC insurance premiums 5,050 5,400 4,400 5,150 5,800

Product delivery 7,110 6,574 6,558 6,621 6,907

Information technology 15,919 14,384 16,406 15,022 14,481

Other expense 12,947 14,003 12,706 12,298 13,435

Total non-interest expense 109,857 105,721 106,993 104,327 104,832

Gain (loss) on real estate owned, net 280 156 (681) (176) (199)

Income before income taxes 83,806 82,301 77,623 79,758 72,010

Income tax provision 18,258 18,105 17,026 17,806 15,758

Net income 65,548 64,196 60,597 61,952 56,252

Dividends on preferred stock 3,656 3,656 3,656 3,656 3,656

Net income available to common shareholders $ 61,892 $ 60,540 $ 56,941 $ 58,296 $ 52,596

Quarterly Earnings Release Q2 2026

WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(In thousands, except share and ratio data)

PER SHARE DATA

Basic earnings per common share $ 0.82 $ 0.79 $ 0.73 $ 0.73 $ 0.65

Diluted earnings per common share 0.82 0.79 0.72 0.73 0.65

Cash dividends per common share 0.27 0.27 0.27 0.27 0.27

Basic weighted average shares outstanding 75,487,399 76,969,729 78,509,472 79,888,520 81,061,206

Diluted weighted average shares outstanding 75,574,228 77,015,554 78,573,457 79,907,672 81,105,536

PERFORMANCE RATIOS

Return on average assets 0.96 % 0.96 % 0.91 % 0.92 % 0.82 %

Return on average common equity 9.05 8.86 8.36 8.54 7.68

Net interest margin 2.81 2.70 2.71 2.69 2.55

Efficiency ratio 55.66 55.25 56.82 56.01 58.31

Quarterly Earnings Release Q2 2026

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, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(Unaudited - In thousands, except for share and ratio data)

Shareholders' equity - GAAP $ 2,981,283 $ 3,029,407 $ 3,039,575 $ 3,014,325 $ 3,032,620

Less intangible assets - GAAP 445,511 443,085 442,093 444,291 446,660

Tangible shareholders' equity $ 2,535,772 $ 2,586,322 $ 2,597,482 $ 2,570,034 $ 2,585,960

Less preferred stock - GAAP 300,000 300,000 300,000 300,000 300,000

Tangible common shareholders' equity $ 2,235,772 $ 2,286,322 $ 2,297,482 $ 2,270,034 $ 2,285,960

Total assets - GAAP $ 27,568,785 $ 27,285,744 $ 26,699,699 $ 26,731,915 $ 27,644,637

Less intangible assets - GAAP 445,511 443,085 442,093 444,291 446,660

Tangible assets $ 27,123,274 $ 26,842,659 $ 26,257,606 $ 26,287,624 $ 27,197,977

Tangible Metrics

Common shares outstanding - GAAP 73,855,919 76,448,351 78,186,520 79,130,276 80,758,674

Tangible common equity per share $ 30.27 $ 29.91 $ 29.38 $ 28.69 $ 28.31

Tangible equity to tangible assets 9.35 % 9.64 % 9.89 % 9.78 % 9.51 %

Quarterly Earnings Release Q2 2026

WAFD, INC. AND SUBSIDIARIES

NON-GAAP MEASURES

(UNAUDITED)

Three Months Ended

Average Tangible Measures March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(Unaudited - In thousands, except for ratio data)

Average shareholders' equity - GAAP $ 3,034,123 $ 3,033,933 $ 3,023,098 $ 3,030,745 $ 3,039,021

Less average preferred stock

- GAAP 300,000 300,000 300,000 300,000 300,000

Less average intangible assets - GAAP 445,155 442,226 443,382 445,733 448,272

Average tangible common equity $ 2,288,968 $ 2,291,707 $ 2,279,716 $ 2,285,012 $ 2,290,749

Average Assets - GAAP $ 27,350,614 $ 26,852,389 $ 26,540,782 $ 26,813,500 $ 27,371,320

Less average intangible assets - GAAP 445,155 442,226 443,382 445,733 448,272

Average tangible assets $ 26,905,459 $ 26,410,163 $ 26,097,400 $ 26,367,767 $ 26,923,048

Average Tangible Metrics

Net income - GAAP 65,548 64,196 60,597 61,952 56,252

Net income available to common shareholders' - GAAP 61,892 60,540 56,941 58,296 52,596

Return on tangible common equity 10.82 % 10.57 % 9.99 % 10.20 % 9.18 %

Return on tangible assets 0.97 % 0.97 % 0.93 % 0.94 % 0.84 %

Quarterly Earnings Release Q2 2026

WAFD, INC. AND SUBSIDIARIES

NON-GAAP MEASURES

(UNAUDITED)

Three Months Ended

Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(Unaudited - In thousands, except for share and ratio data)

Non-interest income adjustments

(Gain)Loss on sale of branch property $ 27 $ (3,214) $ 467 $ 4 $ —

Distribution received on LBC equity method investment (225) (237) (251) (255) (257)

(Gain)Loss on WaFd Bank equity method investment 1,072 408 (815) 304 (155)

Total non-interest income adjustments $ 874 $ (3,043) $ (599) $ 53 $ (412)

Net Income - GAAP $ 65,548 $ 64,196 $ 60,597 $ 61,952 $ 56,252

Interest income adjustments — — — — —

Non-interest income adjustments 874 (3,043) (599) 53 (412)

Non-interest expense adjustments — — — — —

REO adjustments (280) (156) 681 176 199

Income tax adjustment (129) 704 (18) (51) 47

Net Income - non-GAAP $ 66,013 $ 61,701 $ 60,661 $ 62,130 $ 56,086

Dividend on preferred stock 3,656 3,656 3,656 3,656 3,656

Net Income available to common shareholders' - non-GAAP $ 62,357 $ 58,045 $ 57,005 $ 58,474 $ 52,430

Basic weighted average number of shares outstanding - GAAP 75,487,399 76,969,729 78,509,472 79,888,520 81,061,206

Diluted weighted average number of shares outstanding - GAAP 75,574,228 77,015,554 78,573,457 79,907,672 81,105,536

Basic EPS - non-GAAP $ 0.83 $ 0.75 $ 0.73 $ 0.73 $ 0.65

Diluted EPS - non-GAAP 0.83 0.75 0.73 0.73 0.65

Quarterly Earnings Release Q2 2026

WAFD, INC. AND SUBSIDIARIES

NON-GAAP MEASURES

(UNAUDITED)

Three Months Ended

Adjusted Efficiency Ratio March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(Unaudited - In thousands, except for ratio data)

Efficiency ratio - GAAP 55.7 % 55.3 % 56.8 % 56.0 % 58.3 %

Net interest income - GAAP $ 177,570 $ 171,111 $ 169,906 $ 167,988 $ 160,910

Total interest income adjustments — — — — —

Net interest income - non-GAAP $ 177,570 $ 171,111 $ 169,906 $ 167,988 $ 160,910

Non-interest expense - GAAP $ 109,857 $ 105,721 $ 106,993 $ 104,327 $ 104,832

Less non-operating expenses — — — — —

Non-interest Expenses -

non-GAAP $ 109,857 $ 105,721 $ 106,993 $ 104,327 $ 104,832

Non-interest income - GAAP $ 19,813 $ 20,255 $ 18,391 $ 18,273 $ 18,881

Total other income adjustments 874 (3,043) (599) 53 (412)

Non-interest income -

non-GAAP $ 20,687 $ 17,212 $ 17,792 $ 18,326 $ 18,469

Net Interest Income -

non-GAAP $ 177,570 $ 171,111 $ 169,906 $ 167,988 $ 160,910

Non-interest income -

non-GAAP 20,687 17,212 17,792 18,326 18,469

Total Income - non-GAAP $ 198,257 $ 188,323 $ 187,698 $ 186,314 $ 179,379

Adjusted Efficiency Ratio 55.4 % 56.1 % 57.0 % 56.0 % 58.4 %

Quarterly Earnings Release Q2 2026

WAFD, INC. AND SUBSIDIARIES

NON-GAAP MEASURES

(UNAUDITED)

Three Months Ended

Adjusted ROA and ROE March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(Unaudited - In thousands, except for ratio data)

Reported:

Net Income - GAAP $ 65,548 $ 64,196 $ 60,597 $ 61,952 $ 56,252

Net income available to common shareholders - GAAP $ 61,892 $ 60,540 $ 56,941 $ 58,296 $ 52,596

Average Assets 27,350,614 26,852,389 26,540,782 26,813,500 27,371,320

Return on Assets 0.96 % 0.96 % 0.91 % 0.92 % 0.82 %

Average Common Equity $ 2,734,123 $ 2,733,933 $ 2,723,098 $ 2,730,745 $ 2,739,021

Return on Common Equity 9.05 % 8.86 % 8.36 % 8.54 % 7.68 %

Adjusted:

Net Income - non-GAAP $ 66,013 $ 61,701 $ 60,661 $ 62,130 $ 56,086

Net income available to common shareholders - non-GAAP $ 62,357 $ 58,045 $ 57,005 $ 58,474 $ 52,430

Average Assets 27,350,614 26,852,389 26,540,782 26,813,500 27,371,320

Adjusted Return on Assets 0.97 % 0.92 % 0.91 % 0.93 % 0.82 %

Average Common Equity 2,734,123 2,733,933 2,723,098 2,730,745 2,739,021

Adjusted Return on Common Equity 9.12 % 8.49 % 8.37 % 8.57 % 7.66 %

Quarterly Earnings Release Q2 2026

Important Cautionary Statements

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.

# # #

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 2026

EX-99.2

Filename: exhibit992_mar2026factsheet.htm · Sequence: 3

Document

Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results

WaFd, Inc.

Fact Sheet

March 31, 2026

($ in Thousands)

As of 09/25 As of 12/25 As of 03/26

Allowance for Credit Losses (ACL) - Total $ 221,220 $ 221,039 $ 224,450

ACL - Loans 199,720 199,539 201,950

ACL - Unfunded Commitments 21,500 21,500 22,500

Total ACL as a % of Gross Loans 1.04 % 1.05 % 1.05 %

Active Loan Types 09/25 QTR 09/25 YTD 12/25 QTR 12/25 YTD 03/26 QTR 03/26 YTD

Originations & Advances

Multi-Family $ 67,649 $ 104,035 $ 131,805 $ 131,805 $ 114,375 $ 246,180

Commercial Real Estate 210,650 384,749 123,439 123,439 229,982 353,421

Commercial & Industrial 507,280 1,667,064 502,134 502,134 564,961 1,067,095

Construction 498,368 1,038,182 276,369 276,369 533,444 809,813

Land - Acquisition & Development 43,864 94,864 18,650 18,650 37,748 56,398

Consumer 44,962 206,943 40,745 40,745 41,550 82,295

$ 1,372,773 $ 3,495,837 $ 1,093,142 $ 1,093,142 $ 1,522,060 $ 2,615,202

Repayments & Payoffs

Multi-Family $ 74,857 $ 376,472 $ 169,890 $ 169,890 $ 144,320 $ 314,210

Commercial Real Estate 187,130 560,907 191,596 191,596 132,833 324,429

Commercial & Industrial 408,027 1,687,446 371,788 371,788 297,043 668,831

Construction 459,122 1,030,562 220,062 220,062 230,260 450,322

Land - Acquisition & Development 40,407 116,477 19,981 19,981 18,473 38,454

Consumer 55,707 208,658 49,090 49,090 36,475 85,565

$ 1,225,250 $ 3,980,522 $ 1,022,407 $ 1,022,407 $ 859,404 $ 1,881,811

Inactive Loan Types

Originations & Advances

Single-Family Residential — 211,686 — — 30 30

Construction - Custom 15,840 95,835 — — — —

Land - Consumer Lot Loans — 7,340 — — — —

HELOC 26,108 145,501 25,407 25,407 20,566 45,973

$ 41,948 $ 460,362 $ 25,407 $ 25,407 $ 20,596 $ 46,003

Repayments & Payoffs

Single-Family Residential 226,780 916,903 270,137 270,137 232,157 502,294

Construction - Custom 10,467 77,143 12,799 12,799 8,628 21,427

Land - Consumer Lot Loans 7,286 26,841 6,254 6,254 5,702 11,956

HELOC 30,839 143,767 32,038 32,038 29,496 61,534

$ 275,372 $ 1,164,654 $ 321,228 $ 321,228 $ 275,983 $ 597,211

Purchased Loans $3,246 $113,069 $9,926 $9,926 $0 $9,926

Weighted Average Rate on Originations 6.87 % 5.99 % 6.22 %

Weighted Average Rate on Payoffs 6.35 % 6.31 % 6.12 %

Net Loan Fee Accretion $ 3,515 $ 12,870 $ 3,267 $ 3,267 $ 4,104 $ 7,371

Net Discount Accretion on Acquired Loans $ 5,242 $ 25,131 $ 6,101 $ 6,101 $ 5,764 $ 11,865

WaFd Fact Sheet Q2 2026

Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results

WaFd, Inc.

Fact Sheet

March 31, 2026

($ in Thousands)

As of 09/25 As of 12/25 As of 03/26

Loans Receivable by Category Amount % Amount % Amount %

Multi-Family $ 4,718,480 22.2 % $ 4,698,342 22.3 % $ 4,750,092 22.2 %

Commercial Real Estate 3,604,600 17.0 3,561,865 17.0 3,670,285 17.0

Commercial & Industrial 2,392,685 11.2 2,530,666 12.0 2,798,568 13.1

Construction 1,756,890 8.2 1,742,158 8.3 1,955,180 9.1

Land - Acquisition & Development 179,099 0.8 177,768 0.8 197,044 0.9

Consumer 61,461 0.3 52,701 0.3 54,649 0.3

Total Active 12,713,215 59.8 12,763,500 60.7 13,425,818 62.6

Single-Family Residential 8,053,771 37.9 7,823,718 37.2 7,618,273 35.5

Construction - Custom 150,237 0.7 105,576 0.5 69,520 0.3

Land - Consumer Lot Loans 89,298 0.4 83,046 0.4 77,275 0.4

HELOC 267,871 1.3 261,240 1.3 252,319 1.2

Total Inactive 8,561,177 40.2 8,273,580 39.3 8,017,387 37.4

21,274,392 100 % 21,037,080 100 % 21,443,205 100 %

Less:

Loans in Process 773,606 783,233 1,063,129

Net Deferred Fees, Costs and Discounts 212,448 206,152 211,143

Loans at Amortized Cost 20,288,338 20,047,695 20,168,933

Less:

Allowance for Credit Losses (ACL) - Loans 199,720 199,539 201,950

Net Loans $ 20,088,618 $ 19,848,156 $ 19,966,983

Net Loan Portfolio by Category Amount % Amount % Amount %

Multi-Family $ 4,605,368 23.0 % $ 4,591,242 23.2 % $ 4,646,676 23.3 %

Commercial Real Estate 3,546,962 17.7 3,505,521 17.7 3,611,179 18.1

Commercial & Industrial 2,327,200 11.6 2,462,384 12.4 2,722,472 13.6

Construction 1,086,965 5.4 1,025,434 5.2 940,245 4.7

Land - Acquisition & Development 133,027 0.6 139,326 0.7 160,874 0.8

Consumer 58,603 0.3 50,194 0.3 51,876 0.3

Total Active 11,758,125 58.5 11,774,101 59.3 12,133,322 60.8

Single-Family Residential 7,898,051 39.3 7,674,094 38.7 7,467,652 37.4

Construction - Custom 77,633 0.4 57,916 0.3 38,565 0.2

Land - Consumer Lot Loans 86,591 0.3 80,533 0.3 74,942 0.3

HELOC 268,218 1.4 261,512 1.4 252,502 1.3

Total Inactive 8,330,493 41.5 8,074,055 40.7 7,833,661 39.2

$ 20,088,618 100 % $ 19,848,156 100 % $ 19,966,983 100 %

Loan Contractual Term to Maturity or Repricing1

Amount Rate Amount Rate Amount Rate

Within 3 months $ 7,597,733 6.74% $ 7,195,026 6.67% $ 7,186,683 6.57%

From 4 to 6 months 510,018 5.22 348,029 4.39 697,759 5.07

From 7 to 9 months 458,216 4.54 549,421 4.41 479,410 4.01

From 10 to 12 months 560,805 4.37 452,195 3.95 500,864 4.51

1 to 3 years 2,427,306 4.30 2,210,585 4.48 2,290,380 4.60

3 to 5 years 1,790,498 5.14 1,831,468 5.17 1,735,993 5.21

More than 5 years 6,943,762 4.20 7,460,971 4.18 7,277,844 4.18

Total $ 20,288,338 5.28 % $ 20,047,695 5.20 % $ 20,168,933 5.20 %

1Includes the effect of derivatives.

WaFd Fact Sheet Q2 2026

Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results

WaFd, Inc.

Fact Sheet

March 31, 2026

($ in Thousands)

As of 09/25 As of 12/25 As of 03/26

Loans by State Amount % Amount % Amount %

Washington $ 5,593,068 27.6 % $ 5,483,287 27.4 % $ 5,514,736 27.3 %

Idaho 916,571 4.5 889,654 4.4 897,510 4.4

Oregon 2,467,622 12.2 2,393,259 11.9 2,310,279 11.5

Utah 1,905,473 9.4 1,875,494 9.4 1,810,775 9.0

Nevada 809,737 4.0 810,694 4.0 794,031 3.9

Texas 2,313,800 11.4 2,323,979 11.6 2,472,011 12.3

Arizona 2,302,659 11.3 2,230,436 11.1 2,266,443 11.2

New Mexico 791,414 3.9 800,433 4.0 804,986 4.0

California 2,833,719 14.0 2,779,329 13.9 2,753,103 13.7

Other 354,275 1.7 461,130 2.3 545,059 2.7

Total $ 20,288,338 100 % $ 20,047,695 100 % $ 20,168,933 100 %

Non-Performing Assets Amount % Amount % Amount %

Non-accrual loans:

Multi-Family $ 19,121 15.0 % $ 31,710 16.5 % $ 34,385 27.7 %

Commercial Real Estate 69,972 54.4 68,501 35.8 4,682 3.8

Commercial & Industrial 11,047 8.6 58,180 30.4 54,728 44.2

Construction 3,400 2.6 3,400 1.8 — —

Land - Acquisition & Development — — — — — —

Single-Family Residential 23,741 18.4 26,579 13.9 28,188 22.8

Construction - Custom 760 0.6 2,054 1.1 760 0.6

Land - Consumer Lot Loans 23 — 270 0.1 325 0.3

HELOC 412 0.3 481 0.3 593 0.5

Consumer 152 0.1 173 0.1 198 0.2

Total non-accrual loans 128,628 100 % 191,348 100 % 123,859 100 %

Real Estate Owned 11,084 8,738 8,125

Other Property Owned 3,310 3,310 —

Total non-performing assets $ 143,022 $ 203,396 $ 131,984

Non-accrual loans as % of total net loans 0.64 % 0.96 % 0.62 %

Non-performing assets as % of total assets 0.54 % 0.75 % 0.48 %

Net Charge-offs (Recoveries) by Category 09/25 QTR

CO % (a)

12/25 QTR

CO % (a)

3/26 QTR

CO % (a)

Multi-Family $ 182 0.02 % $ — — % $ 81 0.01 %

Commercial Real Estate — — (648) (0.07) (7) —

Commercial & Industrial 577 0.10 4,191 0.66 124 0.02

Construction — — — — — —

Land - Acquisition & Development (7) (0.02) (109) (0.25) (7) (0.01)

Single-Family Residential (4) — 45 — 25 —

Construction - Custom (2) (0.01) (2) (0.01) (2) (0.01)

Land - Consumer Lot Loans — — — — — —

HELOC (1) — — — (1) —

Consumer 303 1.97 204 1.55 376 2.75

Total net charge-offs (recoveries) $ 1,048 0.02 % $ 3,681 0.07 % $ 589 0.01 %

(a)Annualized Net Charge-offs (recoveries) divided by Gross Balance

WaFd Fact Sheet Q2 2026

Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results

WaFd, Inc.

Fact Sheet

March 31, 2026

($ in Thousands)

09/25 QTR 09/25 YTD 12/25 QTR 12/25 YTD 03/26 QTR 03/26 YTD

Efficiency

Operating Expenses/Average Assets 1.61 % 1.58 % 1.57 % 1.57 % 1.61 % 1.59 %

Efficiency Ratio (%) 56.82 % 58.92 % 55.25 % 55.25 % 55.66 % 55.45 %

Amortization of Intangibles $ 2,198 $ 9,875 $ 2,058 $ 2,058 $ 1,974 $ 4,032

EOP Numbers

Shares Issued and Outstanding 78,186,520 76,448,351 73,855,919

Share repurchase information

Remaining shares authorized for repurchase 8,162,654 6,256,136 7,992,669

Shares repurchased 969,653 3,447,771 1,950,013 1,950,013 2,738,096 4,688,109

Average share repurchase price $ 29.74 $ 29.56 $ 29.75 $ 29.75 $ 31.85 $ 30.98

Tangible Common Shareholders' Book Value As of 09/25 As of 12/25 As of 03/26

$ Amount $ 2,297,482 $ 2,286,322 $ 2,235,772

Per Share 29.38 29.91 30.27

# of Employees 2,029 2,049 2,070

Investments

Available-for-sale:

Agency MBS $ 2,603,153 $ 3,236,388 $ 3,478,537

Other 930,048 905,897 873,721

$ 3,533,201 $ 4,142,285 $ 4,352,258

Held-to-maturity:

Agency MBS $ 645,802 $ 764,794 $ 745,727

$ 645,802 $ 764,794 $ 745,727

09/25 QTR 09/25 YTD 12/25 QTR 12/25 YTD 03/26 QTR 03/26 YTD

MBS Repayments $ 113,640 $ 335,543 $ 117,282 $ 117,282 $ 107,198 $ 224,480

MBS Net Premium Amortization $ 2,796 $ 5,121 $ 3,276 $ 3,276 $ 4,076 $ 7,352

WaFd Fact Sheet Q2 2026

Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results

WaFd, Inc.

Fact Sheet

March 31, 2026

($ in Thousands)

As of 09/25 As of 12/25 As of 03/26

Deposits & Branches by State Amount % # Amount % # Amount % #

Washington $ 8,685,124 40.5 % 73 $ 8,479,452 39.6 % 73 $ 8,504,298 40.3 % 73

Idaho 935,047 4.4 21 936,443 4.4 21 926,134 4.4 21

Oregon 2,724,526 12.7 36 2,926,616 13.7 36 2,827,773 13.4 36

Utah 601,054 2.8 9 550,998 2.6 9 558,689 2.6 9

Nevada 559,906 2.5 8 532,178 2.5 8 544,906 2.6 8

Texas 760,636 3.6 5 1,171,402 5.4 5 961,614 4.5 5

Arizona 1,641,460 7.7 28 1,651,572 7.7 28 1,671,233 7.9 28

New Mexico 1,802,886 8.4 18 1,675,873 7.8 18 1,799,259 8.5 18

California 3,726,997 17.4 10 3,492,436 16.3 10 3,330,245 15.8 10

Total $ 21,437,636 100 % 208 $ 21,416,970 100 % 208 $ 21,124,151 100 % 208

Deposits by Type Amount % Amount % Amount %

Non-Interest Checking $ 2,567,539 12.0 % $ 2,692,680 12.6 % $ 2,577,976 12.2 %

Interest Checking 4,865,808 22.7 5,187,008 24.2 5,151,103 24.4

Savings 701,558 3.4 722,188 3.5 726,630 3.5

Money Market 4,171,627 19.4 4,264,098 19.9 4,291,212 20.3

Time Deposits 9,131,104 42.6 8,550,996 39.8 8,377,230 39.6

Total $ 21,437,636 100 % $ 21,416,970 100 % $ 21,124,151 100 %

Deposits Uninsured &

Non-collateralized - EOP $ 5,302,026 24.7 % $ 5,607,476 26.2 % $ 5,333,317 25.2 %

Time Deposit Repricing Amount Rate Amount Rate Amount Rate

Within 3 months $ 3,426,185 3.79 % $ 2,427,461 3.77 % $ 4,207,471 3.68 %

From 4 to 6 months 2,367,760 3.82 % 4,007,405 3.71 % 2,025,605 3.41 %

From 7 to 9 months 2,426,103 3.85 % 1,185,086 3.43 % 1,224,586 3.42 %

From 10 to 12 months 507,109 3.54 % 558,606 3.25 % 536,210 3.19 %

1 to 3 years 393,468 2.95 % 361,495 2.95 % 373,016 2.95 %

3 to 5 years 10,479 0.32 % 10,943 0.32 % 10,342 0.32 %

Borrowings (Effective Maturity)1

Amount Rate Amount Rate Amount Rate

Within 3 months $ 730,000 4.30 % $ 800,000 3.70 % $ 1,425,000 3.85 %

From 4 to 6 months 100,000 1.46 % — — % 118,879 4.52 %

From 7 to 9 months — — % 117,970 4.52 % 150,000 3.81 %

From 10 to 12 months 117,041 4.64 % 150,000 3.81 % — — %

1 to 3 years — — % 225,000 3.41 % 225,000 3.51 %

3 to 5 years 18,563 0.04 % 993,562 1.06 % 993,562 1.09 %

More than 5 years 851,645 0.83 % 201,879 4.57 % 202,107 4.48 %

1Includes junior subordinated debentures

09/25 QTR 09/25 YTD 12/25 QTR 12/25 YTD 03/26 QTR 03/26 YTD

Net Premium(Discount) Amortization on Acquired Deposits and Borrowings $ (1,162) $ (7,042) $ (1,162) $ (1,162) $ (1,137) $ (2,299)

WaFd Fact Sheet Q2 2026

Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results

WaFd, Inc.

Fact Sheet

March 31, 2026

($ in Thousands)

Interest Rate Risk(b)

As of 09/25 As of 12/25 As of 03/26

NPV post up 100 bps shock 10.9 % 10.7 % 10.6 %

NPV post down 100 bps shock 12.9 % 12.8 % 12.6 %

Change in NII after up 100 bps shock (0.1 %) (0.2 %) (0.1 %)

Change in NII after down 100 bps shock 4.8 % 4.8 % 6.2 %

(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)

Average for Quarter Ended: WAFD

SFR Mortgages WAFD

GSE MBS

3/31/2024 4.8 % 8.7 %

6/30/2024 6.6 % 12.0 %

9/30/2024 8.6 % 12.9 %

12/31/2024 8.1 % 12.7 %

3/31/2025 8.1 % 9.1 %

6/30/2025 9.0 % 12.5 %

9/30/2025 7.5 % 13.7 %

12/31/2025 9.6 % 13.3 %

3/31/2026 8.1 % 12.9 %

(c)The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that is paid off prematurely in each period.

Balance

Cumulative Maturity/Repricing Through1:

March 31, 2026 Fixed Variable 3 Months 6 Months 12 Months 24 Months

Assets

Cash $ 669,799 — % 100 % $ 669,799 100 % $ 669,799 100 % $ 669,799 100 % $ 669,799 100 %

Investments 5,097,985 55 % 45 % 1,918,085 38 % 1,995,497 39 % 2,011,710 39 % 2,019,411 40 %

Loans 20,168,933 48 % 52 % 7,186,683 36 % 7,884,442 39 % 8,864,716 44 % 10,277,822 51 %

$ 25,936,717 $ 9,774,567 38 % $ 10,549,738 41 % $ 11,546,225 45 % $ 12,967,032 50 %

Liabilities

Deposits $ 21,124,151 40 % 60 % $ 16,954,392 80 % $ 18,979,997 90 % $ 20,740,793 98 % $ 21,080,946 100 %

Borrowings 3,114,548 98 % 2 % 1,477,107 47 % 1,595,986 51 % 1,745,986 56 % 1,970,986 63 %

$ 24,238,699 $ 18,431,499 76 % $ 20,575,983 85 % $ 22,486,779 93 % $ 23,051,932 95 %

1Includes the effect of derivatives.

WaFd Fact Sheet Q2 2026

Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results

WaFd, Inc.

Fact Sheet

March 31, 2026

Average Balance Sheet

($ in Thousands)

Quarter Ended

September 30, 2025 December 31, 2025 March 31, 2026

Average Balance Interest Average Rate Average Balance Interest Average Rate Average Balance Interest Average Rate

Assets

Loans receivable $ 20,143,956 $ 271,787 5.35 % $ 19,919,355 $ 264,206 5.26 % $ 19,916,014 $ 262,148 5.34 %

Mortgage-backed securities 3,095,991 32,953 4.22 3,649,588 38,902 4.23 4,163,644 44,341 4.32

Cash & investments 1,506,416 19,284 5.08 1,443,462 17,290 4.75 1,410,981 15,711 4.52

FHLB Stock 89,504 2,510 11.13 104,133 2,097 7.99 135,738 2,534 7.57

Total interest-earning assets 24,835,867 326,534 5.22 % 25,116,538 322,495 5.09 % 25,626,377 324,734 5.14 %

Other assets 1,704,915 1,735,851 1,724,237

Total assets $ 26,540,782 $ 26,852,389 $ 27,350,614

Liabilities and Shareholders' Equity

Interest-bearing customer accounts $ 18,749,992 143,874 3.04 % $ 18,676,059 136,214 2.89 % $ 18,515,826 125,999 2.76 %

Borrowings 1,848,601 12,754 2.74 2,174,736 15,171 2.77 2,877,764 21,165 2.98

Total interest-bearing liabilities 20,598,593 156,628 3.02 % 20,850,795 151,385 2.88 % 21,393,590 147,164 2.79 %

Noninterest-bearing customer accounts 2,605,377 2,636,122 2,603,558

Other liabilities 313,714 331,539 319,343

Total liabilities 23,517,684 23,818,456 24,316,491

Shareholders’ equity 3,023,098 3,033,933 3,034,123

Total liabilities and equity $ 26,540,782 $ 26,852,389 $ 27,350,614

Net interest income/interest rate spread $ 169,906 2.20 % $ 171,110 2.21 % $ 177,570 2.35 %

Net interest margin(1)

2.71 % 2.70 % 2.81 %

(1)Annualized net interest income divided by average interest-earning assets

WaFd Fact Sheet Q2 2026

Exhibit 99.2 WaFd Inc. Announces Second Quarter 2026 Results

WaFd, Inc.

Fact Sheet

March 31, 2026

Delinquency Summary

($ in Thousands)

# of Loans

Type of Loans #Loans AVG Size Loans

Amortized

Cost 30 60 90 Total % Based on # $ Delinquent % Based on $

March 31, 2026

Multi-Family 1,850 2,526 $ 4,672,599 14 1 10 25 1.35 % $ 48,153 1.03 %

Commercial Real Estate 1,224 2,984 3,652,683 3 — 2 5 0.41 2,692 0.07

Commercial & Industrial 6,237 448 2,791,133 58 14 15 87 1.39 62,239 2.23

Construction 355 2,696 956,957 — — — — — — —

Land - Acquisition & Development 83 2,031 168,566 — — — — — — —

Single-Family Residential 20,019 375 7,501,331 41 11 79 131 0.65 39,929 0.53

Construction - Custom 48 810 38,867 1 — 1 2 4.17 892 2.30

Land - Consumer Lot Loans 787 98 76,763 — — 5 5 0.64 325 0.42

HELOC 3,951 65 255,352 12 4 7 23 0.58 1,895 0.74

Consumer 5,309 10 54,682 32 25 41 98 1.85 590 1.08

39,863 506 $ 20,168,933 161 55 160 376 0.94 % $ 156,715 0.78 %

December 31, 2025

Multi-Family 1,851 2,494 $ 4,617,085 12 3 7 22 1.19 % $ 37,609 0.81 %

Commercial Real Estate 1,226 2,894 3,547,626 1 2 6 9 0.73 66,631 1.88

Commercial & Industrial 5,844 432 2,524,486 40 8 13 61 1.04 60,799 2.41

Construction 374 2,791 1,043,910 1 — 1 2 0.53 3,673 0.35

Land - Acquisition & Development 87 1,684 146,548 — — — — — — —

Single-Family Residential 20,355 379 7,709,942 45 16 67 128 0.63 40,712 0.53

Construction - Custom 89 656 58,371 — — 2 2 2.25 2,055 3.52

Land - Consumer Lot Loans 827 100 82,490 2 2 4 8 0.97 415 0.50

HELOC 4,053 65 264,462 14 4 4 22 0.54 2,090 0.79

Consumer 6,954 8 52,775 35 19 36 90 1.29 406 0.77

41,660 481 $ 20,047,695 150 54 140 344 0.83 % $ 214,390 1.07 %

September 30, 2025

Multi-Family 1,851 2,502 $ 4,631,321 — 3 4 7 0.38 % $ 20,644 0.45 %

Commercial Real Estate 1,251 2,869 3,588,950 2 1 6 9 0.72 51,041 1.42

Commercial & Industrial 5,537 431 2,386,363 5 12 35 52 0.94 1,185 0.05

Construction 358 3,087 1,105,101 — — — — — — —

Land - Acquisition & Development 84 1,666 139,922 — — — — — — —

Single-Family Residential 20,773 382 7,936,931 55 20 65 140 0.67 46,088 0.58

Construction - Custom 134 584 78,243 — — 1 1 0.75 760 0.97

Land - Consumer Lot Loans 874 101 88,696 2 1 3 6 0.69 332 0.37

HELOC 4,166 65 271,286 12 5 5 22 0.53 2,182 0.80

Consumer 6,620 9 61,525 25 14 45 84 1.27 353 0.57

41,648 487 $ 20,288,338 101 56 164 321 0.77 % $ 122,585 0.60 %

WaFd Fact Sheet Q2 2026

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