WaFd Inc

Latest Results (11.04.2026):

WaFd Inc — First quarter of fiscal 2026 (quarter ended December 31, 2025): The company reported net income of $64.196 million and diluted earnings per common share of $0.79 for Q1 2026 (up 6% and 10% versus the prior quarter, respectively, and up 36% and 46% versus Q1 a year earlier). Results were driven by modestly higher net interest income, an increase in other income, slightly lower expenses, active share repurchases and continued monitoring of credit trends.

Earnings

Net income $64.196M for Q1 2026; diluted EPS $0.79. Net income rose 6% quarter-over-quarter and 36% year-over-year; EPS rose 10% linked quarter and 46% year-over-year.

Net interest & margin

Net interest income $171.1M (up $1.2M, +1% QoQ). Net interest margin was 2.70% in Q1 2026 (essentially stable vs 2.71% in Q4 fiscal 2025).

Non‑interest income & expense

Non‑interest income $20.3M (up ~$2.0M QoQ, including a $3.2M gain on sale of a branch). Non‑interest expense $105.7M (down $1.3M QoQ). Efficiency ratio improved to 55.25% from 56.82% the prior quarter.

Credit quality

Non‑performing assets rose to $203M (0.75% of assets) and non‑accrual loans to 0.96% of loans; delinquencies increased to 1.07% of loans. Allowance for credit losses was $221M, or 1.05% of gross loans. Net charge‑offs were $3.7M in the quarter; provision for credit losses was $3.5M.

Balance sheet

Total assets $27.286B (up vs $26.700B at 9/30/25). Investments increased by $728M (driven by $866M of purchases, mainly discount agency MBS at ~4.93% yield). Net loans decreased to $19.848B; deposits were stable at $21.417B. Borrowings increased to $2.488B.

Capital & shareholder returns

Tangible common book value per share rose to $29.91. The company repurchased 1,950,013 shares in the quarter at an average price of $29.75 and paid a cash dividend of $0.27 per share on December 5, 2025 (171st consecutive quarterly dividend).

Profitability metrics

Return on average assets was 0.96% and return on average common equity was 8.86% for Q1 2026. Return on tangible common equity was 10.57% (non‑GAAP tangible metric).

Management commentary

Management described a “solid start” to fiscal 2026, noting steady margin, higher other income and lower expenses. They flagged increases in delinquent and non‑performing loans as a focus, but stated reserves are adequate and that loan demand has been modest with signs of improving client inquiries.