WaFd Inc

Latest Results (30.11.2025):

WaFd Inc — Fourth quarter of 2025 (Q4 2025) and fiscal 2025 results: WaFd reported Q4 net income of $60.6 million ($0.72 diluted EPS) and full‑year net income of $226.1 million ($2.63 diluted EPS). The company closed fiscal 2025 with improving margins and a shift toward commercial/business lending, steady deposits, lower borrowings and an expanding loan pipeline, while credit metrics showed increased non‑performing assets in the quarter.

Earnings

Q4 2025 net income was $60.6M (down 2% vs Q3) and diluted EPS $0.72; fiscal 2025 net income was $226.1M (up 13% vs FY2024) and diluted EPS $2.63 (up $0.13 vs FY2024, +5.2%).

Net interest income & margin

Net interest income for Q4 was $169.9M (up 1.1% vs prior quarter). Net interest margin improved to 2.71% in Q4 from 2.69% in Q3 and 2.62% a year ago, helped by lower cost of deposits and borrowings.

Loans and originations

Period-end net loans were $20.09B (down from $20.92B a year ago). Loan originations totaled $4.0B for fiscal 2025 (83% commercial), and the company noted a 103% increase in new originations versus Q3 with a building loan pipeline over three consecutive quarters.

Deposits, liquidity and borrowings

Total deposits were $21.44B (largely unchanged year‑over‑year). Transaction/core deposits rose (transaction accounts were 57.4% of deposits), and borrowings declined to $1.82B from $3.32B a year earlier, lowering funding costs (weighted borrowings rate ~2.5%).

Credit quality

Non‑performing assets increased to $143M (0.54% of assets) driven by higher non‑accruals; delinquencies were 0.60% of loans (up from 0.26% in Q2). The allowance for credit losses was $221M (1.04% of gross loans). Net charge‑offs were modest in Q4 ($1.0M) but $11.8M for the full year.

Expenses & efficiency

Total non‑interest expense in Q4 was $107.0M (up $2.7M vs Q3) due to strategic investments in staff and technology; the efficiency ratio rose to 56.82% from 56.01% in the prior quarter.

Shareholder returns & capital actions

WaFd paid a $0.27 quarterly cash dividend (170th consecutive quarterly dividend) and repurchased 969,653 shares in Q4 at a $29.74 weighted average price (3.45M shares repurchased in FY2025 at $29.56 avg). Tangible common book value per share rose to $29.38 (from $27.73 a year ago).