WaFd (WAFD) investor relations material

Company overview and market position

• Established in 1917, with an IPO in 1982, and headquartered in Seattle, WA, operating 208 branches across 9 western states.

• Second largest bank headquartered in the Pacific Northwest, with $27.3B in assets, $19.8B in loans, and $21.4B in deposits as of December 31, 2025.

• Profitable every year since 1965, with 171 consecutive quarterly cash dividends and a 14,796% total shareholder return since IPO.

• Recognized for customer satisfaction, ranking above major peers in J.D. Power’s 2025 Northwest Retail Banking Satisfaction Study.

• Net Promoter Score reached 58 in 2025, considered excellent and outperforming major competitors.

Financial performance and capital management

• Net income for the quarter ended December 31, 2025, was $60.5M, up 39% year-over-year; efficiency ratio improved to 55.25%.

• Net interest income rose 10% year-over-year to $171.1M for the quarter, with a stable net interest margin.

• Maintains strong capital ratios, with Common Equity Tier 1 and total risk-based capital above peer averages.

• Returned significant capital to shareholders through dividends and buybacks, repurchasing 1.95M shares YTD fiscal 2026.

• Book value per share at $35.70 and tangible book value per share at $29.91 as of December 31, 2025.

Loan and deposit trends

• Commercial loans now comprise 94% of new originations in Q1-2026, up from 62% in 2015, reflecting a strategic shift away from mortgage lending.

• Net loan growth has slowed, with principal repayments outpacing originations; active loan types grew by $80M in the quarter.

• Deposit base is highly diversified by industry, with consumer deposits at 30% and public administration at 10%.

• Transaction accounts now represent 60.1% of deposits, up from 55.3% a year earlier, as the bank shifts away from time deposits.

• 26.2% of total deposits are uninsured and not collateralized as of December 31, 2025.