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WaFd (WAFD) investor relations material
WaFd Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Oct, 2025
Executive summary
Fiscal 2025 net income rose 13% year-over-year to $226 million ($2.63 per share), with Q4 net income at $61 million ($0.72 per share); both up year-over-year.
Strategic shift from mortgage lending to business banking and digital transformation continues, driving a 103% increase in new loan originations over Q3.
Exited single-family mortgage lending, reallocating runoff to agency MBS for higher yield and lower risk.
Tangible book value per share increased to $29.38 from $27.73 year-over-year.
Launched WaFd Wealth Management and closed out HMDA consent orders.
Financial highlights
Net interest income for Q4 was $169.9 million, up 1.1% sequentially; net interest margin improved to 2.71% from 2.69% in Q3 and 2.62% a year ago.
Non-interest income for Q4 was $18.4 million; insurance subsidiary revenue up 12.5% year-over-year.
Non-interest expense increased 2.6% sequentially, mainly due to investments in talent and technology.
Efficiency ratio for Q4 was 56.82%, up from 56.01% in the prior quarter.
Annual loan originations reached $4.0 billion, up from $3.6 billion in 2024.
Outlook and guidance
Active loan portfolio expected to grow 8%-12% in fiscal 2026.
Inactive loan portfolio (mainly single-family) expected to run off $200-$300 million per quarter.
Margin expected to expand with future rate cuts, with a lag of about one quarter for full effect.
Focus on growing non-interest-bearing deposits to 20% of total by 2030.
Loan pipeline has grown for three consecutive quarters, indicating positive momentum for 2026.
How is the business lending shift affecting net loans?
Assess risk of the Q4 commercial real estate NPA
Explain NII sensitivity to 100 bps rate changes?
Build 2030: NIB deposit growth strategy?
Credit outlook: Key drivers for trends?
Capital deployment given current valuation?
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Q1 202615 Jan, 2026
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Frequently asked questions
WaFd Inc., also known as Washington Federal, Inc., is a bank holding company that operates through its primary subsidiary, Washington Federal Bank. The company provides a wide range of financial services, including personal and commercial banking, mortgage lending, and wealth management. WaFd offers traditional banking products such as savings accounts, checking accounts, and loans to individuals and businesses. In addition to its core banking services, the company focuses on delivering personalized financial solutions to meet the needs of its clients across various markets in the western United States. The company is headquartered in Seattle, Washington, and its shares are listed on the NASDAQ.
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