EX-99.2 3 exhibit992_june2025factshe.htm EX-99.2 Document
WaFd Inc. Announces Third Quarter 2025 Results
WaFd, Inc.
Fact Sheet
June 30, 2025
($ in Thousands)
Exhibit 99.2
As of 12/24As of 03/25As of 06/25
Allowance for Credit Losses (ACL) - Total$225,022 $222,709 $219,268 
ACL - Loans204,522 202,709 198,768 
ACL - Unfunded Commitments20,500 20,000 20,500 
Total ACL as a % of Gross Loans1.00 %1.01 %1.03 %
12/24 QTR12/24 YTD03/25 QTR03/25 YTD06/25 QTR06/25 YTD
Loan Originations - Total$930,689 $930,689 $913,759 $1,844,448 $697,031 $2,541,479 
Multi-Family6,388 6,388 24,464 30,852 5,534 36,386 
Commercial Real Estate47,726 47,726 82,295 130,021 44,078 174,099 
Commercial & Industrial405,877 405,877 429,009 834,886 324,898 1,159,784 
Construction162,662 162,662 171,344 334,005 205,809 539,814 
Land - Acquisition & Development7,934 7,934 24,474 32,408 18,592 51,000 
Single-Family Residential156,117 156,117 48,088 204,205 7,481 211,686 
Construction - Custom51,009 51,009 28,986 79,995 — 79,995 
Land - Consumer Lot Loans4,968 4,968 2,372 7,340 — 7,340 
HELOC43,030 43,030 41,897 84,927 34,466 119,393 
Consumer44,978 44,978 60,830 105,808 56,173 161,981 
Purchased Loans$102,016 $102,016 $3,847 $105,863 $3,960 $109,823 
Loan Repayments & Payoffs - Total$981,574 $981,574 $1,183,897 $2,165,471 $1,479,083 $3,644,554 
Multi-Family63,136 63,136 80,455 143,591 158,024 301,615 
Commercial Real Estate114,179 114,179 106,057 220,236 153,541 373,777 
Commercial & Industrial338,005 338,005 476,377 814,382 465,037 1,279,419 
Construction116,331 116,331 164,167 280,498 290,942 571,440 
Land - Acquisition & Development29,960 29,960 25,047 55,007 21,063 76,070 
Single-Family Residential214,726 214,726 232,447 447,173 242,950 690,123 
Construction - Custom21,526 21,526 14,704 36,230 30,446 66,676 
Land - Consumer Lot Loans6,556 6,556 7,104 13,660 5,895 19,555 
HELOC34,048 34,048 32,659 66,707 46,221 112,928 
Consumer43,107 43,107 44,880 87,987 64,964 152,951 
Weighted Average Rate on Originations6.91 %7.12 %7.22 %
Weighted Average Rate on Payoffs6.50 %6.74 %6.25 %
Net Loan Fee Accretion$3,070 $3,070 $3,192 $6,262 $3,093 $9,355 
Net Discount Accretion on Acquired Loans$6,930 $6,930 $6,447 $13,377 $6,512 $19,889 
MBS Repayments$68,287 $68,287 $59,306 $127,593 $94,310 $221,903 
MBS Net Premium Amortization$434 $434 $877 $1,311 $1,014 $2,325 

logo_wafdbank.jpg 
WaFd Fact Sheet Q3 2025
1
WaFd Inc. Announces Third Quarter 2025 Results
WaFd, Inc.
Fact Sheet
June 30, 2025
($ in Thousands)
As of 12/24As of 03/25As of 06/25
Loans Receivable by Category Amount % Amount % Amount %
Multi-Family$4,829,736 21.5 %$4,967,125 22.4 %$4,881,996 22.8 %
Commercial Real Estate3,637,986 16.2 3,665,363 16.6 3,615,077 17.0 
Commercial & Industrial2,408,693 10.6 2,389,025 10.7 2,295,802 10.7 
Construction2,062,116 9.2 1,791,886 8.1 1,540,474 7.2 
Land - Acquisition & Development178,687 0.8 178,114 0.8 175,643 0.8 
Single-Family Residential8,520,833 38.0 8,401,084 37.9 8,231,623 38.5 
Construction - Custom335,715 1.5 287,461 1.3 188,109 0.9 
Land - Consumer Lot Loans107,205 0.5 102,475 0.5 96,582 0.5 
HELOC275,132 1.2 284,295 1.3 272,614 1.3 
Consumer75,933 0.3 91,899 0.4 69,912 0.3 
22,432,036 100 %22,158,727 100 %21,367,832 100 %
Less:
Loans in Process903,253 798,996 673,338 
Net Deferred Fees, Costs and Discounts263,760 237,021 218,562 
Loans at Amortized Cost21,265,023 21,122,710 20,475,932 
Less:
Allowance for Credit Losses (ACL) - Loans204,522 202,709 198,768 
Net Loans $21,060,501 $20,920,001 $20,277,164 
Net Loan Portfolio by Category Amount % Amount % Amount %
Multi-Family$4,714,800 22.4 %$4,840,784 23.2 %$4,753,223 23.5 %
Commercial Real Estate3,572,885 17.0 3,601,008 17.2 3,550,119 17.5 
Commercial & Industrial2,343,246 11.1 2,324,598 11.1 2,235,310 11.0 
Construction1,362,145 6.5 1,191,930 5.7 1,018,588 5.0 
Land - Acquisition & Development139,388 0.7 129,358 0.6 123,627 0.6 
Single-Family Residential8,320,765 39.5 8,223,356 39.3 8,068,150 39.8 
Construction - Custom154,495 0.7 136,424 0.7 94,625 0.5 
Land - Consumer Lot Loans103,961 0.4 99,370 0.4 93,659 0.4 
HELOC275,880 1.3 284,970 1.4 273,155 1.4 
Consumer72,936 0.3 88,203 0.4 66,708 0.3 
$21,060,501 100 %$20,920,001 100 %$20,277,164 100 %

Loan Contractual Term to Maturity or Repricing1
AmountRateAmountRateAmountRate
Within 3 months$5,612,092 7.12% $5,577,953 6.98% $5,613,535 6.92% 
From 4 to 6 months372,974 5.83 410,864 5.69 287,877 4.63 
From 7 to 9 months328,727 3.19 341,198 4.70 401,319 4.77 
From 10 to 12 months371,071 4.90 377,179 4.76 376,346 4.46 
1 to 3 years3,070,702 4.04 3,063,242 4.22 2,728,113 4.22 
3 to 5 years1,850,505 4.95 1,811,205 4.94 1,743,810 4.98 
More than 5 years9,658,951 4.19 9,541,069 4.22 9,324,933 4.20 
Total$21,265,022 5.04 %$21,122,710 5.06 %$20,475,933 5.04 %
1Includes the effect of derivatives.
logo_wafdbank.jpg 
WaFd Fact Sheet Q3 2025
2
WaFd Inc. Announces Third Quarter 2025 Results
WaFd, Inc.
Fact Sheet
June 30, 2025
($ in Thousands)
As of 12/24As of 03/25As of 06/25
Loans by StateAmount%Amount%Amount%
Washington$5,857,840 27.5 %$5,726,161 27.1 %$5,590,478 27.3 %
Idaho940,094 4.4 935,583 4.4 927,628 4.5 
Oregon2,477,443 11.7 2,505,629 11.9 2,498,467 12.2 
Utah2,114,388 9.9 2,129,700 10.1 1,980,098 9.7 
Nevada773,271 3.6 786,919 3.6 774,624 3.8 
Texas2,500,824 11.8 2,417,928 11.4 2,390,479 11.7 
Arizona2,333,725 11.0 2,355,148 11.1 2,299,764 11.2 
New Mexico766,170 3.6 802,884 3.8 791,212 3.9 
California3,037,930 14.3 2,979,107 14.1 2,891,410 14.1 
Other463,337 2.2 483,651 2.3 331,773 1.6 
Total$21,265,022 100 %$21,122,710 100 %$20,475,933 100 %
Non-Performing AssetsAmount %Amount %Amount %
Non-accrual loans:
Multi-Family$24,077 33.2 %$10,477 17.5 %$11,601 14.1 %
Commercial Real Estate26,292 36.3 29,320 49.0 46,720 56.5 
Commercial & Industrial1,963 2.7 — — 33 — 
Construction624 0.9 — — 3,400 4.1 
Land - Acquisition & Development— — — — — — 
Single-Family Residential17,440 24.1 18,734 31.3 19,246 23.3 
Construction - Custom848 1.2 847 1.4 847 1.0 
Land - Consumer Lot Loans8 — 8 — 8 — 
HELOC786 1.1 300 0.5 662 0.8 
Consumer449 0.6 200 0.3 179 0.2 
Total non-accrual loans72,487 100 %59,886 100 %82,696 100 %
Real Estate Owned3,316 7,688 11,154 
Other Property Owned3,310 3,310 3,310 
Total non-performing assets$79,113 $70,884 $97,160 
Non-accrual loans as % of total net loans0.34 %0.29 %0.41 %
Non-performing assets as % of total assets0.29 %0.26 %0.36 %
Net Charge-offs (Recoveries) by Category12/24 QTR
CO % (a)
03/25 QTR
CO % (a)
06/25 QTR
CO % (a)
Multi-Family$— — %$— — %$— — %
Commercial Real Estate163 0.02 4,223 0.46 5,470 0.61 
Commercial & Industrial353 0.06 198 0.03 (89)(0.02)
Construction— — — — — — 
Land - Acquisition & Development(12)(0.03)(8)(0.02)(6)(0.01)
Single-Family Residential(456)(0.02)331 0.02 (105)(0.01)
Construction - Custom— — — — (2)— 
Land - Consumer Lot Loans— — — — — — 
HELOC(1)— — — (1)— 
Consumer184 0.97 319 1.39 174 1.00 
Total net charge-offs (recoveries)$231 — %$5,063 0.09 %$5,441 0.10 %
(a)Annualized Net Charge-offs (recoveries) divided by Gross Balance
logo_wafdbank.jpg 
WaFd Fact Sheet Q3 2025
3
WaFd Inc. Announces Third Quarter 2025 Results
WaFd, Inc.
Fact Sheet
June 30, 2025
($ in Thousands)
12/24 QTR12/24 YTD03/25 QTR03/25 YTD06/25 QTR06/25 YTD
Efficiency
Operating Expenses/Average Assets1.62 %1.62 %1.53 %1.58 %1.56 %1.57 %
Efficiency Ratio (%)65.04 %65.04 %58.31 %61.59 %56.01 %59.66 %
Amortization of Intangibles$2,755 $2,755 $2,553 $5,308 $2,369 $7,677 
EOP Numbers
Shares Issued and Outstanding81,373,760 80,758,674 79,130,276 
Share repurchase information
Remaining shares authorized for repurchase11,501,005 10,777,898 9,129,488 
Shares repurchased89,528 89,528 726,082 815,610 1,662,508 2,478,118 
Average share repurchase price$38.09 $38.09 $29.39 $30.35 $29.08 $29.49 

Tangible Common Shareholders' Book ValueAs of 12/24As of 03/25As of 06/25
$ Amount$2,272,423 $2,285,960 $2,270,034 
Per Share27.93 28.31 28.69 
# of Employees2,175 2,018 2,004 
Investments
Available-for-sale:
Agency MBS$1,600,089 $2,074,672 $2,411,707 
Other1,143,642 1,068,091 975,790 
$2,743,731 $3,142,763 $3,387,497 
Held-to-maturity:
Agency MBS$537,348 $526,502 $512,854 
$537,348 $526,502 $512,854 
logo_wafdbank.jpg 
WaFd Fact Sheet Q3 2025
4
WaFd Inc. Announces Third Quarter 2025 Results
WaFd, Inc.
Fact Sheet
June 30, 2025
($ in Thousands)
As of 12/24As of 03/25As of 06/25
Deposits & Branches by StateAmount%#Amount%#Amount%#
Washington$8,589,398 40.1 %73 $8,723,693 40.7 %73 $8,716,662 40.8 %73 
Idaho946,554 4.4 22 949,570 4.4 21 933,759 4.4 21 
Oregon2,704,966 12.6 36 2,798,850 13.1 36 2,779,995 13.0 36 
Utah573,469 2.7 9 601,503 2.8 9 619,203 2.9 9 
Nevada531,383 2.5 8 538,439 2.5 8 547,488 2.5 8 
Texas683,513 3.2 5 398,210 1.9 5 524,380 2.4 5 
Arizona1,628,742 7.6 28 1,676,939 7.8 28 1,666,381 7.8 28 
New Mexico1,568,788 7.3 19 1,666,280 7.8 19 1,711,722 8.0 18 
California4,211,964 19.6 10 4,073,942 19.0 10 3,886,981 18.2 10 
Total$21,438,777 100 %210 $21,427,426 100 %209 $21,386,571 100 %208 
Deposits by TypeAmount%Amount%Amount%
Non-Interest Checking$2,489,394 11.6 %$2,400,172 11.2 %$2,487,816 11.6 %
Interest Checking4,554,922 21.2 4,625,596 21.6 4,705,457 22.0 
Savings714,755 3.4 715,199 3.4 703,085 3.4 
Money Market4,094,788 19.1 4,113,017 19.2 4,072,766 19.0 
Time Deposits9,584,918 44.7 9,573,442 44.7 9,417,447 44.0 
Total$21,438,777 100 %$21,427,426 100 %$21,386,571 100 %
Deposits Uninsured &
Non-collateralized - EOP		$5,317,511 24.8 %$5,490,142 25.6 %$5,094,400 23.8 %
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$3,744,158 4.59 %$3,380,830 4.31 %$3,287,622 4.21 %
From 4 to 6 months2,655,054 4.38 %3,153,646 4.23 %3,340,791 3.79 %
From 7 to 9 months1,538,725 4.49 %1,412,021 3.86 %1,157,423 3.73 %
From 10 to 12 months836,930 3.41 %962,710 3.39 %1,253,435 3.73 %
Borrowings (Effective Maturity)AmountRateAmountRateAmountRate
Within 3 months$1,850,825 4.84 %$1,750,000 4.50 %$925,000 4.49 %
From 4 to 6 months— — %— — %— — %
From 7 to 9 months— — %— — %100,000 1.60 %
From 10 to 12 months— — %100,000 1.67 %— — %
1 to 3 years194,284 3.14 %95,193 4.66 %96,112 4.66 %
3 to 5 years18,400 — %18,565 0.04 %18,564 0.04 %
More than 5 years851,118 1.15 %851,180 0.95 %851,411 0.86 %
Total$2,914,627 $2,814,938 $1,991,087 

12/24 QTR12/24 YTD03/25 QTR03/25 YTD06/25 QTR06/25 YTD
Net Premium(Discount) Amortization on Acquired Deposits and Borrowings$(2,920)$(2,920)$(1,811)$(4,731)$(1,149)$(5,880)
logo_wafdbank.jpg 
WaFd Fact Sheet Q3 2025
5
WaFd Inc. Announces Third Quarter 2025 Results
WaFd, Inc.
Fact Sheet
June 30, 2025
($ in Thousands)

Interest Rate Risk(b)
As of 12/24As of 03/25As of 06/25
NPV post up 100 bps shock10.2 %10.0 %10.6 %
NPV post down 100 bps shock12.2 %12.2 %12.6 %
Change in NII after up 100 bps shock1.4 %0.5 %1.1 %
Change in NII after down 100 bps shock2.0 %4.4 %4.0 %
(b)Assumes no balance sheet management actions taken.

Historical CPR Rates (c)
Average for Quarter Ended:WAFD
SFR Mortgages		WAFD
GSE MBS
6/30/20237.9 %11.8 %
9/30/20237.0 %14.5 %
12/31/20236.6 %9.7 %
3/31/20244.8 %8.7 %
6/30/20246.6 %12.0 %
9/30/20248.6 %12.9 %
12/31/20248.1 %12.7 %
3/31/20258.1 %9.1 %
6/30/20259.0 %12.5 %
(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.
logo_wafdbank.jpg 
WaFd Fact Sheet Q3 2025
6
WaFd Inc. Announces Third Quarter 2025 Results
WaFd, Inc.
Fact Sheet
June 30, 2025
Average Balance Sheet
($ in Thousands)
Quarter Ended
December 31, 2024March 31, 2025June 30, 2025
Average BalanceInterestAverage RateAverage BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets
Loans receivable$20,954,663 $286,597 5.43 %$20,918,986 $282,077 5.47 %$20,592,807 $279,476 5.44 %
Mortgage-backed securities1,882,688 18,337 3.86 2,369,535 23,926 4.10 2,708,789 27,855 4.12 
Cash & investments2,855,030 37,941 5.27 2,216,944 27,631 5.05 1,683,378 21,544 5.13 
FHLB Stock106,062 2,242 8.39 123,346 2,450 8.06 106,816 2,839 10.66 
Total interest-earning assets25,798,443 345,117 5.31 %25,628,811 336,084 5.32 %25,091,790 331,714 5.30 %
Other assets1,706,133 1,742,509 1,721,710 
Total assets$27,504,576 $27,371,320 $26,813,500 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$18,743,048 162,150 3.43 %$18,881,290 151,948 3.26 %$18,769,137 146,735 3.14 %
Borrowings2,899,012 27,536 3.77 2,723,664 23,226 3.46 2,226,086 16,991 3.06 
Total interest-bearing liabilities21,642,060 189,686 3.48 %21,604,954 175,174 3.29 %20,995,223 163,726 3.13 %
Noninterest-bearing customer accounts2,523,510 2,448,965 2,493,365 
Other liabilities323,809 278,380 294,167 
Total liabilities24,489,379 24,332,299 23,782,755 
Stockholders’ equity3,015,197 3,039,021 3,030,745 
Total liabilities and equity$27,504,576 $27,371,320 $26,813,500 
Net interest income/interest rate spread$155,431 1.83 %$160,910 2.03 %$167,988 2.17 %
Net interest margin(1)
2.39 %2.55 %2.69 %
(1)Annualized net interest income divided by average interest-earning assets
logo_wafdbank2.jpg
WaFd Fact Sheet Q3 2025
7
WaFd Inc. Announces Third Quarter 2025 Results
WaFd, Inc.
Fact Sheet
June 30, 2025
Delinquency Summary
($ in Thousands)
# of Loans
Type of Loans #LoansAVG SizeLoans
Amortized
Cost		30 60 90 Total% Based on #$ Delinquent% Based on #
June 30, 2025
Multi-Family1,872 2,553 $4,780,029 1 2 4 7 0.37 %$9,605 0.20 %
Commercial Real Estate1,276 2,815 3,592,395 3 1 4 8 0.63 4,743 0.13 
Commercial & Industrial5,338 429 2,292,082 10 16 22 48 0.90 835 0.04 
Construction371 2,792 1,035,701 — — — — — — — 
Land - Acquisition & Development77 1,689 130,035 — — — — — — — 
Single-Family Residential21,172 383 8,108,147 51 13 54 118 0.56 34,933 0.43 
Construction - Custom191 499 95,372 — — 2 2 1.05 848 0.89 
Land - Consumer Lot Loans925 104 95,935 3 — 2 5 0.54 298 0.31 
HELOC4,314 64 276,278 11 2 4 17 0.39 2,182 0.79 
Consumer6,300 11 69,959 22 9 40 71 1.13 344 0.49 
41,836 489 $20,475,933 101 43 132 276 0.66 %$53,788 0.26 %
March 31, 2025
Multi-Family1,901 2,560 $4,867,340 12 — 3 15 0.79 %$15,220 0.31 %
Commercial Real Estate1,288 2,826 3,639,477 2 1 2 5 0.39 3,821 0.10 
Commercial & Industrial2,057 1,159 2,384,745 10 1 10 21 1.02 53 — 
Construction370 3,274 1,211,336 — — — — — — — 
Land - Acquisition & Development70 1,944 136,061 — — — — — — — 
Single-Family Residential21,516 384 8,264,318 46 15 60 121 0.56 34,312 0.42 
Construction - Custom266 517 137,501 — — 2 2 0.75 848 0.62 
Land - Consumer Lot Loans976 104 101,784 1 — 2 3 0.31 175 0.17 
HELOC4,473 64 288,228 12 6 6 24 0.54 2,835 0.98 
Consumer8,463 11 91,920 22 18 42 82 0.97 683 0.74 
41,380 510 $21,122,710 105 41 127 273 0.66 %$57,947 0.27 %
December 31, 2024
Multi-Family1,922 2,467 $4,740,797 10 3 10 23 1.20 %$23,504 0.50 %
Commercial Real Estate1,282 2,817 3,610,758 1 1 3 5 0.39 670 0.02 
Commercial & Industrial1,792 1,341 2,403,719 12 5 9 26 1.45 2,246 0.09 
Construction389 3,555 1,383,048 2 1 2 5 1.29 4,495 0.33 
Land - Acquisition & Development78 1,880 146,609 — — — — — — — 
Single-Family Residential21,643 386 8,362,881 34 17 59 110 0.51 29,597 0.35 
Construction - Custom308 506 155,714 — — 2 2 0.65 848 0.54 
Land - Consumer Lot Loans998 107 106,489 2 — 2 4 0.40 333 0.31 
HELOC4,466 62 279,039 9 3 10 22 0.49 2,037 0.73 
Consumer7,947 10 75,969 16 15 70 101 1.27 712 0.94 
40,825 521 $21,265,023 86 45 167 298 0.73 %$64,442 0.30 %
logo_wafdbank.jpg 
WaFd Fact Sheet Q3 2025
8