Financial Information - WAFD, Inc.. (Tables)

12 Months Ended

Sep. 30, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Financial Information of Parent Company

The following WaFd, Inc. (parent company only) financial information should be read in conjunction with the other notes to the Consolidated Financial Statements.

 

Condensed Statements of Financial Condition
	September 30, 2023		September 30, 2022
	(In thousands)
Assets
Cash	$	74,450	$	130,502
Other assets	16,171		5,000
Investment in subsidiary	2,340,199		2,143,116
Total assets	$	2,430,820	$	2,278,618
Liabilities
Dividend payable on preferred stock	$	3,656	$	3,656
Other liabilities	738		702
Total liabilities	4,394		4,358
Shareholders’ equity
Total shareholders’ equity	2,426,426		2,274,260
Total liabilities and shareholders’ equity	$	2,430,820	$	2,278,618

Condensed Statements of Operations
Twelve Months Ended September 30,	2023		2022		2021
	(In thousands)
Income
Dividends from subsidiary	$	56,490	$	172,850	$	92,400
Total Income	56,490		172,850		92,400
Expense
Miscellaneous expense	2,214		619		626
Total expense	2,214		619		626
Net income (loss) before equity in undistributed net income (loss) of subsidiary	54,276		172,231		91,774
Equity in undistributed net income (loss) of subsidiaries	202,643		63,956		91,697
Income before income taxes	256,919		236,187		183,471
Income tax benefit (expense)	507		143		144
Net income	257,426		236,330		183,615
Dividends on preferred stock	14,625		14,625		10,034
Net income available to common shareholders	$	242,801	$	221,705	$	173,581

Condensed Statements of Cash Flows
Twelve Months Ended September 30,	2023		2022		2021
	(In thousands)
Cash Flows From Operating Activities
Net income	$	257,426	$	236,330	$	183,615
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings from investments in subsidiaries	(202,643)		(63,956)		(91,697)
Distributions in excess of earnings from investments in subsidiaries	—		—		—
Stock based compensation expense	7,914		6,808		6,381
Decrease in other assets	1,329		—		—
Increase in other liabilities	36		262		440
Net cash provided by operating activities	64,062		179,444		98,739
Cash Flows From Investing Activities
Purchase of strategic investments	(12,500)		—		—
Net cash provided by (used in) investing activities	(12,500)		—		—
Cash Flows From Financing Activities
Proceeds from exercise of common stock options and related tax benefit	1,089		1,823		339
Proceeds from issuance of preferred stock, net	—		—		293,325
Proceeds from the purchase of common stock through the Employee Stock Purchase Program	177		—		—
Treasury stock purchased	(30,463)		(3,260)		(348,651)
Dividends on preferred stock	(14,625)		(14,625)		(6,378)
Dividends on common stock	(63,792)		(61,576)		(65,876)
Net cash provided by (used in) financing activities	(107,614)		(77,638)		(127,241)
Increase (decrease) in cash	(56,052)		101,806		(28,502)
Cash at beginning of year	130,502		28,696		57,198
Cash at end of year	$	74,450	$	130,502	$	28,696