经济观察网华盛顿联邦储蓄(WAFD)2026财年第一季度净利润为6050万美元，摊薄后每股收益0.79美 元，高于去年同期。公司正执行"BUILD2030"战略，目标是将业务重心转向商业银行业务。 公司业务状况 财务状况 截至2026财年第一季度末，公司不良资产增至2.03亿美元，占总资产的0.75%，较上一季度末的0.54%有 所上升。这一变化主要受两个商业关系(合计约5800万美元)影响；若剔除这两项，不良资产率将为 0.67%。公司计提了350万美元信贷损失拨备，拨备覆盖率(含未提用承诺)为总贷款的1.05%。未来需关 注宏观经济环境对资产质量的潜在影响。 公司于2025年8月31日推出财富管理业务，目标是两年内有机实现10亿美元的管理资产规模；截至2025 年12月31日，管理资产规模略超4亿美元。此外，公司正在就FDIC社区再投资法案的"需要改进"评级提 出上诉，该评级主要影响分支机构布局逻辑，并可能使并购活动更加困难。 业绩经营情况 以上内容基于公开资料整理，不构成投资建议。 公司2026财年第一季度(截至2025年12月31日)归属于普通股股东的净利润为6050万美元，摊薄后每股收 益为0.79 ...

Group 1 - WaFd (WAFD) is a large regional bank located in the western United States, offering both common and preferred shares [1] - The preferred share issuance (WAFDP) has been trading at a discount [1] Group 2 - The focus of the analysis is on income investing through common shares, preferred shares, or bonds [1] - The author has a background in history/political science and an MBA with a specialization in Finance and Economics [1]

Financial Performance - The Company recorded net income of $64,196,000 for the three months ended December 31, 2025, compared to $47,267,000 for the prior year quarter, reflecting a significant increase in profitability[252]. - For the three months ended December 31, 2025, net interest income was $171,111,000, an increase of $15,680,000 from the same quarter of the prior year[253]. - Total non-interest income for the three months ended December 31, 2025, was $20,255,000, a $4,553,000 increase from $15,702,000 in the prior year[258]. - Non-interest expense decreased to $105,721,000 for the three months ended December 31, 2025, from $111,311,000 in the prior year, representing a decrease of $5,590,000[259]. - Income tax expense totaled $18,105,000 for the three months ended December 31, 2025, compared to $12,984,000 for the prior year quarter, with an effective tax rate of 22.00%[261]. Asset and Liability Management - Total assets increased by $586,045,000 to $27,285,744,000 from $26,699,699,000 at September 30, 2025, primarily due to investment purchases[211]. - The Company's cash and cash equivalents totaled $734,915,000 at December 31, 2025, up from $657,310,000 at September 30, 2025[218]. - Customer account balances decreased by $20,666,000, or 0.1%, to $21,416,970,000 at December 31, 2025 compared to $21,437,636,000 at September 30, 2025[217]. - The Company has $4,142,285,000 of available-for-sale (AFS) securities carried at fair value, with a net unrealized loss of $667,000 as of December 31, 2025[199]. - The Company executed interest rate swaps to hedge interest rate risk, resulting in an unrealized gain of $94,529,000 as of December 31, 2025[199]. Capital Ratios and Equity - Shareholders' equity at December 31, 2025 was $3,029,407,000, or 11.10% of total assets, a decrease of $10,168,000 from the previous quarter[219]. - As of December 31, 2025, the Company reported a Common Equity Tier I risk-based capital ratio of 11.69%, exceeding the minimum requirement of 4.50%[226]. - The Tier 1 leverage ratio for the Company was reported at 9.44%, significantly above the minimum requirement of 4.00%[226]. - The total risk-based capital ratio for the Company was 14.72%, well above the minimum requirement of 8.00%[226]. Loan and Credit Quality - Loans receivable decreased by $240,462,000 to $19,848,156,000, primarily due to loan principal repayments of $1,343,635,000 outpacing originations of $1,118,549,000[230]. - The allowance for credit losses was $221,039,000, or 1.05% of gross loans, deemed sufficient to absorb estimated losses in the loan portfolio[246]. - Non-performing assets increased by $60,374,000 during the three months ended December 31, 2025, totaling $203,396,000, with non-accrual loans rising by $62,720,000[239]. - Total non-performing assets as a percentage of total assets rose to 0.75% at December 31, 2025, up from 0.54% at September 30, 2025[239]. - The provision for credit losses was $3,500,000 for the three months ended December 31, 2025, compared to no provision for the same period in 2024, increasing the reserve to 1.05% of gross loans[257]. Market and Investment Insights - The Company believes there have been no material changes in its quantitative and qualitative information about market risk since September 30, 2025[266]. - The Company expects to recognize approximately $20.0 million in tax benefits from its Low-Income Housing Tax Credit (LIHTC) investment portfolio during the fiscal year[263]. - The total amount of amortization expense related to LIHTC investments expected to be recognized during this fiscal year is about $15.9 million[265]. - Intangible assets increased to $443,085,000 as of December 31, 2025, due to small acquisitions made by the Company's insurance subsidiary[247]. Interest Rates and Margins - As of December 31, 2025, the net interest margin was 2.70%, an increase from 2.39% for the same period in 2024[207]. - The weighted average effective rate for borrowings increased to 2.74% as of December 31, 2025, from 2.50% at September 30, 2025[250]. - Cash and cash equivalents increased by $77,605,000, or 11.8%, to $734,915,000 from September 30, 2025[227]. - Available-for-sale (AFS) securities rose by $609,084,000, or 17.2%, due to purchases of $724,749,000 and unrealized gains of $9,924,000[228]. - The Company continues to focus on commercial lending, with commercial loan originations accounting for 94% of total originations during the quarter[230].

Core Viewpoint - WaFd, Inc. announced a regular cash dividend of 27 cents per share, marking its 172nd consecutive quarterly cash dividend [1] Group 1: Dividend Announcement - The cash dividend will be paid on February 27, 2026, to common shareholders of record as of February 13, 2026 [1] - This dividend reflects the company's ongoing commitment to returning value to its shareholders [1] Group 2: Share Repurchase Program - The Board of Directors increased the number of shares authorized for repurchase by 4.5 million, bringing the total authorized amount to 10 million shares [1] - This increase in share repurchase authorization indicates the company's confidence in its financial position and future prospects [1]

Core Viewpoint - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors, while also occasionally analyzing large-cap companies to provide a broader perspective on equity markets [1] Group 1 - The research emphasizes the importance of small- to mid-cap companies in investment analysis due to their potential for growth and the lack of attention they receive from larger investors [1] - The analyst aims to provide insights that can help identify investment opportunities and risks within these smaller companies [1]

Loan Originations - Multi-Family loan originations for Q4 2025 reached $131,805, while total originations for the year-to-date (YTD) were $131,805[2] - Commercial & Industrial loan originations for Q4 2025 were $502,134, with YTD originations totaling $1,667,064[2] - The weighted average rate on originations decreased to 5.99% in Q4 2025 from 6.87% in Q3 2025[2] Loan Portfolio - Net Loans as of December 31, 2025, amounted to $20,277,164, a slight increase from $20,088,618 as of September 30, 2025[4] - Single-Family Residential loans accounted for 38.5% of the total loan portfolio as of June 30, 2025, decreasing to 37.2% by December 31, 2025[4] - Total loans receivable reached $21,367,832 as of June 30, 2025, with a slight decline to $21,037,080 by December 31, 2025[4] Loan Performance - Non-performing assets increased to $203,396 as of December 25, 2025, up from $143,022 as of September 25, 2025[6] - Non-accrual loans as a percentage of total net loans rose to 0.96% as of December 25, 2025, compared to 0.64% as of September 25, 2025[6] - The delinquency rate for total loans was 0.83% as of December 31, 2025, with $214,390 in delinquent loans[17] Financial Metrics - Efficiency ratio improved to 55.25% for the quarter ending December 25, 2025, down from 58.92% for the previous quarter[8] - Tangible common shareholders' book value per share increased to $29.91 as of December 25, 2025, from $29.38 as of September 25, 2025[8] - Total net charge-offs for the quarter ending December 25, 2025, were $3,681, representing a charge-off rate of 0.07%[6] Deposits - Total deposits as of December 31, 2025, amounted to $21,416,970,000, with a slight decrease from $21,437,636,000 as of September 30, 2025[10] - Non-interest checking deposits increased to $2,692,680,000, representing 12.6% of total deposits, up from 12.0% in September 2025[10] - Time deposits decreased to $8,550,996,000, accounting for 39.8% of total deposits, down from 42.6% in September 2025[10] Interest Income and Rates - The net interest income (NII) change after a 100 bps shock is projected to decrease by 0.2% as of December 31, 2025[13] - Net interest income for the quarter ended December 31, 2025, was $171,110, reflecting a net interest margin of 2.70%[15] - The average interest rate on mortgage-backed securities increased to 4.23% by December 31, 2025[15] Company Operations - The company repurchased 1,950,013 shares at an average price of $29.75 during the year[8] - The number of employees remained stable at approximately 1,980 as of December 25, 2025[8] - The company plans to continue expanding its market presence and developing new products in the upcoming quarters[15] Asset Management - The company reported a total asset balance of $25,689,689,000, with loans comprising 48% of total assets[14] - Total assets as of December 31, 2025, were $26,852,389, with a slight increase from $26,540,782 in the previous quarter[15] - The company maintained a cash balance of $734,915,000, representing 100% of its cash assets[14]

Core Insights - WaFd reported a fiscal first-quarter 2026 net income of $60.5 million, or $0.79 per diluted share, an increase from $0.54 per share in the same quarter last year and $0.72 per share in the previous quarter [3][6] - The company increased investments in mortgage-backed securities (MBS) by $728 million, primarily funded through a $671 million increase in borrowings, as part of a strategy to replace single-family loan balance runoff [1][5] - Management indicated that credit metrics weakened, with non-performing assets rising to $203 million, or 0.75% of total assets, and delinquencies increasing to 1.07% of total loans [4][13] Financial Performance - The linked-quarter earnings improvement was attributed to higher income and lower expenses, including a modest increase in net interest income and a decrease in total non-interest expense [2] - Non-interest income increased by $1.9 million to $20.3 million, aided by a $3.2 million gain on the sale of a branch property [10] - Non-interest expense declined by $1.3 million, or 1.2%, leading to an improved efficiency ratio of 55.3% [11] Loan and Deposit Trends - Loans receivable decreased by $240 million, primarily due to runoff in inactive loan types, while originations and advances in active portfolio categories totaled $1.1 billion [1][5] - Deposits decreased by $21 million for the quarter, with non-interest-bearing deposits increasing by $125 million (up 4.9%) and interest-bearing deposits increasing by $434 million (up 4.5%) [6] Credit Quality - Non-performing assets increased by $62.7 million (up 49%) since September 30, 2025, largely due to two commercial relationships totaling approximately $58 million [13][14] - The company recorded a $3.5 million provision for credit losses, reflecting decreased loan balances and mixed credit metrics [15] Strategic Initiatives - WaFd's BUILD 2030 strategic plan aims to shift focus toward business banking, with a goal of raising non-interest-bearing deposits to 20% of total deposits by 2030 [16] - The company expects to grow its active loan portfolios by 8% to 12% over the next one to two years, with a lending pipeline increase of $697 million (28%) from $2.5 billion to $3.2 billion [18] - WaFd Wealth Management was launched with a goal to reach $1 billion in assets under management within two years, currently at just over $400 million [18] Regulatory and Compliance - The company is appealing an FDIC Community Reinvestment Act (CRA) "needs to improve" rating, which could affect branching logistics and mergers and acquisitions [19]

Financial Data and Key Metrics Changes - WaFd Inc. reported net income available to common shareholders of $60.5 million or $0.79 per diluted share for the quarter ended December 31, 2025, compared to $0.54 per share for the first quarter of fiscal 2025 and $0.72 per share for the September 2025 quarter, reflecting a 10% linked quarter EPS growth and a 40% year-over-year growth [6][7][20] - Total non-interest income increased by $1.9 million compared to the prior quarter, reaching $20.3 million, while total non-interest expense decreased by $1.3 million or 1.2% from the prior quarter [11][12] - The net interest margin was 2.7% in the December quarter, slightly down from 2.71% in the September quarter, with a yield on interest-earning assets at 5.05% and the cost of interest-bearing liabilities at 2.76% [10][12] Business Line Data and Key Metrics Changes - Loan originations for active loan types were $1.1 billion, outpacing repayments and payoffs of $1 billion, with active loan types including multifamily, commercial real estate, and construction [8][14] - Loans receivable decreased by $240 million during the quarter, primarily due to a decrease in inactive loan types [7] - The allowance for credit losses provides coverage of 1.05% of gross loans, compared to 1% in December 2024, indicating a slight increase in credit quality management [18] Market Data and Key Metrics Changes - Total deposits decreased by $21 million during the quarter, with non-interest-bearing deposits increasing by 4.9% and interest-bearing deposits increasing by 4.5%, while time deposits decreased by 6.4% [9] - Core deposits ended the quarter at 79.7% of total deposits, up from 77.9% in the September quarter [9] Company Strategy and Development Direction - The strategic plan, BUILD 2030, aims to increase non-interest-bearing deposits from 11% last year to 20% by 2030, currently sitting at 12.6% [20][21] - The company is focusing on serving small businesses to achieve a lower cost of funds, with a goal of growing active loan portfolios by 8%-12% over the next one to two years [20][24] - WaFd Wealth Management was launched with a goal to grow assets under management to $1 billion in the first two years, with early indications showing over $400 million as of December 31 [25] Management's Comments on Operating Environment and Future Outlook - Management noted that the elevated interest rate environment and economic uncertainty are impacting credit quality, but they remain optimistic about future growth as the interest rate environment appears to be easing [18][19] - The company expects further margin pressure in the near term but anticipates growth in net interest income dollars [40][66] Other Important Information - The company repurchased 1.95 million shares of common stock at a weighted average price of $29.75, impacting earnings per share positively by $0.02 for the quarter [12][26] - WaFd is appealing its CRA rating to improve its standing, which could unlock opportunities for branching and mergers in the future [27][63] Q&A Session Summary Question: Margin outlook and plans for borrowings - Management plans to replace $800 million of borrowings due within the next three months with current borrowings, expecting rates to decrease if the Fed cuts rates [29][30] Question: Interest income reversals - Non-accrual interest for the quarter amounted to just over $5 million [32] Question: Details on new C&I non-accruals - One non-accrual is in manufacturing affected by tariffs and labor costs, while the other is a real estate-related entity [34] Question: Expense growth and SBA platform build-out - Management indicated no significant plans for large team increases but will continue strategic investments in technology [36] Question: Further margin pressure and growth expectations - Management expects further margin pressure but is optimistic about reaching a 3% margin in the near term [41][66]

Financial Data and Key Metrics Changes - WaFd Inc. reported net income available to common shareholders of $60.5 million or $0.79 per diluted share for the quarter ended December 31, 2025, compared to $0.54 per share for the first quarter of fiscal 2025 and $0.72 per share for the September 2025 quarter, reflecting a $0.07 increase in earnings per share [7] - Total non-interest income increased by $1.9 million compared to the prior quarter, reaching $20.3 million, driven by a $3.2 million gain on the sale of a branch property [11] - The net interest margin was 2.7% in the December quarter, slightly down from 2.71% in the September quarter, with a yield on interest-earning assets at 5.05% and the cost of interest-bearing liabilities at 2.76% [10] Business Line Data and Key Metrics Changes - Loan originations for active loan types were $1.1 billion, while repayments and payoffs were $1 billion, indicating a positive trend in loan production [8] - Loans receivable decreased by $240 million during the quarter, primarily due to a decrease in inactive loan types [7] - Total investments and mortgage-backed securities increased by $728 million during the quarter, funded primarily by an increase in borrowings of $671 million [8] Market Data and Key Metrics Changes - Total deposits decreased by $21 million during the quarter, with non-interest-bearing deposits increasing by $125 million or 4.9% and interest-bearing deposits increasing by $434 million or 4.5% [9] - The loan-to-deposit ratio ended the quarter at 92.7%, down from over 110% two years ago [9] Company Strategy and Development Direction - The strategic plan, BUILD 2030, aims to increase non-interest-bearing deposits from 11% last year to 20% by 2030, currently sitting at 12.6% [20] - The company is focusing on serving small businesses to achieve a lower cost of funds, with a goal of growing active loan portfolios by 8%-12% over the next one to two years [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future prospects, noting a 10% linked quarter EPS growth and a 40% year-over-year growth [20] - The current economic environment, characterized by elevated interest rates and uncertainty, is impacting credit quality, but management believes the interest rate environment may ease in the near term [18][19] Other Important Information - The company repurchased 1.95 million shares of common stock at a weighted average price of $29.75, impacting earnings per share by $0.02 for the quarter [12] - The allowance for credit losses provides coverage of 1.05% of gross loans, compared to 1% in December 2024 [18] Q&A Session Summary Question: Margin outlook and plans for $800 million of borrowings - Management plans to replace the $800 million of borrowings with current borrowings and expects rates to decrease if the Fed cuts rates [29] Question: Interest income reversals dollar amount - Non-accrual interest amounted to just over $5 million for the quarter [31] Question: Types of businesses related to new C&I non-accruals - One business is in manufacturing affected by market conditions, and the other is a real estate-related entity [33] Question: Expense growth and SBA platform build-out - Management indicated no significant plans for large team increases but will continue strategic investments in technology [35] Question: Further margin pressure and growth in NII dollars - Management expects further margin pressure but growth in net interest income dollars due to the current strategy [40] Question: Inactive runoff and active loan growth - Inactive runoff could be around $200 million-$250 million per quarter, with hopes for 8%-10% growth in active loans [42] Question: Buyback price sensitivity - Management indicated they would be more aggressive with buybacks as they approach tangible book value [43] Question: Expectations for growth in the active portfolio - Growth in the active portfolio is expected to be 6%-10% for fiscal year 2026, with higher growth anticipated in fiscal 2027 [61]

Financial Data and Key Metrics Changes - WaFd Inc. reported net income available to common shareholders of $60.5 million or $0.79 per diluted share for Q1 2026, an increase from $0.54 per share in Q1 2025 and $0.72 per share in the previous quarter [6][10] - Net interest income increased by $1.2 million from the prior quarter, with a net interest margin of 2.7% for the December quarter, slightly down from 2.71% in the September quarter [9][10] - Total non-interest income increased by $1.9 million to $20.3 million, driven by a $3.2 million gain on the sale of a branch property [11] Business Line Data and Key Metrics Changes - Loan originations for active loan types were $1.1 billion, outpacing repayments of $1 billion, with significant contributions from commercial and industrial loans [7][13] - Total loans receivable decreased by $240 million, primarily due to a decline in inactive loan types [6][7] - Non-performing assets increased to $203 million, or 0.75% of total assets, reflecting a rise in non-accrual loans [14][15] Market Data and Key Metrics Changes - Total deposits decreased by $21 million, with non-interest-bearing deposits increasing by 4.9% and interest-bearing deposits by 4.5%, while time deposits decreased by 6.4% [9] - The loan-to-deposit ratio ended the quarter at 92.7%, down from over 110% two years ago [9] Company Strategy and Development Direction - The strategic plan, BUILD 2030, aims to increase non-interest-bearing deposits from 11% to 20% of total deposits by 2030 [20] - The company is focusing on serving small businesses to achieve a lower cost of funds, with a goal of growing active loan portfolios by 8%-12% over the next one to two years [21][24] - WaFd Wealth Management was launched to grow assets under management, targeting $1 billion in the first two years [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future prospects, citing a 10% linked quarter EPS growth and a 40% year-over-year growth [20] - The company anticipates continued pressure on margins due to the economic environment but expects to benefit from a shift to lower-cost deposits [10][19] - Management noted that credit quality metrics remain healthy despite some increases in delinquencies and non-performing assets [18] Other Important Information - The company repurchased 1.95 million shares at a weighted average price of $29.75, with a remaining authorization of 6.3 million shares [12][26] - WaFd is appealing its CRA rating to improve its standing, which could facilitate future branching and acquisition activities [27] Q&A Session Summary Question: Margin outlook and plans for borrowings - Management plans to replace $800 million of borrowings due within the next three months with current borrowings, expecting rates to decrease if the Fed cuts rates [28][29] Question: Interest income reversals - Non-accrual interest for the quarter amounted to just over $5 million [29] Question: Expense growth and hiring plans - Management indicated no significant plans for large team increases but will continue to make strategic technology investments [32][33] Question: Margin pressure and growth expectations - Management expects further margin pressure but growth in net interest income dollars, with optimism for future quarters [36][37] Question: Loan portfolio and inactive runoff - Inactive runoff is expected to be around $200 million-$250 million per quarter, with hopes for active loan growth of 8%-10% [38][39] Question: CRA rating and branching opportunities - Improving the CRA rating would ease branching activities and potential mergers and acquisitions, although the company is not actively seeking deals [55][56]