WaFd Bank(WAFD) - 2024 Q4 - Annual Results

Loan Originations - Total Loan Originations for Q3 2024 reached $962,393,000, a decrease of 1.1% compared to Q2 2024's $972,500,000[1] - Year-to-date Loan Originations for 2024 stand at $3,632,072,000, reflecting a 36.5% increase from $2,669,679,000 in the same period of 2023[1] - Commercial & Industrial Loan Originations for Q3 2024 were $431,498,000, a decrease from $456,351,000 in Q2 2024[1] Credit Losses - The Allowance for Credit Losses (ACL) for loans as of September 2024 is $225,253,000, slightly down from $225,324,000 in June 2024[1] - The total Allowance for Credit Losses as a percentage of Gross Loans was 1.01% as of September 2024, slightly up from 1.00% in June 2024[1] - Non-accrual loans as a percentage of total net loans increased from 0.29% in June 2024 to 0.33% in September 2024[4] - Non-performing assets rose from $68,361 in March 2024 to $77,418 in September 2024, an increase of 13.5%[4] Operational Efficiency - The Efficiency Ratio improved to 57.21% in Q3 2024, compared to 63.87% in Q2 2024, indicating enhanced operational efficiency[1] Shareholder Value - Average share repurchase price in Q3 2024 was $34.82, up from $26.63 in Q2 2024, reflecting a strategic increase in share buybacks[1] - The total number of shares repurchased in Q3 2024 was 7,174, compared to 357,303 in Q2 2024, showing a significant increase in repurchase activity[1] - The company has 1,853,453 shares remaining authorized for repurchase, indicating ongoing commitment to shareholder value[1] Asset and Loan Portfolio - Tangible Common Book Value increased from $2,206,084 in June 2024 to $2,251,875 in September 2024, representing a growth of 2.1%[2] - Total loans receivable amounted to $22,598,153 in March 2024, slightly decreasing to $22,359,396 by September 2024, a decline of 1.1%[2] - The net loan portfolio for Single-Family Residential increased from $8,146,045 in June 2024 to $8,239,778 in September 2024, a growth of 1.1%[2] - Loans in process increased from $1,094,956 in June 2024 to $1,303,978 in September 2024, a growth of 19.0%[2] - The total amount of loans by state remained stable, with Washington holding $5,771,729, accounting for 27.3% of total loans in September 2024[3] Deposits - Total deposits as of September 30, 2024, reached $21,373,970, an increase from $21,184,765 as of June 30, 2024, representing a growth of 0.89%[8] - Non-interest checking deposits accounted for 11.7% of total deposits, while time deposits represented 44.7% as of September 30, 2024[8] - Uninsured and non-collateralized deposits increased to $5,436,402, representing 25.5% of total deposits as of September 30, 2024[8] Interest Rates and Income - The average interest rate on loans receivable was 5.78% for the quarter ended September 30, 2024, compared to 5.76% for the previous quarter[12] - The total interest-earning assets amounted to $26,236,297 with an average interest rate of 5.67% as of September 30, 2024[12] - The company reported a net interest income of $374,097 for the quarter ended September 30, 2024[12] - Net interest income for the year reached $660,832 thousand, with a net interest margin of 2.13%[14] Liabilities and Equity - Total liabilities increased to $23,485,277 thousand from $19,435,110 thousand, representing a growth of 20.5%[14] - Shareholders' equity grew to $2,757,109 thousand, up from $2,376,462 thousand, indicating an increase of 16%[14] Delinquency Rates - As of September 30, 2024, the total amount of loans was $21,120,107, with a delinquency rate of 0.69% based on the number of loans[16] - The Multi-Family loan segment had 1,938 loans with an average size of $2,351, totaling $4,556,200, and a delinquency rate of 0.41%[16] - The Single-Family Residential loans accounted for 22,141 loans with a total amount of $8,280,300, showing a delinquency rate of 0.45%[16] - The Commercial Real Estate segment had 1,295 loans totaling $3,732,155, with a delinquency rate of 0.31%[16] - The Construction loan segment reported 406 loans with a total amount of $1,424,016, reflecting a delinquency rate of 0.99%[16] - The HELOC segment had 4,400 loans totaling $269,857, with a delinquency rate of 0.57%[16] - The Consumer loan segment reported 7,677 loans with a total amount of $74,055, resulting in a delinquency rate of 1.64%[16] - The total delinquent amount across all loan types was $53,338, which is 0.25% based on the dollar amount[16] - The Construction - Custom loans had 364 loans with a total amount of $182,415, showing a delinquency rate of 0.55%[16] - The Land - Acquisition & Development loans had 81 loans totaling $160,317, with a delinquency rate of 2.47%[16]