WaFd Bank(WAFD) - 2025 Q4 - Annual Results

Loan Portfolio and Credit Losses - Total Allowance for Credit Losses (ACL) as of September 30, 2025, is $221,220, with ACL for Loans at $199,720, representing 1.04% of Gross Loans[2] - Total Loans Receivable as of September 30, 2025, amounts to $21,274,392, with Single-Family Residential loans comprising 37.9% of the total[4] - Multi-Family loan originations for Q3 2025 reached $36,386, while Commercial Real Estate originations totaled $210,650, and Commercial & Industrial loans amounted to $507,280[2] - Net Loans as of September 30, 2025, stand at $20,088,618, reflecting a slight decrease from $20,277,164 in June 2025[4] - The total amount of loans in process as of September 30, 2025, is $773,606[4] - Total loans as of September 30, 2025, amounted to $20,288,338, a decrease from $20,475,933 as of June 30, 2025[6] - Non-performing assets increased to $143,022 as of September 30, 2025, up from $97,160 as of June 30, 2025, representing a rise of 47.4%[6] - Non-accrual loans as a percentage of total net loans rose to 0.64% as of September 30, 2025, compared to 0.41% as of June 2025[6] - Total net charge-offs for the quarter ending September 30, 2025, were $1,048, representing 0.02% of gross balance[7] Loan Performance and Interest Rates - The weighted average rate on loan originations decreased to 6.87% in Q3 2025, compared to 7.22% in Q2 2025[2] - The average interest rate on loans receivable decreased from 5.44% in June 2025 to 5.35% in September 2025[16] - The average interest rate on loans receivable decreased from 5.69% in September 2024 to 5.42% in September 2025[18] Financial Performance and Ratios - The efficiency ratio improved to 56.82% for the quarter ending September 30, 2025, down from 59.66% for the quarter ending June 30, 2025[9] - The company reported a net interest income of $169,906 thousand for the quarter ended September 30, 2025[16] - The net interest margin improved from 2.69% in June 2025 to 2.71% in September 2025[16] - The net interest margin decreased from 2.69% in September 2024 to 2.58% in September 2025[18] Shareholder Equity and Stock Performance - The company repurchased 969,653 shares at an average price of $29.74 during the quarter ending September 30, 2025[9] - Tangible common shareholders' book value per share increased to $29.38 as of September 30, 2025, up from $28.69 as of June 30, 2025[9] - The company reported a total of 2,297,482 in tangible common shareholders' equity as of September 30, 2025[9] - Shareholders' equity rose from $2.76 billion to $3.03 billion, marking an increase of 9.79%[18] Deposits and Interest-Earning Assets - Total deposits as of September 30, 2025, reached $21,437,636, a slight increase from $21,386,571 as of June 30, 2025, and $21,427,426 as of March 31, 2025[11] - Non-interest checking deposits increased from $2,487,816 (11.6%) in June 2025 to $2,567,539 (12.0%) in September 2025[11] - Time deposits decreased from $9,417,447 (44.0%) in June 2025 to $9,131,104 (42.6%) in September 2025[11] - Interest-bearing customer accounts increased from $16.33 billion to $18.74 billion, a growth of 14.77%[18] - Total interest-earning assets rose from $24.56 billion to $25.34 billion, an increase of 3.16%[18] Asset and Liability Management - The total assets as of September 30, 2025, were $26,540,782 thousand, down from $26,813,500 thousand as of June 30, 2025[16] - The total liabilities decreased from $23,782,755 thousand in June 2025 to $23,517,684 thousand in September 2025[16] - Agency MBS available-for-sale increased to $2,603,153 as of September 30, 2025, up from $2,411,707 as of June 30, 2025[9] Delinquency and Loan Statistics - Delinquency rate for total loans was 0.77% as of September 30, 2025, compared to 0.66% in June 2025[20] - The total number of loans was 41,648 with a total loan size of $20.29 billion as of September 30, 2025[20] - Multi-family non-accrual loans decreased to $19,121, representing 15.0% of total non-accrual loans as of September 30, 2025[6] Conditional Payment Rate - The conditional payment rate (CPR) for WAFD mortgages was 7.5% for the quarter ended September 30, 2025, compared to 9.0% in June 2025[14]