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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-34654
WAFD, INC.
(Exact name of registrant as specified in its charter)
 
Washington
91-1661606
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
425 Pike Street
Seattle
Washington
98101
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code (206) 624-7930
 
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 par value per share
WAFD
NASDAQ Stock Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock
WAFDP
NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 ("Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  


The registrant had outstanding 81,414,833 shares of common stock as of April 30, 2024.



WAFD, INC. AND SUBSIDIARIES
 
  
The Consolidated Financial Statements of WaFd, Inc. and Subsidiaries filed as a part of the report are as follows:
  
  
  
  

2

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)

PART I - FINANCIAL INFORMATION
Item 1. Financial statements
March 31, 2024September 30, 2023
(In thousands, except share data)
ASSETS
Cash and cash equivalents$1,505,771 $980,649 
Available-for-sale securities, at fair value
2,438,114 1,995,097 
Held-to-maturity securities, at amortized cost
457,882 423,586 
Loans receivable, net of allowance for loan losses of $201,577 and $177,207
20,795,259 17,476,550 
Loans held for sale2,993,658  
Interest receivable115,484 87,003 
Premises and equipment, net243,465 237,011 
Real estate owned4,245 4,149 
FHLB stock160,817 126,820 
Bank owned life insurance264,043 242,919 
Intangible assets, including goodwill of $411,401 and $304,750
453,539 310,619 
Federal and state income tax assets, net146,833 8,479 
Other assets561,178 581,793 
$30,140,288 $22,474,675 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Customer accounts
Transaction deposit accounts$12,338,862 $10,765,313 
Time deposit accounts9,000,911 5,305,016 
21,339,773 16,070,329 
Borrowings5,345,518 3,650,000 
Junior subordinated deferrable debentures50,254  
Senior debt
$95,000 face amount, 6.5% interest rate, due September 30, 2024
93,729  
Advance payments by borrowers for taxes and insurance49,350 52,550 
Accrued expenses and other liabilities339,758 275,370 
27,218,382 20,048,249 
Commitments and contingencies (see Note I)
Shareholders’ equity
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding
300,000 300,000 
Common stock, $1.00 par value, 300,000,000 shares authorized; 153,834,612 and 136,466,579 shares issued; 81,405,391 and 64,736,916 shares outstanding
153,835 136,467 
Additional paid-in capital2,143,343 1,687,634 
Accumulated other comprehensive income (loss), net of taxes51,935 46,921 
Treasury stock, at cost; 72,429,221 and 71,729,663 shares
(1,629,512)(1,612,345)
Retained earnings1,902,305 1,867,749 
2,921,906 2,426,426 
$30,140,288 $22,474,675 

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
3

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended March 31,Six Months Ended March 31,
 2024202320242023
(In thousands, except share data)
INTEREST INCOME
Loans receivable$274,341 $222,957 $520,133 $426,903 
Mortgage-backed securities12,905 10,422 24,171 21,035 
Investment securities and cash equivalents31,580 21,967 61,368 40,827 
318,826 255,346 605,672 488,765 
INTEREST EXPENSE
Customer accounts116,164 52,123 212,835 83,769 
Borrowings, senior debt and junior subordinated debentures44,065 28,185 82,003 47,159 
160,229 80,308 294,838 130,928 
Net interest income158,597 175,038 310,834 357,837 
Provision for credit losses16,000 3,500 16,000 6,000 
Net interest income after provision (release)142,597 171,538 294,834 351,837 
OTHER INCOME
Gain (loss) on sale of investment securities90  171  
Gain (loss) on termination of hedging derivatives6 26 115 26 
Loan fee income550 652 1,394 2,154 
Deposit fee income6,698 6,188 13,500 12,541 
Other income6,048 3,206 12,379 9,375 
13,392 10,072 27,559 24,096 
OTHER EXPENSE
Compensation and benefits73,155 51,444 122,996 100,514 
Occupancy10,918 10,918 20,289 21,020 
FDIC insurance premiums7,900 4,000 14,470 7,675 
Product delivery5,581 5,316 11,590 9,937 
Information technology12,883 12,785 25,749 25,114 
Other expense23,275 12,418 35,158 24,899 
133,712 96,881 230,252 189,159 
Gain (loss) on real estate owned, net(1,315)(199)511 (311)
Income before income taxes20,962 84,530 92,652 186,463 
Income tax expense5,074 18,596 18,311 41,020 
Net income15,888 65,934 74,341 145,443 
Dividends on preferred stock3,656 3,656 7,312 7,312 
Net income available to common shareholders$12,232 $62,278 $67,029 $138,131 
PER SHARE DATA
Basic earnings per common share$0.17 $0.95 $1.00 $2.11 
Diluted earnings per common share0.17 0.95 1.00 2.11 
Dividends paid on common stock per share0.26 0.25 0.51 0.49 
Basic weighted average number of shares outstanding70,129,07265,511,13167,197,35265,425,623
Diluted weighted average number of shares outstanding70,164,55865,551,18567,225,09965,510,275

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
4

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)


 Three Months Ended March 31,
 20242023
(In thousands)
Net income$15,888 $65,934 
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $514 and $(5,705)
(1,730)18,993 
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $(21) and $0
69  
Net unrealized gain (loss) from investment securities, net of reclassification adjustment(1,661)18,993 
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $(4,160) and $5,075
6,582 (16,897)
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment6,582 (16,897)
Other comprehensive income (loss)4,921 2,096 
Comprehensive income$20,809 $68,030 

 Six Months Ended March 31,
 20242023
(In thousands)
Net income$74,341 $145,443 
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $(8,780) and $(4,047)
29,546 13,471 
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $(40) and $0
132  
Net unrealized gain (loss) from investment securities, net of reclassification adjustment29,678 13,471 
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $5,121 and $6,648
(24,664)(22,130)
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment(24,664)(22,130)
Other comprehensive income (loss)5,014 (8,659)
Comprehensive income$79,355 $136,784 

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
5

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED) 

(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at January 1, 2024$300,000 $136,679 $1,691,102 $1,906,557 $47,014 $(1,629,348)$2,452,004 
Net income  — 15,888 — — 15,888 
Other comprehensive income (loss)— — — — 4,921 — 4,921 
Dividends on common stock
($0.26 per share)
  — (16,484)— — (16,484)
Dividends on preferred stock ($12.1875 per share)
  — (3,656)— — (3,656)
Stock issued in merger— 17,089 448,415 — — — 465,504 
Proceeds from stock issuances— 40 1,042 — — — 1,082 
Stock-based compensation expense— 27 2,784 — — 74 2,885 
Treasury stock purchased  — — — (238)(238)
Balance at March 31, 2024$300,000 $153,835 $2,143,343 $1,902,305 $51,935 $(1,629,512)$2,921,906 
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at January 1, 2023$300,000 $136,373 $1,689,209 $1,749,008 $41,726 $(1,591,935)$2,324,381 
Net income  — 65,934 — — 65,934 
Other comprehensive income (loss)— — — — 2,096 — 2,096 
Dividends on common stock
($0.25 per share)
  — (16,243)— — (16,243)
Dividends on preferred stock ($12.1875 per share)
— — — (3,657)— — (3,657)
Proceeds from stock issuances— 9 249 — — — 258 
Stock-based compensation expense— 31 (5,738)— — 8,163 2,456 
Treasury stock purchased  — — — (108)(108)
Balance at March 31, 2023$300,000 $136,413 $1,683,720 $1,795,042 $43,822 $(1,583,880)$2,375,117 











SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
6




(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at October 1, 2023$300,000 $136,467 $1,687,634 $1,867,749 $46,921 $(1,612,345)$2,426,426 
Net income  — 74,341 — — 74,341 
Other comprehensive income (loss)— — — — 5,014 — 5,014 
Dividends on common stock
($0.51 per share)
  — (32,472)— — (32,472)
Dividends on preferred stock ($24.3750 per share)
  — (7,313)— — (7,313)
Stock issued in merger— 17,089 448,415 — — — 465,504 
Proceeds from stock issuances— 95 2,435 — — — 2,530 
Stock-based compensation expense— 184 4,859 — — 137 5,180 
Treasury stock purchased  — — — (17,304)(17,304)
Balance at March 31, 2024$300,000 $153,835 $2,143,343 $1,902,305 $51,935 $(1,629,512)$2,921,906 
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at October 1, 2022$300,000 $136,271 $1,686,975 $1,688,740 $52,481 $(1,590,207)$2,274,260 
Net income  — 145,443 — — 145,443 
Other comprehensive income (loss)— — — — (8,659)— (8,659)
Dividends on common stock
($0.49 per share)
  — (31,828)— — (31,828)
Dividends on preferred stock ($24.3750 per share)
— — — (7,313)— — (7,313)
Proceeds from stock issuances— 33 990 — — — 1,023 
Stock-based compensation expense— 109 (4,245)— — 8,163 4,027 
Treasury stock purchased  — — — (1,836)(1,836)
Balance at March 31, 2023$300,000 $136,413 $1,683,720 $1,795,042 $43,822 $(1,583,880)$2,375,117 


SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
7

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) 
 Six Months Ended March 31,
 20242023
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$74,341 $145,443 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and other, net205,721 864 
Stock-based compensation expense5,180 4,027 
Provision (release) for credit losses16,000 6,000 
Loss (gain) on sale of investment securities(171) 
Gain on settlements of bank owned life insurance (821)
Net realized (gain) loss on sales of premises, equipment, and real estate owned(2,567)(130)
Impairment loss on premises and equipment 6 
Decrease (increase) in accrued interest receivable(2,784)(15,197)
Decrease (increase) in federal and state income tax receivable(9,213) 
Decrease (increase) in cash surrender value of bank owned life insurance(3,343)(2,898)
Decrease (increase) in other assets44,394 12,840 
Increase (decrease) in federal and state income tax liabilities 1,961 
Increase (decrease) in accrued expenses and other liabilities(48,096)(41,170)
Net cash provided by (used in) operating activities279,462 110,925 
CASH FLOWS FROM INVESTING ACTIVITIES
Origination of loans and principal repayments, net(328,829)(1,076,495)
Loans purchased (79,965)
FHLB stock purchased(312,810)(372,005)
FHLB stock redeemed350,475 320,000 
Available-for-sale securities purchased(214,707)(115,931)
Principal payments and maturities of available-for-sale securities150,666 178,589 
Proceeds from sales of available-for-sale securities176,402  
Held-to-maturity securities purchased(47,670) 
Principal payments and maturities of held-to-maturity securities15,800 17,936 
Proceeds from sales of real estate owned6,271 810 
Proceeds from settlement of bank owned life insurance 1,809 
Purchase of strategic investments(1,097)(7,434)
Net cash received (paid) in business combinations625,773  
Proceeds from sales of premises and equipment1,341 664 
Premises and equipment purchased and REO improvements(12,623)(5,009)
Net cash provided by (used in) investing activities408,992 (1,137,031)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in customer accounts(368,952)(168,622)
Proceeds from borrowings11,387,889 9,675,000 
Repayments of borrowings(11,124,509)(8,000,000)
Proceeds from the early termination of long term borrowing hedge
Proceeds from stock-based awards1,972 1,023 
Dividends paid on common stock(32,472)(31,828)
Dividends paid on preferred stock(7,314)(7,313)
Proceeds from employee stock purchase558  
Treasury stock purchased(17,304)(1,836)
Increase (decrease) in advances payments by borrowers for taxes and insurance(3,200)(5,739)
Net cash provided by (used in) financing activities(163,332)1,460,685 
Increase (decrease) in cash and cash equivalents525,122 434,579 
Cash, cash equivalents and restricted cash at beginning of period980,649 683,965 
Cash, cash equivalents and restricted cash at end of period$1,505,771 $1,118,544 
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
8

WAFD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended March 31,
 20242023
(In thousands)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Non-cash investing activities
Real estate acquired through foreclosure$ $121 
Non-cash financing activities
Preferred stock dividend payable3,656 3,656 
Cash paid (received) during the period for
Interest311,021