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Annual Report 2025
1 Dear Shareholders, As we reflect on the past fiscal year, I am proud to share with you the progress, challenges, and achievements that have defined WaFd, Inc. in 2025. Our commitment to serving our customers, strengthening our communities, and delivering value to our shareholders remains as strong as ever. Financial Performance and Growth This year, WaFd, Inc. continued to demonstrate resilience and adaptability in a dynamic economic environment. Despite market volatility, decreasing short-term interest rates and ongoing changes in regulatory requirements, we delivered consistent financial results. Net Income increased 12% year-overyear from $200 million to $225 million, asset quality remained strong, capital increased, and we managed the bank within our boardapproved risk thresholds. These results do not fully reflect the significant changes we are methodically implementing in our balance sheet. For example, total loans receivable decreased just 4.0% even though we stopped making mortgage loans in January, eliminating new originations within our largest asset segment -- single family residential loans. Also, during the year we saw our time deposits decrease by $426 million, or 4.5%, but were able to grow total deposits slightly. Lastly, we grew our investments by 39% during the year, an increase of $1.2 billion. Our balance sheet priorities are straightforward: more variable-rate commercial loans, more low-cost deposits, and more highly liquid, high-quality investments. Given the economic uncertainties, including interest rates, tariffs, and geo-political risks, we made solid progress toward our aim to provide maximum flexibility within our balance sheet while still earning a reasonable return for our shareholders. Strategic Initiatives We advanced several key initiatives aimed at positioning WaFd, Inc. for long-term success. As I mentioned above, after careful deliberation, we decided to exit the mortgage origination business, ceasing new loan originations of single-family mortgages. This was done for multiple reasons, the most important being the U.S. government s role in making mortgage lending a commodity. We had to accept that our customers could effectively get a subsidized mortgage rate from our competitors at a lower cost than getting the loan from WaFd. We believe doing what is best for our customers will ultimately be what s best for the bank. Technology also plays a role in commoditizing lending. For many years, consumers looked to their local banker to help them with their home lending needs, but with the incredible technology that is prevalent today, it is literally as easy as spending five minutes on your phone to apply for a mortgage. Our thesis is that generative AI is only going to accelerate this trend and further squeeze profit margins for originators. Exiting mortgage lending gave us an opportunity to redirect our focus on launching a robust small business suite of products, including SBA (Small Business Administration) lending. We recognize that business owners need the assistance of a banker to help ramp up their operations. We believe our focus on being the bank built for business will drive long-term value for both our clients and shareholders. Our continued investment in digital banking platforms and automation has improved the customer experience and enhanced operational efficiency. We strategically expanded our team of business bankers in core markets, added or relocated branches, and invested time to deepen our relationships with local businesses and families. These efforts are central to our strategy of growing responsibly while maintaining the highest standards of service. Commitment to Our Customers and Communities At the heart of WaFd, Inc. is our dedication to making a positive impact in the communities we serve.
I want to share an experience that exemplifies why we believe everyone deserves a banker . A long-term, elderly client came into her branch, where she was greeted by two WaFd bankers -- both with over thirty years of experience. Our bankers noticed right away that something was off. After asking how she was doing and largely being dismissed about their concerns, the client said, I just want to wire out the money. This was unusual, and our caring bankers pressed as to why. The client became more agitated, at which point our bankers insisted, Something is wrong and we are concerned. The client said again, Nothing is wrong just send out the wire. Our bankers were bold enough to demand to see the client s phone, and after the client finally acquiesced, saw that sure enough, there were bad actors on phone that had compromised her personal computer and were now extorting our client. Our bankers picked up the phone and told the extortionists that they were WaFd Bank employees, that our customer is now safe and that they were calling the FBI. As CEO, I could not be more proud. That is caring. That is knowing your client and making a difference. Technology is a beautiful thing, but it will never be a substitute for a fellow human being who knows you and cares. This year, we increased our support for affordable housing, small business lending, and financial literacy programs. Our employees volunteered thousands of hours, and our philanthropic contributions helped address critical needs in education, healthcare, and social services. Risk Management and Governance Strong governance and risk management remain foundational to our approach. We continually monitor and adjust our practices to ensure compliance with evolving regulations and to safeguard our customers assets. Our Board of Directors and executive team are committed to transparency and accountability in all aspects of our operations. Looking Ahead As we look to the future, we remain focused on innovation, operational excellence, and profitable growth. We are investing in emerging technologies to better serve our clients, reduce fraud, attract top talent, and adapt to changing market demands. Our vision is to be the bank of choice in every community we serve, offering people, products and services that empower our customers to achieve their financial goals. Gratitude and Appreciation I want to thank our employees for their hard work and dedication, our customers for their trust and loyalty, and you, our shareholders, for your continued support. Together, we are building a stronger WaFd, Inc. and laying the foundation for many years of success. Sincerely, Brent Beardall President & Chief Executive Officer WaFd, Inc.
Here for Good At WaFd Bank, we love what we do, and we are making a difference! It is why we re here, making an impact on the communities we serve. Enjoy these highlights from our 2025 fiscal year: During the past fiscal year, our 13 regional Diversity and Inclusion councils, made up of volunteers, worked to enhance employment and recruitment diversity, participated in local PRIDE activities, and supported workplace affinity groups for veterans, BIPOC, working parents, emerging leaders and LGBTQIA colleagues 1,136 unique organizations served with 14,649 hours of employee led volunteer service 206 grants awarded from the WaFd Foundation to local organizations totaling over $1 million $394,371,000 invested in toward community development and affordable housing lending WaFd Bank matched $376,000 in employee contributions to United Way agencies in our nine states the FHLB doubled the contribution for a total of $1,502,000 to United Way agencies for the 2025 fiscal year Continue to offer a hybrid work-setting with 51% of employees working partially from home, supporting work-life balance, lower carbon footprint and attractive recruitment/retention strategy Net Promoter Score: 58, one of the highest in the industry Awarded America s Best-in-State Bank in Washington, Oregon, Nevada and New Mexico
WaFd Bank Board of Directors Brent Beardall Stephen Graham Steve Singh Randy Talbot Linda Brower David Grant Sean Singleton Bradley Shuster Shawn Bice Sylvia Hampel M. Max Yzaguirre WaFd Bank Executive Officers l/r: Ryan Mauer, Executive Vice President & Chief Credit Officer Kim Robison, Executive Vice President & Chief Operating Officer Brent Beardall, President & Chief Executive Officer Kelli Holz, Executive Vice President & Chief Financial Officer Cathy Cooper, Executive Vice President & Chief Experience Officer
 • shareholder letter icon 12/19/2025 Letter Continued (Full PDF)
 • stockholder letter icon 1/2/2024 WAFD Stockholder Letter
 • stockholder letter icon 12/31/2024 WAFD Stockholder Letter
 • stockholder letter icon More "Banking & Savings" Category Stockholder Letters
 • Benford's Law Stocks icon WAFD Benford's Law Stock Score = 94


WAFD Shareholder/Stockholder Letter Transcript:

Annual Report 2025

1
Dear Shareholders,
As we reflect on the past fiscal year, I am proud
to share with you the progress, challenges,
and achievements that have defined WaFd,
Inc. in 2025. Our commitment to serving our
customers, strengthening our communities, and
delivering value to our shareholders remains as
strong as ever.
Financial Performance and Growth
This year, WaFd, Inc. continued to demonstrate
resilience and adaptability in a dynamic
economic environment. Despite market
volatility, decreasing short-term interest
rates and ongoing changes in regulatory
requirements, we delivered consistent financial
results. Net Income increased 12% year-overyear from $200 million to $225 million, asset
quality remained strong, capital increased,
and we managed the bank within our boardapproved risk thresholds. These results do
not fully reflect the significant changes we are
methodically implementing in our balance sheet.
For example, total loans receivable decreased
just 4.0% even though we stopped making
mortgage loans in January, eliminating new
originations within our largest asset segment
-- single family residential loans. Also, during
the year we saw our time deposits decrease by
$426 million, or 4.5%, but were able to grow
total deposits slightly. Lastly, we grew our
investments by 39% during the year, an increase
of $1.2 billion. Our balance sheet priorities are
straightforward: more variable-rate commercial
loans, more low-cost deposits, and more
highly liquid, high-quality investments. Given
the economic uncertainties, including interest
rates, tariffs, and geo-political risks, we made
solid progress toward our aim to provide
maximum flexibility within our balance sheet
while still earning a reasonable return for our
shareholders.
Strategic Initiatives
We advanced several key initiatives aimed at
positioning WaFd, Inc. for long-term success.
As I mentioned above, after careful deliberation,
we decided to exit the mortgage origination
business, ceasing new loan originations of
single-family mortgages. This was done for
multiple reasons, the most important being the
U.S. government   s role in making mortgage
lending a commodity. We had to accept that
our customers could effectively get a subsidized
mortgage rate from our competitors at a lower
cost than getting the loan from WaFd. We
believe doing what is best for our customers
will ultimately be what   s best for the bank.
Technology also plays a role in commoditizing
lending. For many years, consumers looked
to their local banker to help them with their
home lending needs, but with the incredible
technology that is prevalent today, it is literally
as easy as spending five minutes on your phone
to apply for a mortgage. Our thesis is that
generative AI is only going to accelerate this
trend and further squeeze profit margins for
originators.
Exiting mortgage lending gave us an opportunity
to redirect our focus on launching a robust small
business suite of products, including SBA (Small
Business Administration) lending. We recognize
that business owners need the assistance of a
banker to help ramp up their operations. We
believe our focus on being the bank    built for
business    will drive long-term value for both our
clients and shareholders.
Our continued investment in digital banking
platforms and automation has improved the
customer experience and enhanced operational
efficiency. We strategically expanded our team
of business bankers in core markets, added
or relocated branches, and invested time to
deepen our relationships with local businesses
and families. These efforts are central to
our strategy of growing responsibly while
maintaining the highest standards of service.
Commitment to Our
Customers and Communities
At the heart of WaFd, Inc. is our dedication to
making a positive impact in the communities
we serve.

I want to share an experience that exemplifies
why we believe    everyone deserves a banker   .
A long-term, elderly client came into her
branch, where she was greeted by two WaFd
bankers -- both with over thirty years of
experience. Our bankers noticed right away
that something was off. After asking how she
was doing and largely being dismissed about
their concerns, the client said,    I just want to
wire out the money.    This was unusual, and
our caring bankers pressed as to why. The
client became more agitated, at which point
our bankers insisted,    Something is wrong
and we are concerned.    The client said again,
   Nothing is wrong just send out the wire.    Our
bankers were bold enough to demand to see
the client   s phone, and after the client finally
acquiesced, saw that sure enough, there were
bad actors on phone that had compromised
her personal computer and were now extorting
our client. Our bankers picked up the phone
and told the extortionists that they were
WaFd Bank employees, that our customer is
now safe and that they were calling the FBI.
As CEO, I could not be more proud. That is
caring. That is knowing your client and making
a difference. Technology is a beautiful thing,
but it will never be a substitute for a fellow
human being who knows you and cares.
This year, we increased our support
for affordable housing, small business
lending, and financial literacy programs.
Our employees volunteered thousands of
hours, and our philanthropic contributions
helped address critical needs in education,
healthcare, and social services.
Risk Management and Governance
Strong governance and risk management
remain foundational to our approach. We
continually monitor and adjust our practices
to ensure compliance with evolving regulations
and to safeguard our customers    assets. Our
Board of Directors and executive team are
committed to transparency and accountability
in all aspects of our operations.
Looking Ahead
As we look to the future, we remain focused
on innovation, operational excellence,
and profitable growth. We are investing in
emerging technologies to better serve our
clients, reduce fraud, attract top talent,
and adapt to changing market demands.
Our vision is to be the bank of choice in
every community we serve, offering people,
products and services that empower our
customers to achieve their financial goals.
Gratitude and Appreciation
I want to thank our employees for their hard
work and dedication, our customers for their
trust and loyalty, and you, our shareholders,
for your continued support. Together, we are
building a stronger WaFd, Inc. and laying the
foundation for many years of success.
Sincerely,
Brent Beardall    
President & Chief Executive Officer
WaFd, Inc.

Here for Good
At WaFd Bank, we love what we do, and we are making a difference!
It is why we   re here, making an impact on the communities we serve.
Enjoy these highlights from our 2025 fiscal year:
During the past fiscal year, our 13 regional Diversity and Inclusion
councils, made up of volunteers, worked to enhance employment
and recruitment diversity, participated in local PRIDE activities,
and supported workplace affinity groups for veterans, BIPOC,
working parents, emerging leaders and LGBTQIA colleagues
1,136 unique organizations served with
14,649 hours of employee led volunteer service
206 grants awarded from the WaFd Foundation
to local organizations totaling over $1 million
$394,371,000 invested in toward community
development and affordable housing lending
WaFd Bank matched $376,000 in employee
contributions to United Way agencies in our nine
states     the FHLB doubled the contribution for
a total of $1,502,000 to United Way agencies
for the 2025 fiscal year
Continue to offer a hybrid work-setting with
51% of employees working partially from home,
supporting work-life balance, lower carbon footprint
and attractive recruitment/retention strategy
Net Promoter Score: 58, one
of the highest in the industry
Awarded America   s
Best-in-State Bank in
Washington, Oregon,
Nevada and New Mexico

WaFd Bank Board of Directors
Brent
Beardall
Stephen
Graham
Steve
Singh
Randy
Talbot
Linda
Brower
David
Grant
Sean
Singleton
Bradley
Shuster
Shawn
Bice
Sylvia
Hampel
M. Max
Yzaguirre
WaFd Bank Executive Officers
l/r:
Ryan Mauer,
Executive Vice President
& Chief Credit Officer
Kim Robison,
Executive Vice President
& Chief Operating Officer
Brent Beardall,
President & Chief
Executive Officer
Kelli Holz,
Executive Vice President
& Chief Financial Officer
Cathy Cooper,
Executive Vice President
& Chief Experience Officer



shareholder letter icon 12/19/2025 Letter Continued (Full PDF)
 

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