WaFd (WAFD) investor relations material

Company overview and strategy

• Operates 208 branches across 9 western states, with strong capital and asset quality, and has been profitable every year since 1965.

• Focused on evolving from thrift to a commercial bank, emphasizing digital services and concierge-level business banking.

• Build 2030 plan aims to shift 20% of interest-bearing deposits to non-interest bearing and redeploy $8B from SFR to commercial loans.

• Recognized for workplace excellence and customer satisfaction, with a Net Promoter Score consistently above 50.

Financial performance and balance sheet

• Total deposits of $21.1B, total assets of $27.6B, and total loans of $20.0B as of March 31, 2026.

• Net income for YTD 2026 was $122.4M, with an EPS of $0.82 in Q1 2026 and $0.79 in Q2 2026.

• Net interest margin increased to 2.81% in Q2 2026 from 2.70% in Q1 2026.

• Maintains a high-quality $5.8B cash and investment portfolio, with 85% in cash and US government-backed securities.

Loan and deposit trends

• Commercial loans now represent 95% of new originations in 2026, up from 83% in 2015, reflecting a strategic exit from mortgage lending.

• Loan portfolio is diversified, with SFR at 37.4%, multifamily at 23.3%, CRE at 18.1%, and C&I at 13.6%.

• Deposit base is highly diversified by industry, with consumer deposits at 30% and top 20 depositors accounting for 14% of total deposits.

• Shift from time deposits to transaction accounts, with time deposits at 39.7% and transaction accounts at 60.3% as of March 2026.