ワーフェッドの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 8-K

____________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 17, 2024

____________________________________

WAFD, INC.

(Exact name of registrant as specified in its charter)

____________________________________

Washington

001-34654

91-1661606

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(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

Washington Federal, Inc.

(Former name or former address, if changed since last report)

____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐


Item 2.02			Results of Operations and Financial Condition

On October 17, 2024, the Company announced by press release its earnings for the quarter and fiscal year ended September 30, 2024. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the September 30, 2024 Fact Sheet, which presents certain detailed financial information about the Company, is attached as Exhibit 99.2. This information is being furnished under Item 2.02 (Results of Operations and Financial Condition) of Form 8-K.


Item 9.01			Financial Statements and Exhibits

(a) Not applicable

(b) Not applicable

(d) The following exhibits are being furnished herewith:

99.1 Press release dated October 17, 2024

99.2 Fact Sheet as of September 30, 2024

Important Cautionary Statements

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.

By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2023 10-K, and Quarterly Reports on Form 10-Q which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth; (iii) risks related to the integration of the operations of Luther Burbank Corporation; (iv) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (v) changes in deposit flows or loan demands; (vi) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (ix) litigation risks resulting in significant expenses, losses and reputational damage; (x) our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and identity theft; and (xi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

October 18, 2024

WASHINGTON FEDERAL, INC.

By:

/s/ KELLI J. HOLZ

Kelli J. Holz

Executive Vice President
and Chief Financial Officer

EX-99.1 2 exhibit991_sep2024earnings.htm EX-99.1 Document

Exhibit 99.1

Thursday, October 17, 2024

FOR IMMEDIATE RELEASE

WaFd Inc. Announces Fourth Quarter and Fiscal 2024 Results

2024 Highlights

•Net Income was $200 million or $2.50 per diluted share for fiscal 2024 compared to $257 million or $3.72 per diluted share for 2023.

•The year included the acquisition of California-based Luther Burbank Corporation which added $7.7 billion in assets and resulted in acquisition-related expenses of $26 million.

•The Company completed the sales of $2.8 billion in multifamily loans and $0.4 billion in single family loans obtained in the acquisition.

•Loans receivable increased $3.4 billion, or 19.7%, during 2024.

•Deposits increased $5.3 billion or 33.0% during 2024.

•During the year, the Company repurchased 1,070,207 shares of common stock at a weighted average price of $25.29.

•On September 6, 2024, the Company paid a cash dividend of $0.26 per share. This was the 166th consecutive quarterly dividend paid. A total of $1.03 was paid as cash dividends during the year.

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank" or the "Bank"), today announced annual earnings of $200,041,000 for the fiscal year ended September 30, 2024, including the effects of the acquisition of California-based Luther Burbank Corporation ("LBC"). After the effect of dividends on preferred stock, net income available for common shareholders was $2.50 per share for the year. These results reflect acquisition related costs of $26,319,000 incurred in fiscal 2024. Adjusted for these expenses and non-operating items, earnings per share for the year was $3.02. For a reconciliation, see the Non-GAAP Financial Measures section below.

The following table provides the Company's financial scorecard for the last five quarters:


	As of
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
BALANCE SHEET	(In thousands, except share and ratio data)
Cash	$	2,381,102		$	2,492,504		$	1,505,771		$	1,144,774		$	980,649
Loans receivable, net	20,916,354			20,873,919			20,795,259			17,584,622			17,476,550
Allowance for credit losses ("ACL")	225,253			225,324			225,077			201,820			201,707
Loans held for sale	—			468,527			2,993,658			—			—
Available-for-sale securities, at fair value	2,572,709			2,428,768			2,438,114			2,018,445			1,995,097
Held-to-maturity securities, at amortized cost	436,972			447,638			457,882			415,079			423,586
Total Investments	3,009,681			2,876,406			2,895,996			2,433,524			2,418,683
Total assets	28,060,330			28,580,800			30,140,288			22,640,122			22,474,675
Transaction deposits	11,817,185			11,929,005			12,338,862			10,658,064			10,765,313
Time deposits	9,556,785			9,255,760			9,000,911			5,380,723			5,305,016
Total deposits	21,373,970			21,184,765			21,339,773			16,038,787			16,070,329
Borrowings	3,318,307			4,079,360			5,489,501			3,875,000			3,650,000
Total shareholders' equity	3,000,300			2,958,339			2,921,906			2,452,004			2,426,426
Loans to customer deposits2	97.86		%	98.53		%	97.45		%	109.64		%	108.75		%

PROFITABILITY
Net income	$	61,140		$	64,560		$	15,888		$	58,453		$	50,208
Net income to common shareholders	57,484			60,904			12,232			54,797			46,552
Earnings per common share	0.71			0.75			0.17			0.85			0.72
Return on tangible common equity1	10.24		%	11.10		%	2.47		%	11.93		%	10.22		%
Return on tangible assets1	0.89		%	0.88		%	0.26		%	1.06		%	0.92		%
Net interest margin	2.62		%	2.56		%	2.73		%	2.91		%	3.13		%
Efficiency ratio	57.21		%	56.61		%	77.74		%	58.02		%	51.78		%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	33.25		$	32.76		$	32.21		$	33.49		$	32.85
Tangible common shareholders' equity per share1	27.73			27.18			26.64			28.65			28.05
Shareholders' equity to total assets	10.69		%	10.35		%	9.69		%	10.83		%	10.80		%
Tangible shareholders' equity to tangible assets1	9.24		%	8.91		%	8.31		%	9.59		%	9.55		%
Common shares outstanding	81,220,269			81,157,173			81,405,391			64,254,700			64,736,916
Preferred shares outstanding	300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY2
ACL to gross loans	1.01		%	1.00		%	1.00		%	1.04		%	1.03		%
Non-accrual loans to net loans	0.33		%	0.29		%	0.29		%	0.26		%	0.29		%
Delinquencies to net loans	0.25		%	0.22		%	0.36		%	0.33		%	0.36		%
Non-performing assets to total assets	0.28		%	0.24		%	0.23		%	0.24		%	0.26		%

Criticized loans to net loans	2.41		%	3.01		%	2.59		%	2.27		%	2.33		%

Substandard loans to net loans	2.04		%	1.84		%	1.48		%	1.74		%	1.75		%


1Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. 2Metrics include only loans held for investment. Loans held for sale are not included.

President and CEO Brent Beardall commented, "Considering what was one of the more challenging macro environments in my twenty-three years at the Bank, our fiscal year 2024 was an excellent year with after tax earnings just north of $200 million. We took material steps to position the balance sheet for the Fed’s much anticipated move to reduce interest rates. As we start fiscal 2025, we have over 19% of our total balance sheet in cash and investments, borrowing capacity of more than $6 billion and problem loans totaling just 0.28% of assets. Optionality is a beautiful thing when the future is uncertain and we believe we are moving forward with a capacity to be relevant and a nimbleness to adapt. WaFd sees significant opportunity for growth in all of our nine western states, where we believe economic growth will outpace overall US growth. Perhaps our biggest concern is the potential for unexpected events. Over the years, we have seen it’s the surprise of what was not modeled, what was not thought likely, that takes down strong financial institutions. This knowledge keeps us humble and operating with a meaningful surplus of capital and liquidity."

As a result of the LBC acquisition on February 29, 2024, the Company's results as of September 30, 2024 reflect seven months of the newly combined entity. Given this, the Company's financial results are not directly comparable to the results of the prior periods. Total assets were $28.1 billion as of September 30, 2024, an increase of 24.9% from $22.5 billion at September 30, 2023. Net loans held for investment increased by $3.4 billion, or 19.7%, from September 30, 2023 to September 30, 2024 reflecting the addition of LBC loans. The Company acquired $6.2 billion in loans in the transaction but sold $2.8 billion in acquired multifamily loans in the June 2024 quarter and $0.4 billion in acquired single family loans in September 2024. Cash and cash equivalents as of September 30, 2024 increased by $1.4 billion, or 142.8%, since September 30, 2023 as a result of the LBC acquisition, and the completion of the LBC loan sales offset by the pay-down of borrowings and debt. Investment securities increased by $591.0 million compared to September 30, 2023 due to the addition of $529.2 million in securities obtained in the acquisition combined with normal activity during the year.

Customer deposits totaled $21.4 billion as of September 30, 2024, an increase of 33.0% since September 30, 2023. Transaction accounts increased by $1.1 billion or 9.8% during the fiscal year 2024, while time deposits increased $4.3 billion, or 80.1%, as 66% of the LBC deposits were time deposits. As a result of this product mix, the Company's transaction accounts as a percentage of total customer deposits decreased to 55.3% compared to 67% at September 30, 2023. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 75.1% of deposits at September 30, 2024. Deposits that are uninsured or not collateralized were 24.0% as of September 30, 2024, a decrease from 25.7% as of September 30, 2023.

Borrowings totaled $3.3 billion as of September 30, 2024, a net decrease of $0.4 billion or 10.5% since September 30, 2023. The Company utilized proceeds from the LBC loan sales to pay off $2.2 billion of borrowings which matured since the acquisition. The acquisition added $1.4 billion in borrowings in addition to net borrowing activity of $400 million during the year. The weighted average effective interest rate as of September 30, 2024, was 3.93% versus 3.98% at September 30, 2023. As of September 30, 2024, $2.3 billion of the $3.3 billion in outstanding borrowings have effective maturities less than one year.

Loan originations totaled $3.6 billion for fiscal year 2024 compared to $4.7 billion in fiscal year 2023. Offsetting the loan origination volume in each of these years were loan repayments of $4.3 billion and $4.4 billion, respectively. The Bank has intentionally slowed new loan production to temper loan growth.

Commercial loans represented 73% of all loan originations during fiscal 2024 with consumer loans accounting for the remaining 27%. Commercial loans are viewed by the Bank as preferable as they generally have floating interest rates and shorter durations. The weighted average period end interest rate on the loan portfolio was 5.26% as of September 30, 2024, an increase from 5.22% at September 30, 2023.

Credit quality continues to be monitored closely in light of the shifting economic and monetary environment. As of September 30, 2024, non-performing assets were $77 million, or 0.3% of total assets, compared to 0.3% as of September 30, 2023. The percentage of non-accrual loans to total loans at September 30, 2024 remained largely unchanged from September 30, 2023 at 0.3%. Delinquent loans as a percentage of total loans decreased to 0.3% from 0.4% during the year.

The allowance for credit losses including the reserve for unfunded commitments totaled $225 million as of September 30, 2024, and was 1.01% of gross loans as compared to $202 million or 1.03% of gross loans as of September 30, 2023. Net charge-offs were $1.4 million for fiscal year 2024 compared to net charge-offs of $45.1 million in fiscal 2023. The increase in the ACL reflects the $16.0 million provision recorded on LBC loans held for investment that are not credit deteriorated and the $7.4 million estimated lifetime credit losses for those that are considered purchased credit deteriorated ("PCD").

Net interest income was $660.8 million for fiscal 2024, a decrease of $29.4 million or 4.3% from the prior year. The net interest margin for the year was 2.69% compared to 3.40% the prior year. This decrease was the result of the combination of greater growth in interest-bearing liabilities balances than in interest-paying assets and a larger increase in the rate paid on those liabilities compared to the rates earned on interest-earning assets. Average interest-bearing liabilities grew by 27.2% while average interest-earning assets grew by 20.8%. Rates on interest-bearing liabilities increased by 128 basis points outpacing the 46 basis point increase in the average rate on interest-earning assets.

Total non-interest income was $60.7 million for fiscal year 2024, an increase of $8.5 million or 16.3% from $52.2 million in the prior year. The increase in other income is primarily due to increased income from the Company's subsidiary, WAFD Insurance Group, and a decrease in unrealized losses recorded for certain equity method investments in fiscal 2024 compared to prior year.

Total non-interest expense was $448.3 million for fiscal 2024, an increase of $72.2 million or 19.2% from the prior year. Compensation and benefits costs increased $37.6 million or 19.14% year-over-year primarily due to acquisition related retention, severance and change-in-control expenses combined with a larger post-acquisition workforce. FDIC premiums increased $8.8 million compared to the same period last year as a result of both the FDIC's special assessment and the Company's increased size post-acquisition. Information technology costs increased by $3.9 million due to increased telephone and data lines combined with lingering conversion costs and termination fees on LBC software. Other expense increased by $18.4 million and included acquisition related expenses of $8.9 million, a $2 million charitable donation and $6.6 million in amortization expense related to the Core Deposit Intangible Asset created in the acquisition.

The Company recorded a provision for credit losses of $17.5 million in the year ended September 30, 2024, compared to a provision for credit losses of $41.5 million in 2023. The provision for loan losses included the initial provision recorded on LBC loans, as well as other qualitative considerations such as prolonged and intensified borrower sensitivity to high interest rates and operating costs due to inflationary pressures.

For the year ended September 30, 2024, the Company recorded federal and state income tax expense of $56.0 million, which equates to a 21.88% effective tax rate. This compares to an effective tax rate of 20.81% for fiscal year 2023. Although the Company's effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments, some of the change in the current year resulted specifically from the LBC acquisition and consideration of California State and Local taxes.

WaFd Bank is headquartered in Seattle, Washington and has 210 branches in nine western states. To find out more, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.

WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)


	September 30, 2024			September 30, 2023
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents	$	2,381,102		$	980,649
Available-for-sale securities, at fair value	2,572,709			1,995,097
Held-to-maturity securities, at amortized cost	436,972			423,586
Loans receivable, net of allowance for loan losses of $203,753 and $177,207	20,916,354			17,476,550
Interest receivable	102,827			87,003
Premises and equipment, net	247,901			237,011
Real estate owned	4,567			4,149
FHLB stock	95,617			126,820
Bank owned life insurance	267,633			242,919
Intangible assets, including goodwill of $411,360 and $304,750	448,425			310,619
Federal and state income tax assets, net	119,248			8,479
Other assets	466,975			581,793
	$	28,060,330		$	22,474,675
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Transaction deposits	$	11,817,185		$	10,765,313
Time deposits	9,556,785			5,305,016
Total customer deposits	21,373,970			16,070,329
Borrowings	3,267,589			3,650,000
Junior subordinated deferrable debentures	50,718			—
Advance payments by borrowers for taxes and insurance	61,330			52,550

Accrued expenses and other liabilities	306,423			275,370
	25,060,030			20,048,249
Stockholders’ 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; 154,007,429 and 136,466,579 shares issued; 81,220,269 and 64,736,916 shares outstanding	154,007			136,467
Additional paid-in capital	2,150,675			1,687,634
Accumulated other comprehensive (loss) income, net of taxes	55,851			46,921
Treasury stock, at cost; 72,787,160 and 71,729,663 shares	(1,639,131)			(1,612,345)
Retained earnings	1,978,898			1,867,749
	3,000,300			2,426,426
	$	28,060,330		$	22,474,675
CONSOLIDATED FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	33.25		$	32.85

Shareholders' equity to total assets	10.69		%	10.80		%

WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended September 30,						Twelve Months Ended September 30,
	2024			2023			2024			2023
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable	$	308,598		$	240,998		$	1,165,849		$	900,068
Mortgage-backed securities	18,088			11,695			59,782			43,184
Investment securities and cash equivalents	47,411			29,017			146,079			99,703
	374,097			281,710			1,371,710			1,042,955
INTEREST EXPENSE
Customer accounts	165,240			83,402			532,434			237,233
Borrowings, senior debt and junior subordinated debentures	36,045			34,611			178,444			115,488
	201,285			118,013			710,878			352,721
Net interest income	172,812			163,697			660,832			690,234
Provision for credit losses	—			26,500			17,500			41,500
Net interest income after provision	172,812			137,197			643,332			648,734
NON-INTEREST INCOME
Gain (loss) on sale of investment securities	91			33			342			33
Gain (loss) on termination of hedging derivatives	72			33			241			(867)

Loan fee income	757			731			2,745			3,885
Deposit fee income	7,047			6,849			27,507			26,050
Other income	7,911			6,688			29,857			23,100
Total non-interest income	15,878			14,334			60,692			52,201
NON-INTEREST EXPENSE
Compensation and benefits	53,983			45,564			234,148			196,534
Occupancy	10,843			10,115			42,036			41,579
FDIC insurance premiums	6,800			7,000			28,870			20,025
Product delivery	6,306			5,819			23,986			20,973
Information technology	14,129			12,672			53,306			49,447
Other expense	15,880			11,007			65,926			47,477
Total non-interest expense	107,941			92,177			448,272			376,035
Gain (loss) on real estate owned, net	(83)			(235)			304			176
Income before income taxes	80,666			59,119			256,056			325,076
Income tax provision	19,526			8,911			56,015			67,650
Net income	61,140			50,208			200,041			257,426
Dividends on preferred stock	3,656			3,656			14,625			14,625
Net income available to common shareholders	$	57,484		$	46,552		$	185,416		$	242,801
PER SHARE DATA
Basic earnings per common share	$	0.71		$	0.72		$	2.50		$	3.72
Diluted earnings per common share	0.71			0.72			2.50			3.72
Cash dividends per common share	0.26			0.25			1.03			0.99
Basic weighted average shares outstanding	81,208,683			64,729,006			74,244,323			65,192,510
Diluted weighted average shares outstanding	81,353,644			64,736,864			74,290,568			65,255,283
PERFORMANCE RATIOS
Return on average assets	0.87		%	0.90		%	0.76		%	1.18		%
Return on average common equity	8.53			8.73			7.55			11.69
Net interest margin	2.62			3.13			2.69			3.40
Efficiency ratio	57.21			51.78			62.13			50.65

WAFD, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable	$	308,598		$	337,118		$	274,341		$	245,792		$	240,998
Mortgage-backed securities	18,088			17,523			12,905			11,266			11,695
Investment securities and cash equivalents	47,411			37,300			31,580			29,788			29,017
	374,097			391,941			318,826			286,846			281,710
INTEREST EXPENSE
Customer accounts	165,240			154,359			116,164			96,671			83,402
Borrowings, senior debt and jr. subordinated debentures	36,045			60,396			44,065			37,938			34,611
	201,285			214,755			160,229			134,609			118,013
Net interest income	172,812			177,186			158,597			152,237			163,697
Provision for credit losses	—			1,500			16,000			—			26,500
Net interest income after provision	172,812			175,686			142,597			152,237			137,197
NON-INTEREST INCOME
Gain (loss) on sale of investment securities	91			80			90			81			33
Gain (loss) on termination of hedging derivatives	72			54			6			109			33

Loan fee income	757			594			550			844			731
Deposit fee income	7,047			6,960			6,698			6,802			6,849
Other income	7,911			9,567			6,048			6,331			6,688
Total non-interest income	15,878			17,255			13,392			14,167			14,334
NON-INTEREST EXPENSE
Compensation and benefits	53,983			57,169			73,155			49,841			45,564
Occupancy	10,843			10,904			10,918			9,371			10,115
FDIC insurance premiums	6,800			7,600			7,900			6,570			7,000
Product delivery	6,306			6,090			5,581			6,009			5,819
Information technology	14,129			13,428			12,883			12,866			12,672
Other expense	15,880			14,888			23,275			11,883			11,007
Total non-interest expense	107,941			110,079			133,712			96,540			92,177
Gain (loss) on real estate owned, net	(83)			(124)			(1,315)			1,826			(235)
Income before income taxes	80,666			82,738			20,962			71,690			59,119
Income tax provision	19,526			18,178			5,074			13,237			8,911
Net income	61,140			64,560			15,888			58,453			50,208
Dividends on preferred stock	3,656			3,656			3,656			3,656			3,656
Net income available to common shareholders	$	57,484		$	60,904		$	12,232		$	54,797		$	46,552
PER SHARE DATA
Basic earnings per common share	$	0.71		$	0.75		$	0.17		$	0.85		$	0.72
Diluted earnings per common share	0.71			0.75			0.17			0.85			0.72
Cash dividends per common share	0.26			0.26			0.26			0.25			0.25
Basic weighted average shares outstanding	81,208,683			81,374,811			70,129,072			64,297,499			64,729,006
Diluted weighted average shares outstanding	81,353,644			81,393,708			70,164,558			64,312,110			64,736,864
PERFORMANCE RATIOS
Return on average assets	0.87		%	0.87		%	0.26		%	1.04		%	0.90		%
Return on average common equity	8.53			9.20			2.09			10.21			8.73
Net interest margin	2.62			2.56			2.73			2.91			3.13
Efficiency ratio	57.21			56.61			77.74			58.02			51.78

Non-GAAP Financial Measures and Management Projections

The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that Management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way they are calculated herein. Because of this, our non-GAAP financial measures may not be comparable to similar measures used by others. We caution investors not to place undue reliance on such measures. See the following unaudited tables for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.


Tangible Measures	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Unaudited - In thousands, except for ratio data)
Shareholders equity - GAAP	$	3,000,300		$	2,958,339		$	2,921,906		$	2,452,004		$	2,426,426
Less intangible assets - GAAP	448,425			452,255			453,539			311,103			310,619
Tangible shareholders' equity	$	2,551,875		$	2,506,084		$	2,468,367		$	2,140,901		$	2,115,807
Less preferred stock - GAAP	300,000			300,000			300,000			300,000			300,000
Tangible common shareholders' equity	$	2,251,875		$	2,206,084		$	2,168,367		$	1,840,901		$	1,815,807

Total assets - GAAP	$	28,060,330		$	28,580,800		$	30,140,288		$	22,640,122		$	22,474,675
Less intangible assets - GAAP	448,425			452,255			453,539			311,103			310,619
Tangible assets	$	27,611,905		$	28,128,545		$	29,686,749		$	22,329,019		$	22,164,056

Tangible Metrics
Common shares outstanding - GAAP	81,220,269			81,157,173			81,405,391			64,254,700			64,736,916
Tangible common equity per share	$	27.73		$	27.18		$	26.64		$	28.65		$	28.05
Tangible equity to tangible assets	9.24		%	8.91		%	8.31		%	9.59		%	9.55		%


	Quarter Ended
Average Tangible Measures	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Unaudited - In thousands, except for ratio data)
Average shareholders equity - GAAP	$	2,996,093		$	2,947,056		$	2,638,483		$	2,447,580		$	2,431,846
Less average preferred stock - GAAP	300,000			300,000			300,000			300,000			300,000
Less average intangible assets - GAAP	451,204			453,142			360,251			311,022			310,200
Average tangible common equity	$	2,244,889		$	2,193,914		$	1,978,232		$	1,836,558		$	1,821,646

Average Assets - GAAP	$	28,000,482		$	29,703,337		$	24,907,376		$	22,381,459		$	22,233,741
Less average intangible assets - GAAP	451,204			453,142			360,251			311,022			310,200
Average tangible assets	$	27,549,278		$	29,250,195		$	24,547,125		$	22,070,437		$	21,923,541

Average Tangible Metrics
Net income - GAAP	61,140			64,560			15,888			58,453			50,208
Net income available to common shareholders - GAAP	57,484			60,904			12,232			54,797			46,552
Return on tangible common equity	10.24		%	11.10		%	2.47		%	11.93		%	10.22		%
Return on tangible assets	0.89		%	0.88		%	0.26		%	1.06		%	0.92		%


Net Income Adjusted for Acquisition Expenses and Other Non-Operating Items	Year Ended September 30, 2024		Year Ended September 30, 2023
	(Unaudited - In thousands, except for ratio data)
Non-interest income adjustments
Distribution received on LBC equity method investment	$	(874)	$	—
(Gain)Loss on WaFd Bank equity method investment	1,244		3,385
Total non-interest income adjustments	$	370	$	3,385

Non-interest expense adjustments
Acquisition-related expenses	$	26,319	$	3,016
Select non-operating expenses:
FDIC Special Assessment	2,084		—
Legal and Compliance Accruals	2,818		—
Charitable Donation	2,000		—
	6,902		—
Total non-interest expense adjustments	$	33,221	$	3,016

Net Income - GAAP	$	200,041	$	257,426
Preliminary ACL provision on LBC loans	16,000		—
Non-interest income adjustments	370		3,385
Non-interest expense adjustments	33,221		3,016
REO adjustments	304		176
Income tax adjustment	(10,915)		(1,369)
Net Income - non-GAAP	$	239,021	$	262,634

Dividend on preferred stock	$	14,625	$	14,625

Net Income available to common shareholders - non-GAAP	$	224,396	$	248,009

Basic weighted average number of shares outstanding - GAAP	74,244,323		65,192,510
Diluted weighted average number of shares outstanding - GAAP	74,290,568		65,255,283

Basic EPS - non-GAAP	3.02		3.80
Diluted EPS - non-GAAP	3.02		3.80

Important Cautionary Statements

# # #

Contact:

WaFd, Inc.

425 Pike Street, Seattle, WA 98101

Brad Goode, SVP, Chief Marketing Officer

206-626-8178

brad.goode@wafd.com

EX-99.2 3 exhibit992_sep2024factsheet.htm EX-99.2 Document

Exhibit 99.2

WaFd, Inc.

Fact Sheet

September 30, 2024

($ in Thousands)


	As of 03/24						As of 06/24						As of 09/24
Allowance for Credit Losses (ACL) - Total	$	225,077					$	225,324					$	225,253
ACL - Loans	201,577						203,824						203,753
ACL Unfunded Commitments	23,500						21,500						21,500
Total ACL as a % of Gross Loans	1.00		%				1.00		%				1.01		%

	03/24 QTR			03/24 YTD			06/24 QTR			06/24 YTD			09/24 QTR			09/24 YTD
Loan Originations - Total	$	825,733		$	1,697,179		$	972,500		$	2,669,679		$	962,393		$	3,632,072
Multi-Family	39,802			50,210			8,523			58,733			1,997			60,730
Commercial Real Estate	81,634			145,250			57,956			203,206			43,724			246,930
Commercial & Industrial	370,476			789,522			456,351			1,245,873			431,498			1,677,371
Construction	136,038			287,015			124,978			411,993			191,837			603,829
Land - Acquisition & Development	11,475			24,032			6,099			30,131			15,275			45,406
Single-Family Residential	67,506			151,020			141,018			292,038			138,234			430,272
Construction - Custom	50,940			97,242			58,490			155,732			54,049			209,781
Land - Consumer Lot Loans	3,914			7,763			6,478			14,241			6,946			21,187
HELOC	31,859			72,855			46,246			119,101			42,816			161,917
Consumer	32,089			72,270			66,361			138,631			36,017			174,648

Purchased Loans (including acquisitions)	$	6,207,393		$	6,207,393		$	—		$	6,207,393		$	—		$	6,207,393

Net Loan Fee and Discount Accretion	$	7,127		$	11,740		$	14,807		$	26,547		$	10,942		$	37,489

Repayments
Loans	$	983,348		$	2,136,858		$	1,035,515		$	3,172,373		$	1,129,986		$	4,302,359
MBS	35,927			72,364			58,582			130,946			64,885			195,831

MBS Net Premium Amortization	$	160		$	96		$	561		$	657		$	403		$	1,060

Efficiency
Operating Expenses/Average Assets	2.15		%	1.95		%	1.48		%	1.77		%	1.54		%	1.71		%
Efficiency Ratio (%)	77.74		%	68.04		%	56.61		%	63.87		%	57.21		%	62.13		%
Amortization of Intangibles	$	1,303		$	1,569		$	3,197		$	4,766		$	2,977		$	7,743

EOP Numbers
Shares Issued and Outstanding	81,405,391						81,157,173						81,220,269

Share repurchase information
Remaining shares authorized for repurchase	1,853,453						11,501,005						11,501,005
Shares repurchased	7,837			705,730			357,303			1,063,033			7,174			1,070,207
Average share repurchase price	$	30.38		$	24.52		$	26.63		$	25.23		$	34.82		$	25.29

WaFd, Inc.

Fact Sheet

September 30, 2024

($ in Thousands)


Tangible Common Book Value	As of 03/24			As of 06/24			As of 09/24
$ Amount	$	2,168,367		$	2,206,084		$	2,251,875
Per Share	26.64			27.18			27.73

# of Employees	2,335			2,204			2,208

Investments
Available-For-Sale:
Agency MBS	$	1,291,648		$	1,351,997		$	1,387,025
Other	1,146,466			1,076,771			1,185,684
	$	2,438,114		$	2,428,768		$	2,572,709
Held-To-Maturity:
Agency MBS	$	457,882		$	447,638		$	436,972
	$	457,882		$	447,638		$	436,972

	As of 03/24			As of 06/24			As of 09/24
Loans Receivable by Category1	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	4,173,375	18.5%	$	4,616,359	20.5%	$	4,658,119	20.8%
Commercial Real Estate	3,570,790		15.8	3,781,247		16.8	3,757,040		16.8
Commercial & Industrial	2,290,452		10.1	2,394,978		10.6	2,337,139		10.4
Construction	2,631,783		11.6	2,247,530		10.0	2,174,254		9.7
Land - Acquisition & Development	215,831		1.0	195,796		0.9	200,713		0.9
Single-Family Residential	8,816,039		39.0	8,364,415		37.2	8,399,030		37.6
Construction - Custom	466,740		2.1	414,483		1.8	384,161		1.7
Land - Consumer Lot Loans	115,022		0.6	112,317		0.5	108,791		0.6
HELOC	243,852		1.1	255,271		1.1	266,151		1.2
Consumer	74,269		0.3	84,445		0.4	73,998		0.3
	22,598,153		100%	22,466,841		100%	22,359,396		100%
Less:
Allowance	201,577			203,824			203,753
Loans in Process	1,303,978			1,094,956			1,009,798
Net Deferred Fees, Costs and Discounts	297,339			294,142			229,491
Sub-Total	1,802,894			1,592,922			1,443,042
	$	20,795,259		$	20,873,919		$	20,916,354

Net Loan Portfolio by Category1	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	4,067,739	19.6%	$	4,488,124	21.5%	$	4,530,951	21.7%
Commercial Real Estate	3,511,893		16.9	3,707,189		17.8	3,692,946		17.6
Commercial & Industrial	2,224,662		10.7	2,331,403		11.2	2,273,984		10.9
Construction	1,596,178		7.7	1,417,444		6.8	1,401,748		6.7
Land - Acquisition & Development	167,839		0.8	148,724		0.7	152,416		0.7
Single-Family Residential	8,578,862		41.3	8,146,045		39.0	8,239,778		39.4
Construction - Custom	221,460		1.1	188,940		0.9	180,988		0.9
Land - Consumer Lot Loans	111,043		0.5	108,927		0.4	105,496		0.5
HELOC	244,331		1.2	255,908		1.2	266,808		1.3
Consumer	71,252		0.3	81,215		0.4	71,239		0.3
	$	20,795,259	100%	$	20,873,919	100%	$	20,916,354	100%
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

WaFd, Inc.

Fact Sheet

September 30, 2024

($ in Thousands)


	As of 03/24					As of 06/24					As of 09/24
Loans by State1	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,770,917		27.5	%	$	5,771,422		27.4	%	$	5,771,729		27.3	%
Idaho	896,501			4.3		917,733			4.4		924,573			4.4
Oregon	2,441,076			11.7		2,486,762			11.8		2,463,530			11.7
Utah	2,013,988			9.6		2,084,601			9.9		2,085,051			9.9
Nevada	781,351			3.7		776,656			3.6		783,600			3.7
Texas	2,466,030			11.7		2,526,689			12.0		2,495,541			11.8
Arizona	2,386,260			11.4		2,314,192			11.0		2,319,106			11.0
New Mexico	750,750			3.6		750,935			3.6		761,853			3.6
California	3,121,531			14.9		3,027,699			14.4		3,037,606			14.4
Other	368,432			1.8		421,054			2.0		477,518			2.2
Total	$	20,996,836		100%		$	21,077,743		100%		$	21,120,107		100%

Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:1
Multi-Family	$	8,377		13.8%		$	9,984		16.3%		$	18,743		27.0%
Commercial Real Estate	27,022			44.4		26,408			43.1		26,362			37.9
Commercial & Industrial	4,436			7.3		2,138			3.5		—			—
Construction	—			—		1,120			1.8		1,120			1.6
Land - Acquisition & Development	112			0.2		74			0.1		74			0.1
Single-Family Residential	20,016			32.9		20,422			33.2		21,488			30.9
Construction - Custom	88			—		88			0.1		848			—
Land - Consumer Lot Loans	—			—		236			0.4		—			—
HELOC	491			0.8		758			1.2		596			0.9
Consumer	264			0.3		40			0.1		310			0.4
Total non-accrual loans	60,806			100%		61,268			100%		69,541			100%
Real Estate Owned	4,245					4,209					4,567
Other Property Owned	3,310					3,310					3,310
Total non-performing assets	$	68,361				$	68,787				$	77,418

Non-accrual loans as % of total net loans	0.29		%			0.29		%			0.33		%
Non-performing assets as % of total assets	0.23		%			0.24		%			0.28		%

Net Charge-offs (Recoveries) by Category	03/24 QTR			CO % (a)		06/24 QTR			CO % (a)		09/24 QTR			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	—			—		201			0.02		—			—
Commercial & Industrial	33			0.01		1,343			0.22		136			0.02
Construction	—			—		—			—		—			—
Land - Acquisition & Development	(21)			(0.04)		(17)			(0.03)		114			0.23
Single-Family Residential	76			—		(105)			(0.01)		(88)			—
Construction - Custom	—			—		—			—		(1)			—
Land - Consumer Lot Loans	(46)			(0.16)		(2)			(0.01)		(1)			—
HELOC	(1)			—		(1)			—		(1)			—
Consumer	105			0.57		(166)			(0.79)		(89)			(0.48)
Total net charge-offs (recoveries)	$	146		—%		$	1,253		0.02%		$	70		—%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

WaFd, Inc.

Fact Sheet

September 30, 2024

($ in Thousands)



	As of 03/24					As of 06/24					As of 09/24
Deposits & Branches by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	8,254,930	38.7	%	73	$	8,302,664	39.2	%	73	$	8,528,608	39.9	%	73
Idaho	918,143		4.3		22	922,547		4.4		22	949,025		4.5		22
Oregon	2,744,489		12.8		36	2,711,175		12.9		36	2,696,243		12.5		36
Utah	541,895		2.5		9	549,876		2.7		9	584,001		2.7		9
Nevada	513,980		2.4		8	508,648		2.4		8	527,704		2.5		8
Texas	404,120		1.9		5	371,539		1.8		5	398,736		1.9		5
Arizona	1,587,253		7.4		28	1,610,523		7.6		28	1,619,101		7.6		28
New Mexico	1,479,225		6.9		19	1,555,373		7.3		19	1,622,534		7.6		19
California	4,895,738		22.9		10	4,652,420		22.0		10	4,448,018		20.8		10
Total	$	21,339,773	100%		210	$	21,184,765	100%		210	$	21,373,970	100%		210

Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	2,482,010	11.6	%		$	2,514,310	11.9	%		$	2,500,467	11.7	%
Interest Checking	4,579,413		21.5			4,481,465		21.2			4,486,444		21.0
Savings	771,260		3.6			733,973		3.5			718,560		3.4
Money Market	4,506,179		21.1			4,199,257		19.8			4,111,714		19.2
Time Deposits	9,000,911		42.2			9,255,760		43.7			9,556,785		44.7
Total	$	21,339,773	100%			$	21,184,765	100%			$	21,373,970	100%

Deposits Uninsured & Non-collateraized - EOP	$	5,436,402	25.5	%		$	5,238,217	24.7	%		$	5,134,192	24.0	%

Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	1,807,709	4.16	%		$	2,300,304	4.37	%		$	2,923,299	4.72	%
From 4 to 6 months	1,880,835		4.38	%		2,586,273		4.76	%		3,140,278		4.65	%
From 7 to 9 months	2,093,121		4.75	%		1,953,833		4.63	%		1,236,201		4.49	%
From 10 to 12 months	1,966,821		4.46	%		1,071,346		4.26	%		1,307,000		4.37	%

Borrowings (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	4,447,572	5.20	%		$	3,036,283	5.01	%		$	2,274,067	5.00	%
1 to 3 years	191,507		3.12	%		192,425		3.13	%		193,355		3.17	%

More than 5 years	850,422		1.06	%		850,652		1.04	%		850,885		1.23	%
Total	$	5,489,501				$	4,079,360				$	3,318,307

Interest Rate Risk

NPV post up 100 bps shock (b)			9.8	%				8.9	%				8.7	%
NPV post down 100 bps shock (b)			1.1	%				10.7	%				10.2	%
Change in NII after up 100 bps shock (b)			4.1	%				3.0	%				0.2	%
Change in NII after down 100 bps shock (b)			(0.2)	%				1.6	%				0.4	%
(b) Assumes no balance sheet management actions taken.

WaFd, Inc.

Fact Sheet

September 30, 2024

($ in Thousands)


Historical CPR Rates (c)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS











9/30/2022	8.1	%	14.7	%
12/31/2022	6.3	%	12.6	%
3/31/2023	5.8	%	8.9	%
6/30/2023	7.9	%	11.8	%
9/30/2023	7.0	%	14.5	%
12/31/2023	6.6	%	9.7	%
3/31/2024	4.8	%	8.7	%
6/30/2024	6.6	%	12.0	%
9/30/2024	8.6	%	12.9	%

(c) The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that is paid off prematurely in each period.

WaFd, Inc.

Fact Sheet

September 30, 2024

Average Balance Sheet

($ in Thousands)


	Quarter Ended
	March 31, 2024						June 30, 2024						September 30, 2024
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	19,696,515	$	274,341	5.60	%	$	23,536,530	$	337,118	5.76	%	$	21,258,400	$	308,598	5.78	%
Mortgage-backed securities	1,470,581		12,905		3.53		1,765,314		17,523		3.99		1,817,639		18,088		3.96
Cash & investments	2,020,460		28,901		5.75		2,386,434		33,693		5.68		3,061,063		43,661		5.67
FHLB Stock	138,452		2,679		7.78		164,018		3,608		8.85		99,195		3,750		15.04
Total interest-earning assets	23,326,008		318,826		5.50	%	27,852,296		391,942		5.66	%	26,236,297		374,097		5.67	%
Other assets	1,581,368						1,851,041						1,764,185
Total assets	$	24,907,376					$	29,703,337					$	28,000,482

Liabilities and Shareholders' Equity
Interest-bearing customer accounts	15,080,002		116,164		3.10	%	18,398,704		154,359		3.37	%	18,590,638		165,240		3.54	%
Borrowings	4,323,454		44,065		4.10		5,406,585		60,397		4.49		3,535,015		36,045		4.06

Total interest-bearing liabilities	19,403,456		160,229		3.32	%	23,805,289		214,756		3.63	%	22,125,653		201,285		3.62	%
Noninterest-bearing customer accounts	2,536,757						2,593,381						2,588,528
Other liabilities	328,680						357,611						290,208
Total liabilities	22,268,893						26,756,281						25,004,389
Shareholders’ equity	2,638,483						2,947,056						2,996,093
Total liabilities and shareholders' equity	$	24,907,376					$	29,703,337					$	28,000,482

Net interest income/interest rate spread			$	158,597	2.18	%			$	177,186	2.03	%			$	172,812	2.05	%

Net interest margin (1)					2.73	%					2.56	%					2.62	%

(1) Annualized net interest income divided by average interest-earning assets

WaFd, Inc.

Fact Sheet

September 30, 2024

Average Balance Sheet

($ in Thousands)



	Year Ended September 30,
	2024						2023
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Assets
Loans receivable	$	20,500,281	$	1,165,849	5.69	%	$	17,095,014	$	900,068	5.27	%
Mortgage-backed securities	1,597,566		59,782		3.74		1,362,415		43,184		3.17
Cash & investments	2,330,505		133,608		5.73		1,742,806		91,058		5.22
FHLB & FRB stock	131,313		12,471		9.50		127,066		8,645		6.80
Total interest-earning assets	24,559,665		1,371,710		5.59	%	20,327,301		1,042,955		5.13	%
Other assets	1,682,721						1,484,271
Total assets	$	26,242,386					$	21,811,572
Liabilities and Shareholders’ Equity
Interest-bearing customer accounts	$	16,327,208	532,434		3.26	%	$	12,906,383	237,233		1.84	%
Borrowings	4,242,431		178,444		4.21		3,261,917		115,488		3.54

Total interest-bearing liabilities	20,569,639		710,878		3.46	%	16,168,300		352,721		2.18	%
Noninterest-bearing customer accounts	2,593,567						2,969,970
Other liabilities	322,071						296,840
Total liabilities	23,485,277						19,435,110
Shareholders’ equity	2,757,109						2,376,462
Total liabilities and shareholders’ equity	$	26,242,386					$	21,811,572

Net interest income/interest rate spread			$	660,832	2.13	%			$	690,234	2.95	%

Net interest margin					2.69	%					3.40	%

WaFd, Inc.

Fact Sheet

September 30, 2024

Delinquency Summary

($ in Thousands)


			AMOUNT OF LOANS		# OF LOANS				% based				% based
TYPE OF LOANS	#LOANS	AVG Size	NET OF LIP & CHG-OFFs		30	60	90	Total	on #		$ Delinquent		on $

September 30, 2024
Multi-Family	1,938	2,351	$	4,556,200	—	3	5	8	0.41	%	$	14,673	0.32	%
Commercial Real Estate	1,295	2,882	3,732,155		1	—	3	4	0.31		661		0.02
Commercial & Industrial	1,827	1,277	2,332,732		1	4	8	13	0.71		2,046		0.09
Construction	406	3,507	1,424,016		1	—	3	4	0.99		2,050		0.14
Land - Acquisition & Development	81	1,979	160,317		—	—	2	2	2.47		74		0.05
Single-Family Residential	22,141	374	8,280,300		28	19	52	99	0.45		29,711		0.36
Construction - Custom	364	501	182,415		—	—	2	2	0.55		848		0.46
Land - Consumer Lot Loans	1,017	106	108,060		—	—	1	1	0.10		—		—
HELOC	4,400	61	269,857		13	6	6	25	0.57		2,510		0.93
Consumer	7,677	10	74,055		35	27	64	126	1.64		765		1.03
	41,146	513	$	21,120,107	79	59	146	284	0.69	%	$	53,338	0.25	%
June 30, 2024
Multi-Family	1,951	2,313	$	4,513,323	—	1	2	3	0.15	%	$	6,612	0.15	%
Commercial Real Estate	1,302	2,878	3,746,945		—	2	2	4	0.31		589		0.02
Commercial & Industrial	1,871	1,277	2,389,236		2	—	9	11	0.59		2,138		0.09
Construction	404	3,565	1,440,152		—	1	2	3	0.74		1,120		0.08
Land - Acquisition & Development	82	1,908	156,424		—	—	2	2	2.44		74		0.05
Single-Family Residential	21,789	376	8,186,361		35	16	56	107	0.49		32,111		0.39
Construction - Custom	400	476	190,433		1	—	1	2	0.50		848		0.45
Land - Consumer Lot Loans	1,037	108	111,574		2	1	4	7	0.68		703		0.63
HELOC	4,360	59	258,833		10	3	5	18	0.41		2,251		0.87
Consumer	7,110	12	84,462		32	17	48	97	1.36		275		0.33
	40,306	523	$	21,077,743	82	41	131	254	0.63	%	$	46,721	0.22	%
March 31, 2024
Multi-Family	1,765	2,317	$	4,089,719	12	—	2	14	0.79	%	$	17,644	0.43	%
Commercial Real Estate	1,287	2,754	3,544,884		—	—	7	7	0.54		24,598		0.69
Commercial & Industrial	1,898	1,203	2,283,922		15	—	13	28	1.48		4,575		0.20
Construction	450	3,608	1,623,496		2	—	—	2	0.44		760		0.05
Land - Acquisition & Development	87	2,020	175,704		—	—	3	3	3.45		112		0.06
Single-Family Residential	22,392	385	8,619,916		29	17	56	102	0.46		25,761		0.30
Construction - Custom	451	495	223,377		1	—	1	2	0.44		847		0.38
Land - Consumer Lot Loans	1,076	106	114,256		4	1	1	6	0.56		307		0.27
HELOC	4,318	57	247,305		5	2	3	10	0.23		1,009		0.41
Consumer	7,497	10	74,257		15	15	135	165	2.20		435		0.59
	41,221	509	$	20,996,836	83	35	221	339	0.82	%	$	76,048	0.36	%