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WaFd, Inc. (symbol: WAFD) is a well-established financial institution that has been serving communities since its founding in 1917. Originally founded as Ballard Savings and Loan Association in a fishing and lumber community just north of Seattle, Washington, WaFd has grown significantly over the past century. The company now operates in eight western states, including Washington, Arizona, Idaho, Nevada, Oregon, Texas, Utah, and New Mexico, providing an array of banking services tailored to meet the needs of both individuals and businesses.
WaFd offers a variety of personal banking services, such as checking and savings accounts, retirement accounts, and home loans. For businesses, WaFd provides comprehensive banking solutions including corporate real estate financing. The company's strong emphasis on personalized service ensures that customers receive the attention and expert advice they need, avoiding the impersonal approach often associated with larger banks.
WaFd’s disciplined and common-sense approach to banking has stood the test of time, making it one of the strongest financial institutions in America. The company prides itself on its century-long commitment to providing friendly and professional service without the hassle of phone trees or other modern inconveniences.
In recent years, WaFd has made significant strides in expanding its services and footprint. The bank's latest projects and partnerships are geared towards enhancing its offerings and reaching more customers. Financially, WaFd remains robust, continuing to deliver strong performance metrics and maintaining a healthy balance sheet.
Whether you are a consumer looking for reliable personal banking services, a business seeking comprehensive financial solutions, or an investor tracking the company's performance, WaFd, Inc. demonstrates a strong commitment to customer satisfaction and financial stability.
WaFd announced a regular quarterly cash dividend of 26 cents per share, marking its 167th consecutive quarterly dividend payment. The dividend will be paid on December 6, 2024, to shareholders of record as of November 22, 2024. As of September 30, 2024, WaFd operates 210 branches across nine states and reported $28.1 billion in assets, $21.4 billion in deposits, and $3.0 billion in shareholders' equity. The company provides consumer and commercial banking services, including business financing, real estate lending, and insurance products.
WaFd Inc. announced annual earnings of $200 million for fiscal year 2024, with net income available for common shareholders at $2.50 per share. The year included the acquisition of Luther Burbank , adding $7.7 billion in assets and resulting in $26 million in acquisition-related expenses. Key highlights:
- Loans receivable increased 19.7% to $20.9 billion
- Deposits grew 33.0% to $21.4 billion
- Total assets reached $28.1 billion, up 24.9%
- The company repurchased 1,070,207 shares at an average price of $25.29
- Paid $1.03 in cash dividends during the year
Credit quality remained stable with non-performing assets at 0.3% of total assets. The net interest margin decreased to 2.69% from 3.40% the previous year due to higher interest expense growth.
KBRA has assigned ratings to WaFd, Inc. (NASDAQ: WAFD) and its main subsidiary, Washington Federal Bank. The company received a BBB+ senior unsecured debt rating, while the bank received an A- deposit and senior unsecured debt rating. The Outlook for all long-term ratings is Stable.
The ratings are supported by WAFD's consistently favorable operating results, conservative credit culture, and high-quality management team. Despite recent industry-wide credit quality normalization, WAFD maintains minimal problem loans and below-peer levels of criticized and classified loans. The company has taken steps to reduce its investor CRE concentration, selling $2.8 billion of multifamily loans in 1Q24.
WAFD's liquidity position is strong, with $2.5 billion in cash (9% of assets) as of 2Q24. The company's deposit base is stable and granular, with uninsured/uncollateralized deposits at just 26% of total. Despite margin pressures, WAFD's profitability remains solid, with a core ROA just under 0.9% for 2Q24.
KBRA has assigned ratings to WaFd, Inc. (WAFD) and its bank subsidiary, Washington Federal Bank. The ratings include a BBB+ senior unsecured debt rating, BBB subordinated debt rating, and BBB- preferred shares rating for WaFd, Inc. Washington Federal Bank received A- deposit and senior unsecured debt ratings and a BBB+ subordinated debt rating. All long-term ratings have a stable outlook.
KBRA believes WaFd's credit risks are lower than average, citing outperformance of its residential mortgage and multifamily portfolios. The company's exposure to the troubled office sector is at 4% of loans. CEO Brent Beardall expressed satisfaction with the ratings, viewing them as recognition of WaFd's strong financial foundation and sound risk management practices.
WaFd, Inc. (Nasdaq: WAFD) has announced a regular cash dividend of 26 cents per share, payable on September 6, 2024, to shareholders of record as of August 23, 2024. This marks the company's 166th consecutive quarterly cash dividend. WaFd, Inc. is the parent company of Washington Federal Bank, operating as WaFd Bank across nine states. As of June 30, 2024, the company reported:
- $28.6 billion in assets
- $21.2 billion in deposits
- $2.9 billion in shareholders' equity
- 210 branches in operation
The bank provides various financial services, including consumer and commercial deposit accounts, business financing, and real estate lending.
WaFd (Nasdaq: WAFD) announced quarterly earnings of $64.56 million for the quarter ended June 30, 2024, marking a 306% increase from the previous quarter and a 5% increase year-over-year. Earnings per share (EPS) stood at $0.75, up from $0.17 in the prior quarter but down 16% from $0.89 a year earlier. These results include $2.3 million in acquisition-related costs. Adjusted return on equity (ROE) was 9.4%, compared to 8.7% in the previous quarter and 11.1% a year ago. Revenue growth was driven by the integration of Luther Burbank , increased loan origination, and a substantial CRE loan sale.
WaFd also reported a 31.8% increase in customer deposits and a 154.2% rise in cash and cash equivalents. Net interest income grew by 5% year-over-year to $177 million, although net interest margin decreased from 3.27% to 2.56%. The company plans to launch new mobile and online banking apps to enhance customer experience.
WaFd Bank has completed the sale of approximately $2.8 billion in multifamily commercial real estate loans to Bank of America, which is reselling the loans to funds managed by Pacific Investment Management Company (PIMCO). This transaction is one of the largest non-FDIC assisted CRE loan sales in history and was executed at 92% of the principal balance.
Importantly, the sale was conducted without incurring any losses for WaFd, enhancing its liquidity. These loans originated from Luther Burbank Savings, which WaFd acquired in March 2023. This sale was also not a merger condition. The bank now has options to buy down debt, originate new loans, or buy back stock.
Today, WaFd announced a regular cash dividend of 26 cents per share, payable on June 7, 2024, to shareholders of record as of May 24, 2024. This marks the 165th consecutive quarterly cash dividend for the company. Additionally, the Board has increased the share repurchase authorization by 10 million shares, raising the total authorized amount to 11.8 million shares. Over the past three fiscal years, WaFd has repurchased 12.7 million shares at an average price of $31.32, equating to 17% of the shares outstanding as of October 1, 2020. WaFd is a parent company of Washington Federal Bank, which operates 210 branches across nine states and reported $30.1 billion in assets, $21.3 billion in deposits, and $2.9 billion in shareholders' equity as of March 31, 2024.
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