WAFD INC Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>WAFD INC filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing financial activities for the first quarter of fiscal year 2024.</b>

AI Summary

WAFD INC (WAFDP) filed a Quarterly Report (10-Q) with the SEC on January 31, 2024. WAFD INC filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30. WAFD INC was formerly known as Washington Federal Inc. The company is classified under National Commercial Banks (SIC 6021).

Why It Matters

For investors and stakeholders tracking WAFD INC, this filing contains several important signals. This filing provides investors with an update on WAFD INC's financial performance and position during the specified quarter, crucial for assessing its current health and future prospects. Understanding the details within this 10-Q allows stakeholders to evaluate the company's operational efficiency, asset management, and overall financial stability in the context of the banking industry.

Risk Assessment

Risk Level: low — WAFD INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor WAFD INC's subsequent filings for any changes in financial performance, strategic initiatives, or market conditions that may impact its valuation.

Key Numbers

• 2023-12-31 — Period of Report (Conformed period of report)
• 2024-01-31 — Filed As Of Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)
• 6021 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• WAFD INC (company) — Filer name
• Washington Federal Inc (company) — Former company name
• 2023-12-31 (date) — Period of report
• 2024-01-31 (date) — Filed as of date
• National Commercial Banks (industry) — Standard Industrial Classification
• 425 Pike Street (address) — Business address
• Seattle (location) — Business address city
• WA (location) — Business address state

FAQ

Industry Context

WAFD INC operates within the National Commercial Banks industry, a sector characterized by deposit-taking, lending, and other financial services.

Regulatory Implications

As a commercial bank, WAFD INC is subject to regulations from various financial authorities, including the SEC, Federal Reserve, and state banking departments, ensuring compliance and stability.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare WAFD INC's performance metrics in this filing against industry benchmarks and its historical data.
3. Monitor future SEC filings for any significant changes or updates to the company's financial health and strategic direction.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-01-31: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 31, 2023, following the company's name change from Washington Federal Inc. to WAFD INC.

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value per share WAFD NASDAQ Stock

Filing Documents

• wfsl-20231231.htm (10-Q) — 3124KB
• wafd10-qex31112312023.htm (EX-31.1) — 10KB
• wafd10-qex31212312023.htm (EX-31.2) — 11KB
• wafd10-qex3212312023.htm (EX-32) — 7KB
• 0000936528-24-000037.txt (&nbsp;) — 16786KB
• wfsl-20231231.xsd (EX-101.SCH) — 49KB
• wfsl-20231231_cal.xml (EX-101.CAL) — 146KB
• wfsl-20231231_def.xml (EX-101.DEF) — 397KB
• wfsl-20231231_lab.xml (EX-101.LAB) — 788KB
• wfsl-20231231_pre.xml (EX-101.PRE) — 582KB
• wfsl-20231231_htm.xml (XML) — 4323KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) The Consolidated Financial Statements of WaFd, Inc. and Subsidiaries filed as a part of the report are as follows: Consolidated Statements of Financial Condition as of December 31, 2023 and September 30, 2023 3 Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022 4 Consolidated Statements of Comprehensive Income for the three months ended December 31, 2023 and December 31, 2022 5 Consolidated Statements of Shareholders' Equity for the three months ended December 31, 2023 and December 31, 2022 6 Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and December 31, 2022 7 Notes to Interim Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 49 PART II Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 51 Item 6. Exhibits 51

Signatures

Signatures 52 2 Table of Contents WAFD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) December 31, 2023 September 30, 2023 (In thousands, except share data) ASSETS Cash and cash equivalents $ 1,144,774 $ 980,649 Available-for-sale securities, at fair value 2,018,445 1,995,097 Held-to-maturity securities, at amortized cost 415,079 423,586 Loans receivable, net of allowance for loan losses of $ 179,320 and $ 177,207 17,584,622 17,476,550 Interest receivable 87,022 87,003 Premises and equipment, net 237,202 237,011 Real estate owned 6,820 4,149 FHLB stock 137,940 126,820 Bank owned life insurance 244,558 242,919 Intangible assets, including goodwill of $ 305,125 and $ 304,750 311,103 310,619 Federal and state income tax assets, net — 8,479 Other assets 452,557 581,793 $ 22,640,122 $ 22,474,675 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Customer accounts Transaction deposit accounts $ 10,658,064 $ 10,765,313 Time deposit accounts 5,380,723 5,305,016 16,038,787 16,070,329 Borrowings 3,875,000 3,650,000 Advance payments by borrowers for taxes and insurance 19,244 52,550 Federal and state income tax liabilities, net 1,478 — Accrued expenses and other liabilities 253,609 275,370 20,188,118 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; 136,679,479 and 136,466,579 shares issued; 64,254,700 and 64,736,916 shares outstanding 136,679 136,467 Additional paid-in capital 1,691,102 1,687,634 Accumulated other comprehensive income (loss), net of taxes 47,014 46,921 Treasury stock, at cost; 72,424,779 and 71,729,663 shares ( 1,629,348 ) ( 1,612,345 ) Retained earnings 1,906,557 1,867,749 2,452,004 2,426,426 $ 22,640,122 $ 22,474,675 SEE NOTES TO INT

View Full Filing

View this 10-Q filing on SEC EDGAR