WAFD INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>WAFD INC has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and position.</b>

AI Summary

WAFD INC (WAFDP) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. WAFD INC filed a 10-Q report for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 30. WAFD INC is classified under National Commercial Banks (SIC 6021). The company's principal executive offices are located at 425 Pike Street, Seattle, WA.

Why It Matters

For investors and stakeholders tracking WAFD INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of WAFD INC's financial health and operational performance for the most recent quarter. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the commercial banking sector.

Risk Assessment

Risk Level: medium — WAFD INC shows moderate risk based on this filing. The company operates in the highly regulated commercial banking sector, which carries inherent risks related to economic downturns, interest rate fluctuations, and credit quality. Specific details on these risks are typically elaborated within the full 10-Q filing, particularly in the 'Risk Factors' section.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to assess WAFD INC's performance and potential vulnerabilities in the current economic climate.

Key Numbers

• 2024-03-31 — Period End Date (Reporting period)
• 2024-05-03 — Filing Date (Date of submission)
• 0930 — Fiscal Year End (Company's fiscal year end)
• 6021 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• WAFD INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filed as of date
• 6021 (industry_code) — Standard Industrial Classification
• WA (location) — State of incorporation
• 425 Pike Street, Seattle, WA 98101 (address) — Business address
• WASHINGTON FEDERAL INC (company) — Former company name
• 2023-09-28 (date) — Date of name change

FAQ

Industry Context

WAFD INC operates within the national commercial banks industry, a sector characterized by its role in financial intermediation, lending, and deposit-taking services.

Regulatory Implications

As a commercial bank, WAFD INC is subject to extensive regulation by federal and state authorities, including oversight from the SEC, Federal Reserve, and state banking departments, ensuring compliance with financial stability and consumer protection laws.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending March 31, 2024.
2. Review any disclosures regarding loan portfolio quality and interest rate sensitivity.
3. Examine management's discussion and analysis for insights into strategic priorities and outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for WAFD INC, providing the latest financial data compared to previous periods and the prior year.

Key Financial Figures

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

Filing Documents

• wfsl-20240331.htm (10-Q) — 3745KB
• wafd10-qex3113312024.htm (EX-31.1) — 10KB
• wafd10-qex3123312024.htm (EX-31.2) — 11KB
• wafd10-qex323312024.htm (EX-32) — 7KB
• 0000936528-24-000072.txt (&nbsp;) — 19498KB
• wfsl-20240331.xsd (EX-101.SCH) — 61KB
• wfsl-20240331_cal.xml (EX-101.CAL) — 175KB
• wfsl-20240331_def.xml (EX-101.DEF) — 488KB
• wfsl-20240331_lab.xml (EX-101.LAB) — 860KB
• wfsl-20240331_pre.xml (EX-101.PRE) — 695KB
• wfsl-20240331_htm.xml (XML) — 4990KB

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 March 31, 202 4 and September 30, 2023 3 Consolidated Statements of Operations for the three and six months ended March 31, 202 4 and March 31, 20 23 4 Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 202 4 and March 31, 202 3 5 Consolidated Statements of Shareholders' Equity for the three and six months ended March 31, 202 4 and March 31, 202 3 6 Consolidated Statements of Cash Flows for the six months ended March 31, 202 4 and March 31, 202 3 8 Notes to Interim Consolidated Financial Statements 10 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 47 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 4.

Controls and Procedures

Controls and Procedures 59 PART II Item 1.

Legal Proceedings

Legal Proceedings 61 Item 1A.

Risk Factors

Risk Factors 61 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits 63

Signatures

Signatures 64 2 Table of Contents WAFD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial statements

Item 1. Financial statements March 31, 2024 September 30, 2023 (In thousands, except share data) ASSETS Cash and cash equivalents $ 1,505,771 $ 980,649 Available-for-sale securities, at fair value 2,438,114 1,995,097 Held-to-maturity securities, at amortized cost 457,882 423,586 Loans receivable, net of allowance for loan losses of $ 201,577 and $ 177,207 20,795,259 17,476,550 Loans held for sale 2,993,658 — Interest receivable 115,484 87,003 Premises and equipment, net 243,465 237,011 Real estate owned 4,245 4,149 FHLB stock 160,817 126,820 Bank owned life insurance 264,043 242,919 Intangible assets, including goodwill of $ 411,401 and $ 304,750 453,539 310,619 Federal and state income tax assets, net 146,833 8,479 Other assets 561,178 581,793 $ 30,140,288 $ 22,474,675 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Customer accounts Transaction deposit accounts $ 12,338,862 $ 10,765,313 Time deposit accounts 9,000,911 5,305,016 21,339,773 16,070,329 Borrowings 5,345,518 3,650,000 Junior subordinated deferrable debentures 50,254 — Senior debt $ 95,000 face amount, 6.5 % interest rate, due September 30, 2024 93,729 — Advance payments by borrowers for taxes and insurance 49,350 52,550 Accrued expenses and other liabilities 339,758 275,370 27,218,382 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; 153,834,612 and 136,466,579 shares issued; 81,405,391 and 64,736,916 shares outstanding 153,835 136,467 Additional paid-in capital 2,143,343 1,687,634 Accumulated other comprehensive income (loss), net of taxes 51,935 46,921 Treasury stock, at cost; 72,429,221 and 71,729,663 shares ( 1,629,512 ) ( 1,612,345 ) Retained earnings 1,902,305 1,867,749 2,921,906 2,426,426 $ 30,140,288 $ 22,4

View Full Filing

View this 10-Q filing on SEC EDGAR