WAFD Inc. Files Q3 2024 10-Q Report

TL;DR

WAFD Inc. 10-Q filed for Q3 2024. Financials look solid.

AI Summary

WAFD Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Washington Federal Inc., is a national commercial bank based in Seattle, WA. Key financial data and operational details for the third quarter of fiscal year 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with crucial financial data for WAFD Inc., enabling them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240802 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• WAFD INC (company) — Filer of the 10-Q report
• Washington Federal Inc. (company) — Former name of WAFD INC
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Date the filing was made
• SEATTLE, WA (location) — Location of WAFD INC headquarters

FAQ

Key Financial Figures

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

Filing Documents

• wfsl-20240630.htm (10-Q) — 3780KB
• amendmentno1towafd-bofam.htm (EX-10.1) — 9KB
• wafd10-qex3116302024.htm (EX-31.1) — 10KB
• wafd10-qex3126302024.htm (EX-31.2) — 11KB
• wafd10-qex326302024.htm (EX-32) — 7KB
• amendmentno1towafd-bofam001.jpg (GRAPHIC) — 201KB
• amendmentno1towafd-bofam002.jpg (GRAPHIC) — 297KB
• amendmentno1towafd-bofam003.jpg (GRAPHIC) — 64KB
• amendmentno1towafd-bofam004.jpg (GRAPHIC) — 42KB
• amendmentno1towafd-bofam005.jpg (GRAPHIC) — 32KB
• amendmentno1towafd-bofam006.jpg (GRAPHIC) — 30KB
• 0000936528-24-000110.txt ( ) — 20675KB
• wfsl-20240630.xsd (EX-101.SCH) — 62KB
• wfsl-20240630_cal.xml (EX-101.CAL) — 176KB
• wfsl-20240630_def.xml (EX-101.DEF) — 481KB
• wfsl-20240630_lab.xml (EX-101.LAB) — 868KB
• wfsl-20240630_pre.xml (EX-101.PRE) — 698KB
• wfsl-20240630_htm.xml (XML) — 5055KB

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 June 30 , 2024 and September 30, 2023 3 Consolidated Statements of Operations for the three and nine months ended June 30 , 2024 and June 30 , 2023 4 Consolidated Statements of Comprehensive Income for the three and nine months ended June 30 , 2024 and June 30 , 2023 5 Consolidated Statements of Shareholders' Equity for the three and nine months ended June 30 , 2024 and June 30 , 2023 6 Consolidated Statements of Cash Flows for the nine months ended June 30 , 2024 and June 30 , 2023 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 June 30, 2024 September 30, 2023 (In thousands, except share data) ASSETS Cash and cash equivalents $ 2,492,504 $ 980,649 Available-for-sale securities, at fair value 2,428,769 1,995,097 Held-to-maturity securities, at amortized cost 447,638 423,586 Loans receivable, net of allowance for loan losses of $ 203,824 and $ 177,207 20,873,919 17,476,550 Loans held for sale 468,527 — Interest receivable 103,410 87,003 Premises and equipment, net 244,529 237,011 Real estate owned 4,209 4,149 FHLB stock 107,282 126,820 Bank owned life insurance 265,819 242,919 Intangible assets, including goodwill of $ 412,213 and $ 304,750 452,255 310,619 Federal and state income tax assets, net 129,044 8,479 Other assets 562,895 581,793 $ 28,580,800 $ 22,474,675 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Customer accounts Transaction deposit accounts $ 11,929,005 $ 10,765,313 Time deposit accounts 9,255,760 5,305,016 21,184,765 16,070,329 Borrowings 3,934,514 3,650,000 Junior subordinated deferrable debentures 50,485 — Senior debt $ 95,000 face amount, 6.5 % interest rate, due September 30, 2024 94,361 — Advance payments by borrowers for taxes and insurance 38,898 52,550 Accrued expenses and other liabilities 319,438 275,370 25,622,461 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; 153,939,952 and 136,466,579 shares issued; 81,157,173 and 64,736,916 shares outstanding 153,940 136,467 Additional paid-in capital 2,146,149 1,687,634 Accumulated other comprehensive income, net of taxes 54,916 46,921 Treasury stock, at cost; 72,782,779 and 71,729,663 shares ( 1,638,943 ) ( 1,612,345 ) Retained earnings 1,942,277 1,867,749 2,958,339 2,426,426 $ 28,580,800 $ 22,474,675 S

View Full Filing

View this 10-Q filing on SEC EDGAR