WAFD, Inc. Completes Asset Acquisition, Incurs New Debt

TL;DR

WAFD just bought assets and took on new debt. Big moves happening.

AI Summary

On February 29, 2024, WAFD, Inc. reported the completion of an acquisition of assets. The company also disclosed the creation of a direct financial obligation, indicating new debt or financial commitments. This filing includes financial statements and exhibits related to these events.

Why It Matters

This filing signals a significant strategic move for WAFD, Inc. through asset acquisition and potentially impacts its financial structure due to new obligations.

Risk Assessment

Risk Level: medium — The acquisition and new financial obligations introduce potential integration challenges and financial risks that require careful monitoring.

Key Players & Entities

• WAFD, INC. (company) — Registrant
• February 29, 2024 (date) — Date of earliest event reported
• 425 PIKE STREET (address) — Company Business Address
• SEATTLE (city) — Company Business Address City
• WA (state) — Company Business Address State
• 98101 (zip_code) — Company Business Address Zip

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value per share WAFD NASDAQ Stock M
• $41,238,000 — 36, with an initial principal amount of $41,238,000, dated March 30, 2006 (the "2036 Notes"
• $20,619,000 — 37, with an initial principal amount of $20,619,000, dated March 30, 2007 (the "2037 Notes"
• $95,000,000 — ued with an initial principal amount of $95,000,000 (the "Senior Debt"). The supplemental

Filing Documents

• wfsl-20240229.htm (8-K) — 42KB
• 0000936528-24-000055.txt ( ) — 208KB
• wfsl-20240229.xsd (EX-101.SCH) — 2KB
• wfsl-20240229_def.xml (EX-101.DEF) — 15KB
• wfsl-20240229_lab.xml (EX-101.LAB) — 30KB
• wfsl-20240229_pre.xml (EX-101.PRE) — 16KB
• wfsl-20240229_htm.xml (XML) — 4KB

01 Completion of Acquisition or Disposition of Assets

Item 2.01 Completion of Acquisition or Disposition of Assets The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 2.01. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. In connection with the Merger, the Company assumed Luther Burbank's obligations with respect to (i) Luther Burbank's fixed/floating rate junior subordinated deferrable interest debentures due June 15, 2036, with an initial principal amount of $41,238,000, dated March 30, 2006 (the "2036 Notes"), and (ii) Luther Burbank's fixed/floating rate junior subordinated deferrable interest debentures due June 15, 2037, with an initial principal amount of $20,619,000, dated March 30, 2007 (the "2037 Notes" and, together with the 2036 Notes, the "Notes"). The Company also assumed Luther Burbank's obligations with respect to Luther Burbank's 6.50% senior unsecured term notes maturing September 30, 2024, issued with an initial principal amount of $95,000,000 (the "Senior Debt"). The supplemental indentures pursuant to which the Company assumed the Notes, the original indentures pursuant to which the Notes were issued, and the 6.50% senior unsecured term notes, have not been filed herewith pursuant to Item 601(b)(4)(v) of Regulation S-K under the Securities Act of 1933, as amended. The Company agrees to furnish a copy of such indentures to the SEC upon request. The Senior Debt was assumed by the Company by operation of law as a result of the Merger.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (a) Financial statements of businesses or funds acquired. The Company will file any financial statements, as required by this Item, no later than 71 days after the date on which this Form 8-K is required to be filed. (b) Pro forma financial information. The Company will file any financial statements, as required by this Item, no later than 71 days after the date on which this Form 8-K is required to be filed. (d) Exhibits Exhibit No. Description 2.1 Agreement and Plan of Reorganization , dated November 13, 2022, by and between WaFd, Inc. (f/k/a Washington Federal, Inc.), and Luther Burbank Corporation (incorporated by reference to Exhibit 2.1 of WaFd, Inc.'s Form 8-K filed with the SEC on November 14, 2022) 104 Cover Page Interactive Data File (formatted as inline XBRL) 3

SIGNATURES

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. February 29, 2024 WAFD, INC. By: /s/ KELLI J. HOLZ Kelli J. Holz Executive Vice President and Chief Financial Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR