WAFD, INC. Enters Material Definitive Agreement

Ticker: WAFDP · Form: 8-K · Filed: May 17, 2024 · CIK: 936528

Wafd Inc 8-K Filing Summary
FieldDetail
CompanyWafd Inc (WAFDP)
Form Type8-K
Filed DateMay 17, 2024
Risk Levelmedium
Pages4
Reading Time5 min
Key Dollar Amounts$1.00, $3.2 billion, $2.9 billion
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, filing, financials

TL;DR

WAFD signed a big deal, filing shows new agreement details.

AI Summary

On May 14, 2024, WAFD, INC. entered into a material definitive agreement. The filing also includes financial statements and exhibits related to this agreement. The company, formerly known as Washington Federal Inc., is headquartered in Seattle, WA.

Why It Matters

This filing indicates a significant new contract or partnership for WAFD, INC., which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's financial health and stock performance.

Key Players & Entities

  • WAFD, INC. (company) — Registrant
  • Washington Federal Inc. (company) — Former company name
  • May 14, 2024 (date) — Date of earliest event reported
  • May 16, 2024 (date) — Date as of change
  • May 17, 2024 (date) — Filing date

FAQ

What is the nature of the material definitive agreement entered into by WAFD, INC. on May 14, 2024?

The filing indicates the entry into a material definitive agreement but does not specify the exact nature of the agreement in the provided text.

What financial statements and exhibits are included with this 8-K filing?

The filing states that financial statements and exhibits are included, but the specific details of these documents are not provided in the excerpt.

When was WAFD, INC. previously known as Washington Federal Inc.?

The company was formerly known as Washington Federal Inc. with a date of name change on September 28, 2023.

What is the principal business of WAFD, INC. according to its SIC code?

According to its Standard Industrial Classification (SIC) code 6021, WAFD, INC. is in the business of National Commercial Banks.

Where is WAFD, INC. incorporated and what is its fiscal year end?

WAFD, INC. is incorporated in Washington (WA) and its fiscal year ends on September 30.

Filing Stats: 1,324 words · 5 min read · ~4 pages · Grade level 13.2 · Accepted 2024-05-16 20:19:24

Key Financial Figures

  • $1.00 — ange on which registered Common Stock, $1.00 par value per share WAFD NASDAQ Stock M
  • $3.2 billion — t aggregate unpaid principal balance of $3.2 billion. After closing of the Transaction, the
  • $2.9 billion — a total purchase price of approximately $2.9 billion (the "Purchase Price"). Consummation of

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On May 14, 2024 Washington Federal Bank, dba WaFd Bank, ("WaFd Bank") a wholly owned subsidiary of WaFd, Inc. (the "Company") entered into an Agreement for Purchase and Sale of Loans (the "Purchase Agreement"), with Bank of America, N.A. (the "Purchaser") pursuant to which the Purchaser agreed to purchase approximately 2,000 commercial multi-family real estate loans (the "Loans") from WaFd Bank (the "Transaction") with a current aggregate unpaid principal balance of $3.2 billion. After closing of the Transaction, the Purchaser intends to enter into a structured transaction or loan sale with one or more funds managed or advised by Pacific Investment Management Company LLC. The aggregate purchase price of the Loans shall be equal to 91.96% of the aggregate unpaid principal balance of the Loans as of the closing date, which currently amounts to a total purchase price of approximately $2.9 billion (the "Purchase Price"). Consummation of the Transaction is subject to customary due diligence, and the total number of Loans purchased and the Purchase Price may be adjusted as a result of the due diligence process. WaFd Bank may be obligated to repurchase the Loans sold to Purchaser if there is, subject to certain customary survival periods, a breach of a representation and warranty related to the purchased Loans. The Loans are being sold on a servicing released basis and after the closing date, Purchaser shall assume all servicing responsibilities for the Loans. The Purchaser is not an affiliate of the Company or the Bank. The Purchase Agreement provides for a due diligence period ending on June 18, 2024, and a proposed closing date of June 21, 2024. In the event of Purchaser's failure to consummate the Transaction under the terms and conditions set forth in the Purchase Agreement for any reason other than due to the fault of WaFd Bank, as WaFd Bank's sole and exclusive remedy, WaFd Bank may either obtain specific perf

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) The following exhibits are being furnished herewith: Exhibit 10 .1 Agreemen t for Purchase and Sale of Loans Exhibit 104 Cover Page Interactive Data File (embedded within with Inline XBRL) Important Cautionary Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation statements related to the Company's ability to close or timely close on the proposed sale described above. These statements are based on management's current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For important factors that could cause actual results to differ materially from the forward-looking statements in this Current Report on Form 8-K, please see the risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2023, and our other reports filed with the SEC and which are available on the SEC website at www.sec.gov. All forward-looking statements reflect the Company's beliefs and assumptions only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances. 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. May 16, 2024 WAFD, INC. By: /s/ KELLI J. HOLZ Kelli J. Holz Executive Vice President and Chief Financial Officer 4

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