Wafd, Inc. · NASDAQ:WAFD
Wafd — Investor Presentation (July 2026)
32 slides from Wafd's investor presentation, Jul 27, 2026
Slide 1: Investor Presentation
Investor Presentation As of June 30, 2026 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of WaFd’s management and are subject to significant risks an
Slide 2: Overview of WaFd Bank
Overview of WaFd Bank Overview Geographic Overview • Established in 1917; IPO in 1982 • Washington State Charter Commercial Bank – WA DFI, FDIC, FRB, CFPB Regulated • Headquartered in Seattle, WA; is the second largest bank headquartered in the Pacific Northwest • 210 branches across 9 western state
Slide 3: WaFd Bank Executive Management Committee
WaFd Bank Executive Management Committee Brent Beardall Kelli Holz Cathy Cooper President and Chief Executive Officer SEVP Chief Financial Officer EEVP Chief Experience Officer Kim Robison Ryan Mauer EVP Chief Operating Officer EVP Chief Credit Officer 3 3
Slide 4: WaFd Bank Demographics
WaFd Bank Demographics Our markets are among the most desirable in the US and create a foundation for loan growth without excessive risk Projected Median Projected Company Deposit Percent of Total Population Population HH HH Income Number Deposits Market National Population Change Change Income Chan
Slide 5: Evolution of Our Franchise
Evolution of Our Franchise 15 years of investment in our evolution to a commercial bank Build 2030 Serving Businesses Concierge level service for all Digital Focus clients –serving Leverage data businesses to anticipate wholistically Commercial financial needs alongside Relationship and empower cons
Slide 6: Build 2030 - Plan Proforma
Build 2030 - Plan Proforma Business Banking, Corporate Banking and Commercial Real Estate Banking Segments have two primary objectives as a trusted advisor: 1. Deliver phenomenal, concierge-level customer service to all our clients - "everyone and every business deserves a WaFd banker". 2. Grow the
Slide 7: Net Promoter Score Approaching World Class
Net Promoter Score Approaching World Class Our investments in customer service, usability and technology are translating into high customer satisfaction levels Peer Net Promoter Score 1 WaFdaa Net Promoter Score 1 58 18 15 8 3 5 Source: CustomerGauge.com and Comparably.com 1 2025 Financial Services
Slide 8: Commitment to Community
Commitment to Community We believe our enduring franchise comes from core principles focused on helping the neighborhoods we serve. Our Corporate Social and Environmental Responsibility Policy Community Development flows from WaFd Bank’s core principles, which are: Over $390 million dollars invested
Slide 9: Financial Highlights
Financial Highlights Earnings Equity per Share Equity to Assets $64.2 M $65.6 M $66.1 M $36.81 $60.6 M $35.70 $36.30 11.77% 11.69% $0.84 $35.04 11.35% 11.36% $0.82 11.38% 11.10% 10.95% $0.79 10.81% $30.27 $30.82 9.89% $29.38 $29.91 9.64% 9.50% 9.35% $0.72 Q4 25 Q1 26 Q2 26 Q3 26 Q4 25 Q1 26 Q2 26 Q3
Slide 10: Loan and Deposit Balances by Geographical Area
Loan and Deposit Balances by Geographical Area As of June 30, 2026, $ In Millions Loan Balances by State Deposit Balances by State 10
Slide 11: Loan Growth – Through Different Interest Rate Environments
Loan Growth – Through Different Interest Rate Environments $ in millions. New Loan Originations Loan Growth $10,000 $25,000 $8,000 $20,000 $6,000 $15,000 $4,000 $10,000 $2,000 $5,000 $— $— 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
Slide 12: Non-Performing Asset Trends
Non-Performing Asset Trends We have maintained a strong ACL while NPAs remain low • ACL at June 30, 2026 amounted to $215 million, representing 168% of total non performing loans (1) • Non-performing assets were $136 million as of June 30, 2026, 0.49% of Total Assets Non-Performing Assets to Total A
Slide 13: Strong Credit Quality
Strong Credit Quality Strong Credit Quality Characterized by Limited Charge-Offs The Bank experienced nine consecutive years of net recoveries, fiscal 2014 through fiscal 2022, during which net recoveries totaled $74.9 million. Net charge-offs have remained low through YTD 2026. Net Loan Charge-offs
Slide 14: Loan Portfolio Composition
Loan Portfolio Composition Composition, LTV and Delinquencies. Based on net loans as of June 30, 2026 Multi-family, 23.1% WTD Avg Delinquent Lot Loans, Portfolio Segment LTV1 based on $ 0.4% Land - Multifamily 49 % 0.77 % A&D, 0.9% CRE, 17.9% CRE - Office 62 % —% Custom Construction, 0.1% CRE - Othe
Slide 15: View On C&I and CRE
View On C&I and CRE Based on net loans as of June 30, 2026 C&I Composition CRE Composition Construction, 5% Industrial, Manufacturing, Wholesale 11% 6% Trade, 6% Health Care and Social, 9% Finance and Insurance, 4% Office, 9% Retail Trade, 4% Other, 11% Multi-Family, Medical/ 54% Dental, 3% $3.0 Tra
Slide 16: Significant Liquidity and High-Quality Securities Portfolio
Significant Liquidity and High-Quality Securities Portfolio High quality, $5.7 billion cash and investment portfolio with $15.7 billion remaining collateral and lines as a source of additional potential liquidity Cash and Securities Composition Cash & Securities / Total Assets1 40.00% 6/30/2026 High
Slide 17: Investment Portfolio
Investment Portfolio High quality, $5.0 billion investment portfolio with a duration of 3.1 years. Portfolio is 35% variable rate. HTM Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 821,516 $ (36,745) 7.9 4.32% AFS Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS
Slide 18: Highly Diversified Deposit Base - % of Deposits by Industry
Highly Diversified Deposit Base - % of Deposits by Industry Other, 10% Retail Trade, 3% Manufacturing, 3% Consumer, 30% Professional, Scientific, and Technical Services, 4% Mining, 4% Health Care and Social Assistance, 5% Construction, 5% Public Administration, 10% Educational Services, 6% Other Ser
Slide 19: Deposit Trends
Deposit Trends Shifting away from time deposits in favor of transaction accounts. Non Interest-bearing accounts make up 12.6% of all deposits. As of 6/30/2026 $24,000 4.80% Time Deposits, 39.1% $20,000 4.00% Transaction Accounts, 60.9% $16,000 3.20% $12,000 2.40% As of 6/30/2025 $8,000 1.60% Time De
Slide 20: Borrowings and Debt Outstanding & Weighted Rate
Borrowings and Debt Outstanding & Weighted Rate Total Debt is 98.4% FHLB advances and 1.6% Junior Subordinated debentures and is used in part to manage interest rate risk. Increase in borrowings for 2020 was from locking in $1 billion of funding at a fixed rate of 66 bps for 10 years. $4,000 4.50% $
Slide 21: AOCI vs our Peers
AOCI vs our Peers Total Accumulated Other Comprehensive Income as a percent of Equity 10% 10% -70% APP PD oP DP a a Dd Dd ah oD oD oD DP DP mm mm ah ah nh nd n> 0 nm nb no no EE QP SE Bh ge WP ge NT HT CR Qe NT Ah ge WPT HT ph ge PT HT ep ge WHT oH 'WAFD COLB ‘WAL BANR ZION WaFdB
Slide 22: Net Interest Income and Net Interest Margin
Net Interest Income and Net Interest Margin Net interest income in thousands. $240,000 4.00% 3.50% June 30, 2026 Highlights: $200,000 • Net Interest Income (NII) would 3.00% increase by 0.9% in +100 bps immediate and parallel shock and $160,000 2.50% would increase by 5.4% in a -100 bps immediate pa
Slide 23: Net Interest Margin
Net Interest Margin Remained unchanged at 2.81% between Q3 2026 and Q2 2026 and increased from 2.69% Q3 2025. March 2026 to June 2026 June 2025 to June 2026 0.06% 0.30% 0.02% 0.04% —% (0.03)% 0.01% —% 2.81% 2.81% (0.03)% 2.81% 2.69% (0.06)% (0.02)% (0.12)% (0.02)% Q2 Rate Rate Non Day Securities Mis
Slide 24: Net Income and Common Earnings Per Share
Net Income and Common Earnings Per Share Annual Quarterly Net Income (in thousands) EPS Net Income (in thousands) EPS $300,000 $4.00 $80,000 $1.50 $240,000 $1.25 $3.00 $60,000 $1.00 $180,000 $2.00 $40,000 $0.75 $120,000 $0.50 $1.00 $60,000 $20,000 $0.25 $— $— $— $— 13 24 21 18 15 12 23 20 17 14 25 2
Slide 25: Non-Interest Income
Non-Interest Income Diverse sources of Non-Interest Income provide steady growth and balance our revenue profile Non-Interest Income for Quarter-Ended June 30, 2026 Non-Interest Income Over Time ($MM) Gain on Sale of Loan Fees, $30.7 Buildings, 13.3% 9.0% $15.0 Other Income, $19.8 $6.4 22.3% $10.1 $
Slide 26: Non-Interest Expense Over Time
Non-Interest Expense Over Time Annual and Quarterly - Expenses in thousands Annual Quarterly 78% $500,000 70% $140,000 80% 62% $450,000 59% 59% 59% 65% 70% 60% $120,000 54% $400,000 52% 58% 57% 57% 58% 50% 51% 50% 51% 56% 57% 55% 56% 60% 48% $100,000 54% 50% 52% 52% 52% $350,000 50% $300,000 $80,000
Slide 27: Breakout of Other Non-Interest Expenses
Breakout of Other Non-Interest Expenses $ in millions $65.9 $54.2 $47.5 $47.5 $45.9 $39.3 $41.1 $53.3 $60.1 $34.6 $49.4 $52.9 $46.5 $42.7 $47.2 $38.9 $24.0 $21.0 $25.9 $20.8 $17.0 $18.5 $15.9 $19.5 $28.9 $14.4 $20.0 $20.2 $16.0 $9.8 $10.9 $9.5 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Slide 28: Capital Ratios
Capital Ratios Common Equity Tier 1 Ratio 16.00% 14.00% WAFD does not seek to maximize 12.00% leverage. Rather, we aspire to be the 10.00% 8.00% bank that can best weather the next 6.00% 4.00% storm on the horizon. 2.00% —% Sep 2023 Sep 2024 Sep 2025 Jun 2026 WaFd Inc. Peer Banks Well Capitalized To
Slide 29: Returning Capital to Shareholders
Returning Capital to Shareholders Return of Income to Common Shareholders Share Repurchases Buybacks & Dividends as a % Outstanding at Stock Buyback & % of Net Wtd Price beginning of the Net Income Dividends Income # of Shares Paid year 2023 $242,801 $94,255 39% 1,165,161 $26.14 2% 2024 $185,416 $10
Slide 30: Stock Price & Book Value Per Share
Stock Price & Book Value Per Share As of 6/30/2026: Book Value per Share $36.81 Tangible Book Value per Share 30.82 Price to BV: 104% Price to TBV: 125% 30
Slide 31: Perspective through the last Credit Cycle
Perspective through the last Credit Cycle Managing Capital Text Text Text Tex 31
Slide 32: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of WaFd’s management and are subject to significant risks and uncertainties. The forward-looking state