Wafd, Inc. · NASDAQ:WAFD
Wafd — Investor Presentation (November 2025)
36 slides from Wafd's investor presentation, Nov 12, 2025
Slide 1: Investor Presentation
Investor Presentation As of September 30, 2025 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 Washington Federal’s management and are subject to s
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 • 208 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: Build 2030
Build 2030 Organizational Structure & Objective: Business 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
Slide 6: 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 1917-2007 Digital Focus clients –serving Leverage data businesses to anticipate wholistically Commercial financial needs alongside Relationship and em
Slide 7: Northwest Retail Banking Satisfaction Study
Northwest Retail Banking Satisfaction Study Scores were obtained from the J.D. Banner Bank 677 Power 2025 U.S. Retail Banking Satisfaction Studysm. WaFd 663 Northwest ranking is based on data Chase 663 including Idaho, Montana, Oregon and Washington. Umpqua Bank 644 KeyBank 642 Region Average 634 U.
Slide 8: 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 9: 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 flows from WaFd Bank’s core principles, which are: Community Development Over $390 million dollars invested
Slide 10: 5 Year Change by Percentage in Each Geographical Area
5 Year Change by Percentage in Each Geographical Area1 From September 30, 2019, to September 30, 2025 Change in Loans Change in Deposits 1 WaFd entered the California market with the LBC merger 3/1/2024. 10
Slide 11: Loan and Deposit Balances by Geographical Area
Loan and Deposit Balances by Geographical Area As of September 30, 2025, $ In Millions Loan Balances by State Deposit Balances by State 11
Slide 12: 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 M
Slide 13: Non-Performing Asset Trends
Non-Performing Asset Trends We have maintained a strong ACL while NPAs remain low • ACL at September 30, 2025 amounted to $200 million, representing 140% of total NPAs 1 • Non-performing assets $143 million as of September 30, 2025, 0.54% of Total Assets Non-Performing Assets to Total Assets and ACL
Slide 14: 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 FY 2025. Net Loan Charge-offs
Slide 15: Net Loan Portfolio Average Current LTV
Net Loan Portfolio Average Current LTV As of September 30, 2025, $ In Thousands WTD Avg % Delinquent Net Balance % of Loans Current LTV based on $ Multifamily 4,605,368 23 % 56 % 0.45 % CRE - Office 802,868 4% 74 % 0.35 % CRE - Other 2,744,094 14 % 47 % 1.76 % CRE Construction - Multifamily 674,034
Slide 16: Other CRE Property Types as % of Total Net Loans
Other CRE Property Types as % of Total Net Loans As of September 30, 2025 All Others 1.0% Convalescent / Assisted Living 0.1% Gas Station / Convenience Store 0.1% Restaurant / Tavern 0.3% Cross Collateral / Bridge 0.3% Industrial 4.1% Single Family Residence 0.4% Warehouse 0.5% Retail - Not Anchored
Slide 17: Significant Liquidity and High-Quality Securities Portfolio
Significant Liquidity and High-Quality Securities Portfolio High quality, $4.8 billion cash and investment portfolio with $14.8 billion remaining collateral and lines as a source of additional potential liquidity Cash and Securities Composition Cash & Securities / Total Assets1 40.00% 9/30/2025 High
Slide 18: Investment Portfolio
Investment Portfolio High quality, $4.1 billion investment portfolio with a duration of 2.7 years. Portfolio is 45% variable rate. HTM Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 612,739 $ (33,063) 6.8 3.97% AFS Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS
Slide 19: Highly Diversified Deposit Base - % of Deposits by Industry
Highly Diversified Deposit Base - % of Deposits by Industry Top 20 depositors make up 11% of total deposits. 24.7% of total deposits are uninsured and not collateralized as of September 30, 2025 19
Slide 20: Deposit Trends
Deposit Trends Shifting away from time deposits in favor of transaction accounts. Checking accounts now make up 35% of all deposits As of 9/30/2025 $24,000 4.80% $20,000 4.00% Time Deposits, Transaction $9,131, Accounts, 42.6% $12,307, 57.4% $16,000 3.20% $12,000 2.40% As of 9/30/2024 $8,000 1.60% $
Slide 21: Deposit Flows
Deposit Flows Overall changes by quarter and balances by type Customer Deposit Accounts 6/30/2023 9/30/2023 12/31/2023 3/31/20241 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Checking - Noninterest Bearing 2,856,165 2,729,888 2,604,281 2,482,010 2,514,310 2,500,467 2,489,394 2,400,17
Slide 22: Borrowings and Debt Outstanding & Weighted Rate
Borrowings and Debt Outstanding & Weighted Rate Total Debt is 97.2% FHLB advances and 2.8% Junior Subordinated debentures and is used in part to manage interest rate risk. Current period decrease reflects the repayment of FHLB advances. Increase in borrowings for 2020 was from locking in $1 billion
Slide 23: Cost of Deposits Through the Current Fed Rate Cycle
Cost of Deposits Through the Current Fed Rate Cycle 23
Slide 24: AOCI vs our Peers
AOCI vs our Peers Total Accumulated Other Comprehensive Income as a percent of Equity 20% 10% -10% -70% Mm ne 9 S Pdr YD DY DDD 1D? YP YP VP o> ah ah ab aed 22 or) epee gee gO I ee yer ga IH Ger gah Oo SEH Ah od GH eg 'WAFD COLB WAL BANR ZION WaFdB
Slide 25: Income Statement Comparison
Income Statement Comparison $ In thousands Three Months Ended September September 30, 2025 30, 2024 $ Change % Change INTEREST INCOME Loans receivable $ 271,787 $ 308,598 $ (36,811) (12)% Mortgage-backed securities 32,953 18,088 14,865 82% Investment securities and cash equivalents 21,794 47,411 (25
Slide 26: Income Statement Comparison
Income Statement Comparison $ In thousands Three Months Ended September September 30, 2025 30, 2024 $ Change % Change NON-INTEREST INCOME $ 18,391 $ 15,878 $ 2,513 16% NON-INTEREST EXPENSE Compensation and benefits 56,028 53,983 2,045 4% Occupancy 10,895 10,843 52 —% FDIC premiums 4,400 6,800 (2,400
Slide 27: Net Interest Income and Net Interest Margin
Net Interest Income and Net Interest Margin Net interest income in thousands. 200,000 3.50% IRR measures as of September 30, 175,000 2025: 3.00% 150,000 • Net Interest Income (NII) would decrease by 0.1% in +100 bps 2.50% immediate and parallel shock 125,000 and would increase by 4.8% in a 2.00% -10
Slide 28: 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 $— $— $— $— 16 19 22 25 12 15 18 21 24 11 14 1
Slide 29: Non-Interest Income
Non-Interest Income Diverse sources of Non-Interest Income provide steady growth and balance our revenue profile Non-Interest Income for Quarter-Ended September 30, 2025 Non-Interest Income Over Time ($MM) $30.7 Loan Fees, Other 11.3% Income, $15.0 20.5% $19.8 $10.1 $16.7 $12.5 WaFd $13.2 Insurance
Slide 30: 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% 70% 60% $120,000 65% 54% $400,000 52% 58% 57% 57% 58% 50% 51% 50% 51% 56% 57% 60% 48% $100,000 52% 52% 52% $350,000 50% 50% 47% 50% $300,000 $80,000 40%
Slide 31: Breakout of Non-Interest Expense
Breakout of Non-Interest Expense Expenses in millions $65.9 $54.2 $47.5 $47.5 $45.9 $41.1 $41.7 $53.3 $60.1 $34.6 $49.4 $29.8 $52.9 $42.7 $47.2 $34.6 $38.9 $28.9 $24.0 $21.0 $25.9 $14.0 $16.4 $17.0 $18.5 $15.9 $19.5 $28.9 $14.4 $20.0 $20.2 $11.4 $11.6 $9.8 $10.9 $9.5 FY 2017 FY 2018 FY 2019 FY 2020
Slide 32: 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 2019 Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep 2025 WaFd Inc. Top
Slide 33: Returning Capital to Shareholders
Returning Capital to Shareholders Return of Income to Common Shareholders Common Dividend as a % of Net Income Stock Buyback & Net Income Dividends 2019 $210,256 $187,163 89 % 2020 $173,438 $178,629 103 % 38.3% 40.1% 40.0% 38.0% 2021 $173,581 $414,527 239 % * 30.1% 2022 $221,705 $64,837 29 % 27.8% 2
Slide 34: Stock Price & Book Value Per Share
Stock Price & Book Value Per Share As of 9/30/2025: Book Value per Share $35.04 Tangible Book Value per Share $29.38 Price to BV: 86.4% Price to TBV: 107% 34
Slide 35: Perspective through the last Credit Cycle
Perspective through the last Credit Cycle Managing Capital Text Text Text Tex 35
Slide 36: 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 Washington Federal’s management and are subject to significant risks and uncertainties. The forward