Document



WaFd delivered strong results in the third quarter of fiscal 2026, with healthy growth in earnings, loans, and equity. Earnings per share increased 15% year-over-year and 2% compared to the March quarter. While overall loans outstanding grew modestly for the quarter, net loans in our active loan portfolios grew at an annualized rate of 10.4%. Growth in net interest income, combined with disciplined expense management, drove our efficiency ratio to 53.7%, and we delivered an 11.0% return on tangible common equity for the quarter. We believe that the market is beginning to recognize WaFd's consistent earnings power — our stock price is up 19% from March 31, with 4.7 million shares repurchased in the first two quarter of the fiscal year. I want to thank our team of bankers for their continued dedication to delivering for our clients and shareholders."
Brent Beardall President and CEO of WaFd Bank

Net Interest Income and NIM

■$181 million net interest income for the quarter compared to $178 million in Q2.

■Net interest margin at 2.81% for the quarter - same as Q2.

Credit Quality

■Non-performing assets at 0.49% of total assets compared to 0.48% for Q2.

■Delinquencies down to 0.75% of total loans compared to 0.78% for Q2.

Non-Interest Income and Expense

■Non-interest income up $4.4 million as a result of a gain on sale of a branch property.

■Non-interest expense stable compared to prior quarter.

■Efficiency ratio decreased to 53.69% compared to 55.66% in the prior quarter as a result of the increase in other income.

Shareholder Returns and Stock Activity

■On June 5, 2026, the Company paid a cash dividend of $0.27 per share, 173rd consecutive quarterly dividend paid.

■ROATCE1 of 11.0% compared to 10.8% at March 31 - a 2.1% increase over Q2.

1 Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (or the "Bank"), today announced quarterly earnings of $66,130,000 for the quarter ended June 30, 2026, an increase of 1% from net earnings of $65,548,000 for the quarter ended March 31, 2026 and an increase of 7% from net earnings of $61,952,000 for the quarter ended June 30, 2025. After the effect of dividends on preferred stock, net income available for common shareholders was $0.84 per diluted share for the quarter ended June 30, 2026, compared to $0.82 per diluted share for the quarter ended March 31, 2026, and $0.73 per diluted share for the quarter ended June 30, 2025, an $0.11 or 15% increase in fully diluted earnings per common share.

The following table provides the Company's financial scorecard for the last five quarters:


	As of
(In thousands, except share and ratio data)	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
BALANCE SHEET
Cash	$	676,467		$	669,799		$	734,915		$	657,310		$	809,252
Loans receivable, net	20,017,876			19,966,983			19,848,156			20,088,618			20,277,164
Allowance for credit losses ("ACL")	233,831			224,450			221,039			221,220			219,268

Available-for-sale securities, at fair value	4,190,263			4,352,258			4,142,285			3,533,201			3,387,497
Held-to-maturity securities, at amortized cost	858,261			745,727			764,794			645,802			512,854
Total investments	5,048,524			5,097,985			4,907,079			4,179,003			3,900,351
Total assets	27,596,970			27,568,785			27,285,744			26,699,699			26,731,915
Transaction deposits	12,745,791			12,746,921			12,865,974			12,306,532			11,969,124
Time deposits	8,186,284			8,377,230			8,550,996			9,131,104			9,417,447
Total deposits	20,932,075			21,124,151			21,416,970			21,437,636			21,386,571
Borrowings and junior subordinated debentures	3,315,697			3,114,548			2,488,411			1,817,249			1,991,087
Total shareholders' equity	3,022,569			2,981,283			3,029,407			3,039,575			3,014,325
Loans to customer deposits	95.63		%	94.52		%	92.67		%	93.71		%	94.81		%

PROFITABILITY
Net income	$	66,130		$	65,548		$	64,196		$	60,597		$	61,952
Net income to common shareholders	62,474			61,892			60,540			56,941			58,296
Diluted earnings per common share	0.84			0.82			0.79			0.72			0.73
Return on tangible common equity1	11.04		%	10.82		%	10.57		%	9.99		%	10.20		%
Return on tangible assets1	0.97		%	0.97		%	0.97		%	0.93		%	0.94		%
Net interest margin	2.81		%	2.81		%	2.70		%	2.71		%	2.69		%
Efficiency ratio	53.69		%	55.66		%	55.25		%	56.82		%	56.01		%

FINANCIAL HIGHLIGHTS
Common shareholders' equity per share	$	36.81		$	36.30		$	35.70		$	35.04		$	34.30
Tangible common shareholders' equity per share1	30.82			30.27			29.91			29.38			28.69
Shareholders' equity to total assets	10.95		%	10.81		%	11.10		%	11.38		%	11.28		%
Tangible shareholders' equity to tangible assets1	9.50		%	9.35		%	9.64		%	9.89		%	9.78		%
Common shares outstanding	73,954,133			73,855,919			76,448,351			78,186,520			79,130,276
Preferred shares outstanding	300,000			300,000			300,000			300,000			300,000

CREDIT QUALITY
ACL to gross loans	1.08		%	1.05		%	1.05		%	1.04		%	1.03		%
Non-accrual loans to net loans	0.64		%	0.62		%	0.96		%	0.64		%	0.41		%
Delinquencies to net loans	0.75		%	0.78		%	1.07		%	0.60		%	0.26		%
Non-performing assets to total assets	0.49		%	0.48		%	0.75		%	0.54		%	0.36		%

Total criticized loans to net loans	4.93		%	4.24		%	4.60		%	4.39		%	4.07		%

Total adversely classified loans to net loans	2.59		%	2.60		%	2.94		%	3.16		%	3.54		%

1Metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures.

Balance Sheet Total assets increased to $27.6 billion as of June 30, 2026, compared to $26.7 billion at September 30, 2025, primarily due to the purchase of investment securities during the period. Investment securities increased by $870 million, or 20.8% in the nine months ended June 30, 2026, a result of $1.4 billion of purchases, primarily discount-priced 30-year mortgage backed securities at an expected yield to maturity of 5%. Net loans decreased $71 million to $20.0 billion and cash increased $19 million, or 2.9% during same period.

Customer deposits totaled $20.9 billion as of June 30, 2026, compared to $21.4 billion at September 30, 2025. The effective weighted average interest rate, including non-interest-bearing deposits, was 2.39% as of June 30, 2026, compared to 2.69% at September 30, 2025. Transaction accounts increased by $439 million or 3.6% during the nine months ended June 30, 2026, while time deposits decreased $945 million or 10.3%. As of June 30, 2026, 60.9% of the Company’s deposits were transaction accounts, an increase from 57.4% at September 30, 2025. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 80.6% of deposits at June 30, 2026, up from 77.9% on September 30, 2025. Deposits that are uninsured or not collateralized were 25.4% of total deposits as of June 30, 2026, an increase from 24.7% as of September 30, 2025.

Loan originations for active loan types totaled $1.5 billion for both the second and third fiscal quarters of 2026. Offsetting loan originations for these loan types in each of these quarters were loan repayments of $1.0 billion and $0.9 billion, respectively. Active loan types include the commercial segment and the consumer portfolio. Inactive loan types include all consumer residential portfolios. These loan types had repayments of $299 million during the quarter. Commercial loans represented 96% of all loan originations during the third fiscal quarter of 2026 and consumer loans accounted for the remaining 4%. The period end interest yield on the loan portfolio was 5.33% as of June 30, 2026, a decrease from 5.38% at September 30, 2025.

Tangible common equity per share is a key metric for our management team. For the nine months ended June 30, 2026, tangible book value per share grew to $30.82 at June 30, 2026 from $29.38 as of September 30, 2025. This metric is a non-GAAP Financial Measure. See page 9 for additional information on our use of non-GAAP Financial Measures. During the quarter, the Company repurchased 8,806 shares of common stock at a weighted average price of $36.20 as a result of option exercise activity. Our share repurchase plan currently has a remaining authorization of 8.0 million shares which, depending on share price, may provide a compelling investment alternative.

Return on common shareholders' equity for the quarter ended June 30, 2026 was 9.23% compared to 9.05% for the quarter ended March 31, 2026. Adjusted for certain non-operating items, return on equity for the quarter was 8.80% compared to adjusted return on equity of 9.12% the prior quarter. Return on assets for the quarter ended June 30, 2026 was 0.96%, unchanged from the previous quarter. Adjusted for certain non-operating items, return on assets for the quarter was 0.92% compared to adjusted return on assets of 0.97% the prior quarter. For a reconciliation of these adjusted ratios, see the Non-GAAP Financial Measures section below.

WaFd’s capital ratios are expected to be in line with the March 2026 results which showed the total risk-based capital ratio at 14.4% and common equity tier 1 risk-based capital ratio at 11.4%. All ratios remain above current “well-capitalized” regulatory minimums. In March 2026, federal banking regulators re-proposed revisions to the Basel III Endgame capital framework, which remains subject to finalization following the close of the industry comment period in June 2026. Based on management’s review and analysis, using March 31, 2026 data, WaFd estimates that opting into the revised framework, once finalized, could reduce risk-weighted assets by approximately 12.5%, representing an estimated $317 million of total risk-based capital relief. We will continue to evaluate this opportunity as the rule is finalized.

Credit Quality Considering the shifting economic and monetary environment, further impacted by recent global developments, credit quality continues to be monitored closely. As of June 30, 2026, non-performing assets increased to $136 million, or 0.49% of total assets, from $132 million, or 0.48%, at March 31, 2026 and decreased from $143 million, or 0.54%, at September 30, 2025. The decrease compared to September is the result of non-accrual loans decreasing by $1.1 million, or 1%, since September 30, 2025 combined with decreases in real estate owned ("REO") of $2.9 million and other property owned of $3.3 million during the same time frame. Delinquent loans increased to 0.75% of total loans at June 30, 2026, compared to 0.60% at September 30, 2025 but decreased compared to 0.78% at March 31, 2026.

The allowance for credit losses (including the reserve for unfunded commitments) totaled $234 million as of June 30, 2026, and was 1.08% of gross loans outstanding, as compared to $221 million, or 1.04% of gross loans outstanding, as of September 30, 2025. This increase was the result in growth in the active loan portfolio, specifically C&I and Construction loans, in addition to concerns related to possible losses on adversely classified loans. Net charge-offs were $1.6 million for the third fiscal quarter of 2026, compared to $0.6 million for the prior quarter.

WaFd Bank is headquartered in Seattle, Washington, and has 210 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company will host a conference call for investors and analysts at 7:00 am Pacific Time on Friday July 17, 2026. Participants may register for the call from a link on the Company's investor relations site (https://www.wafdbank.com/about-us/investor-relations) or through a direct link (https://register-conf.media-server.com/register/BI3742b47b9d1546a6a24d982d3a85576b). The Company uses its website to distribute financial and other material information about the Company.


	June 30, 2026			September 30, 2025
	(In thousands, except share and ratio data)
ASSETS
Cash and cash equivalents		$	676,467		$	657,310
Available-for-sale securities, at fair value		4,190,263			3,533,201
Held-to-maturity securities, at amortized cost		858,261			645,802
Loans receivable, net of allowance for loan losses of $214,831 and $199,720		20,017,876			20,088,618
Interest receivable		99,120			98,589
Premises and equipment, net		291,606			261,271
Real estate owned		8,179			11,084
FHLB stock		155,392			88,068
Bank owned life insurance		281,131			275,159
Intangible assets, including goodwill of $418,447 and $414,722		443,670			442,093
Federal and state income tax assets		110,616			112,784
Other assets		464,389			485,720
		$	27,596,970		$	26,699,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Transaction deposits		$	12,745,791		$	12,306,532
Time deposits		8,186,284			9,131,104
Total customer deposits		20,932,075			21,437,636
Borrowings		3,263,359			1,765,604
Junior subordinated debentures		52,338			51,645
Advance payments by borrowers for taxes and insurance		36,094			59,845
Federal and state income tax liabilities		158			—
Accrued expenses and other liabilities		290,377			345,394
		24,574,401			23,660,124
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; 154,862,525 and 154,408,001 shares issued; 73,954,133 and 78,186,520 shares outstanding		154,863			154,408
Additional paid-in capital		2,175,267			2,163,276
Accumulated other comprehensive income (loss), net of taxes		48,087			56,950
Treasury stock, at cost 80,908,392 and 76,221,481 shares		(1,886,075)			(1,740,761)
Retained earnings		2,230,427			2,105,702
		3,022,569			3,039,575
		$	27,596,970		$	26,699,699


	Three Months Ended June 30,						Nine Months Ended June 30,
	2026			2025			2026		2025
	(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	267,243		$	279,476	$	793,598	$	848,150
Mortgage-backed securities		46,569			27,855		129,812		70,118
Investment securities and cash equivalents		18,313			24,383		55,945		94,647
		332,125			331,714		979,355		1,012,915
INTEREST EXPENSE
Customer accounts		123,079			146,735		385,292		460,833
Borrowings and junior subordinated debentures		27,708			16,991		64,044		67,753
		150,787			163,726		449,336		528,586
Net interest income		181,338			167,988		530,019		484,329
Provision (release) for credit losses		11,000			2,000		18,500		4,750
Net interest income after provision (release)		170,338			165,988		511,519		479,579
NON-INTEREST INCOME
Gain (loss) on sale of investment securities		112			—		112		20
Gain (loss) on termination of hedging derivatives		(12)			56		438		126

Loan fee income		2,181			1,650		5,751		4,807
Deposit fee income		8,142			7,588		23,674		21,691
Other income		13,755			8,979		34,271		26,212
Total non-interest income		24,178			18,273		64,246		52,856
NON-INTEREST EXPENSE
Compensation and benefits		57,399			53,481		168,709		166,118
Occupancy		11,842			11,755		34,723		34,042
FDIC insurance premiums		5,542			5,150		15,992		15,800
Product delivery		7,067			6,621		20,751		19,313
Information technology		16,157			15,022		46,460		43,695
Other expense		12,327			12,298		39,277		41,502
Total non-interest expense		110,334			104,327		325,912		320,470
Gain (loss) on real estate owned, net		167			(176)		603		54
Income before income taxes		84,349			79,758		250,456		212,019
Income tax provision		18,219			17,806		54,582		46,548
Net income		66,130			61,952		195,874		165,471
Dividends on preferred stock		3,656			3,656		10,969		10,968
Net income available to common shareholders		$	62,474		$	58,296	$	184,905	$	154,503


	Three Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
		(In thousands, except share and ratio data)
INTEREST INCOME
Loans receivable		$	267,243		$	262,148		$	264,207		$	271,787		$	279,476
Mortgage-backed securities		46,569			44,341			38,902			32,953			27,855
Investment securities and cash equivalents		18,313			18,245			19,387			21,794			24,383
		332,125			324,734			322,496			326,534			331,714
INTEREST EXPENSE
Customer accounts		123,079			125,999			136,214			143,874			146,735
Borrowings and junior subordinated debentures		27,708			21,165			15,171			12,754			16,991
		150,787			147,164			151,385			156,628			163,726
Net interest income		181,338			177,570			171,111			169,906			167,988
Provision for credit losses		11,000			4,000			3,500			3,000			2,000
Net interest income after provision		170,338			173,570			167,611			166,906			165,988
NON-INTEREST INCOME
Gain (loss) on sale of investment securities		112			—			—			—			—
Gain (loss) on termination of hedging derivatives		(12)			426			24			32			56

Loan fee income		2,181			2,216			1,354			2,081			1,650
Deposit fee income		8,142			7,674			7,858			7,959			7,588
Other income		13,755			9,497			11,019			8,319			8,979
Total non-interest income		24,178			19,813			20,255			18,391			18,273
NON-INTEREST EXPENSE
Compensation and benefits		57,399			57,120			54,190			56,028			53,481
Occupancy		11,842			11,711			11,170			10,895			11,755
FDIC insurance premiums		5,542			5,050			5,400			4,400			5,150
Product delivery		7,067			7,110			6,574			6,558			6,621
Information technology		16,157			15,919			14,384			16,406			15,022
Other expense		12,327			12,947			14,003			12,706			12,298
Total non-interest expense		110,334			109,857			105,721			106,993			104,327
Gain (loss) on real estate owned, net		167			280			156			(681)			(176)
Income before income taxes		84,349			83,806			82,301			77,623			79,758
Income tax provision		18,219			18,258			18,105			17,026			17,806
Net income		66,130			65,548			64,196			60,597			61,952
Dividends on preferred stock		3,656			3,656			3,656			3,656			3,656
Net income available to common shareholders		$	62,474		$	61,892		$	60,540		$	56,941		$	58,296


	Three Months Ended
	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025
		(In thousands, except share and ratio data)
PER SHARE DATA
Basic earnings per common share		$	0.85			$	0.82			$	0.79			$	0.73			$	0.73
Diluted earnings per common share		0.84				0.82				0.79				0.72				0.73
Cash dividends per common share		0.27				0.27				0.27				0.27				0.27
Basic weighted average shares outstanding		73,901,725				75,487,399				76,969,729				78,509,472				79,888,520
Diluted weighted average shares outstanding		74,046,838				75,574,228				77,015,554				78,573,457				79,907,672
PERFORMANCE RATIOS
Return on average assets		0.96		%		0.96		%		0.96		%		0.91		%		0.92		%
Return on average common equity		9.23				9.05				8.86				8.36				8.54
Net interest margin		2.81				2.81				2.70				2.71				2.69
Efficiency ratio		53.69				55.66				55.25				56.82				56.01

The Company has presented certain non-GAAP measures within this document to remove the effect of certain income and expenses to provide investors with information useful in understanding our financial performance. The Company considers these items to be non-operating in nature as they are items that management does not consider indicative of the Company's on-going financial performance. We believe that the tables presented reflect our on-going performance in the periods presented and, accordingly, are useful to consider in addition to our GAAP financial results. These measures should not be considered a substitution for GAAP basis disclosures.


Tangible Measures	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025			June 30, 2025
	(Unaudited - In thousands, except for share and ratio data)
Shareholders' equity - GAAP		$	3,022,569			$	2,981,283			$	3,029,407		$	3,039,575			$	3,014,325
Less intangible assets - GAAP		443,670				445,511				443,085			442,093				444,291
Tangible shareholders' equity		$	2,578,899			$	2,535,772			$	2,586,322		$	2,597,482			$	2,570,034
Less preferred stock - GAAP		300,000				300,000				300,000			300,000				300,000
Tangible common shareholders' equity		$	2,278,899			$	2,235,772			$	2,286,322		$	2,297,482			$	2,270,034

Total assets - GAAP		$	27,596,970			$	27,568,785			$	27,285,744		$	26,699,699			$	26,731,915
Less intangible assets - GAAP		443,670				445,511				443,085			442,093				444,291
Tangible assets		$	27,153,300			$	27,123,274			$	26,842,659		$	26,257,606			$	26,287,624

Tangible Metrics
Common shares outstanding - GAAP		73,954,133				73,855,919				76,448,351			78,186,520				79,130,276
Tangible common equity per share		$	30.82			$	30.27			$	29.91		$	29.38			$	28.69
Tangible equity to tangible assets		9.50		%		9.35		%		9.64		%	9.89		%		9.78		%


		Three Months Ended
Average Tangible Measures	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025			June 30, 2025
		(Unaudited - In thousands, except for ratio data)
Average shareholders' equity - GAAP		$	3,008,370			$	3,034,123			$	3,033,933		$	3,023,098			$	3,030,745
Less average preferred stock - GAAP		300,000				300,000				300,000			300,000				300,000
Less average intangible assets - GAAP		444,665				445,155				442,226			443,382				445,733
Average tangible common equity		$	2,263,705			$	2,288,968			$	2,291,707		$	2,279,716			$	2,285,012

Average Assets - GAAP		$	27,612,152			$	27,350,614			$	26,852,389		$	26,540,782			$	26,813,500
Less average intangible assets - GAAP		444,665				445,155				442,226			443,382				445,733
Average tangible assets		$	27,167,487			$	26,905,459			$	26,410,163		$	26,097,400			$	26,367,767

Average Tangible Metrics
Net income - GAAP		66,130				65,548				64,196			60,597				61,952
Net income available to common shareholders - GAAP		62,474				61,892				60,540			56,941				58,296
Return on tangible common equity		11.04		%		10.82		%		10.57		%	9.99		%		10.20		%
Return on tangible assets		0.97		%		0.97		%		0.97		%	0.93		%		0.94		%


		Three Months Ended
Net Income Adjusted for Non-Operating Items	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025		June 30, 2025
		(Unaudited - In thousands, except for share and ratio data)



Non-interest income adjustments
(Gain)Loss on sale of branch property		$	(3,205)		$	27		$	(3,214)	$	467		$	4
Distribution received on LBC equity method investment		(225)			(225)			(237)		(251)			(255)
(Gain)Loss on WaFd Bank equity method investment		(48)			1,072			408		(815)			304
Total non-interest income adjustments		$	(3,478)		$	874		$	(3,043)	$	(599)		$	53











Net Income - GAAP		$	66,130		$	65,548		$	64,196	$	60,597		$	61,952


Non-interest income adjustments		(3,478)			874			(3,043)		(599)			53

REO adjustments		(167)			(280)			(156)		681			176
Income tax adjustment		787			(129)			704		(18)			(51)
Net Income - non-GAAP		$	63,272		$	66,013		$	61,701	$	60,661		$	62,130

Dividend on preferred stock		3,656			3,656			3,656		3,656			3,656
Net Income available to common shareholders - non-GAAP		$	59,616		$	62,357		$	58,045	$	57,005		$	58,474

Basic weighted average number of shares outstanding - GAAP		73,901,725			75,487,399			76,969,729		78,509,472			79,888,520
Diluted weighted average number of shares outstanding - GAAP		74,046,838			75,574,228			77,015,554		78,573,457			79,907,672

Basic EPS - non-GAAP		$	0.81		$	0.83		$	0.75	$	0.73		$	0.73
Diluted EPS - non-GAAP		0.81			0.83			0.75		0.73			0.73


		Three Months Ended
Adjusted Efficiency Ratio	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025			June 30, 2025
		(Unaudited - In thousands, except for ratio data)
Efficiency ratio - GAAP		53.7		%		55.7		%		55.3		%	56.8		%		56.0		%

Net interest income - GAAP		$	181,338			$	177,570			$	171,111		$	169,906			$	167,988
Total interest income adjustments		—				—				—			—				—
Net interest income - non-GAAP		$	181,338			$	177,570			$	171,111		$	169,906			$	167,988

Non-interest expense - GAAP		$	110,334			$	109,857			$	105,721		$	106,993			$	104,327

Less non-operating expenses		—				—				—			—				—
Non-interest Expenses - non-GAAP		$	110,334			$	109,857			$	105,721		$	106,993			$	104,327

Non-interest income - GAAP		$	24,178			$	19,813			$	20,255		$	18,391			$	18,273
Total other income adjustments		(3,478)				874				(3,043)			(599)				53
Non-interest income - non-GAAP		$	20,700			$	20,687			$	17,212		$	17,792			$	18,326

Net Interest Income - non-GAAP		$	181,338			$	177,570			$	171,111		$	169,906			$	167,988
Non-interest income - non-GAAP		20,700				20,687				17,212			17,792				18,326
Total Income - non-GAAP		$	202,038			$	198,257			$	188,323		$	187,698			$	186,314

Adjusted Efficiency Ratio		54.6		%		55.4		%		56.1		%	57.0		%		56.0		%


		Three Months Ended
Adjusted ROA and ROE	June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025			June 30, 2025
		(Unaudited - In thousands, except for ratio data)
Reported:
Net Income - GAAP		$	66,130			$	65,548			$	64,196		$	60,597			$	61,952
Net income available to common shareholders - GAAP		$	62,474			$	61,892			$	60,540		$	56,941			$	58,296

Average Assets		27,612,152				27,350,614				26,852,389			26,540,782				26,813,500
Return on Assets		0.96		%		0.96		%		0.96		%	0.91		%		0.92		%

Average Common Equity		$	2,708,370			$	2,734,123			$	2,733,933		$	2,723,098			$	2,730,745
Return on Common Equity		9.23		%		9.05		%		8.86		%	8.36		%		8.54		%

Adjusted:
Net Income - non-GAAP		$	63,272			$	66,013			$	61,701		$	60,661			$	62,130
Net income available to common shareholders - non-GAAP		$	59,616			$	62,357			$	58,045		$	57,005			$	58,474

Average Assets		27,612,152				27,350,614				26,852,389			26,540,782				26,813,500
Adjusted Return on Assets		0.92		%		0.97		%		0.92		%	0.91		%		0.93		%

Average Common Equity		2,708,370				2,734,123				2,733,933			2,723,098				2,730,745
Adjusted Return on Common Equity		8.80		%		9.12		%		8.49		%	8.37		%		8.57		%

This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward-looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “may,” “potential,” “projects,” and other similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could” are intended to help identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes any such statements are based on reasonable assumptions, forward-looking statements should not be read as a guarantee of future performance, and you are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.

By their nature, forward-looking statements involve inherent risk and uncertainties including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2025 10-K and Quarterly Reports on Form 10-Q, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. Forward-looking statements relating to our financial condition or operations are subject to risks and uncertainties related to (i) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (ii) current and future economic conditions, including the effects of declines in the real estate market, tariffs, high unemployment rates, inflationary pressures, a potential recession, the monetary policies of the Federal Reserve, and slowdowns in economic growth either nationally or locally in some or all of the areas in which we conduct business; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) changes in deposit flows or loan demands; (v) our ability to identify and address cyber-security risks, including through the use of artificial intelligence, such as security breaches, "denial of service attacks," "hacking" and identity theft; (vi) the Company's exit from the mortgage lending business; (vii) the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic) and the resulting governmental and societal responses; (viii) the results of examinations by regulatory authorities, which may impose restrictions or penalties on the Company's activities and changes in laws, regulations, or government policies; (ix) expectations regarding key growth initiatives and strategic priorities; (x) our reliance on third party provided technology and developments related to artificial intelligence; (xi) global economic trends, including developments related to Ukraine and Russia, and the evolving conflict in the Middle East, and related negative financial impacts on our borrowers; (xii) litigation risks resulting in significant expenses, losses and reputational damage; (xiii) the impact of bank failures or adverse developments at other banks and related negative press about regional banks and the banking industry in general; and (xiv) other economic, competitive, governmental, environmental, regulatory, and technological factors affecting our operations, pricing, products and services.










Yield and margin as of period end
Loans receivable1	5.33	%	5.38	%
Mortgage-backed securities	4.51		4.44
Combined cash, investments and FHLB stock	4.22		4.96
Interest-earning assets	5.12		5.23
Interest-bearing customer accounts	2.71		2.95
Borrowings1	3.08		2.50
Interest-bearing liabilities	2.77		2.91
Net interest spread	2.35		2.32
Net interest margin	2.82		2.82


			Thursday, July 16, 2026 FOR IMMEDIATE RELEASE