📈 Price History

Ratio Health

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📊 Sector Averages

About

WaFd, Inc. operates as the bank holding company for Washington Federal Bank that provides lending, depository, insurance, and other banking services in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding WAFD

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	11.6K	$365K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 3 quarters analysed

Q4 2025

Confident Specific

Management delivered a detailed strategic plan (Build 2030) with specific numeric targets (20% non-interest-bearing deposits by 2030, 8-12% active loan growth), openly acknowledged underperformance vs peers (ROA 0.91% vs 1.22%, margin 2.71% vs 3.42%) but expressed clear conviction in the transformation. Language was assertive and forward-looking ('we will err on the side of quality over growth', 'our stock trades at a relative discount because our profitability lags'), with no evasion or hedging.

Q1 2026

Cautious

Management started with positive EPS growth but immediately acknowledged margin pressure and elevated credit metrics, using phrases like 'we have work to do to improve our profitability' and 'headwinds for credit quality'. They balanced optimism on the BUILD 2030 strategy with realistic recognition of near-term challenges.

Q2 2026 latest

Confident Specific

Management repeatedly used strong positive language such as 'outstanding second quarter', 'exciting', 'fantastic quarter', and 'very bullish'. They provided specific figures on loan growth of 12% linked-quarter active portfolio, EPS improvement of 4% linked-quarter and 35% year-to-date, and detailed future targets like 3% margin and 12.5% ROTCE. Though they acknowledged competition and credit headwinds, the overall tone was upbeat and data-driven.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management demonstrated concrete execution on loan growth after a prolonged contraction, with active portfolio up 12% linked-quarter and C&I leading. Credit quality metrics improved (NPAs down to 0.48% from 0.75%, delinquencies declining), and capital return was aggressive (3.6% buyback in one quarter). The path to 3% NIM and 12.5% ROTCE is articulated, though it relies on deposit cost control and loan repricing – both uncertain. Key watch items for next quarter: sustainability of net loan growth given strong pipeline but competitive deposit environment, conversion of $439M deposit pipeline into low-cost balances, and any margin expansion from non-accrual recoveries and loan repricing. The threat from X Money and broader rate/tariff headwinds on credit are risks to monitor.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 3 quarters Full tone analysis in Intelligence →

📊 MIXED WaFd reports Q2 2026 EPS of $0.82, active loan growth 12% linked quarter

Revenue & Profitability

Net income available to common shareholders was $61.9 million, or $0.82 per diluted share, compared to $0.65 per share in Q2 2025 and $0.79 in the prior quarter. Net interest income increased $6.5 million linked quarter, and the net interest margin was 2.81%, up from 2.70% in December 2025. Year-over-year EPS grew 26%, and first-half EPS improved 35% versus the prior year. Non-interest income was $19.8 million, down $0.4 million from the prior quarter.

Outlook

Management sees a flat near-term net interest margin but targets 3% over the next two years, driven by loan repricing and lower-cost deposit growth. Deposit competition is intensifying, with Elon Musk's X Money entering the space offering 6% on deposits and 3% cashback. Credit quality faces headwinds from elevated interest rates, tariffs, Middle East conflict, and energy supply shocks. However, the lending pipeline remains strong at $3.2 billion.

Growth Drivers

Active loan portfolio grew 12% linked quarter, led by C&I (37% of production), construction (35%), and CRE (15%). Deposit pipeline increased 66% to $439 million. Management expects 8%-12% annual growth in active loan portfolios. Wealth management, launched in August 2025, reached $450 million AUM with a goal of $1 billion in two years. SBA lending and insurance commissions are also growth contributors.

Balance Sheet & CapEx

The bank is investing in technology through Pike Street Labs, including a next-generation mobile app that halves the time to display balances. An AI call center agent is set to launch next quarter, and AI is being used to double software development speed. Security purchases of agency MBS (effective yield 4.8%) added $191 million in investments, but management plans to reduce this pace going forward.

Margins

The net interest margin was 2.81% for Q2 2026, flat expected near term absent rate changes. The short-term target is 3% over two years, driven by loan repricing and lower deposit costs. The efficiency ratio was 55.7%, near the top end of the target range. Non-interest expenses rose 3.9% due to annual merit increases, employment taxes, and technology investments. If the margin reached 3%, ROTCE would improve from 10.8% to 12.5%.

Key Risks

Credit quality risks include elevated interest rates, economic uncertainty from tariffs, the Middle East war, and energy supply shocks. Criticized loans are 4.2% of net loans, and non-performing assets are $132 million (0.48% of total assets). A large $51 million commercial relationship on non-accrual remains a focus. Deposit competition from X Money is flagged as a new risk. The share repurchase program has 8 million shares remaining, and stock price near tangible book value can be a risk if capital deployment is not accretive.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (4)

Q3 2026 Q3 2026 2026-07-17

Q3 2026 saw net income rise to $62.5M with EPS up 15% year-over-year and strong loan growth, especially in C&I. Efficiency improved, capital ratios remained robust, and the margin is expected to stay stable amid intense deposit competition and a challenging rate environment.

Q2 2026 Q2 2026 2026-04-17

Net income and EPS rose both year-over-year and sequentially, driven by strong loan growth, disciplined expense control, and robust capital management. Credit quality improved, and the outlook calls for continued active loan growth and stable margins.

Q1 2026 Q1 2026 2026-01-16

Net income and EPS rose sharply year-over-year, with improved efficiency and strong C&I loan growth. Margin faces near-term pressure from MBS purchases, but net interest income is expected to rise, and active loan growth is targeted at 6%-10% for fiscal 2026.

Q4 2025 Q4 2025 2025-10-17

Q4 and full-year net income rose year-over-year, with margin and loan production improving sequentially. Strategic focus remains on business banking, digital transformation, and growing non-interest-bearing deposits, while credit metrics reflect a challenging rate and economic environment.

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