Wafd Inc (NASDAQ: WAFD)

WaFd, Inc. is a bank holding company headquartered in Seattle, Washington, that operates through its wholly-owned subsidiary, WaFd Bank, a federally insured Washington state-chartered commercial bank. The company provides a full range of banking services including lending, deposit taking, insurance brokerage, and wealth management to consumers, businesses, and commercial real estate owners and developers across nine western states. WaFd Bank maintains a significant presence with 208 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, California, and Texas as of September 30, 2025.

WaFd generates revenue primarily through interest income on loans and investments, including interest and dividends earned on its loan portfolio and investment securities. The bank's principal sources of funds come from customer deposits, loan repayments, net deposit inflows, borrowings, and investment sales, which support its core lending activities across commercial real estate, multi-family, commercial and industrial, construction, land development, and consumer loan categories. Additional revenue is derived from fee-based services offered through its subsidiaries WaFd Insurance Group, Inc. and WaFd Wealth, Inc., which provide insurance brokerage and wealth management solutions to bank customers and the general public.

The company operates through the following segments: WaFd Bank, WaFd Insurance Group, Inc., WaFd Wealth, Inc., and Pike Street Labs, Inc.

• WaFd Bank is the primary operating subsidiary engaged in traditional banking activities, including accepting deposits and originating loans across commercial real estate, multi-family residential, commercial and industrial, construction, land acquisition and development, and consumer loan categories such as single-family residential (prior to January 2025 origination halt), home equity lines of credit, consumer, and student loans.

• WaFd Insurance Group, Inc. is a Washington-state incorporated insurance agency that offers a full line of individual and business insurance policies to bank customers and the general public.

• WaFd Wealth, Inc., a Delaware-incorporated subsidiary of the Company, provides personalized financial guidance and investment services to clients.

• Pike Street Labs, Inc., a Washington-state incorporated subsidiary, delivers technology and data services to support the Bank's operational and digital infrastructure needs.

WaFd holds a strong competitive position in the western United States banking market, particularly following its March 1, 2024 merger with Luther Burbank Corporation, which expanded its footprint to nine western states and added approximately $7.7 billion in assets. The company competes with regional and national banks, credit unions, savings associations, and fintech firms, differentiating itself through a long history of profitability, consistent dividend payments, and a relationship-based lending model focused on small to mid-sized businesses and commercial real estate borrowers in its primary market areas.

WaFd serves a diverse customer base consisting of individual consumers, small, mid-sized, and large businesses, and owners and developers of commercial real estate properties across its branch network in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, California, and Texas.