WaFd Bank(WAFD) - 2025 Q1 - Quarterly Results

Loan Originations and Portfolio - Total loan originations for Q4 2024 amounted to $930,789, a decrease from$ 962,393 in Q3 2024[2] - The total net loan portfolio reached $21,060,501 as of December 2024, with single-family residential loans comprising 39.5% of the total[4] - Multi-family loans accounted for 21.5% of the total loan portfolio as of December 2024, up from 20.8% in September 2024[4] - Total loans increased to$ 21,265,022 thousand as of December 2024, up from $21,120,107 thousand in September 2024, reflecting a growth of 0.69%[6] - The number of loans in the Single-Family Residential category was 21,643, with an average size of$ 386, resulting in an amortized cost of $8,362,881[14] Financial Performance - The efficiency ratio for Q4 2024 was 65.04%, an increase from 62.13% in Q3 2024[2] - The total interest income for the quarter was$ 345,117, reflecting a decline from $374,097 in the previous quarter[12] - The company reported a net interest income of$ 155,431 for the quarter ended December 31, 2024, compared to $172,812 in the previous quarter[12] - The net interest margin for the quarter ended December 31, 2024, was 2.39%, a decrease from 2.62% in the previous quarter[12] - The average interest rate on loans receivable was 5.43% for the quarter ended December 31, 2024, down from 5.78% in the previous quarter[12] Asset and Liability Management - Total assets as of December 2024 were reported at$ 20,873,919[4] - For the quarter ended December 31, 2024, total assets amounted to $29,703,337, a decrease from$ 28,000,482 in the previous quarter[12] - The total liabilities were $26,756,281 as of December 31, 2024, down from$ 25,004,389 in the previous quarter[12] Credit Quality - The allowance for credit losses (ACL) for loans was $204,522, representing 1.00% of gross loans as of December 2024[2] - Non-performing assets rose to$ 79,113 thousand as of December 2024, compared to $77,418 thousand in September 2024, indicating an increase of 2.19%[6] - Non-accrual loans as a percentage of total net loans increased to 0.34% in December 2024 from 0.33% in September 2024[6] - The company reported net charge-offs of$ 231 thousand in December 2024, compared to $70 thousand in September 2024, reflecting an increase in charge-offs[6] - The delinquency rate for total loans was 0.73% as of December 31, 2024, compared to 0.69% in the previous quarter[14] Deposits and Shareholder Equity - Total deposits reached$ 21,438,777 thousand as of December 2024, up from $21,373,970 thousand in September 2024, representing a growth of 0.30%[8] - Time deposits accounted for 44.7% of total deposits as of December 2024, consistent with the previous quarter[8] - Non-interest checking deposits decreased slightly to$ 2,489,394 thousand, representing 11.6% of total deposits in December 2024[8] - The company had 81,373,760 shares outstanding as of December 2024, with 11,501,005 shares remaining authorized for repurchase[2] - Tangible common shareholders' book value per share increased to $27.93 as of December 2024, up from$ 27.73 in September 2024[4] Other Financial Metrics - The effective interest rate on borrowings within one year was 5.01% as of June 2024, decreasing to 4.84% by December 2024[8] - The average balance of interest-earning assets was $25,798,443 for the quarter ended December 31, 2024[12] - The conditional payment rate (CPR) for SFR Mortgages was 7.0% for the quarter ended September 30, 2023, and is projected to be 6.6% for December 31, 2023[10] - The net loan fee and discount accretion for Q4 2024 was$ 10,000[2] - The percentage of uninsured and non-collateralized deposits was 24.8% at the end of December 2024, slightly up from 24.0% in September 2024[8]