WaFd Bank(WAFD) - 2025 Q2 - Quarterly Results

Loan Originations and Portfolio - Total loan originations for Q1 2025 reached $1,008,874,000, a year-to-date total of$1,939,563,000[2] - The net loan portfolio as of March 2025 is $20,920,001,000, with single-family residential loans comprising 39.3$4,967,125,000, accounting for 22.4% of the total loan receivables as of March 2025[4] - The total loans receivable as of March 2025 is $22,158,727,000[4] - Total loans as of March 2025 amount to$21,122,710, with a slight decrease from $21,265,022 in December 2024[6] - As of March 31, 2025, the total number of loans reached 41,380 with an average size of$510, resulting in an amortized cost of $21,122,710[17] - The total number of loans decreased from 40,825 on December 31, 2024, to 41,380 on March 31, 2025[17] Loan Performance and Delinquency - The allowance for credit losses (ACL) for loans as of March 2025 is$202,709,000, representing 1.01% of gross loans[2] - Non-performing assets total $70,884, representing 0.26$59,886 in March 2025, down from $72,487 in December 2024[6] - Non-accrual loans as a percentage of total net loans decreased to 0.29$57,947 classified as delinquent[17] - The overall delinquency amount increased from $64,442 on December 31, 2024, to$57,947 on March 31, 2025[17] Financial Metrics and Ratios - The weighted average rate on loan originations for Q1 2025 is 7.12%[2] - Efficiency ratio improved to 58.31% in March 2025, compared to 65.04% in December 2024[8] - Tangible common shareholders' book value per share increased to $28.31 as of March 2025, up from$27.93 in December 2024[8] - Operating expenses as a percentage of average assets improved to 1.53% in March 2025, down from 1.62% in December 2024[8] - The net interest margin for the quarter ended March 31, 2025, was 2.55%, compared to 2.39% for the previous quarter[15] - The company reported a net interest income of $160,910 for the quarter ended March 31, 2025[15] Deposits and Funding - Total deposits as of March 31, 2025, amounted to$21,427,426, a slight decrease from $21,438,777 as of December 31, 2024, and$21,373,970 as of September 30, 2024[11] - Non-interest checking deposits were $2,400,172, representing 11.2$4,625,596, accounting for 21.6% of total deposits, up from 21.2% in December 2024[11] - The company’s uninsured and non-collateralized deposits at the end of the period were $5,490,142, representing 25.6$29.39 during the quarter ending March 2025[8] - The number of employees decreased to 2,018 as of March 2025, down from 2,175 in December 2024[8] Asset Management - The total assets as of March 31, 2025, were $27,371,320, a decrease from$27,504,576 as of December 31, 2024[15] - Agency MBS investments increased to $2,074,672 as of March 2025, up from$1,600,089 in December 2024[9] - The company’s NPV post a 100 bps shock was 9.4% as of March 31, 2025, down from 9.5% in December 2024[13] Loan Segmentation - Single-Family Residential loans accounted for 21,516 loans, averaging $384, with a total amortized cost of$8,264,318[17] - The Commercial & Industrial loan segment had 2,057 loans, averaging $1,159, with a delinquency rate of 1.02$2,560 and a delinquency rate of 0.79%[17] - The total number of HELOC loans was 4,473, with an average size of $64 and a delinquency rate of 0.54$3,639,477, with a delinquency rate of 0.39%[17] - The Consumer loan segment had 8,463 loans, averaging $11, with a delinquency rate of 0.97%[17]