Declared Dividend • May 15
Second quarter dividend of US$0.27 announced Dividend of US$0.27 is the same as last year. Ex-date: 22nd May 2026 Payment date: 5th June 2026 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.3% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 14
Wafd, Inc. Announces Regular Quarterly Cash Dividend, Payable on June 5, 2026 The Board of Directors of WaFd, Inc. announced a regular cash dividend of 27 cents per share. The dividend will be paid June 5, 2026, to common shareholders of record as of May 22, 2026. This will be the Company’s 173 consecutive quarterly cash dividend. Live News • May 08
WaFd Posts Earnings Beat With Higher Shareholder Returns and Cautious Credit Approach WaFd reported Q2 fiscal 2026 adjusted earnings of $0.83 per share, above the Zacks Consensus Estimate of $0.74, supported by net interest income and non-interest income.
The company recorded Q2 2026 net income of $65.6 million, with total assets of $27.6 billion and a net interest margin of 2.81%.
Management highlighted higher expenses, deposit competition and credit pressures, while maintaining an allowance for credit losses equal to 163% of non-performing loans and continuing dividends and share repurchases.
For you as an investor, the key takeaway is that WaFd is pairing higher quarterly earnings per share with a relatively conservative credit stance, given the coverage of non-performing loans. The 2.81% net interest margin and contribution from non-interest income help support profitability at a time when deposit costs and borrowing expenses are under pressure.
The bank is also actively returning capital to shareholders through dividends and buybacks, including 2.74 million shares repurchased in the quarter, which can support per-share metrics over time. At the same time, management is flagging ongoing challenges such as deposit competition, rising expenses and credit quality risks, which are outlined in recent SEC filings and are important for you to watch in upcoming quarters. New Risk • Apr 28
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$955k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Apr 28
Executive VP & COO recently sold US$776k worth of stock On the 24th of April, Kim Robison sold around 22k shares on-market at roughly US$35.28 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Kim's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Apr 26
Executive VP & COO notifies of intention to sell stock Kim Robison intends to sell 22k shares in the next 90 days after lodging an Intent To Sell Form on the 24th of April. If the sale is conducted around the recent share price of US$35.28, it would amount to US$776k. Since December 2025, Kim has owned 80.38k shares directly. There has only been one transaction (US$179k sale) from insiders over the last 12 months. Price Target Changed • Apr 20
Price target increased by 7.2% to US$35.25 Up from US$32.88, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$35.24. Stock is up 26% over the past year. The company is forecast to post earnings per share of US$3.23 for next year compared to US$2.64 last year. Reported Earnings • Apr 17
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: US$0.82 (up from US$0.65 in 2Q 2025). Revenue: US$193.4m (up 9.2% from 2Q 2025). Net income: US$61.9m (up 18% from 2Q 2025). Profit margin: 32% (up from 30% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Apr 03
WaFd, Inc. to Report Q2, 2026 Results on Apr 16, 2026 WaFd, Inc. announced that they will report Q2, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 16, 2026 Declared Dividend • Feb 06
First quarter dividend of US$0.27 announced Dividend of US$0.27 is the same as last year. Ex-date: 13th February 2026 Payment date: 27th February 2026 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 05
WaFd, Inc. Announces Board and Committee Changes On February 3, 2026, Director Steven Singh notified WaFd, Inc. that he is resigning from the Board, effective, May 13, 2026. Mr. Singh has served as a director of the Company since 2018, and he currently serves on the Technology Committee of the Board. Mr. Singh’s decision to resign from the Board is for personal reasons. The Board has appointed Director Bradley Shuster to succeed Mr. Grant as the Chair of the Audit Committee of the Board. Announcement • Feb 04
WaFd, Inc. Announces Regular Cash Dividend, Payable on February 27, 2026 The Board of Directors of WaFd, Inc. announced a regular cash dividend of 27 cents per share. The dividend will be paid February 27, 2026, to common shareholders of record as of February 13, 2026. This will be the Company’s 172 consecutive quarterly cash dividend. Price Target Changed • Jan 16
Price target increased by 7.7% to US$33.38 Up from US$31.00, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$32.39. Stock is up 7.1% over the past year. The company is forecast to post earnings per share of US$3.01 for next year compared to US$2.64 last year. Announcement • Jan 09
WaFd, Inc. Appoints Colin Murphy as Regional President for Northern Oregon WaFd, Inc. announced that Colin Murphy has joined the organization as Regional President for Northern Oregon. In this role, Murphy will lead the bank’s commercial and retail banking strategy across the region, with a focus on client relationships, team development, and community engagement. Murphy brings more than 22 years of banking experience to WaFd Bank, including over 15 years dedicated to commercial banking. Most recently, he led a commercial banking team at BMO/Bank of the West, overseeing key markets across Portland, Seattle, and Boise. His leadership experience spans relationship management, market growth, and creating empowered, result-oriented teams in competitive markets. Murphy is known for his relationship-based leadership style and commitment to community impact, with a focus on lasting partnerships, local business support, and team development. Outside of work, Murphy enjoys spending time with his wife, Malinda, and their two children, Addie (10) and Jaxson (6). In his free time, he volunteers for the Board of Directors for Campfire Columbia, where he serves on the finance committee. He can often be found on the golf course, coaching youth softball and baseball, hiking, or traveling with his family. Announcement • Jan 06
WaFd, Inc. to Report Q1, 2026 Results on Jan 15, 2026 WaFd, Inc. announced that they will report Q1, 2026 results After-Market on Jan 15, 2026 Announcement • Dec 22
WaFd, Inc., Annual General Meeting, Feb 03, 2026 WaFd, Inc., Annual General Meeting, Feb 03, 2026. Reported Earnings • Nov 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$2.64 (up from US$2.50 in FY 2024). Revenue: US$717.7m (up 1.9% from FY 2024). Net income: US$211.4m (up 14% from FY 2024). Profit margin: 30% (up from 26% in FY 2024). The increase in margin was primarily driven by lower expenses. Net interest margin (NIM): 2.58% (down from 2.69% in FY 2024). Cost-to-income ratio: 58.9% (down from 62.1% in FY 2024). Non-performing loans: 0.60% (up from 0.31% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 14
Fourth quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 21st November 2025 Payment date: 5th December 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (41% payout ratio) and is expected to be well covered in 3 years' time (34% forecast payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 12
Wafd, Inc. Announces Regular Quarterly Cash Dividend, Payable on December 5, 2025 The Board of Directors of WaFd, Inc. announced a regular quarterly cash dividend of 27 cents per share. The dividend will be paid December 5, 2025, to common shareholders of record as of November 21, 2025. This will be the Company’s 171st consecutive quarterly cash dividend. Reported Earnings • Oct 18
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$2.82 (up from US$2.50 in FY 2024). Revenue: US$717.7m (up 1.9% from FY 2024). Net income: US$226.1m (up 22% from FY 2024). Profit margin: 32% (up from 26% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Oct 17
WaFd, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended September 30, 2025 WaFd, Inc. reported net charge-offs for the fourth quarter ended September 30, 2025. For the quarter, the company reported Net charge-offs were $1.0 million compared to $5.4 million the prior quarter. Announcement • Oct 04
WaFd, Inc. to Report Q4, 2025 Results on Oct 16, 2025 WaFd, Inc. announced that they will report Q4, 2025 results After-Market on Oct 16, 2025 Declared Dividend • Aug 15
Third quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 22nd August 2025 Payment date: 5th September 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 9.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 13
WaFd, Inc. Announces Regular Quarterly Cash Dividend, Payable on September 5, 2025 The Board of Directors of WaFd, Inc. announced a regular quarterly cash dividend of 27 cents per share. The dividend will be paid September 5, 2025, to common shareholders of record as of August 22, 2025. This will be the Company’s 170th consecutive quarterly cash dividend. Reported Earnings • Jul 18
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.73 (down from US$0.75 in 3Q 2024). Revenue: US$184.3m (down 4.5% from 3Q 2024). Net income: US$58.3m (down 4.3% from 3Q 2024). Profit margin: 32% (in line with 3Q 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.1%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jul 03
WaFd, Inc. to Report Q3, 2025 Results on Jul 17, 2025 WaFd, Inc. announced that they will report Q3, 2025 results After-Market on Jul 17, 2025 Declared Dividend • May 16
Second quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 23rd May 2025 Payment date: 6th June 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 9.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 10% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 14
Wafd, Inc. Announces Regular Quarterly Cash Dividend, Payable on June 6, 2025 The Board of Directors of WaFd, Inc. announced a regular quarterly cash dividend of 27 cents per share. The dividend will be paid June 6, 2025, to common shareholders of record as of May 23, 2025. Announcement • Apr 16
WaFd, Inc. Reports Net Charge-Offs for the Second Quarter Ended March 31, 2025 WaFd, Inc. reported net charge-offs for the second quarter ended March 31, 2025. Net charge-offs were $5,063,000 for the second fiscal quarter of 2025, compared to $231,000 for the prior quarter. Reported Earnings • Apr 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.65 (up from US$0.17 in 2Q 2024). Revenue: US$177.0m (up 14% from 2Q 2024). Net income: US$52.6m (up 330% from 2Q 2024). Profit margin: 30% (up from 7.8% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Declared Dividend • Feb 14
First quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 21st February 2025 Payment date: 7th March 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next year, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Jan 23
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$779.4m to US$711.2m. EPS estimate also fell from US$2.77 per share to US$2.43 per share. Net income forecast to grow 19% next year vs 12% growth forecast for Banks industry in the US. Consensus price target down from US$39.00 to US$32.67. Share price fell 5.1% to US$29.43 over the past week. Announcement • Jan 22
WaFd, Inc. and WaFd Bank Announces Transition of James Endrizzi from Executive Vice President and Chief Commercial Banker to Senior Vice President and Regional Director of Commercial Real Estate Banking for Utah and Idaho WaFd, Inc. and WaFd Bank announced that effective January 16, 2025, Mr. James Endrizzi, Executive Vice President and Chief Commercial Banker of WaFd, Inc. and WaFd Bank, will be transitioning to a new role as the Senior Vice President and Regional Director of Commercial Real Estate Banking for Utah and Idaho, where he will focus on commercial real estate lending in the Utah and Idaho regions. In connection with this change, Mr. Endrizzi will no longer sit on the Executive Management Committee of the Company and will no longer be an executive officer. Mr. Endrizzi’s duties as Chief Commercial Banker have been reassigned to other officers of the Bank. Price Target Changed • Jan 21
Price target decreased by 9.4% to US$35.33 Down from US$39.00, the current price target is an average from 3 analysts. New target price is 17% above last closing price of US$30.25. Stock is up 0.3% over the past year. The company is forecast to post earnings per share of US$2.43 for next year compared to US$2.50 last year. Reported Earnings • Jan 17
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.27 (down from US$0.85 in 1Q 2024). Revenue: US$171.1m (up 2.8% from 1Q 2024). Net income: US$43.6m (down 20% from 1Q 2024). Profit margin: 26% (down from 33% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 5% per year. Announcement • Dec 25
WaFd, Inc., Annual General Meeting, Feb 11, 2025 WaFd, Inc., Annual General Meeting, Feb 11, 2025. Reported Earnings • Nov 22
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$2.50 (down from US$3.72 in FY 2023). Revenue: US$704.0m (flat on FY 2023). Net income: US$185.4m (down 24% from FY 2023). Profit margin: 26% (down from 35% in FY 2023). Net interest margin (NIM): 2.69% (down from 3.40% in FY 2023). Cost-to-income ratio: 62.1% (up from 50.7% in FY 2023). Non-performing loans: 0.31% (up from 0.26% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Declared Dividend • Nov 15
Fourth quarter dividend of US$0.26 announced Shareholders will receive a dividend of US$0.26. Ex-date: 22nd November 2024 Payment date: 6th December 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (41% payout ratio) and is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 34% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 13
WaFd, Inc. Announces Cash Dividend, Payable on December 6, 2024 WaFd, Inc. announced a regular cash dividend of 26 cents per share. The dividend will be paid December 6, 2024, to common shareholders of record as of November 22, 2024. This will be the Company’s 167th consecutive quarterly cash dividend. Recent Insider Transactions • Nov 07
Executive VP & Chief Credit Officer recently sold US$404k worth of stock On the 4th of November, Ryan Mauer sold around 12k shares on-market at roughly US$33.33 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.0m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Nov 06
Executive VP & Chief Credit Officer notifies of intention to sell stock Ryan Mauer intends to sell 12k shares in the next 90 days after lodging an Intent To Sell Form on the 4th of November. If the sale is conducted around the recent share price of US$33.37, it would amount to US$405k. Since December 2023, Ryan's direct individual holding has decreased from 60.19k shares to 52.66k. There has only been one transaction (US$399k sale) from insiders over the last 12 months. Reported Earnings • Oct 18
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$2.50 (down from US$3.72 in FY 2023). Revenue: US$704.0m (flat on FY 2023). Net income: US$185.4m (down 24% from FY 2023). Profit margin: 26% (down from 35% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Declared Dividend • Aug 16
Third quarter dividend of US$0.26 announced Shareholders will receive a dividend of US$0.26. Ex-date: 23rd August 2024 Payment date: 6th September 2024 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (10% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 46% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 14
WaFd, Inc. Announces Cash Dividend, Payable on September 6, 2024 The Board of Directors of WaFd, Inc. announced a regular cash dividend of 26 cents per share. The dividend will be paid September 6, 2024, to common shareholders of record as of August 23, 2024. Major Estimate Revision • Jul 24
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$713.3m to US$727.8m. EPS estimate increased from US$2.26 to US$2.50 per share. Net income forecast to grow 35% next year vs 3.7% growth forecast for Banks industry in the US. Consensus price target up from US$32.00 to US$37.00. Share price was steady at US$34.54 over the past week. Price Target Changed • Jul 18
Price target increased by 16% to US$37.00 Up from US$32.00, the current price target is an average from 4 analysts. New target price is 10% above last closing price of US$33.61. Stock is up 12% over the past year. The company is forecast to post earnings per share of US$2.50 for next year compared to US$3.72 last year. Reported Earnings • Jul 17
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.75. Revenue: US$192.9m (up 11% from 3Q 2023). Net income: US$60.9m (up 4.8% from 3Q 2023). Profit margin: 32% (down from 33% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 38%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Recent Insider Transactions • May 23
Executive VP recently sold US$399k worth of stock On the 21st of May, Cathy Cooper sold around 14k shares on-market at roughly US$28.52 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Declared Dividend • May 17
Second quarter dividend of US$0.26 announced Shareholders will receive a dividend of US$0.26. Ex-date: 23rd May 2024 Payment date: 7th June 2024 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (19% payout ratio) and is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Apr 29
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$731.3m to US$716.4m. EPS estimate also fell from US$2.52 per share to US$2.27 per share. Net income forecast to grow 24% next year vs 1.5% growth forecast for Banks industry in the US. Consensus price target of US$32.75 unchanged from last update. Share price was steady at US$27.91 over the past week. Reported Earnings • Apr 23
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: US$0.17 (down from US$0.95 in 2Q 2023). Revenue: US$156.0m (down 14% from 2Q 2023). Net income: US$12.2m (down 80% from 2Q 2023). Profit margin: 7.8% (down from 34% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 58%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 11
Price target decreased by 8.4% to US$32.75 Down from US$35.75, the current price target is an average from 4 analysts. New target price is 21% above last closing price of US$27.15. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of US$2.56 for next year compared to US$3.72 last year. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Brad Shuster was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Mar 01
WaFd and WaFd Bank Appoints Bradley M. Shuster and M. Max Yzaguirre to Serve as Directors WaFd Inc. announced that Bradley M. Shuster and M. Max Yzaguirre, two former directors of Luther Burbank, were appointed to serve as directors of WaFd and WaFd Bank, in each case effective at March 1, 2024. Declared Dividend • Feb 16
First quarter dividend increased to US$0.26 Dividend of US$0.26 is 4.0% higher than last year. Ex-date: 22nd February 2024 Payment date: 8th March 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.7% over the next year. However, it would need to fall by 76% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 14
WaFd, Inc. Announces Quarterly Cash Dividend, Payable on March 8, 2024 The Board of Directors of WaFd Inc. announced an increase to the regular quarterly cash dividend to 26 cents per share. The dividend will be paid March 8, 2024, to common shareholders of record as of February 23, 2024. Announcement • Jan 31
WaFd, Inc and Washington Federal Bank Announces Board Appointments WaFd Inc. and Washington Federal Bank announced that two directors from Luther Burbank to join the WaFd Inc. and WaFd Bank Boards of Directors. Mr. Brad Shuster and Mr. Max Yzaguirre will join the Boards following the closing of merger is expected to be completed by February 29, 2024. Reported Earnings • Jan 17
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$0.85 (down from US$1.16 in 1Q 2023). Revenue: US$166.4m (down 14% from 1Q 2023). Net income: US$54.8m (down 28% from 1Q 2023). Profit margin: 33% (down from 39% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Dec 28
Price target increased by 16% to US$34.75 Up from US$30.00, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$33.48. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of US$2.62 for next year compared to US$3.72 last year. Buying Opportunity • Dec 27
Now 20% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be US$42.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Reported Earnings • Nov 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$3.72 (up from US$3.40 in FY 2022). Revenue: US$700.9m (up 6.5% from FY 2022). Net income: US$242.8m (up 9.5% from FY 2022). Profit margin: 35% (in line with FY 2022). Net interest margin (NIM): 3.40% (up from 3.16% in FY 2022). Cost-to-income ratio: 50.7% (down from 54.3% in FY 2022). Non-performing loans: 0.26% (up from 0.18% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Nov 15
WaFd, Inc Announces Regular Quarterly Cash Dividend, Payable on December 8, 2023 The Board of Directors of WaFd Inc. announced a regular quarterly cash dividend of 25 cents per share. The dividend will be paid December 8, 2023, to common shareholders of record as of November 24, 2023. Price Target Changed • Oct 19
Price target decreased by 9.3% to US$29.33 Down from US$32.33, the current price target is an average from 3 analysts. New target price is 17% above last closing price of US$25.05. Stock is down 31% over the past year. The company is forecast to post earnings per share of US$2.80 for next year compared to US$3.72 last year. Reported Earnings • Oct 18
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$3.72 (up from US$3.40 in FY 2022). Revenue: US$700.9m (up 6.5% from FY 2022). Net income: US$242.8m (up 9.5% from FY 2022). Profit margin: 35% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be US$32.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%. Announcement • Aug 17
Washington Federal, Inc. Announces Quarterly Cash Dividend, Payable on September 8, 2023 The Board of Directors of Washington Federal, Inc. announced a regular quarterly cash dividend of 25 cents per share. The dividend will be paid September 8, 2023, to common shareholders of record as of August 25, 2023. Reported Earnings • Jul 16
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: US$0.89 (down from US$0.91 in 3Q 2022). Revenue: US$173.5m (up 3.4% from 3Q 2022). Net income: US$58.1m (down 2.5% from 3Q 2022). Profit margin: 34% (down from 36% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.8%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 14
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 6.8%. The fair value is estimated to be US$34.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 20%. Buying Opportunity • Jun 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be US$36.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 15% in a year. Earnings is forecast to grow by 3.5% in the next year. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$30.03, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$36.05 per share. Recent Insider Transactions • May 14
Independent Director recently bought US$126k worth of stock On the 11th of May, Randall Talbot bought around 5k shares on-market at roughly US$25.18 per share. This transaction amounted to 9.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$701k more in shares than they bought in the last 12 months. Announcement • May 11
Washington Federal, Inc. Announces Not Stand for Reelection of Mark Tabbutt as Director Washington Federal, Inc. announced on May 5, 2023, Mark Tabbutt notified the company that he will not stand for reelection as a director of the company upon the expiration of his current term. Mr. Tabbutt has served as a director of the company since 2011 and his current term expires at the 2023 annual meeting of shareholders. Mr. Tabbutt intends to continue his service as a director of the company until the 2023 Annual Meeting which is expected to be held in or around February 2024. Mr. Tabbutt’s decision to let his term expire and not to stand for reelection at the 2023 Annual Meeting is for personal reasons and not related to any disagreement with the company or its management. Announcement • May 10
Washington Federal, Inc. Announces Quarterly Cash Dividend, Payable on June 2, 2023 The Board of Directors of Washington Federal, Inc. announced a regular quarterly cash dividend of 25 cents per share. The dividend will be paid June 2, 2023, to common shareholders of record as of May 19, 2023. Buying Opportunity • Apr 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be US$35.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 15% in a year. Earnings is forecast to grow by 3.5% in the next year. Reported Earnings • Apr 14
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.95 (up from US$0.70 in 2Q 2022). Revenue: US$181.6m (up 20% from 2Q 2022). Net income: US$62.3m (up 36% from 2Q 2022). Profit margin: 34% (up from 30% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 08
Price target decreased by 8.5% to US$39.67 Down from US$43.33, the current price target is an average from 3 analysts. New target price is 33% above last closing price of US$29.89. Stock is down 4.7% over the past year. The company is forecast to post earnings per share of US$4.18 for next year compared to US$3.40 last year. Recent Insider Transactions • Mar 12
Independent Director recently bought US$109k worth of stock On the 10th of March, Randall Talbot bought around 4k shares on-market at roughly US$31.10 per share. This transaction amounted to 7.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$875k more in shares than they bought in the last 12 months. Buying Opportunity • Mar 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be US$40.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 22% in a year. Earnings is forecast to grow by 21% in the next year. Recent Insider Transactions • Jan 20
Chief Consumer Banker recently sold US$514k worth of stock On the 18th of January, Cathy Cooper sold around 15k shares on-market at roughly US$34.25 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Cathy's only on-market trade for the last 12 months. Buying Opportunity • Jan 19
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be US$44.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 8.2%. Reported Earnings • Jan 14
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: US$1.16 (up from US$0.71 in 1Q 2022). Revenue: US$194.3m (up 28% from 1Q 2022). Net income: US$75.9m (up 63% from 1Q 2022). Profit margin: 39% (up from 31% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.1%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$3.40 (up from US$2.39 in FY 2021). Revenue: US$658.0m (up 14% from FY 2021). Net income: US$221.7m (up 28% from FY 2021). Profit margin: 34% (up from 30% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.16% (up from 2.80% in FY 2021). Cost-to-income ratio: 54.3% (down from 58.8% in FY 2021). Non-performing loans: 0.18% (down from 0.19% in FY 2021). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 5.6%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 17
Price target increased to US$43.67 Up from US$37.67, the current price target is an average from 3 analysts. New target price is 24% above last closing price of US$35.11. Stock is up 0.3% over the past year. The company is forecast to post earnings per share of US$4.03 for next year compared to US$3.40 last year. Major Estimate Revision • Oct 21
Consensus revenue estimates increase by 10% The consensus outlook for revenues in 2023 has improved. 2023 revenue forecast increased from US$706.5m to US$780.2m. EPS estimate increased from US$3.57 to US$4.27 per share. Net income forecast to grow 26% next year vs 13% growth forecast for Banks industry in the US. Consensus price target up from US$37.67 to US$43.67. Share price rose 10% to US$36.36 over the past week. Price Target Changed • Oct 19
Price target increased to US$43.67 Up from US$37.67, the current price target is an average from 3 analysts. New target price is 16% above last closing price of US$37.58. Stock is up 5.5% over the past year. The company is forecast to post earnings per share of US$4.27 for next year compared to US$3.40 last year. Reported Earnings • Oct 14
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$3.40 (up from US$2.39 in FY 2021). Revenue: US$658.0m (up 14% from FY 2021). Net income: US$221.7m (up 28% from FY 2021). Profit margin: 34% (up from 30% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.16% (up from 2.80% in FY 2021). Cost-to-income ratio: 54.3% (down from 58.8% in FY 2021). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 5.6%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.