Wafd, Inc. reported second-quarter 2026 net income of $65.5 million, up 2% from $64.2 million in the prior quarter and up 17% from $56.3 million a year earlier.
Diluted earnings per share rose to $0.82 from $0.79 in the fourth quarter of 2025 and $0.65 in the same quarter last year, a gain of $0.17, or 26%, year over year.
Net interest income climbed to $178 million from $171 million in the prior quarter, while net interest margin widened to 2.81% from 2.70%.
Credit quality improved sharply. Non-performing assets fell to $132 million, or 0.48% of total assets, from $203 million, or 0.75%, in the prior quarter. Delinquencies dropped to 0.78% of total loans from 1.07%, and net charge-offs fell to $0.6 million from $3.7 million.
Total assets increased to $27.6 billion from $26.7 billion at the end of September 2025, led by a $919 million, or 22%, increase in investment securities to $5.1 billion. Loans declined to $20.0 billion from $20.1 billion, while cash rose to $669.8 million from $657.3 million.
Deposits slipped to $21.1 billion from $21.4 billion in September. Transaction deposits increased to $12.7 billion from $12.3 billion, while time deposits fell to $8.4 billion from $9.1 billion. Borrowings jumped to $3.1 billion from $1.8 billion.
Non-interest income edged down to $19.8 million from $20.3 million, while non-interest expense rose to $109.9 million from $105.8 million, pushing the efficiency ratio up to 55.66% from 55.25%.
The company repurchased 2.74 million shares during the quarter at a weighted average price of $31.85, equal to 3.6% of shares outstanding. Common shareholders’ equity per share increased to $36.30 from $35.70, and tangible book value per share rose to $30.27 from $29.38 since September 2025. The market has reacted to these announcements by moving the company's shares 0.13% to a price of $31.59. Check out the company's full 8-K submission here.
