Wafd, Inc. reported fiscal 2026 net income of $255.9 million, up 13% from $226.1 million in fiscal 2025, while diluted earnings per share rose 22% to $3.21 from $2.63.
Fourth-quarter net income was $60.0 million, down 9% from $66.1 million in the June quarter. Diluted EPS fell to $0.76 from $0.84.
Revenue and margin were steadier in the quarter. Net interest income increased to $182.4 million from $181.3 million, while net interest margin held at 2.81%, unchanged from the prior quarter and up from 2.70% in the December quarter.
Non-interest income climbed to $38.1 million from $24.2 million, driven by a $16.4 million gain on the sale of single-family loans. Non-interest expense rose to $121.5 million from $110.3 million, pushing the efficiency ratio to 55.12% from 53.69%.
Credit quality improved sharply by period-end. Non-performing assets fell to $86 million, or 0.32% of total assets, from $136 million, or 0.49%, in the June quarter and from $143 million, or 0.54%, a year earlier. Delinquent loans dropped to 0.50% of total loans from 0.75% in the prior quarter and 0.60% a year earlier. Non-accrual loans declined to 0.40% of net loans from 0.64% in June and 0.64% a year earlier.
The company recorded $39.2 million in net charge-offs in the quarter, compared with $1.6 million in the prior quarter. For the full year, net charge-offs were $45.1 million, up from $11.8 million in fiscal 2025.
Total assets ended the year at $27.23 billion, up from $26.70 billion a year earlier. That increase came even as net loans declined to $19.04 billion from $20.09 billion, while investment securities rose to $4.94 billion from $4.18 billion.
Customer deposits were $21.32 billion at year-end, down slightly from $21.44 billion a year earlier. Transaction deposits increased to $12.88 billion from $12.31 billion, while time deposits fell to $8.45 billion from $9.13 billion.
Borrowings increased to $2.49 billion from $1.77 billion a year earlier. The company said loan origination volume for active loan types reached $5.5 billion in fiscal 2026, up from $4.0 billion in fiscal 2025, while the loan portfolio yield increased to 5.44% from 5.38%.
Tangible common equity per share rose to $30.51 from $29.38 a year earlier. During the year, the company repurchased 4.7 million shares at a weighted average price of $31.00. Following these announcements, the company's shares moved 1.87%, and are now trading at a price of $29.45. For the full picture, make sure to review WAFD INC's 8-K report.
