Wafd, Inc. reported fiscal 2026 net income of $255.9 million, up 13% from $226.1 million in fiscal 2025. Diluted earnings per common share rose to $3.21 from $2.63, a gain of 22%.
For the fourth quarter ended Sept. 30, 2026, net income was $60.0 million, down 9% from $66.1 million in the prior quarter. Diluted EPS fell to $0.76 from $0.84.
Total assets increased to $27.23 billion at Sept. 30, 2026 from $26.70 billion a year earlier. The increase came mainly from securities: available-for-sale securities rose to $4.05 billion from $3.53 billion, and held-to-maturity securities climbed to $886.9 million from $645.8 million. Loans receivable, net, declined to $19.04 billion from $20.09 billion.
Customer deposits totaled $21.32 billion, 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 rose to $2.49 billion from $1.77 billion.
Loan originations for active loan types totaled $5.5 billion in fiscal 2026, up from $4.0 billion in fiscal 2025. Loan repayments were $3.9 billion, compared with $5.1 billion a year earlier.
Credit quality improved sharply in the quarter. 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 June 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.
Net charge-offs jumped to $39.2 million in the fourth quarter from $1.6 million in the prior quarter. For the full year, net charge-offs were $45.1 million, compared with $11.8 million in fiscal 2025.
Net interest income for the quarter was $182.4 million, up from $181.3 million in the June quarter. Net interest margin held at 2.81%, unchanged from the prior quarter and up from 2.71% a year earlier.
Non-interest income increased to $38.1 million from $24.2 million in the prior quarter, while non-interest expense rose to $121.5 million from $110.3 million. The efficiency ratio increased to 55.12% from 53.69%.
Tangible common equity per share increased 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. Check out the company's full 8-K submission here.
