Wafd, Inc. reported fiscal 2026 net income of $255.9 million, up 13% from $226.1 million a year earlier. Diluted earnings per common share rose to $3.21 from $2.63, a gain of 22%.
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.
Total assets increased to $27.23 billion at Sept. 30, 2026 from $26.70 billion a year earlier. The company added $1.4 billion of securities during the year, lifting investment securities to $4.94 billion from $4.18 billion, while net loans declined to $19.04 billion from $20.09 billion.
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, a 4.6% gain, while time deposits fell to $8.45 billion from $9.13 billion.
Borrowings rose to $2.49 billion from $1.77 billion a year earlier. The company said the weighted average rate on borrowings was 3.0% versus 2.5% a year ago.
Loan originations for active loan types were $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 the prior year. Commercial loans accounted for 95% of originations.
Net interest income in the fourth quarter was $182.4 million, up from $181.3 million in the prior quarter. Net interest margin held at 2.81%, unchanged from the June quarter and up from 2.70% a year earlier.
Non-interest income increased to $38.1 million from $24.2 million in the prior quarter. 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 from the June quarter. Non-performing assets fell to $86 million, or 0.32% of total assets, from $136 million, or 0.49%. Delinquencies dropped to 0.50% of total loans from 0.75%. Non-accrual loans declined to $52 million from $104 million.
The allowance for credit losses was $215 million at Sept. 30, 2026, down from $234 million at June 30, 2026. Net charge-offs were $39.2 million in the quarter, up from $1.6 million in the prior quarter, and $45.1 million for the full year, compared with $11.8 million in fiscal 2025.
Tangible common equity per share rose to $30.51 from $29.38 a year earlier. Common shares outstanding fell to 74.0 million from 78.2 million. The company repurchased 4.7 million shares during the year at a weighted average price of $31.00. The market has reacted to these announcements by moving the company's shares 1.87% to a price of $29.45. Check out the company's full 8-K submission here.
