WaFd, Inc. (NASDAQ:WAFD) reported fiscal third-quarter results on Friday, delivering revenue above Wall Street forecasts while earnings per share came in just below analyst expectations.
The bank’s shares were little changed in pre-market trading following the announcement.
Adjusted earnings were $0.81 per share, narrowly missing the consensus estimate of $0.82. Revenue totaled $205.52 million, exceeding analysts’ forecast of $199.56 million.
Profit and lending continue to improve
Net income for the quarter ended June 30, 2026 increased to $66.1 million, up 7% from $62.0 million in the same period last year.
On an adjusted basis, earnings per share reached $0.84, compared with $0.73 a year earlier, representing year-over-year growth of 15%.
Net interest income rose to $181 million from $178 million in the previous quarter, while the net interest margin remained unchanged at 2.81%.
“WaFd delivered strong results in the third quarter of fiscal 2026, with healthy growth in earnings, loans, and equity,” said Brent Beardall, President and CEO of WaFd Bank. “Earnings per share increased 15% year-over-year and 2% compared to the March quarter.”
Credit loss provision increases
WaFd recorded a provision for credit losses of $11.0 million during the quarter, compared with $4.0 million in the previous quarter.
The increase reflected continued expansion of the active loan portfolio as well as concerns over potential losses tied to adversely classified loans.
Non-interest income rose to $24.2 million from $19.8 million in the prior quarter, supported primarily by $3.2 million in gains from the sale of bank-owned real estate.
Balance sheet remains solid
Total assets stood at $27.6 billion as of June 30, 2026, compared with $26.7 billion at the end of fiscal 2025.
Customer deposits were $20.9 billion, down from $21.4 billion at September 30, 2025.
Return on tangible common equity improved to 11.0% during the quarter from 10.8% in the previous quarter.