WaFd Inc (NASDAQ: WAFD) is a commercial banking company that originates loans, accepts deposits, and provides related financial services. It earns money primarily through net interest income, the spread between interest earned on loans and mortgage-backed securities and interest paid on customer deposits and borrowings. For the year ended September 30, 2025, total interest-earning assets averaged $25.3 billion, generating $1.34 billion in interest income at an average rate of 5.29%. Loans receivable averaged $20.7 billion and produced $1.12 billion in interest income. Interest-bearing customer accounts averaged $18.7 billion. Non-interest income includes prepayment fees on loans and commissions from WaFd Insurance, the company's insurance subsidiary. Total non-interest expense was $427.5 million for the year ended September 30, 2025, down 4.6% from $448.3 million in the prior year. The efficiency ratio improved to 58.9% for FY2025 from 62.1% for FY2024. Total assets averaged $27.1 billion for the year ended September 30, 2025.

Revenue model

Net interest income from the spread between loan and investment yields and deposit funding costs, supplemented by non-interest income including loan prepayment fees and insurance commissions from WaFd Insurance.

Products and services

Commercial loans, loans receivable, mortgage-backed securities investments, interest-bearing customer deposit accounts, noninterest-bearing customer accounts, and insurance products through WaFd Insurance subsidiary.

Customers and end markets

Retail and commercial deposit customers, loan borrowers including commercial and real estate clients. The company exited single-family lending as part of a strategic shift reflected in FY2025 restructuring costs.

Value-chain role

Deposit-taking and loan-originating commercial bank; holds loans on balance sheet and funds them through retail and commercial deposits as well as wholesale borrowings including FHLB advances.

Geographic exposure

United States. The company operates branches across multiple states; subject to state income, franchise, excise, or gross receipts tax in states where it has branches or sufficient nexus, per the FY2025 10-K.

Source: SEC 10-K, filed 2025-11-18

Industry: National Commercial Banks Peers: Banner Corp First Financial Bancorp HEARTLAND FINANCIAL USA INC Lakeland Financial Corp Park National Corp PNC Financial Services Group Inc Stock Yards Bancorp Inc Seacoast Banking Corporation of Florida Trustmark Corp