United States
 Securities and Exchange Commission
 Washington, D.C. 20549
 ____________________________________________________________
 FORM 10-K
 ____________________________________________________________

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
 1934

 For the fiscal year ended September 30, 2025
 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
 OF 1934

 For the transition period from to
 Commission File Number: 001-34654
 ____________________________________________________________
 WAFD, INC.
 (Exact name of registrant as specified in its charter)
 ____________________________________________________________

 91-1661606

 (State or other jurisdiction of incorporation or
 organization)

 (I.R.S. Employer Identification No.)

 425 Pike Street

 Seattle

 98101

 (Address of Principal Executive Offices)

 (Zip Code)

 Registrant's telephone number, including area code: ( 206) 624-7930
 _____________________________________
 Securities registered pursuant to Section 12(b) of the Act:

 Title of each Class

 Trading Symbol(s)

 Name of each exchange on which registered

 Common Stock, $1.00 par value per share

 WAFD

 NASDAQ Stock Market

 Depositary Shares, Each Representing a
 1/40th Interest in a Share of 4.875% Fixed
 Rate Series A Non-Cumulative Perpetual
 Preferred Stock

 WAFDP

 NASDAQ Stock Market

 Securities registered pursuant to section 12(g) of the Act:
 None
 ____________________________________
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
 preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the
 past 90 days. Yes No
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
 Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
 files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an
 emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in
 Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control
 over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
 audit report. Yes No
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing
 reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by
 any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
 The aggregate market value of the registrant's common stock ("Common Stock") held on March 31, 2025, the last business day of the registrant's second fiscal
 quarter by non-affiliates was $ 2,276,388,597 based on the NASDAQ Stock Market closing price of $28.58 per share on that date. This is based on 79,649,706
 shares of Common Stock that were issued and outstanding on this date, which excludes 1,108,968 shares held by all affiliates.
 At November 14, 2025, there were 76,701,002 shares of Common Stock outstanding.
 DOCUMENTS INCORPORATED BY REFERENCE
 List hereunder the following documents incorporated by reference and the Part of Form 10-K into which the document is incorporated:
 (1) Portions of the Registrant's definitive proxy statement for its Annual Meeting of Shareholders to be held on February 3, 2026 are incorporated into Part III,
 Items 10-14 of this Form 10-K.

 FORM 10-K ANNUAL REPORT
 SEPTEMBER 30, 2025

 Item 1. Business

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 1C. Cybersecurity

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 4. Mine Safety Disclosures

 Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity
 Securities

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A. Quantitative and Qualitative Disclosures about Market Risks

 Item 8. Financial Statements and Supplementary Data

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A. Controls and Procedures

 Item 9B. Other Information

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10. Directors, Executive Officers and Corporate Governance

 Item 11. Executive Compensation

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

 Item 13. Certain Relationships and Related Transactions and Director Independence

 Item 14. Principal Accountant Fees and Services

 Item 15. Exhibits and Financial Statement Schedules

 Item 16. Form 10-K Summary

 Signatures

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY
 WaFd, Inc. ("we" or the "Company") makes statements in this Annual Report on Form 10-K that constitute forward-
 looking statements. Words such as "expects," "anticipates," "believes," "estimates," "intends," "forecasts," "projects" and other
 similar expressions or future or conditional verbs such as "will," "should," "would" and "could" are intended to help identify
 such forward-looking statements. These statements are not historical facts, but instead represent current expectations, plans or
 forecasts of the Company and are based on the beliefs and assumptions of the management of the Company and the information
 available to management at the time that these disclosures were prepared. The Company intends for all such forward-looking
 statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private
 Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of
 the Securities Exchange Act of 1934. These statements are not guarantees of future results or performance and involve certain
 risks, uncertainties and assumptions that are difficult to predict and often are beyond the Company's control. Actual outcomes
 and results may differ materially from those expressed in, or implied by, the Company's forward-looking statements.
 You should not place undue reliance on any forward-looking statement and should consider the following uncertainties
 and risks, as well as the risks and uncertainties discussed elsewhere in this report, including under Item 1A. "Risk Factors," and
 in any of the Company's other subsequent Securities and Exchange Commission filings, which could cause the Company's
 future results to differ materially from the plans, objectives, goals, estimates, intentions and expectations expressed in forward-
 looking statements:
 Operational Risks:
 • fluctuating interest rates and the impact of inflation on the Company's business and financial results;
 • risks associated with cybersecurity incidents and threat actors;
 • risks associated with changes in business structure and divestitures of lines of business, including the Bank's exit from
 the single family mortgage lending market;
 • economic uncertainty or a deterioration in economic conditions or slowdowns in economic growth, including financial
 stress on borrowers (consumers and businesses);
 • risks associated with changes to monetary policy by the Federal Reserve;
 • global economic trends, including developments related to Ukraine and Russia, the Middle East, and related negative
 financial impacts on our borrowers, the financial markets and the global economy;
 • risks associated with inflationary pressures and rising prices;
 • risks associated with the development and use of artificial intelligence;
 • risks related to operational, technological, and third-party provided technology infrastructure;
 • risks associated with data privacy laws and regulations;
 • possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in
 asset or credit quality; and our ability to make accurate assumptions and judgments about the collectability of our loan
 portfolio, including the creditworthiness of our borrowers and the value of the assets securing these loans;
 • risks associated with failures of our risk management framework;
 • risks associated with our failure to retain or attract key employees;
 • risks related to the impacts of climate change on our business or reputation;
 • the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as
 the COVID-19 pandemic), related regulations, and potential impacts on the creditworthiness of our customers;
 Regulatory and Litigation Risk:
 • non-compliance with the Community Reinvestment Act, USA PATRIOT Act, Bank Secrecy Act, Home Mortgage
 Disclosure Act, or other laws and regulations;
 • legislative and regulatory limitations, and potential limitations in the manner in which the Company conducts its
 business and undertakes new investments and activities;
 • risks associated with changes in regulation, regulatory capital requirements or regulatory oversight, accounting rules,
 and laws;
 • risks associated with increases to deposit insurance premiums or special assessments;
 • litigation risks resulting in significant expenses, losses and reputational damage;
 • environmental risks resulting from our real estate lending business;
 Market and Industry Risk:
 • eroding confidence in the banking system and regional banks in particular;
 • downturns in the real estate market;

 • changes in banking operations, including a shift from retail to online activities;
 • risks associated with inadequate or faulty underwriting and loan collection practices;
 • risks associated with our geographic concentration, including the effects of a severe economic downturn, including
 high unemployment rates and declines in housing prices and both commercial and residential property values, in our
 primary market areas;
 • impairment of goodwill and other intangible assets;
 Competitive Risks:
 • competition from other financial institutions and new market participants, offering services similar to those offered by
 the Bank, and consolidation in the industry resulting in the creation of larger competitors with greater financial
 resources;
 • the ability of the Company to obtain external financing to fund its operations or obtain financing on favorable terms,
 when needed;
 • our ability to grow organically or through acquisitions;
 • risks associated with our entry into the California market;
 Security Ownership Risks:
 • negative effects of activist shareholders;
 • our ability to continue to pay dividends, including on our outstanding Series A Preferred Stock; and make stock
 repurchases;
 • risks related to the volatility of our Common Stock, and future dilution;
 • risks related to Washington's anti-takeover statute;
 General Risks:
 • the success of the Company at managing the risks involved in the foregoing and managing its business; and
 • the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond the Company's
 control.
 For the reasons described above, we caution you against relying on any forward-looking statements. You should not
 consider the summary of such factors to be an exhaustive statement of all risks, uncertainties, or potentially inaccurate
 assumptions that could cause our current expectations or beliefs to change. Further, all forward-looking statements speak only
 as of the date on which such statements are made, and the Company undertakes no obligation to update or revise any forward-
 looking statements to reflect changed assumptions, the occurrence of unanticipated events, changes to future operating results
 over time, or the impact of circumstances arising after the date the forward-looking statement was made.

 Item 1. Business
 General
 WaFd Bank, a federally-insured Washington state chartered commercial bank formerly known as Washington Federal Bank
 (the "Bank" or "WaFd Bank"), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing
 lending, depository, insurance and other banking services to consumers, small, mid-sized and large businesses, and owners and
 developers of commercial real estate. Effective September 25, 2025, the Bank formally changed its name from Washington Federal
 Bank to WaFd Bank by filing its Second Amended and Restated Articles of Incorporation with the Washington Secretary of State.
 WaFd, Inc., a Washington corporation, was formed as the Bank's holding company in November, 1994. As used throughout this
 document, the terms "WaFd," the "Company" or "we" or "us" and "our" refer to WaFd, Inc. and its consolidated subsidiaries, and
 the term "Bank" or "WaFd Bank" refers to its bank operating subsidiary. The Company is headquartered in Seattle, Washington.
 On November 9, 1982 the Company listed and began trading on the NASDAQ. Profitable operations have been recorded
 every year since going public. As of September 30, 2025, the stock traded at 82 times its original 1982 offering price, has paid 170
 consecutive quarterly cash dividends and has returned 14,253% total shareholder return to those who invested 43 years ago.
 On February 29, 2024, WaFd, Inc. closed its merger with Luther Burbank Corporation ("Luther Burbank" or "LBC"), a
 California corporation, effective as of 12:00am on March 1, 2024. Pursuant to the Merger Agreement, at the Effective Time Luther
 Burbank merged with and into the Company (the "Corporate Merger"), with the Company surviving the Corporate Merger.
 Promptly following the Corporate Merger, Luther Burbank's wholly-owned bank subsidiary, Luther Burbank Savings, merged with
 and into WaFd Bank with WaFd Bank as the surviving institution (the "Bank Merger"). The Corporate Merger and the Bank Merger
 are collectively referred to in this Annual Report on Form 10-K as the "Merger." The Merger added approximately $7.7 billion of
 LBC assets at fair value to the Company's balance sheet, and the Company assumed $50,175,000 in floating rate junior subordinated
 debentures, due June 2036 and June 2037, and $93,514,000 in 6.5% senior unsecured term notes which matured and were paid off
 on September 30, 2024. The Merger expanded WaFd Bank's footprint to nine western states with the addition of ten California
 branches of Luther Burbank.
 The Company's fiscal year end is September 30th. All references herein to 2025, 2024 and 2023 represent balances as of
 September 30, 2025, September 30, 2024 and September 30, 2023, respectively, or activity for the fiscal years then ended.
 The business of the Bank consists primarily of accepting deposits from the general public and investing these funds in loans of
 various types, including construction loans, land acquisition and development loans, loans on multi-family, commercial real estate
 and other income producing properties, and business loans, including U.S. Small Business Administration ("SBA") loans. In
 January, 2025, the Bank announced it will no longer originate consumer single family home loans and home equity lines of credit.
 Our existing consumer home loans still make up a significant portion of our loan portfolio. The Bank also invests in certain United
 States government and agency obligations and other investments permitted by applicable laws and regulations. As of September 30,
 2025, WaFd Bank has 208 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, California and
 Texas. The Bank delivers its financial products and services to customers through both its branch network and digital channels,
 including its website and mobile banking application (information contained on our website and mobile application are not
 incorporated by reference into this Annual Report on Form 10-K). The Company is also engaged in insurance brokerage activities
 through the Bank's subsidiary, WaFd Insurance Group, Inc., and wealth management products and services through WaFd Wealth,
 Inc., a subsidiary of the Company.
 The principal sources of funds for the Company's activities are retained earnings, loan repayments, net deposit inflows,
 borrowings and repayments and sales of investments. WaFd's principal sources of revenue are interest on loans and interest and
 dividends on investments. Its principal expenses are interest paid on deposits, credit costs, general and administrative expenses,
 interest on borrowings and income taxes.
 The Bank is subject to extensive regulation, supervision and examination by its primary state regulator, the Washington
 State Department of Financial Institutions (the "WDFI"), the Federal Deposit Insurance Corporation ("FDIC"), its primary federal
 regulator, which insures its deposits up to applicable limits, and the Consumer Financial Protection Bureau (the "CFPB"). The
 Company, as a bank holding company, is subject to extensive regulation, supervision and examination by the Board of Governors of
 the Federal Reserve System ("Federal Reserve").
 The regulatory structure gives the regulatory authorities extensive discretion in connection with their supervisory and
 enforcement activities. Any change in such regulation, whether by the WDFI, the FDIC, the Federal Reserve, the CFPB or the U.S.
 Congress, could have a significant impact on the Company and its operations. See "WaFd Bank, wholly-owned operating subsidiary
 — Regulation" section below.

 Lending Activities
 The Company's net loan portfolio totaled $20,088,618,000 at September 30, 2025 and represents 75.2% of total assets. Lending activities include the origination of
 commercial loans secured by real estate, adjustable-rate construction loans, adjustable-rate land development loans, fixed-rate and adjustable-rate multi-family loans, fixed-
 rate and adjustable-rate commercial real estate loans and fixed-rate and adjustable-rate business loans. Beginning in January 2025, the Bank announced it will no longer
 originate consumer single family home loans and home equity lines of credit, however, existing consumer home loans still make up a significant portion of our loan
 portfolio.
 The following table is a summary of loans receivable by loan portfolio segment and class.

 September 30, 2023

 Gross loans by category

 $ 4,718,480

 22.2 %

 $ 4,658,119

 20.8 %

 $ 2,907,086

 14.8 %

 3,604,600

 16.9

 3,757,040

 16.8

 3,344,959

 17.0

 2,392,685

 11.2

 2,337,139

 10.5

 2,321,717

 11.8

 1,756,890

 8.3

 2,174,254

 9.7

 3,318,994

 16.9

 179,099

 0.8

 200,713

 0.9

 201,538

 1.0

 12,651,754

 59.5

 13,127,265

 58.7

 12,094,294

 61.6

 8,053,771

 37.9

 8,399,030

 37.6

 6,451,270

 32.8

 150,237

 0.7

 384,161

 1.7

 672,643

 3.4

 89,298

 0.4

 108,791

 0.5

 125,723

 0.6

 HELOC

 267,871

 1.3

 266,151

 1.2

 234,410

 1.2

 61,461

 0.3

 73,998

 0.3

 70,164

 0.4

 8,622,638

 40.5

 9,232,131

 41.3

 7,554,210

 38.4

 21,274,392

 100 %

 22,359,396

 100 %

 19,648,504

 100 %

 Less:

 Allowance for credit losses (1)

 199,720

 203,753

 177,207

 Loans in process

 773,606

 1,009,798

 1,895,940

 Net deferred fees, costs and discounts

 212,448

 229,491

 98,807

 Total loan contra accounts

 1,185,774

 1,443,042

 2,171,954

 Net loans

 $ 20,088,618

 $ 17,476,550

 __________________
 (1) The ACL within the table does not include the reserve for unfunded commitments which was $21,500,000, $21,500,000 and $24,500,000 as of
 September 30, 2025, 2024 and 2023, respectively.

 Lending Programs and Policies. The Bank's lending activities include commercial and consumer loans, including the
 following loan categories.
 Commercial real estate loans. The Bank makes loans on a variety of commercial real estate ("CRE") types which are
 generally secured by the subject property. Management differentiates multi-family properties from the rest of our CRE
 portfolio as these loans have key differences in their risk profile.
 The following table provides detail of the amortized cost of non-multi family CRE loans by property type:

 September 30, 2023

 Office

 $ 802,868

 $ 783,363

 $ 815,776

 Industrial

 816,758

 705,401

 591,507

 Retail

 356,229

 399,276

 377,300

 Warehouse/Self Storage

 293,693

 295,275

 252,677

 Medical/dental

 231,622

 265,495

 198,208

 Mixed Use

 188,298

 229,351

 232,564

 Hotel/motel

 192,148

 205,895

 228,503

 Other

 707,334

 848,099

 613,566

 Total commercial real estate loans

 $ 3,588,950

 $ 3,732,155

 $ 3,310,101

 Within the types listed above, a CRE subject property could be either owner or non-owner occupied. The following table
 provides the amortized cost of CRE loans by occupation status:

 September 30, 2023

 Non-owner occupied

 $ 2,988,265

 83 %

 $ 3,130,637

 84 %

 $ 2,715,693

 82 %

 Owner occupied

 600,685

 17 %

 601,518

 16 %

 594,408

 18 %

 Total commercial real estate loans

 $ 3,588,950

 100 %

 $ 3,732,155

 100 %

 $ 3,310,101

 100 %

 In underwriting, the Bank considers a number of factors, which include the historic and projected net cash flows to the
 loan's debt service requirement, the age and condition of the collateral, the financial resources and income level of the borrower
 and the borrower's experience in owning or managing similar properties. CRE loans are originated in amounts up to 75% of the
 appraised value of the property securing the loan.
 With CRE loans, credit risk is a result of several factors, including the concentration of principal in a limited number of
 loans and borrowers, the effects of general economic and societal conditions on income-producing properties and the primary
 source of cash flow for repayment being spread across multiple tenants (non-owner). Repayment of CRE loans depends upon
 the successful operation of the related real estate property. If the cash flow from the property is reduced, the borrower's ability
 to repay the loan may be impaired. The Bank seeks to minimize these risks through its underwriting policies, which require
 such loans to be qualified at origination on the basis of the property's income and debt service ratio.
 Multi-family residential loans. Multi-family residential (five or more dwelling units) loans generally are secured by
 multi-family rental properties, such as apartment buildings. In underwriting multi-family residential loans, the Bank considers
 the same factors considered for CRE loans. Like CRE, multi-family residential loans are originated in amounts up to 75% of the
 appraised value of the property securing the loan.
 Loans secured by multi-family residential real estate generally involve different credit risk than single-family residential
 loans and carry larger loan balances. This different credit risk is a result of several factors, including the concentration of
 principal in a limited number of loans and borrowers, the effects of general economic and societal conditions on income-

 producing properties, the primary source of cash flow for repayment being spread across multiple tenants, the effects of
 government orders such as eviction forbearance and the increased difficulty of evaluating and monitoring these types of loans.
 It is the Bank's policy to obtain title insurance ensuring that it has a valid first lien on the mortgaged real estate serving as
 collateral for the loan. Borrowers must also obtain hazard insurance prior to closing and, when required by regulation, flood
 insurance. Borrowers may be required to advance funds on a monthly basis, together with each payment of principal and
 interest, to a mortgage escrow account from which the Bank makes disbursements for items such as real estate taxes, hazard
 insurance premiums and private mortgage insurance premiums when due.
 Commercial and industrial loans. The Bank makes various types of business loans to customers in its market area for
 working capital, acquiring real estate, SBA program financing, financing equipment or other business purposes, such as
 acquisitions. The terms of these loans generally range from less than one year to a maximum of ten years. The loans are either
 negotiated on a fixed-rate basis or carry adjustable interest rates indexed to the Secured Overnight Funding Rate ("SOFR"),
 Prime Rate or another market rate.

 Commercial loans are made based upon assessment of the borrower's ability and willingness to repay along with an
 evaluation of secondary repayment sources such as the value and marketability of collateral. Most such loans are extended to
 closely held businesses and the personal guaranty of the principal is usually obtained. Commercial loans have a relatively high
 risk of default compared to residential real estate loans. Pricing of commercial loans is based on the credit risk of the borrower
 with consideration given to the overall relationship of the borrower, including deposits and contributed equity/loan-to-value
 ratio. The acquisition of business deposits is an important focus of this business line. The Bank provides a full line of treasury
 management products to support the depository needs of its customers.
 Construction loans. The Bank originates construction loans to finance construction of single-family and multi-family
 residences as well as commercial properties. Loans made to builders are generally tied to an interest rate index and normally
 have maturities of two years or less or are structured such that they convert to a permanent loan after the completion of
 construction or stabilization of the property. Legacy loans made to individuals for construction of their home generally are 30-
 year fixed rate loans. The Bank's policies provided that for residential construction loans, loans may be made for 85% or less of
 the construction cost or 80% of the appraised value of the property upon completion, whichever is less. As a result of activity
 over the past four decades, the Bank believes that builders of single-family residences in its primary market areas consider the
 Bank to be a construction lender of choice. Because of this history, the Bank has developed a staff with in-depth land
 development and construction experience and working relationships with selected builders based on their operating histories
 and financial stability.
 Construction lending involves a higher level of risk than single-family residential lending due to the concentration of
 principal in a limited number of loans and borrowers and the effects of general economic conditions in the home building
 industry. Moreover, a construction loan can involve additional risks because of the complexities of completing the
 construction, the inherent difficulty in estimating the cost (including interest) of the project, the future cash flows and the
 property's value at completion of the project.
 Land development loans. The Bank's land development loans are of a short-term nature and are generally made for 75%
 or less of the appraised value of the unimproved property. Funds are disbursed periodically at various stages of completion as
 authorized by the Bank's personnel. The interest rate on these loans typically adjust daily or monthly in accordance with a
 designated index.
 Land development loans involve a higher degree of credit risk than long-term financing on owner-occupied real estate.
 Mitigation of risk of loss on a land development loan is dependent largely upon the accuracy of the initial estimate of the
 property's value at completion of development compared to the estimated cost (including interest) of development and the
 financial strength of the borrower.
 Consumer loans. The Bank's non-mortgage consumer loan portfolio consists of prime quality student loans acquired
 from an independent financial investment firm that retains 1% of each loan, plus various other non-mortgage consumer loans
 including personal lines of credit and credit cards.
 Single-family residential loans. In January 2025, the Bank announced its exit from the single-family mortgage lending
 market, including home equity lines of credit ("HELOC"). Prior to this exit, the Bank originated 30-year fixed-rate mortgage
 loans and HELOCs secured by single-family residences. Mortgage lending prior to exit was subject to written,
 nondiscriminatory underwriting standards, loan origination procedures and lending policies approved by the Company's Board
 of Directors (the "Board"). Although the Bank is no longer originating these loans, there are currently no plans to sell loans
 from the existing portfolio.

 Property valuations were required on all real estate loans. Appraisals were prepared by independent appraisers, reviewed
 by staff of the Bank, and approved by the Bank's management. Property evaluations were sometimes utilized in lieu of
 appraisals on single-family real estate loans of $250,000 or less and were reviewed by the Bank's staff. Detailed loan
 applications were obtained to determine the borrower's ability to repay and the more significant items on these applications are
 verified through the use of credit reports, financial statements or written confirmations.
 Depending on the size of the loan involved, a varying number of officers of the Bank must approve the loan application
 before the loan could be granted. Federal guidelines limit the amount of a real estate loan made to a specified percentage of the
 value of the property securing the loan, as determined by an evaluation at the time the loan is originated. This is referred to as
 the loan-to-value ratio. The Board sets the maximum loan-to-value ratios for each type of real estate loan offered by the Bank.
 When establishing general reserves for loans with loan-to-value ratios exceeding 80% that are not insured by private
 mortgage insurance, the Bank considers the additional risk inherent in these products, as well as their relative loan loss
 experience, and provides reserves when deemed appropriate. The total balance for loans with loan-to-value ratios exceeding
 80% at origination as of September 30, 2025, was $136,605,000, with allocated reserves of $1,256,000.
 Origination and Purchase of Loans. The Bank has general authority to lend anywhere in the United States; however, its
 primary lending areas are within the states of Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, California and
 Texas. Loan originations come from a variety of sources, although most business purpose loans are obtained primarily by
 direct solicitation of borrowers and ongoing relationships.
 The Bank also purchases loans and mortgage-backed securities when lending rates and volume for new loan
 originations in its market area do not fulfill its needs.

 The table below shows the Bank's total loan origination, purchase and repayment activities.

 2025

 2024

 2023

 Commercial loan originations (1)

 $ 104,035

 $ 60,730

 $ 136,788

 384,749

 246,930

 223,361

 Commercial & Industrial

 1,667,064

 1,677,371

 2,032,460

 1,038,182

 603,829

 1,046,971

 Land – Acquisition & Development

 94,864

 45,406

 34,946

 3,288,894

 2,634,266

 3,474,526

 Consumer loan originations (1)

 211,686

 430,272

 610,130

 Construction – custom

 95,835

 209,781

 346,784

 Land – Consumer Lot Loans

 7,340

 21,187

 21,133

 HELOC

 145,501

 161,917

 154,030

 206,943

 174,648

 95,553

 667,305

 997,805

 1,227,630

 Total loans originated

 3,956,199

 3,632,071

 4,702,156

 Loans purchased (3)

 113,069

 6,207,393

 80,015

 Loans sold (4)

 —

 (3,017,506)

 —

 Loan principal repayments

 (5,145,176)

 (4,302,359)

 (4,435,269)

 Net change in loans in process, discounts, etc. (2)

 248,172

 920,205

 1,016,084

 Net loan activity increase (decrease)

 $ (827,736)

 $ 3,439,804

 $ 1,362,986

 Beginning balance

 $ 17,476,550

 $ 16,113,564

 Ending balance

 $ 20,088,618

 $ 17,476,550

 ___________________
 (1) Includes undisbursed loan in process.
 (2) Includes non-cash transactions.
 (3) Loans purchased in fiscal 2024 refer to those obtained in the Merger
 (4) Loans sold in fiscal 2024 refer to multi-family and single-family residential loans obtained in the Merger and were classified as held
 for sale.
 Interest Rates, Loan Fees and Service Charges. Interest rates charged by the Bank on loans are primarily determined by the
 competitive loan rates offered in its lending areas and in the secondary market. Loan rates reflect factors such as general interest
 rates, the supply of money available to the industry and the demand for such loans. General economic conditions, the regulatory
 programs and policies of federal and state agencies, including the Federal Reserve Bank's monetary policies, changes in tax
 laws and governmental budgetary programs influence these factors.
 The Bank receives fees for originating loans in addition to various fees and charges related to existing loans, including
 prepayment charges, late charges and assumption fees. The Bank normally charges an origination fee and as part of the loan
 application, the borrower paid the Bank for out-of-pocket costs, such as the appraisal fee, whether or not the borrower closes
 the loan. The interest rate charged is normally the prevailing rate at the time the loan application is approved and accepted.

 Investment Activities
 The Bank is obligated by its regulators to maintain adequate liquidity and does so by holding cash and cash equivalents
 and by investing in securities. These investments may include, among other things, certain certificates of deposit, repurchase
 agreements, bankers' acceptances, loans to financial institutions whose deposits are federally-insured, federal funds, corporate
 and municipal debt, United States government and agency obligations and mortgage-backed securities.

 Sources of Funds
 General. Deposits are the primary source of the Bank's funds for use in lending and other general business purposes. In
 addition to deposits, the Bank derives funds from loan repayments, advances from the Federal Home Loan Bank of Des Moines
 ("FHLB - DM"), borrowings from the Federal Reserve Bank ("FRB"), and from investment repayments and sales. Loan
 repayments are a relatively stable source of funds influenced by prevailing market rates that drive refinancing activity, while
 deposit inflows and outflows are influenced by both market and offered interest rates, money market conditions, the availability
 of FDIC insurance and the market perception of the Company's financial stability. Borrowings may be used on a short-term
 basis to compensate for reductions in normal sources of funds, such as deposit inflows at lower than projected levels.
 Borrowings may also be used on a longer-term basis to support expanded activities and to manage interest rate risk. Borrowing
 capacity and availability is influenced by interest rates, market conditions, availability of collateral and the market's perception
 of the Bank's financial stability.
 Deposits. The Bank relies on a mix of deposit types, including business and personal checking accounts, term certificates of
 deposit, and other savings deposit alternatives that have no fixed term, such as money market accounts and passbook savings
 accounts. The Bank offers several consumer checking account products, both interest bearing and non-interest bearing and
 several business checking accounts, some of which target small businesses with relatively simple and straightforward banking
 needs and some for larger, more complex business depositors with an account that prices monthly based on the volume and type
 of activity. Savings and money market accounts are offered to both businesses and consumers, with interest paid after certain
 threshold amounts are exceeded.
 The Bank's deposits are obtained primarily from residents of Washington, Oregon, Idaho, Arizona, Utah, Nevada, New
 Mexico, California and Texas.
 Borrowings. The Bank has a credit line with the FHLB - DM for up to 45% of total assets depending on specific collateral
 eligibility. The Bank obtains advances from the FHLB - DM based upon the security of the FHLB capital stock it owns and
 certain of its loans, provided certain standards related to credit worthiness have been met. Such advances are made pursuant to
 several different credit programs. Each credit program has its own interest rate and range of maturities, and the FHLB - DM
 prescribes acceptable uses to which the advances pursuant to each program may be put, as well as limitations on the size of such
 advances. Depending on the program, such limitations are based either on a fixed percentage of assets or the Company's credit
 worthiness. FHLB advances are used to meet seasonal and other withdrawals of deposit accounts and to fund expansion of the
 Bank's lending.
 The Bank may need to borrow funds for short periods of time to meet day-to-day financing needs. In these instances,
 funds are borrowed from other financial institutions or the Federal Reserve Bank, for periods generally ranging from one to
 seven days at the then current borrowing rate.
 The Bank also participates in the FRB of San Francisco Borrower-in-Custody program which collateralizes primary credit
 borrowings and serves as a backstop for the FHLB - DM credit line. Due to differing program requirements between the FHLB
 - DM and FRB of San Francisco, participating in both increases the amount of eligible collateral that may be pledged in support
 of contingent liquidity needs.
 The Bank Merger with LBC provided a credit line with the Federal Home Loan Bank of San Francisco (FHLB - SF) in
 support of LBC borrowings, but the Bank is unable to take down new advances against this line as the Bank is not allowed to
 belong to more than one FHLB. The FHLB - SF credit line is secured by a line-item pledge of securities.
 For further information on these activities, see Note L to the Consolidated Financial Statements in "Item 8. Financial
 Statements and Supplementary Data" of this report.

 Subsidiaries
 The Company is a bank holding company that conducts its primary business through its wholly-owned subsidiary, WaFd
 Bank. The Company has nine active direct and indirect wholly-owned subsidiaries, discussed further below.
 WAFD Insurance Group, Inc. is incorporated under the laws of the state of Washington and is an insurance agency that
 offers a full line of individual and business insurance policies to customers of the Bank, as well as to the general public. As of
 September 30, 2025 and September 30, 2024, WAFD Insurance Group, Inc. had total assets of $22,465,000 and $23,174,000,
 respectively.

 Statewide Mortgage Services Company is incorporated under the laws of the state of Washington and it holds and
 markets real estate owned. As of September 30, 2025 and September 30, 2024, Statewide Mortgage Services Company had
 total assets of $2,472,000 and $2,506,000, respectively.
 Washington Services, Inc. is incorporated under the laws of the state of Washington. It acts as a trustee under deeds of
 trust as to which the Bank is beneficiary. As of both September 30, 2025 and September 30, 2024, Washington Services, Inc.
 had total assets of $13,000.
 WAFD Wealth, Inc. is a subsidiary of the Company and is incorporated under the laws of the state of Deleware and offers
 personalized financial guidance and investment services. As of September 30, 2025, WAFD Wealth, Inc. had total assets of
 $4,784,000. WAFD Wealth was not a subsidiary as of September 30, 2024.
 Pike Street Labs, Inc. is incorporated under the laws of the state of Washington. It provides technology and data services
 to the Bank. As of September 30, 2025, Pike Street Labs, Inc. had total assets of $4,644,000. Pike Street Labs, Inc. was not a
 subsidiary as of September 30, 2024.
 The Company also owns Burbank Financial Inc., an inactive real estate investment company, and all the common interests
 in Luther Burbank Statutory Trusts I and II, entities created to issue trust preferred securities that were acquired in connection
 with the Merger. The Company also obtained in the Merger with LBC a LIHTC investment in Raymond James Housing
 Opportunities Fund 76 LLC, a Florida limited liability company. WaFd is the only investor member and is allocated 99.99% of
 any tax credits and operating profits and losses from the LLC but the day-today management and control is in the hands of the
 management member, and affiliate of Raymond James Financial, Inc.

 Human Capital
 At WaFd Bank, our culture is defined by our corporate values of integrity, teamwork, ownership, simplicity, service and
 discipline. We value our employees by investing in a healthy work-life balance, competitive compensation and benefit packages
 and a vibrant, team-oriented environment centered on professional service and open communication amongst employees. We
 strive to build and maintain a high-performing culture and be an "employer of choice" by creating a work environment that
 attracts and retains outstanding, engaged employees who embody our company mantra of "Love what you do. Make a
 difference."

 Demographics. As of September 30, 2025, we employed 2037 full and part time employees. None of these employees
 are represented by a collective bargaining agreement. During fiscal year 2025 we hired 441 employees. Our voluntary turnover
 rate was 18.12% in fiscal year 2025, an increase from 15.80% in 2024.
 As of September 30, 2025, the population of our workforce was as follows:
 Headcount by Ethnicity & Gender 2025

 Learning and Development. We invest in the growth and development of our employees by providing a multi-
 dimensional approach to learning that empowers, intellectually grows, and professionally develops our colleagues. Our
 employees, including leadership, receive continuing education courses that are relevant to the banking industry and their job
 function within the Company. All new employees attend our two-day new hire orientation, Welcome to WaFd. In addition, we
 offer our Education Tuition Assistance Program, designed to encourage an employee's advancement and growth. We also offer
 the Retail Bank Peer Mentor Program and branch banking certifications for our branch employees. These resources provide
 employees with the skills they need to achieve their career goals, build management skills and become leaders within our
 Company.
 Compensation and Benefits. We provide a competitive compensation and benefits program to help meet the needs of
 our employees. In addition to salaries, these programs include annual bonuses, stock awards, a 401(k) Plan with an employer
 matching contribution in addition to an employer annual contribution, healthcare and insurance benefits, health savings, flexible
 spending accounts, paid time off, family leave and an employee assistance program.
 Workplace Safety & Wellness. We prioritize the importance of our employees' health and the health of their families.
 We offer healthcare plans where the Company pays a significant portion of the monthly premiums for employees and their
 children. Our benefits program also includes a Health Savings Account ("HSA") option in addition to Flexible Spending
 Accounts ("FSA"). We believe maintaining a competitive benefits program is a sound investment in attracting newcomers and
 retaining loyal, dedicated and enthusiastic colleagues. Benefits we offer to employees include:
 • Health insurance including dental & vision.
 • Flexible spending plans for healthcare and childcare expenses.
 • Employer-paid life insurance & accidental death and dismemberment coverage.
 • Long-term disability insurance.
 • Employee assistance program to provide access to counseling and support well-being.
 Corporate Social and Environmental Responsibility
 We recognize the social and environmental responsibility that arises from the impact of our activities on peoples' lives
 and our community. The Company's Corporate and Social Environmental Policy integrates social, environmental and ethical
 concerns into our daily business activities and our approach to stakeholder relationships. Through this policy, we strive to carry
 out our banking activities in a responsible manner, placing the financial needs of our customers and economic health of our
 communities at the core of our focus. Below is a summary of our community activities and financial contributions in 2025.

 General. The Company is registered as a bank holding company and is subject to regulation, examination, supervision and
 reporting requirements of the Federal Reserve Bank.
 Regulation. The Company operates in a highly regulated industry. The regulatory structure governing the Company's
 operations is designed primarily for the protection of the deposit insurance funds and consumers, and not to benefit our
 shareholders. As part of this regulatory structure, the Company is subject to policies and other guidance developed by the
 regulatory agencies with respect to capital levels, the timing and amount of dividend payments, the classification of assets and
 the establishment of adequate loan loss reserves for regulatory purposes. Under this structure, regulators have broad discretion
 to impose restrictions and limitations on the Company's operations if they determine, among other things, that such operations
 are unsafe or unsound, fail to comply with applicable law or are otherwise inconsistent with laws and regulations or with the
 supervisory policies of these agencies.
 Failure to comply with applicable laws and regulations can result in a range of sanctions and enforcement actions,
 including the imposition of civil money penalties, formal agreements and cease and desist orders. In order to ensure the
 Company's programs and operations are in compliance with regulatory requirements, the Company has and will continue to
 incur significant costs in order to comply in accordance with its responsibilities.
 For further information on regulatory matters, see Note A to the Consolidated Financial Statements in "Item 8. Financial
 Statements and Supplementary Data" as well as the "Risk Factors" section of this report and the "USA Patriot Act of 2001"
 discussion below.
 Sections below include a description of certain laws and regulations that relate to the regulation of the Company and the
 Bank. The description of these laws and regulations, and descriptions of laws and regulations contained elsewhere herein, do
 not purport to be complete and are qualified in their entirety by reference to applicable laws and regulations.
 Restrictions on Activities and Acquisitions. Bank holding companies are subject to a variety of restrictions on their activities
 and the acquisitions they can make. Generally, the activities or acquisition of a bank holding company that is not a financial
 holding company are limited to those that constitute banking or managing or controlling banks or which are closely related to
 banking. In addition, without the prior approval of the FRB, bank holding companies are generally prohibited from acquiring
 more than 5% of the outstanding shares of any class of voting securities of a bank or bank holding company, taking any action

 that causes a bank to become a subsidiary of the bank holding company, acquiring all or substantially all of the assets of a bank,
 or merging with another bank holding company.
 Control of Company or Bank. Pursuant to the Change in Bank Control Act, (the "CIBC Act") individuals, corporations or
 other entities acquiring Company equity interests may, alone or together with other investors, be deemed to control a holding
 company or a bank. If an acquisition is deemed to constitute control of the holding company or bank and is not subject to
 approval under the Bank Holding Company Act or certain other statutes, such person or group will be required to file a notice
 under the CIBC Act. Generally, ownership of, or power to vote, more than 25% of any class of voting securities constitutes
 control. In the case of a bank or bank holding company the securities of which are registered with the SEC, ownership of or
 power to vote more than 10% of any class of voting securities creates a presumption of control.
 Source of Strength. Under long-standing FRB policy, a bank holding company is expected to serve as a source of financial and
 management strength to its subsidiary bank. Under this policy, a bank holding company is expected to stand ready to provide
 adequate capital funds to its subsidiary bank during periods of financial adversity and to maintain financial flexibility and
 capital raising capacity to assist its subsidiary bank. The Dodd-Frank Act codified the source of strength doctrine by adopting a
 statutory provision requiring, among other things, that bank holding companies serve as a source of financial strength to their
 subsidiary banks.
 Restrictions on Company Dividends. The Company's ability to pay dividends to its shareholders is affected by several
 factors. Since the Company is a separate legal entity from the Bank and its subsidiaries and does not have significant operations
 of its own, the Company may not be able to pay dividends to its shareholders if the Bank is unable to pay dividends to the
 Company. The Bank's ability to pay dividends is subject to various regulatory restrictions.
 In addition, the Company's ability to pay dividends is subject to rules and policies of the FRB. It is the policy of the
 Federal Reserve that bank holding companies should pay cash dividends only out of income available over the past year and
 only if prospective earnings retention is consistent with the company's expected future needs and financial condition. Capital
 rules adopted by the Federal Reserve, effective January 2015, may limit the Company's ability to pay dividends if the Company
 fails to meet certain requirements under the rules. In addition, if we do not or are unable to pay quarterly dividends on our
 Series A Preferred Stock, we may not pay a dividend to the holders of our Common Stock. See " WaFd Bank, wholly-owned
 operating subsidiary - Restrictions on Dividends " below.
 Since the Company is a Washington state corporation, it is also subject to restrictions under Washington corporate law
 relating to dividends. Generally, under Washington law, a corporation may not pay a dividend if, after giving effect to the
 dividend, the corporation would be unable to pay its liabilities as they become due in the ordinary course of business or the
 corporation's total assets would be less than the sum of its total liabilities plus (with some exceptions) the amount that would be
 needed, if the corporation were to be dissolved at the time of the dividend payment, to satisfy the dissolution preferences of
 senior equity securities.
 Enterprise Risk Management. The Company faces a number of risks, including credit risk, interest rate risk, liquidity risk,
 operations risk, cybersecurity risk, regulatory risk, compliance and legal risk, strategic risk, and reputational risk. The Risk
 Management Committee of the Board ("RMC") establishes the Company's risk appetite and sets appropriate risk limits and
 policies. The RMC is responsible for providing ongoing review, guidance and oversight of the Company's enterprise risk
 management function. Management is responsible for managing the Company's risks on a day-to-day basis in accordance with
 the policies established by the Board.
 The Company's Chief Risk Officer ("CRO") chairs the Enterprise Risk Management Committee ("ERMC"), a
 management-level committee that is responsible for executing the risk management framework adopted by the Board. The
 ERMC maintains enterprise-wide oversight of risk assessment, monitoring and reporting. The ERMC meets at least quarterly
 to identify, evaluate, monitor, and account for new, existing and emerging risks to the Company. Identified risks are evaluated,
 analyzed, prioritized and tracked by the ERMC in a manner to be compatible with effective internal controls, risk management
 practices and the policies adopted by the Board. The ERMC develops risk management programs and processes to incorporate
 risk considerations into day-to-day business activities across the Company's risk categories, business lines and functions. To
 support the ERMC's risk management function, certain types of risks are overseen by other management level committees. For
 example, the Company's Asset Liability Committee is responsible for managing interest rate and liquidity risks and the credit
 administration department tracks credit risks.
 On at least a quarterly basis, the Company's CRO, Chief Financial Officer, Chief Information Officer, Chief Information
 Security Officer, Chief Credit Officer, and other members of management report directly to the RMC to provide reporting on

 risk levels, key risks, emerging risks and the Company's compliance with the risk management framework, risk limits and risk
 appetites adopted by the RMC.
 The Company carries out its risk management practices through its "three lines of defense" model, which is designed to
 establish effective checks and balances within its risk management framework. The first line of defense is business units and
 process owners within the Company which are responsible for maintaining effective internal controls and executing risk and
 control procedures on a day to day basis. The second line of defense is the Company's risk management, compliance and other
 control functions which are responsible for ensuring that the first line of defense is properly designed, in place, and operating
 effectively. The third line of defense is the Company's internal audit function, which provides independent assessment and
 assurance regarding the effectiveness of governance, risk management and internal controls.

 WaFd Bank, wholly-owned operating subsidiary
 General. The Bank is a federally-insured Washington state chartered commercial bank. The WDFI is the Bank's primary state
 regulator and the FDIC is its primary federal regulatory. The Bank is a member of the FDIC and its deposits are insured up to
 applicable limits of the Depository Insurance Fund ("DIF"), which is administered by the FDIC.
 Regulation. The WDFI and FDIC have extensive authority over the operations of the Bank. As part of this authority, the Bank
 is required to file periodic reports with and is subject to periodic examinations by both the WDFI and FDIC. As a Washington
 state chartered commercial bank with branches in the states of Washington, Oregon, Idaho, Utah, Nevada, Arizona, New
 Mexico, California and Texas, the Bank is subject not only to the applicable laws and regulations of Washington State, but is
 also subject to the applicable laws and regulations of these other states in which it does business. Various laws and regulations
 prescribe the investment and lending authority of the Bank, and the Bank is prohibited from engaging in any activities not
 permitted by such laws and regulations. While the Bank has broad authority to engage in all types of lending activities, a variety
 of restrictions apply to certain other investments by the Bank, as discussed below.
 Interstate Banking. Subject to certain limitations and restrictions, a bank holding company, with prior approval of the FRB,
 may acquire an out-of-state bank; banks in states that do not prohibit out-of-state mergers may merge with the approval of the
 appropriate federal banking agency, and a bank may establish a de novo branch out of state if such branching is permitted by
 the other state.
 Insurance of Deposit Accounts. Under the Dodd-Frank Act, the maximum amount of federal deposit insurance coverage was
 permanently increased from $100,000 to $250,000 per depositor, per institution. The Dodd-Frank Act also broadened the base
 for FDIC insurance assessments. Assessments are now based on the average consolidated total assets less tangible equity capital
 of a financial institution. In addition, the Dodd-Frank Act raised the minimum designated reserve ratio, which the FDIC is
 required to set each year for the DIF, to 1.35%. The Dodd-Frank Act eliminated the requirement that the FDIC pay dividends to
 depository institutions when the reserve ratio exceeds certain thresholds. The FDIC has established a higher reserve ratio of 2%
 as a long-term goal beyond what is required by statute.
 Brokered Deposits. The Federal Deposit Insurance Act prohibits an insured depository institution from accepting brokered
 deposits or offering interest rates on any deposits significantly higher than the prevailing rate in the bank's normal market area
 or nationally (depending upon where the deposits are solicited), unless it is well-capitalized or is adequately capitalized and
 receives a waiver from the FDIC. A depository institution that is adequately capitalized and accepts brokered deposits under a
 waiver from the FDIC may not pay an interest rate on any deposit in excess of national and local rate caps set by the FDIC and
 published on its website.
 Transactions with Affiliates; Insider Loans. Under current federal law, all transactions between and among a bank and its
 affiliates, including holding companies, are subject to Sections 23A and 23B of the Federal Reserve Act and Regulation W
 promulgated thereunder. Generally, these requirements limit extensions of credit and certain other such transactions by the bank
 to affiliates to a percentage of the institution's capital and generally such transactions must be collateralized. Generally, all
 affiliate transactions must be on terms at least as favorable to the bank as transactions with non-affiliates. In addition, a bank
 may not lend to any affiliate engaged in non-banking activities that are not permissible for a bank holding company or acquire
 shares of any affiliate that is not a subsidiary. Federal law authorizes the imposition of additional restrictions on transactions
 with affiliates if necessary to protect the safety and soundness of a bank.
 Extensions of credit by a bank to executive officers, directors and principal shareholders are subject to Section 22(h) of
 the Federal Reserve Act, which, among other things, generally prohibits loans to any such individual where the aggregate
 amount exceeds an amount equal to 15% of an institution's unimpaired capital and surplus plus an additional 10% of

 unimpaired capital and surplus in the case of loans that are fully secured by readily marketable collateral. Section 22(h) permits
 loans to directors, executive officers and principal shareholders made pursuant to a benefit or compensation program that is
 widely available to employees of a subject bank provided that no preference is given to any officer, director or principal
 shareholder, or related interest thereto, over any other employee. In addition, the aggregate amount of extensions of credit by a
 bank to all insiders cannot exceed the institution's unimpaired capital and surplus. Furthermore, Section 22(g) places additional
 restrictions on loans to executive officers.
 The affiliate transaction rules in Sections 23A and 23B of the Federal Reserve Act broaden the definition of affiliate and
 apply these rules to securities lending, repurchase agreements and derivatives. These rules also strengthen collateral
 requirements and limit Federal Reserve exemptive authority. Further, the definition of "extension of credit" for transactions
 with executive officers, directors and principal shareholders includes credit exposure arising from a derivative transaction, a
 repurchase or reverse repurchase agreement or a securities lending or borrowing transaction. These provisions have not had a
 material effect on the Company or the Bank.
 Restrictions on Dividends. The amount of dividends payable by the Bank to the Company depends upon its earnings and
 capital position, and is limited by federal and state laws, regulations and policies, including the capital conservation buffer
 requirement. Federal law further provides that no insured depository institution may make any capital distribution (which
 includes a cash dividend) if, after making the distribution, the institution would be "undercapitalized," as defined in the prompt
 corrective action regulations. Moreover, the federal bank regulatory agencies also have the general authority to limit the
 dividends paid by insured banks if such payments should be deemed to constitute an unsafe and unsound practice. In addition,
 under Washington law, no bank may declare or pay any dividend in an amount greater than its retained earnings without the
 prior approval of the WDFI. WDFI also has the power to require any bank to suspend the payment of any and all dividends.
 Federal Home Loan Bank System. The Bank is a member of the Federal Home Loan Bank of Des Moines, which is one of 11
 regional FHLBs that provide funding to their members for making home mortgage loans, as well as loans for affordable
 housing and community development. Each FHLB serves members within its assigned region and is funded primarily through
 proceeds derived from the sale of consolidated obligations of the FHLB system. Loans are made to members in accordance with
 the policies and procedures established by the Board of Directors of the FHLB. At September 30, 2025, total FHLB advances to
 the Bank amounted to $1,765,604,000. As a member, the Bank is required to purchase and maintain stock in the FHLB of Des
 Moines. The Bank also acquired the stock of the FHLB San Francisco in the Merger but is not a member of this FHLB. At
 September 30, 2025, the Bank held $85,301,000 in FHLB-DM stock and $2,767,000 in FHLB-SF stock, which was in
 compliance with requirements.
 Community Reinvestment Act and Fair Lending Laws. Banks have a responsibility under the Community Reinvestment Act
 ("CRA") and related regulations of the FDIC to help meet the credit needs of their communities, including low- and moderate-
 income neighborhoods. In addition, the Equal Credit Opportunity Act and the Fair Housing Act (together, the "Fair Lending
 Laws") prohibit lenders from discriminating in their lending practices on the basis of characteristics specified in those statutes.
 An institution's failure to comply with the provisions of the CRA could, at a minimum, result in regulatory restrictions on its
 activities. Failure to comply with the Fair Lending Laws could result in enforcement actions by the FDIC, the CFPB and other
 federal regulatory agencies, including the U.S. Department of Justice.
 USA Patriot Act of 2001. The USA PATRIOT Act of 2001 ("Patriot Act"), through amendments to the federal Bank Secrecy
 Act ("BSA"), substantially broadened the scope of United States anti money-laundering laws and regulations by imposing
 significant new compliance and due diligence obligations, creating new crimes and penalties and expanding the extra-territorial
 scope of United States jurisdiction. The United States Treasury Department has issued a number of regulations under the Patriot
 Act that apply to financial institutions such as the Bank. These regulations impose obligations on financial institutions to
 maintain appropriate policies, procedures and controls to detect, prevent and report money laundering and terrorist financing
 and to verify the identity of their customers. Failure of a financial institution to maintain and implement adequate risk-based
 programs reasonably designed to combat money laundering and terrorist financing, or to comply satisfactorily with all relevant
 Patriot Act and BSA requirements, could have serious legal and reputational consequences for the institution.
 Anti-Money Laundering Act of 2020. The Anti-Money Laundering Act of 2020 ("AML Act") was enacted as part of the
 National Defense Authorization Act and requires the U.S. Treasury Department to issue National Anti-Money Laundering and
 Countering the Financing of Terrorism Priorities ("AML/CFT"), which occurred in June 2021. The AML Act also includes a
 requirement to conduct studies and issue regulations that may alter some of the due diligence, recordkeeping and reporting
 requirements that the BSA and Patriot Act impose on financial institutions. The AML Act also promotes increased information-
 sharing and use of technology and increases penalties for violations of the BSA and includes whistleblower incentives, both of
 which could increase the prospect of regulatory enforcement.

 Regulatory Capital Requirements. Bank holding companies and federally insured banks are required to maintain minimum
 levels of regulatory capital. The Federal Reserve establishes capital standards applicable to all bank holding companies, and the
 WDFI and FDIC establish capital standards applicable to Washington state chartered, non-member banks. The capital rules
 reflect, in part, certain standards initially adopted by the Basel Committee on Banking Supervision in December 2010 (which
 standards are commonly referred to as "Basel III") as well as requirements contemplated by the Dodd-Frank Act.
 The capital rules require a capital ratio of common equity Tier 1 capital to risk based assets. Common equity Tier 1 capital
 generally consists of retained earnings and common stock instruments (subject to certain adjustments) as well as accumulated
 other comprehensive income ("AOCI") except to the extent that the Company and the Bank exercise a one-time irrevocable
 option to exclude certain components of AOCI, which the Company and the Bank have done. Tier 1 capital also includes non-
 cumulative perpetual preferred stock and limited amounts of minority interests. Regulatory deductions from capital include
 goodwill and intangible assets. The capital rules prescribe the manner in which certain capital elements are determined,
 including but not limited to, requiring certain deductions related to mortgage servicing rights and deferred tax assets. Total
 capital consists of Tier 1 capital and supplementary capital. Supplementary capital consists of certain capital instruments that
 do not qualify as core capital as well as general valuation loan and lease loss allowances up to a maximum of 1.25% of risk-
 weighted assets. Supplementary capital may be used to satisfy the risk-based requirement only in an amount equal to the
 amount of Tier 1 capital.
 In determining the required amount of risk-based capital, total assets, including certain off-balance-sheet items, are
 multiplied by a risk-weight factor based on the risks inherent in the type of assets held by an institution. The risk categories
 range from 0% for low-risk assets such as U.S. Treasury securities and GNMA securities to 1,250% for various types of loans
 and other assets deemed to be of higher risk. Single-family residential loans having loan-to-value ratios not exceeding 90% and
 meeting certain additional criteria, as well as certain multi-family residential loans, qualify for a 50% risk-weight treatment.
 The book value of each asset is multiplied by the risk factor applicable to the asset category, and the sum of the products of this
 calculation equals total risk-weighted assets. The rules set forth the methods of calculating certain risk-based assets, which in
 turn affects the calculation of risk-based ratios. Higher or more sensitive risk weights are assigned to various categories of
 assets, among which are commercial real estate, credit facilities that finance the acquisition, development or construction of real
 property, certain exposures or credit that are 90 days past due or are non-accrual, foreign exposures, certain corporate
 exposures, securitization exposures, equity exposures and in certain cases mortgage servicing rights and deferred tax assets.
 Both the Company and the Bank are required to have a common equity Tier 1 capital ratio of 4.5%. In addition, both the
 Company and the Bank are required to have a Tier 1 leverage ratio of 4.0%, a Tier 1 risk-based ratio of 6.0% and a total risk-
 based ratio of 8.0%. Both the Company and the Bank are required to establish a "conservation buffer," consisting of common
 equity Tier 1 capital, equal to 2.5%. The capital conservation buffer is designed to ensure that banks build up capital buffers
 outside periods of stress, which can be drawn down as losses are incurred. An institution that does not meet the conservation
 buffer will be subject to restrictions on certain activities including payment of dividends, stock repurchases and discretionary
 bonuses to executive officers.
 The Federal Reserve and the FDIC are also authorized to impose capital requirements in excess of these standards on
 individual institutions on a case-by-case basis. Management believes that the current capital levels of the Company and the
 Bank are sufficient to be in compliance with the fully phased-in standards under the rules.
 Any bank holding company or bank that fails to meet the capital requirements is subject to possible enforcement actions.
 Such actions could include a capital directive, a cease and desist or consent order, civil money penalties, restrictions on an
 institution's operations and/or the appointment of a conservator or receiver. FRB, FDIC and WDFI capital regulations provide
 that such supervisory actions, through enforcement proceedings or otherwise, could require one or more of a variety of
 corrective actions.

 For information regarding compliance with each of these capital requirements by the Company and the Bank as of
 September 30, 2025, see Note R to the Consolidated Financial Statements included in Item 8 hereof.
 Prompt Corrective Action. Federal statutes establish a supervisory framework based on five capital categories: well
 capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. An
 institution's category depends upon its capital levels in relation to relevant capital measures, which include a risk-based capital
 measure, a leverage ratio capital measure and certain other factors. The federal banking agencies have adopted regulations that
 implement this statutory framework.
 The prompt corrective action rules, which apply to the Bank but not the Company, are modified to include a common

 equity Tier 1 risk-based ratio and to increase certain other capital requirements for the various thresholds. For example, the
 requirements for the Bank to be considered well-capitalized under the rules are a 5.0% Tier 1 leverage ratio, a 6.5% common
 equity Tier 1 risk-based ratio, an 8.0% Tier 1 risk-based capital ratio and a 10.0% total risk-based capital ratio. To be
 adequately capitalized, those ratios are 4.0%, 4.5%. 6.0% and 8.0%, respectively.
 An institution that is not well capitalized is subject to certain restrictions on brokered deposits, including restrictions on
 the rates it can offer on its deposits, generally. Any institution that is neither well capitalized nor adequately capitalized is
 considered undercapitalized. Federal law authorizes the FDIC to reclassify a well-capitalized institution as adequately
 capitalized and may require an adequately capitalized institution or an undercapitalized institution to comply with supervisory
 actions as if it were in the next lower category. The FDIC may not reclassify a significantly undercapitalized institution as
 critically undercapitalized. As of September 30, 2025, the Bank exceeded the requirements of a well-capitalized institution.
 Stress Testing. The Economic Growth, Regulatory Relief, and Consumer Protection Act ("EGRRCPA") set the asset threshold
 for enhanced prudential standards and stress testing at $100 billion of total consolidated assets. Neither the Company nor the
 Bank are subject to enhanced stress test regulations. The federal bank regulatory agencies (FRB, FDIC and the Office of the
 Comptroller of the Currency) have indicated that the capital planning and risk management practices of financial institutions
 with total assets less than $100 billion will continue to be reviewed through the regular supervisory process. The Bank
 continues to use customized stress testing to support the business and as part of its risk management and capital planning
 process.
 EGRRCPA also enacted several important changes in some technical compliance areas that we believe will help reduce
 our regulatory burden, including:

 • Prohibiting federal banking regulators from imposing higher capital standards on High Volatility Commercial Real
 Estate ("HVCRE") exposures unless they are for acquisition, development or construction ("ADC"), and clarifying
 ADC status;
 • Exempting from appraisal requirements certain transactions involving real property in rural areas and valued at less
 than $400,000; and
 • Directing the Consumer Financial Protection Bureau to provide guidance on the applicability of the Truth in Lending
 and Real Estate Settlement Procedures Act Integrated Disclosure rule to mortgage assumption transactions and
 construction-to-permanent home loans, as well the extent to which lenders can rely on model disclosures that do not
 reflect recent regulatory changes.

 Despite the improvements for mid-size financial institutions such as the Company that has resulted from
 EGRRCPA, many provisions of the Dodd-Frank Act and its implementing regulations remain in place and will continue to
 result in additional operating and compliance costs that could have a material adverse effect on our business, financial
 condition, and results of operation. In addition, the EGRRCPA requires the enactment of a number of implementing
 regulations, the details of which may have a material effect on the ultimate impact of the law.

 Cybersecurity. The federal banking regulatory agencies have established certain expectations with respect to an institution's
 information security and cybersecurity programs, with an increasing focus on risk management, processes related to
 information technology and operational resiliency, and the use of third parties in the provision of financial services. In January
 2020, these agencies jointly issued a statement reminding supervised financial institutions of sound cybersecurity risk
 management principles that expanded on areas articulated in the Interagency Guidelines Establishing Information Security
 Standards written in Section 39 of the Federal Deposit Insurance Act and Sections 501 and 505(b) of the Gramm-Leach-Bliley
 Act.
 State regulators also continue to be active in implementing privacy and cybersecurity standards and regulations. Several
 states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and providing
 detailed requirements with respect to these programs, including data encryption requirements. Many states have also
 implemented or modified their data breach notification and data privacy requirements. We expect this trend of state-level
 activity in those areas to continue and are continually monitoring developments in the states in which the Company operates.
 In November 2021, the federal banking regulatory agencies adopted a rule regarding notification requirements for banking
 organizations related to significant computer security incidents. Under the final rule, a bank holding company, such as the
 Company, and an FDIC-supervised insured depository institution, such as the Bank, are required to notify the Federal Reserve
 or FDIC, respectively, within 36 hours of incidents that have materially disrupted or degraded, or are reasonably likely to
 materially disrupt or degrade, the banking organization's ability to deliver services to a material portion of its customer base,

 jeopardize the viability of key operations of the banking organization, or impact the stability of the financial sector. Service
 providers are required under the rule to notify any affected bank client it provides services to as soon as possible when it
 determines it has experienced a computer-security incident that has materially disrupted or degraded, or is reasonably likely to
 materially disrupt or degrade, covered services provided by that entity to the Bank for four or more hours.
 See Item 1C - Cybersecurity, for additional disclosures regarding the Company's cybersecurity risk management, strategy
 and governance.
 Financial Privacy. Under the Gramm-Leach-Bliley Act of 1999, as amended, a financial institution may not disclose non-
 public personal information about a consumer to unaffiliated third parties unless the institution satisfies various disclosure
 requirements and the consumer has not elected to opt out of the information sharing. The financial institution must provide its
 customers with a notice of its privacy policies and practices. The Federal Reserve, the FDIC, and other financial regulatory
 agencies issued regulations implementing notice requirements and restrictions on a financial institution's ability to disclose non-
 public personal information about consumers to unaffiliated third parties.
 Additionally, a growing number of states continue to pass laws addressing privacy, information security, cybersecurity,
 data breaches, and related notification obligations. As a company subject to the GLBA, we often benefit from an entity-level
 exemption under most comprehensive state data privacy statutes. Of the states whose privacy laws provide data-level
 exemptions, we are subject to the laws of California. In California, the Company must generally comply with its privacy laws
 except for consumer financial data subject to GLBA.
 In California, the California Consumer Protection Act ("CCPA"), as amended, took effect on January 1, 2020, and grants
 California residents a range of privacy rights, including the right to know what personal information is collected, the right to
 correct inaccurate information, the right to request deletion of personal information (subject to certain exceptions) as well as the
 right to opt out of the "sale" of personal information (generally understood to be the sharing of personal information with a
 third party for its own purposes) and the right to limit use of sensitive information to the use necessary for the purpose for
 which the information was collected. CCPA also imposes additional compliance obligations such as the provision of detailed
 privacy disclosure, and, starting in the years 2027-2028, the obligation to conduct a cybersecurity audit and a risk assessment
 regarding how a company's use of personal data affects individuals. The CCPA authorizes civil penalties for violations and
 provides a private right of action for certain data breaches involving personal information, which increases the risks and
 potential exposure associated with breach-related litigation. Since 2023, violations of CCPA are concurrently enforced by the
 California Attorney General and by a dedicated privacy regulator, the Privacy Protection Agency ("CPPA"). Both have been
 active in enforcing the CPPA and its accompanying regulations over the last few years by bringing enforcement actions that
 carry six and seven figure fines, as well as injunctive relief. If this investigative focus continues, our compliance costs are likely
 to increase, and we face increased litigation exposure if former employees in California use the laws protections to obtain pre-
 complaint information to use in a lawsuit.
 Furthermore, privacy and data protection areas are expected to receive further attention at the federal level. Congress and
 federal regulatory agencies may enact similar laws or regulations that could create new individual privacy rights and impose
 increased obligations on companies handling personal data. Federal privacy legislation continues to focus on sectoral privacy
 issues, including financial privacy, rather than advancing a comprehensive federal privacy framework.
 Other states may also adopt comprehensive privacy and data security laws modeled after California which could provide
 data-level rather than entity level exemptions. This is already the case in several states where the Company does not currently
 conduct business. Such new laws may impose new compliance requirements on the Company, or expand the potential for
 enforcement against the Company to new jurisdictions and regulators. These evolving laws add complexity and are likely to
 result in additional compliance expenditures. They may also require changes in the way we do business, especially in
 connection with marketing activities.

 Taxation
 In addition to federal income tax, the Company is also subject to income, franchise, excise or gross receipts tax in states
 (and some cities) where the Company has branches or is deemed to have sufficient nexus for tax purposes. The Company
 generally files consolidated federal and state income tax returns with its subsidiaries.
 The Company's federal income tax returns are open and subject to potential examination by the IRS for fiscal year 2022
 and later.

 Competition
 We operate in a highly competitive environment. Our competitors include other banks, savings associations, community
 banks, credit unions, fintech companies and other financial intermediaries, and new market participants offering services similar
 to those that we offer. We compete with some competitors within our geographic market area, and with others on a product
 specific basis. Our ability to compete effectively depends on our ability to provide first-rate, friendly and professional customer
 service and deliver the banking solutions that our customers want and need. We are also dependent upon our ability to attract
 and retain employees while managing compensation and other costs.
 Availability of Financial Data
 Under the Securities Exchange Act of 1934 ("Exchange Act"), the Company is required to file annual, quarterly and
 current reports, proxy statements and other information with the SEC. We file reports on Forms 10-K, 10-Q and 8-K, and
 amendments to those reports, with the SEC. The public may obtain copies of these reports at the SEC's website: www.sec.gov.
 The Company has adopted and posted on its website a code of ethics that applies to its senior financial officers. The
 Company's website also includes the charters for its audit committee, compensation committee, risk management committee,
 executive committee, technology committee and nominating and governance committee.
 The address for the Company's website is www.wafdbank.com. The Company makes available on its website, free of
 charge, its annual reports on Form 10-K, current quarterly reports on Form 10-Q, reports on Form 8-K, proxy statements and
 any amendments to those reports (among others), as soon as reasonably practicable after we electronically file such material
 with, or furnish it to, the SEC. We also make available on our website public financial information for which a report is not
 required to be filed with or furnished to the SEC. Our SEC reports and such other information can be accessed through the
 investor relations section of our website ( The Company's website
 provides a link to all our filings on the SEC's Edgar website, and the company will provide a printed copy of any of our annual
 reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and any amendments to
 those reports (among others) to any requesting shareholder, free of charge. The information found on our website is not part of
 this or any other report that we file or furnish to the SEC.

 Item 1A. Risk Factors
 Ownership of our Common Stock involves risk. Investors should carefully consider, in addition to the other information
 included in this Annual Report on Form 10-K, the following risk factors. The risks described below may adversely affect our
 business, financial condition and results of operations. These risks are not the only risks we face; additional risks and
 uncertainties not currently known or that are currently considered to be immaterial may also materially and adversely affect
 our business.
 Operational Risks
 Fluctuating interest rates could adversely affect our business.
 Our earnings and cash flows are largely dependent upon our net interest income, which is significantly affected by
 interest rates. Interest rates are highly sensitive to factors beyond our control, such as general economic conditions and policies
 set by governmental and regulatory bodies. We principally manage interest rate risk by managing our volume and mix of our
 earning assets and funding liabilities. If we are unable to manage this risk effectively, our business, financial condition and
 results of operations could be materially affected. Rapid changes in interest rates make it difficult for the Bank to balance its
 loan and deposit portfolios, which may adversely affect our results of operations by, for example, reducing asset yields or
 spreads, or having other adverse impacts on our business. Higher than expected inflation could lead to higher interest rates,
 which could, in turn, increase the borrowing costs of our customers, making it more difficult for them to repay their loans or
 other obligations. High interest rates could also push down asset prices and weaken economic activity. Conversely, falling rates
 can initially reduce our net interest income as our floating-rate assets tend to be more immediately responsive to changes in
 market rates than most deposit liabilities. In addition, a decline in market interest rates could increase loan prepayments, leading
 to reinvestment in lower-yielding assets, reducing income.
 Our net interest income is the difference (or "spread") between the interest earned on loans, securities and other
 interest-earning assets and the interest paid on deposits, borrowings, and other interest-bearing liabilities. The level of net
 interest income is a function of the average balances of interest-earning assets and interest-bearing liabilities and the spread
 between the amounts of the yield on such assets and the cost of such liabilities. These factors are influenced by both the pricing
 and the mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by such external factors as the
 local economy, competition for loans and deposits, the monetary policy of the Federal Open Market Committee of the Federal
 Reserve Board of Governors (the "FOMC") and market interest rates. Furthermore, movements in interest rates, the pace at
 which such movements occur and the volume and mix of our interest-bearing assets and liabilities influence the level of net
 interest income. The cost of customer deposits is largely based on short-term interest rates, the level of which is driven by the
 FOMC. However, the yields generated by long-term loans, such as single-family residential and multifamily mortgage loans,
 and securities are typically driven by longer-term (10 year) interest rates, which are set by the market and vary from day to day.
 Because of the differences in maturities and repricing characteristics of our interest-earning assets and interest-bearing
 liabilities, changes in interest rates do not produce equivalent changes in interest income earned on interest-earning assets and
 interest paid on interest-bearing liabilities. Accordingly, fluctuations in interest rates could adversely affect our interest rate
 spread, and, in turn, our profitability. For example, if interest rates on interest-earning assets decline more quickly than the rates
 on interest-bearing liabilities, as we saw in our recent fiscal year, the result is a reduction in our net interest income and with it,
 a reduction in earnings. The same could be true if the interest rates on interest-bearing liabilities increase at a faster pace than
 the interest rates on interest-earning assets. In addition, changes in interest rates could affect the Bank's ability to originate loans
 and attract and retain deposits; the fair values of its securities and other financial assets; the fair values of its liabilities; and the
 average lives of its loan and securities portfolios. Decreases in interest rates could lead to increased loan refinancing activity,
 which, in turn, would alter the balance of our interest-earning assets and impact net interest income. Increases in interest rates
 could reduce loan refinancing activity, which could result in compression of the spread between loan yields and more quickly
 rising funding rates. We may also be exposed to movements in market rates to a degree not experienced by other financial
 institutions, as a result of our significant portfolio of fixed-rate single-family home loans, which are longer-term in nature than
 the customer accounts and borrowed money that constitute our liabilities.
 We are currently operating in an environment in which the Federal Reserve has shifted toward reducing interest rates,
 although modestly, with cuts implemented in September and October 2025. However, the inflationary outlook remains
 uncertain and if the Federal Reserve were to reverse course and rapidly increase the target federal funds rate, the increase in
 rates could continue to constrain our interest rate spread and may adversely affect our business forecasts. On the other hand,
 further rapid decreases in interest rates, may result in a change in the mix of noninterest and interest-bearing accounts. New
 appointments to the Board of Governors at the Federal Reserve could result in a change in monetary policy and interest rates.
 We are unable to predict changes in interest rates, which are affected by factors beyond our control, including inflation,
 deflation, recession, unemployment, money supply and other changes in financial markets.

 We are exposed to risks related to fraud and cyber-attacks.
 Cybersecurity, and the continued development and enhancement of controls, processes, and practices designed to
 protect customer information, systems, computers, software, data, and networks from attack, damage, or unauthorized access
 remain a priority for the Company. As cybersecurity threats continue to evolve, we may be required to expend additional
 resources to continue to enhance, modify, and refine our protective measures against these evolving threats.
 We are continuously enhancing and expanding our digital products and services to meet customer and business needs
 with desired outcomes. These digital products and services often include storing, transmitting, and processing confidential
 customer, employee, financial, and business information. Due to the nature of this information, and the value it has for internal
 and external threat actors, we, and our third-party service providers, continue to be subject to cyber-attacks and fraud activity,
 including through the use of rapidly evolving AI technologies, that attempts to gain unauthorized access, misuse information
 and information systems, steal information, disrupt or degrade information systems, spread malicious software, and other illegal
 activities.
 We believe we have robust preventive, detective, and administrative safeguards and security controls to minimize the
 probability and magnitude of a material event. However, if we are unable to maintain them, we may fall victim to a material
 adverse cybersecurity event. Because the tactics and techniques used by threat actors to bypass safeguards and security controls
 change frequently, and often are not recognized until after an event has occurred, we may be unable to anticipate future tactics
 and techniques, or to implement adequate and timely protective measures. The use of AI technologies by cybercriminals
 continues to be a major concern, as deep-fake technologies continue to improve, allowing bad actors to manipulate or fabricate
 visual and audio content and convincingly fake identities.
 We are subject to additional risk with respect to third-party vendors that process or handle personal and financial data
 of our customers, partners, suppliers or employees. These third-party vendors may themselves use other vendors to store or
 process our data, which further elevates our risk exposure. Our third-party vendors have been, and may in the future be, subject
 to security incidents, including those caused by computer viruses, malware, ransomware, phishing attempts, social engineering,
 hacking or other means of unauthorized access. Control failures of security measures managed by our third-party service
 providers could cause us to suffer damage to our reputation and could require us to incur substantial expenses, which could
 have a materially adverse effect on our business, financial condition, and results of operations.
 To date, we have no knowledge of a material cyber-attack or other material information security incident affecting the
 systems we operate and control. However, our risk and exposure to these matters remains heightened because of, among other
 things, the evolving nature of these threats, the continuation of a remote or hybrid work environment for our employees and
 service providers, and our plans to continue to implement and expand digital banking services, expand operations, and use
 third-party information systems that includes cloud-based infrastructure, platforms, and software. Recent instances of attacks
 specifically targeting banks and financial services businesses indicate that the risk to our systems remains significant. We, and
 our third-party providers, are regularly the subject of attempted attacks and the ability of the attackers and the method of their
 attacks continues to grow in sophistication. Threat actors, including nation state attackers, could also use artificial intelligence
 for malicious purposes, increasing the frequency and complexity of their attacks. Potential threats to our technologies, systems,
 networks, and other devices, as well as those of our employees, third party vendors, and other third parties with whom we
 interact, include Distributed Denial of Service ("DDoS") attacks, computer viruses, hacking, malware, ransomware, credential
 stuffing, phishing, and other forms of social engineering. Such cyber-attacks and other security incidents are designed to lead to
 various harmful outcomes, such as unauthorized transactions against our customers' accounts, unauthorized or unintended
 access to confidential information, or the release, gathering, monitoring, disclosure, loss, destruction, corruption, disablement,
 encryption, misuse, modification or other processing of confidential or sensitive information (including personal information),
 intellectual property, software, methodologies or business secrets, disruption, sabotage or degradation of service, systems or
 networks, or other damage. These threats may derive from, among other things, error, fraud or malice on the part of our
 employees, insiders, or third parties or may result from accidental technological failure. Any of these parties may also attempt
 to fraudulently induce employees, service providers, customers, partners or other third-party users of our systems or networks to
 disclose confidential or sensitive information (including personal information) in order to gain access to our systems, networks
 or data or that of our customers, partners, or third parties with whom we interact, or to unlawfully obtain monetary benefit
 through misdirected or otherwise improper payments or through the creation of false identifies. A cyber-attack or other security
 incident on the systems we operate and control could cause us to suffer damage to our reputation, result in productivity losses,
 require us to incur substantial expenses, including response costs associated with investigation and resumption of services,
 remediation expenses costs associated with customer notification and credit monitoring services, increased insurance premiums,
 regulatory penalties and fines, and costs associated with civil litigation, any of which could have a materially adverse effect on
 our business, financial condition, and results of operations.
 We also face additional costs when our customers become the victims of cyber-attacks. For example, various retailers
 have reported that they have been the victims of a cyber-attack in which large amounts of their customers' data, including debit

 and credit card information, is obtained. Our customers may be the victims of phishing scams, providing cyber criminals access
 to their accounts, or credit or debit card information. In these situations, we incur costs to replace compromised cards and
 address fraudulent transaction activity affecting our customers, as well as potential increases to insurance premiums for policies
 we may maintain to cover these losses.
 Both internal and external fraud and theft are risks. If confidential customer, employee, monetary, or business
 information were to be mishandled or misused, we could suffer significant regulatory consequences, reputational damage, and
 financial loss. Such mishandling or misuse could include, for example, if such information were erroneously provided to parties
 who are not permitted to have the information, either by fault of our systems, employees, or counterparties, or if such
 information were to be intercepted or otherwise inappropriately taken by third parties, or if our own employees abused their
 access to financial systems to commit fraud against our customers and the Company. These activities can occur in connection
 with activities such as the origination of loans and lines of credit, ACH transactions, wire transactions, ATM transactions, and
 checking transactions, and result in financial losses as well as reputational damage.
 Operational errors can include information system misconfiguration, clerical or record-keeping errors, or disruptions
 from faulty or disabled computer or telecommunications systems. Because the nature of the financial services business involves
 a high volume of transactions, certain errors, which may be automated or manual, may be repeated or compounded before they
 are discovered and successfully rectified. Because of the Company's large transaction volume and its necessary dependence
 upon automated systems to record and process these transactions, there is a risk that technical flaws, tampering, or manipulation
 of those automated systems, arising from events wholly or partially beyond its control, may give rise to disruption of service to
 customers and to financial loss or liability.
 The occurrence of any of these risks could result in a diminished ability for us to operate our business, additional costs
 to correct defects, potential liability to customers, reputational damage, and regulatory intervention, any of which could
 adversely affect our business, financial condition and results of operations.
 Changes in our business operations and divestitures of lines of business may not be successful, resulting in a negative
 impact on our operating results and financial condition.
 Our ability to compete depends on various factors, including our ability to develop and successfully execute strategic
 plans and initiatives. However, we may not achieve some or all of our strategic objectives. Expected cost savings and revenue
 growth from these initiatives may not materialize, and the costs of implementation may be greater than anticipated.
 Additionally, changes in economic conditions beyond our control, such as fluctuations in interest rates, may affect our ability to
 achieve our objectives. Failure to execute or achieve the anticipated outcomes of our strategic initiatives could negatively
 impact market perceptions of our company and impede our growth and profitability.
 In January 2025, we made a significant shift in focus to our business model and announced that WaFd Bank would be
 exiting the single-family mortgage lending market to focus on commercial loans, including small business and SBA loans. We
 made this determination for several reasons: first because home loans are seen as a commodity, with the majority of
 originations sold to US government sponsored enterprises like Freddie Mac and Fannie Mae, which has caused our profitability
 to decrease and credit risk to increase, and second, because technology has made it easy for consumers to refinance, increasing
 our interest rate risk. While we have estimated annual expense savings of approximately $17 million from our exit from the
 single-family mortgage business, this change involves a number of risks, including costs and expenses (including a $5.4 million
 restructuring charge), the potential loss of customer relationships, community goodwill and revenues and earnings. Exiting this
 business could impact future earnings if we are unable to offset the loss of revenue associated with the single-family mortgage
 business against the anticipated expense savings. In addition, the shift in business focus to commercial loans will require
 varying levels of management resources, which may divert our attention from other business operations. If we are unable to
 realize the expected benefits of these types of changes in our business operations, or execute on other strategic plans and
 initiatives, our consolidated financial position, results of operations and cash flows could be negatively impacted.
 Current uncertain economic conditions pose challenges, and could adversely affect our business, financial condition and
 results of operations.
 We are operating in an uncertain and rapidly changing economic environment. Global trade tensions, AI impacts, and
 inflation risks continue to affect the global economic environment. The recent U.S. government shutdown has negatively
 impacted U.S. economic growth, and the suspension of government data collection and publication left policymakers without
 access to the latest data on employment, inflation, and economic growth, increasing the risk that a wrong decision will be made.
 An unpredictable or volatile political environment in the United States could negatively impact business and market conditions,
 economic growth, financial stability, and business, consumer, investor, and regulatory sentiments, any one or more of which
 could have a material adverse impact on our financial condition and results of operations. Deterioration in the U.S. credit and
 financial markets could result in losses or significant deterioration in the fair value of our U.S. government issued, sponsored or

 guaranteed investments. At September 30, 2025, we had $3.5 billion invested in U.S. government and agency obligations, and
 further downgrades could affect the stability of securities issued or guaranteed by the federal government and the valuation or
 liquidity of our portfolio of such investment securities.
 Economic uncertainty, or a recessionary or stagnant economy, could result in financial stress on the Bank's borrowers,
 which could adversely affect our business, financial condition and results of operations. Deteriorating conditions in the regional
 economies we serve, or in certain sectors of those economies, in excess of the reasonable and supportable forecasts we used to
 estimate credit losses, could drive losses beyond those provided for in our allowance for loan losses. We could also face the
 following risks in connection with the following events:
 • Market developments and economic stagnation or slowdown may affect consumer confidence levels and may cause
 adverse changes in payment patterns, resulting in increased delinquencies and default rates on loans and other credit
 facilities.
 • The processes we use to estimate the allowance for credit losses and other reserves may prove to be unreliable. Such
 estimates rely upon complex modeling inputs and judgments, including forecasts of economic conditions, which may
 be rendered inaccurate and/or no longer subject to accurate forecasting.
 • Our ability to assess the creditworthiness of our borrowers may be impaired if the models and approaches we use to
 select, manage, and underwrite loans become less predictive of future charge-offs.
 • Regulatory scrutiny of the industry could increase, leading to increased regulation of the industry that could lead to a
 higher cost of compliance, limit our ability to pursue business opportunities and increase our exposure to litigation or
 fines.
 • Ineffective monetary policy or other market conditions could cause rapid changes in interest rates and asset values that
 would have a materially adverse impact on our profitability and overall financial condition.
 • Further erosion in the fiscal condition of the U.S. Treasury could lead to new taxes that would limit our ability to
 pursue growth and return profits to shareholders.
 If these conditions or similar ones continue to exist or worsen, we could experience continuing or increased adverse
 effects on our financial condition.
 Changes to monetary policy by the Federal Reserve could adversely impact our results of operations.
 The Federal Reserve is responsible for regulating the supply of money in the United States, including open market
 operations used to stabilize prices in times of economic stress, as well as setting monetary policies. These activities strongly
 influence our rate of return on certain investments, our hedge effectiveness for mortgage servicing and our mortgage origination
 pipeline, as well as our costs of funds for lending and investing. New appointments to the Board of Governors at the Federal
 Reserve, or increased political pressures on the Federal Reserve, could impact monetary policy, which will directly, impact our
 liquidity, results of operations, financial condition and capital position.
 Unstable global economic conditions may have serious adverse consequences on our business, financial condition, and
 operations.
 The global credit and financial markets have from time-to-time experienced extreme volatility and disruptions,
 including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth,
 increases in unemployment rates, high rates of inflation, and uncertainty about economic stability. Changes in trade policies by
 the United States or other countries, such as tariffs or retaliatory tariffs, may cause inflation which could impact the prices of
 products sold or purchased by our borrowers or the demand for their products, negatively impacting their profitability and
 making it difficult for our borrowers to repay their loans. The financial markets and the global economy may also be adversely
 affected by the current or anticipated impact of military conflict, including the conflict between Russia and Ukraine, and the
 evolving conflict in the Middle East. These events have increased and are expected to continue to increase volatility in
 commodity and energy prices, including oil, and continuing hostilities raise the possibility of supply disruptions. Rising
 tensions and global instability have the potential to affect consumer confidence in the U.S. and abroad, therefore having a
 broader effect on financial markets. Changes in trade policies or sanctions imposed by the United States and other countries in
 response to such conflict could further adversely impact the financial markets and the global economy, and any economic
 countermeasures by the affected countries or others could exacerbate market and economic instability. Our general business
 strategy may be adversely affected by any such economic downturn, volatile business environment, hostile third-party action or
 continued unpredictable and unstable market conditions.

 Inflationary pressures and rising prices may affect our results of operations and financial condition.
 Inflation rates remained above the FOMC's target rate in 2025 and were above the target of 2% as of September 30,
 2025. Inflation has led to increased costs for our customers, making it more difficult for them to repay their loans or other
 obligations and increasing our credit risk. The inflationary outlook in the United States points to the probability of continued,
 somewhat elevated inflation, with continued uncertainty around the impact of tariffs. Further reductions in interest rates by the
 FOMC could exacerbate inflationary pressures. If heightened inflation continues, sustained higher interest rates by the FOMC
 may be needed, which could push down asset prices and weaken economic activity. A deterioration in economic conditions in
 the United States and our markets could result in a further increase in loan delinquencies and non-performing assets, decreases
 in loan collateral values and a decrease in demand for our products and services, all of which, could adversely affect our
 business, financial condition and results of operations.
 The development and use of Artificial Intelligence ("AI") presents risks and challenges that may adversely impact our
 business.
 The banking and financial services industry continually experiences technological changes, with frequent introductions
 of new technology-driven products and services, including recent and rapid developments in AI, including with agentic AI. Our
 future success will depend, in part, upon our ability to address the needs of our clients by using technology to provide products
 and services that will satisfy client demands for convenience, as well as to assess the proper operation of AI models and
 capabilities to create additional efficiencies in our operations. We may not be able to effectively implement new technology-
 driven products and services or be successful in marketing these products and services to our clients. In addition, the
 implementation of technological changes and upgrades to maintain current systems and integrate new ones may also create
 service interruptions, transaction processing errors, and system conversion delays and may cause us to fail to comply with
 applicable laws. There can be no assurance that we will be able to successfully manage the risks associated with our increased
 dependency on technology. Failure to successfully keep pace with technological change affecting the banking and financial
 services industry could negatively affect our revenue and profitability.
 We or our third-party (or fourth party) vendors, customers or counterparties may develop or incorporate AI technology
 in certain business processes, services, or products. The development and use of AI presents a number of risks and challenges to
 our business. The legal and regulatory environment relating to AI is uncertain and rapidly evolving, both in the U.S. and
 internationally, and includes regulatory schemes targeted specifically at AI as well as provisions in intellectual property,
 privacy, consumer protection, employment, and other laws applicable to the use of AI. These evolving laws and regulations
 could require changes in our implementation of AI technology and increase our compliance costs and the risks to us of non-
 compliance. AI models, particularly generative or agentic AI models, may produce outputs or take action that is incorrect, that
 reflects biases included in the data on which they are trained, that results in the release of private, confidential, or proprietary
 information, that infringes on the intellectual property rights of others, or that is otherwise harmful. In addition, the complexity
 of many AI models makes it difficult to understand why they are generating particular outputs. This limited transparency
 increases the challenges associated with assessing the proper operation of AI models, understanding and monitoring the
 capabilities of the AI models, reducing erroneous output, eliminating bias, and complying with regulations that require
 documentation or explanation of the basis on which decisions are made. Further, we may rely on AI models developed by third
 parties, and, to that extent, would be dependent in part on the manner in which those third parties develop and train their
 models, including risks arising from the inclusion of any unauthorized material in the training data for their models and the
 effectiveness of the steps these third parties have taken to limit the risks associated with the output of their models, matters over
 which we may have limited visibility. Any of these risks could expose us to liability or adverse legal or regulatory
 consequences and harm our reputation and the public perception of our business or the effectiveness of our security measures.
 We are exposed to risks related to our operational, technological, and third-party provided technology infrastructure.
 We rely extensively on the successful and uninterrupted functioning of information technology and
 telecommunications systems to conduct our business. This includes internally developed systems, internally managed systems,
 outsourced systems provided by third-party service providers, internet facing digital products and services, mobile technologies
 and the on-going operational maintenance of each service. Any disruptions, failures, or inaccuracies of these systems, including
 changes and improvements, could result in our inability to service customers, manage operations, manage risk, meet regulatory
 obligations, or provide timely and accurate financial reporting which could damage our reputation, result in loss of customer
 business, subject us to regulatory scrutiny, or expose us to civil litigation and possible financial liability.
 In many instances, the Company's products and services to customers are dependent upon third-party service
 providers, who provide necessary, or critical, services and support. Any disruption of such services, or an unplanned
 termination of a third-party license or service agreement related thereto, could adversely affect our ability to provide necessary
 products and services for our customers.

 In recent years, we have made a significant ongoing investment to enhance our technological capabilities with the
 objectives of enhancing customer experience, growing revenue, and improving operating efficiency. There is a risk that these
 investments may not provide the anticipated benefits and/or will prove significantly more costly and time consuming to
 produce. If this occurs, we may see a loss of customers, and our financial results and ability to execute on our strategic plan
 may be adversely impacted.
 We are subject to complex state and federal laws, rules, regulations and standards regarding data privacy and
 cybersecurity, which impact how we conduct our business.
 We are subject to complex and evolving data privacy laws, rules, regulations, standards and contractual obligations
 (collectively "data privacy laws") that relate to the privacy and security of the personal information of customers, employees or
 others. These data privacy laws require, among other things, that we make certain privacy disclosures, maintain a robust
 security program, require disclosures and notifications during a cyber or information security incident, and regulate our
 collection, use, sharing, retention, and safeguarding of consumer or employee information. State and federal regulators may
 also hold us responsible for privacy and data protection obligations performed by our third-party service providers while
 providing services to us, as well as disclosures and notifications during a cyber or information security incident. Consumers
 also have the option to direct banks and other financial institutions not to share information about transactions and experiences
 with affiliated companies for the purpose of marketing products or services.
 State regulators have also been increasingly active in implementing privacy and cybersecurity standards and
 regulations. Recently, several states have adopted regulations requiring certain financial institutions to implement cybersecurity
 programs and provide detailed requirements with respect to these programs, including data encryption requirements. Many
 states have also recently implemented or modified their data breach notification and data privacy requirements. We expect this
 trend of state-level activity in those areas to continue and are continually monitoring developments in the states in which the
 Company operates. As the regulatory environment becomes more rigorous, we anticipate that compliance with these
 requirements will result in additional costs and expenses, and may impact the way we conduct business. Our failure to comply
 with data privacy laws could result in potentially significant regulatory or governmental investigations, litigation, fines, or
 sanctions, or cause damage to our reputation, which could have a material adverse effect on our business, financial condition or
 results of operations.
 Our allowance for credit losses ("ACL") may not be adequate to cover future loan losses, which could adversely affect
 our financial condition and results of operations.
 If our customers are unable to repay their loans according to the original terms, and the collateral securing the payment
 of those loans is insufficient to pay any remaining loan balance, we will be required to characterize the loan as non-performing
 or write it off as a loss. We maintain an ACL to provide for loan defaults and non-performance, however, losses may exceed the
 value of the collateral securing the loans and the allowance may not fully cover any excess loss.
 We make various assumptions and judgments about the collectability of our loan portfolio, including the
 creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of
 loans. Our ACL is based on these judgments, as well as historical loss experience and an evaluation of the other risks associated
 with our loan portfolio, including but not limited to, economic trends and conditions, changes in underwriting standards,
 management, competition, and trends in delinquencies, non-accrual and adversely classified loans, the size and composition of
 the loan portfolio, current economic conditions and geographic concentrations within the portfolio. Banking regulatory
 agencies, as part of their examination process, review our loans and ACL. If our assumptions and judgments used to determine
 the ACL prove to be incorrect, if the value of the collateral securing the loans decreases substantially or if regulators disagree
 with our judgments, we may need to increase the ACL in amounts that exceed our expectations. Material additions to the ACL,
 or losses in excess of the ACL, would adversely affect our results of operations and financial condition.
 Our risk management framework may not be effective in mitigating risks and losses to us.
 Our risk management framework is comprised of various processes, systems and strategies designed to manage the
 types of risks to which we are subject, including, among others, credit, market, liquidity, interest rate, cybersecurity and
 compliance. Our framework also includes financial or other modeling methodologies that involve management assumptions and
 judgment. Because we rely on assumptions and judgment calls, our risk management framework may not be effective under all
 circumstances and may not adequately mitigate any risk of loss to us. If our framework is not effective, we could suffer
 unexpected losses and our financial condition, operations or business prospects could be materially and adversely affected. We
 may also be subject to potentially adverse regulatory consequences.

 If we are not able to retain or attract key employees, or if we were to suffer the loss of a significant number of
 employees, we could experience a disruption in our business.
 If a key employee or a substantial number of employees depart or become unable to perform their duties, it may
 negatively impact our ability to conduct business as usual. Unanticipated departures, including in connection with acquisition
 activity, such as our recent acquisition of Luther Burbank, might require us to divert resources from other areas of our
 operations, which could create additional stress for other employees, including those in key positions. The loss of qualified and
 key personnel, or an inability to continue to attract, retain and motivate key personnel could adversely affect our business and
 consequently impact our financial condition and results of operations.
 Climate change and related legislative and regulatory initiatives may materially affect the Company's business and
 results of operations.
 The effects of climate change continue to raise significant concerns about the state of the environment. However,
 under the new administration, federal policy has shifted to reduce the emphasis on climate change initiatives and environmental
 regulations. This includes scaling back federal participation in international agreements, and reducing regulatory pressures on
 businesses, including banks, to address climate-related risks. Federal legislative and regulatory proposals aimed at combating
 climate change have and may continue to face greater scrutiny or diminished priority. However, state and local regulations or
 guidance relating to climate change, as well as changes in consumers' and businesses' behaviors and business preferences,
 continue to affect our business operations.
 Regardless of changes in federal policy, the effects of climate change and their unknown long-term impacts could still
 have a material adverse effect on our financial condition and results of operations. The physical effects of climate change, such
 as more frequent and severe weather disasters or other catastrophic events, could directly affect our business and those of our
 customers, damaging or destroying our property, or the real property and other assets securing loans in our portfolios. Such
 events may also interrupt the business operations of our customers, putting them in financial difficulty, and increasing the risk
 of default. If our borrowers' insurance is insufficient to cover these losses or if insurance becomes unavailable, the value of the
 collateral securing our loans could be negatively affected, potentially impacting our financial condition and results of
 operations. Moreover, climate change may adversely affect regional and local economic activity, harming our customers and
 the communities in which we operate. In addition, our business, reputation and ability to attract and retain employees may also
 be harmed if our response to climate change is perceived to be ineffective or insufficient.
 Our business is subject to the risks of pandemics, earthquakes, tsunamis, floods, fires and other natural catastrophic
 events and other events beyond our control.
 A major catastrophe, such as an earthquake, tsunami, flood, fire, or other natural disaster, including those caused or
 exacerbated by climate change, public health issues such as the COVID-19 or other pandemics, or other events beyond our
 control, could result in a prolonged interruption of our business. For example, our headquarters is located in Seattle,
 Washington and we have operations throughout the western United States, a geographical region that has been or may be
 affected by earthquakes, wildfires, tsunamis, and flooding activity. Because we primarily serve individuals and businesses in
 our nine-state footprint, a natural disaster likely would have a greater impact on our business, operations, and financial
 condition than if our business were more geographically diverse throughout the United States. The occurrence of any of these
 natural disasters could negatively impact our performance by disrupting our operations or the operations of our customers,
 which could have a material adverse effect on our financial condition, results of operations, and cash flows.
 Regulatory and Litigation Risks
 Our "Needs to Improve" rating under the Community Reinvestment Act ("CRA") may restrict our operations and limit
 our ability to pursue certain strategic opportunities.
 On December 27, 2024, the Bank received an overall CRA rating from the FDIC of "Needs to Improve" for the period
 covering June 3, 2020 to March 26, 2024. Based on its performance on the individual components of the CRA tests, the Bank
 received a "High Satisfactory" rating on both the Investment Test and the Service Test and a "Needs to Improve" rating on the
 Lending Test, which resulted in the overall "Needs to Improve" rating. The Bank disagrees with the overall CRA rating and
 has appealed. If our appeal is unsuccessful in changing the overall CRA rating, having a "Needs to Improve" rating will result
 in restrictions on certain expansionary activity, including mergers and acquisitions and the establishment and relocation of bank
 branches. This rating will also result in a loss of expedited processing of applications to undertake certain activities. It could
 also have an impact on our relationships with certain states, counties, municipalities or other public agencies to the extent
 applicable law, regulation or policy limits, restricts or influences whether such entity may do business with a company that has
 a below "Satisfactory" rating and, in general, could negatively affect our reputation, business, financial condition and results of

 operations. These restrictions, among others, will remain in place at least until the Bank's next CRA rating is publicly released
 by the FDIC following a subsequent CRA examination which is likely to occur in 2026. As a result of these limitations and
 conditions, we may be unable or may fail to pursue, evaluate or complete transactions that might have been strategically or
 competitively significant.
 Non-Compliance with banking rules and regulations could result in fines or sanctions, and curtail our expansion
 opportunities.
 Financial institutions are required under the USA PATRIOT Act of 2001 (the "Patriot Act") and Bank Secrecy Act
 ("BSA") to develop programs to prevent financial institutions from being used for money-laundering and terrorist activities.
 Financial institutions are also obligated to file suspicious activity reports with the U.S. Treasury Department's Office of
 Financial Crimes Enforcement Network. These rules also require financial institutions to establish procedures for identifying
 and verifying the identity of customers seeking to open new financial accounts. Failure to comply with applicable laws and
 regulations can result in a range of sanctions and enforcement actions, including the imposition of civil money penalties, formal
 agreements and cease and desist orders. The Bank has in the past been subject to a Consent Order from the Office of the
 Comptroller of the Currency ("OCC") for its BSA program, which required the Bank to incur significant expenses to implement
 an effective AML/CFT Program, including payment of a $2,500,000 civil money penalty. In addition, the Bank was previously
 subject to two Consent Orders for violations of the reporting requirements under the Home Mortgage Disclosure Act
 ("HMDA") which included a total of $234,000 in civil money penalties. Our failure or our inability to comply with the Patriot
 Act, BSA statutes and regulation, HMDA or other applicable regulations could have serious business, financial and reputational
 consequences for the Bank, and could result in enforcement actions, additional fines or penalties, curtailment of expansion
 opportunities, restrictions on our ability to pay dividends, intervention or sanctions by regulators and costly litigation or
 expensive additional controls and systems.
 We operate in a highly regulated industry, which limits the manner and scope of our business activities.
 We are subject to extensive supervision, regulation and examination by the WDFI, the FDIC and the CFPB. In
 addition, the Federal Reserve is responsible for regulating the holding company. This regulatory structure is designed primarily
 for the protection of the deposit insurance funds and consumers and not to benefit our shareholders. This regulatory structure
 also gives the regulatory authorities extensive discretion in connection with their supervisory and enforcement activities and
 examination policies to address not only compliance with applicable laws and regulations (including laws and regulations
 governing consumer credit, CRA, and anti-money laundering and anti-terrorism laws), but also capital adequacy, asset quality
 and risk, management ability and performance, earnings, liquidity, data reporting and various other factors. As part of this
 regulatory structure, we are subject to policies and other guidance developed by the regulatory agencies with respect to capital
 levels, the timing and amount of dividend payments, the classification of assets and the establishment of adequate loan loss
 reserves for regulatory purposes. Under this structure the WDFI, the FDIC, the CFPB and the Federal Reserve have broad
 discretion to impose restrictions and limitations on our operations if they determine, among other things, that our operations are
 unsafe or unsound, fail to comply with applicable law or are otherwise inconsistent with laws and regulations or with the
 supervisory policies of these agencies. This supervisory framework could materially impact the conduct, growth and
 profitability of our operations. In particular, the FDIC has specific authority to take "prompt corrective action," if the Bank's
 capital falls below its current "well capitalized" level, including limiting the Bank's ability to take brokered deposits, requiring
 the Bank to raise additional capital and subject it to progressively more severe restrictions on its operations, management and
 capital distributions, and replacement of senior executive officers and directors. If the Bank ever became "critically
 undercapitalized," it would also be subject to the appointment of a conservator or receiver.
 Changes in laws, regulations, government policy, oversight or increased enforcement activities by regulatory agencies
 may increase our costs and adversely affect our business and operations.
 New or amended laws, rules, regulations and policies to which we are subject, including those resulting from changes
 in U.S. Presidential administration, could impact our operations, increase our capital requirements or substantially restrict our
 growth and adversely affect our ability to operate profitably by making compliance more difficult or expensive, restricting our
 ability to originate or sell loans, or impacting the amount of interest or other charges or fees earned on loans or other products.
 New appointments to the Federal Reserve Board of Governors could also affect monetary policy and interest rates. Future
 legislation, regulation, and changes in trade and fiscal policy, including uncertainty surrounding the ongoing operations of the
 CFPB, could affect the banking industry as a whole, including our business and results of operations. It is difficult to predict
 future changes in regulation or the competitive impact that any such changes would have on our business. Any new laws, rules
 and regulations could make compliance more difficult, expensive, costly to implement or may otherwise adversely affect our
 business, financial condition or growth prospects. Other changes to statutes, regulations, or regulatory policies, including
 changes in interpretation or implementation of statutes, regulations, or policies, could affect us in substantial and unpredictable
 ways including subjecting us to additional costs, limiting the types of financial services and products we may offer, and
 increasing the ability of non-banks to offer competing financial services and products.

 Additionally, actions by regulatory agencies or significant litigation against us may lead to penalties that materially
 affect us. These regulations, along with the current tax, accounting, securities, insurance, and monetary laws, regulations, rules,
 standards, policies, and interpretations control the methods by which financial institutions conduct business, implement
 strategic initiatives and tax compliance, and govern financial reporting and disclosures. These laws, regulations, rules,
 standards, policies, and interpretations are constantly evolving and may change significantly over time. Any new regulations or
 legislation or change in existing regulations or oversight, whether a change in regulatory policy or a change in a regulator's
 interpretation of a law or regulation, could have a material impact on our operations, increase our costs of regulatory
 compliance and of doing business and/or otherwise adversely affect us and our profitability. Further, changes in accounting
 standards can be both difficult to predict and involve judgment and discretion in their interpretation by us and our independent
 registered public accounting firm. Changes could materially impact, potentially even retroactively, how we report our financial
 condition and results of our operations, as could our interpretation of those changes. We cannot predict what restrictions may be
 imposed upon us with future legislation.
 Our failure to comply with current, or adapt to new or changing, laws, regulations or policies could result in
 enforcement actions and sanctions against us by regulatory agencies, civil money penalties and/or reputation damage, along
 with corrective action plans required by regulatory agencies, any of which could have a material adverse effect on our business,
 financial condition and results of operations, and the value of our common stock.
 Deposit insurance premiums could increase further in the future.
 FDIC insurance premiums are risk based and, accordingly, higher premiums are charged to banks that have lower
 capital ratios or higher risk profiles. As a result, a decrease in the Bank's capital ratios, or a negative evaluation by the FDIC,
 may increase the Bank's net funding cost and reduce its earnings.
 The deposits of the Bank are insured by the FDIC up to legal limits and, accordingly, subjected to the payment of
 FDIC deposit insurance assessments, which are determined in accordance with a defined calculation. The FDIC imposed a
 special assessment to recover the losses in connection with the receiverships of Silicon Valley Bank and Signature Bank.
 Increases in assessment rates or further special assessments may occur in the future, especially if there are significant additional
 financial institution failures. Any future special assessments, increases in assessment rates or required prepayments in FDIC
 insurance premiums could reduce our profitability or limit our ability to pursue certain business opportunities, which could have
 a material adverse effect on our business, financial condition and results of operations.
 We are subject to various claims and litigation, which could result in significant expenses, losses and damage to our
 reputation.
 We are, from time to time, subject to claims and proceedings related to our operations. These claims and legal actions
 could include supervisory or enforcement actions by our regulators, criminal proceedings by prosecutorial authorities, or civil
 claims by our customers, former customers, contractual counterparties, and current and former employees. We may also face
 class action lawsuits for, among other things, alleged violations of employment, state wage and hour and consumer protection
 laws. These claims could involve large monetary demands, including civil money penalties or fines imposed by government
 authorities, and significant defense costs. If such claims and legal actions are brought, and are not resolved in a manner
 favorable to the Company, they could result in financial liability and/or reputational harm, which could have a material adverse
 effect on our financial condition and results of operations.
 Banking institutions are also increasingly the target of class action lawsuits, including claims alleging deceptive
 practices or violations of account terms in connection with non-sufficient funds or overdraft charges and violations of the Fair
 Labor Standards Act ("FLSA"). In 2022, the Bank paid $495,000 plus claims administrative expenses to settle a class action
 lawsuit related to allegations of improper assessments of overdraft and insufficient funds fees. In May 2024, we received court
 approval for the settlement of a class action claim related to alleged violations of the FLSA associated with claims for allegedly
 unpaid wages and overtime for certain of our non-exempt employees under which the Bank ultimately paid approximately $2.1
 million. If another class action lawsuit is filed or determined adversely to us, or we were to enter into a settlement agreement in
 connection with such a matter, we could be exposed to monetary damages, reputational harm, or subject to limits on our ability
 to operate our business, which could have an adverse effect on our financial condition, and operating results.
 Our real estate lending also exposes us to the risk of environmental liabilities.
 In the course of our business, it is necessary to foreclose and take title to real estate, which could subject us to
 environmental liabilities with respect to these properties. Hazardous substances or waste, contaminants, pollutants or sources
 thereof may be discovered on properties during our ownership or after a sale to a third party. We could be held liable to a
 governmental entity or to third parties for property damage, personal injury, investigation and clean-up costs incurred by these
 parties in connection with environmental contamination, or may be required to investigate or clean up hazardous or toxic

 substances or chemical releases at such properties. The costs associated with investigation or remediation activities could be
 substantial and could substantially exceed the value of the real property. In addition, as the owner or former owner of a
 contaminated site, we may be subject to common law claims by third parties based on damages and costs resulting from
 environmental contamination emanating from the property. We may be unable to recover costs from any third party. These
 occurrences may materially reduce the value of the affected property, and we may find it difficult or impossible to use or sell
 the property prior to or following any environmental remediation. If we ever become subject to significant environmental
 liabilities, our business, financial condition and results of operations could be materially and adversely affected.
 Market and Industry Risks
 Recent negative developments affecting the banking industry, and resulting media coverage, have eroded customer
 confidence in the banking system.
 The high-profile bank failures of 2023 generated significant market volatility among publicly traded bank holding
 companies and, in particular, regional banks like the Company. These market developments also negatively impacted customer
 confidence in the safety and soundness of regional banks. While the Department of the Treasury, the FRB, and the FDIC took
 steps to ensure that depositors of the failed banks would have access to their deposits, including uninsured deposit accounts,
 there is no guarantee that such actions will be successful in restoring customer confidence in regional banks and the banking
 system more broadly. If other bank failures occur and financial institutions enter receivership or become insolvent in the future
 due to financial conditions affecting the banking system and financial markets, it could disrupt the financial services industry
 and customers may choose to maintain deposits with larger financial institutions or invest in higher yielding short-term fixed
 income securities, all of which could materially adversely impact the Company's liquidity, loan funding capacity, net interest
 margin, capital and results of operations.
 If additional bank failures were to occur, we could face increased regulation of our industry, including increased
 compliance costs and limitations on our ability to pursue business opportunities; significantly higher FDIC premiums or
 additional special assessments; adverse impacts on our stock price and volatility of our Common Stock; and increased
 competition for deposits due to a lack of consumer confidence in regional banks. If these conditions or similar ones continue to
 exist or worsen, we could experience continuing or increased adverse effects on our financial condition.
 A downturn in the real estate market would hurt our business.
 The Bank's business activities and credit exposure are concentrated in real estate lending, in particular commercial real
 estate loans which are generally viewed as having more risk of default than residential real estate loans or certain other types of
 loans or investments. The market for real estate is cyclical and the outlook for this sector is uncertain. A downturn in the real
 estate market, accompanied by falling values and increased foreclosures would hurt our business because a large majority of our
 loans are secured by real estate.
 If a significant decline in real estate market values occurs, the collateral for loans will provide decreasing levels of
 security. As a result, our ability to recover the principal amount due on defaulted loans by selling the underlying real estate will
 be diminished, and we will be more likely to suffer losses on defaulted loans. Because our loan portfolio contains commercial
 real estate loans with relatively large balances, the deterioration of these loans may cause a significant increase in our
 nonperforming loans which could result in a loss of earnings from these loans, an increase in the provision for loan losses, or an
 increase in loan charge-offs, any of which would have an adverse impact, which could be material, on our business, financial
 condition, and results of operations.
 We own real estate as a result of foreclosures resulting from non-performing loans. If other lenders or borrowers
 liquidate significant amounts of real estate in a rapid or disorderly fashion, or if the FDIC elects to dispose of significant
 amounts of real estate from failed financial institutions in a similar fashion, it could have an adverse effect on the values of the
 properties owned by the Company by depressing the value of these real estate holdings. In such a case, we may incur further
 write-downs and charge-offs, which could, in turn, adversely affect our business, financial condition and results of operations.
 Changes in retail distribution strategies and consumer behavior may adversely impact our business, financial condition
 and results of operations.
 We have significant investments in bank premises and equipment for our branch network as well as our retail work
 force and other branch banking assets. Advances in technology, as well as changing customer preferences for accessing our
 products and services, are requiring us to change our retail distribution strategy. As a result of the current market environment
 and customer behavior, we have undertaken a branch optimization strategy that has led to the closure, consolidation or sale of
 certain branches in our network. These actions could lead to losses on these assets or could adversely impact the carrying value

 of other long-lived assets and may lead to increased expenditures to renovate and reconfigure remaining branches or to
 otherwise further reform our retail distribution channel. In addition, any changes in our branch network strategy could adversely
 impact our business, financial condition or operations if it results in the loss of customers or deposits which we rely on as a low
 cost and stable source of funds for our loans and operations.
 We may suffer losses in our loan portfolio due to inadequate or faulty underwriting and loan collection practices.
 There are risks inherent in any loan portfolio, which we attempt to address by adhering to specific underwriting and
 loan collection practices. Underwriting practices often include analysis of a borrower's prior credit history; financial statements;
 tax returns; cash flow projections; valuation of collateral; personal guarantees of loans to businesses; and verification of liquid
 assets. If the underwriting process fails to capture accurate information or proves to be inadequate, we may incur losses on
 loans that appeared to meet our underwriting criteria, and those losses may exceed the amounts set aside as reserves in the
 allowance for credit losses. Loan collection resources may be expanded to meet increases in nonperforming loans resulting
 from economic downturns or to service any loans acquired, resulting in higher loan administration costs. We are also exposed
 to the risk of improper documentation of foreclosure proceedings that would also increase the cost of collection.
 Our operations are focused in the western United States, subjecting us to the risks of general economic conditions in
 these market areas.
 Substantially all of the Bank's loans are to individuals, businesses and real estate developers in the Pacific Northwest,
 California, Arizona, Utah, Texas, New Mexico and Nevada. As a result, our business depends significantly on general
 economic conditions in these market areas. A substantial increase in unemployment rates, or severe declines in housing prices
 and property values in any of these primary market areas could have a material adverse effect on our business due to a number
 of factors, including:
 • Loan delinquencies may increase.
 • Problem assets and foreclosures may increase.
 • Demand for the Bank's products and services may decline.
 • Collateral for loans made by the Bank, especially real estate, may decline in value, in turn reducing a customer's
 borrowing power and reducing the value of assets and collateral associated with the loans.
 • Natural disasters and catastrophic events such as wildfires, floods and earthquakes may damage or destroy collateral
 for loans made by the Bank and negatively impact the collateral's value and a customer's ability to repay loans.
 Impairment of goodwill may adversely impact future results of operations.
 Accounting standards require that we account for acquisitions using a method that could result in goodwill. If the
 purchase price of the acquired company exceeds the fair value of the acquired net assets, the excess will be included in the
 Company's Statement of Financial Condition as goodwill. The Company has a significant goodwill balance and, in accordance
 with GAAP, we evaluate it for impairment at least annually and more often if events or circumstances indicate the possibility of
 impairment. Evaluations may be based on many factors, some of which are the price of our Common Stock, discounted cash
 flow projections and data from comparable market acquisitions. A significant and sustained decline in our stock price and
 market capitalization, a significant decline in our expected future cash flows, a significant adverse change in the business
 climate or slower growth rates could result in impairment of our goodwill. Future evaluations of goodwill may result in the
 impairment and write-down of our goodwill balance which could have a material adverse impact on our earnings and adversely
 affect our operating results.
 Competitive Risks
 The Bank faces strong competition from other financial institutions and new market participants, offering services
 similar to those offered by the Bank.
 Many competitors, including fintech companies, offer the same types of loan and deposit services that the Company
 offers. These competitors include national and multinational banks, other regional banks, savings associations, community
 banks, credit unions, fintechs, and other financial intermediaries. In particular, our competitors include national banks and
 major financial companies whose greater resources may afford them a marketplace advantage by enabling them to maintain
 numerous banking locations, launch new technologies and mount extensive promotional and advertising campaigns. The
 effective use of technology increases efficiency and enables financial institutions to better serve customers and to reduce costs.
 Many of our competitors have substantially greater resources to invest in technological improvements than we do. Our future
 success will depend, in part, upon our ability to address the needs of our customers by using technology to provide products and

 services that will satisfy client demands for convenience, as well as to create additional efficiencies in our operations. We may
 not be able to effectively implement new technology-driven products and services or be successful in marketing these products
 and services to our customers. In addition, the implementation of technological changes and upgrades to maintain current
 systems and integrate new ones may also cause service interruptions, transaction processing errors and system conversion
 delays and may cause us to fail to comply with applicable laws. There can be no assurance that we will be able to successfully
 manage the risks associated with our increased dependency on technology. Additionally, recent technological breakthroughs
 have made it possible for other non-traditional competitors to enter the marketplace and compete for traditional banking
 services. Increased competition within our geographic market area may result in reduced loan originations and deposits.
 Ultimately, competition from current and future competitors may affect our business materially and adversely.
 We rely, in part, on external financing to fund our operations and the unavailability of such funding in the future could
 adversely impact our growth and prospects.
 We rely on customer deposits, advances from the FHLB and other borrowings to fund our operations. Core deposits
 are a low cost and generally stable source of funding and a significant source of funds for our lending activities. Management
 has historically been able to replace maturing deposits, if desired; however, we may not be able to replace such funds at any
 given point in time if our financial condition or market conditions change or if the cost of doing so might adversely affect our
 business, financial condition and results of operations. If we are forced to seek other sources of funds, such as additional
 brokered deposits or borrowings from the FHLB, the interest expense associated with these other funding sources are now and
 may be higher than the rates we are currently paying on our deposits, which would adversely impact our net income, and such
 sources of funding may be more volatile and unavailable.
 If we need additional funds for our liquidity needs, we may seek additional debt to achieve our long-term business
 objectives. Such borrowings, if sought, may not be available to us or, if available, may not be on favorable terms. If additional
 financing sources are unavailable or are not available on reasonable terms, our business, financial condition and results of
 operations may be adversely affected.
 We may not be able to continue to grow organically or through acquisitions.
 Historically, we have expanded through a combination of organic growth and acquisitions. If market and regulatory
 conditions change, we may be unable to grow organically or successfully compete for, complete, and integrate potential future
 acquisitions at the same pace as we have achieved in recent years, or at all. We have historically used our strong stock currency
 and capital resources to complete acquisitions. Downturns in the stock market and the market price of our stock, changes in our
 capital position, and changes in our regulatory standing, including a "Needs to Improve" CRA rating, could each have a
 negative impact on our ability to complete future acquisitions.
 Our entry into California may present increased risk that may adversely impact our business, prospects and financial
 condition.
 The Merger with Luther Burbank resulted in the Bank's initial entry into the state of California. We previously had no
 operating experience in California, relied on the experience and expertise of Luther Burbank's lending and business
 development officers to help with our transition. The banking and financial services business in California is highly competitive
 and we compete for loans, deposits and customers for financial services with other commercial banks, savings and loan
 associations, securities and brokerage companies, mortgage companies, insurance companies, finance companies, money
 market funds, credit unions, fintechs, and other nonbank financial service providers. Many of these competitors are much larger
 in total assets and capitalization, have greater access to capital markets and offer a broader array of financial services than the
 Company. As a result, there can be no assurance that we will be able to compete effectively in California, and if we are unable
 to compete effectively in California, the benefits we were anticipating from the Merger may not be fully achieved, and our
 results of operations and financial conditions could be materially and adversely affected.
 Security Ownership Risks
 The Company's business or the value of its common shares could be negatively affected as a result of actions by activist
 shareholders.
 The Company values constructive input from shareholders, and our Board of Directors and management team are
 committed to acting in the best interests of all of the Company's shareholders. Activist shareholders who disagree with the
 composition of the Board of Directors, the Company's strategic direction, or the way the Company is managed may seek to
 effect change through various strategies that range from private engagement to public filings, proxy contests, efforts to force
 transactions not supported by the Board of Directors, and litigation. In recent months, activist investors have increasingly
 targeted regional banking institutions, like the Bank, including campaigns at Comerica Incorporated and Eastern Bancshares,

 Inc. Responding to some of these actions can be costly and time-consuming, may disrupt the Company's operations and divert
 the attention of the Board of Directors and management. Such activities could interfere with the Company's ability to execute
 its strategic plan and to attract and retain qualified executive leadership. The perceived uncertainty as to the Company's future
 direction resulting from activist strategies could also affect the market price and volatility of the Company's common shares.
 Our ability to pay dividends is subject to limitations that may affect our ability to continue to pay dividends to
 shareholders.
 The Company is a separate legal entity from the bank subsidiary and does not have significant operations of its own.
 The availability of dividends from the Bank is limited by the Bank's earnings and capital, as well as various federal and state
 statutes and regulations. It is possible, depending upon the financial condition of the Bank and other factors, that the Bank may
 not be able to pay dividends to the Company. If the Bank is unable to pay dividends to the Company, then we may not be able
 to pay dividends on our preferred or Common Stock to our shareholders. If the Bank's earnings are not sufficient to make
 dividend payments to us while maintaining adequate capital levels, then our liquidity may be affected and our stock price may
 be negatively affected by our inability to pay dividends, which will have an adverse impact on both the Company and our
 shareholders.
 Our 4.875% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock") ranks senior
 to our Common Stock, and we are prohibited from paying dividends on our Common Stock unless we have paid
 dividends on our Series A Preferred.
 Shares of our Series A Preferred Stock rank senior to our Common Stock with respect to the payment of dividends and
 distributions of assets upon liquidation, dissolution or winding up. Holders of Series A Preferred Stock are entitled to receive,
 when, as, and if declared by our Board of Directors (or a duly authorized committee of our Board of Directors), out of assets
 legally available for the payment of dividends under Washington law, non-cumulative cash dividends based on the liquidation
 preference of the Series A Preferred Stock at a rate equal to 4.875% per annum for each quarterly dividend period, beginning on
 April 15, 2021. If we do not or are unable to pay quarterly dividends on our Series A Preferred Stock, we may not pay a
 dividend to the holders of our Common Stock. Our stock price may be negatively affected by our inability to pay dividends,
 which will have an adverse impact on both the Company and our shareholders.
 In addition, if we fail to pay, or declare and set apart for payment, dividends on our Series A Preferred Stock for six
 quarterly dividend periods, whether or not consecutive, the number of directors on our Board of Directors will automatically be
 increased by two, and the holders of shares of Series A Preferred Stock will have the right to elect two additional members of
 our Board of Directors (the "Preferred Stock Directors") to fill such newly created directorships.
 The market price for our Common Stock may be volatile.
 The market price of our Common Stock could fluctuate substantially in the future in response to a number of factors,
 including those discussed below. The market price of our Common Stock has in the past fluctuated significantly, including in
 2023 as a result of the high-profile bank failures and in 2025 following the announcement of new tariff policies by the current
 administration. We expect to see additional volatility in the financial markets due to the uncertainty caused by the continuing
 global conflicts, U.S. trade policy, AI stock valuation corrections, interest rates and changing Federal Reserve policies. Some
 additional factors that may cause the price of our Common Stock to fluctuate include:
 • general conditions in the financial markets and real estate markets.
 • macro-economic and political conditions in the U. S. and the financial markets generally.
 • variations in the operating results of the Company and our competitors.
 • events affecting other companies that the market deems comparable to the Company.
 • changes in securities analysts' estimates of our future performance and the future performance of our competitors.
 • announcements by the Company or our competitors of mergers, acquisitions and strategic partnerships.
 • additions or departure of key personnel.
 • the presence or absence of short selling of the Company's Common Stock.
 • future sales by us of our Common Stock or debt securities.
 The stock markets in general have experienced substantial price and trading fluctuations. These fluctuations have
 resulted in volatility in the market prices of securities that often has been unrelated or disproportionate to changes in operating
 performance. These broad market fluctuations are expected to continue for the near future, and may adversely affect the trading
 price of our Common Stock.

 There may be future sales or other dilution of the Company's equity, which may adversely affect the market price of our
 Common Stock or depositary shares.
 Our Board of Directors is authorized to cause the Company to issue one or more classes or series of preferred stock
 junior to our Series A Preferred Stock from time to time without any action on the part of our shareholders, and our Board of
 Directors also has the power, without shareholder approval, to set the terms of any such classes or series of preferred stock that
 may be issued, including voting rights, dividend rights, and preferences over the Common Stock with respect to dividends or
 upon our dissolution, winding up and liquidation and other terms.
 The issuance of any additional shares of common or of preferred stock or convertible securities or the exercise of such
 securities could be substantially dilutive to existing shareholders. As we did for the Merger with Luther Burbank, we may also
 elect to use Common Stock to fund new acquisitions, which will further dilute existing shareholders. Holders of our Common
 Stock have no preemptive rights that entitle holders to purchase their pro rata share of any offering of shares of any class or
 series and, therefore, such sales or offerings could result in increased dilution to our shareholders.
 A person holding our Common Stock could have the voting power of their shares of Common Stock on all matters
 significantly reduced under Washington's anti-takeover statutes, if the person acquires 10% or more of the voting stock
 of the Company.
 We are incorporated in the state of Washington and subject to Washington state law. Some provisions of Washington
 state law could interfere with or restrict takeover bids or other change-in-control events affecting us. For example, Chapter
 23B.19 of the Washington Business Corporation Act, with limited exceptions, prohibits a "target corporation" from engaging in
 specified "significant business transactions" for a period of five years after the share acquisition by an acquiring person, without
 complying with certain shareholder approval requirements. An acquiring person is defined as a person or group of persons that
 beneficially own 10% or more of our voting securities. Such prohibited transactions include, among other things:
 • certain mergers, or consolidations with, disposition of assets to, or issuances of stock to or redemption of stock from,
 the acquiring person;
 • termination of 5% or more of the employees of the target corporation as a result of the acquiring person's acquisition of
 10% or more of the shares;
 • allowing the acquiring person to receive any disproportionate benefit as a shareholder; and
 • liquidating or dissolving the target corporation.
 After the five-year period, certain "significant business transactions" are permitted, if they comply with certain "fair
 price" provisions of the statute or are approved by a majority of the outstanding shares other than those of which the acquiring
 person has beneficial ownership. As a Washington corporation, the Company is not permitted to "opt out" of this statute.

 Item 1B. Unresolved Staff Comments
 None.

 Item 1C. Cybersecurity
 Cybersecurity risk management and strategy
 We recognize the value of personal and financial information and are dedicated to protecting the confidentiality,
 integrity, and availability of our data and systems. From the Board of Directors to our Customer Service Representatives, all
 individuals at the organization are responsible for handling confidential data with care.
 Our Information Security Program is aligned with applicable federal and state regulations, the Federal Financial
 Institutions Examination Council (FFIEC) Examination Guidance, and industry-accepted security standards such as the
 National Institute of Standards and Technology (NIST) Cybersecurity Framework, which are at the forefront of cybersecurity
 guidelines for federal agencies in the U.S. We employ a defense in depth strategy that incorporates preventive, detective, and
 administrative safeguards including, but not limited to, advanced anti-malware and firewall technologies, anti-phishing and web
 filtering controls, robust patch management and vulnerability management processes, configuration hardening, participation

 with the Financial Services Information Sharing and Analysis Center (FS-ISAC) for sharing and consuming threat information,
 and we perform regular security testing to evaluate our defenses against real-world threats. We have an extensive information
 security training program that aims to regularly educate our colleagues on current best practices on handling sensitive
 information and expectations for protecting the organization and our customers. All employees complete mandatory
 cybersecurity training on at least a quarterly basis, including how to identify phishing attacks. Colleagues are tested regularly
 with simulated social engineering attacks to ensure awareness and preparedness. As an additional risk mitigation measure, the
 Bank maintains cybersecurity insurance in the event that a material incident does occur.
 The ability to mitigate cybersecurity risks is dependent upon an effective risk assessment process that identifies,
 measures, controls, and monitors material risks stemming from cybersecurity threats. These threats include any potential
 unauthorized activities occurring through the Company's information systems that could adversely affect the confidentiality,
 integrity, or availability of the Company's information systems or the data contained therein. The Company's Information
 Security Program includes a comprehensive information security risk assessment process that incorporates the following
 elements:
 • Identifying threats, measuring risk, defining information security requirements, and implementing controls to reduce
 risk.
 • Identifying reasonably foreseeable internal and external threats that may lead to unauthorized disclosure, misuse,
 alteration, or destruction of sensitive information or information systems.
 • Assessing the likelihood and potential damage posed by these threats, considering the degree of information sensitivity
 and the Company's operations, inclusive of substantive changes to people, processes and technology.
 • Aligning the Information Security Program with the Company's enterprise-wide risk management program, which
 identifies, measures, mitigates, and monitors risk.
 • Evaluating the adequacy of policies, procedures, information systems, and other arrangements designed to control
 identified risks.
 • Providing input for internal and external auditors and independent third-party engagements, including in relation to
 third party operated penetration tests.
 • Exercising risk oversight to conduct appropriate, risk-based due diligence and monitoring to understand risks
 associated with our third-party vendors and outsourced services.
 The risk assessment process is designed to identify assets requiring risk reduction strategies and includes an evaluation
 of the key factors applicable to the operation. The Company conducts a variety of information security assessments throughout
 the year, both internally and through third-party specialists. We partner with the Cybersecurity and Infrastructure Security
 Agency (CISA), under the Department of Homeland Security (DHS), to conduct regular vulnerability scanning against our
 public facing assets, and on a recurring basis we partner with outside firms to conduct thorough security assessments against
 our external and internal environment. Results of those assessments are further evaluated, and remediation activity is
 prioritized.
 Our cybersecurity and IT teams prepare for and respond to cybersecurity attacks and incidents, including defending
 against unauthorized access to our systems, and crafting response plans intended to significantly reduce impacts on operations
 and customers. We understand that cyber threats are unwavering and evolving in this digital age, and because of that we
 continue to increase investments in people and technology to help us mature our practices and maintain confidence in our
 ability to safeguard our assets. While cybersecurity risks have the potential to materially affect the Company's business,
 financial condition, and results of operations, the Company does not believe that risks from cybersecurity threats or attacks,
 including as a result of any previous cybersecurity incidents, have materially affected the Company, including our business
 strategy, results of operations or financial condition. With regard to the possible impact of future cybersecurity threats or
 incidents, see Item 1A. Risk Factors.
 Cybersecurity Governance
 The Risk Management Committee ("RMC") and the Technology Committee of our Board of Directors oversee the
 company's approach to managing cybersecurity risks. On a quarterly basis, the Board committees receive a comprehensive
 update from management on our cybersecurity risk management program. This includes information on emerging threats, the
 company's cybersecurity posture, progress toward risk mitigation goals, significant cybersecurity incidents or developments,
 and the steps management has taken to address these risks. During these sessions, the Board committees typically review
 materials detailing current and potential risks, as well as the company's capacity to mitigate those risks. The committee
 members also engage in discussions with our Chief Information Security Officer and Chief Information Officer about these
 matters. Additionally, Board committee members are encouraged to engage in ongoing, informal conversations with
 management regarding cybersecurity news and updates to our risk management and strategy initiatives. Material cybersecurity

 risks are also reviewed during Board discussions on key topics such as enterprise risk management, operational budgeting,
 business continuity planning, mergers and acquisitions, and brand management. Four individuals on the Board of Directors
 have deep technology expertise, while one of those individuals is responsible for leading cloud security at a Fortune 50
 technology company.
 Our cybersecurity risk management and strategy are overseen by our Chief Information Security Officer, who leads a
 team with decades of combined experience in information security management, cybersecurity strategy development, and the
 implementation of effective cybersecurity programs. The team holds a variety of relevant degrees and professional
 certifications.
 These members of management are responsible for overseeing and monitoring the prevention, mitigation, detection,
 and remediation of cybersecurity incidents as part of their involvement in the cybersecurity risk management and strategy
 processes, including the execution of our incident response plan.

 Item 2. Properties
 The Company owns the building in which its principal executive offices are located in Seattle, Washington, as well as
 certain branch properties. The Company evaluates on a continuing basis the suitability and adequacy of its offices, both
 branches and administrative centers, and has opened, relocated, remodeled or closed locations as necessary to maintain efficient
 and attractive premises. For further information on these activities, see Notes J and N to the Consolidated Financial Statements
 in "Item 8. Financial Statements and Supplementary Data" of this report.

 Item 3. Legal Proceedings
 The Company and its consolidated subsidiaries are involved in legal proceedings occurring in the ordinary course of
 business that in the aggregate are believed by management to be immaterial to the financial statements of the Company. The
 effects of legal proceedings did not have a material impact on the Company's consolidated financial statements.

 Item 4. Mine Safety Disclosures
 Not applicable.

 Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity
 Securities
 Common Stock
 The Company's Common Stock is traded on the Nasdaq Global Select Market of The Nasdaq Stock Market LLC under
 the symbol "WAFD." At September 30, 2025, the number of shareholders of record was 928. This figure does not represent the
 actual number of beneficial owners of Common Stock because shares are frequently held in "street name" by securities dealers
 and others for the benefit of individual owners who may vote the shares.
 Additional information about stock options and other equity compensation plans is included in Note Q to the
 Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this report.
 The Company's ability to pay dividends is subject to bank regulatory requirements, including (but not limited to) the
 capital adequacy regulations and policies established by the Board of Governors of the Federal Reserve System. The Board of
 Directors' dividend policy is to review our financial performance, capital adequacy, regulatory compliance and cash resources
 on a quarterly basis, and, if such review is favorable, to declare and pay a quarterly cash dividend to common shareholders.
 The Company's 4.875% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred"),
 ranks senior to the Company's Common Stock with respect to payment of dividends, and dividends (if declared) accrue and are
 payable on the Series A Preferred a rate of 4.875% per annum, payable quarterly, in arrears. While the Series A Preferred is
 outstanding, unless the full dividend for the preceding quarterly period is paid in full, or declared and a sum set aside, no
 dividend may be declared or paid on the Company's Common Stock.
 Issuer Purchases of Equity Securities
 The Company's stock repurchase program was publicly announced by the Board of Directors on February 3, 1995,
 amended most recently in May 2024, restated in December 2024, and has no expiration date. Under this program, a total of
 86,956,264 shares of the Company's Common Stock have been authorized for repurchase. The following table shows share
 repurchases made for the three months ended September 30, 2025.

 Period

 Total Number of
 Shares Purchased

 Average Price
 Paid Per Share

 Total Number of
 Shares Purchased
 as Part of Publicly
 Announced Plans or
 Programs

 Maximum
 Number of Shares
 That May Yet Be
 Purchased Under
 the Plans or
 Programs

 July 1, 2025 to July 31, 2025

 455,989

 $ 29.52

 454,561

 8,674,927

 August 1, 2025 to August 31, 2025

 512,971

 29.94

 512,273

 8,162,654

 September 1, 2025 to September 30, 2025

 31.12

 —

 8,162,654

 Total

 969,653

 $ 29.74

 966,834

 8,162,654

 Performance Graphs
 The following graphs compare the cumulative total return to WaFd shareholders (stock price appreciation plus
 reinvested dividends) to the cumulative total return of the Nasdaq Stock Market Index (U.S. Companies) and the KBW Bank
 Index for the five year period ended September 30, 2025, and since WaFd first became a publicly traded company on
 November 9, 1982, respectively. The graphs assume that $100 was invested on September 30, 2020, and November 9, 1982,
 respectively, in WaFd Common Stock, the Nasdaq Stock Market Index and the Nasdaq Financial Stocks Index, and that all
 dividends were reinvested. Management of WaFd cautions that the stock price performance shown in the graphs below should
 not be considered indicative of potential future stock price performance.

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
 This discussion should be read in conjunction with our Consolidated Financial Statements and related notes in "Item 8.
 Financial Statements and Supplementary Data" of this report. In the following discussion, unless otherwise noted, references to
 increases or decreases in average balances in items of income and expense for a particular period and balances at a particular
 date refer to the comparison with corresponding amounts for the period or date for the previous year.
 In addition to historical financial information, the following discussion and analysis contains forward-looking statements that
 involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-
 looking statements as a result of many factors, including those discussed under "Risk Factors" and elsewhere in this Annual
 Report on Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons
 between 2025 and 2024. For management's review of the factors that affected our results of operations for the years ended
 September 30, 2024 and 2023, refer to our Annual Report on Form 10-K for the year ended September 30, 2024, which was
 filed with the SEC on November 20, 2024.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 CRITICAL ACCOUNTING POLICIES AND ESTIMATES
 The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to use judgment in
 making estimates and assumptions that affect the reported amounts within the consolidated financial statements. Actual results
 may differ from these estimates. While our significant accounting policies are described in more detail in Note A to the
 Consolidated Financial Statements, we believe that the accounting policies discussed below are critical for understanding our
 historical and future performance. Critical accounting policies and estimates are those that we consider the most important to
 the portrayal of our financial condition and results of operations because they require our most difficult, subjective or complex
 judgments, often as a result of the need to make estimates about the effect of the matters that are inherently uncertain.
 Allowance for Credit Losses. Management's determination of the amount of the ACL is a critical accounting estimate as it
 requires significant reliance on the credit risk we ascribe to individual borrowers, the use of estimates and significant judgment
 as to the amount and timing of expected future cash flows on individually evaluated loans, significant reliance on historical loss
 rates on homogeneous portfolios, consideration of our quantitative and qualitative evaluation of past events, current conditions,
 and reasonable and supportable forecasts that affect the collectability of the reported amounts.
 Going forward, the methodology used to calculate the ACL will be significantly influenced by the composition, characteristics
 and quality of our loan portfolio, as well as the prevailing economic conditions and forecasts utilized. Material changes to these
 and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility in
 our reported earnings.
 Goodwill. Goodwill represents the excess of the acquisition consideration over the fair value of assets acquired and liabilities
 assumed. We have determined our goodwill balance is all related to a single reporting unit and perform an annual impairment
 assessment on August 31st, or sooner if an impairment indicator exists. We perform a quantitative impairment assessment and,
 upon performing the quantitative test, if the carrying value of the reporting unit exceeds its fair value, an impairment loss is
 recognized in an amount equal to that excess.
 When performing the quantitative assessment of goodwill impairment, we estimate the fair value of our reporting unit using the
 market capitalization approach, based on quoted market prices of our securities, adjusted for the effect of a control premium.
 Based on the results of the annual quantitative evaluation for 2025, the fair value of our single reporting unit exceeded its
 respective carrying value and did not result in impairment for the reporting unit.
 The Company continuously monitors for events and circumstances that could negatively impact the key assumptions in
 determining fair value. While the Company believes the judgments and assumptions used in the goodwill impairment test are
 reasonable, different assumptions or changes in general industry, market and macro-economic conditions could change the
 estimated fair values and, therefore, future impairment charges could be required, which could be material to the consolidated
 financial statements.
 Business Combinations. The Company applies the acquisition method of accounting for business combinations. Under the
 acquisition method, the acquiring entity recognizes the assets acquired and liabilities assumed at their acquisition date fair
 values. Management utilizes prevailing valuation techniques appropriate for the asset or liability being measured in determining
 these fair values. This method often involves estimates based on third party valuations based on discounted cash flow analyses
 or other valuation techniques, all of which are inherently subjective. Any excess of the purchase price over the fair value of net
 assets and other identifiable intangible assets acquired is recorded as goodwill.
 Assets acquired and liabilities assumed from contingencies must also be recognized at fair value if the fair value can be
 determined during the measurement period. Acquisition-related costs, including conversion and restructuring charges, are
 expensed as incurred. Fair values are subject to refinement over the measurement period, not to exceed one year after the
 closing date.
 Management uses various valuation methodologies to estimate the fair value of acquired assets and liabilities which often
 involve a significant degree of judgment. Changes in the assumptions utilized within these valuations, including downturns in
 economic or business conditions, could have a significant adverse impact on the carrying value of assets which could result in
 impairment losses affecting the Company's financial statements as a whole.
 Select information regarding the ACL is under the "Allowance for Credit Losses" heading within this section below. For further
 details on the ACL, business combinations or goodwill, see Notes A, B, and E to the Consolidated Financial Statements in
 "Item 8. Financial Statements and Supplementary Data."

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ALLOWANCE FOR CREDIT LOSSES
 The following table provides detail regarding the Company's allowance for credit losses.

 2025

 2024

 2023

 2022

 2021

 Beginning balance

 $ 177,207

 $ 172,808

 $ 171,300

 $ 166,955

 Charge-offs:

 —

 —

 —

 —

 9,652

 —

 —

 Commercial & Industrial Loans

 1,291

 2,611

 45,856

 1,202

 —

 —

 —

 —

 —

 Land – Acquisition & Development

 —

 —

 11,498

 2,963

 45,856

 1,742

 —

 Construction – Custom

 —

 —

 —

 —

 —

 Land – Consumer Lot Loans

 —

 —

 —

 —

 HELOC

 —

 —

 —

 —

 —

 1,334

 1,672

 13,170

 3,625

 46,470

 2,139

 Recoveries:

 —

 —

 —

 —

 —

 2,789

 Commercial & Industrial Loans

 1,069

 —

 —

 —

 2,179

 —

 Land – Acquisition & Development

 1,178

 3,306

 3,503

 1,002

 2,026

 Construction – Custom

 —

 —

 —

 Land – Consumer Lot Loans

 —

 HELOC

 1,021

 1,091

 1,095

 2,341

 3,267

 1,387

 2,269

 1,369

 5,647

 6,770

 Net charge-offs (recoveries)

 11,783

 1,356

 45,101

 (3,508)

 (6,345)

 ASC 326 Adoption Impact

 —

 —

 —

 —

 —

 Provision (release) for loan losses and transfers

 7,750

 27,902

 49,500

 (2,000)

 (2,000)

 Ending balance (1)

 $ 199,720

 $ 177,207

 $ 172,808

 $ 171,300

 Ratio of net charge-offs (recoveries) to
 average loans outstanding

 0.06 %

 0.01 %

 0.26 %

 (0.02) %

 (0.05) %

 (1) This does not include a reserve for unfunded commitments of $21,500,000, $21,500,000, $24,500,000, $32,500,000 and
 $27,500,000 as of September 30, 2025, 2024, 2023, 2022 and 2021 respectively.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The following table shows changes in the Company's allowance for credit losses since the prior year.

 $ Change

 % Change

 Allowance for credit losses:

 $ 25,953

 $ 25,248

 $ 705

 3 %

 41,988

 39,210

 2,778

 7 %

 59,163

 58,748

 1 %

 18,136

 22,267

 (4,131)

 (19) %

 6,894

 7,900

 (1,006)

 (13) %

 152,134

 153,373

 (1,239)

 (1) %

 38,880

 40,523

 (1,643)

 (4) %

 1,427

 (817)

 (57) %

 2,104

 2,564

 (460)

 (18) %

 HELOC

 3,069

 3,049

 1 %

 2,923

 2,817

 4 %

 47,586

 50,380

 (2,794)

 (6) %

 Total allowance for loan losses

 199,720

 203,753

 (4,033)

 (2) %

 Reserve for unfunded commitments

 21,500

 21,500

 —

 — %

 Total allowance for credit losses

 $ 221,220

 $ 225,253

 $ (4,033)

 (2) %

 The allowance for loan losses decreased by $4,033,000, or 1.98%, from $203,753,000 as of September 30, 2024, to
 $199,720,000 at September 30, 2025. As of September 30, 2025, the allowance of $199,720,000 is for loans that are evaluated
 on a pooled basis, which was comprised of $131,652,000 related to the quantitative component and $68,068,000 related to
 management's qualitative overlays. The fluctuations that resulted in the overall decrease from the prior year can be seen in the
 table above. The allowance for both commercial construction loans and land A&D loans decreased as projects were completed
 and paid off or transitioned to CRE. Single-family, residential construction and lot loans decreased as a result of run-off after
 the Bank's exit of the residential mortgage market..
 The Company recorded a provision for credit losses of $7,750,000 in 2025, compared to a provision of $17,500,000 for 2024.
 These amounts are net of provision and recapture related to the unfunded commitments reserve. In 2025, provisioning reflected
 increasing trends in charge-offs and negative migration of delinquent and nonperforming loans combined with economic
 concerns. In 2024, provisioning included the initial provision of $16,000,000 recorded on LBC loans acquired, as well as
 adjustments resulting from qualitative considerations such as prolonged and intensified borrower sensitivity to high interest
 rates and operating costs due to inflationary pressures. For the year ended September 30, 2025, net charge-offs were
 $11,783,000, compared to charge-offs of $1,356,000 in the prior year. The ratio of the total ACL to total gross loans increased
 to 1.04% as of September 30, 2025, as compared to 1.01% as of September 30, 2024. A shift toward commercial loan
 originations led to a modified mix of loan types combined with increased qualitative reserve adjustments resulted in this
 increase.
 The reserve for unfunded loan commitments was $21,500,000 as of September 30, 2025, unchanged compared to $21,500,000
 as of September 30, 2024.
 Management believes the total ACL is sufficient to absorb estimated losses inherent in the portfolio of loans and unfunded
 commitments.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The following table sets forth the amount of the Bank's allowance for loan losses by loan portfolio and class.

 2025

 2024

 2023

 2022

 2021

 Total

 Ratio

 Total

 Ratio

 Total

 Ratio (2)

 Total

 Ratio (2)

 Total

 Ratio (2)

 $ 25,953

 22.9 %

 0.6 %

 $ 25,248

 21.7 %

 0.6 %

 $ 13,155

 16.4 %

 0.5 %

 $ 12,013

 16.2 %

 0.5 %

 $ 16,949

 16.3 %

 0.8 %

 41,988

 17.7

 1.2

 39,210

 17.7

 1.1

 28,842

 18.8

 0.9

 25,814

 19.1

 0.8

 23,437

 17.4

 1.0

 59,163

 11.6

 2.5

 58,748

 10.9

 2.6

 58,773

 12.9

 2.6

 57,210

 14.2

 2.5

 45,957

 16.3

 2.0

 18,136

 5.4

 1.7

 22,267

 6.7

 1.6

 29,408

 10.4

 1.6

 26,161

 8.7

 1.9

 25,585

 7.9

 2.3

 Land – acquisition &
 development

 6,894

 0.7

 5.2

 7,900

 0.7

 5.2

 7,016

 0.9

 4.7

 12,278

 1.3

 5.8

 13,447

 1.3

 7.5

 152,134

 153,373

 137,194

 133,476

 125,375

 38,880

 39.3

 0.5

 40,523

 39.4

 0.5

 28,029

 36.4

 0.4

 25,518

 35.4

 0.4

 30,978

 35.5

 0.6

 Construction – custom

 0.4

 0.8

 1,427

 0.9

 0.8

 2,781

 1.8

 0.9

 3,410

 2.4

 0.9

 4,907

 2.5

 1.4

 Land – consumer lot
 loans

 2,104

 0.4

 2.4

 2,564

 0.5

 2.4

 3,512

 0.7

 2.9

 5,047

 0.9

 3.4

 4,939

 1.0

 3.4

 HELOC

 3,069

 1.3

 1.1

 3,049

 1.3

 1.1

 2,859

 1.3

 1.2

 2,482

 1.3

 1.2

 2,390

 1.2

 1.5

 2,923

 0.3

 5.0

 2,817

 0.3

 4.0

 2,832

 0.4

 4.2

 2,875

 0.5

 4.0

 2,711

 0.6

 3.2

 47,586

 50,380

 40,013

 39,332

 45,925

 Total allowance for loan
 losses (3)

 $ 199,720

 100 %

 100 %

 $ 177,207

 100 %

 $ 172,808

 100 %

 $ 171,300

 100 %

 ___________________
 (1) Represents the loans receivable for each respective loan class as a % of total loans receivable.
 (2) Represents the allowance for each respective loan class as a % of loans receivable for that same loan class. The underlying commercial & industrial loan balances for
 September 30, 2023, 2022 and 2021 include PPP loans for which no allowance was recorded. These PPP loan balances were $1,000,000, $10,000,000 and $312,000,000 as of
 September 30, 2023, 2022 and 2021 respectively.
 (3) This does not include a reserve for unfunded commitments of $21,500,000, $21,500,000, $24,500,000, $32,500,000 and $27,500,000 as of September 30, 2025, 2024, 2023,
 2022 and 2021, respectively.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ASSET QUALITY
 Modifications to Borrowers Experiencing Financial Difficulty. Loans may be modified as the result of borrowers
 experiencing financial difficulty needing relief from the contractual terms of their loan. Most loan modifications to borrowers
 experiencing financial difficulty are accruing and performing loans where the borrower has approached the Bank about
 modification due to temporary financial difficulties. Each request for modification is individually evaluated for merit and
 likelihood of success. Often a term extension is needed in the short term in order to evaluate the need for further corrective
 action. Payment delays and interest-only payments may also be approved during the modification period. Principal forgiveness
 is not an available option for restructured loans.
 Non-Performing Assets. When a borrower violates a condition of a loan, the Bank attempts to cure the default by contacting
 the borrower. In most cases, defaults are cured promptly. If the default is not cured within an appropriate time frame, typically
 90 days, the Bank may institute appropriate action to collect the loan, such as making demand for payment or initiating
 foreclosure proceedings on the collateral. If foreclosure occurs, the collateral will typically be sold at public auction and may be
 purchased by the Bank.
 Loans are placed on non-accrual status when, in the judgment of management, the probability of collecting interest or principal
 is deemed to be insufficient to warrant further accrual. When a loan is placed on non-accrual status, previously accrued but
 unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days past due or more. See
 Note A to the Consolidated Financial Statements included in Item 8 hereof for additional information.
 For commercial loans, six consecutive payments on newly restructured loan terms are generally required prior to returning the
 loan to accrual status. In some instances after the required six consecutive payments are made, a management assessment will
 conclude that collection of the entire principal balance is still in doubt. In those instances, the loan will remain on non-accrual.
 Homogeneous loans may or may not be on accrual status at the time of restructuring, but all are placed on accrual status upon
 the restructuring of the loan.
 Real estate acquired by foreclosure or deed-in-lieu thereof ("REO" or "Real Estate Owned") is classified as real estate held for
 sale. When property is acquired, it is recorded at the fair market value less estimated selling costs at the date of acquisition.
 Interest accrual ceases on the date of acquisition and all costs incurred in maintaining the property from that date forward are
 expensed as incurred. Costs incurred for the improvement or development of such property are capitalized. See Note A to the
 Consolidated Financial Statements included in Item 8 hereof for additional information.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The following table sets forth information regarding the Bank's non-performing assets.

 2025

 2024

 2023

 2022

 2021

 19,121

 18,743

 5,127

 5,912

 69,972

 26,362

 23,435

 4,691

 8,038

 11,047

 —

 6,082

 5,693

 3,400

 1,120

 —

 —

 Land – acquisition & development

 —

 —

 —

 2,340

 103,540

 46,299

 34,644

 16,296

 11,723

 23,741

 21,488

 14,918

 17,450

 19,320

 Construction – custom

 —

 Land – consumer lot loans

 —

 HELOC

 25,088

 23,242

 15,778

 18,238

 20,026

 Total non-accrual loans (1)

 128,628

 69,541

 50,422

 34,534

 31,749

 Real estate owned

 11,084

 4,567

 4,149

 6,667

 8,204

 Other property owned

 3,310

 3,310

 3,353

 3,353

 3,672

 Total non-performing assets

 $ 143,022

 $ 77,418

 $ 57,924

 $ 44,554

 $ 43,625

 Total non-performing assets to total assets

 0.54 %

 0.28 %

 0.26 %

 0.21 %

 0.22 %

 (1) For the year ended September 30, 2025, the Bank recognized $3,304,802 in interest income on cash payments received from borrowers
 on non-accrual loans. The Bank would have recognized interest income of $4,591,000 for the same period had these loans performed
 according to their original contract terms. The recognized interest income may include more than twelve months of interest for some
 of the non-accrual loans that were brought current or paid off. In addition to the non-accrual loans reflected in the above table, the
 Bank had $505,815,000 of loans that were less than 90 days delinquent at September 30, 2025 but were classified as substandard for
 one or more reasons. If these loans were deemed non-performing, the Company's ratio of total non-performing assets and performing
 restructured loans as a percent of total assets would have increased to 2.43% at September 30, 2025. For a discussion of the Bank's
 policy for placing loans on non-accrual status, see Note A to the Consolidated Financial Statements included in Item 8 of this report.
 Non-performing assets increased 84.7% to $143,022,000, or 0.54% of total assets, at September 30, 2025, compared to
 $77,418,000, or 0.28% of total assets, at September 30, 2024 as a result of an increase of $59,087,000 in non-accrual loans
 combined with a $6,517,000 increase in real estate owned. The increase in non-accrual loans is primarily the result of one
 commercial real estate loan over 90 days past due. Although appropriately non-accrual based on policy, there was no charge-off
 taken upon revaluation. Management is actively collaborating with the borrower. Other property owned of $3,310,000 as of
 September 30, 2025 is comprised entirely of a government guarantee related to equipment obtained via a commercial loan
 foreclosure.
 As of September 30, 2025, real estate owned totaled $11,084,000, an increase of $6,517,000, or 142.7%, from $4,567,000 as of
 September 30, 2024. During 2025, the Bank sold real estate owned properties for total net proceeds of $2,865,000. The majority
 of REO properties are former bank premises that are expected to be sold.
 The ratio of the allowance for loan losses to non-accrual loans decreased to 155% as of September 30, 2025, from 293% as of
 September 30, 2024.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 CHANGES IN FINANCIAL CONDITION
 Cash and cash equivalents: Cash and cash equivalents decreased to $657,310,000 at September 30, 2025, as compared to
 $2,381,102,000 at September 30, 2024. The prior year end balances reflected cash received from the Luther Burbank multi-
 family and single-family residential loan portfolio sales. The decrease in the current year reflects cash used to reduce
 borrowings and purchase investment securities during the year.
 Available-for-sale (AFS) investment securities: Available-for-sale securities increased $960,492,000, or 37.3%, during the year
 ended September 30, 2025, to $3,533,201,000, as a result of securities purchases of $1,482,058,000 combined with unrealized
 losses of $9,237,000 and a reclassification of gain into earnings from AFS securities hedging derivatives of $15,452,000
 partially offset by principal repayments and maturities of $561,808,000 and sales of $797,000. The net unrealized loss the year
 ended September 30, 2025 is recorded net of tax within AOCI, and is decreased compared to unrealized losses of $44,168,000
 as of September 30, 2024.
 Substantially all of the Company's AFS debt securities are issued by U.S. government agencies or U.S. government-sponsored
 enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero
 credit loss. The remaining securities are issued by highly-rated municipalities or corporate borrowers. The Company does not
 believe that any of its AFS debt securities have credit loss impairment as of September 30, 2025, therefore, no allowance was
 recorded. The impact going forward will depend on the composition, characteristics, and credit quality of the securities
 portfolios as well as the economic conditions at future reporting periods.
 Held-to-maturity (HTM) investment securities: Held-to-maturity securities increased by $208,830,000 to $645,802,000, or
 47.8%, during the year ended September 30, 2025, largely due to the purchase of $261,842,000 of HTM securities. These
 purchases were offset by principal repayments and maturities of $53,030,000 during the period. There were no held-to-maturity
 securities sold during the year ended September 30, 2025. As of September 30, 2025, the net unrealized loss on held-to-
 maturity securities was $33,063,000, compared to $35,926,000 the year prior.
 Substantially all of the Company's HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored
 enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero
 credit loss, thus the Company did not record an allowance for credit losses for HTM securities as of September 30, 2025. The
 impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolios as well as
 the economic conditions at future reporting periods.
 The table below shows the available-for-sale and held-for-investment securities portfolios categorized by contractual maturity
 band.

 Amortized
 Cost

 Weighted Average
 Yield

 Due in less than 1 year

 $ 21,325

 4.82 %

 Due after 1 year through 5 years

 460,375

 4.25

 Due after 5 years through 10 years

 555,355

 4.74

 Due after 10 years

 3,151,184

 3.99

 $ 4,188,239

 4.12 %

 For further information on our investment portfolio, see Note C to the Consolidated Financial Statements in "Item 8. Financial
 Statements and Supplementary Data" of this report.
 Loans receivable: Loans receivable, net of related contra accounts, decreased $827,736,000, or 4.0%, to $20,088,618,000 at
 September 30, 2025, from $20,916,354,000 one year earlier. The balance change reflects originations of $3,956,199,000, a
 decrease to loans-in-process of $236,192,000 and principal repayments of $5,145,176,000 during the year ended September 30,
 2025. Commercial loan originations accounted for 83.1% of total originations and consumer originations were 16.9% as the
 Bank exited the residential mortgage market mid-year. Management continues to focus on commercial lending, coupled with
 growing economies in all major markets in which we operate.
 The following table presents loan balances by category and the year-over-year change.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Change

 $

 %

 Gross loans by category

 $ 4,718,480

 22.2 %

 $ 4,658,119

 20.8 %

 $ 60,361

 1.3%

 3,604,600

 16.9

 3,757,040

 16.8

 (152,440)

 (4.1)

 2,392,685

 11.2

 2,337,139

 10.5

 55,546

 2.4

 1,756,890

 8.3

 2,174,254

 9.7

 (417,364)

 (19.2)

 179,099

 0.8

 200,713

 0.9

 (21,614)

 (10.8)

 12,651,754

 59.5

 13,127,265

 58.7

 (475,511)

 (3.6)

 8,053,771

 37.9

 8,399,030

 37.6

 (345,259)

 (4.1)

 150,237

 0.7

 384,161

 1.7

 (233,924)

 (60.9)

 89,298

 0.4

 108,791

 0.5

 (19,493)

 (17.9)

 HELOC

 267,871

 1.3

 266,151

 1.2

 1,720

 0.6

 61,461

 0.3

 73,998

 0.3

 (12,537)

 (16.9)

 8,622,638

 40.5

 9,232,131

 41.3

 (609,493)

 (6.6)

 21,274,392

 100 %

 22,359,396

 100 %

 (1,085,004)

 (4.9)%

 Less:

 Allowance for loan losses

 199,720

 203,753

 (4,033)

 (2.0)

 Loans in process

 773,606

 1,009,798

 (236,192)

 (23.4)

 Net deferred fees, costs and discounts

 212,448

 229,491

 (17,043)

 (7.4)

 Total loan contra accounts

 1,185,774

 1,443,042

 (257,268)

 (17.8)

 Net loans

 $ 20,088,618

 $ (827,736)

 (4.0)%

 The following table summarizes the Bank's loan portfolio balances, at amortized cost, due for the periods indicated based on
 contractual terms to maturity or repricing.

 Total

 Less than
 1 Year

 1 to 5
 Years

 5 to 15
 Years

 After 15
 Years

 $ 2,030,101

 $ 1,591,043

 $ 989,224

 $ 20,953

 3,588,950

 1,533,749

 1,249,774

 798,074

 7,353

 2,386,363

 1,836,357

 284,542

 244,087

 21,377

 1,105,101

 737,737

 126,115

 218,574

 22,675

 132,386

 6,076

 1,460

 —

 11,851,657

 6,270,330

 3,257,550

 2,251,419

 72,358

 7,936,931

 372,508

 949,851

 528,774

 6,085,798

 78,243

 —

 6,235

 12,073

 59,935

 88,696

 1,458

 14,796

 71,679

 HELOC

 271,286

 271,096

 —

 61,525

 32,609

 2,031

 26,880

 8,436,681

 677,671

 959,025

 582,568

 6,217,417

 $ 20,288,338

 $ 6,948,001

 $ 4,216,575

 $ 2,833,987

 $ 6,289,775

 The contractual loan payment period for residential mortgage loans originated by the Bank normally ranges from 15 to 30
 years. Experience during recent years has indicated that, because of prepayments in connection with refinancing and sales of
 property, residential loans typically have a weighted average life of approximately eight years.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The following tables provide information regarding loans receivable by loan class and geography.

 2025

 Multi-
 family

 Real Estate

 and Industrial

 A & D

 Single -
 Family
 Residential

 Construction -
 custom

 Lot Loans

 HELOC

 Total

 $ 527,926

 $ 525,357

 $ 865,595

 $ 165,607

 $ 36,206

 $ 3,233,224

 $ 38,963

 $ 47,053

 $ 15,359

 $ 137,778

 $ 5,593,068

 1,028,968

 213,997

 141,079

 9,904

 —

 1,430,553

 —

 —

 8,327

 2,833,719

 735,256

 393,679

 274,219

 96,550

 32,399

 878,150

 10,345

 10,576

 36,220

 2,467,622

 718,584

 510,283

 107,703

 132,102

 1,829

 763,326

 14,388

 15,419

 5,322

 33,703

 2,302,659

 Texas

 496,987

 778,600

 584,717

 298,729

 7,718

 142,302

 —

 4,655

 2,313,800

 Utah

 582,534

 340,726

 142,749

 170,890

 46,377

 578,787

 4,507

 1,186

 24,140

 13,577

 1,905,473

 195,161

 295,648

 20,221

 55,851

 2,407

 206,860

 3,423

 2,384

 9,382

 791,414

 Idaho

 180,661

 177,648

 45,778

 86,432

 7,562

 387,351

 2,412

 6,943

 21,738

 916,571

 125,750

 191,492

 112,542

 47,264

 5,424

 305,184

 4,205

 5,049

 2,017

 10,810

 809,737

 Other

 39,494

 161,520

 91,760

 41,772

 —

 11,194

 —

 —

 6,003

 2,532

 354,275

 $ 3,588,950

 $ 2,386,363

 $ 1,105,101

 $ 139,922

 $ 7,936,931

 $ 78,243

 $ 88,696

 $ 61,525

 $ 271,286

 $ 20,288,338

 Percentage by geographic area

 2025

 Multi-
 family

 Real Estate

 and Industrial

 A & D

 Single -
 Family
 Residential

 Construction -
 custom

 Lot Loans

 HELOC

 Total

 As % of total gross loans

 2.6 %

 2.6 %

 4.3 %

 0.8 %

 0.2 %

 15.9 %

 0.2 %

 0.2 %

 0.1 %

 0.7 %

 27.6 %

 5.1

 1.0

 0.7

 —

 —

 7.1

 —

 —

 0.1

 —

 14.0

 3.6

 1.9

 1.4

 0.5

 0.2

 4.3

 0.1

 0.1

 —

 0.1

 12.2

 3.5

 2.5

 0.5

 0.7

 —

 3.7

 0.1

 0.1

 —

 0.2

 11.3

 Texas

 2.4

 3.9

 2.9

 1.5

 —

 0.7

 —

 —

 —

 —

 11.4

 Utah

 2.9

 1.7

 0.7

 0.8

 0.2

 2.9

 —

 —

 0.1

 0.1

 9.4

 1.0

 1.5

 0.1

 0.3

 —

 1.0

 —

 —

 —

 —

 3.9

 Idaho

 0.9

 0.9

 0.2

 0.4

 0.1

 1.9

 —

 —

 —

 0.1

 4.5

 0.6

 0.9

 0.6

 0.2

 —

 1.5

 —

 —

 —

 0.1

 3.9

 Other

 0.2

 0.8

 0.4

 0.2

 —

 0.1

 —

 —

 —

 —

 1.7

 22.8 %

 17.7 %

 11.8 %

 5.4 %

 0.7 %

 39.1 %

 0.4 %

 0.4 %

 0.3 %

 1.3 %

 100 %

 Percentage by geographic area as a % of each loan type

 2025

 Multi-
 family

 Real Estate

 and Industrial

 A & D

 Single -
 Family
 Residential

 Construction -
 custom

 Lot Loans

 HELOC

 As % of total gross loans

 11.4 %

 14.6 %

 36.3 %

 15.0 %

 25.9 %

 40.8 %

 49.8 %

 53.1 %

 25.0 %

 50.8 %

 22.2

 6.0

 5.9

 0.9

 —

 18.0

 —

 —

 13.5

 0.3

 15.9

 11.0

 11.5

 8.7

 23.2

 11.1

 13.2

 11.9

 0.4

 13.4

 15.5

 14.2

 4.5

 11.9

 1.3

 9.6

 18.4

 17.4

 8.6

 12.4

 Texas

 10.7

 21.7

 24.5

 27.0

 5.5

 1.8

 —

 0.1

 —

 1.7

 Utah

 12.6

 9.5

 6.0

 15.5

 33.1

 7.3

 5.7

 1.3

 39.2

 5.0

 4.2

 8.3

 0.8

 5.1

 1.7

 2.6

 4.4

 2.7

 0.1

 3.5

 Idaho

 3.9

 4.9

 1.9

 7.8

 5.4

 4.9

 3.1

 7.8

 0.1

 8.0

 2.7

 5.3

 4.7

 4.3

 3.9

 3.8

 5.4

 5.7

 3.3

 4.0

 Other

 0.9

 4.5

 3.9

 3.8

 —

 0.1

 —

 —

 9.8

 0.9

 100 %

 100 %

 100 %

 100 %

 100 %

 100 %

 100 %

 100 %

 100 %

 100 %

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The following table shows the change in the geographic distribution by state of the loan portfolio since the prior year.

 2025

 2024

 Change

 27.6 %

 27.3 %

 0.3

 14.0

 14.4

 (0.4)

 12.2

 11.7

 0.5

 11.3

 11.0

 0.3

 Texas

 11.4

 11.8

 (0.4)

 Utah

 9.4

 9.9

 (0.5)

 3.9

 3.6

 0.3

 Idaho

 4.5

 4.3

 0.2

 4.0

 3.7

 0.3

 Other (1)

 1.7

 2.3

 (0.6)

 100 %

 100 %

 (1) Includes loans from outside of our nine state footprint.
 Allowance for credit losses: For details, see the "Allowance for Credit Losses" section above in this report.
 Non-performing assets: For details, see the "Asset Quality" section above in this report.
 Real estate owned: For details, see the "Asset Quality" section above in this report.
 Interest receivable: Interest receivable was $98,589,000 as of September 30, 2025, a decrease of $4,238,000, or 4.1%, since
 September 30, 2024. The decrease was the result of a 4.0% decrease in loans receivable combined with the decrease in interest
 rates.
 Bank Owned Life Insurance: Bank-owned life insurance increased to $275,159,000 as of September 30, 2025 from
 $267,633,000 as of September 30, 2024, primarily as a result of increases in the cash surrender value of the policies. The
 investments in bank-owned life insurance serve to assist in funding growing employee benefit costs.
 Intangible assets: The Bank's intangible assets totaled $442,093,000 at September 30, 2025 compared to $448,425,000 as of
 September 30, 2024. The decrease is largely the result of the amortization of the core deposit intangible balance created in the
 Merger. The balance at September 30, 2025 is comprised of $414,722,000 of goodwill and the unamortized balance of the core
 deposit and other intangibles of $27,371,000.
 Customer accounts: As of September 30, 2025, customer deposits totaled $21,437,636,000 compared with $21,373,970,000 at
 September 30, 2024, a $63,666,000, or 0.3%, increase driven by transaction accounts. During 2025, transaction accounts
 increased by $489,347,000 or 4.1% while time deposits decreased by $425,681,000 or 4.5%.
 The following table shows customer deposits by account type.

 Deposit Account

 As a % of
 Total Deposits

 Average Rate

 Deposit Account

 As a % of
 Total Deposits

 Average Rate

 Non-interest checking

 $ 2,567,539

 12.0 %

 — %

 $ 2,500,467

 11.7 %

 — %

 Interest checking

 4,865,808

 22.7

 2.55

 4,486,444

 21.0

 2.89

 Savings

 701,558

 3.3

 0.22

 718,560

 3.4

 0.23

 Money market

 4,171,627

 19.4

 2.14

 4,111,714

 19.2

 2.22

 Time deposits

 9,131,104

 42.6

 3.74

 9,556,785

 44.7

 4.58

 Total

 $ 21,437,636

 100 %

 2.60 %

 $ 21,373,970

 100 %

 3.09 %

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The following table shows the geographic distribution by state for customer deposits.

 $ Change

 % Change

 $ 8,685,124

 40.5 %

 $ 8,528,608

 39.9 %

 $ 156,516

 1.8 %

 3,726,997

 17.4

 4,448,018

 20.8

 (721,021)

 (16.2) %

 2,724,526

 12.7

 2,696,243

 12.6

 28,283

 1.0 %

 1,641,460

 7.7

 1,619,101

 7.6

 22,359

 1.4 %

 1,802,886

 8.4

 1,622,534

 7.6

 180,352

 11.1 %

 Idaho

 935,047

 4.4

 949,025

 4.4

 (13,978)

 (1.5) %

 Utah

 601,054

 2.8

 584,001

 2.7

 17,053

 2.9 %

 559,906

 2.5

 527,704

 2.5

 32,202

 6.1 %

 Texas

 760,636

 3.6

 398,736

 1.9

 361,900

 90.8 %

 $ 21,437,636

 100 %

 $ 21,373,970

 100 %

 $ 63,666

 0.3 %

 The following table sets forth, by various interest rate categories, the amount of fixed-rate time deposits that mature during the
 periods indicated.

 Maturing in

 1 to 3

 4 to 6

 7 to 12

 13 to 24

 25 to 36

 37 to 60

 Total

 Fixed-rate time deposits:

 Under 1.00%

 $ 27,541

 $ 855

 $ —

 $ 3,559

 $ 2,766

 $ 10,479

 $ 45,200

 1.00% to 1.99%

 —

 23,382

 —

 —

 24,526

 2.00% to 2.99%

 55,437

 126,434

 43,611

 —

 226,537

 3.00% to 3.99%

 2,891,632

 1,815,237

 2,485,957

 104,813

 12,886

 —

 7,310,525

 4.00% to 4.99%

 505,616

 550,275

 391,818

 76,017

 —

 —

 1,523,726

 5.00% and higher

 —

 —

 —

 —

 —

 Total

 $ 3,426,184

 $ 2,367,761

 $ 2,933,212

 $ 334,205

 $ 59,263

 $ 10,479

 $ 9,131,104

 Historically, a significant number of time deposit account holders roll over their balances into new time deposits of the same
 term at the Bank's then current rate. To ensure a continuity of this trend, the Bank expects to continue to offer market rates of
 interest. The ability to retain maturing time deposits is difficult to project; however, the Bank believes that by competitively
 pricing these certificates, roll-over levels deemed appropriate by management can be achieved on a continuing basis.
 At September 30, 2025, the Bank had $3,895,726,000 of time deposits in amounts of $250,000 or more outstanding, maturing
 as follows: $1,355,645,000 within 3 months; $1,116,894,000 over 3 months through 6 months; $1,207,030,000 over 6 months
 through 12 months; and $216,157,000 thereafter.
 Time deposits with a maturity of one year or less have penalties for premature withdrawal equal to 90 days of interest. When
 the maturity is greater than one year but less than four years, the penalty is 180 days of interest. When the maturity is greater
 than four years, the penalty is 365 days of interest. Early withdrawal penalty fee income for the years ended 2025, 2024 and
 2023 amounted to $1,230,000, $1,082,000 and $1,618,000, respectively.
 For additional details on customer accounts, including uninsured deposits, see Note K to the Consolidated Financial Statements
 in "Item 8. Financial Statements and Supplementary Data" of this report.
 Borrowings: Total borrowings decreased to $1,765,604,000 as of September 30, 2025, as compared to $3,267,589,000 at
 September 30, 2024. The weighted average rate for borrowings was 2.50% as of September 30, 2025, versus 3.93% at
 September 30, 2024. The decreases in balance and rate are primarily due to the pay-down of higher interest borrowings
 combined with decreasing interest rates. The Bank has entered into interest rate swaps to hedge interest rate risk and convert
 certain FHLB advances to fixed rate payments. Taking into account these hedges, the weighted average effective maturity of
 FHLB advances at September 30, 2025 was 2.19 years.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 RESULTS OF OPERATIONS
 COMPARISON OF 2025 RESULTS WITH 2024
 Net Income: Net income increased $26,027,000, or 13.0%, to $226,068,000 for the year ended September 30, 2025, as
 compared to $200,041,000 for the year ended September 30, 2024. The change was due to the factors described below.
 Net Interest Income: For the year ended September 30, 2025, net interest income was $654,235,000, a decrease of $6,597,000
 or 1.0% from the year ended September 30, 2024. Net interest margin was 2.58% for the year ended September 30, 2025
 compared to 2.69% in the prior year. The decrease was the result of the greater decrease in the rate earned on assets compared
 with the rate paid on liabilities. Rates on interest-bearing liabilities decreased by 22 basis points compared to the 30 basis points
 decrease in the average rate on interest-earning assets. This effect was partially offset by the greater increase in interest-earning
 assets compared to interest bearing liabilities. Average interest-bearing liabilities grew by 2.9% while average interest-earning
 assets grew by 3.2%.
 Rate/Volume Analysis
 The table below sets forth certain information regarding changes in interest income and interest expense of the Company for the
 years indicated. For each category of interest-earning asset and interest-bearing liability, information is provided on changes
 attributable to: (1) changes in volume (changes in volume multiplied by old rate) and (2) changes in rate (changes in rate
 multiplied by old average volume). The change in interest income and interest expense attributable to changes in both volume
 and rate has been allocated proportionately to the change due to volume and the change due to rate.

 2025 vs. 2024
 Increase (Decrease) Due to

 2024 vs. 2023
 Increase (Decrease) Due to

 2023 vs. 2022
 Increase (Decrease) Due to

 Volume

 Rate

 Total

 Volume

 Rate

 Total

 Volume

 Rate

 Total

 Interest income:

 Loan portfolio

 $ 8,703

 $ (54,615)

 $ (45,912)

 $ 189,770

 $ 76,011

 $ 265,781

 $ 87,565

 $ 210,911

 $ 298,476

 Mortgage-backed

 37,084

 6,205

 43,289

 8,129

 8,469

 16,598

 5,760

 11,092

 16,852

 Investments (1)

 (16,317)

 (13,321)

 (29,638)

 34,219

 12,157

 46,376

 (13,400)

 74,668

 61,268

 All interest-earning
 assets

 29,470

 (61,731)

 (32,261)

 232,118

 96,637

 328,755

 79,925

 296,671

 376,596

 Interest expense:

 Customer accounts

 78,911

 (6,638)

 72,273

 75,680

 219,521

 295,201

 193,622

 194,192

 (65,594)

 (32,343)

 (97,937)

 38,609

 24,347

 62,956

 38,084

 48,675

 86,759

 All interest-bearing
 liabilities

 13,317

 (38,981)

 (25,664)

 114,289

 243,868

 358,157

 38,654

 242,297

 280,951

 Change in net
 interest income

 $ 16,153

 $ (22,750)

 $ (6,597)

 $ 117,829

 $ (147,231)

 $ (29,402)

 $ 41,271

 $ 54,374

 $ 95,645

 (1) Includes interest on cash equivalents and dividends on stock of the FHLB of Des Moines, the FHLB of San Francisco and FRB of
 San Francisco.
 Provision for Credit Losses: The Company recorded a provision for credit losses of $7,750,000 in 2025, compared to a
 provision of $17,500,000 for 2024. In 2024, the provision included the initial provision of $16,000,000 recorded on LBC loans
 acquired, as well as adjustments resulting from qualitative considerations such as prolonged and intensified borrower sensitivity
 to high interest rates and operating costs due to inflationary pressures. In 2025, the provisioning reflected a shift toward higher
 reserved commercial originations combined with increasing trends in charge-offs and negative migration of delinquent and
 nonperforming loans combined with economic concerns. For the year ended September 30, 2025, net charge-offs were
 $11,783,000, compared to $1,356,000 in the prior year.
 Non-interest Income: Non-interest income was $71,247,000 for the year ended September 30, 2025, an increase of
 $10,555,000, or 17.4%, from $60,692,000 for the year ended September 30, 2024. This increase was the result of increased

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 prepayment fees earned on loans plus increased commission income from WaFd Insurance, the Company's insurance
 subsidiary.
 Non-interest Expense: Total non-interest expense was $427,463,000 for the year ended September 30, 2025, a decrease of
 $20,809,000, or 4.6%, from the $448,272,000 for the year ended September 30, 2024. The 2024 results included $25,000,000 in
 Merger-related costs. Compensation and benefits costs decreased $12,002,000 or 5.1% year-over-year as a result of Merger-
 related retention, severance and change-in-control expenses booked in 2024 and $5,400,000 in restructuring costs arising from
 the shift in strategy and exit from single family lending. Other non-interest expense also decreased as a result of Merger-related
 professional and legal fees recorded in 2024. Additionally, FDIC premiums decreased $8,670,000 in 2025 compared to the
 prior year resulting from several factors. The previous year's figures had included a special assessment and the decrease was
 further influenced by both the contraction of the balance sheet and a lower assessment rate in 2025. Offsetting these decreases,
 information technology costs increased by $6,795,000 in 2025 as compared to 2024 due to strategic investments in technology.
 The Company's efficiency ratio was 58.9% for 2025 as compared to 62.1% for the prior year. The number of staff, including
 part-time employees on a full-time equivalent basis, was 1,979 and 2,208 at September 30, 2025 and 2024, respectively. Total
 operating expense for the years ended September 30, 2025 and 2024 were 1.58% and 1.71%, respectively, of average assets.

 Loss on Real Estate Owned: Loss on real estate owned, net was $627,000 for the year ended September 30, 2025, compared to
 a net gain of $304,000 for the year ended September 30, 2024. This amount includes ongoing maintenance expense, periodic
 valuation adjustments, and gains and losses on sales of REO.
 Income Tax Expense: Income tax expense was $63,574,000 for the year ended September 30, 2025, an increase of $7,559,000,
 or 13.5%, from the $56,015,000 for the year ended September 30, 2024. The increase is primarily due to a 13.1% increase in
 pre-tax income. The effective tax rate for 2025 was 21.95% as compared to 21.88% for the year ended September 30, 2024. The
 Company's effective tax rate varies from the Federal statutory rate of 21% mainly due to state taxes, tax-exempt income and
 tax-credit investments.
 On July 4, 2025, the One Big Beautiful Bill Act, officially designated as H.R. 1, was enacted into law. This legislation includes
 significant changes to federal tax law and other regulatory provisions that may impact the Company. Key provisions include the
 permanent extension of several business tax benefits originally introduced under the 2017 Tax Cuts and Jobs Act. The
 Company is currently evaluating the provisions of the new law and the potential effects on its financial position, results of
 operations and cash flows. We believe the provisions of the new tax law will have no significant direct impact on our financial
 position and results of operation.
 COMPARISON OF 2024 RESULTS WITH 2023
 For management's review of the factors that affected our results of operations for the years ended September 30, 2024 and 2023
 refer to our Annual Report on Form 10-K for the year ended September 30, 2024, which was filed with the SEC on November
 20, 2024.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 LIQUIDITY AND CAPITAL RESOURCES
 The principal sources of funds for the Company's activities are loan repayments (including prepayments), net deposit inflows,
 borrowings, repayments and sales of investments and retained earnings, if applicable. The Company's principal sources of
 revenue are interest on loans and interest and dividends on investments. Additionally, the Company earns fee income for loan,
 deposit, insurance and other services.
 The Company's shareholders' equity at September 30, 2025, was $3,039,575,000, or 11.38% of total assets, as compared to
 $3,000,300,000, or 10.69% of total assets, at September 30, 2024. Items affecting shareholders' equity were net income of
 $226,068,000, the payment of $84,639,000 in Common Stock dividends, the payment of $14,625,000 in preferred stock
 dividends, $101,931,000 of treasury stock purchases, as well as other comprehensive income of $1,099,000. The Company paid
 out 40.7% of its 2025 earnings in cash dividends to common shareholders, compared with 41.2% last year. For the year ended
 September 30, 2025, the Company returned 82.5% of net income to shareholders in the form of cash dividends and share
 repurchases as compared to 50.7% for the year ended September 30, 2024. Management believes the Company's strong equity
 position allows it to manage balance sheet risk and provide the capital support needed for controlled growth in a regulated
 environment. The Company's share repurchase program may be modified, suspended or terminated at any time, and the timing
 and amount of share repurchases is subject to market conditions and the market price of the Company's Common Stock, as well
 as other factors.
 The Bank has a credit line with the FHLB - DM of up to 45% of total assets depending on specific collateral eligibility. This
 line provides the Bank a substantial source of additional liquidity. The Bank has entered into borrowing agreements with the
 FHLB - DM to borrow funds under a short-term floating rate cash management advance program and fixed-rate term loan
 agreements. All borrowings are secured by stock of the FHLB - DM, deposits with the FHLB - DM, and a blanket pledge of
 qualifying loans receivable. The Bank also has a credit line with the FHLB - SF in support of LBC borrowings from the FHLB -
 SF, but the Bank is unable to take down new advances against this line. The FHLB - SF credit line is secured by a line-item
 pledge of mortgage backed securities. Based on collateral pledged as of September 30, 2025, the Bank had $6,647,214,000 of
 additional borrowing capacity at the FHLB - DM.
 To ensure ample contingent liquidity the Bank participates in the FRB of San Francisco Borrower-in-Custody program which
 collateralizes primary credit borrowings and serves as a backstop for the FHLB - DM credit line. Due to differing program
 requirements between the FHLB - DM and FRB of San Francisco, participating in both increases the amount of eligible
 collateral that may be pledged in support of contingent liquidity needs. The Bank is also eligible to borrow under the Federal
 Reserve Bank's primary credit program.
 The Company's cash and cash equivalents were $657,310,000 at September 30, 2025, which is a 72.4% decrease from the
 balance of $2,381,102,000 as of September 30, 2024. The prior year end balances reflected cash received from the Luther
 Burbank multi-family and single-family residential loan portfolio sales. During the year, the Company utilized cash to reduce
 borrowings and purchase investments. See "Changes in Financial Condition" above and the "Statement of Cash Flows"
 included in the financial statements for additional details regarding this change.
 The following table presents the Company's significant fixed and determinable contractual obligations, within the categories
 described below, by contractual maturity or payment amount.

 Total

 Less than
 1 Year

 1 to 5
 Years

 Over 5
 Years

 Customer accounts (1)

 $ 21,437,636

 $ 21,033,689

 $ 403,943

 $ 4

 Debt obligations (2)

 1,817,249

 1,747,041

 18,563

 51,645

 Operating lease obligations

 63,103

 10,983

 29,685

 22,435

 $ 23,317,988

 $ 22,791,713

 $ 452,191

 $ 74,084

 (1) Includes non-maturing customer transaction accounts.
 (2) Represents contractual maturities of FHLB advances and FRB borrowings. Taking into account cash flow hedges, the weighted
 average effective maturity of FHLB advances at September 30, 2025 is 2.19 years.
 These obligations are included in the Consolidated Statements of Financial Condition. The payment amounts of the operating
 lease obligations represent those amounts contractually due.

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 INTEREST RATE RISK
 The primary source of income for the Bank is net interest income, which is the difference between the interest income generated
 by interest-earning assets and the interest expense incurred for interest-bearing liabilities. The level of net interest income is a
 function of the average balance of interest-earning assets and interest-bearing liabilities and the difference between the yield on
 earning assets and the cost of interest-bearing liabilities. Both the pricing and mix of the Company's interest-earning assets and
 interest-bearing liabilities influence these factors. All else being equal, if the interest rates on the Company's interest-bearing
 liabilities increase at a faster pace than the interest rates on its interest-earning assets, the result would be a reduction in net
 interest income and with it, a reduction in net earnings. Conversely, if the interest rates on the Company's interest-bearing
 liabilities decrease at a slower pace than the interest rates on its interest-earning assets, the result would be a reduction in net
 interest income and with it, a reduction in net earnings.
 Interest rates, both in terms of their overall levels and volatility, can greatly influence our profitability. Our goal in managing
 interest rate risk is to assess and control how changes in interest rates affect our net interest income, helping us achieve our
 financial objectives. We mitigate exposure to interest rate fluctuations through actions determined by the Asset/Liability
 Management Committee ("ALCO"). This committee meets at least quarterly to establish asset/liability management policies,
 develop and implement strategies to enhance balance sheet positioning and earnings, and assess interest rate sensitivity. The
 Company's Board oversees the asset/liability management process, reviews interest rate risk analyses prepared by ALCO, and
 annually approves the Financial Management policy.
 Interest rate risk arises in part due to the Bank's significant holdings of fixed-rate single-family home loans, which are longer-
 term than customer accounts that constitute its primary liabilities. Accordingly, assets do not usually respond as quickly to
 changes in interest rates as liabilities. In the absence of management action, net interest income can be expected to decline when
 interest rates rise and to expand when interest rates fall. Shortening the maturity or repricing of the investment portfolio is one
 action that management can take. The composition of the investment portfolio was 44.6% variable rate and 55.5% fixed rate as
 of September 30, 2025 to provide some protection against changing rates. In addition, the Bank is producing more commercial
 loans that have shorter terms and/or variable rates. There has also been focus on increasing less rate sensitive transaction
 deposit accounts. These accounts make up 57.4% of the deposit portfolio as of September 30, 2025 as compared with 55.3% as
 of September 30, 2024
 The Company's balance sheet strategy, in conjunction with low operating costs, has allowed the Company to manage interest
 rate risk, within guidelines established by the Board, through all interest rate cycles. It is Management's objective to grow the
 dollar amount of net interest income, through the rate cycles, acknowledging that there will be some periods of time when that
 will not be feasible. Cash and cash equivalents of $657,310,000 and shareholders' equity of $3,039,575,000 provide
 management with flexibility in managing interest rate risk. Based on management's assessment of the current interest rate
 environment, the Company has taken steps, including growing commercial loans having shorter average lives and transaction
 deposit accounts, to position itself for changing interest rates.
 Net Interest Income Sensitivity. The Company estimates the sensitivity of our net interest income to changes in market
 interest rates using an interest rate simulation model that includes assumptions related to the level of balance sheet growth,
 deposit repricing characteristics and the rate of prepayments for multiple interest rate change scenarios. Interest rate sensitivity
 depends on certain repricing characteristics in our interest-earning assets and interest-bearing liabilities, including the maturity
 term structure, contractual rate changes and prepayment/attrition characteristics of assets and liabilities, all of which vary with
 changes in market interest rates. The analysis presented below assumes a constant balance sheet. Actual results would differ
 from the assumptions used in this model, as management monitors and adjusts loan and deposit pricing and the composition and
 overall size of the balance sheet to respond to changing interest rates.
 The following table models the potential impact of changing interest rates on net income over a twelve-month period and
 compares the current results to the results as of the prior year end. The Company's focus is primarily on the impact of abrupt
 upward or downward changes in short term rates. It is important to note that this is not a forecast or prediction of future events.
 The Company's focus is primarily on the impact of abrupt upward or downward changes in short term rates.

 Hypothetical, Immediate and Parallel

 Potential Increase (Decrease) in Net Interest Income - Year 1

 Basis Point Increase (Decrease) in Interest Rates

 (In thousands, except percentages)

 (200)

 $ 65,287

 8.79 %

 $ (8,284)

 (1.01) %

 (100)

 35,318

 4.76

 1,832

 0.22

 (407)

 (0.05)

 (144)

 (0.02)

 6,298

 0.85

 22,816

 2.79

 Actual results will differ from the assumptions used in this model, as management monitors and adjusts both the size and the
 composition of the balance sheet in order to respond to changing interest rates. In a rising interest rate environment, it is likely
 that the Company will grow its balance sheet to offset margin compression that may occur. Improvement in the net interest
 income sensitivity during the year is primarily the result of interest rate swap activity, as well as increased time deposits and an
 increased federal funds balances which help reduce sensitivity in rising shock scenarios.
 Net Portfolio Value ("NPV") Sensitivity. The NPV is an estimate of the market value of shareholders' equity at a point in
 time. It is derived by calculating the difference between the present value of expected cash flows from assets and the present
 value of expected cash flows from liabilities and off-balance-sheet contracts. The sensitivity of the NPV to changes in interest
 rates provides a longer-term view of interest rate risk of the current balance sheet as it incorporates all future expected cash
 flows. The following tables set forth an analysis of the Company's interest rate risk as measured by the estimate changes in
 NPV resulting from instantaneous and sustained parallel shifts in the yield curve.

 Hypothetical, Immediate and Parallel

 Potential Increase (Decrease) in NPV as of

 Basis Point Increase (Decrease) in Interest Rates

 (In thousands, except percentages)

 (200)

 $ 550,692

 17.96 %

 $ 393,113

 13.35 %

 (100)

 317,236

 10.35

 256,991

 8.73

 (341,329)

 (11.13)

 (293,070)

 (9.96)

 (649,066)

 (21.17)

 (559,613)

 (19.01)

 Hypothetical, Immediate and Parallel

 Basis Point Increase (Decrease) in Interest Rates

 Estimated
 NPV Amount

 NPV as
 % of Assets

 (200)

 $ 3,616,691

 13.46 %

 (100)

 3,383,235

 12.88

 No change

 3,065,999

 11.96

 2,724,670

 10.89

 2,416,933

 9.89

 Prepayment speeds continue to be relatively low at September 30, 2025 with the Bank's conditional payment rate ("CPR") for
 single-family mortgages at 7.5%, down slightly from 8.6% the year before.
 As of September 30, 2025, the Company was in compliance with all of its interest rate risk policy limits.

 Interest Rates. The Company measures the difference between the rate on interest-earning assets and the rate on interest-
 bearing liabilities at the end of each period. The period end interest rate spread was 2.32% at September 30, 2025 and 1.91% at
 September 30, 2024. As of September 30, 2025, the weighted-average rate on interest-earning assets decreased by 12 basis
 points to 5.23% compared to September 30, 2024. The lower rate on interest-earning assets is due primarily to the Federal
 Reserve Bank's rate decreases since September 2024, which have led to lower rates on adjustable rate loans, investment
 securities and cash. As of September 30, 2025, the weighted-average rate on interest-bearing liabilities decreased by 29 basis
 points to 2.91% compared to September 30, 2024. The lower rate on interest-bearing liabilities also primarily resulted from the
 FRB rate cuts combined with repayments on higher rate borrowings. The period end interest rate spread for the last five fiscal
 quarters is shown below:

 SEP 2025

 JUN 2025

 MAR 2025

 DEC 2024

 SEP 2024

 Interest rate on loans and mortgage-backed

 5.25 %

 5.28 %

 5.29 %

 5.32 %

 5.16 %

 Interest rate on other interest-earning assets

 4.96

 5.03

 4.62

 4.77

 4.85

 Combined, all interest-earning assets

 5.23

 5.26

 5.22

 5.22

 5.11

 Interest rate on customer accounts

 2.95

 3.05

 3.16

 3.30

 3.09

 Interest rate on borrowings (1)

 2.50

 2.76

 3.30

 3.62

 3.93

 Combined cost of funds

 2.91

 3.03

 3.17

 3.34

 3.20

 Interest rate spread

 2.32 %

 2.23 %

 2.05 %

 1.88 %

 1.91 %

 (1) Represents the effective rate taking into consideration cash flow hedges on FHLB borrowings.

 The chart below shows the volatility of our period end net interest spread (dashed line measured against the right axis)
 compared to the relatively consistent growth in net interest income (solid line measured against the left axis). The relative
 consistency of net interest growth is accomplished by actively managing the size and composition of the balance sheet through
 different rate cycles.

 Net Interest Margin. The net interest margin is measured using net interest income divided by average interest-earning assets
 for the period. The net interest margin decreased to 2.58% for the year ended September 30, 2025, from 2.69% for the year
 ended September 30, 2024. The yield on interest-earning assets decreased 30 basis points to 5.29% and the cost of interest-
 bearing liabilities decreased by 22 basis points to 3.24%. The lower yield on interest-earning assets was primarily due to the
 impact of falling rates on adjustable rate assets and cash. The lower rate in interest-bearing liabilities was primarily due to lower
 rates on interest-bearing customer accounts and combined with the pay-off of higher borrowings.
 For the year ended September 30, 2025, average interest-earning assets increased by 3.2% to $25,337,814,000, up from
 $24,559,665,000 for the year ended September 30, 2024. During 2025, average loans receivable increased $151,026,000, or
 0.7%, while the combined average balances of mortgage-backed securities, other investment securities and cash increased by
 $652,098,000 or 16.6%.
 During 2025, average interest-bearing customer deposit accounts increased $2,408,182,000 or 14.7% and the average balance
 of borrowings decreased by $1,819,187,000, or 42.9%, from 2024.

 The following table sets forth the information explaining the changes in the net interest income and net interest margin.

 Net Interest Income and Margin Summary

 Year Ended September 30,

 2025

 2024

 2023

 Rate

 Rate

 Rate

 Assets

 Loans receivable (1)

 $ 20,651,307

 $ 1,119,937

 5.42 %

 $ 20,500,281

 $ 1,165,849

 5.69 %

 $ 17,095,014

 $ 900,068

 5.27 %

 2,514,511

 103,071

 4.10

 1,597,566

 59,782

 3.74

 1,362,415

 43,184

 3.17

 Cash & Investments (2)

 2,065,658

 106,400

 5.15

 2,330,505

 133,608

 5.73

 1,742,806

 91,058

 5.22

 FHLB & FRB stock

 106,338

 10,041

 9.44

 131,313

 12,471

 9.50

 127,066

 8,645

 6.80

 Total interest-earning assets

 25,337,814

 1,339,449

 5.29 %

 24,559,665

 1,371,710

 5.59 %

 20,327,301

 1,042,955

 5.13 %

 1,718,680

 1,682,721

 1,484,271

 Total assets

 $ 27,056,494

 $ 26,242,386

 $ 21,811,572

 Liabilities and Shareholders' Equity

 Interest-bearing customer accounts

 $ 18,735,390

 604,707

 3.23 %

 $ 16,327,208

 532,434

 3.26 %

 $ 12,906,383

 237,233

 1.84 %

 2,423,244

 80,507

 3.32

 4,242,431

 178,444

 4.21

 3,261,917

 115,488

 3.54

 Total interest-bearing liabilities

 21,158,634

 685,214

 3.24 %

 20,569,639

 710,878

 3.46 %

 16,168,300

 352,721

 2.18 %

 Noninterest-bearing customer accounts

 2,518,248

 2,593,567

 2,969,970

 352,673

 322,071

 296,840

 Total liabilities

 24,029,555

 23,485,277

 19,435,110

 Shareholders' equity

 3,026,939

 2,757,109

 2,376,462

 Total liabilities and shareholders' equity

 $ 27,056,494

 $ 26,242,386

 $ 21,811,572

 Net interest income/interest rate spread

 $ 654,235

 2.05 %

 $ 660,832

 2.13 %

 $ 690,234

 2.95 %

 Net interest margin (3)

 2.58 %

 2.69 %

 3.40 %

 ___________________
 (1) Interest income includes net amortization-accretion of deferred loan fees, costs, discounts and premiums of $12,870,000, $37,489,000 and $20,130,000 for year
 ended 2025, 2024 and 2023, respectively.
 (2) Includes cash equivalents and non-mortgage backed security investments, such as U.S. agency obligations, mutual funds, corporate bonds, and municipal bonds.
 (3) Net interest income divided by average interest-earning assets.

 Item 8. Financial Statements and Supplementary Data
 Index to financial statements and financial statement schedules:

 Report of Independent Registered Public Accounting Firm (PCAOB ID: 34)

 Financial statements and supplementary data:

 Consolidated Statements of Financial Condition

 Consolidated Statements of Operations

 Consolidated Statements of Comprehensive Income

 Consolidated Statements of Shareholders' Equity

 Consolidated Statements of Cash Flows

 Notes to Consolidated Financial Statements

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the shareholders and the Board of Directors of WaFd, Inc.
 Opinion on the Financial Statements
 We have audited the accompanying consolidated statements of financial condition of WaFd, Inc. and subsidiaries (the
 "Company") as of September 30, 2025 and 2024, the related consolidated statements of operations, comprehensive income,
 shareholders' equity, and cash flows, for each of the three years in the period ended September 30, 2025, and the related notes
 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material
 respects, the financial position of the Company as of September 30, 2025, and 2024, and the results of its operations and its
 cash flows for each of the three years in the period ended September 30, 2025, in conformity with accounting principles
 generally accepted in the United States of America.
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
 (PCAOB), the Company's internal control over financial reporting as of September 30, 2025, based on criteria established in
 Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
 Commission and our report dated November 18, 2025, expressed an unqualified opinion on the Company's internal control over
 financial reporting.
 Basis for Opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on
 the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are
 required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
 rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to
 error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial
 statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
 examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
 evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
 presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matters
 The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that
 were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that
 are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The
 communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and
 we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on
 the accounts or disclosures to which they relate.
 Allowance for Loan Losses - Refer to Notes A and E to the financial statements
 Critical Audit Matter Description
 The estimate of the Company's expected credit losses under the CECL methodology is based on relevant information about
 current conditions, past events, and reasonable and supportable forecasts regarding collectability of the reported amounts. In
 order to estimate the allowance for loan losses ("ALL"), the Company used either a cohort or weighted average remaining
 maturities methodology to determine the historical loss rate, by loan portfolio class, then considered whether qualitative
 adjustments to those historical loss rates were warranted.
 Significant management judgments are required in determining whether, and to what extent, qualitative adjustments for each
 portfolio loan class are required. These adjustments are made after considering the conditions over the period from which
 historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current

 conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and
 management, business environment or other management factors, not captured in the historical loss rates and 2) reasonable and
 supportable forecasts of future economic conditions and collateral values.
 Given the significance of the ALL and management judgment required for quantitative and qualitative evaluation of past
 events, current conditions, and reasonable and supportable forecasts, performing audit procedures to evaluate the ALL requires
 a high degree of auditor judgment and increased extent of effort.
 We have identified the ALL estimate for certain loan portfolio classes as a critical audit matter based upon the above factors.
 How the Critical Audit Matter Was Addressed in the Audit
 Our audit procedures related to the ALL estimate for loan portfolio classes for which we concluded the ALL was significant
 included the following, among others:
 • We tested the effectiveness of management's controls over model applicability, qualitative adjustments, the
 reasonable and supportable forecast adjustments, and management's review and approval process over the
 final determination of the ALL.
 • We tested the underlying data and mathematical accuracy of the cohort methodology used to determine most
 loan portfolio class historical loss rates.
 • We involved credit specialists to assist us in evaluating the reasonableness and conceptual soundness of the
 methodologies applied in the credit loss estimation model.
 • To test the qualitative adjustments, we performed analysis to evaluate management's determination of the
 qualitative adjustments made to account for specific risk characteristics or current conditions that differ from
 the period over which the historical loss rate was determined. Our procedures included evaluating
 management's inputs and assumptions used in determining the qualitative and forecast adjustments by
 comparing the information to internal and external source data including, among others, the economic
 forecasts utilized by the Company and third-party economic forecasts for selected assumptions. In addition,
 we performed procedures on the overall ALL amount, inclusive of the qualitative adjustments, by evaluating
 the Company's analysis of peers' estimated current expected credit losses for loans to the Company's
 recorded ALL.
 /s/ Deloitte & Touche LLP
 Seattle, Washington
 We have served as the Company's auditor since 1982.

 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 2025

 2024

 (In thousands, except share data)

 ASSETS

 Cash and cash equivalents

 $ 657,310

 $ 2,381,102

 Available-for-sale securities, at fair value

 Held-to-maturity securities, at amortized cost

 645,802

 436,972

 Loans receivable, net of allowance for loan losses of $ 199,720 and $ 203,753

 20,088,618

 20,916,354

 Interest receivable

 98,589

 102,827

 Premises and equipment, net

 261,271

 247,901

 Real estate owned

 11,084

 4,567

 FHLB stock

 88,068

 95,617

 Bank owned life insurance

 275,159

 267,633

 Intangible assets, including goodwill of $ 414,722 and $ 411,360

 442,093

 448,425

 Federal and state income tax assets, net

 112,784

 119,248

 485,720

 466,975

 $ 26,699,699

 $ 28,060,330

 LIABILITIES AND SHAREHOLDERS' EQUITY

 Liabilities

 Customer accounts

 Transaction deposit accounts

 $ 12,306,532

 $ 11,817,185

 Time deposit accounts

 9,131,104

 9,556,785

 21,437,636

 21,373,970

 1,765,604

 3,267,589

 Junior subordinated debentures

 51,645

 50,718

 Advance payments by borrowers for taxes and insurance

 59,845

 61,330

 Accrued expenses and other liabilities

 345,394

 306,423

 23,660,124

 25,060,030

 Commitments and contingencies (see Note N)

 Shareholders' equity

 Preferred stock, $ 1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000
 shares issued; 300,000 and 300,000 shares outstanding

 300,000

 300,000

 Common stock, $ 1.00 par value, 300,000,000 shares authorized; 154,408,001 and
 154,007,429 shares issued; 78,186,520 and 81,220,269 shares outstanding

 154,408

 154,007

 Additional paid-in capital

 2,163,276

 2,150,675

 Accumulated other comprehensive income, net of taxes

 56,950

 55,851

 Treasury stock, at cost; 76,221,481 and 72,787,160 shares

 ( 1,740,761)

 ( 1,639,131)

 Retained earnings

 2,105,702

 1,978,898

 3,039,575

 3,000,300

 $ 26,699,699

 $ 28,060,330

 CONSOLIDATED STATEMENTS OF OPERATIONS

 2025

 2024

 2023

 (In thousands, except share data)

 INTEREST INCOME

 Loans receivable

 $ 1,119,937

 $ 1,165,849

 $ 900,068

 103,071

 59,782

 43,184

 Investment securities and cash equivalents

 116,441

 146,079

 99,703

 1,339,449

 1,371,710

 1,042,955

 INTEREST EXPENSE

 Customer accounts

 604,707

 532,434

 237,233

 Borrowings, senior debt and junior subordinated debentures

 80,507

 178,444

 115,488

 685,214

 710,878

 352,721

 Net interest income

 654,235

 660,832

 690,234

 Provision for credit losses

 7,750

 17,500

 41,500

 Net interest income after provision

 646,485

 643,332

 648,734

 NON-INTEREST INCOME

 Gain on sale of investment securities

 Gain (loss) on termination of hedging derivatives

 ( 867)

 Loan fee income

 6,888

 2,745

 3,885

 Deposit fee income

 29,650

 27,507

 26,050

 Other income

 34,531

 29,857

 23,100

 Total non-interest income

 71,247

 60,692

 52,201

 NON-INTEREST EXPENSE

 Compensation and benefits

 222,146

 234,148

 196,534

 Occupancy

 44,937

 42,036

 41,579

 FDIC insurance premiums

 20,200

 28,870

 20,025

 Product delivery

 25,871

 23,986

 20,973

 Information technology

 60,101

 53,306

 49,447

 Other expense

 54,208

 65,926

 47,477

 Total non-interest expense

 427,463

 448,272

 376,035

 Gain (loss) on real estate owned, net

 ( 627)

 Income before income taxes

 289,642

 256,056

 325,076

 Income tax expense

 63,574

 56,015

 67,650

 226,068

 200,041

 257,426

 Dividends on preferred stock

 Net income available to common shareholders

 $ 211,443

 $ 185,416

 $ 242,801

 PER SHARE DATA

 Basic earnings per common share

 $ 2.64

 $ 2.50

 $ 3.72

 Diluted earnings per common share

 2.63

 2.50

 3.72

 Dividends paid on common stock per share

 1.07

 1.03

 0.99

 Basic weighted average number of common shares outstanding

 80,184,395

 74,244,323

 65,192,510

 Diluted weighted average number of common shares outstanding

 80,255,189

 74,290,568

 65,255,283

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 2025

 2024

 2023

 $ 226,068

 $ 200,041

 $ 257,426

 Other comprehensive income (loss), net of tax:

 Net unrealized gain (loss) during the period on available-for-sale debt
 securities, net of tax of $( 8,320), $( 17,782) and $ 2,493

 26,933

 61,225

 ( 9,360)

 Reclassification adjustment of net (gain) loss included in net income
 during the period from sale of available-for-sale securities, net of tax of
 $ 76, $( 81) and $( 9)

 ( 246)

 Net unrealized gain (loss) from investment securities, net of
 reclassification adjustment

 26,687

 61,486

 ( 9,334)

 Net unrealized gain (loss) during the period on borrowing cash flow
 hedges, net of tax of $ 4,257, $ 14,546 and $( 654)

 ( 13,783)

 ( 52,556)

 3,774

 Reclassification adjustment of net (gain) loss included in net income
 during the period from hedging derivatives, net of tax of $ 3,647, $ 0 and
 $ 0

 ( 11,805)

 —

 —

 Net unrealized gain (loss) in cash flow hedging instruments, net of
 reclassification adjustment

 ( 25,588)

 ( 52,556)

 3,774

 Other comprehensive income (loss)

 1,099

 8,930

 ( 5,560)

 Comprehensive income

 $ 227,167

 $ 208,971

 $ 251,866

 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

 Preferred
 Stock

 Common
 Stock

 Paid-in
 Capital

 Retained
 Earnings

 Accumulated
 Other
 Comprehensive
 Income (Loss)

 Treasury
 Stock

 Total

 Balance at September 30, 2022

 $ 300,000

 $ 136,271

 $ 1,686,975

 $ 1,688,740

 $ 52,481

 $ ( 1,590,207)

 $ 2,274,260

 —

 —

 —

 257,426

 —

 —

 257,426

 Other comprehensive income (loss)

 —

 —

 —

 ( 5,560)

 —

 ( 5,560)

 Dividends on common stock ($ 0.99 per share)

 —

 —

 —

 ( 63,792)

 —

 —

 ( 63,792)

 Dividends on preferred stock ($ 48.75 per share)

 —

 —

 —

 —

 —

 Proceeds from stock issuances

 —

 1,224

 —

 —

 —

 1,266

 Stock-based compensation expense

 —

 ( 565)

 —

 —

 —

 ( 411)

 Repurchase of stock warrants

 —

 —

 —

 —

 —

 8,325

 8,325

 —

 —

 —

 —

 —

 ( 30,463)

 ( 30,463)

 Balance at September 30, 2023

 300,000

 136,467

 1,687,634

 1,867,749

 46,921

 ( 1,612,345)

 2,426,426

 —

 —

 —

 200,041

 —

 —

 200,041

 Other comprehensive income (loss)

 —

 —

 —

 —

 8,930

 —

 8,930

 Dividends on common stock ($ 1.03 per share)

 —

 —

 —

 ( 74,267)

 —

 —

 ( 74,267)

 Dividends on preferred stock ( $ 48.75 per share)

 —

 —

 —

 —

 —

 Stock issued in merger

 —

 17,089

 448,415

 —

 —

 —

 465,504

 Proceeds from stock issuances

 —

 5,948

 —

 —

 —

 6,179

 Stock-based compensation expense

 —

 8,678

 —

 —

 9,181

 —

 —

 —

 —

 —

 ( 27,069)

 ( 27,069)

 Balance at September 30, 2024

 300,000

 154,007

 2,150,675

 1,978,898

 55,851

 ( 1,639,131)

 3,000,300

 —

 —

 —

 226,068

 —

 —

 226,068

 Other comprehensive income (loss)

 —

 —

 —

 —

 1,099

 —

 1,099

 Dividends on common stock ($ 1.07 per share)

 —

 —

 —

 ( 84,639)

 —

 —

 ( 84,639)

 Dividends on preferred stock ( $ 48.75 per share)

 —

 —

 —

 —

 —

 Proceeds from stock issuances

 —

 4,619

 —

 —

 —

 4,784

 Stock-based compensation expense

 —

 7,982

 —

 —

 8,519

 —

 —

 —

 —

 —

 ( 101,931)

 ( 101,931)

 Balance at September 30, 2025

 $ 300,000

 $ 154,408

 $ 2,163,276

 $ 2,105,702

 $ 56,950

 $ ( 1,740,761)

 $ 3,039,575

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 2025

 2024

 2023

 CASH FLOWS FROM OPERATING ACTIVITIES

 $ 226,068

 $ 200,041

 $ 257,426

 Adjustments to reconcile net income to net cash provided by operating activities:

 Depreciation, amortization, accretion and other, net

 9,718

 134,103

 22,970

 Stock-based compensation expense

 8,519

 9,181

 7,914

 Provision (release) for credit losses

 7,750

 17,500

 41,500

 Loss (gain) on sale of investment securities

 ( 20)

 ( 342)

 ( 33)

 Gain on settlements of bank owned life insurance

 —

 —

 ( 821)

 Impairment loss on premises and equipment

 —

 Net realized (gain) loss on sales of premises, equipment and real estate owned

 ( 419)

 ( 2,555)

 ( 1,153)

 Decrease (increase) in accrued interest receivable

 4,238

 9,873

 ( 23,131)

 Decrease (increase) in federal and state income tax receivable

 6,124

 18,751

 ( 6,650)

 Decrease (increase) in cash surrender value of bank owned life insurance

 ( 7,526)

 ( 6,933)

 ( 5,976)

 Decrease (increase) in other assets

 ( 27,885)

 148,001

 ( 67,342)

 Increase (decrease) in federal and state income tax liabilities

 —

 —

 ( 3,306)

 Increase (decrease) in accrued expenses and other liabilities

 9,393

 ( 88,387)

 ( 7,447)

 Net cash provided by (used in) operating activities

 236,952

 439,233

 213,957

 CASH FLOWS FROM INVESTING ACTIVITIES

 Origination of loans and principal repayments, net

 973,280

 ( 348,528)

 ( 1,330,399)

 Loans purchased

 ( 143,605)

 —

 ( 79,965)

 FHLB & FRB stock purchase

 ( 496,542)

 ( 602,941)

 ( 654,805)

 FHLB & FRB stock redeemed

 504,092

 669,975

 623,058

 Available-for-sale securities purchased

 ( 1,482,058)

 ( 549,159)

 ( 376,481)

 Principal payments and maturities of available-for-sale securities

 561,808

 386,564

 420,154

 Proceeds from sales of available-for-sale investment securities

 182,682

 1,169

 Held-to-maturity securities purchased

 ( 261,842)

 ( 47,092)

 —

 Principal payments and maturities of held-to-maturity securities

 53,030

 36,013

 39,414

 Proceeds from sales of real estate owned

 2,865

 6,802

 7,192

 Proceeds from settlements of bank owned life insurance

 —

 —

 1,809

 Equity method investments purchased

 ( 2,861)

 ( 4,197)

 ( 12,500)

 Net cash received (paid) in business combinations

 ( 360)

 623,583

 ( 2,590)

 Proceeds from sales of loans

 —

 2,956,856

 —

 Proceeds from sales of premises and equipment

 1,689

 1,341

 1,090

 Premises and equipment purchased and REO improvements

 ( 28,707)

 ( 24,681)

 ( 15,063)

 Net cash provided by (used in) investing activities

 ( 318,414)

 3,287,218

 ( 1,377,917)

 CASH FLOWS FROM FINANCING ACTIVITIES

 Net increase (decrease) in customer accounts

 63,666

 ( 324,506)

 40,759

 Proceeds from borrowings

 11,019,793

 17,037,035

 17,175,000

 Repayments of borrowings

 ( 12,527,894)

 ( 18,842,525)

 ( 15,650,000)

 Principal payments and maturities of senior debt

 —

 ( 95,000)

 —

 Proceeds from stock-based awards

 3,943

 5,187

 1,089

 Dividends paid on common stock

 ( 84,639)

 ( 74,267)

 ( 63,792)

 Dividends paid on preferred stock

 Proceeds from employee stock purchase

 ( 101,931)

 ( 27,069)

 ( 30,463)

 Increase (decrease) in advance payments by borrowers for taxes and insurance

 ( 1,485)

 8,780

 2,499

 Net cash provided by (used by) financing activities

 ( 1,642,330)

 ( 2,325,998)

 1,460,644

 Increase (decrease) in cash and cash equivalents

 ( 1,723,792)

 1,400,453

 296,684

 Cash and cash equivalents at beginning of year

 2,381,102

 980,649

 683,965

 Cash and cash equivalents at end of year

 $ 657,310

 $ 2,381,102

 $ 980,649

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 2025

 2024

 2023

 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 Non-cash investing activities

 Real estate acquired through foreclosure

 $ 5,873

 $ 681

 $ 121

 Non-cash financing activities

 Preferred stock dividend payable

 3,656

 3,656

 3,656

 Cash paid during the year for

 746,932

 739,076

 364,386

 Income taxes

 41,647

 20,283

 61,245

 Summary of non-cash activities related to acquisitions

 Fair value of assets and intangibles acquired

 $ —

 $ 7,677,177

 $ —

 Fair value of liabilities assumed

 —

 ( 7,316,380)

 —

 Net fair value of acquired assets (liabilities)

 $ —

 $ 360,797

 $ —

 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Company and nature of operations. WaFd Bank, a federally-insured Washington state chartered commercial bank (the
 "Bank"), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository,
 insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial
 real estate. Washington Federal, Inc., a Washington corporation was formed as the Bank's holding company in November,
 1994.
 On September 27, 2023, Articles of Amendment were filed with the Washington Secretary of State to change the name of
 Washington Federal, Inc. to WaFd, Inc. This change was effective on September 29, 2023. As used throughout this document,
 the terms "WaFd" or the "Company" or "we" or "us" and "our" refer to WaFd, Inc. and its consolidated subsidiaries, and the
 term "Bank" refers to the operating subsidiary, WaFd Bank.
 The Company is headquartered in Seattle, Washington. The Bank conducts its activities through a network of 208 bank
 branches located in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, California and Texas.
 Basis of presentation and use of estimates. The Company's accounting and financial reporting policies conform to accounting
 principles generally accepted in the United States of America ("U.S. GAAP"). Inter-company balances and transactions have
 been eliminated in consolidation. In preparing the consolidated financial statements, the Company makes estimates and
 assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and revenues and
 expenses during the reporting periods and related disclosures. The areas that require application of significant management
 judgments often result in the need to make estimates about the effect of matters that are inherently uncertain and may change in
 future periods. Actual results could differ materially from those estimates. Certain amounts in the financial statements from
 prior periods have been reclassified to conform to the current financial statement presentation. In certain instances, amounts in
 text are presented by rounding to the nearest thousand.
 WaFd, Inc. closed its previously announced merger with Luther Burbank Corporation ("Luther Burbank" or "LBC"), a
 California corporation, on March 1, 2024 (the "Merger Date"). Pursuant to the Merger Agreement, Luther Burbank merged with
 and into the Company (the "Corporate Merger"), with the Company surviving the Corporate Merger. Promptly following the
 Corporate Merger, Luther Burbank's wholly-owned bank subsidiary, Luther Burbank Savings, merged with and into WaFd
 Bank with WaFd Bank as the surviving institution (the "Bank Merger"). The Corporate Merger and the Bank Merger are
 collectively referred to in this Annual Report on Form 10-K as the "Merger."
 The Merger was accounted for using the acquisition method of accounting and was effectively an all-stock transaction
 accounted for as a business combination. The Company's financial results for any periods ended on and prior to February 29,
 2024 reflect WaFd results only on a standalone basis. As a result, financial results for the years ended September 30, 2025 and
 September 30, 2024 may not be directly comparable to prior reported periods. Refer to Note B - Business Combination for
 further details.
 The Company's fiscal year end is September 30. All references to 2025, 2024 and 2023 represent balances as of September 30,
 2025, September 30, 2024, and September 30, 2023, or activity for the fiscal years then ended.
 Business Combinations. The Company applies the acquisition method of accounting for business combinations. Under the
 acquisition method, the acquiring entity recognizes the assets acquired and liabilities assumed at their acquisition date fair
 values. Management utilizes prevailing valuation techniques appropriate for the asset or liability being measured in determining
 these fair values. This method often involves estimates based on third party valuations based on discounted cash flow analyses
 or other valuation techniques, all of which are inherently subjective. Any excess of the purchase price over the fair value of net
 assets and other identifiable intangible assets acquired is recorded as goodwill. Assets acquired and liabilities assumed from
 contingencies must also be recognized at fair value if the fair value can be determined during the measurement period.
 Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. Fair values are subject to
 refinement over the measurement period, not to exceed one year after the closing date.
 Preferred stock. On February 8, 2021, in connection with an underwritten public offering, the Company issued 300,000 shares
 of 4.875 % Noncumulative Perpetual Series A Preferred Stock ("Series A Preferred Stock"). Net proceeds, after underwriting
 discounts and expenses, were $ 293,325,000. The public offering consisted of the issuance and sale of 12,000,000 depositary

 shares, each representing a 1/40 th interest in a share of the Series A Preferred Stock, at a public offering price of $ 25.00 per
 depositary share. Holders of the depositary shares are entitled to all proportional rights and preferences of the Series A
 Preferred Stock (including, dividend, voting, redemption and liquidation rights). The depositary shares are traded on the
 NASDAQ Global Select Market under the symbol "WAFDP." The Series A Preferred Stock is redeemable at the option of the
 Company, subject to all applicable regulatory approvals, on or after April 15, 2026.
 Cash and cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, overnight investments
 and repurchase agreements with an initial maturity of three months or less.
 Restricted cash balances. The Company was not required to maintain cash reserve balances with the Federal Reserve bank as
 of September 30, 2025. As of September 30, 2025 and September 30, 2024, the Bank held counterparty cash collateral of
 $ 118,400,000 and $ 168,200,000, respectively, related to derivative contracts.
 Equity investments. The Company records equity investments within Other assets in its Consolidated Statements of Financial
 Condition. These equity investments are accounted for under different methods.
 • Low-income housing tax credit ("LIHTC") investments are accounted for under the proportional amortization method.
 Under this method, the initial book value (gross commitment amount) of the investment is amortized over time in
 proportion to the projected tax benefits to be received. This amortization is a component of income tax expense. See
 Note N for more information about the Company's LIHTC investments.
 • For equity investments where the Company has significant influence, the Company applies the equity method of
 accounting, which adjusts the carrying value of the investment to recognize a proportionate share of the financial
 results of the investment entity, regardless of whether any distribution is made. Any adjustments to the fair value of
 these investments are recorded in other non-interest income in the Consolidated Statements of Operations.
 • For certain nonmarketable equity investments where the equity method of accounting is not applicable, the Company
 applies the fair value method. Any adjustments to the fair value of these investments are recorded in other income in
 the Consolidated Statements of Operations. Fair value is determined by reference to readily determinable market
 values, if applicable. As these investments do not have readily determinable fair values, they are generally accounted
 for at cost minus impairment, if any, plus or minus changes resulting from observable transactions involving the same
 or similar investments from the same issuer. This practice is referred to as the measurement alternative.
 • Equity investments in qualified real estate funds can use the net asset value ("NAV") expedient for fair value
 measurement. Under this method, the NAV is determined by the fund as fair value for the investment. At September
 30, 2025, equity investments held by the Company and recorded at NAV had a carrying amount of $ 35,564,000 and a
 remaining unfunded commitment of $ 13,388,000. These NAV based investments cannot be transferred without
 consent and we do not have redemption rights except in certain transformational events. Equity investments measured
 at NAV are not classified in the fair value hierarchy.
 Debt securities, including mortgage-backed securities. The Company accounts for debt securities in two categories: held-to-
 maturity ("HTM") and available-for-sale ("AFS"). Premiums and discounts on debt securities are deferred and recognized into
 income over the contractual life of the asset using the effective interest method.
 HTM securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold
 those securities to maturity. There are very limited circumstances under which securities in the HTM category can be sold
 without jeopardizing the cost basis of accounting for the remainder of the securities in this category.
 Available-for-sale securities are accounted for at fair value. Gains and losses realized on the sale of these securities are
 accounted for based on the specific identification method. Unrealized gains and losses for AFS securities are excluded from
 earnings and reported net of the related tax effect in the accumulated other comprehensive income component of shareholders'
 equity.
 Allowance for Credit Losses (HTM Debt Securities). For HTM debt securities, the Company is required to utilize the current
 expected credit loss methodology ("CECL") to estimate expected credit losses. Substantially all of the Company's HTM debt
 securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit
 and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not
 record an allowance for credit losses for these securities. As of September 30, 2025, the Company determined that the expected

 credit loss on its corporate and municipal bonds was immaterial, and therefore, an allowance for credit losses was not recorded.
 See Note C "Investment Securities" and Note F "Fair Value Measurements" for more information about HTM debt securities.
 Allowance for Credit Losses (Available-for-Sale Debt Securities). The impairment model for AFS debt securities differs
 from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather
 than amortized cost. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell,
 or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either
 criteria is met, the security's amortized cost basis is written down to fair value through income. For AFS debt securities where
 neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other
 factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any
 changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among
 other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from
 the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected
 is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited
 to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded
 through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses
 are recorded as a provision for (or recapture of) credit losses. Losses are charged against the allowance when management
 believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell
 is met. As of September 30, 2025, the Company determined that the unrealized loss positions in AFS securities were not the
 result of credit losses, and therefore, an allowance for credit losses was not recorded. See Note C "Investment Securities" and
 Note F "Fair Value Measurements" for more information about AFS debt securities.
 Loans receivable. Loans that are performing in accordance with their contractual terms are carried at the unpaid principal
 balance, net of premiums, discounts and net deferred loan fees. Net deferred loan fees include non-refundable loan origination
 fees less direct loan origination costs. Net deferred loan fees, premiums and discounts are amortized into interest income using
 either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. The straight-line
 method is only utilized for construction and other interest-only loans where the interest method isn't applicable. In addition to
 fees and costs for originating loans, various other fees and charges related to existing loans may occur, including prepayment
 charges, late charges and assumption fees.
 When a borrower fails to make a required payment on a loan, the Bank attempts to cure the deficiency by contacting the
 borrower. Contact is made after a payment is 30 days past its grace period. In most cases, deficiencies are cured promptly. If the
 delinquency is not cured within 90 days, the Bank may institute appropriate action to foreclose on the property. If foreclosed,
 the property is sold at a public sale and may be purchased by the Bank.
 Allowance for Credit Losses (Loans Receivable). The Company maintains an allowance for credit losses ("ACL") for the
 expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing,
 quarterly assessments by management. CECL requires an estimate of the credit losses expected over the life of an exposure (or
 pool of exposures). See Note E "Allowance for Losses on Loans" for details.
 The ACL consists of the allowance for loan losses and the reserve for unfunded commitments. The estimate of expected credit
 losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and
 supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting
 point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-
 specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience
 was based for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values
 that are reasonable and supportable.
 Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its
 ACL. The Company has designated two loan portfolio segments, commercial loans and consumer loans. These loan portfolio
 segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for
 monitoring and assessing credit risk. The commercial loan portfolio segment is disaggregated into five classes: multi-family,
 commercial real estate, commercial and industrial, construction, and land acquisition and development. The risk of loss for the
 commercial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial
 loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject

 to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated
 into five classes: single-family-residential mortgage, custom construction, consumer lot loans, home equity lines of credit, and
 other consumer. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and
 general economic factors. Each commercial and consumer loan portfolio class may also be further segmented based on risk
 characteristics.
 For most of our loan portfolio classes, the historical loss experience is determined using a cohort methodology. This method
 pools loans into groups ("cohorts") sharing similar risk characteristics and tracks each cohort's net charge-offs over the lives of
 the loans to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall
 historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for
 credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not
 sufficient historical loss information to calculate a meaningful historical loss rate using the cohort methodology. For any such
 loan portfolio class, the weighted-average remaining maturity ("WARM") methodology is being utilized until sufficient
 historical loss data is obtained. The WARM method multiplies an average annual loss rate by the expected remaining life of the
 loan pool to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class.
 The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative
 adjustments for each loan class consider the conditions over the period from which historical loss experience was based and are
 split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to
 portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other
 management factors and 2) reasonable and supportable forecast of future economic conditions and collateral values.
 The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries,
 nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by
 management and the results are used to consider a qualitative overlay to the quantitative baseline. The second qualitative
 adjustment noted above, economic conditions and collateral values, encompasses a one-year reasonable and supportable
 forecast period. The overlay adjustment for the reasonable and supportable forecast assumes an immediate reversion after the
 one-year forecast period to historical loss rates for the remaining life of the respective loan pool.
 The Company may establish a specific reserve for individually evaluated loans that do not share similar risk characteristics with
 the loans included in each respective loan pool if management deems it appropriate. If this occurs, these individually evaluated
 loans are removed from their respective pools. These loans typically represent collateral dependent loans, but may also include
 other non-performing loans.
 Collateral-Dependent Loans. A financial asset is considered collateral-dependent when the debtor is experiencing financial
 difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes
 of loans and leases deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses
 based on the collateral's fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan's
 carrying value to the collateral's fair value less cost to sell. Substantially all of the collateral consists of various types of real
 estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agricultural
 land; and vacant land.
 Modifications to Borrowers Experiencing Financial Difficulties. The Company will consider modifying the interest rates
 and terms of a loan if it determines that a modification is a better alternative to foreclosure. Most loan modifications to
 borrowers experiencing financial difficulty are accruing and performing loans where the borrower has approached the Company
 about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of
 success. Often a term extension is needed in the short term in order to evaluate the need for further action. Payment delays and
 interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option
 for restructured loans.
 For commercial loans, modifications could be any of the above-listed modification types available or a mix thereof.
 Modifications to extend the term, lower the payment amount or delay payment could be offered for the purposes of providing
 borrowers additional time to return to compliance with the terms of their loans. Renewals of commercial lines to borrowers
 experiencing financial difficulty are disclosed within Note D - Loans Receivable though many of these modifications are made
 in the normal course of business and not as a result of the borrower's difficulties.

 For consumer loans, modifications typically consist of minor payment delays or deferrals and may include a modification of the
 existing contractual rate or extension of the maturity date, or both, when it is determined the borrowers are likely to successfully
 maintain compliance with these modified loan terms.
 Non-accrual loans. Loans are placed on non-accrual status when, in the judgment of management, the probability of collection
 of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on non-accrual status, previously
 accrued but unpaid interest is deducted from interest income. The Company does not accrue interest on loans 90 days or more
 past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Company expects full
 collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to
 income in the period of recovery. A loan is charged-off when the loss is estimable, and it is confirmed that the borrower is not
 expected to be able to meet contractual obligations.
 If a consumer loan is on non-accrual status before being modified, it will stay on non-accrual status following restructuring until
 it has been performing for at least six months, at which point it may be moved to accrual status. For commercial loans, six
 consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some
 instances, after the required six consecutive payments are made, management will conclude that collection of the entire
 principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual status.
 Accrued interest receivable. The Company has made the following elections regarding accrued interest receivable ("AIR"):
 • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated
 statements of financial condition.
 • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related
 disclosure requirements.
 • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the
 Company does not reasonably expect to receive payment.
 • Not measuring an allowance for credit losses for accrued interest receivable due to the Company's policy of writing
 off uncollectible accrued interest receivable balances in a timely manner. We believe accrued interest receivable
 recorded as of September 30, 2025 is collectible.
 Off-balance-sheet credit exposures. Off-balance-sheet credit exposures for the Company include unfunded loan commitments
 and letters of credit from the Federal Home Loan Banks of both Des Moines and San Francisco ("FHLB-DM" and "FHLB-SF",
 respectively), which may be used as collateral for public funds deposits and as confirming letters of credit on letters of credit
 issued by the Bank. The reserve for unfunded commitments is recognized as a liability (other liabilities in the consolidated
 statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the
 consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-
 balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not
 recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is
 determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on
 those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the
 respective loan portfolio class. See Note N "Commitments and Contingencies" for details.
 Derivatives. The Company enters into derivative transactions to manage various risks and to accommodate the business
 requirements of its customers. The fair value of derivative instruments is recognized as either assets or liabilities on the
 consolidated balance sheet. All derivatives are evaluated at inception as to whether or not they are hedge accounting or non-
 hedge accounting relationships. For derivative instruments designated as non-hedge accounting activities, the change in fair
 value is recognized currently in earnings. The Company formally assesses, both at the hedge's inception and on an ongoing
 basis, whether the derivative instruments that are designated are highly effective in offsetting changes in fair values or cash
 flows of the hedged items.
 The Company has entered into commercial loan hedges, mortgage loan portfolio hedges and mortgage-backed securities hedges
 using interest rate swaps. These hedges qualify as fair value hedges under ASC 815 and provide for matching of the recognition
 of the gains and losses on the interest rate swap and the related hedged item to current earnings. The Company has also entered
 into interest rate swaps to convert a series of future short-term borrowings to fixed-rate payments. These interest rate swaps
 qualify as cash flow hedging instruments under ASC 815 so gains and losses are recorded in Other Comprehensive Income to
 the extent the hedge is effective. Gains and losses on the interest rate swaps are reclassified from OCI to earnings in the period

 the hedged transaction affects earnings and are included in the same income statement line item that the hedged transaction is
 recorded.
 The Company also executes interest rate swaps with certain customers who desire to convert their obligations from variable to
 fixed interest rates. Under these agreements, the Bank enters into a variable-rate loan agreement with a customer in addition to a
 swap agreement and then enters into a corresponding swap agreement with a third party in order to offset its exposure on the
 customer swap agreement. As the interest rate swap agreements with the customers and third parties are not designated as
 accounting hedges under ASC 815, the instruments are marked to market in earnings. The change in fair value of the offsetting
 swaps are included in other non-interest income and there is minimal impact on net income. There is fee income earned on the
 swaps that is included in loan fee income.
 Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed
 on the straight-line method over the estimated useful lives of the respective assets. Costs for improvements are capitalized.
 Charges for ordinary maintenance and repairs are expensed to operations as incurred.
 Business segments. As the Company manages its business and operations on a consolidated basis, management has determined
 that there is one operating and one reportable business segment. The Company's chief operating decision maker ("CODM") is
 the Chief Executive Officer who assesses performance and decides how to allocate resources based on consolidated net income.
 The CODM uses consolidated net income to evaluate income generation from segment assets in making decisions about the
 allocation of resources. The CODM is regularly provided with expense information at a level consistent with the Company's
 consolidated statements of income. The significant segment expenses are those presented within the consolidated statement of
 operations.
 Real estate owned. Real estate properties acquired through foreclosure of loans or through acquisitions are recorded initially at
 fair value less selling costs and are subsequently recorded at lower of cost or fair value. Costs for improvements are capitalized.
 Any gains (losses) and maintenance costs are recorded in Gain (loss) on real estate owned, net.
 Intangible assets. Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets
 acquired. Other intangibles, including core deposit intangibles, are acquired assets that lack physical substance but can be
 distinguished from goodwill. Goodwill is not amortized but is evaluated for potential impairment on an annual basis and
 between tests if circumstances such as material adverse changes in legal, business, regulatory and economic factors exist. We
 have determined our goodwill balance is all related to a single reporting unit and perform a quantitative impairment assessment.
 An impairment loss is recorded when the carrying amount of goodwill exceeds its implied fair value. If circumstances indicate
 that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. Other intangible assets
 are amortized over their estimated lives and are subject to impairment testing when events or circumstances change.
 The Company performed its annual impairment assessment as of August 31, 2025 and concluded the fair value of our single
 reporting unit exceeded its respective carrying value and did not result in impairment for the reporting unit. When performing
 the quantitative assessment of goodwill impairment, we estimated the fair value of our reporting unit using the market
 capitalization approach, based on our stock price, adjusted for the effect of a control premium.
 The Company continuously monitors for events and circumstances that could negatively impact the key assumptions in
 determining fair value. While the Company believes the judgments and assumptions used in the goodwill impairment test is
 reasonable, different assumptions or changes in general industry, market and macro-economic conditions could change the
 estimated fair values and, therefore, future impairment charges could be required, which could be material to the consolidated
 financial statements.
 As a result of the Merger, the Company recorded $ 107,890,000 in goodwill and $ 37,022,000 in core deposit intangible assets.
 Additional information on the Merger and purchase price allocation is provided in Note B "Business Combination". The core
 deposit intangible asset value was determined by an analysis of the cost differential between the core deposits acquired,
 inclusive of estimated servicing costs, and alternative funding sources for those deposits. The core deposit intangible asset
 recorded is amortized on an accelerated basis over 6 years. In addition to the effects of the Merger, the Company added a small
 amount of intangibles during fiscal 2024 and 2025 as the result of acquisitions made by subsidiary WAFD Insurance Group,
 Inc. No impairment losses separate from the scheduled amortization have been recognized in the periods presented.

 The table below provides detail regarding the Company's intangible assets.

 Goodwill

 Core Deposit and
 Other Intangibles

 Total

 Balance at September 30, 2023

 $ 304,750

 $ 5,869

 $ 310,619

 Additions

 106,610

 38,939

 145,549

 Amortization

 —

 ( 7,743)

 ( 7,743)

 Balance at September 30, 2024

 411,360

 37,065

 448,425

 Additions

 3,362

 3,542

 Amortization

 —

 ( 9,874)

 ( 9,874)

 Balance at September 30, 2025

 $ 414,722

 $ 27,371

 $ 442,093

 The table below presents the estimated future amortization expense of other intangibles for the next five years.

 Fiscal Year

 Expense

 2026

 $ 7,332

 2027

 5,582

 2028

 5,220

 2029

 5,127

 2030

 2,343

 Income taxes. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred
 tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements.
 Under this method, a deferred tax asset or liability is determined based on the temporary differences between the financial
 statement and corresponding tax treatment of income, gains, losses, deductions or credits using enacted tax rates in effect for
 the year in which the differences are expected to reverse. The provision for income taxes includes current and deferred income
 tax expense based on net income adjusted for temporary and permanent differences such as depreciation, loan loss reserve, tax-
 exempt interest, and affordable housing tax credits. Reserves for uncertain tax positions, together with any related interest and
 penalties, if applicable, and amortization of affordable housing tax credit investments are recorded within income tax expense.
 Accounting for stock-based compensation. We recognize in the statement of operations the grant-date fair value of stock
 options and other equity-based forms of compensation issued to employees over the employees' requisite service period
 (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and
 restricted stock awards generally vest ratably over two to five years and are recognized as expense over that same period of
 time. The exercise price of each option equals the market price of the Company's Common Stock on the date of the grant, and
 the maximum term is ten years.
 Certain grants of restricted stock are subject to performance-based and market-based vesting as well as other approved vesting
 conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent
 restricted stock awards are expected to vest. See Note Q "Stock Award Plans" for additional information.
 Regulatory matters. On October 9, 2013, the CFPB entered a Consent Order against the Bank that required the Bank to pay a
 civil money penalty of $ 34,000, and to adopt an enhanced compliance program related to reporting Home Mortgage Disclosure
 Act ("HMDA") data. On October 27, 2020 the CFPB entered a second Consent Order against the Bank for violations related to
 the Bank's HMDA reporting obligations. The 2020 Consent Order required the Bank to pay a $ 200,000 civil money penalty

 and develop and implement a HMDA compliance management system. Both HMDA Consent Orders were closed by the CFPB
 in September 2025.
 On December 27, 2024, the Bank received an overall CRA rating from the FDIC of "Needs to Improve" for the period covering
 June 3, 2020 to March 26, 2024. Based on its performance on the individual components of the CRA tests, the Bank received a
 "High Satisfactory" rating on both the Investment Test and the Service Test and a "Needs to Improve" rating on the Lending
 Test, which resulted in the overall "Needs to Improve" rating. The Bank disagrees with the overall CRA rating and has
 appealed the decision.
 New Accounting Pronouncements. In October 2023, the FASB issued ASU 2023-06 Disclosure Improvements: Codification
 Amendments in Response to the SEC's Disclosure Update and Simplification Initiative to clarify or improve disclosure and
 presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with
 the SEC. The amendments will be effective for the Company only if the SEC removes the related disclosure requirement from
 its existing regulations no later than June 30, 2027. If the SEC timely removes such a related requirement from its existing
 regulations, the corresponding amendments within the ASU will become effective for the Company on the same date with early
 adoption permitted. The Company does not expect the amendments in this update to have a material impact on our consolidated
 financial statements.
 In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This accounting standards
 update will require public companies to disclose, in the notes to financial statements, specified information about certain costs
 and expenses at each interim and annual reporting period. As clarified by the FASB in ASU 2025-01, the amendments of ASU
 2024-03 are effective for fiscal years beginning after December 15, 2026, and for quarterly reporting beginning after December
 15, 2027. Early adoption is permitted. The Company does not expect this ASU to have a material effect on our consolidated
 financial statements.
 In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-use Software. This
 ASU eliminates the concept of a software development project stage to better address an agile method of development and
 introduces a new threshold for cost capitalization. The standard also provides factors to consider when determining whether
 significant development uncertainty exists. The amendments of ASU 2024-03 are effective for annual reporting periods
 beginning after December 15, 2027. Early adoption is permitted as of the beginning of the annual period. The Company does
 not expect this ASU to have a material effect on our consolidated financial statements.

 NOTE B - BUSINESS COMBINATION
 On March 1, 2024, WaFd, Inc. acquired Luther Burbank, headquartered in Santa Rosa, California. The Merger was effectively
 an all-stock transaction and has been accounted for as a business combination. Pursuant to the Merger Agreement, on the
 Merger Date, each holder of LBC common stock received 0.3353 of a share of WaFd common stock for each share of LBC
 common stock held. As of the Merger Date, WaFd had 64,311,764 shares of common stock outstanding and issued 17,088,886
 shares of WaFd common stock to the LBC shareholders which represents approximately 21 % of the voting interests in WaFd,
 Inc. upon completion of the Merger.
 The purchase price for purposes of the transaction accounting adjustments is calculated based on the number of shares of WaFd
 stock issued to LBC shareholders and the closing share price on the Merger Date as shown in the following table (amounts in
 thousands except share and per share data).

 Number of WaFd shares issued to LBC shareholders

 17,089

 WaFd market price per share on February 29, 2024

 $ 27.24

 Purchase price of shares issued to LBC shareholders

 $ 465,501

 Cash in lieu of fractional shares

 $ 3

 Purchase price consideration

 $ 465,504

 The Merger was accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed in the
 Merger were recorded at their respective acquisition date estimated fair values and have been adjusted subsequent to the Merger
 Date based on new information. In many cases, the determination of fair value required management to make estimates about
 discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and
 subject to change. As of March 1st 2025, the Company had finalized its valuation of all assets acquired and liabilities assumed
 in connection with the Merger.

 March 1, 2024

 Total merger consideration

 $ 465,504

 Fair value of assets acquired

 Cash and cash equivalents

 $ 627,403

 Investment securities

 518,878

 Loans receivable

 3,186,891

 Loans held for sale

 3,017,506

 Interest receivable

 25,697

 Premises and equipment

 6,436

 FHLB stock

 35,831

 Bank owned life insurance

 17,781

 Intangible assets

 37,022

 Deferred tax asset, net

 125,151

 75,398

 Total assets acquired

 $ 7,673,994

 Fair value of liabilities assumed

 Customer accounts

 $ 5,640,440

 1,432,138

 Junior subordinated deferrable interest debentures

 50,175

 Senior Debt

 93,514

 Accrued expenses and other liabilities

 100,113

 Total liabilities assumed

 $ 7,316,380

 Net Assets Acquired

 $ 357,614

 Goodwill

 $ 107,890

 In connection with the Merger, the Company recorded approximately $ 107,890,000 of goodwill. Goodwill represents the
 excess of the purchase price over the fair value of the assets acquired net of fair value of liabilities assumed. Information
 regarding goodwill and the carrying amount and amortization of intangible assets is provided in Note A.
 The following is a description of the methods used to determine the fair values of significant assets and liabilities presented
 above.
 Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value based on the short-
 term nature of these assets.
 Investment securities – Fair values for investment securities are based on quoted market prices. The actual sales prices of
 securities were used for those securities sold in March 2024, shortly after the Merger, rather than the quoted market price as
 sales prices were determined to be the best indicator of fair value.

 Loans receivable – A valuation of the loans held for investment portfolio was performed by a third party as of the Merger Date
 to assess the fair value. The loans held for investment portfolio was segmented into three groups, including performing
 purchased credit deteriorated ("PCD") loans, non-performing PCD loans and non-PCD loans. The loans were further pooled
 based on loan type and interest rate terms. The loans were valued at the pool level using a discounted cash flow methodology.
 The methodology included projecting cash flows based on the contractual terms of the loans and the cash flows were adjusted
 to reflect credit loss expectations along with prepayments. Discount rates were developed based on the relative risk of the cash
 flows, taking into consideration the loan type, market rates as of the valuation date, recent originations in the portfolio, credit
 loss expectations, and liquidity expectations. Lastly, cash flows adjusted for credit loss expectations were discounted to present
 value and summed to arrive at the fair value of the loans.
 The Company is required to record PCD assets, defined as a more-than-insignificant deterioration in credit quality since
 origination or issuance, at the purchase price plus the allowance for credit losses expected at the time of acquisition. Under this
 method, there is no credit loss expense affecting net income on acquisition of PCD assets. Changes in estimates of expected
 credit losses after acquisition are recognized in subsequent periods as provision for credit losses (or recapture of credit losses)
 arises. Any non-credit discount or premium resulting from acquiring a pool of purchased financial assets with credit
 deterioration is allocated to each individual asset. At the Merger Date, the initial allowance for credit losses, determined on a
 collective basis, is allocated to individual assets to appropriately allocate any non-credit discount or premium. The non-credit
 discount or premium, after the adjustment for the allowance for credit losses, is accreted to interest income using the interest
 method based on the effective interest rate determined at the Merger Date.
 Of the $ 3.2 billion net loans held for investment acquired, $ 293 million were identified as PCD loans on the Merger Date. The
 following table provides a summary of these PCD loans at acquisition:

 March 1, 2024

 Principal of PCD loans acquired

 $ 293,204

 PCD ACL at acquisition

 ( 7,403)

 Non-credit discount on PCD loans

 ( 45,869)

 Fair value of PCD loans

 $ 239,932

 Loans held for sale – The loans held for sale portfolio was recorded at fair value based on quotes or bids from third parties.
 Premises and equipment - The fair values of premises are based on a market approach by obtaining third-party appraisals and
 broker opinions of value for land, office and branch space.
 Core deposit intangible – The core deposit intangible represents the low cost of funding acquired core deposits provide relative
 to the Company's marginal cost of funds. The fair value was estimated based on a cost savings methodology that gave
 consideration to expected customer attrition rates, net maintenance cost of the deposit base, interest costs associated with
 customer deposits, and the alternative cost of funds. The estimated fair value was grossed-up for the expected tax amortization
 benefit. The intangible asset is being amortized over 6 years using an accelerated method, based upon the period over which
 estimated economic benefits are estimated to be received.
 Customer Accounts – The fair values used for the demand and savings deposits equal the amount payable on demand at the
 Merger Date. The fair value of time deposits is estimated by discounting the estimated future cash flows using current rates
 offered for deposits with similar remaining maturities.
 Borrowings – The fair value of Federal Home Loan Bank ("FHLB") advances and Federal Reserve Bank ("FRB") borrowings
 is estimated by discounting the estimated future cash flows using rates currently available to the Company for debt with similar
 remaining maturities.

 The Company's operating results for the year ended September 30, 2024 include the operating results produced by the acquired
 assets and assumed liabilities in the Merger for the period March 1, 2024 to September 30, 2024.
 The following table shows the impact of merger-related expenses for the years ended September 30, 2025 and September 30,
 2024.

 Year Ended

 Merger-Related Expenses

 Severance and employee-related

 $ —

 $ 18,846

 Legal and Professional

 5,573

 Charitable contributions

 —

 1,000

 System conversion and integration

 $ 239

 $ 26,319

 The following table presents unaudited pro forma information as if the Merger had occurred on October 1, 2022. The pro forma
 adjustments give effect to any change in interest income due to the accretion of the discount (premium) associated with the fair
 value adjustments to acquired loans, any change in interest expense due to estimated premium amortization/discount accretion
 associated with the fair value adjustment to acquired interest-bearing deposits, borrowings and long-term debt and the
 amortization of the core deposit intangible that would have resulted had the deposits been acquired as of October 1, 2022. The
 pro forma information is not indicative of what would have occurred had the Merger occurred as of the beginning of the year
 prior to the Merger Date. The pro forma amounts below do not reflect the Company's expectations as of the date of the pro
 forma information of further operating cost savings and other business synergies expected to be achieved, including revenue
 growth as a result of the Merger. As a result, actual amounts differed from the unaudited pro forma information presented.

 Unaudited Pro Forma for the
 Year Ended

 September 30, 2023

 Net-interest income

 $ 710,644

 $ 833,957

 Non-interest income

 63,371

 56,331

 207,689

 291,832

 NOTE C - INVESTMENT SECURITIES

 The tables below provide detail regarding the amortized cost and fair value of available-for-sale and held-to-maturity
 investment securities.

 Amortized
 Cost

 Gross Unrealized

 Fair
 Value

 Yield

 Gains

 Losses

 U.S. government and agency securities due

 $ 1,687

 $ —

 $ ( 29)

 $ 1,658

 2.05 %

 —

 —

 5.00

 158,026

 ( 295)

 157,893

 4.95

 75,887

 ( 227)

 75,823

 5.52

 Asset-backed securities due

 10,492

 —

 ( 163)

 10,329

 5.12

 3,945

 —

 3,952

 5.27

 491,734

 1,702

 ( 1,383)

 492,053

 5.36

 Corporate debt securities due

 32,821

 —

 ( 2,047)

 30,774

 4.95

 128,015

 ( 6,566)

 121,763

 4.37

 Municipal bonds due

 25,659

 ( 179)

 25,730

 5.71

 9,754

 —

 ( 226)

 9,528

 4.57

 2,603,873

 38,399

 ( 39,119)

 3.83

 3,542,438

 40,997

 ( 50,234)

 4.17

 Held-to-maturity securities

 645,802

 4,073

 ( 37,136)

 612,739

 3.85

 $ 4,188,240

 $ 45,070

 $ ( 87,370)

 $ 4,145,940

 4.12 %

 Amortized
 Cost

 Gross Unrealized

 Fair
 Value

 Yield

 Gains

 Losses

 U.S. government and agency securities due

 $ 4,360

 $ 4

 $ —

 $ 4,364

 5.58 %

 4,640

 ( 124)

 4,518

 2.82

 166,070

 1,230

 —

 167,300

 5.97

 137,799

 ( 171)

 138,022

 6.29

 Asset-backed securities due

 11,466

 —

 ( 284)

 11,182

 6.04

 9,631

 —

 ( 3)

 9,628

 6.20

 520,756

 ( 2,041)

 519,315

 6.15

 Corporate debt securities due

 45,024

 —

 ( 367)

 44,657

 4.61

 99,244

 —

 100,221

 5.39

 112,029

 —

 ( 10,625)

 101,404

 3.87

 50,000

 —

 —

 50,000

 6.85

 Municipal bonds due

 5,689

 —

 ( 243)

 5,446

 3.00

 29,793

 —

 ( 166)

 29,627

 5.85

 1,420,376

 7,324

 ( 40,675)

 4.09

 2,616,877

 10,531

 ( 54,699)

 4.87

 Held-to-maturity securities

 436,972

 ( 36,839)

 401,046

 3.18

 $ 3,053,849

 $ 11,444

 $ ( 91,538)

 $ 2,973,755

 4.63 %

 The Company purchased $ 1,482,058,000 of available-for-sale investment securities and $ 261,842,000 held-to-maturity
 investment securities during 2025. Sales of available-for-sale securities totaled $ 797,000 and there were no sales of held-to-
 maturity investment securities in 2025. Substantially all mortgage-backed securities have contractual due dates that exceed 15
 years.
 The Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this footnote. For
 AFS securities, AIR totaled $ 11,057,000 and $ 9,311,000 as of September 30, 2025 and September 30, 2024, respectively. For
 HTM debt securities, AIR totaled $ 2,089,000 and $ 1,154,000 as of September 30, 2025 and September 30, 2024, respectively.
 AIR is included in the " interest receivable " line item on the Company's consolidated statements of financial condition.
 The following tables show the gross unrealized losses and fair value of securities as of September 30, 2025 and September 30,
 2024, by length of time that individual securities in each category have been in a continuous loss position. There were 213 and
 209 securities with an unrealized loss as of September 30, 2025 and September 30, 2024, respectively. The decline in fair value
 since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does
 not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis,
 which may be upon maturity, the Company does not consider these investments to be impaired.

 Less than 12 months

 12 months or more

 Total

 Fair
 Value

 Fair
 Value

 Fair
 Value

 $ ( 119)

 $ 19,881

 $ ( 8,495)

 $ 102,342

 $ ( 8,614)

 $ 122,223

 Municipal bonds

 —

 —

 ( 405)

 15,008

 ( 405)

 15,008

 U.S. government and agency

 ( 483)

 143,444

 ( 127)

 35,211

 ( 610)

 178,655

 ( 62)

 34,932

 ( 1,424)

 135,315

 ( 1,486)

 170,247

 ( 782)

 81,025

 ( 38,337)

 653,800

 ( 39,119)

 734,825

 ( 1,446)

 279,282

 ( 48,788)

 941,676

 ( 50,234)

 1,220,958

 Held-to-maturity securities

 —

 —

 ( 37,136)

 310,597

 ( 37,136)

 310,597

 $ ( 1,446)

 $ 279,282

 $ ( 85,924)

 $ 1,252,273

 $ ( 87,370)

 $ 1,531,555

 Less than 12 months

 12 months or more

 Total

 Fair
 Value

 Fair
 Value

 Fair
 Value

 $ —

 $ —

 $ ( 10,993)

 $ 146,060

 $ ( 10,993)

 $ 146,060

 Municipal bonds due

 ( 15)

 19,985

 ( 394)

 15,088

 ( 409)

 ( 249)

 116,173

 ( 2,373)

 235,846

 ( 2,622)

 352,019

 ( 165)

 103,283

 ( 40,510)

 728,968

 ( 40,675)

 832,251

 ( 429)

 239,441

 ( 54,270)

 1,125,962

 ( 54,699)

 1,365,403

 Held-to-maturity securities

 —

 —

 ( 36,839)

 348,573

 ( 36,839)

 348,573

 $ ( 429)

 $ 239,441

 $ ( 91,109)

 $ 1,474,535

 $ ( 91,538)

 $ 1,713,976

 Substantially all of the Company's held-to-maturity debt securities are issued by U.S. government agencies or U.S.
 government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and
 have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities
 as of September 30, 2025 or September 30, 2024. The Company does not consider HTM investments to have any credit
 impairment.
 The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position have any credit
 loss impairment as of September 30, 2025 or September 30, 2024. The Company does not intend to sell the investment
 securities that were in an unrealized loss position and it is not more likely than not that the Company will be required to sell the
 investment securities before recovery of their amortized cost basis, which may be at maturity. Available-for-sale debt securities
 issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of
 the U.S. government and have a long history of zero credit loss. Corporate debt securities and municipal bonds are considered
 to have an issuer of high credit quality and the decline in fair value is due to changes in interest rates and other market
 conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to
 recover as the bonds approach maturity.

 NOTE D - LOANS RECEIVABLE
 For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the
 allowance for credit losses, see Note A "Summary of Significant Accounting Policies" above.
 The Company's loans held for investment are divided into two portfolio segments, commercial loans and consumer loans, with each of
 those segments further split into loan classes for purposes of estimating the allowance for credit losses.
 The following table is a summary of loans receivable by loan portfolio segment and class.

 Gross loans by category

 $ 4,718,480

 22.2 %

 $ 4,658,119

 20.8 %

 3,604,600

 16.9

 3,757,040

 16.8

 2,392,685

 11.3

 2,337,139

 10.4

 1,756,890

 8.3

 2,174,254

 9.7

 179,099

 0.8

 200,713

 1.0

 12,651,754

 59.5

 13,127,265

 58.7

 8,053,771

 37.8

 8,399,030

 37.6

 150,237

 0.7

 384,161

 1.7

 89,298

 0.4

 108,791

 0.5

 HELOC

 267,871

 1.3

 266,151

 1.2

 61,461

 0.3

 73,998

 0.3

 8,622,638

 40.5

 9,232,131

 41.3

 21,274,392

 100 %

 22,359,396

 100 %

 Less:

 Allowance for loan losses

 199,720

 203,753

 Loans in process

 773,606

 1,009,798

 Net deferred fees, costs and discounts

 212,448

 229,491

 Total loan contra accounts

 1,185,774

 1,443,042

 Net loans

 $ 20,088,618

 The Company elected to exclude AIR from the amortized cost basis of loans for disclosure purposes and from the calculations of
 estimated credit losses. As of September 30, 2025 and September 30, 2024, AIR for loans totaled $ 85,444,000 and $ 92,362,000,
 respectively, and is included in the " accrued interest receivable " line item on the Company's consolidated statements of financial
 condition.
 Loans in the amount of $ 13,732,150,000 and $ 16,957,014,000 at September 30, 2025 and September 30, 2024, respectively, were
 pledged to secure borrowings and available lines of credit. None of the agencies to which we have pledged loans have the right to sell
 or re-pledge them.

 The following summary breaks down the Company's fixed rate and adjustable rate loans by time to maturity or to rate adjustment. The
 table below does not account for fixed rate loans that are swapped to floating using derivatives. See Note G for details regarding fair
 value hedges of individual fixed rate commercial loans and also hedges of a specified portion of pools of prepayable fixed rate
 mortgage loans under the "last of layer" method.

 Fixed-Rate

 Adjustable-Rate

 Term To Maturity

 Loans

 % of Loans

 Term To Rate Adjustment

 Loans

 % of Loans

 $ 532,838

 2.6 %

 Less than 1 year

 $ 6,415,163

 31.6 %

 1 to 3 years

 808,581

 4.0

 1 to 3 years

 1,617,496

 8.0

 3 to 5 years

 1,125,285

 5.5

 3 to 5 years

 665,213

 3.3

 2,065,111

 10.2

 188,729

 0.9

 10 to 20 years

 1,104,003

 5.4

 10 to 20 years

 7,492

 0.1

 Over 20 years

 5,755,688

 28.4

 Over 20 years

 2,739

 —

 $ 11,391,506

 56.1 %

 $ 8,896,832

 43.9 %

 The Company has granted loans to officers and directors of the Company and related interests. These loans are made on the same
 terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do
 not involve more than the normal risk of collectability. The aggregate dollar amount of these loans, including unfunded commitments
 to lend, was $ 89,608,000 and $ 98,271,000 at September 30, 2025 and 2024, respectively. As of September 30, 2025, all of these loans
 were performing in accordance with contractual terms.
 The following table sets forth the amortized cost basis of loans receivable for non-accrual loans and loans 90 days or more past due
 and still accruing.

 (In thousands, except ratio data)

 Non-accrual

 Non-accrual
 with no ACL

 90 days or
 more past due
 and accruing

 Non-accrual

 Non-accrual
 with no ACL

 90 days or
 more past due
 and accruing

 $ 19,121

 $ —

 $ —

 $ 18,743

 $ —

 $ —

 69,972

 —

 —

 26,362

 —

 —

 11,047

 —

 —

 —

 —

 1,083

 3,400

 —

 —

 1,120

 —

 —

 —

 —

 —

 —

 —

 103,540

 —

 —

 46,299

 —

 1,083

 23,741

 —

 —

 21,488

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 HELOC

 —

 —

 —

 —

 —

 —

 —

 —

 25,088

 —

 —

 23,242

 —

 —

 Total loans

 $ 128,628

 $ —

 $ —

 $ 69,541

 $ —

 $ 1,083

 % of total loans

 0.63 %

 0.33 %

 The following tables break down loan delinquencies by loan portfolio segment and class.

 Days Delinquent Based on $ Amount of Loans

 % based
 on $

 Loans
 Receivable
 (Amortized
 Cost)

 Total Past
 Due

 $ 4,610,677

 $ —

 $ 12,482

 $ 8,162

 $ 20,644

 0.45 %

 3,588,950

 3,537,909

 50,042

 51,041

 1.42

 Commercial & Industrial

 2,386,363

 2,385,178

 1,088

 1,185

 0.05

 1,105,101

 1,105,101

 —

 —

 —

 —

 —

 Land - Acquisition & Development

 —

 —

 —

 —

 —

 11,851,657

 11,778,787

 14,482

 58,249

 72,870

 0.61

 7,936,931

 7,890,843

 16,639

 6,176

 23,273

 46,088

 0.58

 Construction - Custom

 78,243

 77,483

 —

 —

 0.97

 Land - Consumer Lot Loans

 88,696

 88,364

 0.37

 HELOC

 271,286

 269,104

 1,432

 2,182

 0.80

 61,525

 61,172

 0.57

 8,436,681

 8,386,966

 18,419

 6,722

 24,574

 49,715

 0.59

 $ 20,288,338

 $ 20,165,753

 $ 18,558

 $ 21,204

 $ 82,823

 $ 122,585

 0.60 %

 Delinquency %

 99.40 %

 0.09 %

 0.10 %

 0.41 %

 0.60 %

 Days Delinquent Based on $ Amount of Loans

 % based
 on $

 Loans Receivable
 (Amortized Cost)

 Total Past
 Due

 $ 4,556,200

 $ 4,541,527

 $ —

 $ 4,890

 $ 9,783

 $ 14,673

 0.32 %

 3,732,155

 3,731,494

 —

 0.02

 Commercial & Industrial

 2,332,732

 2,330,686

 —

 1,023

 1,023

 2,046

 0.09

 1,424,016

 1,421,966

 —

 1,120

 2,050

 0.14

 Land - Acquisition & Development

 160,317

 160,243

 —

 —

 0.05

 12,205,420

 12,185,916

 1,019

 5,913

 12,572

 19,504

 0.16

 8,280,300

 8,250,589

 3,927

 7,540

 18,244

 29,711

 0.36

 Construction - Custom

 182,415

 181,567

 —

 —

 0.46

 Land - Consumer Lot Loans

 —

 —

 —

 —

 —

 HELOC

 269,857

 267,347

 1,387

 2,510

 0.93

 74,055

 73,290

 1.03

 8,914,687

 8,880,853

 5,625

 8,261

 19,948

 33,834

 0.38

 $ 21,120,107

 $ 21,066,769

 $ 6,644

 $ 14,174

 $ 32,520

 $ 53,338

 0.25 %

 Delinquency %

 99.75 %

 0.03 %

 0.07 %

 0.15 %

 0.25 %

 Loans are considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be
 provided substantially through the sale or operation of the collateral. The following table presents the amortized basis of collateral-
 dependent loans by loan class and type of collateral securing the assets as of September 30, 2025.

 Collateral dependent loans by type

 Residential Real Estate

 General Business Assets

 $ —

 $ 23,856

 $ —

 —

 88,908

 —

 Commercial & Industrial

 —

 —

 11,000

 —

 3,400

 —

 Land - Acquisition & Development

 —

 —

 —

 —

 116,164

 11,000

 3,257

 —

 —

 Construction - Custom

 —

 —

 Land - Consumer Lot Loans

 —

 —

 HELOC

 —

 —

 —

 —

 —

 4,074

 —

 —

 $ 4,074

 $ 116,164

 $ 11,000

 Loans may be modified as the result of borrowers experiencing financial difficulty needing relief from the contractual terms of their
 loan. Most loan modifications to borrowers experiencing financial difficulty are accruing and performing loans where the borrower
 has approached the Company about modification due to temporary financial difficulties. Each request for modification is individually
 evaluated for merit and likelihood of success. Often a term extension is needed in the short term in order to evaluate the need for
 further corrective action. Payment delays and interest-only payments may also be approved during the modification period. Principal
 forgiveness is not an available option for restructured loans.
 For commercial loans, modifications could be any of the above-listed modification types available or a mix thereof. Modifications to
 extend the term, lower the payment amount or delay payment are made for the purposes of providing borrowers additional time to
 return to compliance with the terms of their loans. Renewals of commercial lines to borrowers experiencing financial difficulty are
 included within the disclosures below though many of these are made in the normal course of business.
 For consumer loans, modifications typically consist of minor payment delays or deferrals and may include a modification of the
 existing contractual rate or extension of the maturity date, or both, when it is determined the borrowers are likely to successfully
 maintain compliance with these modified loan terms.
 The following table presents the amortized basis of loans that were modified to borrowers experiencing financial difficulty during the
 period by loan class and modification type. Modifications during the years presented were term extensions or payment deferrals.

 Twelve Months Ended September 30, 2025

 Term Extension

 Payment Deferral

 % of Total
 Loan Class

 Wtd. Avg.
 Term Extension

 Deferral Amount

 (in months)

 $ 21,762

 $ —

 0.46 %

 $ —

 15,000

 17,560

 0.90

 1,014

 57,431

 —

 2.40

 —

 19,432

 3,400

 0.02

 113,625

 20,960

 1.13

 1,134

 8,275

 0.11 %

 8,275

 0.10

 $ 114,071

 $ 29,235

 0.70 %

 $ 1,370

 Twelve months ended September 30, 2024

 Term Extension

 Payment Deferral

 % of Total
 Loan Class

 Wtd. Avg.
 Term Extension

 Deferral Amount

 (in months)

 $ 23,449

 $ —

 0.63 %

 $ —

 61,074

 —

 2.62

 —

 19,087

 —

 1.34

 —

 103,610

 —

 0.85

 —

 —

 0.01

 —

 —

 0.01

 —

 $ 104,492

 $ —

 0.49 %

 $ —

 The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to
 understand the effectiveness of modification efforts. The following table presents the performance of such loans that have been
 modified for the twelve months ended September 30, 2025 and September 30, 2024, respectively.

 Days Delinquent

 Total

 $ 21,762

 $ —

 $ —

 $ —

 $ 21,762

 32,560

 —

 —

 —

 32,560

 57,409

 —

 —

 57,431

 22,832

 —

 —

 —

 22,832

 134,563

 —

 —

 134,585

 8,274

 —

 —

 8,720

 8,274

 —

 —

 8,720

 $ 142,837

 $ 22

 $ 446

 $ —

 $ 143,305

 Days Delinquent

 Total

 $ 23,449

 $ —

 $ —

 $ —

 $ 23,449

 58,999

 —

 1,083

 61,074

 19,087

 —

 —

 —

 19,087

 101,535

 —

 1,083

 103,610

 —

 —

 —

 —

 —

 —

 $ 102,417

 $ —

 $ 992

 $ 1,083

 $ 104,492

 None of the loans modified in the twelve months ended September 30, 2025 have defaulted after modification as of September 30,
 2025 and only one single-family residential loan with a balance of $ 446,000 was past due 30 days.
 We evaluate the credit quality of our commercial loans based on regulatory risk ratings and also consider other factors. It is important
 to note, just because a loan is risk-rated below a "pass" rating, it does not necessarily indicate there will be future charge-offs on that
 loan. Loans are downgraded because of either borrower specific or industry-wide financial or operating stresses. Based on this
 evaluation, the loans are assigned a grade and classified as follows:
 • Pass – the credit does not meet one of the definitions below.
 • Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss
 of principal or interest is foreseen; however, proper supervision and management attention is required to deter further
 deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of
 justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of
 the circumstances surrounding a specific asset.

 • Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy
 due to the existence of one or more well defined weaknesses. In these situations, loss of principal is likely if the weakness is
 not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower
 or of the collateral pledged, if any. Assets so classified will have a well-defined weakness or weaknesses that jeopardize the
 collection or liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not
 have to exist in individual assets risk rated substandard.
 • Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added
 characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and
 values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably
 specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss
 is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation
 procedures, capital injection, perfecting liens on additional collateral, and refinancing plans.
 • Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is
 not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not
 practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should
 be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if
 the collateral offers some identifiable protection.
 The following tables present by credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable
 as of September 30, 2025 and September 30, 2024.

 Term Loans Amortized Cost Basis by Origination Year

 2025

 2024

 2023

 2022

 2021

 Prior to
 2021

 Loans

 to Term
 Loans

 Pass

 $ 51,779

 $ 91,285

 $ 431,401

 $ 1,521,149

 $ 1,154,189

 $ 1,066,496

 $ 21,048

 $ —

 $ 4,337,347

 —

 —

 8,225

 44,350

 13,686

 70,556

 —

 —

 136,817

 2,334

 —

 9,166

 51,486

 12,661

 78,158

 1,002

 —

 154,807

 —

 —

 —

 —

 —

 2,350

 —

 —

 2,350

 Total

 $ 54,113

 $ 91,285

 $ 448,792

 $ 1,616,985

 $ 1,180,536

 $ 1,217,560

 $ 22,050

 $ —

 —

 —

 —

 —

 —

 Pass

 $ 311,687

 $ 226,269

 $ 231,132

 $ 997,347

 $ 550,234

 $ 987,607

 $ 33,688

 $ 1,098

 $ 3,339,062

 —

 —

 —

 27,900

 21,928

 11,752

 —

 —

 61,580

 —

 —

 15,484

 15,035

 83,665

 71,343

 —

 —

 185,527

 —

 —

 —

 —

 —

 2,781

 —

 —

 2,781

 Total

 $ 311,687

 $ 226,269

 $ 246,616

 $ 1,040,282

 $ 655,827

 $ 1,073,483

 $ 33,688

 $ 1,098

 $ 3,588,950

 —

 —

 —

 —

 9,489

 —

 —

 9,652

 Pass

 $ 263,637

 $ 46,817

 $ 113,824

 $ 147,522

 $ 227,043

 $ 184,325

 $ 1,066,532

 $ 37,050

 $ 2,086,750

 —

 1,975

 —

 16,396

 —

 16,176

 10,451

 —

 44,998

 35,490

 3,042

 21,527

 24,733

 1,725

 32,281

 130,613

 5,180

 254,591

 Loss

 —

 —

 —

 —

 —

 Total

 $ 299,127

 $ 51,834

 $ 135,361

 $ 188,651

 $ 228,768

 $ 232,785

 $ 1,207,596

 $ 42,241

 $ 2,386,363

 —

 —

 —

 —

 1,291

 Pass

 $ 169,743

 $ 171,558

 $ 221,207

 $ 346,051

 $ 66,878

 $ —

 $ 116,245

 $ —

 $ 1,091,682

 —

 —

 —

 4,435

 —

 —

 —

 —

 4,435

 —

 —

 5,380

 3,400

 —

 —

 —

 8,984

 Total

 $ 169,743

 $ 171,762

 $ 221,207

 $ 355,866

 $ 70,278

 $ —

 $ 116,245

 $ —

 $ 1,105,101

 Pass

 $ 48,379

 $ 18,650

 $ 11,026

 $ 27,172

 $ 33,060

 $ 1,376

 $ —

 $ —

 $ 139,663

 —

 —

 —

 —

 —

 —

 —

 Total

 $ 48,379

 $ 18,650

 $ 11,026

 $ 27,172

 $ 33,060

 $ 1,635

 $ —

 $ —

 $ 139,922

 Pass

 $ 845,225

 $ 554,579

 $ 1,008,590

 $ 3,039,241

 $ 2,031,404

 $ 2,239,804

 $ 1,237,513

 $ 38,148

 $ 10,994,504

 —

 1,975

 8,225

 93,081

 35,614

 98,484

 10,451

 —

 247,830

 37,824

 3,246

 46,177

 96,634

 101,451

 182,041

 131,615

 5,180

 604,168

 —

 —

 —

 —

 —

 5,131

 —

 —

 5,131

 Loss

 —

 —

 —

 —

 —

 Total

 $ 883,049

 $ 559,800

 $ 1,063,002

 $ 3,228,956

 $ 2,168,469

 $ 2,525,463

 $ 1,379,579

 $ 43,339

 $ 11,851,657

 $ 381

 $ 307

 $ —

 $ 163

 $ 271

 $ 10,212

 $ —

 $ 164

 $ 11,498

 Term Loans Amortized Cost Basis by Origination Year

 2025

 2024

 2023

 2022

 2021

 Prior to
 2021

 Loans

 to Term
 Loans

 Total
 Loans

 $ 202,919

 $ 353,679

 $ 786,634

 $ 2,143,244

 $ 1,912,465

 $ 2,491,902

 $ —

 $ —

 $ 7,890,843

 1,751

 1,061

 7,107

 5,369

 —

 —

 16,639

 —

 3,804

 —

 —

 6,176

 —

 3,711

 4,414

 13,337

 —

 —

 23,273

 Total

 $ 203,321

 $ 356,002

 $ 790,163

 $ 2,148,708

 $ 1,924,325

 $ 2,514,412

 $ —

 $ —

 $ 7,936,931

 —

 —

 —

 —

 —

 —

 —

 $ 34,932

 $ 33,380

 $ 5,256

 $ 3,915

 $ —

 $ —

 $ —

 $ —

 $ 77,483

 —

 —

 —

 —

 —

 —

 —

 Total

 $ 34,932

 $ 33,380

 $ 5,256

 $ 4,675

 $ —

 $ —

 $ —

 $ —

 $ 78,243

 $ 6,175

 $ 14,686

 $ 9,091

 $ 19,489

 $ 20,373

 $ 18,550

 $ —

 $ —

 $ 88,364

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total

 $ 6,175

 $ 14,686

 $ 9,151

 $ 19,544

 $ 20,567

 $ 18,573

 $ —

 $ —

 $ 88,696

 HELOC

 $ —

 $ —

 $ —

 $ —

 $ —

 $ 4,276

 $ 262,581

 $ 2,247

 $ 269,104

 —

 —

 —

 —

 —

 1,183

 1,432

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total

 $ —

 $ —

 $ —

 $ —

 $ —

 $ 4,602

 $ 264,333

 $ 2,351

 $ 271,286

 $ 158

 $ 30

 $ 17

 $ —

 $ 7,507

 $ 22,365

 $ 31,095

 $ —

 $ 61,172

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total

 $ 158

 $ 30

 $ 17

 $ —

 $ 7,507

 $ 22,461

 $ 31,352

 $ —

 $ 61,525

 —

 —

 —

 —

 1,252

 1,334

 $ 244,184

 $ 401,775

 $ 800,998

 $ 2,166,648

 $ 1,940,345

 $ 2,537,093

 $ 293,676

 $ 2,247

 $ 8,386,966

 1,751

 1,116

 7,301

 5,514

 1,282

 18,419

 —

 1,025

 4,037

 —

 6,722

 —

 4,471

 4,414

 13,404

 —

 24,574

 Total

 $ 244,586

 $ 404,098

 $ 804,587

 $ 2,172,927

 $ 1,952,399

 $ 2,560,048

 $ 295,685

 $ 2,351

 $ 8,436,681

 $ —

 $ 2

 $ —

 $ —

 $ —

 $ 400

 $ 1,252

 $ 18

 $ 1,672

 Term Loans Amortized Cost Basis by Origination Year

 2024

 2023

 2022

 2021

 2020

 Prior to
 2020

 Loans

 to Term
 Loans

 Pass

 $ 62,038

 $ 198,790

 $ 1,645,460

 $ 1,203,005

 $ 577,037

 $ 716,573

 $ 56,627

 $ 16,753

 $ 4,476,283

 —

 —

 1,698

 2,655

 2,572

 5,452

 —

 —

 12,377

 —

 —

 13,566

 5,850

 7,059

 41,065

 —

 —

 67,540

 Total

 $ 62,038

 $ 198,790

 $ 1,660,724

 $ 1,211,510

 $ 586,668

 $ 763,090

 $ 56,627

 $ 16,753

 $ 4,556,200

 Pass

 $ 216,520

 $ 252,923

 $ 1,086,200

 $ 723,600

 $ 475,313

 $ 797,877

 $ 35,249

 $ —

 $ 3,587,682

 —

 —

 —

 22,216

 8,682

 9,399

 —

 —

 40,297

 —

 —

 8,686

 2,260

 25,319

 67,911

 —

 —

 104,176

 Total

 $ 216,520

 $ 252,923

 $ 1,094,886

 $ 748,076

 $ 509,314

 $ 875,187

 $ 35,249

 $ —

 $ 3,732,155

 $ —

 $ —

 $ —

 $ —

 $ —

 $ 203

 $ —

 $ —

 $ 203

 Pass

 $ 42,232

 $ 148,059

 $ 231,215

 $ 282,148

 $ 89,219

 $ 156,666

 $ 1,116,283

 $ 41,957

 $ 2,107,779

 —

 —

 —

 —

 —

 —

 21,264

 —

 21,264

 2,142

 19,818

 35,717

 2,284

 13,227

 44,870

 85,627

 203,689

 Total

 $ 44,374

 $ 167,877

 $ 266,932

 $ 284,432

 $ 102,446

 $ 201,536

 $ 1,223,174

 $ 41,961

 $ 2,332,732

 $ 175

 $ 42

 $ 10

 $ 15

 $ —

 $ 7

 $ 2,331

 $ 31

 $ 2,611

 Pass

 $ 146,154

 $ 421,334

 $ 532,310

 $ 233,200

 $ —

 $ —

 $ 59,334

 $ —

 $ 1,392,332

 —

 —

 —

 3,221

 —

 —

 —

 —

 3,221

 8,622

 6,060

 13,699

 —

 —

 —

 —

 28,463

 Total

 $ 146,236

 $ 429,956

 $ 538,370

 $ 250,120

 $ —

 $ —

 $ 59,334

 $ —

 $ 1,424,016

 Pass

 $ 23,475

 $ 12,976

 $ 56,292

 $ 46,635

 $ 2,774

 $ 17,768

 $ —

 $ —

 $ 159,920

 —

 —

 —

 —

 —

 —

 Total

 $ 23,475

 $ 12,976

 $ 56,292

 $ 46,635

 $ 2,848

 $ 18,091

 $ —

 $ —

 $ 160,317

 $ —

 $ —

 $ —

 $ —

 $ —

 $ 149

 $ —

 $ —

 $ 149

 Pass

 $ 490,419

 $ 1,034,082

 $ 3,551,477

 $ 2,488,588

 $ 1,144,343

 $ 1,688,884

 $ 1,267,493

 $ 58,710

 $ 11,723,996

 —

 —

 1,698

 28,092

 11,254

 14,851

 21,264

 —

 77,159

 2,224

 28,440

 64,029

 24,093

 45,679

 154,169

 85,627

 404,265

 Total

 $ 492,643

 $ 1,062,522

 $ 3,617,204

 $ 2,540,773

 $ 1,201,276

 $ 1,857,904

 $ 1,374,384

 $ 58,714

 $ 12,205,420

 $ 175

 $ 42

 $ 10

 $ 15

 $ —

 $ 359

 $ 2,331

 $ 31

 $ 2,963

 Term Loans Amortized Cost Basis by Origination Year

 2024

 2023

 2022

 2021

 2020

 Prior to
 2020

 Loans

 to Term
 Loans

 Total
 Loans

 $ 384,516

 $ 765,673

 $ 2,285,996

 $ 2,061,359

 $ 797,586

 $ 1,955,459

 $ —

 $ —

 $ 8,250,589

 —

 —

 —

 1,063

 2,489

 —

 —

 3,927

 —

 3,237

 —

 1,199

 2,442

 —

 —

 7,540

 —

 3,454

 1,339

 1,027

 11,604

 —

 —

 18,244

 Total

 $ 384,516

 $ 769,730

 $ 2,289,825

 $ 2,063,897

 $ 800,338

 $ 1,971,994

 $ —

 $ —

 $ 8,280,300

 —

 —

 —

 —

 —

 —

 $ 54,649

 $ 108,941

 $ 17,082

 $ 537

 $ —

 $ 358

 $ —

 $ —

 $ 181,567

 —

 —

 —

 —

 —

 —

 —

 Total

 $ 54,649

 $ 108,941

 $ 17,930

 $ 537

 $ —

 $ 358

 $ —

 $ —

 $ 182,415

 $ 19,672

 $ 14,809

 $ 26,839

 $ 23,804

 $ 9,223

 $ 13,713

 $ —

 $ —

 $ 108,060

 Total

 $ 19,672

 $ 14,809

 $ 26,839

 $ 23,804

 $ 9,223

 $ 13,713

 $ —

 $ —

 $ 108,060

 HELOC

 $ —

 $ —

 $ —

 $ —

 $ —

 $ 4,176

 $ 262,055

 $ 1,116

 $ 267,347

 —

 —

 —

 —

 —

 1,171

 —

 1,387

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total

 $ —

 $ —

 $ —

 $ —

 $ —

 $ 4,792

 $ 263,949

 $ 1,116

 $ 269,857

 $ 1,515

 $ 33

 $ ( 19)

 $ 9,440

 $ 8,000

 $ 18,329

 $ 35,992

 $ —

 $ 73,290

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total

 $ 1,515

 $ 33

 $ ( 19)

 $ 9,440

 $ 8,000

 $ 18,512

 $ 36,574

 $ —

 $ 74,055

 —

 —

 —

 —

 —

 —

 $ 460,352

 $ 889,456

 $ 2,329,898

 $ 2,095,140

 $ 814,809

 $ 1,992,035

 $ 298,047

 $ 1,116

 $ 8,880,853

 —

 —

 —

 1,063

 2,797

 1,390

 —

 5,625

 —

 3,237

 —

 1,199

 2,834

 —

 8,261

 —

 4,302

 1,339

 1,027

 11,703

 —

 19,948

 Total

 $ 460,352

 $ 893,513

 $ 2,334,575

 $ 2,097,678

 $ 817,561

 $ 2,009,369

 $ 300,523

 $ 1,116

 $ 8,914,687

 —

 —

 —

 —

 —

 NOTE E - ALLOWANCE FOR LOAN LOSSES
 For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the
 allowance for credit losses, see Note A, "Summary of Significant Accounting Policies."
 The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class.

 Twelve Months Ended September 30, 2025

 Beginning

 Charge-offs

 Recoveries

 Provision &
 Transfers

 Ending

 $ 25,248

 $ ( 555)

 $ —

 $ 1,260

 $ 25,953

 39,210

 ( 9,652)

 12,261

 41,988

 58,748

 ( 1,291)

 1,454

 59,163

 22,267

 —

 —

 ( 4,131)

 18,136

 7,900

 —

 ( 1,039)

 6,894

 153,373

 ( 11,498)

 9,805

 152,134

 40,523

 ( 338)

 ( 1,877)

 38,880

 1,427

 —

 ( 821)

 2,564

 —

 —

 ( 460)

 2,104

 HELOC

 3,049

 —

 3,069

 2,817

 ( 1,334)

 1,086

 2,923

 50,380

 ( 1,672)

 ( 2,055)

 47,586

 $ ( 13,170)

 $ 1,387

 $ 7,750

 $ 199,720

 Twelve Months Ended September 30, 2024

 Beginning

 Charge-offs

 Recoveries

 Provision &
 Transfers 1

 Ending

 $ 13,155

 $ —

 $ —

 $ 12,093

 $ 25,248

 28,842

 ( 203)

 10,567

 $ 39,210

 58,773

 ( 2,611)

 1,069

 1,517

 $ 58,748

 29,408

 —

 —

 ( 7,141)

 $ 22,267

 7,016

 ( 149)

 $ 7,900

 137,194

 ( 2,963)

 1,178

 17,964

 153,373

 28,029

 ( 144)

 12,257

 40,523

 2,781

 —

 ( 1,355)

 1,427

 3,512

 —

 ( 1,006)

 2,564

 HELOC

 2,859

 —

 3,049

 2,832

 ( 518)

 ( 144)

 2,817

 40,013

 ( 662)

 1,091

 9,938

 50,380

 $ 177,207

 $ ( 3,625)

 $ 2,269

 $ 27,902

 1 Provision & transfer amounts within the table include the $ 16,000,000 initial provision related to non-PCD loans acquired during the year and
 the $ 7,403,000 PCD ACL amount included in the Merger purchase price allocation but do not reflect a provision recapture from unfunded
 commitments of $ 3,000,000.

 The Company recorded a provision for credit losses of $ 7,750,000 in 2025, compared to a provision of $ 17,500,000 for 2024 which
 included the provision for the initial reserves for non-PCD loans acquired in the Merger. The decrease in the overall ACL during
 fiscal 2025 was the result of the decrease in net loan balances led by payoffs in single-family, commercial construction and land
 A&D. For the year ended September 30, 2025, net charge-offs were $ 11,783,000, compared to $ 1,356,000 in the prior year. A loan
 is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet its contractual
 obligations.
 Non-accrual loans increased to $ 128,628,000 as of September 30, 2025, from $ 69,541,000 as of September 30, 2024. Non-
 performing assets totaled $ 143,022,000, or 0.54 % of total assets, at September 30, 2025, compared to $ 77,418,000, or 0.28 % of
 total assets, as of September 30, 2024.
 As of September 30, 2025, the allowance for loan losses of $ 199,720,000 is for loans that are evaluated on a pooled basis, which
 was comprised of $ 131,652,000 related to the quantitative component and $ 68,068,000 related to management's qualitative overlays
 (including the forecast component of the reserve).
 The Company has an asset quality review function that analyzes its loan portfolio and reports the results of the review to its Board
 of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their
 performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of
 loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by
 loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a
 grade and classified as described in Note D "Loans Receivable." It is important to note, just because a loan is risk-rated below a
 "pass" rating, it does not necessarily indicate there will be future charge-offs on that loan. Loans are downgraded because of either
 borrower specific or industry-wide financial or operating stresses.
 The following tables provide the amortized cost of loans receivable based on risk rating categories (as previously defined).

 Internally Assigned Grade

 Pass

 Special mention

 Loss

 Total

 $ 4,337,347

 $ 136,817

 $ 154,807

 $ 2,350

 $ —

 3,339,062

 61,580

 185,527

 2,781

 —

 3,588,950

 2,086,750

 44,998

 254,591

 —

 2,386,363

 1,091,682

 4,435

 8,984

 —

 —

 1,105,101

 139,663

 —

 —

 —

 10,994,504

 247,830

 604,168

 5,131

 11,851,657

 7,913,120

 —

 23,811

 —

 —

 7,936,931

 77,483

 —

 —

 —

 78,243

 88,613

 —

 —

 —

 88,696

 HELOC

 270,874

 —

 —

 —

 271,286

 61,406

 —

 —

 —

 61,525

 8,411,496

 —

 25,185

 —

 —

 8,436,681

 Total loans

 $ 19,406,000

 $ 247,830

 $ 629,353

 $ 5,131

 $ 24

 $ 20,288,338

 Total grade as a % of total loans

 95.7 %

 1.2 %

 3.1 %

 — %

 — %

 Internally Assigned Grade

 Pass

 Special mention

 Loss

 Total Gross
 Loans

 $ 4,476,283

 $ 12,377

 $ 67,540

 $ —

 $ —

 $ 4,556,200

 3,587,682

 40,297

 104,176

 —

 —

 3,732,155

 2,107,780

 21,264

 203,688

 —

 —

 2,332,732

 1,392,332

 3,221

 28,463

 —

 —

 1,424,016

 159,919

 —

 —

 —

 160,317

 11,723,996

 77,159

 404,265

 —

 —

 12,205,420

 8,258,812

 —

 21,488

 —

 —

 8,280,300

 181,567

 —

 —

 —

 182,415

 —

 —

 —

 —

 HELOC

 269,261

 —

 —

 —

 269,857

 73,824

 —

 —

 —

 74,055

 8,891,524

 —

 23,163

 —

 —

 8,914,687

 $ 20,615,520

 $ 77,159

 $ 427,428

 $ —

 $ —

 $ 21,120,107

 Total grade as a % of total gross loans

 97.6 %

 0.4 %

 2.0 %

 — %

 — %

 The following tables provide information on amortized cost of loans receivable based on borrower payment activity.

 Performing Loans

 Non-Performing Loans

 % of Total Loans

 % of Total Loans

 $ 4,612,200

 99.6 %

 $ 19,121

 0.4 %

 3,518,978

 98.1

 69,972

 1.9

 2,375,316

 99.5

 11,047

 0.5

 1,101,701

 99.7

 3,400

 0.3

 100.0

 —

 —

 11,748,117

 99.1

 103,540

 0.9

 7,913,190

 99.7

 23,741

 0.3

 77,483

 99.0

 1.0

 88,673

 100.0

 —

 HELOC

 270,874

 99.8

 0.2

 61,373

 99.8

 0.2

 8,411,593

 99.7

 25,088

 0.3

 Total

 $ 20,159,710

 99.4 %

 $ 128,628

 0.6 %

 Performing Loans

 Non-Performing Loans

 % of Total Loans

 % of Total Loans

 $ 4,537,457

 99.6 %

 $ 18,743

 0.4 %

 3,705,793

 99.3

 26,362

 0.7

 2,332,732

 100.0

 —

 —

 1,422,896

 99.9

 1,120

 0.1

 160,243

 100.0

 —

 12,159,121

 99.6

 46,299

 0.4

 8,258,812

 99.7

 21,488

 0.3

 181,567

 99.5

 0.5

 100.0

 —

 —

 HELOC

 269,261

 99.8

 0.2

 73,745

 99.6

 0.4

 8,891,445

 99.7

 23,242

 0.3

 $ 21,050,566

 99.7 %

 $ 69,541

 0.3 %

 NOTE F - FAIR VALUE MEASUREMENTS
 FASB ASC 820, Fair Value Measurement ("ASC 820") defines fair value as the exchange price that would be received for an asset
 or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly
 transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an
 entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The
 standard describes three levels of inputs that may be used to measure fair value:
 Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active exchange markets that the entity has the
 ability to access as of the measurement date.
 Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities,
 quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable
 market data.
 Level 3: Significant unobservable inputs that reflect a company's own assumptions about the assumptions that market
 participants would use in pricing an asset or liability.
 The Company has established and documented the process for determining the fair values of its assets and liabilities, where
 applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of
 quoted market prices, fair value is determined using valuation models or third-party appraisals. The following is a description of the
 valuation methodologies used to measure and report the fair value of financial assets and liabilities on a recurring or nonrecurring
 basis.
 Measured on a Recurring Basis
 Available-for-sale investment securities and derivative contracts
 Securities available for sale are recorded at fair value on a recurring basis. The fair value of debt securities are priced using model
 pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and under
 GAAP are considered a Level 2 input method. Securities that are traded on active exchanges, including the Company's equity
 securities, are measured using the closing price in an active market and are considered a Level 1 input method.
 The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time,
 the Company enters into the opposite trade with a counterparty to offset its interest rate risk. The Company has also entered various
 forms of fair value hedges and cash flow hedges using interest rate swaps. The fair value of these interest rate swaps are estimated
 by a third party pricing service using a discounted cash flow technique. These are considered a Level 2 input method.
 The following tables present the balance and level in the fair value hierarchy for assets and liabilities that are measured at fair value
 on a recurring basis (with the exception of those measured using the NAV practical expedient).

 Level 1

 Level 2

 Level 3

 Total

 U.S. government and agency securities

 $ —

 $ 235,919

 $ —

 $ 235,919

 —

 506,334

 506,334

 Municipal bonds

 —

 35,258

 —

 35,258

 —

 152,537

 —

 152,537

 —

 —

 Total Available-for-sale securities

 —

 —

 —

 37,347

 —

 37,347

 Commercial loan hedges

 —

 1,611

 —

 1,611

 —

 —

 Borrowings cash flow hedges

 —

 —

 Total Financial Assets

 $ —

 $ 3,684,472

 $ —

 $ 3,684,472

 Financial Liabilities

 $ —

 $ 37,818

 $ —

 $ 37,818

 Mortgage backed securities fair value hedges

 —

 —

 —

 —

 Total Financial Liabilities

 $ —

 $ 73,330

 $ —

 $ 73,330

 Level 1

 Level 2

 Level 3

 Total

 U.S. government and agency securities

 $ —

 $ 314,204

 $ —

 $ 314,204

 —

 540,125

 —

 540,125

 Municipal bonds

 —

 —

 —

 296,282

 —

 296,282

 —

 —

 Total Available-for-sale securities

 —

 —

 —

 46,758

 —

 46,758

 Commercial loan fair value hedges

 —

 1,595

 —

 1,595

 Borrowings cash flow hedges

 —

 —

 Total Financial Assets

 $ —

 $ 2,738,333

 $ —

 $ 2,738,333

 Financial Liabilities

 $ —

 $ 47,388

 $ —

 $ 47,388

 —

 —

 Total Financial Liabilities

 $ —

 $ 48,055

 $ —

 $ 48,055

 There were no transfers between, into and/or out of Level 1, 2 or 3 during the year ended September 30, 2025 or September 30,
 2024.
 Measured on a Nonrecurring Basis
 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent
 loans and r eal estate owned ("REO"). REO consists principally of properties acquired through foreclosure. From time to time, and
 on a nonrecurring basis, adjustments using fair value measurements are recorded to reflect increases or decreases based on the
 discounted cash flows, the current appraisal or estimated value of the collateral or REO property.
 When management determines that the fair value of the collateral or the REO requires additional adjustments, either as a result of an
 updated appraised value or when there is no observable market price, the Company classifies the collateral dependent loan or real
 estate owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis includes loans for which an allowance was
 established or a partial charge-off was recorded based on the fair value of collateral, as well as real estate owned where the fair value
 of the property was less than the cost basis.
 The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis for the
 periods presented, and the total losses resulting from those fair value adjustments during the respective periods. The estimated fair
 value measurements are shown gross of estimated selling costs.

 Twelve Months
 Ended
 2025

 Level 1

 Level 2

 Level 3

 Total

 Total Gains
 (Losses)

 Loans receivable (1)

 $ —

 $ —

 $ 32,748

 $ 32,748

 $ ( 12,056)

 Real estate owned (2)

 —

 —

 4,810

 4,810

 ( 670)

 Balance at end of period

 $ —

 $ —

 $ 37,558

 $ 37,558

 $ ( 12,726)

 (1) The gains (losses) represent re-measurements of collateral-dependent impaired loans.
 (2) The gains (losses) represent aggregate write-downs and charge-offs on real estate owned.

 Twelve Months
 Ended
 2024

 Level 1

 Level 2

 Level 3

 Total

 Total Gains
 (Losses)

 Loans receivable (1)

 $ —

 $ —

 $ 4,345

 $ 4,345

 $ ( 3,225)

 Real estate owned (2)

 —

 —

 1,460

 1,460

 ( 1,910)

 Balance at end of period

 $ —

 $ —

 $ 5,805

 $ 5,805

 $ ( 5,135)

 (1) The gains (losses) represent re-measurements of collateral-dependent impaired loans.
 (2) The gains (losses) represent aggregate write-downs and charge-offs on real estate owned.
 At September 30, 2025, there was $ 290,000 in foreclosed residential real estate properties held as REO. The recorded investment of
 consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was
 $ 4,090,000.

 Fair Values of Financial Instruments
 U. S. GAAP requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of
 financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial
 instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect
 the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the
 estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these
 financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly
 from the amounts presented below.

 Level

 Carrying

 Estimated

 Carrying

 Estimated

 Financial assets

 Cash and cash equivalents

 $ 657,310

 $ 657,310

 $ 2,381,102

 $ 2,381,102

 Available-for-sale securities:

 U.S. government and agency securities

 235,919

 235,919

 314,204

 314,204

 506,334

 506,334

 540,125

 540,125

 Municipal bonds

 35,258

 35,258

 152,537

 152,537

 296,282

 296,282

 Total available-for-sale securities

 Held-to-maturity securities:

 645,802

 612,739

 436,972

 401,046

 Total held-to-maturity securities

 645,802

 612,739

 436,972

 401,046

 Loans receivable

 20,088,618

 19,681,909

 20,916,354

 20,269,059

 FHLB stock

 88,068

 88,068

 95,617

 95,617

 Other assets - client swap program hedges

 37,347

 37,347

 46,758

 46,758

 Other assets - commercial loan fair value hedges

 1,611

 1,611

 1,595

 1,595

 Other assets - mortgage loan fair value hedges

 —

 —

 Other assets - borrowings cash flow hedges

 Financial liabilities

 Time deposits

 9,131,104

 9,121,470

 9,556,785

 9,787,187

 1,765,604

 1,755,130

 3,267,589

 3,276,122

 Junior subordinated deferrable interest debentures

 51,645

 50,925

 50,718

 50,240

 Other liabilities - client swap program hedges

 37,818

 37,818

 47,388

 47,388

 Other liabilities - mortgage backed securities fair value hedges

 —

 —

 Other liabilities - mortgage loan fair value hedges

 The following methods and assumptions were used to estimate the fair value of financial instruments:
 Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value.
 Available-for-sale securities and held-to-maturity securities – Securities at fair value are primarily priced using model pricing based
 on the securities' relationship to other benchmark quoted prices as provided by an independent third party and are considered a
 Level 2 input method.

 Loans receivable – Fair values are estimated first by stratifying the portfolios of loans with similar financial characteristics. Loans
 are segregated by type such as multi-family real estate, residential mortgage, construction, commercial, consumer and land loans.
 Each loan category is further segmented into fixed- and adjustable-rate interest terms. For residential mortgages and multi-family
 loans, the bank determined that its best exit price was by securitization. MBS benchmark prices are used as a base price, with further
 loan level pricing adjustments made based on individual loan characteristics such as FICO score, LTV, Property Type and
 occupancy. For all other loan categories an estimate of fair value is then calculated based on discounted cash flows using a discount
 rate offered and observed in the market on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature
 of the loans, as well as an annual loss rate based on historical losses to arrive at an estimated exit price fair value. Fair value for
 impaired loans is also based on recent appraisals or estimated cash flows discounted using rates commensurate with risk associated
 with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using
 available market information and specific borrower information.
 FHLB stock – The fair value is based upon the par value of the stock which equates to its carrying value.
 Time deposits – The fair value of fixed-maturity time deposits is estimated by discounting the estimated future cash flows using the
 rates currently offered for deposits with similar remaining maturities.
 Borrowings – The fair value of FHLB advances and FRB borrowings is estimated by discounting the estimated future cash flows
 using rates currently available to the Company for debt with similar remaining maturities.
 Junior subordinated deferrable interest debentures - The fair value of junior subordinated debentures is estimated using an income
 approach valuation technique. The significant unobservable input utilized in the estimation of fair value of these instruments is the
 credit risk adjusted spread. The credit risk adjusted spread represents the nonperformance risk of the liability, contemplating the
 inherent risk of the obligation. The ending carrying (fair) value of the junior subordinated debentures measured at fair value
 represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants.
 Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of
 market spreads, the Company has classified this as a Level 3 fair value measurement.
 Interest rate swaps – The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate
 risk. At the same time, the Bank enters into the opposite trade with a counterparty to offset its interest rate risk. The Company also
 uses interest rate swaps for various fair value hedges and cash flow hedges. The fair value of interest rate swaps are estimated by a
 third-party pricing service using a discounted cash flow technique.

 NOTE G - DERIVATIVES AND HEDGING ACTIVITIES
 The following tables present the fair value, notional amount and balance sheet classification of derivative assets and liabilities at
 September 30, 2025 and September 30, 2024.

 Derivative Assets

 Derivative Liabilities

 Interest rate contract purpose

 Balance Sheet
 Location

 Notional

 Balance Sheet
 Location

 Notional

 $ 977,017

 $ 37,347

 $ 977,017

 $ 37,818

 Commercial loan fair value hedges

 34,341

 1,611

 —

 —

 470,000

 1,100,000

 Mortgage backed securities fair value hedges

 —

 —

 610,000

 Borrowings cash flow hedges

 900,000

 —

 —

 $ 2,381,358

 $ 151,271

 $ 2,687,017

 $ 73,330

 Derivative Assets

 Derivative Liabilities

 Interest rate contract purpose

 Balance Sheet
 Location

 Notional

 Balance Sheet
 Location

 Notional

 $ 1,044,512

 $ 46,758

 $ 1,044,512

 $ 47,388

 Commercial loan fair value hedges

 37,042

 1,595

 —

 —

 —

 —

 2,570,000

 Borrowings cash flow hedges

 900,000

 —

 —

 $ 1,981,554

 $ 165,624

 $ 3,614,512

 $ 48,055

 The Company enters into interest rate swaps to hedge interest rate risk. These arrangements include hedges of individual fixed rate
 commercial loans and also hedges of a specified portion of pools of prepayable fixed rate mortgage loans under the "last of layer"
 method. These relationships qualify as fair value hedges under FASB ASC 815, Derivatives and Hedging ("ASC 815"), which
 provides for offsetting of the recognition of gains and losses of the respective interest rate swap and the hedged items. Gains and
 losses on interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items
 attributable to the hedged risk, are recognized in current earnings within the same income statement line item.
 Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged items are adjusted to reflect the
 cumulative impact of changes in fair value attributable to the hedged risk. The hedge basis adjustment remains with each hedged
 item until the hedged item is de-recognized from the balance sheet. The following tables present the impact of fair value hedge
 accounting on the carrying value of the hedged items at September 30, 2025 and September 30, 2024.

 Balance sheet line item in which hedged item is recorded

 Carrying value of hedged
 items

 Cumulative gain (loss) fair
 value hedge adjustment
 included in carrying amount of
 hedged items

 Loans receivable (1) (2)

 $ 5,426,086

 $ 6,794

 Available-for-sale Securities (3)

 940,110

 15,452

 $ 6,366,196

 $ 22,246

 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in
 which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September
 30, 2025, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $ 5,393,257,000, the
 cumulative basis adjustment associated with the hedging relationships was $ 8,262,000, and the amount of the designated
 hedged items was $ 1,570,000,000. During the year, hedge accounting was discontinued on a $ 1,600,000,000 last of
 layer hedge. A basis adjustment of $ 4,016,668 associated with the terminated portion of the hedge was deferred and is
 being amortized over the remaining life of the associated pool of loans.
 (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September
 30, 2025, the amortized cost basis of the hedged commercial loans was $ 32,829,000 and the cumulative basis adjustment
 associated with the hedging relationships was $( 1,468,000).
 (3) Includes the fair value basis of mortgage backed securities designated in fair value hedging relationships. At
 September 30, 2025, the fair value of the hedged mortgage based securities was $ 940,110,000, the cumulative basis
 adjustment associated with the hedging relationships was $ 15,452,000, and the amount of the designated hedged items
 was $ 610,000,000.

 Balance sheet line item in which hedged item is recorded

 Carrying value of hedged
 items

 Cumulative gain (loss) fair
 value hedge adjustment
 included in carrying amount of
 hedged items

 Loans receivable (1) (2)

 $ 7,287,540

 $ 20,005

 $ 7,287,540

 $ 20,005

 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in
 which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September
 30, 2024, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $ 7,252,017,000, the
 cumulative basis adjustment associated with the hedging relationships was $ 21,476,000, and the amount of the
 designated hedged items was $ 2,570,000,000. During the year, hedge accounting was discontinued on a $ 300,000,000
 last of layer hedge. A basis adjustment of $ 1,232,211 associated with the terminated portion of the hedge was deferred
 and is being accreted over the remaining life of the associated pool of loans.
 (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September
 30, 2024, the amortized cost basis of the hedged commercial loans was $ 35,523,000 and the cumulative basis adjustment
 associated with the hedging relationships was $( 1,471,000).
 The Company has entered into interest rate swaps to convert certain short-term borrowings to fixed rate payments. The primary
 purpose of these hedges is to mitigate the risk of changes in future cash flows resulting from increasing interest rates. For qualifying
 cash flow hedges under ASC 815, gains and losses on the interest rate swaps are recorded in accumulated other comprehensive
 income ("AOCI") and then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same
 income statement line item as the hedged cash flows. As of September 30, 2025, the maturities for hedges of adjustable rate
 borrowings ranged from less than one year to five years, with the weighted average being 4.1 years.
 The following table presents the impact of derivative instruments (cash flow hedges on borrowings) on AOCI for the periods
 presented.

 Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging
 relationships

 2025

 2024

 Interest rate contracts:

 Pay fixed/receive floating swaps on cash flow hedges of borrowings

 $ ( 18,040)

 $ ( 67,102)

 Total pre-tax gain/(loss) recognized in AOCI

 $ ( 18,040)

 $ ( 67,102)

 The following table presents the gains/(losses) on derivative instruments in fair value and cash flow accounting hedging
 relationships under ASC 815 for the period presented.

 Twelve Months Ended September 30, 2025

 Twelve Months Ended September 30, 2024

 income on
 loans
 receivable

 Interest on
 mortgage-
 backed

 expense on
 FHLB
 advances

 income on
 loans
 receivable

 Interest on
 mortgage-
 backed

 expense on
 FHLB
 advances

 Interest income/(expense), including the effects
 of fair value and cash flow hedges

 $ 1,119,937

 $ 103,071

 $ ( 80,507)

 $ 1,165,849

 $ 59,782

 $ ( 178,444)

 Gain/(loss) on fair value hedging relationships:

 Interest rate contracts

 Amounts related to interest settlements on
 derivatives

 $ 20,641

 $ 962

 $ 39,223

 $ —

 Recognized on derivatives

 2,222

 ( 15,086)

 ( 67,785)

 —

 Recognized on hedged items

 ( 9,194)

 15,452

 67,639

 —

 Net income/(expense) recognized on fair
 value hedges

 $ 13,669

 $ 1,328

 $ 39,077

 $ —

 Gain/(loss) on cash flow hedging relationships:

 Interest rate contracts

 Amounts related to interest settlements on
 derivatives

 $ 35,474

 $ 46,645

 Amount of derivative gain/(loss) reclassified
 from AOCI into interest income/expense

 —

 —

 Net income/(expense) recognized on cash
 flow hedges

 $ 35,474

 $ 46,645

 The Company periodically enters into certain interest rate swap agreements in order to provide commercial loan customers the
 ability to convert from variable to fixed interest rate payments, while the Company retains a variable rate loan. Under these
 agreements, the Company enters into a variable rate loan agreement and a swap agreement with the client. The swap agreement
 effectively converts the client's variable rate loan into a fixed rate. The Company enters into a corresponding swap agreement with a
 third party in order to offset its exposure on the variable and fixed components of the client's swap agreement. The interest rate
 swaps are derivatives under ASC 815, with changes in fair value recorded in earnings. The net impact to the statement of operations
 for the year ended September 30, 2025 was an increase in other income of $ 159,000. The net impact for the year ended September
 30, 2024 was an increase in other income of $ 241,000. As of September 30, 2025, none of the outstanding notional balance is
 associated with related party loans.
 The following table presents the impact of derivative instruments (client swap program) that are not designated in accounting
 hedges under ASC 815 for the periods presented.

 Derivative instruments

 Classification of gain/(loss) recognized in
 income on derivative instrument

 2025

 2024

 Interest rate contracts:

 Pay fixed/receive floating swap

 Other noninterest income

 $ ( 2,836)

 $ ( 45,960)

 Receive fixed/pay floating swap

 Other noninterest income

 2,995

 46,201

 $ 159

 $ 241

 NOTE H – REVENUE FROM CONTRACTS WITH CUSTOMERS
 Net interest income on financial assets and liabilities is excluded from the scope of ASU No. 2014-09, Revenue from Contracts with
 Customers ("ASC 606") thus a significant majority of our revenues are not subject to the referenced guidance.
 Revenue streams that are within the scope of the guidance are presented within noninterest income and are, in general, recognized as
 revenue at the same time the Company's obligation to the customer is satisfied. Most of the Company's customer contracts that are
 within the scope of the guidance are cancelable by either party without penalty and are short-term in nature. These sources of
 revenue include depositor and other consumer and business banking fees, commission income, as well as debit and credit card
 interchange fees. For fiscal years ended September 30, 2025 and 2024, in scope revenue streams represented
 approximately 3.6 % and 3.2 % of our total revenues, respectively. As this standard is immaterial to our consolidated financial
 statements, the Company has omitted certain disclosures in ASC 606, including the disaggregation of revenue table. Sources of
 noninterest income within the scope of the guidance include the following:
 Deposit related and other service charges (recognized in Deposit Fee Income): The Company's deposit accounts are governed by
 standardized contracts customary in the industry. Revenues are earned at a point in time or over time (monthly) from account
 maintenance fees and charges for specific transactions such as wire transfers, stop payment orders, overdrafts, debit card
 replacements, check orders and cashiers' checks. The Company's performance obligation related to each of these fees is generally
 satisfied, and the related revenue recognized, at the time the service is provided (point in time or monthly). The Company is
 principal in each of these contracts.
 Debit and credit card interchange fees (recognized in Deposit Fee Income): The Company receives interchange fees from the debit
 card and credit card payment networks based on transactions involving debit or credit cards issued by the Company, generally
 measured as a percentage of the underlying transaction. Interchange fees from debit and credit card transactions are recognized as
 the transaction processing services are provided by the network. The Company acts as an agent in the card payment network
 arrangement so the interchange fees are recorded net of any expenses paid to the principal (the card payment networks in this case).
 Insurance agency commissions (recognized in Other Income): WAFD Insurance Group, Inc. is a wholly-owned subsidiary of the
 Bank that operates as an insurance agency, selling and marketing property and casualty insurance policies for a small number of
 high-quality insurance carriers. WAFD Insurance Group, Inc. earns revenue in the form of commissions paid by the insurance
 carriers for policies that have been sold. In addition to the origination commission, WAFD Insurance Group, Inc. may also receive
 contingent incentive fees based on the volume of business generated for the insurance carrier and based on policy renewal rates.

 NOTE I - INTEREST RECEIVABLE

 The following table provides a summary of interest receivable by interest-earning asset type.

 Loans receivable

 $ 85,444

 $ 92,362

 9,747

 4,882

 Investment securities

 3,398

 5,583

 $ 98,589

 $ 102,827

 NOTE J - PREMISES AND EQUIPMENT

 The following table provides a summary of premises and equipment by asset type.

 Estimated
 Useful Life
 in Years

 Land

 —

 $ 89,450

 $ 88,055

 Buildings

 10 - 40

 210,017

 203,567

 Leasehold improvements

 5 - 15

 33,473

 31,729

 Furniture, software and equipment

 2 - 10

 111,497

 99,033

 444,437

 422,384

 Less accumulated depreciation and amortization

 ( 183,166)

 ( 174,483)

 $ 261,271

 $ 247,901

 NOTE K - CUSTOMER ACCOUNTS

 The following tables provide the composition of the Company's customer accounts, including time deposits.

 Deposit Account

 As a % of
 Total Deposits

 Average Rate

 Deposit Account

 As a % of
 Total Deposits

 Average Rate

 Non-interest checking

 $ 2,567,539

 12.0 %

 — %

 $ 2,500,467

 11.7 %

 — %

 Interest checking

 4,865,808

 22.7

 2.55

 4,486,444

 21.0

 2.89

 Savings

 701,558

 3.3

 0.22

 718,560

 3.4

 0.23

 Money market

 4,171,627

 19.4

 2.14

 4,111,714

 19.2

 2.22

 Time deposits

 9,131,104

 42.6

 3.74

 9,556,785

 44.7

 4.58

 Total

 $ 21,437,636

 100 %

 2.60 %

 $ 21,373,970

 100 %

 3.09 %

 Time deposits by rate band are as follows:

 Less than 1.00%

 $ 45,200

 $ 82,935

 1.00% to 1.99%

 24,526

 2,395

 2.00% to 2.99%

 226,537

 3,340

 3.00% to 3.99%

 7,310,525

 345,680

 4.00% to 4.99%

 1,523,726

 8,244,791

 5.00% and higher

 877,644

 $ 9,131,104

 $ 9,556,785

 Time deposits by maturity band are as follows:

 Three months or less

 $ 3,426,185

 $ 2,923,299

 Over 3 through 6 months

 2,367,760

 3,140,278

 Over 6 through 12 months

 2,933,212

 2,543,201

 Over 12 months

 403,947

 950,007

 $ 9,131,104

 $ 9,556,785

 Customer accounts with uninsured or uncollateralized deposits totaled $ 5,302,026,000 as of September 30, 2025, compared to
 $ 5,134,192,000 as of September 30, 2024.
 Interest expense on customer accounts consisted of the following:

 2025

 2024

 2023

 Checking accounts

 $ 95,411

 $ 99,917

 $ 70,396

 Savings accounts

 3,367

 3,952

 1,715

 Money market accounts

 87,962

 77,993

 47,485

 Time deposit accounts

 419,197

 351,654

 119,255

 605,937

 533,516

 238,851

 Less early withdrawal penalties

 ( 1,230)

 ( 1,082)

 ( 1,618)

 $ 604,707

 $ 532,434

 $ 237,233

 Weighted average interest rate at end of year

 2.60 %

 3.09 %

 2.12 %

 Daily weighted average interest rate during the year

 3.22 %

 3.26 %

 1.84 %

 NOTE L - BORROWINGS

 The Company had total borrowings outstanding at September 30, 2025 with carrying values of $ 1,765,604,000 compared to
 $ 3,267,589,000 at September 30, 2024. The borrowings consisted of FHLB advances and funds received from the FRB's Bank
 Term Funding Program. The table below shows the contractual maturity dates of outstanding FHLB advances.

 $ 1,747,041

 $ 2,099,353

 1 to 3 years

 —

 93,354

 3 to 5 years

 18,563

 $ 1,765,604

 $ 2,192,874

 As of September 30, 2025, there are no advances that are callable by the FHLB. Taking into account cash flow hedges, the
 weighted average effective maturity of FHLB advances at September 30, 2025 is 2.19 years.

 Financial information pertaining to the weighted-average cost and the amount of FHLB advances were as follows.

 2025

 2024

 2023

 Weighted average interest rate, including cash flow hedges, at end of year

 2.35 %

 3.32 %

 3.83 %

 Weighted daily average interest rate, including cash flow hedges, during the year

 3.09 %

 3.78 %

 3.42 %

 Daily average of FHLB advances during the year

 $ 2,260,209

 $ 2,952,872

 $ 2,916,849

 Maximum amount of FHLB advances at any month end

 $ 2,913,373

 $ 4,338,731

 $ 3,425,000

 Interest expense during the year (including swap interest income and expense)

 $ 69,912

 $ 111,574

 $ 99,631

 The Bank has a credit line with the FHLB - DM equal to 45 % of total assets depending on specific collateral eligibility. The
 Bank has entered into borrowing agreements with the FHLB - DM to borrow funds under a short-term floating rate cash
 management advance program and fixed-rate term loan agreements. All borrowings are secured by stock of the FHLB - DM,
 deposits with the FHLB - DM, and a blanket pledge of qualifying loans receivable. The Bank also has a credit line with the
 FHLB - SF in support of LBC borrowings from the FHLB - SF, but the Bank is unable to take down new advances against this
 line. The FHLB - SF credit line is secured by a line-item pledge of mortgage backed securities.
 The Bank had $ 1,074,714,000 of borrowings from the FRB's Bank Term Funding plan as of September 30, 2024 which
 matured and were repaid during fiscal 2025. The Bank also participates in the FRB of San Francisco Borrower-in-Custody
 program which collateralizes primary credit borrowings. Due to differing program requirements between the FHLB - DM and
 FRB of San Francisco, participating in both increases the amount of eligible collateral that may be pledged in support of
 contingent liquidity needs. The Bank is also eligible to borrow under the Federal Reserve Bank's primary credit program.

 NOTE M - JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES
 The Company acquired two wholly-owned trust companies (the "Trusts") in the Merger. Formed by LBC, these Trusts issued
 guaranteed preferred beneficial interests (the "Trust Securities") in the LBC's junior subordinated deferrable interest debentures
 (the "Notes"). The Company is not considered the primary beneficiary of the Trusts and therefore, the Trusts are not
 consolidated in the Company's financial statements, but rather the junior subordinated debentures are shown as a liability. The
 Company's investment in the common securities of the Trusts, totaling $ 1.9 million, is included in other assets in the
 consolidated statements of financial condition. The sole asset of the Trusts are the Notes that they hold.
 The Trusts have invested the proceeds of such Trust Securities in the Notes. Each of the Notes has an interest rate equal to the
 corresponding Trust Securities distribution rate. The Company has the right to defer payment of interest on the Notes at any
 time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated
 maturity of the relevant Notes. During any such extension period, distributions on the Trust Securities will also be deferred, and
 the Company's ability to pay dividends on its common stock will be restricted.
 The Company assumed LBC's contractual arrangements which, taken collectively, fully and unconditionally guarantee payment
 of: (i) accrued and unpaid distributions required to be paid on the Trust Securities; (ii) the redemption price with respect to any
 Trust Securities called for redemption by the Trusts; and (iii) payments due upon a voluntary or involuntary dissolution,
 winding up or liquidation of the Trusts. The Trust Securities are mandatorily redeemable upon maturity of the Notes, or upon
 earlier redemption as provided in the indenture. The Company has the right to redeem the Notes purchased by the Trusts, in
 whole or in part, on or after the redemption date. As specified in the indenture, if the Notes are redeemed prior to maturity, the
 redemption price will be the principal amount and any accrued but unpaid interest.

 The following table is a summary of the outstanding Trust Securities and Notes at September 30, 2025.

 Issued

 Carrying
 Amount 1

 Date
 Issued

 Maturity
 Date

 Rate Index

 Issuer

 Rate

 (Quarterly Reset)

 Luther Burbank
 Statutory Trust I

 $ 41,238

 $ 34,326

 5.68 %

 3/30/2006

 6/15/2036

 3 month CME Term SOFR + Tenor
 Spread Adjustment ( 0.26 %) + 1.38 %

 Luther Burbank
 Statutory Trust II

 $ 20,619

 $ 17,319

 5.92 %

 3/30/2007

 6/15/2037

 3 month CME Term SOFR + Tenor
 Spread Adjustment ( 0.26 %) + 1.62 %

 1 Includes fair value adjustments made as a result of purchase accounting

 NOTE N - COMMITMENTS AND CONTINGENCIES
 Lease Commitments - The Company's lease commitments consist primarily of real estate property for branches and office space
 under various non-cancellable operating leases that expire betw een 2026 and 2070. Th e majority of the leases contain renewal
 options and provisions for increases in rental rates based on a predetermined schedule or an agreed upon index. If, at lease
 inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the
 extended term in the calculation of the right-of-use asset and lease liability.
 Operating lease liabilities and right-of-use assets are recognized on the lease commencement date based on the present value of
 the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that represents the
 Company's collateralized borrowing rate for financing instruments of a similar term and are included in Accrued expenses and
 other liabilities. The related right-of-use asset is included in Other assets.
 The table below presents the Company's operating lease right-of-use asset and the related lease liability.

 Operating lease asset

 $ 48,038

 $ 37,486

 Operating lease liability

 $ 52,179

 $ 40,788

 As of September 30, 2025, the Company's operating leases have a weighted average remaining lease term of 9.1 years and a
 weighted average discount rate of 3.94 %. Cash paid for amounts included in the measurement of the above operating lease
 liability was $ 10,758,000 and $ 9,627,000 for the twelve months ended September 30, 2025 and 2024, respectively. Right-of-
 use assets obtained in exchange for new operating lease liabilities during the twelve months ended September 30, 2025 and
 2024 were $ 19,280,000 and $ 12,890,000. Right-of-use assets obtained in the Merger for the twelve months ended September
 30, 2024 were valued at $ 11,478,000.
 The following table presents the components of net lease costs, a component of Occupancy expense. The Company elected not
 to separate lease and non-lease components and instead account for them as a single lease component. Variable lease costs
 include subsequent increases in index-based rents and variable payments such as common area maintenance.

 Twelve Months Ended

 Twelve Months Ended

 2025

 2024

 Operating lease cost

 $ 10,827

 $ 8,521

 Variable lease cost

 2,068

 2,504

 Sublease income

 ( 444)

 ( 405)

 Net lease cost

 $ 12,451

 $ 10,620

 The following table shows future minimum payments for operating leases as of September 30, 2025 for the respective periods.

 Year ending September 30,

 2026

 $ 10,983

 2027

 10,034

 2028

 8,223

 2029

 6,226

 2030

 5,202

 Thereafter

 22,435

 Total minimum payments

 63,103

 Amounts representing interest

 ( 10,924)

 Present value of minimum lease payments

 $ 52,179

 Rental expense, including amounts paid under month-to-month cancelable leases, amounted to $ 12,894,000 and $ 11,025,000 in
 2025, and 2024, respectively.
 Financial Instruments with Off-Balance Sheet Risk - Off-balance-sheet credit exposures for the Company unfunded loan
 commitments and letters of credit from the FHLB - DM and the FHLB - SF. As of September 30, 2025, the Bank was
 obligated on FHLB letters of credit totaling $ 62,606,000 and unfunded loan commitments of $ 2,841,596,000. As of September
 30, 2024 FHLB letter of credit obligations were $ 902,606,000 and unfunded loan commitments were $ 2,928,697,000. The
 reserve for unfunded commitments was $ 21,500,000 as of September 30, 2025, which is unchanged from September 30, 2024.
 See Note A "Summary of Significant Accounting Policies" for details regarding the reserve methodology.
 Legal Proceedings - The Company and its subsidiaries are from time to time defendants in and are threatened with various legal
 proceedings arising from regular business activities. Management, after consulting with legal counsel, is of the opinion that the
 ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on
 the financial statements of the Company.
 LIHTC Investments - The Company has LIHTC investments which are designed to promote qualified affordable housing
 projects. These investments provide a return through the generation of income tax credits and other income tax benefits and
 support the Company's regulatory compliance with the Community Reinvestment Act. The Company has evaluated its
 involvement with the low-income housing projects and determined it does not have the ability to exercise significant influence
 over or participate in the decision-making activities related to the management of the projects, and therefore, is not the primary
 beneficiary, and does not consolidate these interests. LIHTC investments are accounted for using the proportional amortization
 method.

 Investments in affordable housing partnerships of $ 157,249,000 and $ 112,342,000 as of September 30, 2025 and September
 30, 2024, respectively, are recorded as a component of other assets on the Consolidated Statements of Financial Condition and
 uses the proportional amortization method to account for the investments. The Company's unfunded contribution commitments
 to these investments were $ 73,123,000 and $ 41,702,000 as of September 30, 2025 and September 30, 2024, respectively, which
 are recorded as a component of other liabilities on the Consolidated Statements of Financial Condition. Both the tax benefits
 and the amortization expense related to these investments are reflected in the provision for income taxes on the Consolidated
 Statements of Operations.

 NOTE O - INCOME TAXES
 Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income
 taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to
 differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis.
 Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those
 temporary differences are expected to reverse.
 The table below provides a summary of the Company's tax assets and liabilities, including deferred tax assets and deferred tax
 liabilities by major source. Deferred tax balances represent temporary differences between the financial statement and
 corresponding tax treatment of income, gains, losses, deductions or credits. With the completion of the Merger in 2024, the
 deferred tax amounts now include a number of deferred tax items carried over from LBC, as well as new deferred tax items
 created as a consequence of the purchase accounting process and post-merger asset sales. In particular, deferred tax assets now
 include significant new items for loan purchase discount and loss carryover.

 Deferred tax assets

 Allowance for credit losses

 $ 52,275

 $ 53,227

 Non-accrual loan interest

 4,752

 3,124

 Accrued bonus and deferred compensation

 7,497

 7,815

 Stock based compensation

 3,552

 4,696

 Lease liability

 12,314

 9,626

 Loan purchase discount

 42,273

 48,064

 Loss carryover

 62,413

 68,483

 Other

 1,289

 2,219

 Total deferred tax assets

 186,365

 197,254

 Deferred tax liabilities

 FHLB stock dividends

 5,932

 6,171

 Net unrealized gain on available-for-sale securities and cash flow hedges

 14,097

 13,758

 Loan origination fees and costs

 11,475

 11,777

 Premises and equipment

 16,637

 16,390

 Lease right-of-use assets

 11,337

 9,304

 Equity investments

 3,444

 3,700

 Acquired intangibles

 11,598

 12,824

 Other

 Total deferred tax liabilities

 74,704

 74,108

 Net deferred tax asset (liability)

 111,661

 123,146

 Current tax asset (liability)

 1,123

 ( 3,898)

 Net tax asset (liability)

 $ 112,784

 $ 119,248

 At the end of the fiscal year, the Company had about $ 264 million of ordinary tax loss to be carried to future years. The loss
 carryover amount is primarily attributable to the tax loss realized from the portfolio loan sale following the Luther Burbank
 merger. Because of the annual loss limitation rules under Section 382 of the Internal Revenue Code, it will take another 15
 years (or until the end of fiscal 2040) for the Company to utilize all that loss carryover against its future taxable income.
 However, there is no applicable time limit in this case, and therefore Company does not anticipate any expiration of the loss
 carryover amount.

 In its deferred tax assets at the end of the fiscal year, the Company also has about $ 0.6 million of remaining Oregon tax credits
 that the Company previously purchased as part of its community investments to support Oregon farmworkers housing. That
 remaining Oregon tax credit will be fully utilized under an installment schedule by the end of the next fiscal year.
 The table below presents a reconciliation of the statutory federal income tax rate to the Company's effective income tax rate.

 2025

 2024

 2023

 Statutory income tax rate

 21.0 %

 21.0 %

 21.0 %

 State income tax

 2.3

 2.3

 1.7

 Tax-exempt interest income

 ( 1.7)

 ( 2.1)

 ( 1.2)

 Interest expense disallowance

 0.9

 1.2

 0.5

 Low-income housing investments

 ( 1.1)

 ( 1.1)

 ( 1.3)

 Other differences

 0.6

 0.6

 0.1

 Effective income tax rate

 22.0 %

 21.9 %

 20.8 %

 The following table summarizes the Company's income tax expense (benefit) for the respective periods.

 2025

 2024

 2023

 Federal:

 $ 45,850

 $ 54,817

 $ 58,667

 Deferred

 11,115

 ( 4,767)

 3,334

 56,965

 50,050

 62,001

 State:

 6,578

 7,837

 4,425

 Deferred

 ( 1,872)

 1,224

 6,609

 5,965

 5,649

 Total

 52,428

 62,654

 63,092

 Deferred

 11,146

 ( 6,639)

 4,558

 $ 63,574

 $ 56,015

 $ 67,650

 The Company does not have a liability for uncertain tax positions as of September 30, 2025 or September 30, 2024.
 The Company's federal income tax returns are open and subject to potential examination by the IRS for fiscal years 2022 and
 later. State income tax returns are generally subject to examination for a period of three to five years after filing. The state
 impact of any federal changes remains subject to examination by various states for a period of up to two years after formal
 notification to the states.
 As described above in Note N, the Company has LIHTC investments which are designed to promote qualified affordable
 housing projects. We account for our portfolio of LHITC investments under the proportional amortization method of ASU
 2023-2. The tax benefits from pass-through tax credits and losses from our LIHTC investments are included in our estimate of
 income tax liability for the year, and therefore reflected in the Income Tax Expense line of the income statement. The
 amortization expense of the LIHTC investments is a component of our income tax expense and therefore also reflected in the
 Income Tax Expense line.

 The table below shows the total amounts of tax benefits and the amortization amounts from our LIHTC portfolio that are
 recognized in our income tax expense for the fiscal years ended September 30, 2025 and September 30, 2024.

 2025

 2024

 LIHTC tax benefits as of September 30,

 $ 19,135

 $ 19,156

 LIHTC amortization expense for the year ended September 30,

 16,093

 16,434

 NOTE P - EMPLOYEE BENEFIT PLANS
 401(k) Plan - The Company maintains a 401(k) Plan (the "Plan") for the benefit of its employees. Company contributions are
 made annually as approved by the Board of Directors. Such amounts are not in excess of amounts permitted by the Employee
 Retirement Income Security Act of 1974.
 Plan participants may make voluntary after-tax contributions of their considered earnings as defined by the Plan. In addition,
 participants may make pre-tax contributions up to the statutory limits through the 401(k) provisions of the Plan. The annual
 addition from contributions to an individual participant's account in this Plan cannot exceed the lesser of 100 % of base salary or
 $ 70,000.
 New employees become eligible to participate in the Plan and make employee contributions on the first day of the calendar
 month following the completion of 30 days of employment. Such eligible employees do not become eligible for profit sharing
 or matching contributions until the first day of the quarter (January 1, April 1, July 1 or October 1) following completion of 1
 year of service. A "year of service" is defined as a 12-month period in which the eligible employee works at least 1,000 hours
 of service and the first eligibility service period starts on the first day of employment.
 The Plan provides for a guaranteed safe harbor matching contribution equal to 100 % of the first 4 % of compensation that
 employees contribute to their account and this amount is immediately vested. The safe harbor match is not subject to the six -
 year vesting schedule of the profit sharing contribution. This provides plan participants more investment flexibility.
 Additionally, the Company anticipates that all eligible employees, regardless of personal plan participation, will continue to
 receive an annual discretionary profit-sharing contribution from the Company.
 Company contributions to the Plan amounted to $ 8,900,000, $ 8,185,000 and $ 8,648,000 for the years ended 2025, 2024 and
 2023, respectively.
 Employee Stock Purchase Plan - Upon approval by our shareholders, the Company implemented a Non-Qualified Employee
 Stock Purchase Plan ("ESPP") in 2023 in which substantially all employees of the Company are eligible to participate. The
 ESPP provides participants the opportunity to purchase common stock of the Company at 95 % of the closing stock price on the
 last day of the purchase period. Purchase periods are three-month periods that are set as January 1 through March 31, April 1
 through June 30, July 1 through September 30, and October 1 through December 31 of each year. A total of 500,000 shares
 were made available for issuance under the ESPP. Participants of the ESPP purchased 28,394 shares for $ 841,839 during 2025.
 At September 30, 2025 there were 428,797 shares remaining for purchase under the ESPP.
 Supplemental Executive Retirement Plan - Also approved by our shareholders, the Company implemented a Supplemental
 Executive Retirement Plan ("SERP") during 2023. This deferred compensation plan provides retirement benefits to certain
 highly compensated executives. The SERP credits, if vested, will be distributed in the form of WaFd, Inc. common stock, in
 ten ( 10) substantially equal annual installments, following retirement of the executive officer. $ 11,700,000 in common stock
 units, and related dividend equivalents, were authorized with each unit having a value equal to one share of WaFd, Inc.
 common stock. These units will vest based on the age of each participant as follows:

 Attained Age

 Vested Percentage

 Before 62

 — %

 80 %

 90 %

 100 %

 During fiscal 2025, 13,450 units were credited to participant accounts as a result of dividends paid. As a result, there were a
 total of 402,418 share units with a weighted average grant date fair value of $ 31.55 held within SERP accounts at September
 30, 2025. SERP related expense recognized during the year was $ 1,151,000. There were no shares paid during 2025 and there
 were no participants vested.

 NOTE Q - STOCK AWARD PLANS
 The Company's stock-based compensation plan provides for grants of stock options and restricted stock. On February 11, 2025,
 the shareholders approved the 2025 Stock Incentive Plan. Upon approval of the 2025 Stock Incentive Plan, the 2020 Incentive
 Plan terminated with respect to future awards, and the remaining shares that were not awarded under the 2020 Incentive Plan as
 of that date were canceled. A total of 3,250,000 shares were made available for grant under the 2025 Incentive Plan and
 2,631,367 shares remain available for issuance as of September 30, 2025. All of the Company's equity compensation plans
 have been approved by the Company's shareholders.
 When applicable, stock options are granted with an exercise price equal to the market price of the Company's stock at the date
 of grant; those option awards generally vest based on three to five years of continuous service and have 10 -year contractual
 terms. The Company's policy is to issue new shares upon option exercises. The fair value of stock options granted is estimated
 on the date of grant using the Black-Scholes option-pricing model. Additionally, there may be other factors that would
 otherwise have a significant effect on the value of employee stock options granted but are not considered by the model.
 Expected volatility is based on the historical volatility of the Company's stock. The risk-free interest rate is based on the U.S.
 Treasury yield curve that is in effect at the time of grant with a remaining term equal to the options' expected life. The expected
 term represents the period of time that options granted are expected to be outstanding.
 Stock Option Awards:
 There were 374,029 stock options granted under the 2025 Stock Incentive Plan during 2025, compared to no options granted in
 2024 and 779,740 options granted in 2023 under the previous plan.
 A summary of stock option activity and changes during the year are as follows.

 Options

 Number of Securities
 to be Issued Upon
 Exercise of

 Exercise
 Price

 Weighted Average
 Remaining
 Contractual
 Term (Years)

 Aggregate
 Intrinsic
 Value

 Outstanding at September 30, 2023

 1,707,825

 $ 29.32

 $ —

 Granted

 —

 —

 Exercised

 ( 196,086)

 26.45

 Forfeited

 ( 157,114)

 30.07

 Outstanding at September 30, 2024

 1,354,625

 29.65

 7,040

 Granted

 374,029

 29.59

 Exercised

 ( 136,896)

 28.80

 Forfeited

 ( 223,551)

 30.08

 Outstanding at September 30, 2025

 1,368,207

 $ 29.65

 $ 873

 Exercisable at September 30, 2025

 541,770

 $ 30.87

 $ —

 The table below presents other information regarding stock options.

 2025

 2024

 2023

 (In thousands, except grant date fair value per stock option)

 Compensation cost for stock options

 $ 1,147

 $ 1,571

 $ 1,875

 Weighted average grant date fair value per stock option

 6.69

 6.14

 5.91

 Total intrinsic value of options exercised

 1,228

 Grant date fair value of options exercised

 Cash received from option exercises

 3,943

 5,187

 1,089

 The following is a summary of activity related to unvested stock options.

 2025

 2024

 2023

 Unvested Stock Options

 Options

 Grant Date

 Options

 Grant Date

 Options

 Grant Date

 Outstanding at beginning of
 period

 843,251

 $ 5.50

 1,390,422

 $ 5.93

 981,410

 $ 5.07

 Granted

 374,029

 8.20

 —

 —

 779,740

 7.11

 Vested

 ( 227,947)

 7.19

 ( 412,160)

 3.20

 ( 217,695)

 6.13

 Forfeited

 ( 161,492)

 5.27

 ( 135,011)

 6.07

 ( 153,033)

 5.38

 Outstanding at end of period

 827,841

 $ 7.53

 843,251

 $ 5.50

 1,390,422

 $ 5.93

 As of September 30, 2025, there was $ 2,799,268 of unrecognized compensation cost related to stock options.
 Restricted Stock Awards:
 The Company grants shares of restricted stock pursuant to its incentive plans. The restricted stock grants are subject to a service
 condition and vest over a period of one to seven years.
 Certain grants of restricted stock to executive officers are also subject to additional market and performance conditions based
 upon meeting certain total shareholder return targets pre-established by the Board. The Company had a total of 538,911 shares
 of restricted stock outstanding as of September 30, 2025, with a total grant date fair value of $ 13,709,896.
 The following table summarizes information about unvested restricted stock activity.

 2025

 2024

 2023

 Non-vested Restricted Stock

 Outstanding at beginning of period

 568,987

 $ 24.28

 495,782

 $ 24.40

 489,777

 $ 21.64

 Granted

 282,018

 25.41

 366,616

 28.84

 247,966

 26.48

 Vested

 ( 265,356)

 23.71

 ( 250,001)

 30.87

 ( 119,956)

 29.87

 Forfeited

 ( 46,738)

 20.92

 ( 43,410)

 26.22

 ( 122,005)

 12.16

 Outstanding at end of period

 538,911

 $ 25.44

 568,987

 $ 24.28

 495,782

 $ 24.40

 Compensation expense related to restricted stock awards was $ 5,061,000, $ 5,695,000, and $ 4,512,000 for the years ended 2025,
 2024 and 2023, respectively.

 NOTE R - SHAREHOLDERS' EQUITY
 The Company and the Bank are subject to various regulatory capital requirements. Quantitative measures established by
 regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the
 following table) of Common Equity Tier 1, Tier 1 and Total capital to risk weighted assets (as defined in the regulations) and Tier
 1 capital to average assets (as defined in the regulations). Failure to meet minimum capital requirements can initiate certain
 mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the
 Company's financial statements. The Company and the Bank are also subject to certain restrictions on the amount of dividends
 that they may declare without prior regulatory approval.
 On February 8, 2021, in connection with an underwritten public offering, the Company issued 300,000 shares of 4.875 %
 Noncumulative Perpetual Series A Preferred Stock. Net proceeds, after underwriting discounts and expenses, were $ 293,325,000.
 The public offering consisted of the issuance and sale of 12,000,000 depositary shares, each representing a 1/40 th interest in a
 share of the Series A Preferred Stock, at a public offering price of $ 25.00 per depositary share. Holders of the depositary shares
 are entitled to all proportional rights and preferences of the Series A Preferred Stock (including, dividend, voting, redemption and
 liquidation rights). The depositary shares are traded on the NASDAQ Global Select Market under the symbol "WAFDP." The
 Series A Preferred Stock is redeemable at the option of the Company, subject to all applicable regulatory approvals, on or after
 April 15, 2026.
 As of September 30, 2025, and 2024, the Company and the Bank met all capital adequacy requirements to which they are subject,
 and the Bank's regulators categorized it as well capitalized under the regulatory framework for prompt corrective action. To be
 categorized as well capitalized, the Bank must maintain minimum Common Equity Tier 1, Tier 1 risk-based, Total risk-based and
 Tier 1 leverage ratios as set forth in the following table. The Bank's actual capital amounts and ratios as of these dates are also
 presented. There are no conditions or events since that management believes have changed the Bank's categorization.

 Actual

 Capital
 Adequacy
 Guidelines

 Categorized as
 Well Capitalized
 Under Prompt
 Corrective Action
 Provisions

 Capital

 Ratio

 Ratio

 Ratio

 Common Equity Tier 1 risk-based capital ratio:

 $ 2,202,901

 11.77 %

 4.50 %

 NA

 2,506,271

 13.40

 4.50

 6.50 %

 Tier 1 risk-based capital ratio:

 2,502,901

 13.37

 6.00

 NA

 2,506,271

 13.40

 6.00

 8.00

 Total risk-based capital ratio:

 2,770,166

 14.80

 8.00

 NA

 2,721,890

 14.55

 8.00

 10.00

 Tier 1 leverage ratio:

 2,502,901

 9.59

 4.00

 NA

 2,506,271

 9.61

 4.00

 5.00

 Common Equity Tier 1 risk-based capital ratio:

 $ 2,153,721

 11.31 %

 4.50 %

 NA

 2,463,266

 12.94

 4.50

 6.50 %

 Tier 1 risk-based capital ratio:

 2,453,721

 12.88

 6.00

 NA

 2,463,266

 12.94

 6.00

 8.00

 Total risk-based capital ratio:

 2,722,290

 14.29

 8.00

 NA

 2,681,116

 14.08

 8.00

 10.00

 Tier 1 leverage ratio:

 2,453,721

 8.90

 4.00

 NA

 2,463,266

 8.94

 4.00

 5.00

 At periodic intervals, the Federal Reserve, the WDFI and the FDIC examine the Company's and the Bank's financial statements as
 part of their oversight. Based on their examinations, these regulators can direct that the Company's or Bank's financial statements
 be adjusted in accordance with their findings.
 The Company and the Bank are subject to regulatory restrictions on paying dividends.
 The Company has an ongoing common share repurchase program and 3,338,351 shares were repurchased during 2025 at a
 weighted average price of $ 29.56. In 2024, 1,058,178 shares were repurchased at a weighted average price of $ 25.29. As of
 September 30, 2025, management had authorization from the Board of Directors to repurchase up to 8,162,654 additional shares.

 The following table sets forth information regarding earnings per common share calculations.

 2025

 2024

 2023

 Weighted average shares outstanding

 80,184,395

 74,244,323

 65,192,510

 Weighted average dilutive options

 70,794

 46,245

 62,773

 Weighted average diluted shares

 80,255,189

 74,290,568

 65,255,283

 Net income available to common shareholders (in thousands)

 $ 211,443

 $ 185,416

 $ 242,801

 Basic EPS

 $ 2.64

 $ 2.50

 $ 3.72

 Diluted EPS

 2.63

 2.50

 3.72

 NOTE S - FINANCIAL INFORMATION – WAFD, INC.
 The following WaFd, Inc. (parent company only) financial information should be read in conjunction with the other notes to the
 Consolidated Financial Statements.

 Condensed Statements of Financial Condition

 Assets

 Cash

 $ 35,447

 $ 25,966

 13,588

 18,024

 Investment in statutory trust

 1,857

 1,857

 Investment in WaFd Wealth, Inc.

 2,836

 —

 Investment in WaFd Bank

 3,042,944

 3,009,845

 Total assets

 $ 3,096,672

 $ 3,055,692

 Liabilities

 Dividend payable on preferred stock

 $ 3,656

 $ 3,656

 Junior subordinated deferrable debentures

 51,645

 50,718

 1,796

 1,018

 Total liabilities

 57,097

 55,392

 Shareholders' equity

 Total shareholders' equity

 3,039,575

 3,000,300

 Total liabilities and shareholders' equity

 $ 3,096,672

 $ 3,055,692

 Condensed Statements of Operations

 2025

 2024

 2023

 Income

 Dividends from WaFd Bank

 $ 200,000

 $ 140,000

 $ 56,490

 Interest income

 —

 Total Income

 200,116

 140,078

 56,490

 Expense

 Miscellaneous expense

 7,256

 11,341

 2,214

 Total expense

 7,256

 11,341

 2,214

 Net income (loss) before equity in undistributed net income (loss)
 of subsidiary

 192,860

 128,737

 54,276

 Equity in undistributed net income (loss) of subsidiaries

 31,496

 68,628

 202,643

 Income before income taxes

 224,356

 197,365

 256,919

 Income tax benefit (expense)

 1,712

 2,676

 226,068

 200,041

 257,426

 Dividends on preferred stock

 Net income available to common shareholders

 $ 211,443

 $ 185,416

 $ 242,801

 Condensed Statements of Cash Flows

 2025

 2024

 2023

 Cash Flows From Operating Activities

 $ 226,068

 $ 200,041

 $ 257,426

 Adjustments to reconcile net income to net cash provided by
 operating activities:

 Undistributed earnings from investments in subsidiaries

 ( 31,496)

 ( 68,628)

 ( 202,643)

 Stock based compensation expense

 8,521

 9,181

 7,914

 Net changes in other assets and liabilities

 2,801

 2,531

 1,365

 Net cash provided by operating activities

 205,894

 143,125

 64,062

 Cash Flows From Investing Activities

 Net cash received in business combinations

 —

 16,173

 —

 Equity method investments purchased

 —

 ( 3,000)

 ( 12,500)

 Net cash provided by (used in) investing activities

 —

 13,173

 ( 12,500)

 Cash Flows From Financing Activities

 Proceeds from exercise of common stock options and related tax
 benefit

 3,942

 5,187

 1,089

 Proceeds from the purchase of common stock through the Employee
 Stock Purchase Program

 Repayment of long term senior debt

 —

 ( 95,000)

 —

 ( 101,931)

 ( 27,069)

 ( 30,463)

 Dividends on preferred stock

 Dividends on common stock

 ( 84,639)

 ( 74,267)

 ( 63,792)

 Net cash provided by (used in) financing activities

 ( 196,411)

 ( 204,782)

 ( 107,614)

 Increase (decrease) in cash

 9,483

 ( 48,484)

 ( 56,052)

 Cash at beginning of year

 25,966

 74,450

 130,502

 Cash at end of year

 $ 35,449

 $ 25,966

 $ 74,450

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
 None.

 Item 9A. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
 As of September 30, 2025, the Company carried out an evaluation, under the supervision and participation of the
 Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of
 the design and operation of the Company's disclosure controls and procedures pursuant to Rule 13a-15(e) of the Exchange Act.
 Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's
 disclosure controls and procedures were effective, as of the end of the period covered in this report, to ensure that information
 required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed,
 summarized and reported within time periods specified in SEC rules and forms and were effective to ensure that such
 information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief
 Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
 Management's Report on Internal Control Over Financial Reporting
 The Company's management is responsible for establishing and maintaining adequate internal control over financial
 reporting. The Company's internal control system is designed to provide reasonable assurance regarding the reliability of
 financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
 accounting practices in the United States of America.
 The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of
 September 30, 2025. In making the assessment, the Company's management used the criteria set forth by the Committee of
 Sponsoring Organizations of the Treadway Commission (COSO) in the 2013 version of its Internal Control-Integrated
 Framework. Based on its assessment, the Company's management believes that as of September 30, 2025, the Company's
 internal control over financial reporting was effective based on this criteria.
 The Company's independent auditors, Deloitte & Touche LLP, an independent registered public accounting firm, have
 issued an audit report on the Company's internal control over financial reporting, which appears in this annual report on Form
 10-K.
 There have been no changes in the Company's internal control over financial reporting during the Company's most recent
 fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the
 Company's internal control over financial reporting.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the shareholders and Board of Directors of WaFd, Inc.
 Opinion on Internal Control over Financial Reporting
 We have audited the internal control over financial reporting of WaFd, Inc. and subsidiaries (the "Company") as of September 30, 2025,
 based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of
 the Treadway Commission (COSO). Because management's assessment and our audit were conducted to meet the reporting requirements
 of Section 112 of the Federal Deposit Insurance Corporation Improvement Act (FDICIA), management's assessment and our audit of the
 Company's internal control over financial reporting included controls over the preparation of the schedules equivalent to the basic financial
 statements in accordance with the instructions for the Office of the Comptroller of the Currency Instructions for Call Reports for Balance
 Sheet on schedule RC, Income Statement on schedule RI, and Changes in Company Equity Capital on schedule RI-A. In our opinion, the
 Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on criteria
 established in Internal Control — Integrated Framework (2013) issued by COSO.
 We have not examined and, accordingly, we do not express an opinion or any other form of assurance on management's statement referring
 to compliance with laws and regulations.
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the
 consolidated financial statements as of and for the year ended September 30, 2025, of the Company and our report dated November 18,
 2025, expressed an unqualified opinion on those financial statements.
 Basis for Opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the
 effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over
 Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our
 audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in
 accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
 the PCAOB.
 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to
 obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our
 audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
 testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other
 procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
 Definition and Limitations of Internal Control over Financial Reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
 financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
 principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance
 of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
 reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
 accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
 of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
 unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
 any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
 conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 Seattle, Washington

 Item 9B. Other Information
 Rule 10b5-1 Plan and Non-Rule 10b5-1 Trading Arrangement Adoptions, Terminations, and Modifications
 During the three months ended September 30, 2025, none of the Company's directors or "officers" (as defined in Rule
 16a-1(f) under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading
 arrangement," as each term is defined in Item 408 of SEC Regulation S-K.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
 Not applicable.

 Item 10. Directors, Executive Officers and Corporate Governance
 The information required by this item will be set forth in the Company's definitive proxy statement for its Annual
 Meeting of Shareholders to be held on February 3, 2026 (the " 2025 Proxy Statement") under the following captions, and is
 incorporated herein by reference.
 • Proposal 1: Election of Directors
 • Executive Officers
 • Corporate Governance
 • Delinquent Section 16(a) Reports
 Code of Ethics
 The Company has adopted a code of ethics that applies to all senior financial officers, including its Chief Executive
 Officer and Chief Financial Officer. The code of ethics is publicly available on the Company's website under "Investor
 Relations - Corporate Governance" at www.wafdbank.com. If the Company makes any substantive amendments to the code of
 ethics or grants any waiver from a provision of the code, it will disclose the nature of such amendment or waiver on its website
 or in a report on Form 8-K.
 Insider Trading Policy
 The Company has adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions
 of the Company's securities by directors, officers and employees, or the Company itself, that are reasonably designed to
 promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company. A
 copy of the Company's Trading Policy has been filed as Exhibit 19.1 to this Annual Report on Form 10-K.

 Item 11. Executive Compensation
 The information required by this item will be set forth in the 2025 Proxy Statement under the captions "Executive
 Compensation" and "Corporate Governance – Compensation Committee Interlocks And Insider Participation" and is
 incorporated herein by reference.

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
 The information required by this item will be set forth in the 2025 Proxy Statement under the caption "Security
 Ownership of Certain Beneficial Owners and Management" and "Equity Compensation Plan Information" and is incorporated
 herein by reference.
 Additional information about stock options and other equity compensation plans is included in Note Q to the
 Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" of this report.

 Item 13. Certain Relationships and Related Transactions and Director Independence
 The information required by this item will be set forth in the 2025 Proxy Statement under the captions "Corporate
 Governance – The Board of Directors and its Committees" and "Corporate Governance - Related Party Transactions" and is
 incorporated herein by reference.

 Item 14. Principal Accountant Fees and Services
 The information required by this item will be set forth in the 2025 Proxy Statement under the caption "Principal
 Accountant Fees and Services" and is incorporated herein by reference.

 Item 15. Exhibits and Financial Statement Schedules
 (a) Documents filed as part of this Report:
 (1) The Consolidated Financial Statements and related documents set forth in "Item 8. Financial Statements and
 Supplementary Data" are filed as part of this report.
 (2) All other schedules to the Consolidated Financial Statements required by Regulation S-X are omitted because
 they are not applicable, not material or because the information is included in the Consolidated Financial Statements
 and related notes in "Item 8. Financial Statements and Supplementary Data" of this report.
 (3) The following exhibits are required by Item 601 of Regulation S-K:

 No.

 Exhibit

 Page/
 Footnote

 3.1

 Third Restated Articles of Incorporation of the Company, as amended

 (1)

 3.2

 Second Amended and Restated Bylaws of the Company

 (1)

 4.1

 Description of Registrant's Securities

 (2)

 4.2

 Deposit Agreement, dated February 8, 2021, by and among the Company, American Stock
 Transfer & Trust Company LLC, and the holders from time to time of the depositary receipts
 described therein

 (3)

 10.1

 2020 Incentive Plan and Form of Award Agreements *

 (4)

 10.2

 2011 Incentive Plan, as amended *

 (5)

 10.3

 Form of Restricted Stock Award Agreement under 2011 Incentive Plan *

 (5)

 10.4

 Form of Stock Option Agreement under 2011 Incentive Plan *

 (5)

 10.5

 Form of Indemnification Agreement *

 (6)

 10.6

 Form of Change in Control Agreement *

 (7)

 10.7

 WaFd, Inc. Amended and Restated Non-Qualified Employee Stock Purchase Plan*

 (1)

 10.8

 WaFd Bank Deferred Compensation Plan*

 (8)

 10.9

 Amendment to WaFd Bank Deferred Compensation Plan *

 (8)

 10.10

 Agreement for the Purchase and Sale of Loans between Washington Federal Bank and Bank of
 America, National Association

 (9)

 10.11

 Amendment No. 1 to Agreement for the Purchase and Sale of Loans between Washington
 Federal Bank and Bank of America, National Association

 (10)

 10.12

 Transition Agreement and General Release

 (11)

 10.13

 WaFd, Inc. 2025 Stock Incentive Plan

 (12)

 10.14

 Form of Restricted Stock Grant Agreement under the 2025 Stock Incentive Plan

 (12)

 10.15

 Form of Restricted Stock Unit Grant Agreement under the 2025 Stock Incentive Plan

 (12)

 10.16

 Form of Option Grant Agreement under the 2025 Stock Incentive Plan

 (12)

 19.1

 Trading Policy

 +

 Subsidiaries of the Company - Reference is made to Item 1, "Business - Subsidiaries" for the
 required information

 +

 23.1

 Consent of Independent Registered Public Accounting Firm

 +

 31.1

 Section 302 Certification by the Chief Executive Officer

 +

 31.2

 Section 302 Certification by the Chief Financial Officer

 +

 Section 906 Certification pursuant to the Sarbanes-Oxley Act of 2002

 +

 97.1

 WaFd, Inc. Clawback Policy

 +

 +

 +

 ___________________

 *

 Management contract or compensation plan

 +

 Filed herewith

 #

 Furnished herewith

 (1) Incorporated by reference from the Registrant's Form 10-K filed with the SEC on November 17, 2023.
 (2) Incorporated by reference from the Registrant's Form 10-K filed with the SEC on November 19, 2021.
 (3) Incorporated by reference from the Registrant's Form 8-K filed with the SEC on February 8, 2021.
 (4) Incorporated by reference from the Registrant's Form 10-K filed with the SEC on November 23, 2020.
 (5) Incorporated by reference from the Registrant's Form 10-K filed with the SEC on November 21, 2016.
 (6) Incorporated by reference from the Registrant's Form 8-K filed with the SEC on October 24, 2016.
 (7) Incorporated by reference from the Registrant's Form 8-K filed with the SEC on August 19, 2015.
 (8) Incorporated by reference from the Registrant's Form 8-K filed with the SEC on February 17, 2023.
 (9) Incorporated by reference from the Registrant's Form 8-K filed with the SEC on May 17, 2024.
 (10) Incorporated by reference from the Registrant's Form 10-Q filed with the SEC on August 2, 2024.
 (11) Incorporated by reference from the Registrant's Form 8-K filed with the SEC on January 21, 2025.
 (12) Incorporated by reference from the Registrant's Form 8-K filed with the SEC on February 13, 2025.

 Item 16. Form 10-K Summary
 None.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused
 this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 WAFD, INC.

 By:

 / S / BRENT J. BEARDALL

 Brent J. Beardall, Vice Chair, President and Chief Executive Officer

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report is signed below by the following persons
 on behalf of the registrant and in the capacities and on the dates indicated.

 /s/ Brent J. Beardall

 Brent J. Beardall
 Vice Chair, President and Chief Executive Officer
 (Principal Executive Officer)

 /s/ Kelli J. Holz

 Kelli J. Holz
 Executive Vice President and Chief Financial Officer
 (Principal Financial Officer)

 /s/ Blayne A. Sanden

 Blayne A. Sanden
 Senior Vice President and Principal Accounting Officer
 (Principal Accounting Officer)

 /s/ Stephen M. Graham

 Stephen M. Graham, Chairman of the Board

 /s/ R. Shawn Bice

 R. Shawn Bice, Director

 /s/ Linda S. Brower

 Linda S. Brower, Director

 /s/ David K. Grant

 David K. Grant, Director

 /s/ Sylvia R. Hampel

 Sylvia R. Hampel, Director

 /s/ Bradley M. Shuster

 Bradley M. Shuster, Director

 /s/ S. Steven Singh

 S. Steven Singh, Director

 /s/ Sean B. Singleton

 Sean B. Singleton, Director

 /s/ Randall H. Talbot

 Randall H. Talbot, Director

 /s/ M. Max Yzaguirre

 M. Max Yzaguirre, Director