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WaFd, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $28,060,330,000 from $22,474,675,000 in the previous year, primarily due to the merger with Luther Burbank Corporation.
Net income for the year was $200,041,000, down from $257,426,000 in the previous year. The decrease is attributed to a higher provision for credit losses and increased non-interest expenses.
The company reported net interest income of $660,832,000, a decrease from $690,234,000 in the previous year, with the decline due to a decrease in net interest margin.
Total loans receivable increased to $20,916,354,000 from $17,476,550,000, largely due to the merger. The allowance for loan losses was $203,753,000, up from $177,207,000 in the previous year.
Deposits grew to $21,373,970,000 from $16,070,329,000, with a significant portion of the increase attributed to time deposits from the merger.
The company recorded a provision for credit losses of $17,500,000, compared to a provision of $41,500,000 in the previous year.
Non-interest income increased to $60,692,000 from $52,201,000, primarily due to higher deposit fee income and other income.
Non-interest expenses rose to $448,272,000 from $376,035,000, driven by increased compensation and benefits costs, FDIC insurance premiums, and merger-related expenses.
The company’s efficiency ratio was 62.1% for the year, compared to 50.7% in the prior year.
WaFd, Inc. completed its merger with Luther Burbank Corporation on March 1, 2024, adding approximately $7.7 billion of assets at fair value to its balance sheet.
The merger resulted in the issuance of 17,088,886 shares of WaFd common stock, representing approximately 21% of the voting interests in WaFd, Inc. post-merger.
WaFd, Inc. reported shareholders' equity of $3,000,300,000, up from $2,426,426,000, with the increase primarily due to the merger.
The filing details various financial agreements, including borrowings from the Federal Home Loan Bank and the Federal Reserve Bank.
WaFd, Inc. does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to the integration of Luther Burbank Corporation.
WaFd, Inc. continues to focus on expanding its footprint and enhancing its digital banking services to meet customer needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WaFd Inc. annual 10-K report dated November 20, 2024. To report an error, please email earnings@qz.com.