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Annual Report 2024
1 Dear Shareholders, As I write this letter, the stock market is sitting at all-time highs and residential real estate values have seemingly defied logic, staying near all-time high values despite mortgage rates rising from 3% up to 7%. WaFd participated in this bull market with the stock turning in a 40% total shareholder return for the fiscal year. Inflation appears to have been tamed from the 9% clip two short years ago, yet questions persist about whether inflation will behave with a record amount of U.S. Government debt, the potential for tariffs, and an aging workforce. I keep hearing the words of the former Chair of the Federal Reserve, Alan Greenspan, who in the late 1990s, referred to the dot-com fueled market run as irrational exuberance. Is the market irrational? Is there a disconnect between valuations and future cash flows? Can the so-called magnificent seven continue to carry the bull market? These are all legitimate questions that I don t pretend to know the answers to. I do know this: over the long-term, I would rather be invested in the United States than anywhere else. The size and diversification of the economic engine make us the envy of the world. With this context, let me share with you why I believe the future of WaFd is as bright as it has ever been. During this year, we completed the largest acquisition in our history, taking us into the state of California with its nearly $2 trillion of deposits. We also executed the largest loan sale of commercial real estate loans in the history of U.S. banking, selling $2.8 billion of loans at no loss to WaFd proving both the credit quality and liquidity of our balance sheet. With so much uncertainty about interest rates, regulation and asset quality, we erred on the side of caution, stockpiling almost 20% of our balance sheet in cash and liquid investments. Over the last seven years, we have been working to become a digital-first bank. We have made great strides and now offer our commercial clients a phenomenal treasury management system, and our consumer clients online and mobile banking to access and move their money when, where and how they want. Anyone who works with technology quickly concludes that it is a race without a finish line. You can roll out a new feature, and because of the pace of innovation, it will literally be outdated by launch date if not shortly thereafter. We cannot stop investing in technology; a bank that aims to be competitive needs to be consistently surveilling the market, ready to pivot as new opportunities arise. We are committed to not only surviving, but thriving long-term for our clients, communities, employees and shareholders. History has taught us that having a diverse banking system is one of the positive differentiators in the U.S. economy. We believe that mid-size banks, like WaFd Bank, play a pivotal role as we
are big enough to be relevant and small enough to be responsive to changes in the market and client needs. We look forward to a bright future, playing the role of financial intermediary, providing a safe harbor for our clients hard-earned deposits and making prudent loans to spur growth across the nine states we call home. Our ongoing strong financial performance is a direct result of the hard work and dedication of our employees, who are our most valuable asset. We remain focused on strengthening our operations, investing in our teams and technology, and fostering relationships that enable us to deliver lasting value to our shareholders. I am proud of the achievements we have made together, and as we look to the future, I am excited about the possibilities and confident of our success. Thank you for your continued trust and support. Sincerely, Brent Beardall President & Chief Executive Officer
Here for Good At WaFd Bank, we love what we do, and we are making a difference! It is why we re here, making an impact on the communities we serve. Enjoy these highlights from our 2024 fiscal year: During the past fiscal year, our 13 regional Diversity and Inclusion councils, made up of volunteers, worked to enhance employment and recruitment diversity, participated in local PRIDE activities, and supported workplace affinity groups for veterans, BIPOC, working parents, emerging leaders and LGBTQIA colleagues 946 unique organizations served with 14,889 hours of employee led volunteer service 265 grants awarded from the WaFd Foundation to local organizations totaling over $1 million $121.3 million invested in community development lending including $72.9 million toward affordable housing Corporate matched donations to United Way agencies totaled $847,000 Continue to offer a hybrid work-setting with 52% of employees working partially from home, supporting work-life balance, lower carbon footprint and attractive recruitment/retention strategy Net Promoter Score: 55, one of the highest in the industry Awarded America s Best-in-State Bank in Washington, Nevada and New Mexico
WaFd Bank Board of Directors Brent Beardall Stephen Graham Steve Singh Randy Talbot Linda Brower David Grant Sean Singleton Bradley Shuster Shawn Bice Sylvia Hampel M. Max Yzaguirre WaFd Bank Executive Officers Back l/r: Ryan Mauer, Executive Vice President & Chief Credit Officer Kelli Holz, Executive Vice President & Chief Financial Officer Cathy Cooper, Executive Vice President & Chief Consumer Banker James Endrizzi, Executive Vice President & Chief Commercial Banker Front l/r: Brent Beardall, President & Chief Executive Officer Kim Robison, Executive Vice President & Chief Operating Officer
 • shareholder letter icon 12/31/2024 Letter Continued (Full PDF)
 • stockholder letter icon 1/2/2024 WAFD Stockholder Letter
 • stockholder letter icon More "Banking & Savings" Category Stockholder Letters
 • Benford's Law Stocks icon WAFD Benford's Law Stock Score = 98


WAFD Shareholder/Stockholder Letter Transcript:

Annual Report 2024

1
Dear Shareholders,
As I write this letter, the stock market is
sitting at all-time highs and residential
real estate values have seemingly defied
logic, staying near all-time high values
despite mortgage rates rising from 3%
up to 7%. WaFd participated in this bull
market with the stock turning in a 40%
total shareholder return for the fiscal year.
Inflation appears to have been tamed
from the 9% clip two short years ago, yet
questions persist about whether inflation
will behave with a record amount of U.S.
Government debt, the potential for tariffs,
and an aging workforce. I keep hearing the
words of the former Chair of the Federal
Reserve, Alan Greenspan, who in the late
1990s, referred to the dot-com fueled
market run as    irrational exuberance.   
Is the market irrational? Is there a
disconnect between valuations and future
cash flows? Can the so-called magnificent
seven continue to carry the bull market?
These are all legitimate questions that
I don   t pretend to know the answers to.
I do know this: over the long-term, I
would rather be invested in the United
States than anywhere else. The size and
diversification of the economic engine
make us the envy of the world. With this
context, let me share with you why
I believe the future of WaFd is as
bright as it has ever been.
During this year, we completed the largest
acquisition in our history, taking us into
the state of California with its nearly $2
trillion of deposits. We also executed
the largest loan sale of commercial real
estate loans in the history of U.S. banking,
selling $2.8 billion of loans at no loss to
WaFd     proving both the credit quality
and liquidity of our balance sheet. With
so much uncertainty about interest rates,
regulation and asset quality, we erred on
the side of caution, stockpiling almost
20% of our balance sheet in cash and
liquid investments.
Over the last seven years, we have been
working to become a digital-first bank.
We have made great strides and now offer
our commercial clients a phenomenal
treasury management system, and our
consumer clients online and mobile
banking to access and move their money
when, where and how they want. Anyone
who works with technology quickly
concludes that it is a race without a finish
line. You can roll out a new feature, and
because of the pace of innovation, it will
literally be outdated by launch date if
not shortly thereafter. We cannot stop
investing in technology; a bank that aims
to be competitive needs to be consistently
surveilling the market, ready to pivot as
new opportunities arise.
We are committed to not only
surviving, but thriving long-term for our
clients, communities, employees and
shareholders. History has taught us that
having a diverse banking system is one
of the positive differentiators in the U.S.
economy. We believe that mid-size banks,
like WaFd Bank, play a pivotal role as we

are big enough to be relevant and small
enough to be responsive to changes in
the market and client needs.
We look forward to a bright future, playing
the role of financial intermediary, providing
a safe harbor for our clients    hard-earned
deposits and making prudent loans to spur
growth across the nine states we call home.
Our ongoing strong financial performance
is a direct result of the hard work and
dedication of our employees, who are our
most valuable asset. We remain focused
on strengthening our operations, investing
in our teams and technology, and fostering
relationships that enable us to deliver
lasting value to our shareholders.
I am proud of the achievements we have
made together, and as we look to the
future, I am excited about the possibilities
and confident of our success.
Thank you for your continued
trust and support.
Sincerely,
Brent Beardall    
President & Chief Executive Officer

Here for Good
At WaFd Bank, we love what we do, and we are making a difference!
It is why we   re here, making an impact on the communities we serve.
Enjoy these highlights from our 2024 fiscal year:
During the past fiscal year, our 13 regional Diversity and Inclusion
councils, made up of volunteers, worked to enhance employment
and recruitment diversity, participated in local PRIDE activities,
and supported workplace affinity groups for veterans, BIPOC,
working parents, emerging leaders and LGBTQIA colleagues
946 unique organizations served with 14,889
hours of employee led volunteer service
265 grants awarded from the WaFd Foundation
to local organizations totaling over $1 million
$121.3 million invested in community
development lending including $72.9 million
toward affordable housing
Corporate matched donations to United Way
agencies totaled $847,000
Continue to offer a hybrid work-setting with 52%
of employees working partially from home, supporting
work-life balance, lower carbon footprint and
attractive recruitment/retention strategy
Net Promoter Score: 55, one of
the highest in the industry
Awarded America   s
Best-in-State Bank in
Washington, Nevada
and New Mexico

WaFd Bank Board of Directors
Brent
Beardall
Stephen
Graham
Steve
Singh
Randy
Talbot
Linda
Brower
David
Grant
Sean
Singleton
Bradley
Shuster
Shawn
Bice
Sylvia
Hampel
M. Max
Yzaguirre
WaFd Bank Executive Officers
Back l/r:
Ryan Mauer,
Executive Vice President
& Chief Credit Officer
Kelli Holz,
Executive Vice President
& Chief Financial Officer
Cathy Cooper,
Executive Vice President
& Chief Consumer Banker
James Endrizzi,
Executive Vice President
& Chief Commercial
Banker
Front l/r:
Brent Beardall,
President & Chief
Executive Officer
Kim Robison,
Executive Vice President
& Chief Operating Officer



shareholder letter icon 12/31/2024 Letter Continued (Full PDF)
 

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