olivLaw · US equity research
WaFd, Inc. WAFD
National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)
WaFd, Inc. is the holding company of WaFd Bank, a Washington state commercial bank offering lending, deposits, insurance and wealth services through a network of 208 branches across nine western states. In fiscal 2026 it reported net income of 256 million USD and a 22% rise in diluted earnings per share, amid high interest rates and a review of commercial credit quality.
At the close of 02 Nov 2026, WaFd, Inc. (WAFD) stock was 30.35 USD (+3.41% on the day), with market capitalisation 2.2 bn USD, P/E 9.4 on diluted EPS of 3.22 USD over the last 12 months, dividend yield 3.56%, beta 0.80, 52-week range 28.35–39.32 USD. Latest reported quarter (Q3 2026): revenue of 8.1 m USD (+7.3% YoY), net income of 66.1 m USD (+6.7% YoY), diluted EPS 0.84 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.6
- neutral
- Bollinger (20, 2)
- 28.41 – 30.26
- above the upper band · %B 1.05 · band width 6.3%
- SMA 50 / 200
- 31.73 / 33.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.52 / -0.82
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.5% | −2.3% | +0.9 pp | — |
| 3 months | −18.8% | −0.8% | −18.0 pp | — |
| 6 months | −13.9% | +4.7% | −18.6 pp | — |
| Year to date | −5.2% | +10.2% | −15.4 pp | — |
| 1 year | +4.5% | +10.3% | −5.7 pp | +19.6% |
| 3 years | +12.7% | +73.0% | −60.3 pp | +72.9% |
| 5 years | −16.6% | +61.8% | −78.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.0 m | 7.0 m | 7.1 m | 7.6 m | 8.0 m | 7.9 m | 7.7 m | 8.1 m |
| Depreciation & amortisation | -60.0 m | 44.4 m | -19.9 m ≈ | -13.5 m ≈ | -1.2 m | -1.6 m | 8.6 m ≈ | 6.0 m ≈ |
| Pre-tax income | 80.7 m | 60.3 m | 72.0 m | 79.8 m | 77.6 m | 82.3 m | 83.8 m | 84.3 m |
| Income tax | 19.5 m | 13.0 m | 15.8 m | 17.8 m | 17.0 m | 18.1 m | 18.3 m | 18.2 m |
| Net income | 61.1 m | 47.3 m | 56.3 m | 62.0 m | 60.6 m | 64.2 m | 65.5 m | 66.1 m |
| Diluted EPS | 0.75 ≈ | 0.54 | 0.65 | 0.73 | 0.77 ≈ | 0.79 | 0.82 | 0.84 |
| Operating cash flow | 96.6 m | 49.4 m | 72.1 m ≈ | 58.0 m ≈ | 57.4 m | 60.5 m | 79.4 m ≈ | 70.3 m ≈ |
| Capex | 7.2 m | 6.4 m | 5.6 m ≈ | 4.9 m ≈ | 11.8 m | 10.4 m | 11.4 m ≈ | 6.9 m ≈ |
| Dividends paid | 20.9 m | 20.9 m | 21.6 m ≈ | 21.2 m ≈ | 20.9 m | 20.4 m | 20.2 m ≈ | 19.7 m ≈ |
| Share repurchases | 250.0 k | 3.4 m | 21.3 m ≈ | 48.3 m ≈ | 28.8 m | 58.0 m | 87.2 m ≈ | 319.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 15 percentile of its own 39-quarter history (min 6.4, median 11.7, max 18.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25.9 m | 24.9 m | 23.7 m | 24.7 m | 25.9 m | 26.1 m | 27.5 m | 29.7 m |
| Revenue YoY | unavailable | −3.9% | −4.8% | +4.2% | +5.1% | +0.4% | +5.6% | +7.8% |
| Net income | 203.9 m | 210.3 m | 173.4 m | 183.6 m | 236.3 m | 257.4 m | 200.0 m | 226.1 m |
| Net income YoY | +17.5% | +3.1% | −17.5% | +5.9% | +28.7% | +8.9% | −22.3% | +13.0% |
| Diluted EPS | 2.40 | 2.61 | 2.26 | 2.39 | 3.39 | 3.72 | 2.50 | 2.63 |
| Diluted EPS YoY | +23.7% | +8.7% | −13.4% | +5.8% | +41.8% | +9.7% | −32.8% | +5.2% |
| net % | 786.9% | 845.0% | 732.1% | 743.8% | 911.0% | 988.2% | 727.2% | 762.5% |
| Free cash flow | 163.6 m | 198.5 m | 134.7 m | 285.0 m | 256.7 m | 198.9 m | 414.6 m | 208.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 657.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 3.0 bn USD
- Total assets
- 26.7 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 7.5%
- ROA
- 0.8%
- FCF margin
- 702.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 469.5 m | 505.1 m | 594.6 m | 690.2 m | 660.8 m | 654.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Net fee income | 87.0 m | 60.6 m | 66.4 m | 52.2 m | 60.7 m | 71.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Non-interest expense | 315.6 m | 332.5 m | 358.6 m | 376.0 m | 448.3 m | 427.5 m | SEC (XBRL)· 18 Nov 2025verified |
| Pre-tax income | 219.2 m | 233.1 m | 300.0 m | 325.1 m | 256.1 m | 289.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Net income | 173.4 m | 183.6 m | 236.3 m | 257.4 m | 200.0 m | 226.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Diluted EPS | 2.26 | 2.39 | 3.39 | 3.72 | 2.50 | 2.63 | SEC (XBRL)· 18 Nov 2025verified |
| Dividend per share | 0.87 | 0.91 | 0.95 | 0.99 | 1.03 | 1.07 | SEC (XBRL)· 18 Nov 2025verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.7 bn | 2.1 bn | 684.0 m | 980.6 m | 2.4 bn | 657.3 m | SEC (XBRL)· 18 Nov 2025verified |
| Loans | 12.8 bn | 13.8 bn | 16.1 bn | 17.5 bn | 20.9 bn | 20.1 bn | SEC (XBRL)· 18 Nov 2025verified |
| Total assets | 18.8 bn | 19.7 bn | 20.8 bn | 22.5 bn | 28.1 bn | 26.7 bn | SEC (XBRL)· 18 Nov 2025verified |
| Deposits | 13.8 bn | 15.5 bn | 16.0 bn | 16.1 bn | 21.4 bn | 21.4 bn | SEC (XBRL)· 18 Nov 2025verified |
| Total liabilities | 16.8 bn | 17.5 bn | 18.5 bn | 20.0 bn | 25.1 bn | 23.7 bn | SEC (XBRL)· 18 Nov 2025verified |
| Equity | 2.0 bn † | 2.1 bn † | 2.3 bn † | 2.4 bn † | 3.0 bn † | 3.0 bn † | SEC (XBRL)· 18 Nov 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 66.5 m | 65.9 m | 61.6 m | 63.8 m | 74.3 m | 84.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Share repurchases | 112.1 m | 348.7 m | 3.3 m | 30.5 m | 27.1 m | 101.9 m | SEC (XBRL)· 18 Nov 2025verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality29
- Growth20
- Valuation89
- Balance sheet11
- Returns79
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.06 – 57.09 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income39.25 – 41.03 (Mid 40.12)
- Justified P/B31.40 – 42.23 (Mid 36.02)
- Dividend discount (DDM)14.06 – 18.91 (Mid 16.13)
- Peers: P/E36.24 – 41.85 (Mid 38.45)32 companies used · median multiple 11.9x · quartiles 11.3x – 13.0xASRV, BAC, CAC, CASH, CBU, CFBK, CFR, CHCO, COF, DCBG, FHN, FULT, HAFC, HBAN, JPM, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, ONB, PNC, PRK, RF, SFST, SHBI, TBBK, USB, WFC, WSFS, ZION
- Peers: P/B41.50 – 57.09 (Mid 49.72)33 companies used · median multiple 1.2x · quartiles 1.0x – 1.4xASRV, BAC, BANC, C, CAC, CARE, CASH, CBU, CFBK, COF, DCBG, FHN, FULT, HAFC, HBAN, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, ONB, PNC, PRK, RF, SFST, SHBI, SNUS-PH, UBS, USB, WFC, WSFS, ZION
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 8.5% | 13 (vs peers) | 19% |
| ROA · Quality | 0.9% | 39 (on a fixed band) | 7% |
| Cost-to-income · Quality | 55.3% | 39 (on a fixed band) | 12% |
| Net interest margin · Quality | 2.6% | 43 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | -8.1% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 4.6% | 46 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 95.6% | 11 (on a fixed band) | 5% |
| P/B · Valuation | 0.7x | 95 (vs peers) | 12% |
| P/E (TTM) · Valuation | 9.4x | 83 (vs peers) | 12% |
| Dividend yield · Returns | 3.6% | 79 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial11/100 · 1/3 factors with a value
- Growth20/100 · 2/2 factors with a value
- Quality29/100 · 4/4 factors with a value
- Returns79/100 · 1/1 factors with a value
- Valuation89/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WaFd, Inc. (WAFD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 654.2 m USD in 2025; YoY growth 7.8%; net margin 810.8%; ROE 8.5%.
The estimated value range is 36.24–41.85 USD per share (median of 5 methods, agreement: medium); assumptions are illustrative. Against the central value of 38.45 USD, the price of 30.35 USD leaves a potential of 26.7% (value / price − 1) and a margin of safety of 21.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/B: 0.7x
- P/E (TTM): 9.4x
- Dividend yield: 3.6%
- The price is below the estimated value range
What contradicts it
- ROE: 8.5%
- EPS CAGR 3Y: -8.1%
- Loan-to-deposit: 95.6%
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JPMJpmorgan Chase & Co | 905.3 bn | 14.5 | 17.8% | 35.7% | +2.8% | +9% / +118% |
| BACBofA Finance LLC | 342.0 bn | 11.7 | 10.8% | 26.8% | +6.8% | −8% / +63% |
| WFCWells Fargo & Company | 257.8 bn | 12.0 | 12.9% | — | −1.6% | +0% / +93% |
| CCitigroup Inc | 215.3 bn | 17.6 | 6.8% | 16.8% | +5.6% | +19% / +167% |
| UBSUBS Group AG | 162.0 bn | 20.5 | 8.9% | — | +7.0% | +26% / +72% |
| COFCapital One Financial Corp | 129.3 bn | 12.9 | 9.4% | 17.0% | +36.6% | −4% / +89% |
| USBUs Bancorp \de\ | 94.2 bn | 11.9 | 12.7% | 27.5% | +4.4% | +23% / +59% |
| PNCPnc Financial Services Group, Inc. | 92.4 bn | 12.5 | 12.6% | 30.6% | +7.2% | +21% / +73% |
| HBANHuntington Bancshares Incorporated | 32.3 bn | 12.9 | 9.1% | 133.3% | +6.4% | −2% / +42% |
| RFRegions Financial Corporation | 24.7 bn | 11.7 | 11.9% | — | +23.8% | +14% / +74% |
| KEYKeycorp | 22.9 bn | 12.3 | 10.3% | 26.0% | +62.7% | +17% / +73% |
| FHNFirst Horizon Corp | 11.2 bn | 11.3 | 11.6% | 29.9% | +7.2% | +6% / +85% |
| SNUS-PHSantander Holdings USA, Inc. | 11.0 bn | 6.2 | 10.8% | — | unavailable | unavailable / unavailable |
| CFRCullen/Frost Bankers, Inc. | 10.0 bn | 14.8 | 16.3% | 29.5% | +8.3% | +30% / +63% |
| ONBOld National Bancorp | 9.7 bn | 10.5 | 11.5% | — | +6.1% | +19% / +73% |
| ZIONZions Bancorporation, National Association | 9.7 bn | 8.5 | 16.4% | 168.7% | +3.6% | +25% / +86% |
| FULTFulton Financial Corp | 4.6 bn | 11.5 | 11.1% | 137.0% | −6.5% | +33% / +69% |
| WSFSWsfs Financial Corp | 4.1 bn | 13.5 | 11.9% | — | +50.2% | +44% / +109% |
| CBUCommunity Financial System, Inc. | 3.4 bn | 15.0 | 11.5% | 26.6% | +9.6% | +14% / +45% |
| PRKPark National Corporation | 3.3 bn | 16.4 | 11.0% | 25.8% | +2.9% | +19% / +65% |
| BANCBanc Of California, Inc. | 2.9 bn | — | -0.7% | -1.4% | −3.8% | +0% / +60% |
| NBTBNbt Bancorp Inc | 2.8 bn | 13.1 | 11.4% | 117.1% | +10.4% | +29% / +50% |
| WAFDWaFd, Inc. | 2.2 bn | 9.4 | 8.5% | 810.8% | +7.8% | +5% / +13% |
| CHCOCity Holding Company | 2.0 bn | 15.9 | 16.8% | 177.4% | +3.2% | +20% / +51% |
| TBBKThe Bancorp, Inc. | 1.9 bn | 8.7 | 29.6% | 164.3% | +20.8% | −28% / +18% |
1- and 3-year price returns: for WAFD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.31 Total return -33% · Per year -33% | 34.14 Total return 17% · Per year 17% | 51.43 Total return 74% · Per year 74% |
| 3 years | 18.76 Total return -29% · Per year -11% | 37.32 Total return 36% · Per year 11% | 61.73 Total return 119% · Per year 30% |
| 5 years | 18.23 Total return -25% · Per year -6% | 40.80 Total return 56% · Per year 9% | 74.08 Total return 173% · Per year 22% |
- Exit P/E± 9.33
- Net margin± 6.53
- Annual revenue growth± 5.36
- Annual dilution± 0.55
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
WaFd, Inc. is the holding company of WaFd Bank, a Washington state commercial bank offering lending, deposits, insurance and wealth services through a network of 208 branches across nine western states. In fiscal 2026 it reported net income of 256 million USD and a 22% rise in diluted earnings per share, amid high interest rates and a review of commercial credit quality.
SWOT
Strengths
- The transaction deposit base is solid, and the share of core deposits rose during fiscal 2026, which supports funding costs.
- The bank has a long history of profitability and uninterrupted dividend payments, which strengthens its reputation with investors.
- Presence across several western states gives geographic diversification compared with single-market banks.
Weaknesses
- The portfolio still holds a large share of legacy mortgages that repay slowly and limit repricing flexibility.
- The cost of borrowings rose, and net credit losses increased in fiscal 2026 compared with the prior year.
- Operating efficiency weakened in the fourth quarter, reflecting strategic investment and merger-related expenses.
Opportunities
- If the margin widens as management suggested, profitability could rise without adding major balance sheet risk.
- Focus on commercial lending and transaction deposits could attract more profitable business clients.
- The announced EverBank merger could bring cost synergies and greater scale if the transaction closes.
Threats
- A downturn in the economy or in commercial real estate could raise credit losses, especially in its geographically concentrated markets.
- Cyber-attacks and fraud, including those enabled by artificial intelligence, pose a persistent risk to data and operational continuity.
- Regulatory changes or higher deposit insurance premiums could raise compliance costs.
Risks
- Interest rate riskhigh
Earnings depend on the spread between interest earned and interest paid, and abrupt rate moves can compress the margin, especially if assets reprice more slowly than liabilities.
- Commercial credit riskhigh
The commercial book, including office real estate and construction, is exposed to market deterioration, and concentration in large loans could produce significant losses.
- Merger integration riskmedium
Acquisitions and mergers, including the announced EverBank deal, carry integration risks, unforeseen costs and possible goodwill impairment.
- Cybersecurity riskmedium
Banks are constant targets of cyber-attacks and fraud, and a breach could damage reputation, raise costs and affect customers.
- Geographic concentration risklow
Operating in a handful of western states makes the bank sensitive to regional declines in property prices and employment.
Investment thesis
What would need to be true (bull case)
- A 22% rise in diluted earnings per share in fiscal 2026, together with a stable margin and falling non-performing assets, shows a bank able to sustain its profitability.
- If assets reprice faster than liabilities, the margin could keep widening, supporting earnings without raising balance sheet risk.
- The announced merger and expansion into California could offer scale and synergies, and the transaction deposit base could lower funding costs.
What would break the thesis
- Commercial loans are concentrated and sensitive to real estate markets, and an economic downturn could quickly raise losses and erase recent gains.
- Net credit losses rose in fiscal 2026, and a single large credit relationship produced a significant charge-off in the fourth quarter.
- The exit from residential mortgages and weaker efficiency could limit revenue growth, and the merger could bring integration costs that are hard to estimate.
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
WaFd Bank, founded in 1917 in Ballard, Washington, takes deposits from the general public and invests them mainly in commercial real estate, construction and business loans, including SBA loans 1. The holding company WaFd, Inc., headquartered in Seattle, absorbed Luther Burbank Corporation in March 2024, adding about 7.7 billion USD of assets and ten California branches 1. From January 2025 the bank stopped originating single-family home loans, though the existing consumer home loans remain a significant part of the portfolio 1.
The bank complements its lending with insurance brokerage through WaFd Insurance Group and wealth management through WaFd Wealth, Inc. 1. Its main revenues are interest on loans and on investments, while its main expenses are interest paid on deposits, credit costs and general administrative expenses 1.
Customers are served through branches and digital channels, including the website and the mobile app 1. For the quarter ended September 30, 2026, the bank reported growth in transaction accounts and a decline in time deposits, which improved its funding mix 3.
Segments
Commercial loans
Commercial loans, including multi-family, office and warehouse real estate, construction and business loans, made up the majority of gross loans at September 30, 2025, about 59.5% of total gross loans 1. In fiscal 2026 they represented 95% of loan originations, showing a clear tilt toward commercial clients 3.
Market context
The bank operates in nine western US states, from Washington and Oregon to California and Texas, where it competes with regional banks and non-bank financial institutions 12. Its footprint grew substantially after the Luther Burbank absorption, and entry into California is explicitly cited as a competitive risk 2.
The rate environment dominates the sector: the bank noted that the Federal Reserve cut rates modestly in autumn 2025, but that inflation remains uncertain and that a rapid rise in rates could squeeze margins 1. The commercial real estate lending market is sensitive to the same conditions, and demand could weaken if financing costs stay high 12.
Trends
- High rates and net interest marginmixed
The net interest margin was 2.81% in the fourth quarter of fiscal 2026, and management said assets could reprice faster than liabilities, which could widen the margin in the short term 3. Yet higher rates also raise funding costs, and long-term yields have climbed sharply 3.
- Credit qualitymixed
Non-performing assets fell to 0.32% of total assets at September 30, 2026, after a large classified loan was resolved, yet net charge-offs rose during fiscal 2026 3. Further improvement could continue if pressure in the commercial book eases 3.
- Consolidation through mergersheadwind
The announced merger with EverBank in September 2026 shows regional banking is consolidating, which could create larger rivals with greater financial resources 32.
- Exit from residential mortgagesmixed
The exit from single-family mortgage lending announced in January 2025 reduces exposure to that segment and could limit origination volume, but the bank has said it is focusing on commercial loans 13.
Competitive position
Competition comes from regional and national banks, institutions expanding in the West, and new market participants, and sector consolidation could produce larger rivals 2. Entry into the California market is a specific risk, since it already hosts many established competitors 21.
- Regional Western bank, commercial lending rival
Direct rival in commercial and real estate lending across the western US states, named generically in the bank's filings.
- EverBank
Merger partner announced in September 2026, which could reshape the regional competitive landscape if the deal closes.
- National banks active in California
Large institutions competing for deposits and loans in California, where the bank entered through the Luther Burbank absorption.
- Non-bank financial institutions
Lenders and financial service providers that compete with the bank in consumer and small business segments.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- EverBank-WaFd Merger Could Reshape the Regional Banking LandscapeYahoo Finance — News · 11 Sept 2026 · EN
- EverBank and WaFd announce $3.9 billion reverse mergerYahoo Finance — News · 08 Sept 2026 · EN
- WaFd and EverBank Financial agree on $3.9bn reverse mergerYahoo Finance — News · 08 Sept 2026 · EN
- EverBank to combine with WaFd in $3.9 billion reverse mergerCNBC — Top News · 08 Sept 2026 · EN
- EverBank to Combine With WaFd to Create $75 Billion BankYahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 16 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report16 Oct 2026Results of operations · Financial statements and exhibits
- Current report05 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 Sept 2026Material agreement · Item 3.02 · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Aug 2026Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report28 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Jul 2026Results of operations · Financial statements and exhibits
- Current report06 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Other events · Financial statements and exhibits
- Current report05 May 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / WaFd, Inc. · 18 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / WaFd, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / WaFd, Inc. · 16 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.