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WaFd reports Q4 EPS 72C, consensus 76C

Q3 net interest margin was 2.71% vs. 2.69% for Q3 and 2.62% a year ago. For the year ended September 30, 2025, tangible book value per share grew from $27.73 as of September 30, 2024 to $29.38 at September 30, 2025. CEO Brent Beardall commented, “We finished Fiscal 2025 trending in the right direction with an improving margin, a significant increase in loan originations and an improving deposit mix. The margin increased to 2.71% from 2.69% in the 3rd quarter and 2.62% in the same quarter one year ago, driven by decreasing cost of deposits and borrowings. Importantly, we experienced a 103% increase in new loan originations over the 3rd quarter, signaling that our clients are now starting to come off of the sidelines. Our loan pipeline has now been building in each of the last three quarters, a promising sign for growth over the next year. It would be hard to overstate the magnitude of the shift in our business model undertaken in 2025, moving from mortgage lending to providing solutions for businesses. While this is a long-term shift we are very pleased with the early results, specifically the changing mix of our deposits with checking accounts going from 33% of deposits up to 35% of deposits over the year. We are convinced that focusing on businesses will increase the relevancy of our branches and improve long-term shareholder returns.”

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