WaFd(NASDAQ) WAFD

WaFd helps families and local businesses manage money. It offers loans for homes and business growth. The bank provides savings and insurance services.

Where the Money Goes

• Commercial Lending: Loans for apartment buildings, offices, and industrial projects; includes construction and land development funding.
• Consumer Banking: Traditional mortgages and home equity lines of credit; primarily serves individual homeowners and residential land buyers.
• Insurance Services: Personal and business coverage options provided through a specialized insurance subsidiary.
• Deposit Accounts: Checking, savings, and time-based deposit products; held over $21 billion for customers as of March 31, 2026.

Changing Names and Strategies

• WaFd Bank updated its name from Washington Federal Bank in September 2025 to reflect its modern brand.
• WaFd, Inc. changed its corporate name from Washington Federal, Inc. in late 2023 to align with the bank subsidiary.
• The company stopped originating new consumer single-family home loans and home equity lines in January 2025.
• WAFD Insurance Group expanded its reach through the targeted purchase of smaller insurance agencies.
• The board increased the share repurchase program to 10 million shares in February 2026.

Local Focus in the West

The bank operates 208 branches across nine states in the Western U.S. and Texas. It has pivoted its strategy to focus on business banking and commercial real estate development.

By the Numbers

• Net income hit $65.5 million in Q2 2026, up 16.5% year-over-year.
• Revenue reached $344.8 million in Q2 2026, down 2.8% from Q2 2025.
• Operating income was $83.8 million in Q2 2026, up 16.4% from the prior year.
• Free cash flow reached $68.0 million in Q2 2026, up 2.1% from Q2 2025.

Evolution in Progress

WaFd is moving away from its roots in home mortgages to become a commercial lender. This shift helps the bank target higher-yield business clients across the Western United States.