WaFd
Provides commercial and consumer banking across nine western states, increasingly centered on business relationships.
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Profile
Accepts consumer and business deposits, then earns primarily from commercial real estate, business, construction, and legacy residential loans across nine western states. Relationship banking pairs credit with treasury, merchant, insurance, and wealth services, while new mortgage originations have ended as the loan mix shifts toward commercial borrowers.
Accepts consumer and business deposits and extends commercial real estate, multifamily, construction, land-development, commercial-and-industrial, and SBA credit. Treasury and merchant services, insurance brokerage through WaFd Insurance Group, and investment services through WaFd Wealth broaden the relationship beyond lending.
Serves nine western states through branches and digital channels, with Washington providing the largest deposit base. The franchise is shifting from its thrift heritage toward commercial relationship banking: new single-family mortgage and home-equity originations have ended, while the sizable legacy residential portfolio continues to run off and commercial lending supplies nearly all new originations.
Earnings depend mainly on lending spreads and deposit funding, with credit exposure concentrated in commercial property and the remaining residential mortgage book. The state-chartered, federally insured bank is regulated by Washington and federal banking agencies.
Company facts
Categories
Key statistics
Year to date +12.3% · Average volume (30d) 513.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 20, 2026 | DA Davidson | Reiterate | Neutral | $41 | $40 | |
| Apr 20, 2026 | Piper Sandler | Reiterate | Neutral | $30.50 | $36 | |
| Jan 20, 2026 | RBC Capital | Target | $34 | |||
| Jan 20, 2026 | Piper Sandler | Reiterate | Neutral | $35 | $30.50 | |
| Feb 6, 2025 | DA Davidson | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 16, 2026Q3 FY26 | $0.82 | $0.81 | −1.2% | $199.6M | $205.5M | +3.0% | −3.05% |
| Apr 16, 2026Q2 FY26 | $0.74 | $0.83 | +12.2% | $190.3M | $197.4M | +3.7% | +8.40% |
| Jan 15, 2026Q1 FY26 | $0.76 | $0.75 | −1.3% | $192.8M | $191.4M | −0.8% | −3.97% |
| Oct 16, 2025Q4 FY25 | $0.77 | $0.72 | −5.9% | $190.6M | $187.6M | −1.5% | +0.86% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $354.7M | $350.0M | $344.2M | $342.9M | $344.8M | $356.5M | |
| Gross profit | $176.8M | $184.3M | $185.3M | $188.0M | $193.7M | $194.7M | |
| Operating income | $72.0M | $79.8M | $77.6M | $82.3M | $83.8M | $84.3M | |
| Net income | $56.3M | $62.0M | $60.6M | $64.2M | $65.5M | $66.1M | |
| Diluted EPS | $0.65 | $0.73 | $0.72 | $0.79 | $0.87 | $0.89 | |
| Gross margin | 49.9% | 52.6% | 53.8% | 54.8% | 56.2% | 54.6% | |
| Operating margin | 20.3% | 22.8% | 22.5% | 24.0% | 24.3% | 23.7% |
Fiscal years (4-quarter sums)FY21 $652.6M · FY22 $733.4M · FY23 $1.10B · FY24 $1.43B · FY25 $1.41B
Balance sheet, Jun 30, 2026Cash & short-term investments $676.5M · Total debt $3.32B · Total assets $27.60B · Shareholders' equity $3.02B
Dividends
Raised for 16 straight years — most recently to $0.27 from $0.26 in Feb 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 21, 2026 | Aug 21 | Sep 4 | $0.27 | |
| May 22, 2026 | May 22 | Jun 5 | $0.27 | |
| Feb 13, 2026 | Feb 13 | Feb 27 | $0.27 | |
| Nov 21, 2025 | Nov 21 | Dec 5 | $0.27 | |
| Aug 22, 2025 | Aug 22 | Sep 5 | $0.27 | |
| May 23, 2025 | May 23 | Jun 6 | $0.27 | |
| Feb 21, 2025 | Feb 21 | Mar 7 | $0.27 | raised from $0.26 |
| Nov 22, 2024 | Nov 22 | Dec 6 | $0.26 |
Ownership
Shares outstanding 73.95M · Float 73.07M · 98.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 10.77M | 14.57% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 4.96M | 6.71% | 13F | Aug 11, 2026 |
| Vanguard Portfolio Management LLC | 4.76M | 6.43% | 13F | Aug 13, 2026 |
| State Street Corp | 4.35M | 5.88% | 13F | Aug 7, 2026 |
| AllianceBernstein L.P. | 3.81M | 5.20% | 13G | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 24, 2026 | Kim E. Robison | officer: EVP & Chief Operations Officer | −22,000 | $35.28 |
| Feb 6, 2026 | Cathy E. Cooper | officer: EVP & Chief Consumer Banker | −5,300 | $33.77 |
| Dec 3, 2025 | Brent J. Beardall | director, officer: President & CEO | +3,000 | $16.85 |
| Nov 26, 2025 | Brent J. Beardall | director, officer: President & CEO | +3,000 | $16.55 |
| Sep 17, 2025 | Sean Singleton | director | −1,004 | $31.71 |
Peers
- Columbia Banking System
Western scale peer in business banking, CRE, SBA, and treasury
- Zions Bancorporation
Western super-regional rival in business, SBA, CRE, and deposits
- Western Alliance
Commercial-bank rival in Arizona, California, Nevada, and treasury
- First Interstate BancSystem
Similar-size western community bank competing for deposits and loans
- Glacier Bancorp
Mountain West community-bank peer with CRE and business overlap
- Banner
Pacific Northwest branch-bank rival in deposits, CRE, and SBA
- Heritage Financial
Local Pacific Northwest commercial-bank competitor
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| WaFd | $36.09 | 0.00% | $2.67B | 11.0 | 10.9 | 1.9 | +10.3% |
| Columbia Banking System | $30.07 | 0.00% | $8.50B | 12.0 | 9.6 | 2.4 | +33.1% |
| Zions Bancorporation | $67.78 | −0.01% | $9.89B | 8.6 | 10.3 | 1.9 | +4.8% |
| Western Alliance | $78.53 | −0.03% | $8.57B | 8.8 | 7.5 | 1.7 | +17.7% |
| First Interstate BancSystem | $37.04 | 0.00% | $3.60B | 11.4 | 13.3 | 3.8 | +6.3% |
| Glacier Bancorp | $46.88 | +0.02% | $6.10B | 19.0 | 13.9 | 4.0 | +36.8% |
| Banner | $70.50 | −0.01% | $2.40B | 11.6 | 11.3 | 3.6 | +6.1% |
| Heritage Financial | $28.67 | +0.02% | $1.18B | 13.6 | 11.8 | 3.5 | +48.9% |
| Median | 11.6 | 11.3 | 3.5 | +17.7% |