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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of WaFd’s management and are subject to significant risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of the presentation, and WaFd assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. 1 Investor Presentation As of December 31, 2025
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Overview of WaFd Bank 2 • Established in 1917; IPO in 1982 • Washington State Charter Commercial Bank – WA DFI, FDIC, FRB, CFPB Regulated • Headquartered in Seattle, WA; is the second largest bank headquartered in the Pacific Northwest • 208 branches across 9 western states • Full-service consumer & commercial bank • Strong capital, high asset quality, consistent results • Profitable every year since 1965 • Interest rate risk management – well controlled • 171 consecutive quarterly cash dividends • 14,796% Total shareholder return since IPO Total Assets $27.3B Total Loans HFI $19.8B Total Deposits $21.4B Stockholder Equity $3.0B Efficiency Ratio 55.3% Adjusted Efficiency Ratio 56.1% 1 As of or for the quarter-ended December 31, 2025 Overview Geographic Overview Company Highlights1 2
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WaFd Bank Executive Management Committee 3 Kelli Holz SEVP Chief Financial Officer Brent Beardall President and Chief Executive Officer 3 3 Ryan Mauer EVP Chief Credit Officer Cathy Cooper EEVP Chief Experience Officer Kim Robison EVP Chief Operating Officer
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4 WaFd Bank Demographics Our markets are among the most desirable in the US and create a foundation for loan growth without excessive risk State Number of Branches Company Deposits in Market ($000) Deposit Market Share (%) Percent of National Franchise (%) Total Population 2026 (Actual) Population Change 2020-2026 (%) Projected Population Change 2026-2031 (%) Median HH Income 2026 ($) Projected HH Income Change 2026-2031 (%) Washington 73 8,479,452 4.13 39.6 8,042,527 4.38 3.09 105,641 13.02 California 10 3,492,436 0.22 16.3 39,435,158 -0.26 0.05 105,694 12.59 Oregon 36 2,926,616 2.81 13.7 4,271,804 0.82 0.4 89,847 12.76 Arizona 28 1,651,572 0.76 7.7 7,705,939 7.75 4.97 86,542 12.71 New Mexico 18 1,675,873 3.86 7.8 2,130,660 0.62 0.36 69,426 9.85 Idaho 21 936,443 2.51 4.4 2,041,822 11.02 6.52 83,555 11.31 Utah 9 550,998 0.47 2.6 3,573,552 9.23 5.97 103,211 12.91 Nevada 8 532,178 0.53 2.5 3,319,992 6.94 4.7 86,266 14.36 Texas 5 1,171,402 0.05 5.5 31,994,623 9.78 6.47 84,658 11.81 Totals: 208 21,416,970 100 102,516,077 Weighted Average 3.67 2.47 97,078 12.56 Aggregate: National 342,965,686 3.47 2.58 86,867 11.3 Branch count and WaFd deposit balances are as of December 31, 2025. Deposit market share and percent of national franchise are from the FDIC's Summary of Deposit reports and are as of June 30, 2025. All other data is updated as new data becomes available.
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Organizational Structure & Objective: Business Banking and Commercial Real Estate Banking Segments have two primary objectives as a trusted advisor: 1. Deliver phenomenal, concierge-level customer service to all our clients - "everyone and every business deserves a WaFd banker". 2. Grow the business by delivering credit and treasury solutions that allow our clients to prosper. Build 2030 5
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Evolution of Our Franchise Thrift Consumer deposits and home loans Commercial Relationship deposits and diversified lending Serving Businesses Concierge level service for all clients –serving businesses wholistically alongside consumers, both in-person and digitally 1917-2007 Build 2030 6 15 years of investment in our evolution to a commercial bank 6 Digital Focus Leverage data to anticipate financial needs and empower clients
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Northwest Retail Banking Satisfaction Study 7 677 663 663 644 642 634 630 617 608 598 Banner Bank WaFd Chase Umpqua Bank KeyBank Region Average U.S. Bank First Interstate Bank Bank of America Wells Fargo Scores were obtained from the J.D. Power 2025 U.S. Retail Banking Satisfaction Studysm. Northwest ranking is based on data including Idaho, Montana, Oregon and Washington.
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Net Promoter Score Approaching World Class 8 Our investments in customer service, usability and technology are translating into high customer satisfaction levels Source: CustomerGauge.com and Comparably.com WaFdaa Net Promoter Score 1 Peer Net Promoter Score 1 1 2025 Financial Services Banking Benchmarks A Score of 70 or higher is considered world class. A Score of 50 or higher is considered excellent. A score of 30 or higher is considered very good. A score of 0-30 is considered good 8 15 18 58 853
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9 Commitment to Community We believe our enduring franchise comes from core principles focused on helping the neighborhoods we serve. Community Development Over $390 million dollars invested towards community development lending including affordable housing investments Washington Federal Foundation The Washington Federal Foundation awarded 206 grants to local community organizations totaling over $1.0 million for the fiscal year Volunteerism WaFd employees participated in 14,649 volunteer hours in support of 1,136 community organizations and initiatives United Way Matching Campaign WaFd matches employee contributions made to United Way agencies in all nine states. In FY 2025 pledges from colleagues were $375,525. WaFd matched $375,495 and $750,000 matched by FHLB for a total of $1,501,020 Our Corporate Social and Environmental Responsibility Policy flows from WaFd Bank’s core principles, which are: To provide common- sense banking that helps neighborhoods flourish Adhere to the primary corporate value of integrity Exercise prudent risk management Maintain transparency in its business practices Resolve to create long-term value for all stakeholders 1 2 3 4 5
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10 5 Year Change by Percentage in Each Geographical Area1 From September 30, 2020, to December 31, 2025 1 WaFd entered the California market with the LBC merger 3/1/2024. Change in Loans Change in Deposits
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11 Loan and Deposit Balances by Geographical Area As of December 31, 2025, $ In Millions Loan Balances by State Deposit Balances by State
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12 Loan Growth – Through Different Interest Rate Environments • Net loan growth has slowed with principal repayments outpacing originations in total. • Active loan types grew by $80 million during the quarter. Active loan types include the commercial segment and the consumer portfolio. • Mortgage and Consumer loans currently make up 40% of total net loans compared to 68% in 2015. Loan GrowthNew Loan Originations $ in millions. • Originations overall are reduced due to sustained high rates and an uncertain economic environment. • Commercial loans make up a greater portion of all originations over time, making up 94% of all originations in Q1-2026 compared to 62% in 2015. The pace of this change will increase given our exit of the mortgage lending market. Mortgage & Consumer Commercial Real Estate Commercial & Industrial (C&I) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $2,000 $4,000 $6,000 $8,000 $10,000 Mortgage & Consumer Commercial Real Estate Commercial & Industrial (C&I) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $5,000 $10,000 $15,000 $20,000 $25,000
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Non-Performing Asset Trends 13 We have maintained a strong ACL while NPAs remain low • ACL at December 31, 2025 amounted to $200 million, representing 98% of total NPAs (1) • Non-performing assets were $203 million as of December 31, 2025, 0.75% of Total Assets Non-Performing Assets to Total Assets and ACL to Gross Loans (1) (2) 1 ACL does not include reserve for unfunded commitments which was $21.5 million at December 31, 2025. 2 Effective October 1, 2020, the Company implemented FASB’s Current Expected Credit Loss (CECL) Standard 2 2.76% 2.18% 1.63% 1.00% 0.88% 0.67% 0.64% 0.53% 0.48% 0.20% 0.22% 0.21% 0.26% 0.28% 0.54% 0.75% 1.40% 1.51% 1.42% 1.30% 1.10% 1.04% 1.01% 1.01% 0.99% 1.15% 1.05% 0.89% 0.90% 0.91% 0.94% 0.95% Non-Performing Assets to Total AssetsACL to Gross Loans 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD
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Strong Credit Quality 14 Net Loan Charge-offs (recoveries) Average NCOs Per Year – Last 20 Years Source: S&P Global, Company Filings 1 Peers represent Proxy Peers as specified in the Company’s latest Proxy Statement (1) Strong Credit Quality Characterized by Limited Charge-Offs The Bank experienced nine consecutive years of net recoveries, fiscal 2014 through fiscal 2022, during which net recoveries totaled $74.9 million. Net charge-offs have remained low through YTD 2026. 0.93% 0.24% (0.18)% (0.06)% (0.13)%(0.13)% (0.10)% (0.03)% (0.03)% (0.05)% (0.02)% 0.26% 0.01%0.06% 0.07% 201220132014201520162017201820192020202120222023202420252026 YTD(0.25)% —% 0.25% 0.50% 0.75% 1.00%
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Net Loan Portfolio Average Current LTV 15 As of December 31, 2025, $ In Thousands Net Balance % of Loans WTD Avg Current LTV % Delinquent based on $ Multifamily 4,591,242 23 % 53 % 0.82 % CRE - Office 780,057 4 % 68 % 2.26 % CRE - Other 2,725,464 14 % 44 % 1.80 % CRE Construction - Multifamily 571,286 3 % 54 % — % CRE Construction - Other 454,148 2 % 45 % 0.81 % C&I 2,462,384 12 % NA 2.47 % SFR 7,674,094 39 % 36 % 0.53 % SFR Custom Construction 57,916 — % 59 % 3.55 % Other 531,565 3 % NA 0.55 % 19,848,156 100 % 1.07 %
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Other CRE Property Types as % of Total Net Loans 16 As of December 31, 2025 Industrial 4.2% Other Non-Residential 1.2% Retail -Anchored 1.2%Medical/Dental 1.1% Motel / Hotel 1.0% Mixed Use 0.9% Mini-Warehouse/Self Storage 0.8% Retail- Not Anchored 0.6% Warehouse 0.5% Single Family Residence 0.4% Cross Collateral/Bridge 0.3% Restaurant/Tavern 0.3% Gas Station/Convenience Store 0.1% Convalescent/Assisted Living 0.1% Automotive Service/Repair 0.1% All Others 1.1%
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Significant Liquidity and High-Quality Securities Portfolio 17 High quality, $5.6 billion cash and investment portfolio with $15.7 billion remaining collateral and lines as a source of additional potential liquidity Cash and Securities Composition Total Cash and Securities: $5.6B Cash and Securities / Total Assets: 21% Cash & Securities / Total Assets1 As of 12/31/2025, WAFD maintains $5.6B of balance sheet Liquidity. • Cash and Securities is 21% of assets • Investment Portfolio targets low credit risk / moderate duration • 84% Cash and US Government-backed Agency Bonds and MBS • Current Yield on Cash and Investments Portfolio is 4.35% Liquidity is tested quarterly through utilizing various scenarios to determine their effect on available liquidity. Whether minor or extreme, these tests show strong liquidity as a result of deposits and borrowing capacity from reliable collateralized sources. Source: SNL Financial, Company Filings 1 Peers represent Banks similar to WaFd in size, geography and operations Total Cash and Securities: $4.8B Cash and Securities / Total Assets: 17% 12/31/2024 12/31/2025 US Backed, 71%Cash, 13% High Quality Bonds, 16% US Backed, 45% Cash, 31% High Quality Bonds, 24% WAFD Peers Sep 2020 Sep 2021 Sep 2022 Sep 2023Sep 2024 Sep 2025Dec 2025 10.00% 20.00% 30.00% 40.00%
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Investment Portfolio 18 High quality, $4.9 billion investment portfolio with a duration of 3.0 years. Portfolio is 36% variable rate. HTM Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 735,361 $ (29,433) 6.6 4.17% AFS Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 3,236,393 $ 9,487 6.2 4.57% Agency and Student Loan Bonds 708,099 (679) 13.6 4.91% Corporate Bonds 162,689 (7,849) 6.2 3.61% Municipal Bonds 35,104 (292) 9.5 5.22% $ 4,142,285 $ 667 Hedges Gain/(Loss) Borrowing Cash Flow Hedges $ 94,529
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Highly Diversified Deposit Base - % of Deposits by Industry 19 Top 20 depositors make up 11% of total deposits. 26.2% of total deposits are uninsured and not collateralized as of December 31, 2025
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20 Deposit Trends Shifting away from time deposits in favor of transaction accounts. Checking accounts now make up 37% of all deposits Transaction Accounts, $12,866, 60.1% Time Deposits, $8,551, 39.9% Transaction Accounts, $11,854, 55.3% Time Deposits, $9,585, 44.7% As of 12/31/2025 As of 12/31/2024 Transaction AccountsTime Deposits WTD Rate 200820092010201120122013201420152016201720182019202020212022202320242025 2026 YTD $— $4,000 $8,000 $12,000 $16,000 $20,000 $24,000 —% 0.80% 1.60% 2.40% 3.20% 4.00% 4.80%
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21 Deposit Flows Overall changes by quarter and balances by type. Balances $ in thousands. Customer Deposit Accounts 9/30/2023 12/31/2023 3/31/20241 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Checking - Noninterest Bearing 2,729,888 2,604,281 2,482,010 2,514,310 2,500,467 2,489,394 2,400,172 2,487,816 2,567,539 2,692,680 Checking - Interest Bearing 4,124,463 4,084,933 4,579,413 4,481,465 4,486,444 4,554,922 4,625,596 4,705,457 4,865,808 5,187,008 Savings 817,547 777,204 771,260 733,973 718,560 714,755 715,199 703,085 701,558 722,188 Money Market 3,358,603 3,191,646 4,506,179 4,199,257 4,111,714 4,094,788 4,113,017 4,072,766 4,171,627 4,264,098 CDs 4,863,849 5,380,723 9,000,911 9,255,760 9,556,785 9,584,918 9,573,442 9,417,447 9,131,104 8,550,996 Total 15,894,350 16,038,787 21,339,773 21,184,765 21,373,970 21,438,777 21,427,426 21,386,571 21,437,636 21,416,970 Quarter % Change 1.6 % (0.5) % 33.1 % (0.7) % 0.9 % 0.3 % (0.1) % (0.2) % 0.2 % (0.1) % Quarter $ Change 259,476 (81,637) 5,300,986 (155,008) 189,205 64,807 (11,351) (40,855) 51,065 (20,666) Uninsured & Uncollateralized Deposits 4,124,355 4,182,289 5,436,402 5,238,217 5,134,192 5,317,511 5,490,142 5,094,400 5,302,026 5,607,476 % of Total Deposits 25.6 % 26.1 % 25.5 % 24.7 % 24.0 % 24.8 % 25.6 % 23.8 % 24.7 % 26.2 % 1 Deposit balances increased in FY24 as a result of the LBC merger. The merger added $3.7 billion in time deposits and $1.9 billion in transaction accounts.
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Borrowings and Debt Outstanding & Weighted Rate 22 Total Debt is 97.9% FHLB advances and 2.1% Junior Subordinated debentures and is used in part to manage interest rate risk. Increase in borrowings for 2020 was from locking in $1 billion of funding at a fixed rate of 66 bps for 10 years. Borrowings WTD Rate 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD $— $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Effective Maturity Schedule $ in millions Within 3 months: $ 800 3.70 % 4 to 6 months: $ — — % 7 to 9 months: $ 118 4.52 % 10 to 12 months: $ 150 3.81 % 1 to 3 years: $ 225 3.41 % 3 to 5 years: $ 994 1.06 % 5+ years: $ 202 4.57 %
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Cost of Deposits Through the Current Fed Rate Cycle 23 0.23% 0.42% 0.79% 1.34% 1.77% 2.07% 2.42% 2.65% 2.95% 3.11% 3.02% 2.89% 2.77% 2.67% 2.53% 0.94% 2.35% 3.82% 4.64% 5.07% 5.40% 5.40% 5.40% 5.40% 5.33% 4.71% 4.50% 4.50% 4.46% 4.02% Cost of All Deposits Avg Fed Funds (Upper) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 —% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%
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AOCI vs our Peers 24
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25 Income Statement Comparison 25 $ In thousands Three Months Ended 12/31/2025 12/31/2024 $ Change % Change INTEREST INCOME Loans receivable $ 264,207 $ 286,597 $ (22,390) (8)% Mortgage-backed securities 38,902 18,337 20,565 112% Investment securities and cash equivalents 19,387 40,183 (20,796) (52)% 322,496 345,117 (22,621) (7)% INTEREST EXPENSE Customer accounts 136,214 162,150 (25,936) (16)% FHLB advances and other borrowings 15,171 27,536 (12,365) (45)% 151,385 189,686 (38,301) (20)% Net interest income 171,111 155,431 15,680 10% Provision (release) for credit losses 3,500 — 3,500 Net interest income after provision (release) 167,611 155,431 12,180 8%
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26 Income Statement Comparison Efficiency Ratio of 55.25% for the quarter ending December 31, 2025 down from 65.04% for the quarter ending December 31, 2024. Effective tax rate for the quarter ending December 31, 2025 is 22.00% up from 21.55% for the quarter ending December 31, 2024. $ In thousands Three Months Ended 12/31/2025 12/31/2024 $ Change % Change NON-INTEREST INCOME $ 20,255 $ 15,702 $ 4,553 29% NON-INTEREST EXPENSE Compensation and benefits 54,190 59,927 (5,737) (10)% Occupancy 11,170 10,788 382 4% FDIC premiums 5,400 4,850 550 11% Product delivery 6,574 5,785 789 14% Information technology 14,384 14,192 192 1% Other expense 14,003 15,769 (1,766) (11)% 105,721 111,311 (5,590) (5)% Gain (loss) on REO 156 429 (273) (64)% Income before income taxes 82,301 60,251 22,050 37% Income tax provision 18,105 12,984 5,121 39% NET INCOME $ 64,196 $ 47,267 $ 16,929 36% Dividends on preferred stock 3,656 3,656 — —% Net income available to common shareholders $ 60,540 $ 43,611 $ 16,929 39%
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27 Net Interest Income and Net Interest Margin Net interest income in thousands. IRR measures as of December 31, 2025: • Net Interest Income (NII) would decrease by 0.2% in +100 bps immediate and parallel shock and would increase by 4.8% in a -100 bps immediate parallel shock. • Net Portfolio Value (NPV) after +200bps shock is 22.5% lower ($701M) and at $2.4 billion would be 9.66% of total assets. NPV after -200bps shock is 17.5% higher ($546M) and at $3.7 billion would be 13.3% of total assets. Net Interest Income Margin % Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25— 40,000 80,000 120,000 160,000 200,000 240,000 —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00%
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28 Net Income and Common Earnings Per Share Annual Quarterly March 31, 2024 Net Income and EPS reflect merger-related expenses of $25 million and the preliminary ACL provision of $16 million. Net Income (in thousands)EPS 20122013201420152016201720182019202020212022202320242025 $— $60,000 $120,000 $180,000 $240,000 $300,000 $— $1.00 $2.00 $3.00 $4.00 Net Income (in thousands)EPS Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 $— $20,000 $40,000 $60,000 $80,000 $— $0.25 $0.50 $0.75 $1.00 $1.25 $1.50
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29 Diverse sources of Non-Interest Income provide steady growth and balance our revenue profile Non-Interest Income for Quarter-Ended December 31, 2025 Non-Interest Income Over Time ($MM) Non-Interest Income / Total Loan Revenue Other Income includes: • BOLI income • Rental income • Income on equity method investments Loan Fees, 6.7% Deposit Fees, 38.8% WaFd Insurance Commissions, 21.6% Other Income, 17.1% Gain on Sale of Buildings, 15.9% 9% 11% 16% 12% 10% 6% 5% 6% 8% FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025FY 2026 YTD $3.9 $7.3 $6.9 $7.2 $3.9 $2.7 $6.9 $24.9 $23.7 $24.7 $25.9 $26.1 $27.5 $29.6 $7.9 $10.2 $10.9 $11.9 $13.4 $14.6 $17.4 $19.5 $4.4 $13.1 $13.2 $16.7 $19.8 $8.5 $12.5 $15.0 $3.4 $10.1 $30.7 $3.2 Loan Fees Deposit Fees WaFd Insurance Other Income Gain on Sale of Investments Gain on Sale of Buildings FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YTD Non-Interest Income
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30 Non-Interest Expense Over Time Annual and Quarterly - Expenses in thousands Annual Quarterly Non-interest expense includes FDIC premiums, product delivery & IT related costs and other miscellaneous expenses. The quarter-ended March 31, 2024 includes merger related expenses and other non-operating expenses. If removed, the adjusted efficiency ratio for 2024 would have been 57.5%. See additional details for ‘other’ expenses within Other Non-Interest Expense on the next page. 50%51% 48%50%52% 59%59% 54% 51% 62% 59% Compensation Occupancy Other Expense Efficiency Ratio FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25 $— $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 —% 10% 20% 30% 40% 50% 60% 70% 50% 47% 52%52%52% 58% 78% 57%57% 65% 58%56%57%55% Compensation Occupancy Other Expense Efficiency Ratio SEP-22DEC-22MAR-23JUN-23SEP-23DEC-23MAR-24JUN-24SEP-24DEC-24MAR-25JUN-25SEP-25DEC-25 $— $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 —% 10% 20% 30% 40% 50% 60% 70% 80%
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31 Breakout of Non-Interest Expense Non-Interest Expense includes: • FDIC Premiums • Product Delivery • Information Technology • ‘Other expense’ line-item include professional services, marketing and administrative costs. Expenses in millions $9.8 $10.9 $14.4 $9.5 $20.0 $28.9 $20.2 $5.4 $15.9 $17.0 $18.5 $19.5 $21.0 $24.0 $25.9 $6.6 $38.9 $52.9 $42.7 $47.2 $49.4 $53.3 $60.1 $14.4 $34.6 $47.5 $41.1 $45.9 $47.5 $65.9 $54.2 $14.0 FDIC Premiums Product Delivery Information TechnologyOther Expense FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YTD
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32 Capital Ratios WAFD does not seek to maximize leverage. Rather, we aspire to be the bank that can best weather the next storm on the horizon. • Source: S&P Global, Company Filings Common Equity Tier 1 Ratio WaFd Inc. Top 100 Banks Peer Banks Well Capitalized Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Dec 2025 —% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Total Risk-Based Capital WaFd Inc. Top 100 Banks Peer Banks Well Capitalized Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Dec 2025 —% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Tangible Common Equity/Tangible Assets Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Dec 2025 9.00% 9.50% 10.00% 10.50%
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Returning Capital to Shareholders Recent Capital Activities • Current cash dividend of $0.27 provides a yield of 3.20% based on the current stock price (February 9) • 1,950,013 shares were repurchased in YTD fiscal 2026 with a weighted price of $29.75 • Since 2013, 54.8 million shares repurchased which is 51.6% of total outstanding shares as of 9/30/2012 • 6.2 million shares remain in buyback authorization as of December 31, 2025. • On February 3, 2026 the Board of Directors authorized an additional 4.5 million shares for repurchase. • 33 Common Dividend as a % of Net Income Return of Income to Common Shareholders Share Repurchases 38.3% 38.0% 27.8% 26.3% 40.1% 40.0% 33.6% 2020 2021 2022 2023 2024 2025 2026 YTD Net Income Stock Buyback & Dividends 2019 $210,256 $187,163 89 % 2020 $173,438 $178,629 103 % 2021 $173,581 $414,527 239 %* 2022 $221,705 $64,837 29 % 2023 $242,801 $94,255 39 % 2024 $185,416 $101,355 55 % 2025 $211,443 $186,571 88 % 2026 YTD $60,540 $78,379 129 % * Preferred stock issuance proceeds were used to repurchase 8 million shares # of Shares Wtd Price Paid % Outstanding at beginning of the year 2019 4,065,352 $30.46 5 % 2020 3,339,530 $33.58 4 % 2021 10,810,113 $32.25 14 % 2022 92,774 $35.14 0.1 % 2023 1,165,161 $26.14 2 % 2024 1,070,207 $25.29 1.6 % 2025 3,447,771 $29.56 4.2 % 2026 YTD 1,950,013 $29.75 2.6 %
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As of 12/31/2025: Book Value per Share $35.70 Tangible Book Value per Share 29.91 Price to BV: 89.7% Price to TBV: 107% Stock Price & Book Value Per Share 34
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Managing Capital Text Text Text Tex 35 Perspective through the last Credit Cycle
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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of WaFd’s management and are subject to significant risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of the presentation, and WaFd assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements.