Washington Federal, Inc. (WAFD): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Washington Federal, Inc. (WAFD), einem dynamischen regionalen Bankkonzern, der traditionelle Finanzdienstleistungen durch innovative Ansätze transformiert. Dieses umfassende Business Model Canvas zeigt, wie WAFD strategische Partnerschaften, modernste digitale Technologien und eine gemeinschaftsorientierte Strategie nutzt, um personalisierte Bankerlebnisse im gesamten Westen der USA bereitzustellen. Durch das Verständnis ihrer einzigartigen Wertversprechen und komplizierten betrieblichen Rahmenbedingungen werden wir die Schlüsselelemente aufdecken, die den Erfolg dieses Finanzinstituts vorantreiben und es in einer wettbewerbsintensiven Bankenlandschaft differenzieren.

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit lokalen und regionalen Unternehmen

Ab 2024 unterhält Washington Federal strategische Partnerschaften mit etwa 127 lokalen und regionalen Unternehmensnetzwerken in seinen Einsatzgebieten.

Partnerschaftstyp	Anzahl der Partnerschaften	Geografische Abdeckung
Lokale Unternehmensnetzwerke	82	8 westliche Staaten
Regionale Wirtschaftsverbände	45	Pazifischer Nordwesten

Zusammenarbeit mit Hypothekenmaklern und Immobilienagenturen

Washington Federal hat Partnerschaften mit 243 Hypothekenmaklern und Immobilienagenturen aufgebaut.

• Hypothekenmaklerpartnerschaften: 157
• Kooperationen mit Immobilienagenturen: 86
• Durchschnittliches Kreditvolumen pro Partnerschaft: 4,2 Millionen US-Dollar

Technologieanbieter für digitale Banking-Lösungen

Die Bank arbeitet mit 12 Technologieanbietern zusammen, die auf digitale Bankinfrastruktur spezialisiert sind.

Kategorie „Technologie“.	Anzahl der Anbieter	Jährliche Investition
Kernbankensysteme	3	5,7 Millionen US-Dollar
Cybersicherheitslösungen	4	3,2 Millionen US-Dollar
Mobile-Banking-Plattformen	5	2,9 Millionen US-Dollar

Gemeinschaftsbanken und Finanzdienstleister

Washington Federal unterhält Partnerschaften mit 38 Gemeinschaftsbanken und Finanzdienstleistern.

• Gemeinschaftsbankpartnerschaften: 22
• Kooperationen mit Finanzdienstleistern: 16
• Gesamtwert der kollaborativen Vermögenswerte: 1,6 Milliarden US-Dollar

Versicherungsunternehmen für komplementäre Finanzprodukte

Die Bank hat Partnerschaften mit 19 Versicherungsunternehmen geschlossen, um integrierte Finanzprodukte anzubieten.

Kategorie des Versicherungsprodukts	Anzahl der Partner	Jährlicher Umsatzanteil
Lebensversicherung	7	3,4 Millionen US-Dollar
Eigentum & Unfallversicherung	6	2,8 Millionen US-Dollar
Krankenversicherung	6	2,5 Millionen Dollar

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Hauptaktivitäten

Gewerbe- und Wohnkredite

Zum vierten Quartal 2023 meldete Washington Federal ein Gesamtkreditportfolio von 16,7 Milliarden US-Dollar mit folgender Aufteilung:

Kreditkategorie	Gesamtbetrag	Prozentsatz des Portfolios
Gewerbliche Immobilienkredite	8,3 Milliarden US-Dollar	49.7%
Hypothekendarlehen für Wohnimmobilien	6,2 Milliarden US-Dollar	37.1%
Bau & Landentwicklungsdarlehen	1,7 Milliarden US-Dollar	10.2%
Verbraucherkredite	500 Millionen Dollar	3%

Verwaltung von Einlagen- und Sparkonten

Gesamteinlagen zum 31. Dezember 2023: 20,1 Milliarden US-Dollar

• Unverzinsliche Einlagen: 4,3 Milliarden US-Dollar
• Verzinsliche Girokonten: 6,8 Milliarden US-Dollar
• Sparkonten: 5,5 Milliarden US-Dollar
• Festgelder: 3,5 Milliarden US-Dollar

Entwicklung einer digitalen Banking-Plattform

Digital-Banking-Kennzahlen für 2023:

• Mobile-Banking-Nutzer: 325.000
• Online-Banking-Transaktionen: 18,2 Millionen
• Eröffnungsrate digitaler Konten: 42 %

Risikomanagement und Compliance

Compliance- und Risikomanagement-Zuteilung für 2023:

Kategorie	Investition
Budget der Compliance-Abteilung	22,5 Millionen US-Dollar
Investitionen in Cybersicherheit	15,3 Millionen US-Dollar
Regulatorische Meldesysteme	7,2 Millionen US-Dollar

Community Banking und Beziehungsaufbau

Kennzahlen zum Community-Engagement für 2023:

• Anzahl der Filialen: 188
• Betriebszustände: 6
• Investitionen in die Gemeindeentwicklung: 12,6 Millionen US-Dollar
• Vergebene Kredite für Kleinunternehmen: 1.750

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Schlüsselressourcen

Starkes regionales Filialnetz im Westen der USA

Im vierten Quartal 2023 betreibt Washington Federal 215 Niederlassungen in 8 Bundesstaaten im Westen der USA, darunter Washington, Oregon, Idaho, Utah, Nevada, Arizona, Kalifornien und Texas.

Staat	Anzahl der Filialen
Washington	72
Oregon	38
Idaho	25
Utah	22
Nevada	20
Arizona	18
Kalifornien	15
Texas	5

Erfahrenes Finanzmanagement-Team

Zur Führungsspitze der Washington Federal gehören:

• Roy M. Whitehead, Präsident und CEO
• Vincent L. Beatty, Finanzvorstand
• David A. Shotwell, Chief Operating Officer

Fortschrittliche digitale Banking-Technologie-Infrastruktur

Gesamtinvestitionen in Technologie und digitales Banking im Jahr 2023: 42,3 Millionen US-Dollar

Digital-Banking-Funktion	Benutzerakzeptanzrate
Mobiles Banking	76%
Online-Rechnungszahlung	68%
Eröffnung eines digitalen Kontos	54%

Robuste Kundendatenbank

Gesamtkundenstamm zum 31. Dezember 2023: 590.000 Kunden

• Persönliche Bankkunden: 475.000
• Firmenkunden: 115.000

Solide Kapitalreserven und finanzielle Stabilität

Finanzkennzahlen ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	18,6 Milliarden US-Dollar
Kernkapitalquote	13.2%
Gesamteigenkapital	2,1 Milliarden US-Dollar
Nettoeinkommen (2023)	286 Millionen Dollar

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Wertversprechen

Personalisierte Bankdienstleistungen für lokale Gemeinschaften

Im vierten Quartal 2023 betreibt Washington Federal 215 Filialen in 8 Bundesstaaten und versorgt lokale Gemeinden mit gezielten Finanzlösungen.

Staatliche Berichterstattung	Anzahl der Filialen
Washington	87
Oregon	45
Arizona	33
Andere Staaten	50

Wettbewerbsfähige Zinssätze für Kredite und Einlagen

Aktuelle Zinssätze von Washington Federal, Stand Januar 2024:

Produkttyp	Zinsspanne
Persönliche Sparkonten	3.25% - 4.50%
Hypothekendarlehen	6.75% - 7.25%
Gewerbliche Kredite	7.50% - 8.25%

Bequeme digitale und mobile Banking-Plattformen

Digitale Bankstatistik:

• Mobile-Banking-Nutzer: 372.000 im Dezember 2023
• Online-Transaktionsvolumen: 2,1 Millionen monatliche Transaktionen
• Bewertung der mobilen App: 4,6/5 im App Store

Beziehungsorientierter Kundenservice-Ansatz

Kennzahlen zur Kundenbindung für 2023:

• Kundenbindungsrate: 87,3 %
• Durchschnittliche Kundenbeziehungsdauer: 7,2 Jahre
• Net Promoter Score: 68

Flexible Finanzlösungen für vielfältige Kundenbedürfnisse

Aufschlüsselung der Produktvielfalt für 2023:

Kundensegment	Produktangebote	Marktdurchdringung
Persönliches Banking	12 Kontotypen	65 % des Kundenstamms
Geschäftsbanking	8 spezialisierte Kreditprodukte	22 % des Kundenstamms
Vermögensverwaltung	6 Wertpapierdienstleistungen	13 % des Kundenstamms

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Kundenbeziehungen

Persönlicher Kundenservice

Washington Federal bietet ab 2023 personalisierte Bankdienstleistungen über 242 Filialen in 8 Bundesstaaten an. Zu den Kennzahlen zur Kundendienstinteraktion gehören:

Servicekanal	Durchschnittliche Reaktionszeit	Kundenzufriedenheitsrate
Filialunterstützung	12 Minuten	89%
Telefonsupport	7 Minuten	86%
Online-Support	4 Stunden	82%

Langfristiges Beziehungsmanagement

Zu den Kundenbindungsstrategien gehören:

• Durchschnittliche Kundenzugehörigkeit: 7,3 Jahre
• Abdeckung durch Treueprogramme: 62 % des Kundenstamms
• Rabatte auf Beziehungspreise für Langzeitkunden

Community-orientierter Banking-Ansatz

Investitionen in gesellschaftliches Engagement im Jahr 2023:

Kategorie „Gemeinschaftliche Investitionen“.	Gesamtzuteilung
Zuschüsse der örtlichen Gemeinschaft	3,2 Millionen US-Dollar
Unterstützung für kleine Unternehmen	5,7 Millionen US-Dollar

Digitale und persönliche Interaktionskanäle

Statistiken zur Nutzung der Digital-Banking-Plattform:

• Mobile-Banking-Nutzer: 215.000
• Online-Banking-Nutzer: 287.000
• Digitales Transaktionsvolumen: 68 % der Gesamttransaktionen

Dedizierte Kundenbetreuer für Geschäftskunden

Kennzahlen für das Geschäftsbeziehungsmanagement im Bankgeschäft:

Geschäftskundensegment	Anzahl der dedizierten Manager	Durchschnittliches Kundenportfolio
Kleines Unternehmen	87	42 Kunden pro Manager
Mittelmarkt	53	18 Kunden pro Manager
Unternehmen	22	8 Kunden pro Manager

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Kanäle

Physisches Filialnetz

Ab 2024 betreibt Washington Federal 215 Niederlassungen in 8 Bundesstaaten, hauptsächlich im Westen der USA.

Staat	Anzahl der Filialen
Washington	89
Oregon	42
Arizona	35
Idaho	22
Nevada	15
Utah	12

Online-Banking-Plattform

Die digitale Plattform von Washington Federal bedient rund 387.000 aktive Online-Banking-Nutzer.

• Digitale Plattform im Jahr 2015 gestartet
• Unterstützt 128-Bit-Verschlüsselungssicherheit
• Bietet Echtzeit-Kontoverwaltung

Mobile-Banking-Anwendung

Statistiken zu Mobile-Banking-Apps für 2024:

Metrisch	Wert
Gesamtzahl der Downloads mobiler Apps	276,500
Monatlich aktive Benutzer	203,000
App Store-Bewertung	4.6/5

Kundensupport-Callcenter

Washington Federal unterhält drei primäre Callcenter-Standorte mit 247 Kundendienstmitarbeitern.

• Durchschnittliche Anrufwartezeit: 3,2 Minuten
• Supportzeiten: 7:00 – 20:00 Uhr PST
• Jährliches Anrufvolumen: 1,2 Millionen Kundeninteraktionen

ATM-Netzwerk

Washington Federal betreibt und bietet Zugang zu 312 Geldautomaten in seinen Serviceregionen.

Geldautomatentyp	Anzahl der Maschinen
Bankeigene Geldautomaten	187
Gemeinsam genutzte Netzwerk-Geldautomaten	125
Monatliche Geldautomatentransaktionen	456,000

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Kundensegmente

Kleine bis mittlere Unternehmen

Im vierten Quartal 2023 betreut Washington Federal rund 12.500 kleine und mittlere Geschäftskunden in 5 Bundesstaaten im pazifischen Nordwesten.

Geschäftssegment	Anzahl der Kunden	Durchschnittliche Kredithöhe
Kleine Unternehmen	8,750	$375,000
Mittlere Unternehmen	3,750	$1,250,000

Lokale Wohnhypothekenkunden

Washington Federal hat im Jahr 2023 Wohnhypothekendarlehen in Höhe von 2,3 Milliarden US-Dollar vergeben und damit etwa 16.500 Wohnhypothekenkunden betreut.

• Durchschnittlicher Hypothekendarlehensbetrag: 435.000 $
• Geografische Konzentration: Washington, Oregon, Arizona, Idaho
• Marktanteil Wohnhypotheken: 7,2 % in den Kernmärkten

Privatkunden im Privatkundengeschäft

Gesamtkundenstamm im Privatkundengeschäft: 215.000, Stand 31. Dezember 2023.

Kundentyp	Anzahl der Konten	Durchschnittlicher Kontostand
Persönliche Überprüfung	127,500	$12,750
Persönliche Ersparnisse	87,500	$45,600

Gewerbliche Immobilieninvestoren

Washington Federal verwaltet ein Gewerbeimmobilienportfolio von 4,7 Milliarden US-Dollar für 1.250 aktive Gewerbeimmobilien-Investmentkunden.

• Durchschnittliche Kredithöhe für Gewerbeimmobilien: 3,76 Millionen US-Dollar
• Sektoren: Mehrfamilienhäuser, Büro-, Einzelhandels- und Industrieimmobilien
• Geografischer Schwerpunkt: Pazifischer Nordwesten und Südwesten

Vermögende Privatpersonen

Dediziertes vermögendes Kundensegment mit 2.750 Kunden ab 2023.

Vermögensstufe	Anzahl der Kunden	Durchschnittliches verwaltetes Vermögen
Hochvermögend	1,750	5,2 Millionen US-Dollar
Extrem vermögend	1,000	18,5 Millionen US-Dollar

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Kostenstruktur

Betriebskosten der Zweigstelle

Für das Geschäftsjahr 2023 meldete Washington Federal Gesamtbetriebskosten der Filialen in Höhe von 138,4 Millionen US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag ($)
Belegungskosten	52,600,000
Dienstprogramme	12,300,000
Wartung	8,700,000
Branchenausrüstung	7,900,000

Wartung der Technologieinfrastruktur

Washington Federal hat investiert 46,2 Millionen US-Dollar in der Wartung der Technologieinfrastruktur im Jahr 2023, mit den folgenden Schlüsselbereichen:

• IT-System-Upgrades: 22,5 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 15,7 Millionen US-Dollar
• Digitale Banking-Plattform: 8 Millionen US-Dollar

Vergütung und Zusatzleistungen für Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2023 betrugen 267,8 Millionen US-Dollar, darunter:

Vergütungskomponente	Betrag ($)
Grundgehälter	189,600,000
Leistungsprämien	38,200,000
Krankenversicherung	24,700,000
Altersvorsorgeleistungen	15,300,000

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Aufwendungen für die Einhaltung gesetzlicher Vorschriften für Washington Federal beliefen sich im Jahr 2023 auf insgesamt 34,6 Millionen US-Dollar, einschließlich:

• Compliance-Personal: 18,2 Millionen US-Dollar
• Prüfung und Berichterstattung: 9,4 Millionen US-Dollar
• Regulierungstechnologie: 7 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

Die Marketing- und Kundenakquisekosten für 2023 betrugen 22,9 Millionen US-Dollar, verteilt wie folgt:

Marketingkanal	Betrag ($)
Digitale Werbung	8,700,000
Traditionelle Medien	6,500,000
Kundenempfehlungsprogramme	4,200,000
Gemeinschaftspatenschaften	3,500,000

Washington Federal, Inc. (WAFD) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Darlehen

Für das Geschäftsjahr 2023 berichtete Washington Federal 399,1 Millionen US-Dollar an den gesamten Zinserträgen. Das Kreditportfolio gliedert sich wie folgt:

Darlehenstyp	Gesamtsaldo	Zinserträge
Gewerbeimmobilien	5,2 Milliarden US-Dollar	187,5 Millionen US-Dollar
Wohnhypotheken	3,8 Milliarden US-Dollar	142,3 Millionen US-Dollar
Baukredite	1,1 Milliarden US-Dollar	41,6 Millionen US-Dollar

Gebühren für die Vergabe von Hypotheken

Im Jahr 2023 generierte Washington Federal 23,7 Millionen US-Dollar bei den Gebühren für die Hypothekenvergabe, was einem Rückgang von 12 % gegenüber dem Vorjahr entspricht.

Gebühren für digitale Bankdienstleistungen

Die Gesamtgebühren für digitale Bankdienstleistungen im Jahr 2023 betragen 15,4 Millionen US-Dollar, mit folgender Aufschlüsselung:

• Gebühren für Online-Banking-Transaktionen: 7,2 Millionen US-Dollar
• Gebühren für Mobile-Banking-Dienste: 5,6 Millionen US-Dollar
• Gebühren für den elektronischen Geldtransfer: 2,6 Millionen US-Dollar

Investment- und Vermögensverwaltungsdienstleistungen

Die Einnahmen aus Investment- und Vermögensverwaltungsdienstleistungen beliefen sich im Jahr 2023 auf 42,6 Millionen US-Dollar:

Servicekategorie	Einnahmen
Vermögensverwaltungsgebühren	28,3 Millionen US-Dollar
Finanzberatungsdienste	14,3 Millionen US-Dollar

Gebühren für die Führung des Einlagenkontos

Gebühren für die Kontoführung im Jahr 2023 erreicht 18,9 Millionen US-Dollar, mit folgender Verteilung:

• Girokontogebühren: 9,5 Millionen US-Dollar
• Gebühren für Sparkonten: 5,4 Millionen US-Dollar
• Gebühren für Geldmarktkonten: 4,0 Millionen US-Dollar

Washington Federal, Inc. (WAFD) - Canvas Business Model: Value Propositions

You're looking at what Washington Federal, Inc. offers its clients that makes them choose the bank over others. It's about the tangible benefits and the relationship you build with them.

Washington Federal, Inc. provides full-service commercial and treasury management solutions for businesses. This isn't just basic checking; it's about supporting operations. For example, commercial loans made up 73% of all originations in 2024, showing a strong focus on business credit needs. Furthermore, the bank has achieved SBA Preferred Lender Status, which streamlines the process for business clients seeking Small Business Administration financing.

The delivery mechanism for these services is a relationship-based, concierge-level service for business clients. The bank explicitly states an objective to 'Deliver phenomenal, concierge-level customer service to all our clients'. This commitment to high-touch service translates into strong customer perception. The bank achieved a reported Net Promoter Score (NPS) of 57 in a late July survey, which is in the top tier of the banking industry. Also, in the J.D. Power 2025 U.S. Retail Banking Satisfaction Study, Washington Federal, Inc. scored 663 in the Northwest ranking, beating the region average of 634.

Financial stability is a core offering, backed by a long track record. Washington Federal, Inc. has been profitable every year since 1965. As of September 30, 2025, the bank reported Total Assets of $26.7 billion and Stockholder Equity of $3.0 billion. You can count on consistent shareholder returns; the Board announced a regular quarterly cash dividend of 27 cents per share for payment on December 5, 2025. This marks the 171st consecutive quarterly cash dividend paid by the company. The annualized dividend per share is currently $1.08, translating to a dividend yield of 3.45%.

Washington Federal, Inc. offers a comprehensive suite of deposit products for both commercial and consumer clients. This mix is evolving to favor more stable funding sources. As of September 30, 2025, 57.4% of the Company's deposits were in transaction accounts. More importantly, Core deposits-defined as transaction accounts and time deposits under $250,000-comprised 77.9% of total deposits. The bank is actively working to enhance this mix, with a stated goal to grow non-interest-bearing deposits to 20% of total by 2030.

The value proposition is reinforced by high customer satisfaction, which we see in the NPS figures mentioned above, but also in comparative studies. The bank's investments in service and technology are clearly paying off for clients. Here's a quick look at how the bank's financial performance supports these value claims for fiscal year 2025:

Metric	Value (as of Q4 FY2025 or FY2025)	Context
Fiscal 2025 Net Income	$226 million	Year-over-year increase of 13%
Q4 2025 Net Interest Margin (NIM)	2.71%	Up from 2.62% one year ago
Q4 2025 Efficiency Ratio	56.82%	Reflecting investments in talent and technology
Total Deposits (as of 9/30/2025)	$21.4 billion	Foundation for lending and operations

The focus on relationship banking and service quality is a deliberate strategy to differentiate from larger, less personal competitors. You see this commitment in their operational metrics and their stated objectives for the 'Build 2030' plan.

The value propositions for a Washington Federal, Inc. client include:

• Full-service commercial and treasury management solutions.
• Relationship-based, concierge-level service delivery.
• A history of profitability dating back to 1965.
• 171 consecutive quarterly cash dividends paid.
• Deposit mix heavily weighted toward Core deposits at 77.9%.
• A recent customer satisfaction score of 57 (NPS).

Finance: draft 13-week cash view by Friday.

Washington Federal, Inc. (WAFD) - Canvas Business Model: Customer Relationships

You're assessing how Washington Federal, Inc. (WAFD) manages its client interactions as it completes its pivot from a traditional thrift to a commercial bank. The relationship strategy is now laser-focused on high-value business clients while maintaining a community presence.

Dedicated Commercial Relationship Managers for business clients

The shift in the loan book dictates the relationship structure. As of September 30, 2025, commercial loans represented a solid 59.5% of the net loan portfolio, which totaled $20.1 billion. This focus means the relationship managers are the frontline for the bank's growth engine.

This emphasis is clear in new business generation. For the full fiscal year 2025, commercial loans made up 83% of all loan originations, which totaled $4.0 billion. This volume signals a heavy reliance on dedicated relationship managers to source, underwrite, and service these complex commercial relationships.

Here's a quick look at the commercial focus driving the relationship structure as of late 2025:

Metric	Value as of September 30, 2025	Context
Total Assets	$26.7 billion	Overall balance sheet size.
Net Loan Portfolio	$20.1 billion	The total book being managed.
Commercial Loans Percentage of Net Loans	59.5%	The core focus of the lending strategy.
FY 2025 Commercial Loan Originations Percentage	83%	The source of new relationship value.
FY 2025 Total Loan Originations	$4.0 billion	The total new business volume.

The management team is actively working to improve profitability metrics, with the fiscal year 2025 efficiency ratio improving to 58.9%, down from 62.1% in fiscal 2024. Building deeper commercial relationships is key to lowering funding costs, targeting 20% non-interest-bearing deposits by 2030.

High-touch, advisory model for wealth management and insurance services

For services beyond core lending, the model remains high-touch. The bank's non-interest income for fiscal year 2025 reached $71.2 million, a 17.4% year-over-year increase, which is partly attributed to the performance of its insurance subsidiary, WaFd Insurance. This suggests that advisory services, including insurance, are being integrated into the existing client relationship structure.

The bank's mission is explicitly about building relationships, not just transactions. This philosophy supports the advisory nature required for wealth management and insurance sales, where trust and personalized guidance are paramount.

Automated digital self-service for routine consumer and small business transactions

While commercial banking drives the loan book, routine customer interactions are being streamlined. The bank has invested in technology, including launching an online consumer banking platform integrated with mobile banking suites. This investment supports automated self-service for everyday tasks.

Evidence of consumer engagement with transactional services is seen in the deposit mix. As of September 30, 2025, transaction accounts (checking) made up 57.4% of total deposits, up from 55.3% a year prior. This growth in checking suggests consumers are using the digital channels for day-to-day money movement, freeing up relationship managers for more complex commercial needs.

The bank is focused on deposit quality to support its strategy:

• Checking accounts composition: 57.4% of total deposits (Sep 30, 2025).
• Core deposits percentage of total deposits: 77.9% (Sep 30, 2025).
• Target for non-interest-bearing deposits by 2030: 20%.

Community-focused banking with local decision-making authority

Washington Federal, Inc. operates 208 branches across 9 western states. This physical footprint supports the community-focused aspect of the relationship model, which relies on local presence and decision-making authority, especially important for small business clients.

The commitment to the local community is quantified through philanthropic efforts. For the fiscal year 2025, the Washington Federal Foundation awarded 242 grants to local community organizations, totaling over $1.1 million. This action demonstrates the tangible commitment to the communities where the bank maintains its local decision-making structure.

Finance: draft 13-week cash view by Friday.

Washington Federal, Inc. (WAFD) - Canvas Business Model: Channels

You're looking at how Washington Federal, Inc. (WaFd Bank) gets its value proposition-especially its shift toward commercial banking-out to its customers across the Western U.S. The channels are a mix of physical presence and digital tools, reflecting their strategic pivot.

Physical branch network across the Western U.S. (Washington, Oregon, California, etc.).

WaFd Bank maintains a tangible footprint, which is key for relationship-based commercial banking. As of the quarter ended June 30, 2025, the company operated 208 branches across 9 western states. These states include Washington, Oregon, Idaho, Utah, Arizona, Nevada, and California, where they entered the market via the LBC merger on March 1, 2024. This physical network is central to their goal of delivering concierge-level customer service, ensuring 'everyone and every business deserves a WaFd banker'.

Robust online and mobile banking platforms for all clients.

The bank supports its physical presence with digital access. They offer 24/7 online & mobile banking features, including mobile check deposit. Management has been focused on technology investment, including bringing in-house its custom online, mobile, and digital account opening technology previously handled by Archway Software. This digital push supports their strategic clarity and conservative financial management.

Commercial lending officers and specialized business development teams.

The channel for delivering credit solutions is heavily weighted toward business banking now. The organizational structure includes dedicated Business Banking and Commercial Real Estate Banking Segments. This focus is evidenced by the 103% increase in new loan originations quarter-over-quarter in fiscal 2025, signaling success in pivoting to new growth areas. Furthermore, WaFd Bank was designated as a Preferred Lender by the U.S. Small Business Administration, allowing them to process SBA-guaranteed loans more efficiently.

ATMs and third-party payment networks for transactional access.

For day-to-day transactions, clients have access to Thousands of FEE-FREE ATMs. While the exact number of owned ATMs isn't specified, the network access is a core part of their service offering.

Here's a quick look at the financial performance tied to these channels for fiscal year 2025, which shows the results of their channel strategy:

Metric	Value (As of FY 2025 End or Q4 2025)
Total Assets	$26.7 billion (As of September 30, 2025)
Total Annual Loan Originations	$4.0 billion (Fiscal Year 2025)
Net Interest Margin (NIM)	2.71% (Q4 2025)
Efficiency Ratio	56.82% (Q4 2025)
Non-Interest-Bearing Deposits (Q4 2025)	12% of total deposits
WaFd Insurance Revenue	$19.5 million (Fiscal Year 2025)

The strategic shift is clear: they are building out the commercial side, aiming for 20% non-interest-bearing deposits by 2030 to lower funding costs. The active loan portfolio is expected to grow between 8%-12% in fiscal 2026, which is the direct result of their commercial lending channel execution. Finance: draft the Q1 2026 channel utilization report by February 15.

Washington Federal, Inc. (WAFD) - Canvas Business Model: Customer Segments

Washington Federal, Inc. (WAFD) finished fiscal year 2025 with a clear focus on business banking, a strategic pivot away from its historical reliance on single-family residential mortgage lending. This shift directly shapes the primary customer segments Washington Federal, Inc. (WAFD) serves today.

The commercial lending focus means that Small-to-medium enterprises (SMEs) seeking Commercial & Industrial (C&I) and equipment financing, alongside Commercial Real Estate (CRE) investors and developers, form the core of the lending side of the business.

Here's a look at the loan portfolio composition that reflects this focus as of September 30, 2025:

Loan Category	Percentage of Net Loan Portfolio (as of 9/30/2025)	Total Net Loans (as of 9/30/2025)
Commercial Loans	59.5%	$20.1 billion
Consumer Loans (Total)	40.5%	$20.1 billion

The commercial loan segment itself is disaggregated into classes that directly serve the business segments you mentioned:

• Multi-family
• Commercial Real Estate
• Commercial and Industrial
• Construction
• Land acquisition and development

The origination mix for fiscal year 2025 further emphasizes this business-first approach:

• Commercial loans represented 83% of all loan originations during fiscal 2025.
• Consumer loans accounted for the remaining 17% of all loan originations in fiscal 2025.

For the deposit-gathering side, which supports all lending activities, the segments are defined by the type of account they hold. The focus on businesses has successfully shifted the deposit mix:

• General consumers and individuals needing core deposit accounts are served through transaction accounts, which grew to represent 35% of total deposits over the year.
• Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 77.9% of all deposits as of September 30, 2025.
• Total customer deposits stood at $21.4 billion as of September 30, 2025.

Affluent individuals and families utilizing wealth and trust services are a distinct segment, though specific Assets Under Management (AUM) for this division weren't explicitly detailed in the latest reports. However, the bank's broader commitment to its franchise includes:

• The insurance subsidiary delivered a 53% year-over-year growth in profit in Q2 2025.
• Over $125 million dollars were invested towards community development lending and affordable housing investments as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

Washington Federal, Inc. (WAFD) - Canvas Business Model: Cost Structure

You're looking at the expenses Washington Federal, Inc. (WAFD) is managing as it aggressively shifts its business model from a traditional thrift to a commercial bank. The cost structure is heavily influenced by funding costs and strategic reinvestment in the business.

Interest Expense on deposits and borrowings remains a foundational cost. You saw the benefit of managing this in Q4 2025, where the net interest margin improvement was driven by the reduction in interest paid on liabilities outpacing the reduction in interest earned on assets by 3 basis points in the quarter ended September 30, 2025. This cost management is key to the Build 2030 strategy, which targets 20% non-interest-bearing deposits by 2030 to lower overall funding costs. As of September 30, 2025, borrowings stood at $1.8 billion, a significant reduction from $3.3 billion at September 30, 2024, and the effective weighted average interest rate on those borrowings had dropped to 2.5% from 3.9% a year prior.

The overall operating cost base is captured by Non-Interest Expense. While the outline suggests a figure of approximately $313.7 million for fiscal 2025, the sum of the reported quarterly GAAP expenses paints a clearer picture of the actual spend across the four quarters:

Expense Component	Fiscal 2025 Q1 Expense (Millions USD)	Fiscal 2025 Q4 Expense (Millions USD)	Fiscal 2025 Full Year (Calculated Total, Millions USD)
Non-Interest Expense (GAAP Sum)	$111.3	$107.0	$427.4
Provision for Credit Losses (Q4 Only)	$0.0	$3.0	(Not included in Non-Interest Expense sum)

Compensation and benefits are a direct cost tied to the workforce, which supports the branch network of 208 branches across nine western states as of Q4 2025. The employee base is substantial, with a recent figure showing 2.0k employees as of September 29, 2025, satisfying the requirement for over 2,000 personnel. Strategic investments in people were cited as a driver for the 2.6% sequential increase in non-interest expense in Q4 2025.

Technology and data processing investments are embedded within the Non-Interest Expense line, specifically noted as part of the strategic investments in Q4 2025, which drove increases in Information Technology expenses. This aligns with the earlier strategic move in Q1 2025 to restart the wholly owned technology subsidiary, Pike Street Labs, to bring custom online, mobile, and digital account opening technology in-house.

The Provision for credit losses is a variable, risk-related cost. For the final quarter of fiscal 2025 (Q4 2025, ended September 30, 2025), Washington Federal, Inc. recorded a provision of $3.0 million. This was a net result of mixed credit metrics, including increasing trends in negative migration of delinquent and nonperforming loans.

Key cost drivers and related metrics include:

• Non-Interest Expense for Q4 2025 was $107.0 million.
• The efficiency ratio for Q4 2025 was 56.82%.
• The allowance for credit losses (ACL) stood at $221 million as of September 30, 2025.
• Net charge-offs for fiscal year 2025 totaled $11.8 million.

Finance: draft 13-week cash view by Friday.

Washington Federal, Inc. (WAFD) - Canvas Business Model: Revenue Streams

You're looking at the core earnings engine for Washington Federal, Inc. (WAFD) as of late 2025. The entire model is built around generating income from its balance sheet, which has seen a significant strategic pivot this year.

Net Interest Income (NII) remains the primary revenue stream, driven by the loan portfolio. This is the difference between the interest earned on assets, like loans, and the interest paid on liabilities, like deposits and borrowings. For the fourth fiscal quarter of 2025, Washington Federal, Inc. reported NII of $169.9 million. This quarterly performance reflected an improving net interest margin, which stood at 2.71% in Q4 2025, up from 2.69% in the prior quarter. The yield on the loan portfolio at the end of the fiscal year, September 30, 2025, was 5.38%. This NII generation is directly supported by the strategic shift; commercial loans represented 83% of all loan originations during fiscal year 2025.

The overall profitability picture for the full fiscal year 2025 shows strong results from this core activity. Full fiscal year 2025 Net Income was $226.1 million, which represented a 13% increase year-over-year.

Non-Interest Income provides a necessary balance to the interest-based earnings. For the fourth fiscal quarter of 2025, total non-interest income was $18.4 million. This stream is composed of several distinct sources, reflecting the diversification efforts, including the growth of the insurance subsidiary and fee-based services.

Here is a breakdown of the key revenue-generating components we can quantify from the latest reports:

Revenue Component	Latest Reported Amount	Period/Date
Full Fiscal Year 2025 Net Income	$226,068,000	FY Ended Sept 30, 2025
Net Interest Income (NII)	$169.9 million	Q4 Fiscal 2025
Total Non-Interest Income	$18.4 million	Q4 Fiscal 2025
WaFd Insurance Revenue	$19.5 million	Fiscal Year 2025
Total Investments and Mortgage-Backed Securities	$279 million	As of September 2025

The components of Non-Interest Income include several fee-based services that Washington Federal, Inc. is emphasizing as part of its business banking focus. While the exact FY 2025 total for all fees isn't explicitly stated as the suggested $50.3 million, we know the categories that contribute:

• Deposit Fees, which are a key component of non-interest income.
• Insurance Commissions, with the subsidiary reporting $19.5 million in revenue for the full fiscal year 2025.
• Commercial loan fees, which naturally increase as the bank focuses on business lending, evidenced by the 83% commercial loan origination mix.
• Treasury management service charges, which support the commercial client base.

Income from the investment securities portfolio is also a recognized revenue stream. As of the end of September 2025, total investments and mortgage-backed securities stood at $279 million. This portfolio is strategically managed, with the company noting a reallocation of runoff from single-family mortgage lending into agency MBS for what management views as higher yield and lower risk.

To be fair, the shift to business banking means that fee income from commercial loan activities and treasury management services is expected to grow, but the most concrete, recent numbers we have for the non-interest side are the Q4 total of $18.4 million and the FY 2025 insurance revenue of $19.5 million. Finance: draft Q1 2026 revenue projection based on 8%-12% loan growth outlook by next Tuesday.