Washington Federal, Inc. (WAFD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Washington Federal, Inc. (WAFD), una potencia bancaria regional dinámica que transforma los servicios financieros tradicionales a través de enfoques innovadores. Este lienzo de modelo de negocio integral revela cómo WAFD aprovecha las asociaciones estratégicas, las tecnologías digitales de vanguardia y una estrategia centrada en la comunidad para ofrecer experiencias bancarias personalizadas en todo el oeste de los Estados Unidos. Al comprender sus propuestas de valor únicas y su intrincado marco operativo, descubriremos los elementos clave que impulsan el éxito de esta institución financiera y lo diferenciarán en un panorama bancario competitivo.

Washington Federal, Inc. (WAFD) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con empresas locales y regionales

A partir de 2024, Washington Federal mantiene asociaciones estratégicas con aproximadamente 127 redes comerciales locales y regionales en sus territorios operativos.

Tipo de asociación	Número de asociaciones	Cobertura geográfica
Redes comerciales locales	82	8 estados occidentales
Asociaciones comerciales regionales	45	Noroeste del Pacífico

Colaboración con corredores hipotecarios y agencias inmobiliarias

Washington Federal ha establecido asociaciones con 243 corredores hipotecarios y agencias de bienes raíces.

• Asociaciones de corredor de hipotecas: 157
• Colaboraciones de la agencia inmobiliaria: 86
• Volumen promedio de préstamo por asociación: $ 4.2 millones

Proveedores de tecnología para soluciones de banca digital

El banco colabora con 12 proveedores de tecnología especializados en infraestructura bancaria digital.

Categoría de tecnología	Número de proveedores	Inversión anual
Sistemas bancarios centrales	3	$ 5.7 millones
Soluciones de ciberseguridad	4	$ 3.2 millones
Plataformas de banca móvil	5	$ 2.9 millones

Bancos comunitarios y proveedores de servicios financieros

Washington Federal mantiene asociaciones con 38 bancos comunitarios y proveedores de servicios financieros.

• Asociaciones bancarias comunitarias: 22
• Colaboraciones de proveedores de servicios financieros: 16
• Valor de activo colaborativo total: $ 1.6 mil millones

Compañías de seguros para productos financieros complementarios

El banco ha establecido asociaciones con 19 compañías de seguros para ofrecer productos financieros integrados.

Categoría de productos de seguro	Número de socios	Participación anual de ingresos
Seguro de vida	7	$ 3.4 millones
Propiedad & Seguro de víctimas	6	$ 2.8 millones
Seguro médico	6	$ 2.5 millones

Washington Federal, Inc. (WAFD) - Modelo de negocio: actividades clave

Préstamos comerciales y residenciales

A partir del cuarto trimestre de 2023, Washington Federal informó una cartera de préstamos totales de $ 16.7 mil millones, con el siguiente desglose:

Categoría de préstamo	Cantidad total	Porcentaje de cartera
Préstamos inmobiliarios comerciales	$ 8.3 mil millones	49.7%
Préstamos hipotecarios residenciales	$ 6.2 mil millones	37.1%
Construcción & Préstamos para el desarrollo de tierras	$ 1.7 mil millones	10.2%
Préstamos al consumo	$ 500 millones	3%

Gestión de cuentas de depósito y ahorro

Depósitos totales al 31 de diciembre de 2023: $ 20.1 mil millones

• Depósitos de no interesados: $ 4.3 mil millones
• Cuentas correctas con intereses: $ 6.8 mil millones
• Cuentas de ahorro: $ 5.5 mil millones
• Depósitos de tiempo: $ 3.5 mil millones

Desarrollo de la plataforma de banca digital

Métricas de banca digital para 2023:

• Usuarios de banca móvil: 325,000
• Transacciones bancarias en línea: 18.2 millones
• Tasa de apertura de cuenta digital: 42%

Gestión de riesgos y cumplimiento

Asignación de cumplimiento y gestión de riesgos para 2023:

Categoría	Inversión
Presupuesto del departamento de cumplimiento	$ 22.5 millones
Inversiones de ciberseguridad	$ 15.3 millones
Sistemas de informes regulatorios	$ 7.2 millones

Banca comunitaria y construcción de relaciones

Métricas de participación comunitaria para 2023:

• Número de ubicaciones de sucursales: 188
• Estados de operación: 6
• Inversiones de desarrollo comunitario: $ 12.6 millones
• Préstamos para pequeñas empresas originarias: 1.750

Washington Federal, Inc. (WAFD) - Modelo de negocio: recursos clave

Red de sucursales regionales fuertes en el oeste de los Estados Unidos

A partir del cuarto trimestre de 2023, Washington Federal opera 215 sucursales en 8 estados en el oeste de los Estados Unidos, incluidos Washington, Oregon, Idaho, Utah, Nevada, Arizona, California y Texas.

Estado	Número de ramas
Washington	72
Oregón	38
Idaho	25
Utah	22
Nevada	20
Arizona	18
California	15
Texas	5

Equipo experimentado de gestión financiera

El liderazgo ejecutivo de Washington Federal incluye:

• Roy M. Whitehead, presidente y CEO
• Vincent L. Beatty, director financiero
• David A. Shotwell, director de operaciones

Infraestructura avanzada de tecnología de banca digital

Total de tecnología e inversiones de banca digital en 2023: $ 42.3 millones

Función de banca digital	Tasa de adopción de usuarios
Banca móvil	76%
Pago de factura en línea	68%
Apertura de cuenta digital	54%

Base de datos de clientes robusta

Base total de clientes al 31 de diciembre de 2023: 590,000 clientes

• Clientes de banca personal: 475,000
• Clientes de banca de negocios: 115,000

Reservas de capital sólidas y estabilidad financiera

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 18.6 mil millones
Relación de capital de nivel 1	13.2%
Equidad total	$ 2.1 mil millones
Ingresos netos (2023)	$ 286 millones

Washington Federal, Inc. (WAFD) - Modelo de negocio: propuestas de valor

Servicios bancarios personalizados para comunidades locales

A partir del cuarto trimestre de 2023, Washington Federal opera 215 sucursales en 8 estados, sirviendo a las comunidades locales con soluciones financieras específicas.

Cobertura estatal	Número de ramas
Washington	87
Oregón	45
Arizona	33
Otros estados	50

Tasas de interés competitivas sobre préstamos y depósitos

Las tasas de interés actuales de Washington Federal a partir de enero de 2024:

Tipo de producto	Rango de tasas de interés
Cuentas de ahorro personal	3.25% - 4.50%
Préstamos hipotecarios	6.75% - 7.25%
Préstamos comerciales	7.50% - 8.25%

Convenientes plataformas de banca digital y móvil

Estadísticas de banca digital:

• Usuarios de banca móvil: 372,000 a diciembre de 2023
• Volumen de transacciones en línea: 2.1 millones de transacciones mensuales
• Calificación de aplicaciones móviles: 4.6/5 en App Store

Enfoque de servicio al cliente basado en relaciones

Métricas de retención de clientes para 2023:

• Tasa de retención de clientes: 87.3%
• Duración promedio de la relación con el cliente: 7.2 años
• Puntuación del promotor neto: 68

Soluciones financieras flexibles para diversas necesidades del cliente

Desglose de diversidad de productos para 2023:

Segmento de clientes	Ofertas de productos	Penetración del mercado
Banca personal	12 tipos de cuenta	65% de la base de clientes
Banca de negocios	8 productos de préstamos especializados	22% de la base de clientes
Gestión de patrimonio	6 servicios de inversión	13% de la base de clientes

Washington Federal, Inc. (WAFD) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

Washington Federal ofrece servicios bancarios personalizados a través de 242 sucursales en 8 estados a partir de 2023. Las métricas de interacción con el servicio al cliente incluyen:

Canal de servicio	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte de rama	12 minutos	89%
Soporte telefónico	7 minutos	86%
Soporte en línea	4 horas	82%

Gestión de relaciones a largo plazo

Las estrategias de retención de clientes incluyen:

• Promedio de la tenencia del cliente: 7.3 años
• Cobertura del programa de fidelización: 62% de la base de clientes
• Descuentos de precios de relaciones para clientes a largo plazo

Enfoque bancario centrado en la comunidad

Inversiones de participación comunitaria en 2023:

Categoría de inversión comunitaria	Asignación total
Subvenciones de la comunidad local	$ 3.2 millones
Soporte de pequeñas empresas	$ 5.7 millones

Canales de interacción digital y en persona

Estadísticas de uso de la plataforma de banca digital:

• Usuarios de banca móvil: 215,000
• Usuarios bancarios en línea: 287,000
• Volumen de transacción digital: 68% de las transacciones totales

Gerentes de relaciones dedicadas para clientes comerciales

Métricas de gestión de relaciones bancarias de negocios:

Segmento de clientes comerciales	Número de gerentes dedicados	Cartera promedio de clientes
Pequeño negocio	87	42 clientes por gerente
Mercado medio	53	18 clientes por gerente
Corporativo	22	8 clientes por gerente

Washington Federal, Inc. (WAFD) - Modelo de negocios: canales

Red de sucursales físicas

A partir de 2024, Washington Federal opera 215 sucursales en 8 estados, principalmente en el oeste de los Estados Unidos.

Estado	Número de ramas
Washington	89
Oregón	42
Arizona	35
Idaho	22
Nevada	15
Utah	12

Plataforma bancaria en línea

La plataforma digital de Washington Federal atiende a aproximadamente 387,000 usuarios de banca en línea activa.

• Plataforma digital lanzada en 2015
• Admite seguridad de cifrado de 128 bits
• Ofrece gestión de cuentas en tiempo real

Aplicación de banca móvil

Estadísticas de la aplicación de banca móvil para 2024:

Métrico	Valor
Descargas totales de aplicaciones móviles	276,500
Usuarios activos mensuales	203,000
Calificación de la tienda de aplicaciones	4.6/5

Centros de llamadas de atención al cliente

Washington Federal mantiene 3 ubicaciones principales de los centros de llamadas con 247 representantes de servicio al cliente.

• Tiempo de espera promedio de llamadas: 3.2 minutos
• Horario de soporte: 7:00 am - 8:00 pm PST
• Volumen anual de llamadas: 1.2 millones de interacciones con el cliente

Red de cajeros automáticos

Washington Federal opera y proporciona acceso a 312 cajeros automáticos en sus regiones de servicio.

Tipo de cajero automático	Número de máquinas
Cajeros automáticos	187
ATM de red compartidos	125
Transacciones mensuales de cajeros automáticos	456,000

Washington Federal, Inc. (WAFD) - Modelo de negocios: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, Washington Federal atiende a aproximadamente 12.500 clientes comerciales pequeños a medianos en 5 estados en el noroeste del Pacífico.

Segmento de negocios	Número de clientes	Tamaño promedio del préstamo
Pequeñas empresas	8,750	$375,000
Empresas medianas	3,750	$1,250,000

Clientes de hipotecas residenciales locales

Washington Federal originó $ 2.3 mil millones en préstamos hipotecarios residenciales en 2023, atendiendo a aproximadamente 16,500 clientes de hipotecas residenciales.

• Monto promedio del préstamo hipotecario: $ 435,000
• Concentración geográfica: Washington, Oregón, Arizona, Idaho
• Cuota de mercado de hipotecas residenciales: 7.2% en mercados centrales

Clientes de banca minorista individual

Base de clientes de banca minorista total: 215,000 al 31 de diciembre de 2023.

Tipo de cliente	Número de cuentas	Saldo de cuenta promedio
Comprobación personal	127,500	$12,750
Ahorros personales	87,500	$45,600

Inversores inmobiliarios comerciales

Washington Federal administra una cartera de bienes raíces comerciales de $ 4.7 mil millones en 1,250 clientes activos de inversión inmobiliaria comercial.

• Tamaño promedio del préstamo inmobiliario comercial: $ 3.76 millones
• Sectores: propiedades multifamiliares, oficinas, minoristas, industriales
• Enfoque geográfico: regiones del noroeste y suroeste del Pacífico

Individuos de alto nivel de red

Segmento de clientes dedicado de alto nivel de red con 2.750 clientes a partir de 2023.

Nivel de riqueza	Número de clientes	Activos promedio bajo administración
De alto nivel	1,750	$ 5.2 millones
Ultra alto-patrimonio	1,000	$ 18.5 millones

Washington Federal, Inc. (WAFD) - Modelo de negocio: Estructura de costos

Gastos operativos de rama

Para el año fiscal 2023, Washington Federal informó que los gastos operativos totales de la sucursal de $ 138.4 millones. El desglose de estos gastos incluye:

Categoría de gastos	Monto ($)
Costos de ocupación	52,600,000
Utilidades	12,300,000
Mantenimiento	8,700,000
Equipo de rama	7,900,000

Mantenimiento de la infraestructura tecnológica

Washington Federal invirtió $ 46.2 millones En Mantenimiento de infraestructura tecnológica en 2023, con las siguientes áreas clave:

• Actualizaciones de sistemas de TI: $ 22.5 millones
• Mejoras de ciberseguridad: $ 15.7 millones
• Plataforma de banca digital: $ 8 millones

Compensación y beneficios de los empleados

Los gastos totales relacionados con los empleados para 2023 fueron $ 267.8 millones, que incluyó:

Componente de compensación	Monto ($)
Salarios base	189,600,000
Bonos de rendimiento	38,200,000
Seguro médico	24,700,000
Beneficios de jubilación	15,300,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para Washington Federal en 2023 totalizaron $ 34.6 millones, incluido:

• Personal de cumplimiento: $ 18.2 millones
• Auditoría e informes: $ 9.4 millones
• Tecnología regulatoria: $ 7 millones

Gastos de marketing y adquisición de clientes

Los costos de marketing y adquisición de clientes para 2023 fueron $ 22.9 millones, distribuido de la siguiente manera:

Canal de marketing	Monto ($)
Publicidad digital	8,700,000
Medios tradicionales	6,500,000
Programas de referencia de clientes	4,200,000
Patrocinios comunitarios	3,500,000

Washington Federal, Inc. (WAFD) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos

Para el año fiscal 2023, Washington Federal informó $ 399.1 millones en ingresos de intereses totales. El desglose de la cartera de préstamos es el siguiente:

Tipo de préstamo	Saldo total	Ingresos por intereses
Inmobiliario comercial	$ 5.2 mil millones	$ 187.5 millones
Hipotecas residenciales	$ 3.8 mil millones	$ 142.3 millones
Préstamos de construcción	$ 1.1 mil millones	$ 41.6 millones

Tarifas de origen de la hipoteca

En 2023, Washington Federal generó $ 23.7 millones en tarifas de origen hipotecario, que representa una disminución del 12% respecto al año anterior.

Cargos de servicio bancario digital

Los cargos de servicio bancario digital para 2023 totalizaron $ 15.4 millones, con el siguiente desglose:

• Tarifas de transacción bancaria en línea: $ 7.2 millones
• CARACIONES DE SERVICIO BANCA MÓVIL: $ 5.6 millones
• Tasas de transferencia de fondos electrónicos: $ 2.6 millones

Servicios de inversión y gestión de patrimonio

Los ingresos de los servicios de inversión y gestión de patrimonio en 2023 ascendieron a $ 42.6 millones:

Categoría de servicio	Ganancia
Tarifas de gestión de activos	$ 28.3 millones
Servicios de asesoramiento financiero	$ 14.3 millones

Tarifas de mantenimiento de la cuenta de depósito

Las tarifas de mantenimiento de la cuenta de depósito para 2023 alcanzadas $ 18.9 millones, con la siguiente distribución:

• Tarifas de la cuenta corriente: $ 9.5 millones
• Tarifas de la cuenta de ahorro: $ 5.4 millones
• Tarifas de la cuenta del mercado monetario: $ 4.0 millones

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.