Washington Federal, Inc. (WAFD): Business Model Canvas [Dec-2025 Updated]

You're trying to map out exactly how Washington Federal, Inc. (WAFD) makes money now, especially after that big strategic shift toward commercial banking this year. Honestly, understanding their new engine is key, so I've broken down their entire operation-from originating high-yield C&I loans to managing a $21.4 billion deposit base-into the nine essential blocks of their Business Model Canvas. With total assets nearing $26.7 billion and a net income of $226.1 million for fiscal 2025, their model is clearly built on relationship-based service for SMEs and solid financial stability; dig in below to see the specific partnerships and cost structure driving this new direction.

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

You're mapping out the strategic alliances that keep Washington Federal, Inc. (WAFD) running smoothly, especially as they push their commercial banking pivot. These partnerships are defintely crucial for funding, regulatory compliance, and community standing.

U.S. Small Business Administration (SBA) as a Preferred Lender

Washington Federal Bank, the subsidiary of Washington Federal, Inc., achieved Preferred Lender Status with the U.S. Small Business Administration (SBA) on September 16, 2025. This designation grants WaFd Bank increased authority to approve, close, and service SBA-guaranteed loans, which streamlines the process for small businesses. As a Preferred Lender, WaFd Bank offers expedited approvals for programs including the 7(a) and 504 loan programs. For context on the program's scale, the SBA approved 42,758 loans for $18.7 billion through the first six months of its 2025 fiscal year. The 7(a) program specifically offers guarantees ranging from 50% to 85% on loans up to $5 million.

Federal Home Loan Bank (FHLB) for Wholesale Funding and Liquidity Management

WaFd Bank is a member of the Federal Home Loan Bank (FHLB) of Des Moines, which serves as a source for funding home mortgage loans and community development initiatives. Managing wholesale funding is clearly visible in the balance sheet changes. Borrowings stood at $1.8 billion as of September 30, 2025, which is a reduction from $3.3 billion at September 30, 2024. This reduction in borrowings also came with a lower funding cost; the effective weighted average interest rate on these borrowings was 2.5% as of September 30, 2025, down from 3.9% a year prior.

Here are some key figures related to funding and related community support:

Metric	Amount/Rate (As of 9/30/2025 or FY 2025)	Comparison/Context
Total Borrowings	$1.8 billion	Down from $3.3 billion at 9/30/2024
Effective Weighted Avg. Borrowing Rate	2.5%	Down from 3.9% at 9/30/2024
FHLB FY 2024 United Way Match Contribution	$750,000	Matched by FHLB for employee pledges

Third-Party Technology Vendors for Core Processing and Digital Platforms

The bank has made significant investments in its technology stack to support its strategic shift. Back in fiscal year 2022, WaFd Bank completed a migration to the cloud and launched new platforms. Specifically, they integrated an online consumer banking platform with MX's mobile banking suite and implemented Talkdesk's call center platform using Amazon Lex for speech recognition in chat and voice support. These investments show up in the operating expenses; total non-interest expense for the fourth fiscal quarter of 2025 was $107.0 million, reflecting a $2.7 million increase from the prior quarter due to strategic investments in staff and technologies.

Local Community Organizations for Philanthropic and CRA Initiatives

Community Reinvestment Act (CRA) efforts are channeled through The Washington Federal Foundation. As of the June 30, 2025, investor presentation, the Foundation had awarded 242 grants to local community organizations totaling over $1.1 million for the fiscal year. Furthermore, the bank reports over $125 million invested toward community development lending, which includes affordable housing projects.

The commitment extends to employee engagement, which is often matched by the bank and partners like the FHLB:

• Total United Way match in FY 2024 was $1,501,020.
• WaFd Bank matched employee pledges of $375,525 with $375,495 in FY 2024.
• The bank operates 208 branches across 9 western states as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Washington Federal, Inc. (WAFD) is taking to execute its strategy, especially that big pivot away from mortgage lending. It's all about what they do every day to make the numbers work.

Originating high-yield commercial and industrial (C&I) loans

The key activity here is successfully shifting the loan book. For the fiscal year ended September 30, 2025, annual loan originations hit $4.0 billion, which is an increase from $3.6 billion in 2024. This pivot is showing up in the mix; commercial loans represented 83% of all originations in 2025. You saw early success in the latest quarter, too, with a 103% increase in new loan originations over the third quarter. That's how you build a business bank.

Managing a large, diversified deposit base of $21.4 billion

Securing and managing that funding base is critical for any bank, and Washington Federal, Inc. reported customer deposits totaled $21.4 billion as of September 30, 2025. They are actively managing the composition of those deposits, which is a key activity in itself. As of that same date, transaction accounts made up 57.4% of total deposits, a slight bump from 55.3% a year prior. Also, core deposits-those under $250,000-totaled 77.9% of deposits on September 30, 2025.

Here's a quick snapshot of the deposit structure as of the fiscal year-end 2025:

Deposit Metric	Amount/Percentage (As of 9/30/2025)
Total Customer Deposits	$21.4 billion
Transaction Accounts Percentage	57.4%
Core Deposits Percentage	77.9%
Uninsured/Uncollateralized Deposits Percentage	24.7%

Executing digital transformation and technology investments

This activity is funded through operating expenses. Non-interest expense increased 2.6% sequentially in the fourth fiscal quarter of 2025, which management specifically attributed to strategic investments in talent and technologies. This is the cost of modernizing the platform. Separately, the bank is channeling capital into community support, reporting over $390 million invested towards community development lending and affordable housing investments as of September 30, 2025.

Maintaining a strong capital position and disciplined credit culture

You see the discipline in the capital strength and how they manage credit risk. Tangible book value per share grew to $29.38 in fiscal 2025. Total assets stood at $26.7 billion as of September 30, 2025. On the credit side, non-performing assets (NPAs) were $143 million, representing 0.54% of total assets at that date. Delinquent loans were reported at 0.60% of total loans as of September 30, 2025. The provision for credit losses for the fourth fiscal quarter of 2025 was $3.0 million.

Branch network optimization following the strategic shift

The physical footprint is being adjusted to support the business banking focus. Washington Federal, Inc. operates a network of 208 branches across nine western states as of Q3 2025. This optimization effort is noted as a reason for an increase in REO (Real Estate Owned) assets during the year. The management team is convinced that focusing on businesses will improve the relevancy of these branches long-term.

You should check the Q1 2026 expense report to see if the efficiency ratio, which was 56.82% in Q4 2025, continues to improve as the branch optimization effort matures. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Washington Federal, Inc. (WAFD) relies on to execute its commercial banking pivot. These aren't just line items; they are the foundation supporting the shift away from single-family mortgage lending, which they exited in January 2025.

The sheer scale of the balance sheet provides stability. As of September 30, 2025, the firm reported total assets of $26.7 billion. This scale is critical for supporting a growing commercial loan book.

Shareholder equity strength is another key resource, reflected in the tangible book value. For the fiscal year ending September 30, 2025, the tangible book value per share reached $29.38. This metric shows the growth in intrinsic value, which management clearly prioritizes.

The physical footprint and human capital are also vital. Washington Federal, Inc. maintains a significant regional presence, which is a resource in itself for relationship banking. As of June 30, 2025, the network included 208 branches spread across nine western states.

The strategic focus on commercial lending is directly supported by the composition of the loan portfolio. As of September 30, 2025, commercial loans constituted 59.5% of the net loan portfolio, which totaled $20.1 billion. This concentration shows where the experienced commercial banking teams and relationship managers are directed.

Beyond core banking, specialized subsidiaries provide important fee-based income streams, which are key resources for diversifying revenue. These include the wealth management and insurance operations.

Here's a quick look at the core financial resources as of late 2025:

Resource Metric	Amount as of Late 2025
Total Assets	$26.7 billion (as of September 30, 2025)
Tangible Book Value Per Share	$29.38 (as of September 30, 2025)
Net Loan Portfolio Size	$20.1 billion (as of September 30, 2025)
Commercial Loan Concentration	59.5% of Net Loans (as of September 30, 2025)

The operational infrastructure supporting these financial metrics includes:

• Network of 208 branches across nine western states (as of June 30, 2025).
• Experienced commercial banking teams and relationship managers driving the strategic pivot.
• WaFd Wealth Management subsidiary for advisory services.
• WaFd Insurance Group subsidiary contributing to non-interest income.

The non-interest income growth, up 17.4% year-over-year in fiscal 2025, is partly attributed to the insurance subsidiary, showing these specialized units are actively contributing to the firm's resource base. Finance: draft next quarter's non-interest income projection by end of next week.

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.