secwatch.observer — SEC 8-K summary
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Issuer:     WAFD INC (WAFD)
CIK:        0000936528
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0000936528-24-000075
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

WaFd Q2 FY2024 net income $15.9M, down 76% YoY; merger costs pressure earnings
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- Net income available to common $12.2M ($0.14 diluted EPS) vs $62.3M prior year, down 80.4%.
- Net interest income fell 9.4% to $158.6M as deposit costs surged 123% to $116.2M.
- Completed Luther Burbank merger on March 1, adding $6.2B loans, $5.6B deposits; $25M merger-related expenses incurred.
- Provision for credit losses of $16M, primarily due to merger-related ACL build; total ACL $201M (295% of NPAs).
- Non-performing assets 0.23% of total assets; 164 consecutive quarterly dividends maintained at $0.26/share.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/936528/000093652824000075/0000936528-24-000075-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/936528/000093652824000075/wfsl-20240508.htm
  HTML page:      https://secwatch.observer/filing/0000936528-24-000075

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