WaFd completes merger with Luther Burbank; acquired bank had $8.2B assets, net income down 80% in 2023

WAFD INC

Merger closed effective March 1, 2024; Luther Burbank merged into WaFd, bank subsidiary merged into WaFd Bank.
Luther Burbank's 2023 net income fell to $16.2M from $80.2M in 2022; provision for credit losses jumped to $7.6M from $1.2M.
Acquired institution had $8.2B total assets, $5.8B deposits, $6.8B loans net of allowance as of Dec 31, 2023.
Pro forma financial info for FY Sep 30, 2023 and six months ended Mar 31, 2024 filed as Exhibit 99.2.

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