secwatch.observer — SEC 8-K summary
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Issuer:     WAFD INC (WAFD)
CIK:        0000936528
Form:       8-K/A
Filed at:   2024-05-13T23:59:59+00:00
Accession:  0000936528-24-000079
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/936528/000093652824000079/0000936528-24-000079-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/936528/000093652824000079/wfsl-20240229.htm
  HTML page:      https://secwatch.observer/filing/0000936528-24-000079

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