What happened with WAFD today?
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WaFd, Inc. is the parent company of WaFd Bank, which takes deposits from individuals and businesses and uses that money mainly to make loans. Borrowers pay interest to the bank; a smaller share of its funds goes into government and agency securities and other investments. Its lending and deposit gathering are concentrated in the western United States and Texas.
Commercial lending makes up most of the loan portfolio, including financing for apartment buildings, other commercial properties, construction and business needs. Existing single-family home loans remain a substantial part of the portfolio, although the bank has announced plans to stop making new single-family mortgages and home equity lines of credit and focus on commercial lending.
Earnings depend largely on keeping loan and investment yields above funding costs. Deposit rates can change at a different pace from returns on its long-term, fixed-rate home loans. Its heavy exposure to real estate also makes borrowers’ repayment capacity and property values important. An FDIC rating of “Needs to Improve” under the Community Reinvestment Act, which the bank is appealing, limits certain acquisitions and branch openings or relocations unless the rating is changed.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Banner Corp. competes with WaFd for business borrowers and deposits in Washington, Oregon, California, Idaho, Utah and Nevada; both earn interest by lending money funded by deposits. Watch Banner’s gap between loan interest earned and deposit interest paid for a read on the lending spreads WaFd faces in these markets.
Heritage Financial Corp competes with WaFd for business deposits and commercial and construction loans in Washington, Oregon and Idaho, lending to small and medium-sized businesses and their owners. Its construction-loan credit quality offers a comparison for the risks in WaFd’s lending to building projects.
Hope Bancorp, Inc., through Bank of Hope, competes with WaFd for commercial property borrowers, business credit and deposits in California, Washington and Texas; both use customer deposits to fund loans. Watch Bank of Hope’s commercial real estate loan quality as a comparison for WaFd’s property-lending risks.
Cathay General Bancorp competes with WaFd in California for business deposits, commercial real estate loans and small-business credit, serving businesses with deposit accounts and financing. Its lending to small and medium-sized businesses offers a comparison for the credit conditions facing WaFd’s business borrowers.
CVB Financial Corp, through Citizens Business Bank, competes with WaFd for California business banking customers, taking their deposits and providing commercial loans.
UMB Financial Corp’s expanded banking network competes with WaFd for depositors and borrowers in Arizona and New Mexico. After buying Heartland Financial on January 31, 2025, UMB ranked among the top ten banks by deposit market share in both states, making its deposit franchise worth watching for WaFd’s local funding competition.
Westamerica Bancorporation competes with WaFd for California small-business banking customers and deposits through Westamerica Bank. Its focus on small businesses in Northern and Central California makes those customer relationships the part to watch for WaFd’s local competition.
Wells Fargo & Co. competes with WaFd in the Western U.S. for consumer deposits, business banking customers and commercial real estate loans, offering households deposit accounts and businesses banking and financing.
Provident Financial Services, Inc. and WaFd share exposure to commercial property credit and the gap between loan income and deposit costs: both use public and business deposits to fund commercial real estate, business and residential mortgage loans, though WaFd stopped originating consumer home loans in January 2025. Provident’s commercial real estate loan quality is a useful comparison for WaFd, rather than a measure of competition in the same local markets.
Banner Corp. earningsBANR
Banner Corp.'s report will show whether loan interest is pulling further ahead of deposit costs in markets it shares with WaFd.
Read loan yields alongside deposit costs. If loan yields rise relative to deposit costs, lending spreads in these markets are wider and WaFd may face less margin pressure; if deposit costs catch up with or outpace loan yields, funding costs are still squeezing lending income. The banks have different customers and loan mixes, so Banner's result is not WaFd's own performance.
Cathay General Bancorp earningsCATY
Cathay General Bancorp's report will show, through California small and medium-sized business borrowers, what credit conditions may mean for WaFd's local business lending.
Watch whether business-loan delinquencies and nonperforming loans increase, and whether provisions for credit losses rise with them. Stable or improving measures suggest Cathay's small-business borrowers are holding up, a more supportive sign for WaFd's California business borrowers; deterioration points to rising local credit stress. The banks' borrowers and lending standards differ, so this is not a measure of WaFd's own loans.
Heritage Financial Corp earningsHFWA
Heritage Financial Corp.'s report will show whether construction borrowers in Washington, Oregon and Idaho are under repayment pressure, a comparison for WaFd's project lending.
Read construction-loan delinquencies and nonperforming loans alongside related provisions for credit losses. If loan balances hold while delinquencies and provisions do not rise, Heritage's project borrowers appear steady and the construction-credit backdrop for WaFd in the same states may be calmer; rising delinquencies and provisions point to accumulating risk. The banks have different projects and loan mixes, so this indicates the local backdrop, not WaFd's actual losses.
UMB Financial Corp earningsUMBF
UMB Financial Corp.'s report will show how it is attracting deposits in Arizona and New Mexico, where it competes with WaFd for funding.
Read deposit balances alongside the cost of deposits. Stable or growing balances without a marked increase in cost suggest UMB can retain or attract funds without paying much more, potentially easing WaFd's local funding competition; falling balances or higher costs point to more pressure to win deposits. UMB's expanded footprint differs from WaFd's, so its results do not directly show WaFd's deposit trends.
Hope Bancorp, Inc. earningsHOPE
Hope Bancorp, Inc.'s report will show whether commercial property borrowers in California, Washington and Texas are keeping up with payments, a comparison for WaFd's property lending.
Compare commercial real estate loan balances with changes in delinquencies, nonperforming loans and provisions for credit losses. Stable balances without rising delinquencies or provisions suggest Hope's property borrowers are holding up, a more supportive backdrop for WaFd's commercial property lending in shared markets; growing balances alongside rising delinquencies or provisions point to increasing risk. The banks have different properties and borrowers, so this signal cannot replace WaFd's own loan data.
Fed Interest Rate Decision
The Fed’s rate decision signals the direction of borrowing costs, which can change the interest WaFd earns on loans and investments and pays on deposits and borrowings, moving its net interest margin.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates rise, WaFd may earn more on loans and investments as they reprice or are newly made, but deposit and borrowing costs may also rise; the net effect depends on how quickly each adjusts.
If it comes in below expectations
If rates fall, WaFd may earn less on loans and investments as they reprice or are newly made, while deposit and borrowing costs may also fall; the net effect depends on how quickly each adjusts.
Non Farm Payrolls (Oct)
The monthly jobs report counts jobs added or lost, indicating whether WaFd’s western-state borrowers may have steadier income to repay real-estate loans and whether demand for those loans may strengthen or weaken.
More jobs may support income and repayment among WaFd’s western-state borrowers and strengthen loan demand; fewer jobs may weaken repayment, increase credit losses and reduce demand for loans.
