• WaFd, Inc. reported its third-quarter and nine-month results for the period ended June 30, 2026, showing year-over-year increases in net interest income to US$181.34 million for the quarter and US$530.02 million year-to-date, alongside higher net income and earnings per share, while also recording US$1.6 million in net charge-offs and continuing modest share repurchases.

• An interesting angle for investors is that WaFd has now completed 94.6% of a long-running buyback program, having repurchased more than 82.62 million shares over time, which materially reduces the share count and amplifies the impact of its earnings growth on per-share metrics.

• With quarterly net interest income improving and the long-term buyback nearing completion, we'll now examine how this earnings update affects WaFd's investment narrative.

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WaFd Investment Narrative Recap

To hold WaFd, I think you need to believe in its shift toward higher yielding commercial and small business banking, supported by steady net interest income and disciplined credit costs. The latest results show higher net interest income and earnings per share alongside modestly higher net charge offs, which does not appear to materially change the near term earnings catalyst or the key risk that credit quality could worsen if borrowers come under more pressure.

The completion of 94.6% of WaFd's long running buyback plan, with over 82.62 million shares repurchased for about US$1,914.84 million, matters because it meaningfully reduces share count and magnifies the effect of earnings on per share metrics. In the context of the recent earnings growth, this capital return track record sits alongside the Build 2030 plan as a core part of the investment story, but it does not remove the underlying exposure to changes in credit conditions.

Yet investors should be aware that even small moves in net charge offs can signal a shift in underlying credit risk...

Read the full narrative on WaFd (it's free!)

WaFd's narrative projects $886.2 million revenue and $244.5 million earnings by 2029. This requires 5.7% yearly revenue growth and about a $6.8 million earnings increase from $237.7 million today.

Uncover how WaFd's forecasts yield a $37.25 fair value , in line with its current price.

Exploring Other Perspectives

Three different fair value estimates from the Simply Wall St Community span roughly US$35.56 to US$38.25, showing how far opinions can spread even with few inputs. You can weigh those views against WaFd's recent earnings and modestly rising net charge offs, and then consider what that might mean for the resilience of its Build 2030 ambitions.