WAFD INC
For the period ended Sep 30, 2024. Filed Nov 20, 2024.
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FY2024 · Filed Nov 20, 2024
WAFD$29.44-0.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended September 30, | 2024 | 2023 | 2022 |
|---|---|---|---|
| (In thousands) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $200,041 | $257,426 | $236,330 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization, accretion and other, net | 134,103 | 22,970 | 64,050 |
| Stock-based compensation expense | 9,181 | 7,914 | 6,808 |
| Provision (release) for credit losses | 17,500 | 41,500 | 3,000 |
| Loss (gain) on sale of investment securities | (342) | (33) | (99) |
| Gain on settlements of bank owned life insurance | — | (821) | (1,385) |
| Impairment loss on premises and equipment | — | 6 | — |
| Net realized (gain) loss on sales of premises, equipment and real estate owned | (2,555) | (1,153) | 655 |
| Decrease (increase) in accrued interest receivable | 9,873 | (23,131) | (13,236) |
| Decrease (increase) in federal and state income tax receivable | 18,751 | (6,650) | 3,877 |
| Decrease (increase) in cash surrender value of bank owned life insurance | (6,933) | (5,976) | (5,549) |
| Decrease (increase) in other assets | 148,001 | (67,342) | (100,146) |
| Increase (decrease) in federal and state income tax liabilities | — | (3,306) | 8,386 |
| Increase (decrease) in accrued expenses and other liabilities | (88,387) | (7,447) | 65,774 |
| Net cash provided by (used in) operating activities | 439,233 | 213,957 | 268,465 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Origination of loans and principal repayments, net | (348,528) | (1,330,399) | (1,748,955) |
| Loans purchased | — | (79,965) | (576,697) |
| FHLB & FRB stock purchase | (602,941) | (654,805) | (293,800) |
| FHLB & FRB stock redeemed | 669,975 | 623,058 | 301,590 |
| Available-for-sale securities purchased | (549,159) | (376,481) | (587,942) |
| Principal payments and maturities of available-for-sale securities | 386,564 | 420,154 | 510,156 |
| Proceeds from sales of available-for-sale investment securities | 182,682 | 1,169 | 5,020 |
| Held-to-maturity securities purchased | (47,092) | — | (195,357) |
| Principal payments and maturities of held-to-maturity securities | 36,013 | 39,414 | 95,326 |
| Proceeds from sales of real estate owned | 6,802 | 7,192 | 6,978 |
| Proceeds from settlements of bank owned life insurance | — | 1,809 | 2,266 |
| Equity method investments purchased | (4,197) | (12,500) | — |
| Net cash received (paid) in business combinations | 623,583 | (2,590) | — |
| Proceeds from sales of loans | 2,956,856 | — | — |
| Proceeds from sales of premises and equipment | 1,341 | 1,090 | 41 |
| Premises and equipment purchased and REO improvements | (24,681) | (15,063) | (11,790) |
| Net cash provided by (used in) investing activities | 3,287,218 | (1,377,917) | (2,493,164) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net increase (decrease) in customer accounts | (324,506) | 40,759 | 487,458 |
| Proceeds from borrowings | 17,037,035 | 17,175,000 | 7,345,000 |
| Repayments of borrowings | (18,842,525) | (15,650,000) | (6,940,000) |
| Principal payments and maturities of senior debt | (95,000) | — | — |
| Proceeds from stock-based awards | 5,187 | 1,089 | 1,823 |
| Dividends paid on common stock | (74,267) | (63,792) | (61,576) |
| Dividends paid on preferred stock | (14,625) | (14,625) | (14,625) |
| Proceeds from employee stock purchase | 992 | 177 | — |
| Treasury stock purchased | (27,069) | (30,463) | (3,260) |
| Increase (decrease) in advance payments by borrowers for taxes and insurance | 8,780 | 2,499 | 3,035 |
| Net cash provided by (used by) financing activities | (2,325,998) | 1,460,644 | 817,855 |
| Increase (decrease) in cash and cash equivalents | 1,400,453 | 296,684 | (1,406,844) |
| Cash and cash equivalents at beginning of year | 980,649 | 683,965 | 2,090,809 |
| Cash and cash equivalents at end of year | $2,381,102 | $980,649 | $683,965 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended September 30, | 2024 | 2023 | 2022 |
|---|---|---|---|
| (In thousands) | |||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
| Non-cash investing activities | |||
| Real estate acquired through foreclosure | $681 | $121 | $73 |
| Other personal property acquired through foreclosure | — | — | 577 |
| Non-cash financing activities | |||
| Preferred stock dividend payable | 3,656 | 3,656 | 3,656 |
| Cash paid during the year for | |||
| Interest | 739,076 | 364,386 | 65,175 |
| Income taxes | 20,283 | 61,245 | 35,098 |
| Summary of non-cash activities related to acquisitions | |||
| Fair value of assets and intangibles acquired | $7,677,177 | $— | $— |
| Fair value of liabilities assumed | (7,316,380) | — | — |
| Net fair value of acquired assets (liabilities) | $360,797 | $— | $— |
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