WaFd, Inc. (NASDAQ:WAFD) reported second quarter earnings that exceeded analyst expectations on Thursday, with adjusted earnings per share of $0.83 compared to the consensus estimate of $0.75. Revenue reached $197.38 million, surpassing the $190.51 million analyst forecast.

The company’s stock was unchanged in pre-market trading following the results.

The company posted net income of $65.5 million, or $0.82 per diluted share, for the quarter ended March 31, 2026, up 2% from $64.2 million in the prior quarter and 17% higher than $56.3 million in the same quarter last year.

Revenue increased 4% from the previous quarter, driven by a widening net interest margin that expanded to 2.81% from 2.70%.

“Our strong foundation enabled us to deliver for our customers even during uncertain times,” said Brent Beardall, President and CEO of WaFd Bank. “During the quarter, we executed on our strategic plan and grew our active loan segments by 12% annualized.”

Net interest income rose to $178 million from $171 million in the first quarter, reflecting a 5 basis point increase in the rate earned on interest-earning assets and a 9 basis point decrease in the rate paid on interest-bearing liabilities.

Total assets increased to $27.6 billion as of March 31, 2026, compared to $26.7 billion at September 30, 2025.

Credit quality improved notably, with non-performing assets declining to 0.48% of total assets from 0.75% in the prior quarter.

Delinquencies decreased to 0.78% of total loans compared to 1.07% previously. The company repurchased 2.7 million shares during the quarter at a weighted average price of $31.85 per share.

Return on tangible common equity was 10.8% for the quarter, while return on average assets reached 0.96%. The company paid its 172nd consecutive quarterly dividend of $0.27 per share on February 27, 2026.