华盛顿联邦储蓄 2023年度报告

Annual Report 2024 Dear Shareholders, As I write this letter, the stock market issitting at all-time highs and residentialreal estate values have seemingly defiedlogic, staying near all-time high valuesdespite mortgage rates rising from 3%up to 7%. WaFd participated in this bullmarket with the stock turning in a 40%total shareholder return for the fiscal year.Inflation appears to have been tamedfrom the 9% clip two short years ago, yetquestions persist about whether inflationwill behave with a record amount of U.S.Government debt, the potential for tariffs,and an aging workforce. I keep hearing thewords of the former Chair of the FederalReserve, Alan Greenspan, who in the late1990s, referred to the dot-com fueledmarket run as “irrational exuberance.” the largest loan sale of commercial realestate loans in the history of U.S. banking,selling $2.8 billion of loans at no loss toWaFd — proving both the credit qualityand liquidity of our balance sheet. Withso much uncertainty about interest rates,regulation and asset quality, we erred onthe side of caution, stockpiling almost20% of our balance sheet in cash andliquid investments. Over the last seven years, we have beenworking to become a digital-first bank.We have made great strides and now offerour commercial clients a phenomenaltreasury management system, and ourconsumer clients online and mobilebanking to access and move their moneywhen, where and how they want. Anyonewho works with technology quicklyconcludes that it is a race without a finishline. You can roll out a new feature, andbecause of the pace of innovation, it willliterally be outdated by launch date ifnot shortly thereafter. We cannot stopinvesting in technology; a bank that aimsto be competitive needs to be consistentlysurveilling the market, ready to pivot asnew opportunities arise. Is the market irrational? Is there adisconnect between valuations and futurecash flows? Can the so-called magnificentseven continue to carry the bull market?These are all legitimate questions thatI don’t pretend to know the answers to.I do know this: over the long-term, Iwould rather be invested in the UnitedStates than anywhere else. The size anddiversification of the economic enginemake us the envy of the world. With thiscontext, let me share with you whyI believe the future of WaFd is asbright as it has ever been. We are committed to not onlysurviving, but thriving long-term for ourclients, communities, employees andshareholders. History has taught us thathaving a diverse banking system is oneof the positive differentiators in the U.S.economy. We believe that mid-size banks,like WaFd Bank, play a pivotal role as we During this year, we completed the largestacquisition in our history, taking us intothe state of California with its nearly $2trillion of deposits. We also executed are big enough to be relevant and smallenough to be responsive to changes inthe market and client needs. We look forward to a bright future, playingthe role of financial intermediary, providinga safe harbor for our clients’ hard-earneddeposits and making prudent loans to spurgrowth across the nine states we call home. Our ongoing strong financial performanceis a direct result of the hard work anddedication of our employees, who are ourmost valuable asset. We remain focusedon strengthening our operations, investingin our teams and technology, and fosteringrelationships that enable us to deliverlasting value to our shareholders. I am proud of the achievements we havemade together, and as we look to thefuture, I am excited about the possibilitiesand confident of our success. Thank you for your continuedtrust and support. Sincerely, Here for Good At WaFd Bank, we love what we do, and we are making a difference!It is why we’re here, making an impact on the communities we serve.Enjoy these highlights from our 2024 fiscal year: During the past fiscal year, our13regional Diversity and Inclusioncouncils, made up of volunteers, worked to enhance employmentand recruitment diversity, participated in local PRIDE activities,and supported workplace affinity groups for veterans, BIPOC,working parents, emerging leaders and LGBTQIA colleagues 946unique organizations served with14,889hours of employee led volunteer service 265grants awarded from the WaFd Foundationto local organizations totalingover$1 million $121.3 millioninvested in communitydevelopment lending including$72.9 milliontoward affordable housing Corporate matched donations to United Wayagencies totaled$847,000 Continue to offer a hybrid work-setting with 52%of employees working partially from home, supportingwork-life balance, lower carbon footprint andattractive recruitment/retention strategy Net Promoter Score:55, one ofthe highest in the industry Awarded America’sBest-in-State Bank inWashington, Nevadaand New Mexico WaFd Bank Board of Directors StephenGraham LindaBrower SeanSingleton M. MaxYzaguirre ShawnBice Back l/r:Ryan Mauer,Executive Vice President& Chief Cr