WaFd, Inc. operates as the bank holding company for WaFd Bank, a regional commercial bank providing comprehensive financial services to consumers and businesses. The company's business model is centered on traditional banking activities, generating revenue primarily through net interest income derived from its loan portfolio and deposit base. WaFd's lending operations are heavily focused on commercial real estate, multi-family residential properties, and commercial and industrial (C&I) loans, which together make up over 60% of its portfolio, alongside a significant segment of single-family residential consumer mortgages. The bank funds these loans through a mix of non-interest-bearing and interest-bearing checking accounts, savings, money market accounts, and certificates of deposit. Geographically, WaFd maintains a strong footprint in the western United States, operating over 200 branches across Washington, California, Oregon, Arizona, New Mexico, Idaho, Utah, Nevada, and Texas. The company's competitive position is bolstered by its strategic transition from a traditional thrift institution to a full-service commercial bank. This evolution has been accelerated by strategic acquisitions, most notably the 2024 merger with Luther Burbank Corporation, which significantly expanded WaFd's presence and deposit base in the California market.
