WAFD: A $75B-asset merger delivers strong EPS accretion, cost synergies, and national scale

EverBank and WaFd have agreed to a $3.9B merger. WaFd's CEO highlighted strategic alignment, including complementary deposit bases, lending expertise, and market scale. The deal, subject to approvals, is expected to close in early 2027.

EverBank Financial will acquire WaFd in a $3.9B reverse merger, creating a regional bank with $75B in assets. EverBank will merge into WaFd, which will change its name and ticker to EVBK. The deal is expected to close in early 2027 and boost WaFd's 2027 EPS by 29%.

WaFd, Inc. (WAFD) and EverBank Financial Corp. announced a $3.9B merger. WaFd will be the surviving entity, renaming to EverBank and trading as EVBK. The deal expects 29% EPS accretion in 2027 and a 15% return on tangible equity post-synergies. Completion is expected in early 2027, subject to approvals.

WaFd Bank (NASDAQ: WAFD) shares fell about 3% after the bank reported Q1 results that beat Wall Street. Revenue rose to $197.4 million (+10% YoY) and adjusted EPS was $0.83 versus $0.75 expected. Net interest income and margin were also stronger, but investors focused on weaker longer-term growth and potential demand softness. Stock closed at $38.12.

WAFD INC (WAFD) filed an SEC Form 8-K — Results of Operations and Financial Condition. EX-99.2 3 exhibit992_jun2026factsheet.htm EX-99.2 Document Exhibit 99.2 WaFd Inc. Announces Third Quarter 2026 Results WaFd, Inc. Fact Sheet June 30, 2026 ($ in Thousands) As of 12/25 As of 03/26 As of 06/26 Allowance for Credit Losses (ACL) - Total $ 221,039 $ 224,450 $ 233,831

WaFd (NASDAQ:WAFD) Q3 earnings call said commercial and industrial lending drove growth, with C&I originations of $741 million (49% of total). Net interest margin held near 2.81% and management expects it relatively flat next quarter. Deposits fell $192 million. Credit metrics stayed moderate, with adversely classified loans 2.59% and non-performing assets 0.49%.