WaFd is a Seattle-based commercial bank operating 208 branches across nine western states. WaFd offers standard commercial banking services — loans, deposits, and treasury management — to consumers, small businesses, mid-sized and large businesses, and real estate owners and developers. The loan book, at roughly $20.1B net, is the core of the business and is split between commercial loans (~60% of gross loans) and consumer loans (~40%). Commercial lending is concentrated in multi-family, commercial real estate, and commercial & industrial loans. WaFd stopped originating new single-family residential mortgages and HELOCs in January 2025, shifting its mix further toward higher-yielding commercial loans over time. WaFd makes money the way most commercial banks do — borrowing via deposits at a lower cost and deploying capital into loans and investments at a higher yield, with net interest income as the primary revenue driver. Profitability is driven by loan volume and mix, interest rate sensitivity (many commercial loans are adjustable-rate), deposit funding costs, and credit quality. WaFd's California presence was added in early 2024 through the acquisition of Luther Burbank, which added ~$7.7B in assets and ten branches. WaFd also operates small insurance brokerage and wealth management subsidiaries. WaFd's forward strategy focuses on growing commercial lending and treasury management while the legacy consumer mortgage portfolio winds down.