WaFd (WAFD) 2026年度第4四半期決算説明会：ローン売却、貸倒償却、EverBankとの合併

主要なポイント

• WaFd, Inc.（NASDAQ: WAFD）が発表した2026年度第4四半期の普通株主に帰属する純利益は5,630万ドル（希薄化後1株当たり利益（EPS）は0.76ドル）となり、2026年度第3四半期の0.84ドルおよび前年同期の0.72ドルから変化しました。
• 通期の希薄化後EPSは、2025年度の2.63ドルから22%増加して3.21ドルとなりました。普通株主に帰属する純利益は2億4,120万ドルに達しました。
• 純利ざや（NIM）は2.81%を維持しました。経営陣は、負債よりも資産の金利改定が迅速に進むため、今後1〜2四半期で利ざやが緩やかに拡大すると見込んでいます。
• プライベート・エクイティ所有の大手製造業向け大口与信の処理に伴い、貸倒償却額（純額）は3,920万ドルに増加しました。通期の損失率は22ベーシスポイント（bp）で、同大口与信を除くと4ベーシスポイント（bp）でした。
• WaFdは5億4,300万ドルの戸建て住宅ローンを売却し、4億2,900万ドルの集合住宅ローンの売却に合意しました。後者の取引は完了時に約700万ドルの売却益（純額）を発生させる見込みです。
• 提案されているEverBankとの合併は、株主および規制当局の承認を前提として、2027年第1カレンダー四半期の完了に向けて順調に進んでいます。

主要財務データ

事業および業績の動向

当四半期中の貸出金残高は主にローン売却活動を反映して9億7,700万ドル減少しました。WaFdは9月末頃に5億4,300万ドルの戸建て住宅ローンの売却を完了しました。また、9月30日に売却合意に署名した後、4億2,900万ドルの集合住宅ローンを売却目的保有資産に分類しました。

売却分を除くと、商業用不動産、集合住宅、建設、土地取得・開発、C&Iおよび消費者ローンを含むアクティブなローンカテゴリーは2億3,700万ドル増加しました。新規融資実行・執行額は合計14億ドルに対し、返済および回収額は10億ドルでした。加重平均の新規融資利率は6.87%で、返済・回収の利率は6.35%でした。

2026年度のアクティブポートフォリオの新規融資実行額は、2025年度の35億ドルから56.6%増加して55億ドルとなりました。第4四半期の新規融資内訳は、C&Iが44%、建設が23%、商業用不動産が20%を占めました。

預金残高は3億8,900万ドル増加しました。無利息預金が3,900万ドル、有利息預金が9,100万ドル、定期預金が2億5,900万ドルそれぞれ増加しました。コア預金は全預金の81.8%を占め、前四半期の80.6%、前年同期の77.9%から上昇しました。

経営陣の見通し（ガイダンス）

経営陣は、4億2,900万ドルの集合住宅ローンの売却が2027年度第1四半期に当たる12月に完了し、約700万ドルの売却益（純額）をもたらすと見込んでいます。

今後の金利変更がない場合、WaFdは今後1〜2四半期で純利ざやが緩やかに拡大すると予測しています。経営陣は理由として、資産の金利改定の加速、近年の短期金利の上昇、および低利回りローンのバランスシートからの除外を挙げています。

計画中のローン売却を除けば、経営陣は収益資産がほぼ横ばいまたは緩やかな成長にとどまると予想しています。同社は純金利収入を防衛するために有価証券の購入を含むバランスシート上の選択肢を有しているものの、最終的な資金配分決定はなされていないと述べました。

経営陣は、業績モデルの試算において四半期のコア費用水準を約1億1,500万ドルと見込むのが妥当であると示しつつも、チームや人材の継続的な採用が支出に影響を与える可能性があると指摘しました。

EverBankの買収取引は2027年第1カレンダー四半期に完了する見込みです。WaFdが以前公表した取引前提には、完了時のプロフォーマ普通株式同等性ティアー1（CET1）比率9.8%、既存WaFd株主の8%の希薄化、ならびにコスト削減効果の完全実現後における29%のEPS増加（アクレッション）が含まれています。

リスクと注目点

当四半期中に信用指標は改善したものの、経営陣は依然として歴史的な正常水準を上回っていると述べています。同社は、インフレ圧力、中東戦争に関連するエネルギー供給ショック、関税、および借入コストの高止まりを、借り手にとっての継続的な逆風として挙げています。

大口C&I貸倒償却については、WaFdの過去の損失実績から外れた例外的な事例と説明されました。経営陣は損失率が過去の水準へ戻ると予想していますが、その見通しは借り手の業績や広範な事業環境に依存しています。

預金獲得競争は引き続き戦略上の懸念材料です。また、経営陣は、顧客がより高い利回りの代替商品へ容易にアクセスできるようになるため、無利息預金には引き続き減少圧力がかかると予想しています。

EverBankとの合併は、規制当局および株主の承認条件を前提としています。計画された財務的シナジーを実現するには、確実な実行、バランスシートの公正価値調整、および見込まれるコスト削減の実現が鍵となります。

アナリストQ&Aの要点

• ローン売却の経済性：売却された戸建て住宅ローンの平均帳簿利回りは約4.25%〜4.40%であり、売却目的保有に分類された集合住宅ローンの利回りは約4.8%でした。両ポートフォリオともLuther Burbankに由来するもので、パーチェス会計に基づく調整項目が適用されていました。
• パーチェス会計におけるアクレッション（償却益）：WaFdは戸建て住宅ローンの売却に伴い、約1,800万ドルのディスカウントを認識しました。両取引の完了後、経営陣は約1億1,900万ドルのアクレッション可能利回りが残存し、四半期ごとのアクレッション額は約50万ドル減少すると見込んでいます。
• 残存する信用リスク・エクスポージャー：経営陣は、残存する主要な問題債権の中に4,000万ドルの不動産ローンが存在することを明らかにしました。対象物件は売却手続き中であり、WaFdは全額回収を見込んでいます。経営陣は現在、処理済みのC&I大口与信と同規模の損失が発生するとは予想していません。
• 資金調達コスト：WaFdの現在の13ヶ月物キャンペーン定期預金（CD）金利は4.1%です。経営陣は、今後さらに1〜2回の利上げが行われた場合、有利息預金のベータは約50%になると試算しています。
• 自社株買い：経営陣は自社株買いを実施する意向はあるものの、合併に伴う委任状勧誘手続き中であるため、現在は自社株買いを行える状況にないと述べました。

業績発表電話会議（決算説明会）トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you for standing by. Welcome to the WaFd, Inc. Fourth Quarter and Fiscal Year 2026 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, we'll open up for questions. [Operator Instructions]. Please be advised that today's call is being recorded. I would now like to hand it over to our first speaker, Brad Goode, Chief Marketing Officer and Investor Relations Manager. Please go ahead.

Brad Goode

Victor, thank you. Good morning, everybody. Happy Friday. Let's dive into our 2026 fourth quarter and full year earnings report. You can find the earnings press release along with our detailed fact sheet and investor scorecard on our website at wafedbank.com. During today's call, we'll make forward-looking statements, which are subject to risks and uncertainties and are intended to be covered by the safe harbor provisions of federal securities law. Information on risk factors that could cause actual results to differ are available from the earnings press release that was released yesterday and the Form 10-K for the fiscal year ended September 30, 2025.

Forward-looking statements are effective only as of the date they are made, and WaFd assumes no obligation to update information concerning its expectations. We will also reference non-GAAP financial measures, and I encourage you to review the non-GAAP reconciliations provided in our earnings materials. Joining us this morning are President and CEO, Brent Beardall, Chief Financial Officer, Kelly Holz; and Chief Credit Officer, Ryan Mauer. I'd now like to hand the call over to Mr. Beardall.

Brent Beardall

Good morning, and thank you for joining us. It has certainly been an eventful quarter and year for WaFd. During this call, we will focus primarily on the WaFd stand-alone results -- and at the end of the call, I will provide my comments on the merger with EverBank that we announced on September 7 of this year. We closed out our fiscal year 2026 on a high note with earnings per share up 22% and over the prior year. Adjusting for nonoperating items, specifically the $6.2 million of merger expenses in the quarter, EPS would have been up by 5% on a linked quarter basis and up by 10% on the same quarter 1 year ago.

And what is likely to be our final fiscal year before we merge with EverBank. We are proud to deliver our second best year ever in terms of after-tax net income of $241 million. This morning, we will cover 4 areas: First, Kelly Holt, our CFO; and -- we'll provide you with a detailed review of the balance sheet and income statement for the quarter and year-end. Next, Ryan Mawer, our Chief Credit Officer, will provide comments on the current status of our loan portfolio and credit quality trends including a detailed discussion of the large charge-offs incurred this quarter.

Then I will provide my thoughts on the quarter, the short-term outlook on earnings and our long-term prospects, partnering with EverBank. Finally, we will answer any questions you have. Kelly, please walk us through the quarter and fiscal year-end results we published yesterday.

Kelli Holz

Thank you, Brent. As announced, WaFd Inc. reported net income available to common shareholders of $56.3 million or $0.76 per diluted share for the quarter ended September 30, 2026. This compares to net income to common shareholders of $0.72 per share for the fourth quarter of fiscal 2025 and $0.84 per share for the June 2026 quarter.

The decrease in earnings per share for the quarter was a result of a modest increase in net interest income, increased noninterest income from the loan sale activity offset by an increased provision for loan losses and merger-related expenses. For the full year ended September 30, 2026, WaFd reported net income available to common shareholders of $241.2 million or $3.21 per diluted share. This compares to net income to common shareholders of $2.63 per diluted share for fiscal year 2025.

For the balance sheet, Loans receivable decreased $977 million during the quarter as a result of the loan sale related activity. The company sold $543 million of single-family residential loans during the quarter and has entered into an agreement to sell $429 million of multifamily loans in the first quarter of fiscal 2027. These multifamily loans have been reclassified as held for sale, at September 30, 2026.

We expect to realize a net gain of approximately $7 million when this sale is finalized. Outside of the loan sale, active loan types, commercial real estate, multifamily construction, land A&D, C&I and consumer combined, increased by $237 million for the quarter, while our inactive loan types decreased by $267 million. Loan originations and advances for the quarter outpaced repayments and payoffs for our active loan types with originations of $1.4 billion and repayments and payoffs of $1 billion.

For the inactive loan types, advances were $24 million and repayments and payoffs were $249 million. The weighted average rate of origination was 6.87% for the quarter and the weighted average rate on repayments and payoffs was 6.35%. Please see the tables in our fact sheet that provide a breakdown between our active and inactive loan types. Total investments and mortgage-backed securities decreased $113 million during the quarter, a result of our shifting strategy, replacing the single-family runoff in the loan portfolio from mortgage-backed securities to funding our higher-yielding loan origination pipeline.

Total deposits increased by $389 million during the quarter, with noninterest-bearing deposits increasing $39 million or 1.5%, interest-bearing deposits increasing $91 million or 0.9% and time deposits increasing $259 million or 3.2%. Core deposits ended the quarter at 81.8% compared to the June quarter at 80.6% of total deposits. and up from September 2025 at 77.9%.

Noninterest-bearing deposits ended the quarter at 12.6% of total deposits. The loan-to-deposit ratio decreased for the quarter ended September 2026 to 89.3%, primarily as a result of the loan sale activity. WaFd's capital profile remains strong. We expect our capital ratios to be in line with the prior quarter ratios, which was 11.4% for CET1 and 14.4% for the total risk-based capital ratio.

Liquidity is strong with $4.2 billion of on-balance sheet liquidity, a robust core funding base and significant off-balance sheet borrowing capacity. For the income statement, net interest income increased $1 million from the prior quarter, the effect of a 4 basis point improvement on the interest earned on assets, offset by a 7-point increase in the cost of interest paid on liabilities. As a result, the net interest margin held steady at 2.81%, no change from the June 30, 2026 quarter.

On a linked quarter comparison, the margin was benefited from a 2 basis point improvement with loan rates, a 3 basis point improvement with investment yields, a 1 basis point decrease with borrowing rates and then impacted by a 6 basis point increase in the cost of deposits and 3 basis points for day count, the 92-day quarter compared to 91 days in June. 50% our loans and 75% of our securities are on a 33-60 basis.

For the spot rate as of the September quarter end, the yield on interest-earning assets was 5.21%, while the cost of interest-bearing liabilities was 2.87%, the margin ended at 2.81%, the same as the margin for the September quarter. Absent any changes in interest rates, we expect our margin to expand modestly over the next quarter or 2 with the reduction in earning assets due to the loan sales in addition to our earning assets repricing more quickly than our liabilities in the short term in a rising rate environment.

As of September 30, the balance of deferred income on the interest rate mark for the Luther Burbank portfolio was $137 million. During the September quarter, we recognized approximately $17 million of the discount through noninterest income with the sale of the single-family loan portfolio pool. Total noninterest income was $38.1 million for the September 2026 quarter compared to $24.2 million for the prior quarter, this increase was primarily driven by a $16.4 million gain on the sale of single-family loans during the quarter.

This gain was partially offset by the quarter-over-quarter reduction in noninterest income attributable to the $3 million gain on the sale of bank real estate we recognized in the third quarter. Total noninterest expense was $121.5 million compared to $110.3 million for the June quarter. This was the result of continued investments in our people and technologies combined with $6.2 million in merger-related costs occurred in the fourth quarter.

The company's efficiency ratio for the September quarter was 55.12% compared to 53.7% in the prior quarter. Income tax expense totaled $17.1 million for the September 2026 quarter compared to $18.2 million for the June quarter. The effective tax rate for the September quarter was 22.17% and compared to 21.6% for the quarter ended June 30, 2026. The increase in the effective tax rate from the prior quarter was the result of merger-related expenses incurred, which are not deductible for tax and create a discrete tax expense. The effective tax rate for the fiscal year 2026 was 21.88%.

I will now turn the call over to Ryan to share his comments on WaFd's credit quality.

Ryan Mauer

Thank you, Kelli, and good morning, everyone. As reflected in our earnings release, we had a solid quarter of new loan production along multiple product lines. As Kelli indicated, total production in our active portfolio was $1.4 billion for the September quarter. This loan production was centered in commercial and industrial of 44% and commercial real estate of 20% and construction of 23%. We were able to achieve this level of loan production, utilizing a consistent approach to underwriting and managing to a moderate risk profile.

Total loan production in our active portfolio for fiscal year 2026 was $5.5 billion compared to $3.5 billion for the fiscal year 2025, a 56.6% increase year-over-year. I would like to acknowledge the significant efforts of our WaFd colleagues in generating that level of growth in a challenging and highly competitive environment. Adversely classified loans during the quarter decreased to 2.56% of net loans compared to 2.59% as of the June quarter 2026 and 3.16% as of September 2025.

Total criticized loans decreased by $99 million to 4.7% of net loans compared to 4.9% as of the June quarter and 4.4% as of September 2025. The decrease in criticized loans is the result of an improvement of a large C&I relationship as well as the resolution of a significant $54 million C&I problem relationship during the quarter. This problem relationship was noted in our previous call with anticipation that the business would be sold prior to fiscal year-end.

Ultimately, this relationship resulted in a large impairment well outside of our historical loss results. The loans in question were provided to a large private equity-owned manufacturer. And at the time of the issuance in 2021, the underwriting credit metrics for the borrower in terms of revenue, earnings and cash flow all represented strong and stable growth. Further, pro forma leverage, a measure of funded debt to EBITDA was very modest, well over 1:1.

However, operating results saw a material decline in 2023 and 2024 due to unfavorable operating conditions in the challenging economic environment. This decline, coupled with the inability of ownership to contribute or raise additional capital caused a negative spiral and working capital in 2025 and 2026, which in turn further impacted operating results. In the end, the company was unable to recover from this spiral and had to be sold to new ownership, resulting in a large impairment to the bank. It should be noted that this loss was significant for the bank and is well outside of our normalized loss history. Inclusive of this loss, the loss rate for fiscal year ending 9/30, 2026, was 22 basis points.

Adjusting for or excluding this loss at 9/30/2026, would have resulted in a loss rate of 4 basis points. This compares with loss rates from prior 2 years ending 9/30/2025 and 9/30/2024 of 6 basis points and 1 basis point, respectively. Going forward, we anticipate the loss rates to return to the norm historically. Nonperforming assets decreased to $86 million or 0.32% of total assets from $136 million or 0.49% at June 30, 2026. The -- this change is centered in the resolution of the $54 million problem loan relationship noted previously.

Delinquent loans decreased 2.5% of total loans at September 30, 2026, compared to 0.75% at June 30, 2026, and 0.6% at September 30, 2025. The net provision for credit losses in the quarter was $20 million compared to a provision of $11 million in the prior quarter. The provision for loan losses in the fourth fiscal quarter of 2026 was the result of growth in the active loan portfolio and increased charge-offs during the quarter. $39.2 million of net charge-offs were taken during the quarter, inclusive of the problem loan mentioned previously.

The allowance for credit losses, including the reserve for unfunded commitments, provides coverage of 1.04% of gross loans at September 30, 2026 and 2025. For the commercial loan portion of the portfolio, the allowance represents 1.37% of net loans compared to 1.3% as of September 2025. Overall, we saw quarter-over-quarter improvements in adversely classified loans, criticized loans, nonperforming assets and delinquencies in the quarter. While these metrics remain elevated when compared to historic norms, they remain at moderate levels overall and continue to be impacted by 2 primary drivers: First, the economic uncertainty driven by continued inflationary pressures energy supply shocks driven by the war in the Middle East and tariffs will continue to impact the borrower's top line revenue results as well as operating costs.

Second, the elevated interest rate environment has impacted the borrowers' cost of debt. Looking forward, these factors will remain headwinds for credit quality in the industry. With that, I will turn the call over to Brent for his comments.

Brent Beardall

As you have just heard, the fundamentals of our business are doing very well. We produced almost 8% growth in our active loan segments, which is impressive to me, considering the overall economy is growing at just 2.5%. Having resolved the large C&I credit, credit quality measures are strong. Our loan and deposit pipelines are robust with $3 billion of loans, a 5% increase from the June quarter and $240 million of deposits in our pipeline, a 6% decline from the June quarter.

Our Net Promoter Score remains in the top quartile of all banks at a $55. Given the recent increase in short-term rates, we would expect our margin to expand over the next couple of quarters as assets will reprice more quickly than liabilities. We are likely to receive a significant bump in our risk-based capital ratios when the new Basel rules get approved. With all of that for context, the question I received most often now is why did WaFd decide to partner with EverBank.

I answered that question with a philosophical retort. How much is enough? WaFd has had a remarkable run in the last 44 years as a public company with total shareholder return of approximately 36,000%. When the stock was at $36 a share, which is where we were trading immediately prior to the announcement, but just as we can look back with a great deal of pride, we need to guard ourselves and not let that turn into hubris going forward.

There are plenty of examples of companies that fail to adapt or made the wrong changes, both inside of banking, think of WaMu or First Republic and outside of banking, for example, Sears, blockbuster or Palm, those did not adjust to the market. The reality from my perspective is that banking world has fundamentally changed over the last decade. Let me give 3 examples. First, today, we operate in a hypercompetitive market for deposits, where the playing field is imbalanced towards the largest banks. Evidence for this is in the Federal Reserve's HA data, which I've mentioned earlier, which shows that year-to-date, the largest 25 banks in the United States of America have grown deposits organically by 6.8%. The rest of us and that's roughly 4,300 banks for those of you that are counting, have been unable to grow net deposits. That is a problem, and I don't see it changing, unfortunately.

Additionally, noninterest-bearing deposits, which have historically been the lifeblood of banks from a profitability standpoint have declined in totality and I believe will continue to decline as it is easier and easier to move funds to higher-yielding alternatives. Second, technology and scale matters. Primarily because scale allows you to invest more money in technology. This is great for our customers, it certainly favors larger banks that can spread the cost over a larger base.

Third, more and more traditional banking is done outside of the banking system. If you look, the vast majority of banks C&I growth over the last decade has been in loans to these so-called nondepository financial institutions in DFIs. I am convinced that this trend will continue. Based on that perspective, how can WaFd not just compete but compete and win going forward. I think the partnership with EverBank makes us stronger in addressing each of these 3 areas noted above.

First, we are changing our business model, so that we are not solely reliant on noninterest-bearing deposit growth to hit our return goals. Our pro forma bank, as shown in the investor presentation published on September 7, shows that with a 3% margin which would be in the lowest quartile of the peer group, we can achieve just shy of a 15% return on tangible common equity. To me, this is a game changer. We can pay a fair rate for deposits and still deliver the needed returns to our shareholders, and we can do this through improved margins on our assets and operating in the top quartile of all banks from an efficiency standpoint. That is a long-term differentiator that I want to be a part of.

Second, coming together with Everbank will make us approximately 3x the size from an asset perspective that we are today and will enable us to use that scale to invest more in technology for both our clients and our teams. We already have a very strong digital offering, but I am convinced we will make further improvements. Third, EverBank has built a very strong team to serve the MBFI market and do it in a way that we believe is well controlled from both an underwriting perspective and from an ongoing controls and monitoring. What today is our competition will become clients for us going forward.

With this partnership, we will be able to address these fundamental risks in turn what was a weakness into a strength. Let me share 1 further why and how it relates to what WaFd has done historically. If you go way back to 1982, before we went public, WaFd made the bold decision to restructure its balance sheet and sell a large portion of its single-family loans that were underwater from a rate perspective. crazy to think that 8.75% mortgages at that time were underwater, but that was the case in 1982. They did this to position the bank for profitable growth going forward.

At the time, we realized a loss that amounted to $44 million on those loan sales. To put that in perspective for a fed today, million was the equivalent of 4 years' earnings back in. Looking at the last 4 years today for WaFd that would equate to $1.1 billion. It was a bold move but it paid off. WaFd in 1982 turned below market yielding assets in the market yielding assets and the results were phenomenal. For the next decade, as WaFd significantly outperformed its peers, including ROAs up to 3%.

While I am not forecasting that kind of ROA in our future, through this merger, we will be able to fair value the WaFd balance sheet, including the $6.6 billion of single-family residential loans that are today earning only 4.25%. And mark those loans to market rates. What was a weakness will become a strength. And importantly, we were able to do it with the following metrics: 9.8% pro forma CET1 at close only 8% dilution to WaFd existing shareholders and 29% EPS accretion to WaFd's shareholders once the cost saves are fully realized. I believe this is a unique opportunity to make WaFd stronger and EverBank stronger. But most importantly, from my perspective, is we will do this without losing what makes WaFd great.

Our bankers and the ethos we have created over the last 19 years, believing we can make a difference 1 customer at a time. So where do we stand on the merger? Earlier this month, we filed our regulatory applications and we expect to file our proxy within the next 2 weeks. Our previously announced expected closing time frame of the first calendar quarter 2027 remains on track. All of this is, of course, pending receipt of the requisite approvals from both shareholders and regulators. You have likely heard me say before that our research shows that roughly 2/3 of bank M&A is destructive to capital of the acquiring firm.

Since we announced our deal, our stock is down 18.9%, while the NASDAQ Regional Bank Index is down 8.3%, roughly a 10% delta. You cannot argue with the market. We look forward to the opportunity to execute on our plan and demonstrate that we are part of the 1/3 of bank deals that are accretive to shareholder value. Finally, I want to acknowledge all of the incredible bankers that call a Fed Bank Home that make these results for the fiscal year 2026 possible.

Our most valuable asset is our team. And we have bankers that care and want to serve our clients. Thank you to our bankers. With that, we'll move to Q&A.

Operator

[Operator Instructions] And our first question will come from the line of Jeff Rulis from D.A. Davidson.

質疑応答

Jeff Rulis

I appreciate the strategic kind of overview there, Brent, helpful. Maybe I could hop into the loan sales, what timing of that in the quarter when those were completed or the multifamily moved to held for sale and then the average yield on those buckets of the sale.

Brent Beardall

Sorry, Kelli, do you want to handle that?

Kelli Holz

Certainly. So we closed on the single-family sale towards the end of September, so right at the end of the quarter, and we signed our purchase and sale agreement on the multifamily sale actually on the last day of the quarter. 2026. The single-family is reflective of a rate in the 4.25% 4.30%, 4.40% range on average in the single multifamily bucket that is held for sale is in about 4.8% today.

Brent Beardall

And do we expect the multifamily sale to close in December. Is that correct?

Kelli Holz

Correct.

Jeff Rulis

Perfect. And then I guess, is there any -- was that -- those buckets of loans, was there anything particular about you could get premium pricing or good execution on those? Is there a selection process of maybe why those? And the follow-up question is any more coming that you see within those portfolios?

Brent Beardall

Yes. And I'll take that. right? Obviously, these came from the Luther Burbank portfolio, the portfolios that were marked previously with purchase accounting. So that gave us the opportunity for the gain. And certainly, we're just looking at the market overall and what our opportunities are. And we don't have immediate plans, but we'll continue to think about what the future is with EverBank and nothing further to announce now, but we'll continue to be opportunistic as the way I would describe it.

Jeff Rulis

Okay. And then maybe just a question on the kind of a preliminary thought on earning asset levels at year-end relative to the 9/30 balance. Is that -- is the expectation -- I guess any color on that, just given the moving pieces, do you expect it to be largely flat, up down? Any any look into the earning asset level at year-end?

Brent Beardall

Yes. So the only thing we know is that sales of the single-family that are held for sale. But besides that, I'd expect relatively flat to modest growth with loan growth.

Jeff Rulis

Okay. Maybe just squeeze in one more for Ryan, that the remaining call it, $76 million on nonaccrual. Any more sort of sizable credits or relationships there as that number comes down? Just trying to peg if there's anything kind of lumpy in there. There's a significant 1 or 2 credits or relationships remaining.

Ryan Mauer

Yes. Thank you, Jeff. There are still some larger credits. We have one larger real estate loan that we do actually anticipate will be sold -- we have a property that is in the process of being sold anticipating the full payoff. So we do still have some larger credits that are adversely classified, but nothing that, from my perspective, would represent anything as a significant loss like what we incurred with the other relationship that we discussed.

Jeff Rulis

Sure. Ryan, I think with the balance of that, maybe that large real estate.

Ryan Mauer

SP-16 Yes, that 1 is a $40 million balance.

Jeff Rulis

$40 million a little over half of the remaining bonds. Okay. I will step back. Thank you.

Operator

Thank you. [Operator Instructions] Our next question will come from the line of Matthew Clark from Piper Sandler.

Matthew Clark

Just want to touch on the earning assets a little further there. loans are going to be down roughly $1 billion with the multifamily loan sale later this year. I guess do you anticipate any offset to the weaker NII that's going to unfold from that? Is there something you plan to do on the expense side? Or I just want to make sure we're thinking about it correctly.

Brent Beardall

Yes. So we haven't made definitive plans, nothing to announce. Clearly, we've got levers to pull from an investment side. One of the nice things about higher rates is the investments now yield higher than these loans that we got with us. So we could replace those loans with investments. But as I think we called out -- we're expecting our margin to go up, and we -- we'll work to defend the NII.

Matthew Clark

Okay. And then -- just on the expense run rate this quarter, $117 million ex the merger charges, thoughts on that run rate going forward?

Brent Beardall

Yes. I would say typically, this quarter is a little bit hotter with kind of year-end cleanup items. So you take out those merger-related expenses. And I think we'll probably be there to a little bit flat on the next quarter.

Matthew Clark

Okay. And then just on CD repricing, can you remind us, I think it's in your -- actually, I think it's in your fact sheet, so I apologize. But maybe the roll-on rate of new CDs, kind of the blended average where you anticipate those CDs to migrate to?

Brent Beardall

Yes. I'll let Kelli talk about where our new pricing is at right now. But what I would say is we kind of saw the market front run the latest Fed increase, where you saw rates start to go up. So we've kind of been getting squeezed in the last couple of quarters. And now with the actual rates going up, that helps us on the asset side.

So my expectation is that it will kind of fade out in terms of the increasing on the deposit costs. Just because it kind of front loaded a little bit. Tell you want to share what our current special rates are?

Kelli Holz

We're currently in our CD special rates were running 4.1% for a 13-month CD. So we're seeing most of our CD renewals and CD dollars coming through just the specialist at this point.

Matthew Clark

Okay. And then what's the data you're assuming on interest-bearing deposits, assuming we get 1 or 2 more rate hikes?

Kelli Holz

I think about 50%.

Matthew Clark

Okay. Got it. And then last 1 for me. Just on the buyback. Is there any appetite to buy back shares here given where the -- where you're trading on a pro forma tangible book basis?

Brent Beardall

There's certainly appetite. But given where we're at, the proxy and so forth, we're not in a position to be buying back shares today.

Operator

And our next question will come from the line of Andrew Terrell from Stephens.

Brent Beardall

Andrew, welcome back we missed you.

Andrew Terrell

Thank you. Good to be back. I wanted to just clarify on the expenses. When you back out the merger charges, it looks like the kind of core number was about $115 million this quarter. It was a pretty big step up from the prior quarter. And I know the release called out kind of some strategic investments, maybe there were some year-end cleanup. But should we expect expenses moderate from here? Or is the $15 million kind of the true run rate organically going forward?

Brent Beardall

Yes. No. I would signal what I just said. We had some cleanup there. but we're continuing to be opportunistic in terms of bringing on talent in terms of teams. So I don't want to preclude that. So I think that number is a fair number to use new models.

Andrew Terrell

Okay. Great. And then just to clarify on the margin. The single-family and multifamily yields, I think you said like 4.30%, 4.40% for the single family and 4.8% for the multifamily. Does that include the -- since they're marked assets from Loser, does that include the accretable -- or is that just the book yield?

Kelli Holz

That is the book yield.

Andrew Terrell

Okay.

Brent Beardall

But the accretable comes over the life of the loan. So it's by taking the accelerated that accretively with the sale.

Kelli Holz

Right. With the single-family sale, we recognized about $18 million of the discount that was the fair value mark that was out there for that group of that alone.

Brent Beardall

But even after both sales are complete, we'll have $119 million left in the accretable yield on the balance sheet.

Andrew Terrell

Okay. Got it. Is it fair to think that the quarterly rate of purchase accounting accretion comes down now?

Kelli Holz

It will come down a little bit, yes, with both loan sales taking about in total $35 million or so out of the balance that was there at June 30. About, I would about $0.5 million a quarter.

Andrew Terrell

Okay. Got it. That's helpful. I appreciate it. And then just last, just to kind of put a bill in the model for the margin. Can you just remind us the floating rate loan portfolio mix, like what's floating versus what's fixed? I know you guys have put some swaps on over time. Just want to make sure as we're thinking about and this curve moves around a lot. But as we're thinking about maybe more rate hikes, I just want to make sure we've got floating mix is set appropriately?

Brent Beardall

Yes, I think we do a really nice job on the fact sheet, if you will. If you look on Page 2 of the fact sheet, where we do contractual in terms of maturity repricing -- so we have $7.1 billion bits repriced within the quarter.

Andrew Terrell

That includes slabs?

Brent Beardall

Correct.

Operator

[Operator Instructions] Our next question will come from the line of Kelly Motta from KBW.

Kelly Motta

I'd like to kick it off on a high level. It's been about a month since your Everbank deal call. And in that time, I'm sure you've been out meeting with people on the front line. Just wondering how those conversations are going? Any insight that you can share that has come out of meeting with the people who drive your business and EverBank's business.

Brent Beardall

Yes. Kelly, great question. Thank you so much. I'd say the meetings are characterized with optimism. It's -- as people really there was certainly some shock. A lot of people did not expect this coming and understandably so. But as people really got in and understood how the 2 banks are stronger together and what the levers that they provide us that we didn't have on our own and then how they offset our concentration in CRE loans and how we offset their concentration in NBFI loans, I think the lifeboat kind of goes off and people like, wow, we will be formidable going forward. And so the optimism level is high.

Sincerely, I am more excited about the deal today than when we announced it a month ago. So thank you for that question.

Kelly Motta

Great. That's great color. I hate to beat a dead horse, but I'd love to circle back to NII and the margin. Obviously, you have about $1 billion of loan sales last quarter and this upcoming quarter. As we think about the balance sheet size, how much is going to be used to pay down borrowings versus reinvestment into the investment portfolio. I'm just asking because borrowings did come down this quarter with some delevering there?

Brent Beardall

Yes. Good question, Kelly, and we haven't made those final determinations yet. So I can't give you any -- but as I said, we will work to defend the NII number. So if that means we're going to make some investment purchases, certainly can do that. But we're not looking to shrink our income.

Kelly Motta

Got it. That's helpful. And then so the spot loans Kelli, it looks like 5.44% for the quarter. I was surprised to see that up a bit, given the gain you had taken on those loans, which were marked I know you usually do that assuming a similar amount of accretion. Did you make that adjustment for just a lower amount of accretion on a go-forward basis? Or we should kind of take that 5.44% make our own appropriate assumptions around the accretion contribution going forward as a build off?

Kelli Holz

Yes, we did factor in the drag that I mentioned with Andrew, of about $0.5 million a quarter on the accretion change given the loan sales.

Kelly Motta

Got it. That's helpful. And then I really appreciate all the color on the credit that was cleaned up during the quarter. I know at deal announcement, you are -- you projected about 1.45x the reserve is the credit mark for the WaFd portfolio. I would imagine that would include some cleanup such as this. So it's not too unexpected based on the run rate. But I was hoping you could offer any additional color on how -- any changes since the deal was announced there.

Brent Beardall

Yes, I would say no significant changes from the deal announcement. Obviously, the biggest changes to happen in the interest rates. And so those would be the biggest changes. But we also took some proactive measures, both on the LOE side and the EverBank side to try to hedge some of that risk for interest rates and feel really good about those activities. So -- but from a credit mark standpoint, we'll stay with the same assumptions that we put out in early September.

Operator

And I'm not showing any further questions in the queue. I would like to turn it back over to Brad for any closing remarks.

Brent Beardall

Not hearing Brad, I will go ahead and say thank you very much, everyone, for joining us this morning. Have a wonderful rest of your day, and we look forward to speaking to you next quarter.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.