WaFd Projects 29% 2027 EPS Accretion From Proposed EverBank Merger

WaFd expects its proposed $3.9 billion reverse merger with EverBank to lift its 2027 earnings per share by about 29% after full cost synergies, while reshaping ownership of the combined bank.

The projected gain depends on the full realization of expected cost synergies, or savings tied to the transaction. The companies also project a return on tangible common equity of about 15% for the combined bank after synergies. They estimate that tangible-book-value dilution would be recovered in about two years. The EPS estimate applies to WaFd shareholders in 2027, while the return and earn-back figures describe projected outcomes for the combined company.

EverBank investors are projected to own about 59.2% of the combined company, with WaFd shareholders holding about 40.8%. Under the proposed structure, EverBank Financial Corp. would merge into WaFd. WaFd would remain the holding company, then take the EverBank Financial Corp. name and EVBK ticker. The combined company would have $75 billion in assets based on June 30, 2026, figures: $47 billion at EverBank and $28 billion at WaFd.

WaFd’s fiscal 2026 diluted earnings per share rose 22% to $3.21 from $2.63, and full-year net income increased 13% to $255.865 million. For the quarter ended Sept. 30, 2026, net income was $59.991 million, down 9% from $66.130 million in the June quarter. Diluted EPS fell to $0.76 from $0.84. WaFd’s fiscal fourth-quarter EPS result was accompanied by net charge-offs of $39.2 million, up from $1.6 million in the prior quarter.

The companies expect to complete the transaction in early 2027. Closing remains subject to regulatory approval, a WaFd shareholder vote and other customary conditions.