diff --git a/target/s390x/helper.c b/target/s390x/helper.c
index 615fa24ab9..e8548f340a 100644
--- a/target/s390x/helper.c
+++ b/target/s390x/helper.c
@@ -103,16 +103,18 @@ void load_psw(CPUS390XState *env, uint64_t mask, uint64_t addr)
 
     env->psw.addr = addr;
     env->psw.mask = mask;
-    if (tcg_enabled()) {
-        env->cc_op = (mask >> 44) & 3;
+
+    /* KVM will handle all WAITs and trigger a WAIT exit on disabled_wait */
+    if (!tcg_enabled()) {
+        return;
     }
+    env->cc_op = (mask >> 44) & 3;
 
     if ((old_mask ^ mask) & PSW_MASK_PER) {
         s390_cpu_recompute_watchpoints(CPU(s390_env_get_cpu(env)));
     }
 
-    /* KVM will handle all WAITs and trigger a WAIT exit on disabled_wait */
-    if (tcg_enabled() && (mask & PSW_MASK_WAIT)) {
+    if (mask & PSW_MASK_WAIT) {
         s390_handle_wait(s390_env_get_cpu(env));
     }
 }