Washington Federal (WAFD) 8-K Washington Federal Announces Record Quarterly Earnings Per Share Of $0.61

Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

													Exhibit 99.2
	As of 12/17						As of 03/18						As of 06/18
Loan Loss Reserve - Total	$	133,905					$	134,326					$	135,416
General and Specific Allowance	127,155						127,576						128,666
Commitments Reserve	6,750						6,750						6,750
Allowance and Reserve as a % of Gross Loans	1.08		%				1.07		%				1.06		%
	12/17 QTR			12/17 YTD			03/18 QTR			03/18 YTD			06/18 QTR			06/18 YTD
Loan Originations - Total	$	953,552		$	953,552		$	819,017		$	1,772,569		$	1,095,907		$	2,868,476
Single-Family Residential	158,086			158,086			139,255			297,341			164,118			461,459
Construction	279,833			279,833			209,952			489,785			346,254			836,039
Construction - Custom	99,720			99,720			128,112			227,832			151,905			379,737
Land - Acquisition & Development	24,449			24,449			17,008			41,457			26,381			67,838
Land - Consumer Lot Loans	9,279			9,279			6,868			16,147			10,036			26,183
Multi-Family	87,586			87,586			36,068			123,654			59,758			183,412
Commercial Real Estate	64,149			64,149			81,518			145,667			81,511			227,178
Commercial & Industrial	212,064			212,064			180,423			392,487			230,853			623,340
HELOC	17,651			17,651			19,065			36,716			24,208			60,924
Consumer	735			735			748			1,483			883			2,366
Purchased Loans (including acquisitions)	$	143,605		$	143,605		$	—		$	143,605		$	—		$	143,605
Net Loan Fee and Discount Accretion	$	3,509		$	3,509		$	4,142		$	7,651		$	4,498		$	12,149
Repayments
Loans	$	859,583		$	859,583		$	743,611		$	1,603,194		$	890,520		$	2,493,714
MBS	92,808			92,808			84,444			177,252			82,983			260,235
MBS Premium Amortization	$	2,206		$	2,206		$	2,318		$	4,524		$	1,987		$	6,511
Efficiency
Operating Expenses/Average Assets	1.62		%	1.62		%	1.69		%	1.65		%	1.70		%	1.67		%
Efficiency Ratio (%) (a)	47.25		%	47.25		%	50.65		%	48.94		%	50.62		%	49.51		%
Amortization of Intangibles	$	705		$	705		$	485		$	1,190		$	506		$	1,696
(a) Efficiency ratio for the nine months ended June 30, 2018 excludes the impact of $8.55 million reduction to noninterest income related to FDIC loss share valuation adjustments.
EOP Numbers
Shares Issued and Outstanding	86,363,099						84,749,203						83,534,098
Share repurchase information
Remaining shares authorized for repurchase (b)	753,585						4,080,149						2,855,765
Shares repurchased	1,147,370			1,147,370			1,673,436			2,820,806			1,224,384			4,045,190
Average share repurchase price	$	33.98		$	33.98		$	34.66		$	34.38		$	32.64		$	33.85
(b) Remaining shares authorized for repurchase reflects a reduction related to TARP warrants repurchased for cash to date.

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Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

Tangible Common Book Value	As of 12/17			As of 03/18			As of 06/18
$ Amount	$	1,699,040		$	1,676,370		$	1,674,467
Per Share	19.67			19.78			20.05
# of Employees	1,829			1,855			1,869
Investments
Available-for-sale:
Agency MBS	$	839,855		$	875,183		$	831,914
Other	406,000			394,088			423,487
	$	1,245,855		$	1,269,271		$	1,255,401
Held-to-maturity:
Agency MBS	$	1,765,886		$	1,716,566		$	1,670,450
	$	1,765,886		$	1,716,566		$	1,670,450
	As of 12/17			As of 03/18			As of 06/18
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,693,318	45.7%	$	5,705,350	45.5%	$	5,745,598	45.1%
Construction	1,710,418		13.7	1,732,202		13.8	1,885,034		14.8
Construction - Custom	583,580		4.7	597,671		4.8	612,688		4.8
Land - Acquisition & Development	136,938		1.1	141,628		1.1	150,936		1.2
Land - Consumer Lot Loans	105,086		0.8	102,779		0.8	103,118		0.8
Multi-Family	1,312,695		10.5	1,328,049		10.6	1,346,534		10.6
Commercial Real Estate	1,436,508		11.5	1,443,437		11.5	1,435,418		11.3
Commercial & Industrial	1,120,707		9.0	1,151,108		9.2	1,133,075		8.9
HELOC	136,995		1.1	135,119		1.1	136,766		1.1
Consumer	219,971		1.8	202,911		1.6	188,125		1.5
	12,456,216		100%	12,540,254		100%	12,737,292		100%
Less:
ALL	127,155			127,576			128,666
Loans in Process	1,175,642			1,141,018			1,230,132
Net Deferred Fees, Costs and Discounts	46,377			47,572			52,523
Sub-Total	1,349,174			1,316,166			1,411,321
	$	11,107,042		$	11,224,088		$	11,325,971
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,636,013	50.7%	$	5,649,005	50.3%	$	5,686,546	50.2%
Construction	820,969		7.4	882,805		7.9	974,339		8.6
Construction - Custom	288,162		2.6	291,387		2.6	281,320		2.5
Land - Acquisition & Development	104,426		0.9	110,912		1.0	113,186		1.0
Land - Consumer Lot Loans	101,666		0.9	99,453		0.9	99,708		0.9
Multi-Family	1,300,179		11.7	1,315,064		11.7	1,332,874		11.8
Commercial Real Estate	1,418,364		12.8	1,426,085		12.7	1,417,881		12.5
Commercial & Industrial	1,086,533		9.8	1,117,211		10.0	1,100,891		9.7
HELOC	135,623		1.2	133,798		1.2	135,391		1.2
Consumer	215,107		1.9	198,368		1.8	183,835		1.6
	$	11,107,042	100%	$	11,224,088	100%	$	11,325,971	100%

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Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

	As of 12/31/17						As of 03/31/18						As of 06/30/18
Deposits by State	AMOUNT			%		#	AMOUNT			%		#	AMOUNT			%		#
Washington	$	5,605,233		50.9	%	81	$	5,612,276		50.4	%	81	$	5,920,446		52.5	%	81
Idaho	771,350			7.0		24	792,940			7.1		24	785,183			7.0		24
Oregon	1,947,171			17.7		47	1,971,848			17.7		47	1,807,275			16.0		46
Utah	263,405			2.4		10	265,673			2.4		10	266,200			2.4		10
Nevada	331,423			3.0		11	340,842			3.1		11	340,063			3.0		11
Texas	97,108			0.9		6	102,480			0.9		6	102,371			0.9		6
Arizona	1,155,381			10.5		31	1,195,010			10.7		31	1,203,224			10.7		31
New Mexico	830,508			7.5		27	857,787			7.7		27	862,711			7.6		27
Total	$	11,001,579		100%		237	$	11,138,856		100%		237	$	11,287,473		100%		236
Deposits by Type	AMOUNT			%			AMOUNT			%			AMOUNT			%
Checking (non-interest)	$	1,299,602		11.8	%		$	1,325,035		11.9	%		$	1,460,096		12.9	%
NOW (interest)	1,848,594			16.8			1,818,177			16.3			1,787,035			15.8
Savings	894,879			8.1			895,017			8.0			865,102			7.7
Money Market	2,439,537			22.2			2,425,072			21.8			2,460,533			21.8
Time Deposits	4,518,967			41.1			4,675,555			42.0			4,714,707			41.8
Total	$	11,001,579		100%			$	11,138,856		100%			$	11,287,473		100%
Deposits greater than $250,000 - EOP	$	2,857,838					$	2,832,268					$	3,000,724
Time Deposit Repricing	Amount			Rate			Amount			Rate			Amount			Rate
Within 3 months	$	730,975		0.74	%		$	875,183		0.82	%		$	726,989		0.90	%
From 4 to 6 months	871,822			0.83	%		728,099			0.92	%		972,317			1.11	%
From 7 to 9 months	525,594			0.98	%		833,326			1.18	%		455,450			1.06	%
From 10 to 12 months	677,959			1.08	%		428,843			1.06	%		379,439			1.24	%
Non-Performing Assets	AMOUNT			%			AMOUNT			%			AMOUNT			%
Non-accrual loans:
Single-Family Residential	$	26,219		57.6%			$	25,319		47.1%			$	26,119		43.1%
Construction	364			0.8			2,296			4.3			1,841			3.0
Construction - Custom	—			—			—			—			—			—
Land - Acquisition & Development	1,326			2.9			2,004			3.7			1,757			2.9
Land - Consumer Lot Loans	976			2.1			1,045			1.9			642			1.1
Multi-Family	250			0.5			—			—			—			—
Commercial Real Estate	8,241			18.1			9,527			17.7			9,684			16.0
Commercial & Industrial	7,596			16.7			13,362			24.8			19,876			32.8
HELOC	476			1.0			217			0.4			637			1.1
Consumer	72			0.2			38			0.1			28			—
Total non-accrual loans	45,520			100%			53,808			100%			60,584			100%
Real Estate Owned	17,928						15,904						11,275
Total non-performing assets	$	63,448					$	69,712					$	71,859
Non-accrual loans as % of total net loans	0.41		%				0.48		%				0.53		%
Non-performing assets as % of total assets	0.41		%				0.45		%				0.46		%

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Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

	As of 12/31/17					As of 03/31/18					As of 06/30/18
	AMOUNT			%		AMOUNT			%		AMOUNT			%
Restructured loans:
Single-Family Residential	$	170,601		85.7%		$	162,874		85.5%		$	153,356		89.4%
Construction	—			—		—			—		—			—
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	—			—		—			—		—			—
Land - Consumer Lot Loans	7,405			3.7		6,837			3.6		5,136			3.0
Multi-Family	480			0.2		474			0.2		461			0.3
Commercial Real Estate	11,910			6.0		11,818			6.2		7,162			4.2
Commercial & Industrial	7,256			3.6		7,006			3.7		3,924			2.3
HELOC	1,432			0.7		1,424			0.7		1,491			0.9
Consumer	91			—		86			—		73			—
Total restructured loans	$	199,175		100%		$	190,519		100%		$	171,603		100%
Restructured loans were as follows:
Performing	$	194,359		97.6%		$	186,057		97.7%		$	165,857		96.7%
Non-performing (c)	4,816			2.4		4,462			2.3		5,746			3.3
Total restructured loans	$	199,175		100%		$	190,519		100%		$	171,603		100%
(c) Included in "Total non-accrual loans" above
	AMOUNT			CO % (d)		AMOUNT			CO % (d)		AMOUNT			CO % (d)
Net Charge-offs (Recoveries) by Category
Single-Family Residential	$	340		0.02%		$	79		0.01%		$	16		—%
Construction	—			—		—			—		—			—
Construction - Custom	50			0.03		—			—		—			—
Land - Acquisition & Development	(3,372		)	(9.85)		(1,207		)	(3.41)		(2,687		)	(7.12)
Land - Consumer Lot Loans	47			0.18		18			0.07		(34		)	(0.13)
Multi-Family	—			—		—			—		—			—
Commercial Real Estate	—			—		35			0.01		(91		)	(0.03)
Commercial & Industrial	61			0.02		(115		)	(0.04)		2,884			1.02
HELOC	—			—		1			—		—			—
Consumer	(208		)	(0.38)		(182		)	(0.36)		(178		)	(0.38)
Total net charge-offs (recoveries)	$	(3,082	)	(0.10)%		$	(1,371	)	(0.04)%		$	(90	)	—%
(d) Annualized Net Charge-offs (recoveries) divided by Gross Balance
Interest Rate Risk
One Year GAP				(12.9	)%				(13.9	)%				(11.6	)%
NPV post 200 bps shock (e)				14.2	%				13.1	%				11.9	%
Change in NII after 200 bps shock (e)				1.3	%				0.1	%				(1.2	)%
(e) Assumes no balance sheet management actions taken

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Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

Historical CPR Rates (f)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
6/30/2016	17.3	%	17.5	%
9/30/2016	17.7	%	20.0	%
12/31/2016	19.3	%	24.8	%
3/31/2017	13.6	%	13.5	%
6/30/2017	15.0	%	20.9	%
9/30/2017	15.1	%	14.3	%
12/31/2017	15.3	%	13.9	%
3/31/2018	12.1	%	13.3	%
6/30/2018	13.0	%	12.0	%
(f) The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that is paid off prematurely in each period.

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Washington Federal, Inc.

Fact Sheet

June 30, 2018

Average Balance Sheet

($ in Thousands)

	December 31, 2017						March 31, 2018						June 30, 2018
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	10,984,886	$	124,511	4.50	%	$	11,138,747	$	126,529	4.61	%	$	11,322,932	$	131,541	4.66	%
Mortgage-backed securities	2,521,407		16,899		2.66		2,592,340		17,667		2.76		2,550,004		18,022		2.83
Cash & investments	559,370		3,273		2.32		579,628		3,668		2.57		584,918		4,077		2.80
FHLB & FRB Stock	126,229		1,097		3.45		131,252		1,215		3.75		135,313		1,432		4.24
Total interest-earning assets	14,191,892		145,780		4.08	%	14,441,967		149,079		4.19	%	14,593,167		155,072		4.26	%
Other assets	1,149,607						1,157,987						1,154,328
Total assets	$	15,341,499					$	15,599,954					$	15,747,495
Liabilities and Equity
Customer accounts	$	10,850,742	14,638		0.54	%	$	10,988,517	16,414		0.61	%	$	11,075,998	18,887		0.68	%
FHLB advances	2,305,978		15,407		2.65		2,431,556		15,364		2.56		2,533,077		16,333		2.59
Other borrowings	—		—		—		33		—		—		—		—		—
Total interest-bearing liabilities	13,156,720		30,045		0.91	%	13,420,106		31,778		0.96	%	13,609,075		35,220		1.04	%
Other liabilities	168,382						170,829						142,557
Total liabilities	13,325,102						13,590,935						13,751,632
Stockholders’ equity	2,016,397						2,009,019						1,995,863
Total liabilities and equity	$	15,341,499					$	15,599,954					$	15,747,495
Net interest income			$	115,735					$	117,301					$	119,852
Net interest margin (1)					3.26	%					3.25	%					3.29	%
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.

Fact Sheet

June 30, 2018

Delinquency Summary

($ in Thousands)

TYPE OF LOANS			AMOUNT OF LOANS		# OF LOANS					% based				% based
	#LOANS	AVG Size	NET OF LIP & CHG-OFFs		30	60	90	Total		on #		$ Delinquent		on $
June 30, 2018
Single-Family Residential	24,922	231	$	5,744,620	47	22	83	152		0.61	%	$	29,658	0.52	%
Construction	650	1,557	1,012,239		—	1	3	4		0.62		2,457		0.24
Construction - Custom	1,230	232	285,858		1	—	—	1		0.08		171		0.06
Land - Acquisition & Development	126	964	121,508		—	1	3	4		3.17		1,915		1.58
Land - Consumer Lot Loans	1,190	87	103,040		2	1	6	9		0.76		737		0.72
Multi-Family	1,145	1,176	1,346,512		—	—	—	—		—		—		—
Commercial Real Estate	929	1,545	1,435,417		1	—	7	8		0.86		2,387		0.17
Commercial & Industrial	1,886	601	1,133,075		2	2	25	29		1.54		6,595		0.58
HELOC	2,839	48	136,766		11	5	21	37		1.30		1,360		0.99
Consumer	3,410	55	188,125		26	20	100	146		4.28		352		0.19
	38,327	300	$	11,507,160	90	52	248	390	��	1.02	%	$	45,632	0.40	%
March 31, 2018
Single-Family Residential	25,089	227	$	5,704,505	35	18	97	150		0.60	%	$	28,900	0.51	%
Construction	682	1,344	916,662		1	—	7	8		1.17		3,243		0.35
Construction - Custom	1,237	239	295,699		—	—	—	—		—		—		—
Land - Acquisition & Development	128	930	119,063		—	—	4	4		3.13		1,863		1.56
Land - Consumer Lot Loans	1,192	86	102,705		2	—	8	10		0.84		868		0.85
Multi-Family	1,130	1,175	1,328,027		3	1	1	5		0.44		163		0.01
Commercial Real Estate	935	1,544	1,443,437		3	1	5	9		0.96		1,978		0.14
Commercial & Industrial	1,864	618	1,151,108		6	2	22	30		1.61		7,723		0.67
HELOC	2,849	47	135,119		5	5	13	23		0.81		253		0.19
Consumer	3,617	56	202,911		37	13	99	149		4.12		498		0.25
	38,723	294	$	11,399,236	92	40	256	388		1.00	%	$	45,489	0.40	%
December 31, 2017
Single-Family Residential	25,325	225	$	5,692,045	51	35	104	190		0.75	%	$	36,172	0.64	%
Construction	675	1,262	852,164		1	3	4	8		1.19		4,371		0.51
Construction - Custom	1,241	235	292,255		—	—	—	—		—		—		—
Land - Acquisition & Development	122	920	112,260		—	—	4	4		3.28		1,242		1.11
Land - Consumer Lot Loans	1,209	87	104,996		2	1	10	13		1.08		750		0.71
Multi-Family	1,122	1,170	1,312,673		—	—	2	2		0.18		250		0.02
Commercial Real Estate	925	1,553	1,436,508		2	—	6	8		0.86		444		0.03
Commercial & Industrial	1,849	606	1,120,707		7	2	23	32		1.73		3,467		0.31
HELOC	2,859	48	136,995		8	4	17	29		1.01		991		0.72
Consumer	3,847	57	219,971		43	15	107	165		4.29		567		0.26
	39,174	288	$	11,280,574	114	60	277	451		1.15	%	$	48,254	0.43	%

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