Washington Federal (WAFD) 8-K Washington Federal Announces Quarterly Earnings Per Share Of $0.65

Washington Federal, Inc.

Fact Sheet

December 31, 2018

($ in Thousands)

													Exhibit 99.2
	As of 06/18						As of 09/18						As of 12/18
Loan Loss Reserve - Total	$	135,416					$	136,507					$	137,415
General and Specific Allowance	128,666						129,257						131,165
Commitments Reserve	6,750						7,250						6,250
Allowance and Reserve as a % of Gross Loans	1.06		%				1.06		%				1.06		%
	06/18 QTR			06/18 YTD			09/18 QTR			09/18 YTD			12/18 QTR			12/18 YTD
Loan Originations - Total	$	1,095,907		$	2,868,476		$	965,518		$	3,833,994		$	1,044,766		$	1,044,766
Single-Family Residential	164,118			461,459			159,972			621,431			130,605			130,605
Construction	346,254			836,039			232,404			1,068,443			257,222			257,222
Construction - Custom	151,905			379,737			144,214			523,951			110,585			110,585
Land - Acquisition & Development	26,381			67,838			17,370			85,208			41,773			41,773
Land - Consumer Lot Loans	10,036			26,183			7,637			33,820			8,777			8,777
Multi-Family	59,758			183,412			88,634			272,046			46,408			46,408
Commercial Real Estate	81,511			227,178			47,064			274,242			127,659			127,659
Commercial & Industrial	230,853			623,340			245,997			869,337			291,572			291,572
HELOC	24,208			60,924			21,584			82,508			29,493			29,493
Consumer	883			2,366			642			3,008			672			672
Purchased Loans (including acquisitions)	$	—		$	143,605		$	—		$	143,605		$	—		$	—
Net Loan Fee and Discount Accretion	$	4,498		$	12,149		$	3,050		$	15,199		$	2,850		$	2,850
Repayments
Loans	$	890,520		$	2,493,714		$	842,182		$	3,335,896		$	871,794		$	871,794
MBS	82,983			260,235			77,803			338,038			69,503			69,503
MBS Premium Amortization	$	1,987		$	6,511		$	1,997		$	8,508		$	1,500		$	1,500
Efficiency
Operating Expenses/Average Assets	1.70		%	1.67		%	1.77		%	1.69		%	1.79		%	1.79		%
Efficiency Ratio (%)	50.62		%	49.51		%	52.94		%	50.37		%	51.88		%	51.88		%
Amortization of Intangibles	$	506		$	1,696		$	510		$	2,206		$	510		$	510
EOP Numbers
Shares Issued and Outstanding	83,534,098						82,710,911						81,123,582
Share repurchase information
Remaining shares authorized for repurchase	2,855,765						2,032,598						292,406
Shares repurchased	1,224,384			4,045,190			823,167			4,868,357			1,740,192			1,740,192
Average share repurchase price	$	32.64		$	33.85		$	33.17		$	33.74		$	28.12		$	28.12

1

Washington Federal, Inc.

Fact Sheet

December 31, 2018

($ in Thousands)

Tangible Common Book Value	As of 06/18			As of 09/18			As of 12/18
$ Amount	$	1,674,467		$	1,685,622		$	1,672,313
Per Share	20.05			20.38			20.61
# of Employees	1,869			1,877			1,910
Investments
Available-for-sale:
Agency MBS	$	831,914		$	899,502		$	1,005,037
Other	423,487			415,455			446,303
	$	1,255,401		$	1,314,957		$	1,451,340
Held-to-maturity:
Agency MBS	$	1,670,450		$	1,625,420		$	1,586,815
	$	1,670,450		$	1,625,420		$	1,586,815
	As of 06/18			As of 09/18			As of 12/18
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,745,598	45.1%	$	5,798,966	45.1%	$	5,844,963	44.9%
Construction	1,885,034		14.8	1,890,668		14.7	1,841,674		14.1
Construction - Custom	612,688		4.8	624,479		4.9	607,071		4.7
Land - Acquisition & Development	150,936		1.2	155,204		1.2	181,323		1.4
Land - Consumer Lot Loans	103,118		0.8	102,036		0.8	100,563		0.8
Multi-Family	1,346,534		10.6	1,385,125		10.8	1,405,172		10.8
Commercial Real Estate	1,435,418		11.3	1,452,168		11.3	1,526,887		11.7
Commercial & Industrial	1,133,075		8.9	1,140,874		8.9	1,213,738		9.3
HELOC	136,766		1.1	130,852		1.0	136,856		1.1
Consumer	188,125		1.5	173,306		1.3	162,221		1.2
	12,737,292		100%	12,853,678		100%	13,020,468		100%
Less:
ALL	128,666			129,257			131,165
Loans in Process	1,230,132			1,195,506			1,138,308
Net Deferred Fees, Costs and Discounts	52,523			51,834			50,756
Sub-Total	1,411,321			1,376,597			1,320,229
	$	11,325,971		$	11,477,081		$	11,700,239
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,686,546	50.2%	$	5,741,936	50.0%	$	5,790,114	49.5%
Construction	974,339		8.6	1,023,914		8.9	1,008,587		8.6
Construction - Custom	281,320		2.5	284,832		2.5	295,329		2.5
Land - Acquisition & Development	113,186		1.0	114,956		1.0	135,772		1.2
Land - Consumer Lot Loans	99,708		0.9	99,332		0.9	97,905		0.8
Multi-Family	1,332,874		11.8	1,371,187		11.9	1,391,787		11.9
Commercial Real Estate	1,417,881		12.5	1,434,460		12.5	1,508,225		12.9
Commercial & Industrial	1,100,891		9.7	1,107,571		9.7	1,178,727		10.1
HELOC	135,391		1.2	129,544		1.1	135,258		1.2
Consumer	183,835		1.6	169,349		1.5	158,535		1.4
	$	11,325,971	100%	$	11,477,081	100%	$	11,700,239	100%

2

Washington Federal, Inc.

Fact Sheet

December 31, 2018

($ in Thousands)

	As of 06/30/18						As of 09/30/18						As of 12/31/18
Deposits by State	AMOUNT			%		#	AMOUNT			%		#	AMOUNT			%		#
Washington	$	5,920,446		52.5	%	81	$	5,967,219		52.4	%	80	$	6,106,095		52.8	%	80
Idaho	785,183			7.0		24	801,473			7.0		24	804,721			7.0		24
Oregon	1,807,275			16.0		46	1,835,782			16.1		46	1,841,280			15.9		46
Utah	266,200			2.4		10	266,934			2.3		10	270,681			2.3		10
Nevada	340,063			3.0		11	340,204			3.0		11	345,744			3.0		11
Texas	102,371			0.9		6	100,360			0.9		6	100,517			0.9		6
Arizona	1,203,224			10.7		31	1,205,696			10.6		31	1,216,157			10.5		31
New Mexico	862,711			7.6		27	869,478			7.6		27	876,497			7.6		27
Total	$	11,287,473		100%		236	$	11,387,146		100%		235	$	11,561,692		100%		235
Deposits by Type	AMOUNT			%			AMOUNT			%			AMOUNT			%
Checking (non-interest)	$	1,460,096		12.9	%		$	1,401,226		12.3	%		$	1,409,236		12.2	%
NOW (interest)	1,787,035			15.8			1,778,520			15.6			1,881,740			16.3
Savings	865,102			7.7			836,501			7.3			807,608			7.0
Money Market	2,460,533			21.8			2,566,096			22.5			2,645,762			22.9
Time Deposits	4,714,707			41.8			4,804,803			42.2			4,817,346			41.7
Total	$	11,287,473		100%			$	11,387,146		100%			$	11,561,692		100%
Deposits greater than $250,000 - EOP	$	3,000,724					$	3,088,231					$	3,285,153
Time Deposit Repricing	Amount			Rate			Amount			Rate			Amount			Rate
Within 3 months	$	726,989		0.90	%		$	965,279		1.10	%		$	638,166		1.08	%
From 4 to 6 months	972,317			1.11	%		623,970			1.05	%		672,184			1.45	%
From 7 to 9 months	455,450			1.06	%		441,633			1.34	%		730,877			1.68	%
From 10 to 12 months	379,439			1.24	%		685,872			1.62	%		929,006			1.85	%
Non-Performing Assets	AMOUNT			%			AMOUNT			%			AMOUNT			%
Non-accrual loans:
Single-Family Residential	$	26,119		43.1%			$	27,643		49.6%			$	24,748		48.1%
Construction	1,841			3.0			2,427			4.4			1,380			2.7
Construction - Custom	—			—			—			—			—			—
Land - Acquisition & Development	1,757			2.9			920			1.7			438			0.9
Land - Consumer Lot Loans	642			1.1			787			1.4			785			1.5
Multi-Family	—			—			—			—			—			—
Commercial Real Estate	9,684			16.0			8,971			16.1			9,478			18.4
Commercial & Industrial	19,876			32.8			14,394			25.8			13,995			27.2
HELOC	637			1.1			523			0.9			599			1.2
Consumer	28			—			21			—			27			0.1
Total non-accrual loans	60,584			100%			55,686			100%			51,450			100%
Real Estate Owned	11,275						11,298						8,171
Other Property Owned	—						3,109						3,109
Total non-performing assets	$	71,859					$	70,093					$	62,730
Non-accrual loans as % of total net loans	0.53		%				0.49		%				0.44		%
Non-performing assets as % of total assets	0.46		%				0.44		%				0.39		%

3

Washington Federal, Inc.

Fact Sheet

December 31, 2018

($ in Thousands)

	As of 06/30/18					As of 09/30/18					As of 12/31/18
	AMOUNT			%		AMOUNT			%		AMOUNT			%
Restructured loans:
Single-Family Residential	$	153,356		89.4%		$	139,797		89.1%		$	133,808		89.4%
Construction	—			—		—			—		—			—
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	—			—		107			0.1		103			0.1
Land - Consumer Lot Loans	5,136			3.0		4,916			3.1		4,601			3.1
Multi-Family	461			0.3		448			0.3		435			0.3
Commercial Real Estate	7,162			4.2		6,254			4.0		5,552			3.7
Commercial & Industrial	3,924			2.3		4,290			2.7		4,159			2.8
HELOC	1,491			0.9		976			0.6		968			0.6
Consumer	73			—		70			—		67			—
Total restructured loans	$	171,603		100%		$	156,858		100%		$	149,693		100%
Restructured loans were as follows:
Performing	$	165,857		96.7%		$	150,667		96.1%		$	143,768		96.0%
Non-performing (a)	5,746			3.3		6,191			3.9		5,925			4.0
Total restructured loans	$	171,603		100%		$	156,858		100%		$	149,693		100%
(a) Included in "Total non-accrual loans" above
	AMOUNT			CO % (b)		AMOUNT			CO % (b)		AMOUNT			CO % (b)
Net Charge-offs (Recoveries) by Category
Single-Family Residential	$	16		—%		$	(49	)	—%		$	(205	)	(0.01)%
Construction	—			—		—			—		—			—
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	(2,687		)	(7.12)		(6,944		)	(17.90)		(1,782		)	(3.93)
Land - Consumer Lot Loans	(34		)	(0.13)		—			—		(193		)	(0.77)
Multi-Family	—			—		—			—		—			—
Commercial Real Estate	(91		)	(0.03)		(97		)	(0.03)		(186		)	(0.05)
Commercial & Industrial	2,884			1.02		30			0.01		146			0.05
HELOC	—			—		596			1.82		885			2.59
Consumer	(178		)	(0.38)		(42		)	(0.10)		(73		)	(0.18)
Total net charge-offs (recoveries)	$	(90	)	—%		$	(6,506	)	(0.20)%		$	(1,408	)	(0.04)%
(b) Annualized Net Charge-offs (recoveries) divided by Gross Balance
Interest Rate Risk
NPV post 200 bps shock (c)				11.9	%				12.1	%				10.6	%
Change in NII after 200 bps shock (c)				(1.2	)%				(2.3	)%				(2.6	)%
(c) Assumes no balance sheet management actions taken

4

Washington Federal, Inc.

Fact Sheet

December 31, 2018

($ in Thousands)

Historical CPR Rates (d)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
9/30/2018	12.3	%	12.0	%
12/31/2018	10.4	%	10.3	%
(d) 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.

5

Washington Federal, Inc.

Fact Sheet

December 31, 2018

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	June 30, 2018						September 30, 2018						December 31, 2018
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	11,322,932	$	131,541	4.66	%	$	11,361,886	$	133,226	4.65	%	$	11,542,621	$	137,065	4.71	%
Mortgage-backed securities	2,550,004		18,022		2.83		2,512,555		17,819		2.81		2,592,535		19,192		2.94
Cash & investments	584,918		4,077		2.80		612,575		4,439		2.87		579,580		4,752		3.25
FHLB & FRB Stock	135,313		1,432		4.24		124,838		1,668		5.30		132,305		1,613		4.84
Total interest-earning assets	14,593,167		155,072		4.26	%	14,611,854		157,152		4.27	%	14,847,041		162,622		4.35	%
Other assets	1,154,328						1,161,389						1,167,575
Total assets	$	15,747,495					$	15,773,243					$	16,014,616
Liabilities and Equity
Customer accounts	$	11,075,998	18,887		0.68	%	$	11,356,934	22,553		0.79	%	$	11,436,685	26,579		0.92	%
FHLB advances	2,533,077		16,333		2.59		2,271,196		15,348		2.68		2,457,880		16,891		2.73
Total interest-bearing liabilities	13,609,075		35,220		1.04	%	13,628,130		37,901		1.10	%	13,894,565		43,470		1.24	%
Other liabilities	142,557						142,180						129,396
Total liabilities	13,751,632						13,770,310						14,023,961
Stockholders’ equity	1,995,863						2,002,933						1,990,655
Total liabilities and equity	$	15,747,495					$	15,773,243					$	16,014,616
Net interest income			$	119,852					$	119,251					$	119,152
Net interest margin (1)					3.29	%					3.26	%					3.21	%
(1) Annualized net interest income divided by average interest-earning assets

6

Washington Federal, Inc.

Fact Sheet

December 31, 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 $
December 31, 2018
Single-Family Residential	24,795	236	$	5,844,383	33	30	94	157	0.63	%	$	27,150	0.46	%
Construction	674	1,554	1,047,229		—	—	1	1	0.15		1,380		0.13
Construction - Custom	1,187	252	299,622		—	—	—	—	—		—		—
Land - Acquisition & Development	149	977	145,635		—	—	1	1	0.67		192		0.13
Land - Consumer Lot Loans	1,177	85	100,440		—	—	5	5	0.42		483		0.48
Multi-Family	1,155	1,217	1,405,149		2	1	—	3	0.26		1,625		0.12
Commercial Real Estate	965	1,582	1,526,887		4	2	6	12	1.24		6,804		0.45
Commercial & Industrial	1,897	640	1,213,738		9	5	28	42	2.21		10,302		0.85
HELOC	2,868	48	136,856		7	5	12	24	0.84		1,368		1.00
Consumer	2,993	54	162,221		23	10	33	66	2.21		275		0.17
	37,860	314	$	11,882,160	78	53	180	311	0.82	%	$	49,579	0.42	%
September 30, 2018
Single-Family Residential	24,857	233	$	5,798,353	54	18	89	161	0.65	%	$	30,100	0.52	%
Construction	632	1,682	1,062,855		—	—	4	4	0.63		2,427		0.23
Construction - Custom	1,249	232	289,192		—	—	—	—	—		—		—
Land - Acquisition & Development	126	981	123,560		—	1	2	3	2.38		940		0.76
Land - Consumer Lot Loans	1,186	86	101,908		1	1	5	7	0.59		614		0.60
Multi-Family	1,158	1,196	1,385,103		—	—	—	—	—		—		—
Commercial Real Estate	932	1,558	1,452,169		1	2	6	9	0.97		3,223		0.22
Commercial & Industrial	1,886	605	1,140,874		2	1	28	31	1.64		10,038		0.88
HELOC	2,816	46	130,852		9	8	6	23	0.82		1,342		1.03
Consumer	3,150	55	173,306		31	16	31	78	2.48		529		0.31
	37,992	307	$	11,658,172	98	47	171	316	0.83	%	$	49,213	0.42	%
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	%

7