Washington Federal (WAFD) 8-K Washington Federal Announces Quarterly Earnings Per Share Of $0.63

Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

													Exhibit 99.2
	As of 09/18						As of 12/18						As of 03/19
Loan Loss Reserve - Total	$	136,507					$	137,415					$	139,336
General and Specific Allowance	129,257						131,165						133,086
Commitments Reserve	7,250						6,250						6,250
Allowance and Reserve as a % of Gross Loans	1.06		%				1.06		%				1.05		%
	09/18 QTR			09/18 YTD			12/18 QTR			12/18 YTD			03/19 QTR			03/19 YTD
Loan Originations - Total	$	965,518		$	3,833,994		$	1,044,766		$	1,044,766		$	999,605		$	2,044,371
Single-Family Residential	159,972			621,431			130,605			130,605			102,907			233,512
Construction	232,404			1,068,443			257,222			257,222			388,502			645,724
Construction - Custom	144,214			523,951			110,585			110,585			88,103			198,688
Land - Acquisition & Development	17,370			85,208			41,773			41,773			25,315			67,088
Land - Consumer Lot Loans	7,637			33,820			8,777			8,777			5,660			14,437
Multi-Family	88,634			272,046			46,408			46,408			62,746			109,154
Commercial Real Estate	47,064			274,242			127,659			127,659			53,938			181,597
Commercial & Industrial	245,997			869,337			291,572			291,572			241,766			533,338
HELOC	21,584			82,508			29,493			29,493			24,255			53,748
Consumer	642			3,008			672			672			6,413			7,085
Purchased Loans (including acquisitions)	$	—		$	143,605		$	—		$	—		$	—		$	—
Net Loan Fee and Discount Accretion	$	3,050		$	15,199		$	2,850		$	2,850		$	3,161		$	6,011
Repayments
Loans	$	842,182		$	3,335,896		$	871,794		$	871,794		$	772,907		$	1,644,701
MBS	77,803			338,038			69,503			69,503			63,251			132,754
MBS Premium Amortization	$	1,997		$	8,508		$	1,500		$	1,500		$	1,332		$	2,832
Efficiency
Operating Expenses/Average Assets	1.77		%	1.69		%	1.79		%	1.79		%	1.66		%	1.72		%
Efficiency Ratio (%)	52.94		%	50.37		%	51.88		%	51.88		%	51.15		%	51.52		%
Amortization of Intangibles	$	510		$	2,206		$	510		$	510		$	510		$	1,020
EOP Numbers
Shares Issued and Outstanding	82,710,911						81,123,582						80,435,217
Share repurchase information
Remaining shares authorized for repurchase	2,032,598						292,406						9,593,701
Shares repurchased	823,167			4,868,357			1,740,192			1,740,192			698,705			2,438,897
Average share repurchase price	$	33.17		$	33.74		$	28.12		$	28.12		$	29.65		$	28.56

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Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

Tangible Common Book Value	As of 09/18			As of 12/18			As of 03/19
$ Amount	$	1,685,622		$	1,672,313		$	1,694,014
Per Share	20.38			20.61			21.06
# of Employees	1,877			1,910			1,921
Investments
Available-for-sale:
Agency MBS	$	899,502		$	1,005,037		$	1,029,937
Other	415,455			446,303			515,669
	$	1,314,957		$	1,451,340		$	1,545,606
Held-to-maturity:
Agency MBS	$	1,625,420		$	1,586,815		$	1,553,683
	$	1,625,420		$	1,586,815		$	1,553,683
	As of 09/18			As of 12/18			As of 03/19
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,798,966	45.1%	$	5,844,963	44.9%	$	5,861,404	44.3%
Construction	1,890,668		14.7	1,841,674		14.1	1,980,274		15.0
Construction - Custom	624,479		4.9	607,071		4.7	586,515		4.4
Land - Acquisition & Development	155,204		1.2	181,323		1.4	194,739		1.5
Land - Consumer Lot Loans	102,036		0.8	100,563		0.8	97,152		0.7
Multi-Family	1,385,125		10.8	1,405,172		10.8	1,423,723		10.8
Commercial Real Estate	1,452,168		11.3	1,526,887		11.7	1,570,502		11.9
Commercial & Industrial	1,140,874		8.9	1,213,738		9.3	1,230,888		9.3
HELOC	130,852		1.0	136,856		1.1	139,203		1.1
Consumer	173,306		1.3	162,221		1.2	156,002		1.2
	12,853,678		100%	13,020,468		100%	13,240,402		100%
Less:
ALL	129,257			131,165			133,086
Loans in Process	1,195,506			1,138,308			1,162,787
Net Deferred Fees, Costs and Discounts	51,834			50,756			49,693
Sub-Total	1,376,597			1,320,229			1,345,566
	$	11,477,081		$	11,700,239		$	11,894,836
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,741,936	50.0%	$	5,790,114	49.5%	$	5,806,890	48.8%
Construction	1,023,914		8.9	1,008,587		8.6	1,099,142		9.2
Construction - Custom	284,832		2.5	295,329		2.5	303,228		2.5
Land - Acquisition & Development	114,956		1.0	135,772		1.2	142,081		1.2
Land - Consumer Lot Loans	99,332		0.9	97,905		0.8	94,592		0.8
Multi-Family	1,371,187		11.9	1,391,787		11.9	1,410,964		11.9
Commercial Real Estate	1,434,460		12.5	1,508,225		12.9	1,552,160		13.0
Commercial & Industrial	1,107,571		9.7	1,178,727		10.1	1,195,695		10.1
HELOC	129,544		1.1	135,258		1.2	137,599		1.2
Consumer	169,349		1.5	158,535		1.4	152,485		1.3
	$	11,477,081	100%	$	11,700,239	100%	$	11,894,836	100%

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Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

	As of 09/30/18						As of 12/31/18						As of 03/31/19
Deposits by State	AMOUNT			%		#	AMOUNT			%		#	AMOUNT			%		#
Washington	$	5,967,219		52.4	%	80	$	6,106,095		52.8	%	80	$	6,160,538		52.6	%	80
Idaho	801,473			7.0		24	804,721			7.0		24	824,158			7.0		24
Oregon	1,835,782			16.1		46	1,841,280			15.9		46	1,871,498			16.0		46
Utah	266,934			2.3		10	270,681			2.3		10	268,112			2.3		10
Nevada	340,204			3.0		11	345,744			3.0		11	352,307			3.0		11
Texas	100,360			0.9		6	100,517			0.9		6	100,204			0.9		6
Arizona	1,205,696			10.6		31	1,216,157			10.5		31	1,243,075			10.6		31
New Mexico	869,478			7.6		27	876,497			7.6		27	902,471			7.7		27
Total	$	11,387,146		100%		235	$	11,561,692		100%		235	$	11,722,363		100%		235
Deposits by Type	AMOUNT			%			AMOUNT			%			AMOUNT			%
Checking (non-interest)	$	1,401,226		12.3	%		$	1,409,236		12.2	%		$	1,409,633		12.0	%
NOW (interest)	1,778,520			15.6			1,881,740			16.3			1,916,866			16.4
Savings	836,501			7.3			807,608			7.0			805,065			6.9
Money Market	2,566,096			22.5			2,645,762			22.9			2,651,434			22.6
Time Deposits	4,804,803			42.2			4,817,346			41.7			4,939,365			42.1
Total	$	11,387,146		100%			$	11,561,692		100%			$	11,722,363		100%
Deposits greater than $250,000 - EOP	$	3,088,231					$	3,285,153					$	3,326,620
Time Deposit Repricing	Amount			Rate			Amount			Rate			Amount			Rate
Within 3 months	$	965,279		1.10	%		$	638,166		1.08	%		$	683,509		1.46	%
From 4 to 6 months	623,970			1.05	%		672,184			1.45	%		914,679			1.65	%
From 7 to 9 months	441,633			1.34	%		730,877			1.68	%		954,509			1.87	%
From 10 to 12 months	685,872			1.62	%		929,006			1.85	%		732,802			2.02	%
Non-Performing Assets	AMOUNT			%			AMOUNT			%			AMOUNT			%
Non-accrual loans:
Single-Family Residential	$	27,643		49.6%			$	24,748		48.1%			$	24,474		50.0%
Construction	2,427			4.4			1,380			2.7			1,282			2.6
Construction - Custom	—			—			—			—			—			—
Land - Acquisition & Development	920			1.7			438			0.9			242			0.5
Land - Consumer Lot Loans	787			1.4			785			1.5			579			1.2
Multi-Family	—			—			—			—			—			—
Commercial Real Estate	8,971			16.1			9,478			18.4			9,162			18.7
Commercial & Industrial	14,394			25.8			13,995			27.2			12,366			25.3
HELOC	523			0.9			599			1.2			812			1.7
Consumer	21			—			27			0.1			24			—
Total non-accrual loans	55,686			100%			51,450			100%			48,941			100%
Real Estate Owned	11,298						8,171						7,522
Other Property Owned	3,109						3,109						3,109
Total non-performing assets	$	70,093					$	62,730					$	59,572
Non-accrual loans as % of total net loans	0.49		%				0.44		%				0.41		%
Non-performing assets as % of total assets	0.44		%				0.39		%				0.36		%

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Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

	As of 09/30/18					As of 12/31/18					As of 03/31/19
	AMOUNT			%		AMOUNT			%		AMOUNT			%
Restructured loans:
Single-Family Residential	$	139,797		89.1%		$	133,808		89.4%		$	126,265		89.8%
Construction	—			—		—			—		—			—
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	107			0.1		103			0.1		99			0.1
Land - Consumer Lot Loans	4,916			3.1		4,601			3.1		4,489			3.2
Multi-Family	448			0.3		435			0.3		419			0.3
Commercial Real Estate	6,254			4.0		5,552			3.7		4,942			3.5
Commercial & Industrial	4,290			2.7		4,159			2.8		3,360			2.4
HELOC	976			0.6		968			0.6		960			0.7
Consumer	70			—		67			—		65			—
Total restructured loans	$	156,858		100%		$	149,693		100%		$	140,599		100%
Restructured loans were as follows:
Performing	$	150,667		96.1%		$	143,768		96.0%		$	136,233		96.9%
Non-performing (a)	6,191			3.9		5,925			4.0		4,366			3.1
Total restructured loans	$	156,858		100%		$	149,693		100%		$	140,599		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	$	(49	)	—%		$	(205	)	(0.01)%		$	(160	)	(0.01)%
Construction	—			—		—			—		—			—
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	(6,944		)	(17.90)		(1,782		)	(3.93)		(1,300		)	(2.67)
Land - Consumer Lot Loans	—			—		(193		)	(0.77)		48			0.20
Multi-Family	—			—		—			—		—			—
Commercial Real Estate	(97		)	(0.03)		(186		)	(0.05)		(244		)	(0.06)
Commercial & Industrial	30			0.01		146			0.05		261			0.08
HELOC	596			1.82		885			2.59		157			0.45
Consumer	(42		)	(0.10)		(73		)	(0.18)		67			0.17
Total net charge-offs (recoveries)	$	(6,506	)	(0.20)%		$	(1,408	)	(0.04)%		$	(1,171	)	(0.04)%
(b) Annualized Net Charge-offs (recoveries) divided by Gross Balance
Interest Rate Risk
NPV post 200 bps shock (c)				12.9	%				10.6	%				11.5	%
Change in NII after 200 bps shock (c)				(1.9	)%				(2.6	)%				(3.0	)%
(c) Assumes no balance sheet management actions taken

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Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

Historical CPR Rates (d)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
3/31/2019	9.3	%	9.4	%
(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.

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Washington Federal, Inc.

Fact Sheet

March 31, 2019

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	September 30, 2018						December 31, 2018						March 31, 2019
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	11,361,886	$	133,226	4.65	%	$	11,542,621	$	137,065	4.71	%	$	11,824,247	$	141,061	4.84	%
Mortgage-backed securities	2,512,555		17,819		2.81		2,592,535		19,192		2.94		2,573,669		19,343		3.05
Cash & investments	612,575		4,439		2.87		579,580		4,752		3.25		727,540		5,523		3.08
FHLB & FRB Stock	124,838		1,668		5.30		132,305		1,613		4.84		138,646		1,655		4.84
Total interest-earning assets	14,611,854		157,152		4.27	%	14,847,041		162,622		4.35	%	15,264,102		167,582		4.45	%
Other assets	1,161,389						1,167,575						1,156,071
Total assets	$	15,773,243					$	16,014,616					$	16,420,173
Liabilities and Equity
Customer accounts	$	11,356,934	22,553		0.79	%	$	11,436,685	26,579		0.92	%	$	11,602,579	29,666		1.04	%
FHLB advances	2,271,196		15,348		2.68		2,457,880		16,891		2.73		2,616,389		17,846		2.77
Total interest-bearing liabilities	13,628,130		37,901		1.10	%	13,894,565		43,470		1.24	%	14,218,968		47,512		1.36	%
Other liabilities	142,180						129,396						196,926
Total liabilities	13,770,310						14,023,961						14,415,894
Stockholders’ equity	2,002,933						1,990,655						2,004,279
Total liabilities and equity	$	15,773,243					$	16,014,616					$	16,420,173
Net interest income			$	119,251					$	119,152					$	120,070
Net interest margin (1)					3.26	%					3.21	%					3.15	%
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.

Fact Sheet

March 31, 2019

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 $
March 31, 2019
Single-Family Residential	24,692	237	$	5,860,364	45	29	86	160	0.65	%	$	29,517	0.50	%
Construction	687	1,659	1,139,970		—	—	1	1	0.15		1,282		0.11
Construction - Custom	1,147	268	307,405		—	1	—	1	0.09		476		0.15
Land - Acquisition & Development	140	1,090	152,546		1	—	—	1	0.71		152		0.10
Land - Consumer Lot Loans	1,150	84	97,033		4	—	3	7	0.61		755		0.78
Multi-Family	1,150	1,238	1,423,701		1	—	—	1	0.09		1,431		0.10
Commercial Real Estate	983	1,598	1,570,502		3	—	7	10	1.02		4,109		0.26
Commercial & Industrial	1,911	644	1,230,888		14	2	29	45	2.35		9,317		0.76
HELOC	2,932	47	139,203		5	3	12	20	0.68		1,221		0.88
Consumer	4,161	37	156,002		19	9	33	61	1.47		253		0.16
	38,953	310	$	12,077,614	92	44	171	307	0.79	%	$	48,513	0.40	%
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	%

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