Washington Federal (WAFD) 8-K Washington Federal Announces Quarterly Earnings Per Share Of $0.51

Washington Federal, Inc.

Fact Sheet

December 31, 2020

($ in Thousands)

													Exhibit 99.2
	As of 06/20						As of 09/20						As of 12/20
Allowance for Credit Losses (ACL) - Total	$	184,849					$	191,955					$	196,689
ACL - Loans	165,349						166,955						170,189
ACL Unfunded Commitments	19,500						25,000						26,500
Total ACL as a % of Gross Loans	1.29		%				1.33		%				1.33		%
	06/20 QTR			06/20 YTD			09/20 QTR			09/20 YTD			12/20 QTR			12/20 YTD
Loan Originations - Total	$	2,117,035		$	4,725,014		$	1,495,586		$	6,220,600		$	1,915,025		$	1,915,025
Multi-Family	118,060			332,078			71,040			403,118			122,061			122,061
Commercial Real Estate	55,845			235,778			230,544			466,322			154,975			154,975
Commercial & Industrial	1,143,166			1,904,750			264,158			2,168,908			489,939			489,939
Construction	294,063			1,065,255			392,347			1,457,602			647,439			647,439
Land - Acquisition & Development	14,695			68,183			20,196			88,379			22,830			22,830
Single-Family Residential	308,571			624,791			285,780			910,571			255,999			255,999
Construction - Custom	149,265			390,564			185,778			576,342			123,469			123,469
Land - Consumer Lot Loans	12,768			34,554			17,124			51,678			20,532			20,532
HELOC	20,190			67,165			26,120			93,285			29,431			29,431
Consumer	412			1,896			2,499			4,395			48,350			48,350
Purchased Loans (including acquisitions)	$	15,456		$	15,456		$	—		$	15,456		$	—		$	—
Net Loan Fee and Discount Accretion	$	7,204		$	17,047		$	8,013		$	25,060		$	10,386		$	10,386
Repayments
Loans	$	1,248,747		$	3,753,348		$	1,343,274		$	5,096,622		$	1,600,257		$	1,600,257
MBS	179,121			442,482			237,234			679,716			245,042			245,042
MBS Premium Amortization	$	3,250		$	8,077		$	3,890		$	11,967		$	3,497		$	3,497
Efficiency
Operating Expenses/Average Assets	1.68		%	1.87		%	1.69		%	1.82		%	1.73		%	1.73		%
Efficiency Ratio (%)	57.65		%	58.02		%	62.09		%	58.99		%	60.58		%	60.58		%
Amortization of Intangibles	$	552		$	1,599		$	552		$	2,151		$	481		$	481
EOP Numbers
Shares Issued and Outstanding	75,706,026						75,689,364						75,867,105
Share repurchase information
Remaining shares authorized for repurchase	4,627,393						4,627,231						4,594,275
Shares repurchased	1,594			3,339,368			162			3,339,530			32,956			32,956
Average share repurchase price	$	24.90		$	33.58		$	23.34		$	33.58		$	21.29		$	21.29

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Washington Federal, Inc.

Fact Sheet

December 31, 2020

($ in Thousands)

Tangible Common Book Value	As of 06/20			As of 09/20			As of 12/20
$ Amount	$	1,680,051		$	1,704,227		$	1,752,342
Per Share	22.19			22.52			23.10
# of Employees	2,062			2,080			2,098
Investments
Available-for-sale:
Agency MBS	$	1,034,014		$	968,252		$	868,211
Other	1,029,946			1,281,240			1,614,733
	$	2,063,960		$	2,249,492		$	2,482,944
Held-to-maturity:
Agency MBS	$	827,316		$	705,838		$	586,870
	$	827,316		$	705,838		$	586,870
	As of 06/20			As of 09/20			As of 12/20
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	1,510,099	10.6%	$	1,538,762	10.6%	$	1,610,796	10.9%
Commercial Real Estate	1,707,893		11.9	1,895,086		13.1	1,954,154		13.2
Commercial & Industrial	2,158,000		15.1	2,132,160		14.7	2,256,627		15.3
Construction	2,328,987		16.3	2,403,276		16.6	2,687,708		18.2
Land - Acquisition & Development	195,212		1.4	193,745		1.3	193,239		1.3
Single-Family Residential	5,461,605		38.2	5,304,689		36.7	5,063,053		34.2
Construction - Custom	607,329		4.2	674,879		4.7	659,364		4.5
Land - Consumer Lot Loans	100,102		0.7	102,263		0.7	110,841		0.7
HELOC	140,636		1.0	139,703		1.0	139,752		0.9
Consumer	91,495		0.6	83,159		0.6	111,292		0.8
	14,301,358		100%	14,467,722		100%	14,786,826		100%
Less:
Allowance for Credit Losses (ACL)	165,349			166,955			170,189
Loans in Process	1,353,774			1,456,072			1,679,972
Net Deferred Fees, Costs and Discounts	48,809			52,378			55,655
Sub-Total	1,567,932			1,675,405			1,905,816
	$	12,733,426		$	12,792,317		$	12,881,010
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	1,497,749	11.7%	$	1,524,387	11.9%	$	1,595,437	12.4%
Commercial Real Estate	1,684,761		13.2	1,862,173		14.6	1,919,359		14.9
Commercial & Industrial	2,095,768		16.5	2,076,848		16.2	2,199,148		17.1
Construction	1,309,255		10.3	1,328,258		10.4	1,366,742		10.6
Land - Acquisition & Development	141,592		1.1	142,838		1.1	141,955		1.1
Singe-Family Residential	5,405,783		42.4	5,248,774		41.0	5,009,821		38.9
Construction - Custom	274,846		2.2	292,398		2.3	295,757		2.3
Land - Consumer Lot Loans	96,584		0.8	98,665		0.8	106,886		0.8
HELOC	138,578		1.1	137,652		1.1	137,911		1.1
Consumer	88,510		0.7	80,324		0.6	107,994		0.8
	$	12,733,426	100%	$	12,792,317	100%	$	12,881,010	100%

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Washington Federal, Inc.

Fact Sheet

December 31, 2020

($ in Thousands)

	As of 06/20						As of 09/20						As of 12/20
Deposits by State	AMOUNT			%		#	AMOUNT			%		#	AMOUNT			%		#
Washington	$	5,789,748		44.2	%	80	$	5,914,476		42.9	%	80	$	6,093,356		43.0	%	80
Idaho	918,614			7.0		24	949,920			6.9		24	989,649			7.0		24
Oregon	2,591,126			19.8		46	2,627,720			19.1		46	2,738,182			19.4		46
Utah	576,795			4.4		10	988,498			7.2		10	939,518			6.6		10
Nevada	440,065			3.4		11	442,772			3.2		11	460,591			3.3		11
Texas	220,979			1.7		6	225,819			1.6		6	275,794			1.9		6
Arizona	1,429,184			10.9		31	1,481,603			10.8		31	1,519,630			10.7		31
New Mexico	1,143,083			8.7		26	1,148,816			8.3		26	1,149,821			8.1		26
Total	$	13,109,594		100%		234	$	13,779,624		100%		234	$	14,166,541		100%		234
Deposits by Type	AMOUNT			%			AMOUNT			%			AMOUNT			%
Non-Interest Checking	$	2,235,689		17.1	%		$	2,164,071		15.7	%		$	2,336,294		16.5	%
Interest Checking	2,410,041			18.4			3,029,576			22.0			3,175,494			22.4
Savings	832,383			6.3			872,087			6.3			914,655			6.5
Money Market	3,422,335			26.1			3,740,698			27.1			3,955,016			27.9
Time Deposits	4,209,146			32.1			3,973,192			28.9			3,785,082			26.7
Total	$	13,109,594		100%			$	13,779,624		100%			$	14,166,541		100%
Deposits greater than $250,000 - EOP	$	4,781,447					$	5,491,395					$	5,826,828
Time Deposit Repricing	Amount			Rate			Amount			Rate			Amount			Rate
Within 3 months	$	925,920		1.78	%		$	1,178,602		1.27	%		$	1,264,612		1.14	%
From 4 to 6 months	1,192,090			1.29	%		1,282,051			1.14	%		926,880			0.50	%
From 7 to 9 months	919,329			1.47	%		371,896			0.78	%		440,169			0.51	%
From 10 to 12 months	262,359			0.95	%		235,286			0.70	%		342,092			0.54	%
Non-Performing Assets	AMOUNT			%			AMOUNT			%			AMOUNT			%
Non-accrual loans:
Multi-Family	$	224		0.6%			$	—		—%			$	—		—%
Commercial Real Estate	3,416			9.7			3,771			13.0			31,397			53.7
Commercial & Industrial	1,847			5.3			329			1.1			594			1.0
Construction	3,353			9.6			1,669			5.8			1,237			2.1
Land - Acquisition & Development	78			0.2			—			—			—			—
Single-Family Residential	24,876			71.1			22,431			77.2			24,349			41.7
Construction - Custom	—			—			—			—			—			—
Land - Consumer Lot Loans	277			0.8			243			0.8			443			0.8
HELOC	866			2.5			553			1.9			334			0.6
Consumer	64			0.2			60			0.2			52			0.1
Total non-accrual loans	35,001			100%			29,056			100%			58,406			100%
Real Estate Owned	5,956						4,966						4,463
Other Property Owned	3,673						3,673						3,673
Total non-performing assets	$	44,630					$	37,695					$	66,542
Non-accrual loans as % of total net loans	0.27		%				0.23		%				0.45		%
Non-performing assets as % of total assets	0.25		%				0.20		%				0.35		%

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Washington Federal, Inc.

Fact Sheet

December 31, 2020

($ in Thousands)

	As of 06/20				As of 09/20				As of 12/20
	AMOUNT		%		AMOUNT		%		AMOUNT		%
Troubled debt restructure ("TDR") loans:
Multi-Family	$	310	0.3%		$	304	0.3%		$	288	0.3%
Commercial Real Estate	1,849		1.9		1,462		1.6		2,476		2.9
Commercial & Industrial	433		0.4		51		0.1		48		0.1
Construction	—		—		—		—		—		—
Land - Acquisition & Development	78		0.1		—		—		—		—
Single-Family Residential	91,290		93.1		85,607		93.6		80,155		92.9
Construction - Custom	—		—		—		—		—		—
Land - Consumer Lot Loans	3,206		3.3		3,106		3.4		2,714		3.1
HELOC	835		0.9		826		0.9		584		0.8
Consumer	55		0.1		52		0.1		49		0.1
Total TDR loans	$	98,056	100%		$	91,408	100%		$	86,314	100%
TDRs were as follows:
Performing	$	95,093	97.0%		$	89,072	97.4%		$	84,482	97.9%
Non-performing (a)	2,963		3.0		2,336		2.6		1,832		2.1
Total TDR loans	$	98,056	100%		$	91,408	100%		$	86,314	100%
(a) Included in "Total non-accrual loans" above.
	AMOUNT		CO % (b)		AMOUNT		CO % (b)		AMOUNT		CO % (b)
Net Charge-offs (Recoveries) by Category
Multi-Family	$	—	—%		$	—	—%		$	—	—%
Commercial Real Estate	(193)		(0.05)		(866)		(0.18)		(789)		(0.16)
Commercial & Industrial	2,860		0.53		915		0.17		(48)		(0.01)
Construction	—		—		(129)		(0.02)		—		—
Land - Acquisition & Development	(433)		(0.89)		(51)		(0.11)		(35)		(0.07)
Single-Family Residential	(377)		(0.03)		(447)		(0.03)		(779)		(0.06)
Construction - Custom	—		—		—		—		—		—
Land - Consumer Lot Loans	(17)		(0.07)		(46)		(0.18)		(7)		(0.03)
HELOC	(1)		—		(1)		—		—		—
Consumer	(137)		(0.60)		19		0.09		(76)		(0.27)
Total net charge-offs (recoveries)	$	1,702	0.05%		$	(606)	(0.02)%		$	(1,734)	(0.05)%
(b) Annualized Net Charge-offs (recoveries) divided by Gross Balance
FHLB Advances (Effective Maturity)	Amount		Rate		Amount		Rate		Amount		Rate
Within 1 year	$	300,000	1.59	%	$	630,000	2.69	%	$	530,000	3.62	%
1 to 3 years	950,000		2.72	%	520,000		2.21	%	520,000		1.98	%
3 to 5 years	450,000		2.29	%	450,000		2.29	%	450,000		2.15	%
More than 5 years	1,100,000		0.08	%	1,100,000		0.87	%	1,100,000		0.73	%
Total	$	2,800,000			$	2,700,000			$	2,600,000
Interest Rate Risk
NPV post 200 bps shock (c)			14.8	%			15.6	%			16.2	%
Change in NII after 200 bps shock (c)			3.0	%			3.4	%			6.4	%
(c) Assumes no balance sheet management actions taken.

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Washington Federal, Inc.

Fact Sheet

December 31, 2020

($ in Thousands)

Historical CPR Rates (d)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
12/31/2018	10.4	%	10.3	%
3/31/2019	9.3	%	9.4	%
6/30/2019	13.8	%	11.4	%
9/30/2019	18.2	%	16.9	%
12/31/2019	22.0	%	21.7	%
3/31/2020	19.8	%	19.7	%
6/30/2020	28.1	%	30.3	%
9/30/2020	31.2	%	42.8	%
12/31/2020	35.9	%	47.2	%
(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

December 31, 2020

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	June 30, 2020						September 30, 2020						December 31, 2020
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	12,470,824	$	132,847	4.27	%	$	12,777,706	$	132,165	4.10	%	$	12,824,870	$	133,671	4.14	%
Mortgage-backed securities	1,931,826		10,843		2.25		1,756,588		8,516		1.92		1,582,286		7,230		1.81
Cash & investments	2,093,966		4,697		0.90		2,526,684		4,710		0.74		3,004,224		5,265		0.70
FHLB & FRB Stock	152,122		1,322		3.49		142,207		1,723		4.81		140,730		1,656		4.67
Total interest-earning assets	16,648,738		149,709		3.61	%	17,203,185		147,114		3.39	%	17,552,110		147,822		3.34	%
Other assets	1,294,675						1,327,413						1,307,937
Total assets	$	17,943,413					$	18,530,598					$	18,860,047
Liabilities and Equity
Customer accounts	$	10,692,697	21,393		0.80	%	$	11,335,819	18,800		0.66	%	$	11,619,857	14,110		0.48	%
FHLB advances	2,953,297		10,938		1.49		2,705,435		13,482		1.98		2,668,478		13,198		1.96
Total interest-bearing liabilities	13,645,994		32,331		0.95	%	14,041,254		32,282		0.91	%	14,288,335		27,308		0.76	%
Other liabilities	262,108						295,544						275,834
Total liabilities	15,953,407						16,519,571						16,822,854
Stockholders’ equity	1,990,006						2,011,027						2,037,193
Total liabilities and equity	$	17,943,413					$	18,530,598					$	18,860,047
Net interest income			$	117,378					$	114,832					$	120,514
Net interest margin (1)					2.82	%					2.67	%					2.75	%
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.

Fact Sheet

December 31, 2020

Delinquency Summary

($ in Thousands)

TYPE OF LOANS					# OF LOANS				% based				% based
	#LOANS	AVG Size	LOANS AMORTIZED COST		30	60	90	Total	on #		$ Delinquent		on $
December 31, 2020
Multi-Family	1,115	1,444	$	1,609,800	1	—	—	1	0.09	%	$	475	0.03	%
Commercial Real Estate	1,089	1,784	1,942,854		1	2	4	7	0.64		28,600		1.47
Commercial & Industrial (1)	7,769	289	2,243,465		10	1	3	14	0.18		1,043		0.05
Construction	541	2,575	1,393,107		1	—	1	2	0.37		3,703		0.27
Land - Acquisition & Development	121	1,261	152,621		2	—	—	2	1.65		252		0.17
Single-Family Residential	20,896	242	5,048,435		41	7	122	170	0.81		31,905		0.63
Construction - Custom	1,136	264	299,351		—	—	—	—	—		—		—
Land - Consumer Lot Loans	1,181	93	109,845		3	—	4	7	0.59		597		0.54
HELOC	3,142	45	140,272		8	3	13	24	0.76		1,339		0.95
Consumer	2,733	41	111,449		9	12	23	44	1.61		248		0.22
	39,723	329	$	13,051,199	76	25	170	271	0.68	%	$	68,162	0.52	%
September 30, 2020
Multi-Family	1,103	1,395	$	1,538,240	—	—	—	—	—	%	$	—	—	%
Commercial Real Estate	1,103	1,709	1,884,688		—	1	2	3	0.27		478		0.03
Commercial & Industrial	8,629	245	2,115,513		—	2	4	6	0.07		863		0.04
Construction	549	2,463	1,352,414		—	—	2	2	0.36		1,662		0.12
Land - Acquisition & Development	122	1,259	153,571		—	—	—	—	—		—		—
Single-Family Residential	21,918	242	5,293,962		30	13	99	142	0.65		26,354		0.50
Construction - Custom	1,161	255	295,953		—	—	—	—	—		—		—
Land - Consumer Lot Loans	1,123	90	101,394		1	—	3	4	0.36		365		0.36
HELOC	3,090	45	140,222		10	4	9	23	0.74		731		0.52
Consumer	2,825	29	83,315		22	5	21	48	1.70		356		0.43
	41,623	311	$	12,959,272	63	25	140	228	0.55	%	$	30,809	0.24	%
June 30, 2020
Multi-Family	1,091	1,384	$	1,509,837	—	—	1	1	0.09	%	$	224	0.01	%
Commercial Real Estate	1,101	1,545	1,700,568		1	1	6	8	0.73		3,266		0.19
Commercial & Industrial	8,524	251	2,138,462		—	7	11	18	0.21		3,736		0.17
Construction	556	2,401	1,334,948		—	—	2	2	0.36		3,353		0.25
Land - Acquisition & Development	118	1,290	152,234		—	—	—	—	—		—		—
Single-Family Residential	22,746	240	5,452,424		27	25	93	145	0.64		29,122		0.53
Construction - Custom	1,069	260	278,182		—	—	—	—	—		—		—
Land - Consumer Lot Loans	1,117	89	99,255		3	2	5	10	0.90		482		0.49
HELOC	3,042	46	141,165		4	1	12	17	0.56		720		0.51
Consumer	2,952	31	91,700		23	25	13	61	2.07		702		0.77
	42,316	305	$	12,898,775	58	61	143	262	0.62	%	$	41,605	0.32	%

(1) Includes 5,690 SBA PPP loans with a balance of $634,850, all of which are current.

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