Washington Federal (WAFD) 8-K Washington Federal Announces Quarterly Earnings Per Share Of $0.70

Washington Federal, Inc.

Fact Sheet

March 31, 2022

($ in Thousands)

													Exhibit 99.2
	As of 09/21						As of 12/21						As of 03/22
Allowance for Credit Losses (ACL) - Total	$	198,800					$	201,411					$	201,384
ACL - Loans	171,300						171,411						171,384
ACL Unfunded Commitments	27,500						30,000						30,000
Total ACL as a % of Gross Loans	1.22		%				1.18		%				1.13		%
	09/21 QTR			09/21 YTD			12/21 QTR			12/21 YTD			03/22 QTR			03/22 YTD
Loan Originations - Total	$	2,191,652		$	8,184,733		$	2,134,338		$	2,134,338		$	2,227,505		$	4,361,843
Multi-Family	389,224			821,426			196,266			196,266			224,179			420,445
Commercial Real Estate	264,238			673,117			304,580			304,580			173,381			477,961
Commercial & Industrial	519,270			2,509,512			772,536			772,536			642,243			1,414,779
Construction	503,156			2,178,260			385,447			385,447			686,847			1,072,294
Land - Acquisition & Development	44,695			124,871			34,085			34,085			20,731			54,816
Single-Family Residential	204,226			938,822			219,416			219,416			242,492			461,908
Construction - Custom	192,569			621,928			162,826			162,826			175,733			338,559
Land - Consumer Lot Loans	23,640			94,388			19,153			19,153			16,430			35,583
HELOC	42,008			130,988			33,275			33,275			38,410			71,685
Consumer	8,626			91,421			6,754			6,754			7,059			13,813
Purchased Loans (including acquisitions)	$	75,724		$	488,147		$	402,819		$	402,819		$	109,664		$	512,483
Net Loan Fee and Discount Accretion	$	11,804		$	48,079		$	9,362		$	9,362		$	7,679		$	17,041
Repayments
Loans	$	1,686,825		$	6,797,043		$	1,833,099		$	1,833,099		$	1,544,408		$	3,377,507
MBS	122,289			725,377			98,275			98,275			70,182			168,457
MBS Premium Amortization	$	1,604		$	9,892		$	1,305		$	1,305		$	1,014		$	2,319
Efficiency
Operating Expenses/Average Assets	1.75		%	1.72		%	1.81		%	1.81		%	1.75		%	1.78		%
Efficiency Ratio (%)	56.75		%	58.77		%	58.64		%	58.64		%	58.65		%	58.65		%
Amortization of Intangibles	$	279		$	1,387		$	272		$	272		$	247		$	519
EOP Numbers
Shares Issued and Outstanding	65,145,268						65,263,738						65,306,928
Share repurchase information
Remaining shares authorized for repurchase	3,817,118						3,733,004						3,728,320
Shares repurchased	4,333,690			10,810,113			84,114			84,114			4,684			88,798
Average share repurchase price	$	32.44		$	32.25		$	35.34		$	35.34		$	34.65		$	35.31

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Washington Federal, Inc.

Fact Sheet

March 31, 2022

($ in Thousands)

Tangible Common Shareholders' Book Value	As of 09/21			As of 12/21			As of 03/22
$ Amount	$	1,516,045		$	1,539,379		$	1,582,200
Per Share	23.27			23.59			24.23
# of Employees	2,082			2,114			2,138
Investments
Available-for-sale:
Agency MBS	$	606,827		$	540,344		$	597,903
Other	1,531,432			1,405,795			1,311,702
	$	2,138,259		$	1,946,139		$	1,909,605
Held-to-maturity:
Agency MBS	$	366,025		$	326,387		$	301,221
	$	366,025		$	326,387		$	301,221
	As of 09/21			As of 12/21			As of 03/22
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,291,477	14.1%	$	2,298,155	13.5%	$	2,392,810	13.5%
Commercial Real Estate	2,443,845		15.0	2,681,453		15.8	2,829,946		15.9
Commercial & Industrial	2,314,654		14.2	2,373,012		13.9	2,504,442		14.1
Construction	2,888,214		17.7	2,967,644		17.4	3,136,239		17.6
Land - Acquisition & Development	222,457		1.4	225,423		1.3	236,313		1.3
Single-Family Residential	4,951,627		30.4	5,295,837		31.1	5,442,535		30.6
Construction - Custom	783,221		4.8	787,862		4.6	836,314		4.7
Land - Consumer Lot Loans	149,956		0.9	151,297		0.9	154,976		0.9
HELOC	165,989		1.0	166,601		1.0	174,367		1.0
Consumer	87,892		0.5	77,681		0.5	67,511		0.4
	16,299,332		100%	17,024,965		100%	17,775,453		100%
Less:
Allowance for Credit Losses (ACL)	171,300			171,411			171,384
Loans in Process	2,232,836			2,207,880			2,440,430
Net Deferred Fees, Costs and Discounts	61,626			53,472			68,713
Sub-Total	2,465,762			2,432,763			2,680,527
	$	13,833,570		$	14,592,202		$	15,094,926
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,256,740	16.3%	$	2,262,222	15.5%	$	2,363,194	15.7%
Commercial Real Estate	2,405,895		17.4	2,641,448		18.1	2,783,947		18.4
Commercial & Industrial	2,257,970		16.3	2,318,257		15.9	2,443,105		16.2
Construction	1,091,642		7.9	1,210,353		8.3	1,189,395		7.9
Land - Acquisition & Development	178,969		1.3	187,957		1.3	197,375		1.3
Single-Family Residential	4,906,087		35.5	5,256,453		36.0	5,389,654		35.7
Construction - Custom	342,845		2.5	329,864		2.3	340,984		2.3
Land - Consumer Lot Loans	143,595		1.0	144,861		1.0	148,444		1.0
HELOC	164,550		1.2	165,424		1.1	173,454		1.1
Consumer	85,277		0.6	75,363		0.5	65,374		0.4
	$	13,833,570	100%	$	14,592,202	100%	$	15,094,926	100%

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Washington Federal, Inc.

Fact Sheet

March 31, 2022

($ in Thousands)

	As of 09/21					As of 12/21					As of 03/22
Loans by State	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,021,238		35.9	%	$	5,392,355		36.5	%	$	5,316,627		34.8	%
Idaho	701,856			5.0		722,642			4.9		756,662			5.0
Oregon	2,253,192			16.1		2,209,674			15.0		2,261,328			14.8
Utah	1,128,803			8.1		1,167,328			7.9		1,324,307			8.7
Nevada	556,433			4.0		552,049			3.7		587,905			3.8
Texas	1,408,322			10.1		1,728,348			11.7		1,757,484			11.5
Arizona	1,671,808			11.9		1,769,072			12.0		1,933,569			12.7
New Mexico	656,493			4.7		653,267			4.4		676,837			4.4
Other	606,725			4.3		568,878			3.9		651,591			4.3
Total	$	14,004,870		100%		$	14,763,613		100%		$	15,266,310		100%
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Multi-Family	$	475		1.5%		$	—		—%		$	—		—%
Commercial Real Estate	8,038			25.3		7,565			16.8		6,412			19.1
Commercial & Industrial	365			1.1		15,349			34.2		4,789			14.2
Construction	505			1.6		611			1.4		343			1.0
Land - Acquisition & Development	2,340			7.4		2,340			5.2		2,340			7.0
Single-Family Residential	19,320			60.9		17,751			39.5		18,612			55.3
Construction - Custom	—			—		465			1.0		465			1.4
Land - Consumer Lot Loans	359			1.1		544			1.2		310			0.9
HELOC	287			0.9		276			0.6		329			1.0
Consumer	60			0.2		58			0.1		39			0.1
Total non-accrual loans	31,749			100%		44,959			100%		33,639			100%
Real Estate Owned	8,204					5,737					9,509
Other Property Owned	3,672					4,094					4,095
Total non-performing assets	$	43,625				$	54,790				$	47,243
Non-accrual loans as % of total net loans	0.23		%			0.31		%			0.22		%
Non-performing assets as % of total assets	0.22		%			0.27		%			0.23		%
Net Charge-offs (Recoveries) by Category	AMOUNT			CO % (a)		AMOUNT			CO % (a)		AMOUNT			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	(58)			(0.01)		485			0.07		(753)			(0.11)
Commercial & Industrial	(18)			—		(19)			—		871			0.14
Construction	—			—		(2,000)			(0.27)		(179)			(0.02)
Land - Acquisition & Development	(166)			(0.30)		(18)			(0.03)		(20)			(0.03)
Single-Family Residential	(426)			(0.03)		(405)			(0.03)		(147)			(0.01)
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	(147)			(0.39)		22			0.06		(40)			(0.10)
HELOC	(1)			—		(1)			—		(100)			(0.23)
Consumer	(200)			(0.91)		(175)			(0.90)		(105)			(0.62)
Total net charge-offs (recoveries)	$	(1,016)		(0.02)%		$	(2,111)		(0.05)%		$	(473)		(0.01)%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance

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Washington Federal, Inc.

Fact Sheet

March 31, 2022

($ in Thousands)

	As of 09/21					As of 12/21					As of 03/22
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	6,742,208	43.4	%	77	$	6,891,632	43.4	%	77	$	7,067,961	43.1	%	76
Idaho	1,067,834		6.9		22	1,097,962		6.9		22	1,122,007		6.8		22
Oregon	3,006,222		19.3		39	3,034,176		19.1		39	3,030,152		18.5		36
Utah	1,027,317		6.6		9	891,221		5.6		9	987,788		6.0		9
Nevada	522,988		3.4		11	541,184		3.4		11	539,805		3.3		10
Texas	330,907		2.1		6	498,477		3.1		6	622,118		3.8		6
Arizona	1,551,671		10.0		30	1,635,767		10.3		30	1,700,408		10.4		30
New Mexico	1,292,965		8.3		25	1,311,627		8.2		25	1,320,409		8.1		25
Total	$	15,542,112	100%		219	$	15,902,046	100%		219	$	16,390,648	100%		214
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	3,122,397	20.1	%		$	3,279,841	20.6	%		$	3,251,603	19.8	%
Interest Checking	3,566,322		22.9			3,688,823		23.2			3,897,185		23.8
Savings	1,039,336		6.7			1,043,002		6.6			1,078,147		6.6
Money Market	4,379,970		28.2			4,538,396		28.5			4,912,671		30.0
Time Deposits	3,434,087		22.1			3,351,984		21.1			3,251,042		19.8
Total	$	15,542,112	100%			$	15,902,046	100%			$	16,390,648	100%
Deposits greater than $250,000 - EOP	$	7,198,111				$	7,551,781				$	7,914,122
Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	1,018,230	0.33	%		$	802,888	0.43	%		$	530,189	0.45	%
From 4 to 6 months	819,906		0.43	%		523,979		0.47	%		830,454		0.43	%
From 7 to 9 months	266,274		0.75	%		619,677		0.52	%		722,437		0.45	%
From 10 to 12 months	604,528		0.53	%		727,496		0.45	%		591,916		0.41	%
FHLB Advances (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	320,000	2.08	%		$	320,000	2.08	%		$	320,000	2.08	%
1 to 3 years	500,000		2.15	%		500,000		2.16	%		500,000		2.16	%
3 to 5 years	100,000		1.85	%		100,000		1.85	%		100,000		1.82	%
More than 5 years	800,000		0.84	%		800,000		0.80	%		800,000		0.93	%
Total	$	1,720,000				$	1,720,000				$	1,720,000
Interest Rate Risk
NPV post 200 bps shock (b)			15.2	%				14.9	%				10.9	%
Change in NII after 200 bps shock (b)			9.7	%				8.4	%				6.0	%
(b) Assumes no balance sheet management actions taken.

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Washington Federal, Inc.

Fact Sheet

March 31, 2022

($ in Thousands)

Historical CPR Rates (c)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
3/31/2021	36.0	%	44.1	%
6/30/2021	31.8	%	42.7	%
9/30/2021	28.4	%	38.3	%
12/31/2021	25.0	%	35.3	%
3/31/2022	18.4	%	28.6	%
(c) 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, 2022

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	September 30, 2021						December 31, 2021						March 31, 2022
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	13,834,028	$	137,039	3.93	%	$	14,297,907	$	138,509	3.84	%	$	14,869,733	$	139,260	3.80	%
Mortgage-backed securities	1,042,205		5,293		2.01		925,028		4,792		2.06		852,134		4,659		2.22
Cash & investments	3,356,356		5,954		0.70		3,207,877		5,783		0.72		3,085,239		5,757		0.76
FHLB & FRB Stock	108,522		1,300		4.75		102,863		1,356		5.23		89,002		1,162		5.29
Total interest-earning assets	18,341,111		149,586		3.24	%	18,533,675		150,440		3.22	%	18,896,108		150,838		3.24	%
Other assets	1,276,809						1,272,163						1,284,929
Total assets	$	19,617,920					$	19,805,838					$	20,181,037
Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	12,332,558	8,568		0.28	%	$	12,530,492	8,461		0.27	%	$	12,882,885	8,225		0.26	%
FHLB advances	1,862,174		9,062		1.93		1,720,000		7,843		1.81		1,720,000		7,525		1.77
Total interest-bearing liabilities	14,194,732		17,630		0.49	%	14,250,492		16,304		0.45	%	14,602,885		15,750		0.44	%
Noninterest-bearing customer accounts	2,990,110						3,188,223						3,198,052
Other liabilities	251,354						223,421						214,851
Total liabilities	17,436,196						17,662,136						18,015,788
Stockholders’ equity	2,181,724						2,143,702						2,165,249
Total liabilities and equity	$	19,617,920					$	19,805,838					$	20,181,037
Net interest income/interest rate spread			$	131,956	2.74	%			$	134,136	2.77	%			$	135,088	2.80	%
Net interest margin (1)					2.88	%					2.87	%					2.90	%
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.

Fact Sheet

March 31, 2022

Delinquency Summary

($ in Thousands)

TYPE OF LOANS					# OF LOANS				% based				% based
	#LOANS	AVG Size	LOANS AMORTIZED COST		30	60	90	Total	on #		$ Delinquent		on $
March 31, 2022
Multi-Family	1,136	2,093	$	2,377,657	1	—	—	1	0.09	%	$	310	0.01	%
Commercial Real Estate	1,180	2,380	2,808,628		4	—	5	9	0.76		3,902		0.14
Commercial & Industrial (1)	2,961	843	2,497,008		21	6	63	90	3.04		15,545		0.62
Construction	659	1,839	1,212,103		—	—	—	—	—		—		—
Land - Acquisition & Development	139	1,518	211,061		—	—	1	1	0.72		2,340		1.11
Single-Family Residential	18,796	288	5,418,645		29	18	67	114	0.61		21,264		0.39
Construction - Custom	1,174	293	344,113		1	—	1	2	0.17		900		0.26
Land - Consumer Lot Loans	1,321	116	153,549		2	1	5	8	0.61		377		0.25
HELOC	3,520	50	175,929		5	1	7	13	0.37		672		0.38
Consumer	2,201	31	67,617		9	3	7	19	0.86		96		0.14
	33,087	461	$	15,266,310	72	29	156	257	0.78	%	$	45,406	0.30	%
December 31, 2021
Multi-Family	1,120	2,034	$	2,278,216	—	—	—	—	—	%	$	—	—	%
Commercial Real Estate	1,072	2,488	2,667,170		3	—	6	9	0.84		3,729		0.14
Commercial & Industrial	3,753	630	2,365,487		32	42	208	282	7.51		17,402		0.74
Construction	680	1,816	1,235,119		—	—	—	—	—		—		—
Land - Acquisition & Development	114	1,773	202,081		—	—	1	1	0.88		2,340		1.16
Single-Family Residential	18,711	283	5,286,559		35	7	63	105	0.56		20,416		0.39
Construction - Custom	1,175	284	333,583		—	—	1	1	0.09		465		0.14
Land - Consumer Lot Loans	1,312	114	149,845		1	1	6	8	0.61		652		0.44
HELOC	3,403	49	167,789		6		7	13	0.38		516		0.31
Consumer	2,308	34	77,764		16	7	12	35	1.52		234		0.30
	33,648	439	$	14,763,613	93	57	304	454	1.35	%	$	45,754	0.31	%
September 30, 2021
Multi-Family	1,137	2,000	$	2,273,689	—	—	1	1	0.09	%	$	475	0.02	%
Commercial Real Estate	1,028	2,363	2,429,332		2	2	2	6	0.58		1,318		0.05
Commercial & Industrial	4,684	492	2,303,927		—	1	8	9	0.19		322		0.01
Construction	667	1,675	1,117,227		—	—	1	1	0.15		41		—
Land - Acquisition & Development	110	1,749	192,416		—	—	1	1	0.91		2,340		1.22
Single-Family Residential	19,003	260	4,937,064		25	12	87	124	0.65		21,315		0.43
Construction - Custom	1,239	281	347,752		—	—	—	—	—		—		—
Land - Consumer Lot Loans	1,328	112	148,534		2	3	3	8	0.60		582		0.39
HELOC	3,345	50	166,940		2	—	7	9	0.27		313		0.19
Consumer	2,408	37	87,989		14	3	16	33	1.37		262		0.30
	34,949	401	$	14,004,870	45	21	126	192	0.55	%	$	26,968	0.19	%

(1) Includes 859 SBA PPP loans with a balance of $109,746.

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