Washington Federal (WAFD) 8-K Washington Federal Announces Quarterly Earnings Per Share Of $0.91

Washington Federal, Inc.

Fact Sheet

June 30, 2022

($ in Thousands)

													Exhibit 99.2
	As of 12/21						As of 03/22						As of 06/22
Allowance for Credit Losses (ACL) - Total	$	201,411					$	201,384					$	203,479
ACL - Loans	171,411						171,384						170,979
ACL - Unfunded Commitments	30,000						30,000						32,500
Total ACL as a % of Gross Loans	1.18		%				1.13		%				1.08		%
	12/21 QTR			12/21 YTD			03/22 QTR			03/22 YTD			06/22 QTR			06/22 YTD
Loan Originations - Total	$	2,134,338		$	2,134,338		$	2,227,505		$	4,361,843		$	2,742,466		$	7,104,309
Multi-Family	196,266			196,266			224,179			420,445			181,015			601,460
Commercial Real Estate	304,580			304,580			173,381			477,961			196,663			674,624
Commercial & Industrial	772,536			772,536			642,243			1,414,779			637,193			2,051,972
Construction	385,447			385,447			686,847			1,072,294			1,050,981			2,123,275
Land - Acquisition & Development	34,085			34,085			20,731			54,816			50,035			104,851
Single-Family Residential	219,416			219,416			242,492			461,908			283,061			744,969
Construction - Custom	162,826			162,826			175,733			338,559			248,518			587,077
Land - Consumer Lot Loans	19,153			19,153			16,430			35,583			17,195			52,778
HELOC	33,275			33,275			38,410			71,685			48,640			120,325
Consumer	6,754			6,754			7,059			13,813			29,165			42,978
Purchased Loans (including acquisitions)	$	402,819		$	402,819		$	109,664		$	512,483		$	52,101		$	564,584
Net Loan Fee and Discount Accretion	$	9,362		$	9,362		$	7,679		$	17,041		$	6,354		$	23,395
Repayments
Loans	$	1,833,099		$	1,833,099		$	1,544,408		$	3,377,507		$	1,690,945		$	5,068,452
MBS	98,275			98,275			70,182			168,457			70,635			239,092
MBS Premium Amortization	$	1,305		$	1,305		$	1,014		$	2,319		$	820		$	3,139
Efficiency
Operating Expenses/Average Assets	1.81		%	1.81		%	1.75		%	1.78		%	1.72		%	1.76		%
Efficiency Ratio (%)	58.64		%	58.64		%	58.65		%	58.65		%	51.63		%	56.13		%
Amortization of Intangibles	$	272		$	272		$	247		$	519		$	246		$	765
EOP Numbers
Shares Issued and Outstanding	65,263,738						65,306,928						65,321,869
Share repurchase information
Remaining shares authorized for repurchase	3,733,004						3,728,320						3,725,874
Shares repurchased	84,114			84,114			4,684			88,798			2,446			91,244
Average share repurchase price	$	35.34		$	35.34		$	34.65		$	35.31		$	31.36		$	35.20

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Washington Federal, Inc.

Fact Sheet

June 30, 2022

($ in Thousands)

Tangible Common Shareholders' Book Value	As of 12/21			As of 03/22			As of 06/22
$ Amount	$	1,539,379		$	1,582,200		$	1,610,857
Per Share	23.59			24.23			24.66
# of Employees	2,114			2,138			2,122
Investments
Available-for-sale:
Agency MBS	$	540,344		$	597,903		$	908,082
Other	1,405,795			1,311,702			1,242,650
	$	1,946,139		$	1,909,605		$	2,150,732
Held-to-maturity:
Agency MBS	$	326,387		$	301,221		$	477,884
	$	326,387		$	301,221		$	477,884
	As of 12/21			As of 03/22			As of 06/22
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,298,155	13.5%	$	2,392,810	13.5%	$	2,494,594	13.2%
Commercial Real Estate	2,681,453		15.8	2,829,946		15.9	2,899,057		15.4
Commercial & Industrial	2,373,012		13.9	2,504,442		14.1	2,351,030		12.4
Construction	2,967,644		17.4	3,136,239		17.6	3,896,740		20.6
Land - Acquisition & Development	225,423		1.3	236,313		1.3	245,233		1.3
Single-Family Residential	5,295,837		31.1	5,442,535		30.6	5,652,897		29.9
Construction - Custom	787,862		4.6	836,314		4.7	943,858		5.0
Land - Consumer Lot Loans	151,297		0.9	154,976		0.9	158,485		0.8
HELOC	166,601		1.0	174,367		1.0	185,427		1.0
Consumer	77,681		0.5	67,511		0.4	73,044		0.4
	17,024,965		100%	17,775,453		100%	18,900,365		100%
Less:
Allowance for Credit Losses (ACL)	171,411			171,384			170,979
Loans in Process	2,207,880			2,440,430			3,083,573
Net Deferred Fees, Costs and Discounts	53,472			68,713			80,648
Sub-Total	2,432,763			2,680,527			3,335,200
	$	14,592,202		$	15,094,926		$	15,565,165
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,262,222	15.5%	$	2,363,194	15.7%	$	2,466,359	15.8%
Commercial Real Estate	2,641,448		18.1	2,783,947		18.4	2,851,695		18.3
Commercial & Industrial	2,318,257		15.9	2,443,105		16.2	2,289,122		14.7
Construction	1,210,353		8.3	1,189,395		7.9	1,381,376		8.9
Land - Acquisition & Development	187,957		1.3	197,375		1.3	210,747		1.4
Single-Family Residential	5,256,453		36.0	5,389,654		35.7	5,593,232		35.9
Construction - Custom	329,864		2.3	340,984		2.3	365,485		2.3
Land - Consumer Lot Loans	144,861		1.0	148,444		1.0	151,856		1.0
HELOC	165,424		1.1	173,454		1.1	184,836		1.2
Consumer	75,363		0.5	65,374		0.4	70,457		0.5
	$	14,592,202	100%	$	15,094,926	100%	$	15,565,165	100%

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Washington Federal, Inc.

Fact Sheet

June 30, 2022

($ in Thousands)

	As of 12/21					As of 03/22					As of 06/22
Loans by State	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,392,355		36.5	%	$	5,316,627		34.8	%	$	5,269,445		33.5	%
Idaho	722,642			4.9		756,662			5.0		792,013			5.0
Oregon	2,209,674			15.0		2,261,328			14.8		2,226,233			14.1
Utah	1,167,328			7.9		1,324,307			8.7		1,452,601			9.2
Nevada	552,049			3.7		587,905			3.8		644,104			4.1
Texas	1,728,348			11.7		1,757,484			11.5		1,881,089			12.0
Arizona	1,769,072			12.0		1,933,569			12.7		2,162,608			13.8
New Mexico	653,267			4.4		676,837			4.4		686,494			4.4
Other	568,878			3.9		651,591			4.3		621,557			3.9
Total	$	14,763,613		100%		$	15,266,310		100%		$	15,736,144		100%
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Multi-Family	$	—		—%		$	—		—%		$	5,944		16.2%
Commercial Real Estate	7,565			16.8		6,412			19.1		5,024			13.7
Commercial & Industrial	15,349			34.2		4,789			14.2		4,288			11.7
Construction	611			1.4		343			1.0		—			—
Land - Acquisition & Development	2,340			5.2		2,340			7.0		—			—
Single-Family Residential	17,751			39.5		18,612			55.3		20,184			55.0
Construction - Custom	465			1.0		465			1.4		900			2.5
Land - Consumer Lot Loans	544			1.2		310			0.9		213			0.6
HELOC	276			0.6		329			1.0		91			0.2
Consumer	58			0.1		39			0.1		35			0.1
Total non-accrual loans	44,959			100%		33,639			100%		36,679			100%
Real Estate Owned	5,737					9,509					9,656
Other Property Owned	4,094					4,095					4,095
Total non-performing assets	$	54,790				$	47,243				$	50,430
Non-accrual loans as % of total net loans	0.31		%			0.22		%			0.24		%
Non-performing assets as % of total assets	0.27		%			0.23		%			0.25		%
Net Charge-offs (Recoveries) by Category	12/21 QTR			CO % (a)		03/22 QTR			CO % (a)		06/22 QTR			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	485			0.07		(753)			(0.11)		(23)			—
Commercial & Industrial	(19)			—		871			0.14		19			—
Construction	(2,000)			(0.27)		(179)			(0.02)		—			—
Land - Acquisition & Development	(18)			(0.03)		(20)			(0.03)		(10)			(0.02)
Single-Family Residential	(405)			(0.03)		(147)			(0.01)		(252)			(0.02)
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	22			0.06		(40)			(0.10)		(2)			(0.01)
HELOC	(1)			—		(100)			(0.23)		(249)			(0.54)
Consumer	(175)			(0.90)		(105)			(0.62)		(78)			(0.43)
Total net charge-offs (recoveries)	$	(2,111)		(0.05)%		$	(473)		(0.01)%		$	(595)		(0.01)%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance

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Washington Federal, Inc.

Fact Sheet

June 30, 2022

($ in Thousands)

	As of 12/21					As of 03/22					As of 06/22
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	6,891,632	43.4	%	77	$	7,067,961	43.1	%	76	$	7,040,668	44.1	%	76
Idaho	1,097,962		6.9		22	1,122,007		6.8		22	1,073,221		6.7		22
Oregon	3,034,176		19.1		39	3,030,152		18.5		36	3,007,716		18.9		36
Utah	891,221		5.6		9	987,788		6.0		9	772,487		4.9		9
Nevada	541,184		3.4		11	539,805		3.3		10	525,675		3.3		9
Texas	498,477		3.1		6	622,118		3.8		6	553,379		3.4		6
Arizona	1,635,767		10.3		30	1,700,408		10.4		30	1,667,742		10.4		28
New Mexico	1,311,627		8.2		25	1,320,409		8.1		25	1,324,732		8.3		23
Total	$	15,902,046	100%		219	$	16,390,648	100%		214	$	15,965,620	100%		209
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	3,279,841	20.6	%		$	3,251,603	19.8	%		$	3,269,773	20.5	%
Interest Checking	3,688,823		23.2			3,897,185		23.8			3,472,402		21.7
Savings	1,043,002		6.6			1,078,147		6.6			1,069,801		6.7
Money Market	4,538,396		28.5			4,912,671		30.0			4,856,275		30.4
Time Deposits	3,351,984		21.1			3,251,042		19.8			3,297,369		20.7
Total	$	15,902,046	100%			$	16,390,648	100%			$	15,965,620	100%
Deposits greater than $250,000 - EOP	$	7,551,781				$	7,914,122				$	7,463,761
Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	802,888	0.43	%		$	530,189	0.45	%		$	850,894	0.42	%
From 4 to 6 months	523,979		0.47	%		830,454		0.43	%		894,688		0.40	%
From 7 to 9 months	619,677		0.52	%		722,437		0.45	%		681,182		0.56	%
From 10 to 12 months	727,496		0.45	%		591,916		0.41	%		327,193		0.53	%
FHLB Advances (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	320,000	2.08	%		$	320,000	2.08	%		$	500,000	1.95	%
1 to 3 years	500,000		2.16	%		500,000		2.16	%		300,000		1.94	%
3 to 5 years	100,000		1.85	%		100,000		1.82	%		100,000		1.80	%
More than 5 years	800,000		0.80	%		800,000		0.93	%		800,000		0.87	%
Total	$	1,720,000				$	1,720,000				$	1,700,000
Interest Rate Risk
NPV post 200 bps shock (b)			14.9	%				10.9	%				9.2	%
Change in NII after 200 bps shock (b)			8.4	%				6.0	%				3.9	%
(b) Assumes no balance sheet management actions taken.

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Washington Federal, Inc.

Fact Sheet

June 30, 2022

($ in Thousands)

Historical CPR Rates (c)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
6/30/2022	13.1	%	20.9	%
(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

June 30, 2022

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	December 31, 2021						March 31, 2022						June 30, 2022
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	14,297,907	$	138,509	3.84	%	$	14,869,733	$	139,260	3.80	%	$	15,350,905	$	149,113	3.90	%
Mortgage-backed securities	925,028		4,792		2.06		852,134		4,659		2.22		1,416,212		8,618		2.44
Cash & investments	3,207,877		5,783		0.72		3,085,239		5,757		0.76		2,056,387		8,281		1.62
FHLB & FRB Stock	102,863		1,356		5.23		89,002		1,162		5.29		78,305		1,136		5.82
Total interest-earning assets	18,533,675		150,440		3.22	%	18,896,108		150,838		3.24	%	18,901,809		167,148		3.55	%
Other assets	1,272,163						1,284,929						1,383,146
Total assets	$	19,805,838					$	20,181,037					$	20,284,955
Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	12,530,492	8,461		0.27	%	$	12,882,885	8,225		0.26	%	$	12,852,849	9,284		0.29	%
FHLB advances	1,720,000		7,843		1.81		1,720,000		7,525		1.77		1,705,824		6,118		1.44
Total interest-bearing liabilities	14,250,492		16,304		0.45	%	14,602,885		15,750		0.44	%	14,558,673		15,402		0.42	%
Noninterest-bearing customer accounts	3,188,223						3,198,052						3,278,346
Other liabilities	223,421						214,851						238,842
Total liabilities	17,662,136						18,015,788						18,075,861
Stockholders’ equity	2,143,702						2,165,249						2,209,094
Total liabilities and equity	$	19,805,838					$	20,181,037					$	20,284,955
Net interest income/interest rate spread			$	134,136	2.77	%			$	135,088	2.80	%			$	151,746	3.12	%
Net interest margin (1)					2.87	%					2.90	%					3.22	%
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.

Fact Sheet

June 30, 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 $
June 30, 2022
Multi-Family	1,124	2,205	$	2,478,932	—	—	—	—	—	%	$	—	—	%
Commercial Real Estate	1,183	2,432	2,876,995		—	—	5	5	0.42		351		0.01
Commercial & Industrial (1)	2,506	935	2,344,046		5	6	28	39	1.56		16,421		0.70
Construction	719	1,957	1,407,211		—	—	—	—	—		—		—
Land - Acquisition & Development	125	1,784	222,974		—	—	—	—	—		—		—
Single-Family Residential	19,115	294	5,619,448		22	7	69	98	0.51		22,189		0.39
Construction - Custom	1,263	292	368,839		—	—	2	2	0.16		900		0.24
Land - Consumer Lot Loans	1,312	120	157,076		1	—	2	3	0.23		383		0.24
HELOC	3,665	51	187,469		3	3	4	10	0.27		202		0.11
Consumer	2,117	35	73,154		8	1	11	20	0.94		252		0.34
	33,129	475	$	15,736,144	39	17	121	177	0.53	%	$	40,698	0.26	%
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	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	%

(1) Includes 399 SBA PPP loans with a balance of $54,185.

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