Washington Federal (WAFD) 8-K Washington Federal Reports Record Earnings Per Share Increase of 42% For 2022

Exhibit 99.2

Washington Federal, Inc.

Fact Sheet

September 30, 2022

($ in Thousands)

	As of 03/22						As of 06/22						As of 09/22
Allowance for Credit Losses (ACL) - Total	$	201,384					$	203,479					$	205,308
ACL - Loans	171,384						170,979						172,808
ACL Unfunded Commitments	30,000						32,500						32,500
Total ACL as a % of Gross Loans	1.13		%				1.08		%				1.06		%
	03/22 QTR			03/22 YTD			06/22 QTR			06/22 YTD			09/22 QTR			09/22 YTD
Loan Originations - Total	$	2,227,505		$	4,361,843		$	2,742,466		$	7,104,309		$	1,631,884		$	8,736,193
Multi-Family	224,179			420,445			181,015			601,460			74,074			675,534
Commercial Real Estate	173,381			477,961			196,663			674,624			206,226			880,850
Commercial & Industrial	642,243			1,414,779			637,193			2,051,972			517,710			2,569,682
Construction	686,847			1,072,294			1,050,981			2,123,275			363,112			2,486,387
Land - Acquisition & Development	20,731			54,816			50,035			104,851			70,383			175,234
Single-Family Residential	242,492			461,908			283,061			744,969			147,639			892,608
Construction - Custom	175,733			338,559			248,518			587,077			178,619			765,696
Land - Consumer Lot Loans	16,430			35,583			17,195			52,778			8,953			61,731
HELOC	38,410			71,685			48,640			120,325			51,068			171,393
Consumer	7,059			13,813			29,165			42,978			14,100			57,078
Purchased Loans (including acquisitions)	$	109,664		$	512,483		$	52,101		$	564,584		$	—		$	564,584
Net Loan Fee and Discount Accretion	$	7,679		$	17,041		$	6,354		$	23,395		$	5,761		$	29,156
Repayments
Loans	$	1,544,408		$	3,377,507		$	1,690,945		$	5,068,452		$	1,125,996		$	6,194,448
MBS	70,182			168,457			70,635			239,092			55,751			294,843
MBS Net Premium Amortization	$	1,014		$	2,319		$	820		$	3,139		$	1,248		$	4,387
Efficiency
Operating Expenses/Average Assets	1.75		%	1.78		%	1.72		%	1.76		%	1.83		%	1.78		%
Efficiency Ratio (%)	58.65		%	58.65		%	51.63		%	56.13		%	49.52		%	54.25		%
Amortization of Intangibles	$	247		$	519		$	246		$	765		$	245		$	1,010
EOP Numbers
Shares Issued and Outstanding	65,306,928						65,321,869						65,330,126
Share repurchase information
Remaining shares authorized for repurchase	3,728,320						3,725,874						3,724,344
Shares repurchased	4,684			88,798			2,446			91,244			1,530			92,774
Average share repurchase price	$	34.65		$	35.31		$	31.36		$	35.20		$	31.49		$	35.14

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Washington Federal, Inc.

Fact Sheet

September 30, 2022

($ in Thousands)

Tangible Common Book Value	As of 03/22			As of 06/22			As of 09/22
$ Amount	$	1,582,200		$	1,610,857		$	1,665,251
Per Share	24.23			24.66			25.49
# of Employees	2,138			2,122			2,132
Investments
Available-For-Sale:
Agency MBS	$	597,903		$	908,082		$	895,964
Other	1,311,702			1,242,650			1,155,073
	$	1,909,605		$	2,150,732		$	2,051,037
Held-To-Maturity:
Agency MBS	$	301,221		$	477,884		$	463,299
	$	301,221		$	477,884		$	463,299
	As of 03/31/22			As of 06/30/22			As of 09/30/22
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,392,810	13.5%	$	2,494,594	13.2%	$	2,645,801	13.6%
Commercial Real Estate	2,829,946		15.9	2,899,057		15.3	3,133,660		16.2
Commercial & Industrial	2,504,442		14.1	2,351,030		12.4	2,350,984		12.1
Construction	3,136,239		17.6	3,896,740		20.6	3,784,388		19.5
Land - Acquisition & Development	236,313		1.3	245,233		1.3	291,301		1.5
Single-Family Residential	5,442,535		30.6	5,652,897		29.9	5,771,862		29.8
Construction - Custom	836,314		4.7	943,858		5.0	974,652		5.0
Land - Consumer Lot Loans	154,976		0.9	158,485		0.8	153,240		0.8
HELOC	174,367		1.0	185,427		1.0	203,528		1.0
Consumer	67,511		0.4	73,044		0.4	75,543		0.4
	17,775,453		100%	18,900,365		100%	19,384,959		100%
Less:
Allowance	171,384			170,979			172,808
Loans in Process	2,440,430			3,083,573			3,006,023
Net Deferred Fees, Costs and Discounts	68,713			80,648			92,564
Sub-Total	2,680,527			3,335,200			3,271,395
	$	15,094,926		$	15,565,165		$	16,113,564
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,363,194	15.7%	$	2,466,359	15.8%	$	2,614,466	16.2%
Commercial Real Estate	2,783,947		18.4	2,851,695		18.3	3,085,298		19.1
Commercial & Industrial	2,443,105		16.2	2,289,122		14.7	2,286,192		14.2
Construction	1,189,395		7.9	1,381,376		8.9	1,397,731		8.7
Land - Acquisition & Development	197,375		1.3	210,747		1.4	211,337		1.3
Single-Family Residential	5,389,654		35.7	5,593,232		35.9	5,701,461		35.4
Construction - Custom	340,984		2.3	365,485		2.3	393,933		2.4
Land - Consumer Lot Loans	148,444		1.0	151,856		1.0	146,899		0.9
HELOC	173,454		1.1	184,836		1.2	203,551		1.3
Consumer	65,374		0.4	70,457		0.5	72,696		0.5
	$	15,094,926	100%	$	15,565,165	100%	$	16,113,564	100%

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Washington Federal, Inc.

Fact Sheet

September 30, 2022

($ in Thousands)

	As of 03/31/22					As of 06/30/22					As of 09/30/22
Loans by State	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,316,627		34.8	%	$	5,269,445		33.5	%	$	5,315,013		32.6	%
Idaho	756,662			5.0		792,013			5.0		815,480			5.0
Oregon	2,261,328			14.8		2,226,233			14.1		2,236,439			13.7
Utah	1,324,307			8.7		1,452,601			9.2		1,558,368			9.6
Nevada	587,905			3.9		644,104			4.0		685,458			4.2
Texas	1,757,484			11.5		1,881,089			12.0		2,010,558			12.3
Arizona	1,933,569			12.7		2,162,608			13.7		2,322,291			14.4
New Mexico	676,837			4.4		686,494			4.4		699,837			4.3
Other	651,591			4.3		621,557			3.9		642,928			3.9
Total	$	15,266,310		100%		$	15,736,144		100%		$	16,286,372		100%
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Multi-Family	$	—		—%		$	5,944		16.2%		$	5,912		17.1%
Commercial Real Estate	6,412			19.1		5,024			13.7		4,691			13.6
Commercial & Industrial	4,789			14.2		4,288			11.7		5,693			16.5
Construction	343			1.0		—			—		—			—
Land - Acquisition & Development	2,340			7.0		—			—		—			—
Single-Family Residential	18,612			55.3		20,184			55.0		17,450			50.5
Construction - Custom	465			1.4		900			2.5		435			1.3
Land - Consumer Lot Loans	310			0.9		213			0.6		84			0.2
HELOC	329			1.0		91			0.2		233			0.7
Consumer	39			0.1		35			0.1		36			0.1
Total non-accrual loans	33,639			100%		36,679			100%		34,534			100%
Real Estate Owned	9,509					9,656					6,667
Other Property Owned	4,095					4,095					3,353
Total non-performing assets	$	47,243				$	50,430				$	44,554
Non-accrual loans as % of total net loans	0.22		%			0.24		%			0.21		%
Non-performing assets as % of total assets	0.23		%			0.25		%			0.21		%
Net Charge-offs (Recoveries) by Category	03/22 QTR			CO % (a)		06/22 QTR			CO % (a)		09/22 QTR			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	(753)			(0.11)		(23)			—		(164)			(0.02)
Commercial & Industrial	871			0.14		19			—		258			0.04
Construction	(179)			(0.02)		—			—		—			—
Land - Acquisition & Development	(20)			(0.03)		(10)			(0.02)		(11)			(0.02)
Single-Family Residential	(147)			(0.01)		(252)			(0.02)		(198)			(0.01)
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	(40)			(0.10)		(2)			(0.01)		(1)			—
HELOC	(100)			(0.23)		(249)			(0.54)		(1)			—
Consumer	(105)			(0.62)		(78)			(0.43)		(212)			(1.12)
Total net charge-offs (recoveries)	$	(473)		(0.01)%		$	(595)		(0.01)%		$	(329)		(0.01)%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance

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Washington Federal, Inc.

Fact Sheet

September 30, 2022

($ in Thousands)

	As of 03/22					As of 06/22					As of 09/22
Deposits & branches by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	7,067,961	43.1	%	76	$	7,040,668	44.1	%	76	$	7,209,123	45.0	%	72
Idaho	1,122,007		6.8		22	1,073,221		6.7		22	1,052,550		6.6		22
Oregon	3,030,152		18.5		36	3,007,716		18.8		36	2,878,933		18.0		36
Utah	987,788		6.0		9	772,487		4.8		9	802,635		5.1		9
Nevada	539,805		3.3		10	525,675		3.3		9	534,655		3.3		9
Texas	622,118		3.8		6	553,379		3.5		6	562,192		3.5		6
Arizona	1,700,408		10.4		30	1,667,742		10.4		28	1,625,957		10.1		28
New Mexico	1,320,409		8.1		25	1,324,732		8.3		23	1,363,525		8.5		19
Total	$	16,390,648	100%		214	$	15,965,620	100%		209	$	16,029,570	100%		201
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	3,251,603	19.8	%		$	3,269,773	20.5	%		$	3,266,734	20.4	%
Interest Checking	3,897,185		23.8			3,472,402		21.7			3,497,795		21.8
Savings	1,078,147		6.6			1,069,801		6.7			1,059,093		6.6
Money Market	4,912,671		30.0			4,856,275		30.4			4,867,905		30.4
Time Deposits	3,251,042		19.8			3,297,369		20.7			3,338,043		20.8
Total	$	16,390,648	100%			$	15,965,620	100%			$	16,029,570	100%
Deposits greater than $250,000 - EOP	$	7,914,122				$	7,463,761				$	7,400,474
Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	530,189	0.45	%		$	850,894	0.42	%		$	978,004	0.56	%
From 4 to 6 months	830,454		0.43	%		894,688		0.40	%		966,800		0.72	%
From 7 to 9 months	722,437		0.45	%		681,182		0.56	%		353,053		0.56	%
From 10 to 12 months	591,916		0.41	%		327,193		0.53	%		457,627		0.85	%
FHLB Advances (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	320,000	2.08	%		$	500,000	1.95	%		$	1,025,000	3.06	%
1 to 3 years	500,000		2.16	%		300,000		1.94	%		200,000		2.18	%
3 to 5 years	100,000		1.82	%		100,000		1.80	%		100,000		1.92	%
More than 5 years	800,000		0.93	%		800,000		0.87	%		800,000		0.67	%
Total	$	1,720,000				$	1,700,000				$	2,125,000
Interest Rate Risk
NPV post 200 bps shock (b)			10.9	%				12.1	%				12.6	%
Change in NII after 200 bps shock (b)			6.0	%				3.9	%				1.9	%
(b) Assumes no balance sheet management actions taken.

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Washington Federal, Inc.

Fact Sheet

September 30, 2022

($ in Thousands)

Historical CPR Rates (c)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
9/30/2022	8.1	%	14.7	%
(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

September 30, 2022

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	March 31, 2022						June 30, 2022						September 30, 2022
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	14,869,733	$	139,260	3.80	%	$	15,350,905	$	149,113	3.90	%	$	15,812,170	$	174,710	4.38	%
Mortgage-backed securities	852,134		4,659		2.22		1,416,212		8,618		2.44		1,369,326		8,263		2.39
Cash & investments	3,085,239		5,757		0.76		2,056,387		8,281		1.62		1,658,428		13,735		3.29
FHLB & FRB Stock	89,002		1,162		5.29		78,305		1,136		5.82		81,196		1,225		5.99
Total interest-earning assets	18,896,108		150,838		3.24	%	18,901,809		167,148		3.55	%	18,921,120		197,933		4.15	%
Other assets	1,284,929						1,383,146						1,434,300
Total assets	$	20,181,037					$	20,284,955					$	20,355,420
Liabilities and Shareholders' Equity
Interest-bearing customer accounts	12,882,885		8,225		0.26	%	12,852,849		9,284		0.29	%	12,693,024		17,071		0.53	%
FHLB advances	1,720,000		7,525		1.77		1,705,824		6,118		1.44		1,778,098		7,243		1.62
Other borrowings	—		—		—		—		—		—		38		—		0.0249
Total interest-bearing liabilities	14,602,885		15,750		0.44	%	14,558,673		15,402		0.42	%	14,471,160		24,314		0.67	%
Noninterest-bearing customer accounts	3,198,052						3,278,346						3,331,065
Other liabilities	214,851						238,842						291,108
Total liabilities	18,015,788						18,075,861						18,093,333
Shareholders’ equity	2,165,249						2,209,094						2,262,087
Total liabilities and shareholders' equity	$	20,181,037					$	20,284,955					$	20,355,420
Net interest income/interest rate spread			$	135,088	2.80	%			$	151,746	3.12	%			$	173,619	3.48	%
Net interest margin (1)					2.90	%					3.22	%					3.64	%
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.

Fact Sheet

September 30, 2022

Delinquency Summary

($ in Thousands)

			AMOUNT OF LOANS		# OF LOANS				% based				% based
TYPE OF LOANS	#LOANS	AVG Size	NET OF LIP & CHG-OFFs		30	60	90	Total	on #		$ Delinquent		on $
September 30, 2022
Multi-Family	1,135	2,314	$	2,626,479	—	—	—	—	—	%	$	—	—	%
Commercial Real Estate	1,211	2,569	3,111,112		2	1	4	7	0.58		1,056		0.03
Commercial & Industrial	2,338	1,002	2,343,403		1	16	28	45	1.92		6,612		0.28
Construction	684	2,082	1,423,891		—	—	—	—	—		—		—
Land - Acquisition & Development	120	1,863	223,616		—	—	—	—	—		—		—
Single-Family Residential	19,218	298	5,726,979		19	8	60	87	0.45		17,983		0.31
Construction - Custom	1,233	322	397,343		—	—	1	1	0.08		435		0.11
Land - Consumer Lot Loans	1,277	119	151,945		—	1	1	2	0.16		199		0.13
HELOC	3,862	53	206,033		4	2	8	14	0.36		428		0.21
Consumer	2,025	37	75,571		14	3	11	28	1.38		214		0.28
	33,103	492	$	16,286,372	40	31	113	184	0.56	%	$	26,927	0.17	%
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	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	%

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