Washington Federal (WAFD) 8-K Washington Federal Announces Quarterly Earnings Per Share Of $0.95

Washington Federal, Inc.

Fact Sheet

March 31, 2023

($ in Thousands)

													Exhibit 99.2
	As of 09/22						As of 12/22						As of 03/23
Allowance for Credit Losses (ACL) - Total	$	205,308					$	208,297					$	205,920
ACL - Loans	172,808						176,797						177,420
ACL - Unfunded Commitments	32,500						31,500						28,500
Total ACL as a % of Gross Loans	1.06		%				1.03		%				1.02		%
	09/22 QTR			09/22 YTD			12/22 QTR			12/22 YTD			03/23 QTR			03/23 YTD
Loan Originations - Total	$	1,631,884		$	8,736,193		$	2,042,678		$	2,042,678		$	1,039,722		$	3,082,400
Multi-Family	74,074			675,534			97,490			97,490			17,729			115,219
Commercial Real Estate	206,226			880,850			130,909			130,909			39,689			170,598
Commercial & Industrial	517,710			2,569,682			952,699			952,699			456,168			1,408,867
Construction	363,112			2,486,387			529,050			529,050			226,750			755,800
Land - Acquisition & Development	70,383			175,234			10,104			10,104			20,043			30,147
Single-Family Residential	147,639			892,608			150,721			150,721			149,774			300,495
Construction - Custom	178,619			765,696			114,191			114,191			74,005			188,196
Land - Consumer Lot Loans	8,953			61,731			4,390			4,390			6,315			10,705
HELOC	51,068			171,393			42,632			42,632			36,622			79,254
Consumer	14,100			57,078			10,492			10,492			12,627			23,119
Purchased Loans (including acquisitions)	$	—		$	564,584		$	80,015		$	80,015		$	—		$	80,015
Net Loan Fee and Discount Accretion	$	5,761		$	29,156		$	5,659		$	5,659		$	4,923		$	10,582
Repayments
Loans	$	1,125,996		$	6,194,448		$	1,233,319		$	1,233,319		$	1,109,433		$	2,342,752
MBS	55,751			294,843			48,310			48,310			33,354			81,664
MBS Premium Amortization	$	1,248		$	4,387		$	(157)		$	(157)		$	93		$	(64)
Efficiency
Operating Expenses/Average Assets	1.83		%	1.78		%	1.74		%	1.74		%	1.78		%	1.76		%
Efficiency Ratio (%)	49.52		%	54.25		%	46.78		%	46.78		%	52.34		%	49.53		%
Amortization of Intangibles	$	245		$	1,010		$	243		$	243		$	243		$	486
EOP Numbers
Shares Issued and Outstanding	65,330,126						65,387,745						65,793,099
Share repurchase information
Remaining shares authorized for repurchase	3,724,344						3,679,499						3,676,260
Shares repurchased	1,530			92,774			44,845			44,845			3,239			48,084
Average share repurchase price	$	31.49		$	35.14		$	38.53		$	38.53		$	33.48		$	38.19

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Washington Federal, Inc.

Fact Sheet

March 31, 2023

($ in Thousands)

Tangible Common Shareholders' Book Value	As of 09/22			As of 12/22			As of 03/23
$ Amount	$	1,665,251		$	1,715,614		$	1,766,593
Per Share	25.49			26.24			26.85
# of Employees	2,132			2,144			2,110
Investments
Available-for-sale:
Agency MBS	$	895,964		$	911,835		$	899,744
Other	1,155,073			1,148,002			1,106,542
	$	2,051,037		$	2,059,837		$	2,006,286
Held-to-maturity:
Agency MBS	$	463,299		$	453,443		$	445,222
	$	463,299		$	453,443		$	445,222
	As of 09/22			As of 12/22			As of 03/23
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,645,801	13.6%	$	2,713,331	13.4%	$	2,894,567	14.3%
Commercial Real Estate	3,133,660		16.2	3,237,073		16.0	3,283,151		16.3
Commercial & Industrial	2,350,984		12.2	2,628,131		13.0	2,590,700		12.8
Construction	3,784,388		19.5	4,055,474		20.0	3,735,821		18.5
Land - Acquisition & Development	291,301		1.5	253,682		1.2	231,990		1.1
Single-Family Residential	5,771,862		29.8	6,013,410		29.7	6,175,250		30.6
Construction - Custom	974,652		5.0	926,126		4.6	840,475		4.2
Land - Consumer Lot Loans	153,240		0.8	148,246		0.7	141,215		0.7
HELOC	203,528		1.0	212,123		1.0	218,179		1.1
Consumer	75,543		0.4	73,115		0.4	71,083		0.4
	19,384,959		100%	20,260,711		100%	20,182,431		100%
Less:
Allowance for Credit Losses (ACL)	172,808			176,797			177,420
Loans in Process	3,006,023			2,997,839			2,648,512
Net Deferred Fees, Costs and Discounts	92,564			92,487			84,593
Sub-Total	3,271,395			3,267,123			2,910,525
	$	16,113,564		$	16,993,588		$	17,271,906
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,614,466	16.2%	$	2,683,435	15.8%	$	2,846,956	16.5%
Commercial Real Estate	3,085,298		19.1	3,185,927		18.7	3,230,501		18.7
Commercial & Industrial	2,286,192		14.2	2,557,393		15.0	2,521,895		14.6
Construction	1,397,731		8.7	1,611,366		9.5	1,582,486		9.2
Land - Acquisition & Development	211,337		1.3	182,590		1.1	159,584		0.9
Single-Family Residential	5,701,461		35.4	5,942,203		35.0	6,107,105		35.3
Construction - Custom	393,933		2.4	405,063		2.4	400,327		2.3
Land - Consumer Lot Loans	146,899		0.9	142,936		0.9	136,195		0.8
HELOC	203,551		1.3	212,317		1.2	218,497		1.3
Consumer	72,696		0.5	70,358		0.4	68,360		0.4
	$	16,113,564	100%	$	16,993,588	100%	$	17,271,906	100%

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Washington Federal, Inc.

Fact Sheet

March 31, 2023

($ in Thousands)

	As of 09/22					As of 12/22					As of 03/23
Loans by State	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,315,013		32.7	%	$	5,585,335		32.5	%	$	5,609,172		32.1	%
Idaho	815,480			5.0		860,583			5.0		865,543			5.0
Oregon	2,236,439			13.7		2,310,548			13.5		2,303,843			13.2
Utah	1,558,368			9.6		1,649,462			9.6		1,758,831			10.1
Nevada	685,458			4.2		723,099			4.2		767,250			4.4
Texas	2,010,558			12.3		2,243,393			13.1		2,330,637			13.4
Arizona	2,322,291			14.3		2,381,143			13.9		2,398,029			13.7
New Mexico	699,837			4.3		705,213			4.1		720,320			4.1
Other	642,928			3.9		711,609			4.1		695,701			4.0
Total	$	16,286,372		100%		$	17,170,385		100%		$	17,449,326		100%
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Multi-Family	$	5,912		17.1%		$	5,879		20.1%		$	5,844		16.9%
Commercial Real Estate	4,691			13.6		4,635			15.9		4,519			13.0
Commercial & Industrial	5,693			16.5		906			3.1		7,681			22.2
Construction	—			—		—			—					—
Land - Acquisition & Development	—			—		—			—					—
Single-Family Residential	17,450			50.5		17,084			58.5		16,396			47.4
Construction - Custom	435			1.3		435			1.5					—
Land - Consumer Lot Loans	84			0.2		71			0.3		6			—
HELOC	233			0.7		134			0.5		128			0.4
Consumer	36			0.1		36			0.1		32			0.1
Total non-accrual loans	34,534			100%		29,180			100%		34,606			100%
Real Estate Owned	6,667					6,117					8,826
Other Property Owned	3,353					3,353					3,353
Total non-performing assets	$	44,554				$	38,650				$	46,785
Non-accrual loans as % of total net loans	0.21		%			0.17		%			0.20		%
Non-performing assets as % of total assets	0.21		%			0.18		%			0.21		%
Net Charge-offs (Recoveries) by Category	09/22 QTR			CO % (a)		12/22 QTR			CO % (a)		03/23 QTR			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	(164)			(0.02)		(4)			—		(1)			—
Commercial & Industrial	258			0.04		50			0.01		6,012			0.93
Construction	—			—		—			—		—			—
Land - Acquisition & Development	(11)			(0.02)		(16)			(0.03)		(14)			(0.02)
Single-Family Residential	(198)			(0.01)		(430)			(0.03)		(70)			—
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	(1)			—		—			—		(5)			(0.01)
HELOC	(1)			—		(1)			—		—			—
Consumer	(212)			(1.12)		(88)			(0.48)		(45)			(0.25)
Total net charge-offs (recoveries)	$	(329)		(0.01)%		$	(489)		(0.01)%		$	5,877		0.12%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance

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Washington Federal, Inc.

Fact Sheet

March 31, 2023

($ in Thousands)

	As of 09/22					As of 12/22					As of 03/23
Deposits & Branches by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	7,209,123	45.0	%	72	$	7,347,752	46.0	%	72	$	7,273,498	45.9	%	71
Idaho	1,052,550		6.6		22	1,015,195		6.4		22	1,020,154		6.4		22
Oregon	2,878,933		18.0		36	2,779,517		17.4		36	2,750,323		17.3		36
Utah	802,635		5.0		9	949,557		5.9		9	852,062		5.4		9
Nevada	534,655		3.3		9	504,855		3.2		9	527,449		3.3		8
Texas	562,192		3.5		6	518,773		3.3		5	410,972		2.6		6
Arizona	1,625,957		10.1		28	1,544,363		9.7		28	1,579,815		10.0		28
New Mexico	1,363,525		8.5		19	1,300,023		8.1		19	1,446,675		9.1		19
Total	$	16,029,570	100%		201	$	15,960,035	100%		200	$	15,860,948	100%		199
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	3,266,734	20.4	%		$	3,070,895	19.2	%		$	2,856,165	18.0	%
Interest Checking	3,497,795		21.8			3,971,814		24.9			4,125,554		26.0
Savings	1,059,093		6.6			1,002,034		6.3			943,915		6.0
Money Market	4,867,905		30.4			4,503,089		28.2			3,954,709		24.9
Time Deposits	3,338,043		20.8			3,412,203		21.4			3,980,605		25.1
Total	$	16,029,570	100%			$	15,960,035	100%			$	15,860,948	100%
Uninsured Deposits - EOP	$	4,856,149	30.3	%		$	4,876,840	30.6	%		$	4,238,629	26.7	%
Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	978,004	0.56	%		$	1,009,481	0.96	%		$	553,797	1.49	%
From 4 to 6 months	966,800		0.72	%		523,602		1.06	%		947,860		2.51	%
From 7 to 9 months	353,053		0.56	%		490,001		1.28	%		920,635		2.38	%
From 10 to 12 months	457,627		0.85	%		726,764		1.64	%		933,763		3.46	%
FHLB Advances (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	1,025,000	3.06	%		$	1,975,000	4.31	%		$	2,325,000	4.80	%
1 to 3 years	200,000		2.18	%		200,000		2.19	%		300,000		2.07	%
3 to 5 years	100,000		1.92	%		100,000		1.87	%		—		—	%
More than 5 years	800,000		0.67	%		800,000		0.65	%		800,000		0.76	%
Total	$	2,125,000				$	3,075,000				$	3,425,000
Interest Rate Risk
NPV post 200 bps shock (b)			12.6	%				11.2	%				9.9	%
Change in NII after 200 bps shock (b)			1.9	%				0.4	%				3.3	%
(b) Assumes no balance sheet management actions taken.

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Washington Federal, Inc.

Fact Sheet

March 31, 2023

($ in Thousands)

Historical CPR Rates (c)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
12/31/2022	6.3	%	12.6	%
3/31/2023	5.8	%	8.9	%
(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.

5

Washington Federal, Inc.

Fact Sheet

March 31, 2023

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	September 30, 2022						December 31, 2022						March 31, 2023
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	15,812,170	$	174,710	4.38	%	$	16,580,235	$	203,946	4.88	%	$	17,097,130	$	222,957	5.29	%
Mortgage-backed securities	1,369,326		8,263		2.39		1,368,759		10,613		3.08		1,355,403		10,422		3.12
Cash & investments	1,658,428		13,735		3.29		1,592,201		17,486		4.36		1,657,027		19,786		4.84
FHLB & FRB Stock	81,196		1,225		5.99		117,899		1,374		4.62		139,484		2,181		6.34
Total interest-earning assets	18,921,120		197,933		4.15	%	19,659,094		233,419		4.71	%	20,249,044		255,346		5.11	%
Other assets	1,434,300						1,500,892						1,491,981
Total assets	$	20,355,420					$	21,159,986					$	21,741,025
Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	12,693,024	17,071		0.53	%	$	12,611,624	31,646		1.00	%	$	12,746,827	52,123		1.66	%
Borrowings	1,778,136		7,243		1.62		2,695,652		18,974		2.79		3,281,945		28,185		3.48
Total interest-bearing liabilities	14,471,160		24,314		0.67	%	15,307,276		50,620		1.31	%	16,028,772		80,308		2.03	%
Noninterest-bearing customer accounts	3,331,065						3,245,264						3,046,867
Other liabilities	291,108						304,240						290,702
Total liabilities	18,093,333						18,856,780						19,366,341
Stockholders’ equity	2,262,087						2,303,206						2,374,684
Total liabilities and equity	$	20,355,420					$	21,159,986					$	21,741,025
Net interest income/interest rate spread			$	173,619	3.48	%			$	182,799	3.40	%			$	175,038	3.08	%
Net interest margin (1)					3.64	%					3.69	%					3.51	%
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.

Fact Sheet

March 31, 2023

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, 2023
Multi-Family	1,147	2,493	$	2,859,994	1	—	—	1	0.09	%	$	132	—	%
Commercial Real Estate	1,210	2,693	3,258,304		2	—	2	4	0.33		2,011		0.06
Commercial & Industrial	2,171	1,191	2,585,196		18	2	11	31	1.43		4,199		0.16
Construction	576	2,793	1,608,513		1	—	—	1	0.17		505		0.03
Land - Acquisition & Development	109	1,533	167,080		—	—	—	—	—		—		—
Single-Family Residential	19,543	314	6,134,021		28	4	56	88	0.45		19,238		0.31
Construction - Custom	953	424	403,783		1	—	—	1	0.10		87		0.02
Land - Consumer Lot Loans	1,209	116	140,140		1	—	—	1	0.08		79		0.06
HELOC	4,070	54	221,159		8	4	4	16	0.39		1,348		0.61
Consumer	1,765	40	71,136		7	2	15	24	1.36		235		0.33
	32,753	533	$	17,449,326	67	12	88	167	0.51	%	$	27,834	0.16	%
December 31, 2022
Multi-Family	1,141	2,363	$	2,695,759				—	—	%	$	—	—	%
Commercial Real Estate	1,208	2,660	3,213,308		1	1	4	6	0.50		1,049		0.03
Commercial & Industrial	2,237	1,172	2,621,266		20	7	18	45	2.01		1,246		0.05
Construction	630	2,599	1,637,499		2			2	0.32		934		0.06
Land - Acquisition & Development	110	1,738	191,162					—	—		—		—
Single-Family Residential	19,375	308	5,967,678		30	9	57	96	0.50		21,296		0.36
Construction - Custom	1,091	374	408,563				1	1	0.09		435		0.11
Land - Consumer Lot Loans	1,238	119	147,078		1		1	2	0.16		109		0.07
HELOC	3,971	54	214,904		9		6	15	0.38		2,249		1.05
Consumer	1,951	38	73,168		10	5	15	30	1.54		391		0.53
	32,952	521	$	17,170,385	73	22	102	197	0.60	%	$	27,709	0.16	%
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	%

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