Washington Federal (WAFD) 8-K Washington Federal Announces Quarterly Earnings Per Share Of $0.89

Washington Federal, Inc.

Fact Sheet

June 30, 2023

($ in Thousands)

													Exhibit 99.2
	As of 12/22						As of 03/23						As of 06/23
Allowance for Credit Losses (ACL) - Total	$	208,297					$	205,920					$	204,569
ACL - Loans	176,797						177,420						178,069
ACL - Unfunded Commitments	31,500						28,500						26,500
Total ACL as a % of Gross Loans	1.03		%				1.02		%				1.03		%
	12/22 QTR			12/22 YTD			03/23 QTR			03/23 YTD			06/23 QTR			06/23 YTD
Loan Originations - Total	$	2,042,678		$	2,042,678		$	1,039,722		$	3,082,400		$	870,963		$	3,953,363
Multi-Family	97,490			97,490			17,729			115,219			12,604			127,823
Commercial Real Estate	130,909			130,909			39,689			170,598			21,538			192,136
Commercial & Industrial	952,699			952,699			456,168			1,408,867			372,718			1,781,585
Construction	529,050			529,050			226,750			755,800			143,600			899,400
Land - Acquisition & Development	10,104			10,104			20,043			30,147			1,912			32,059
Single-Family Residential	150,721			150,721			149,774			300,495			168,532			469,027
Construction - Custom	114,191			114,191			74,005			188,196			77,210			265,406
Land - Consumer Lot Loans	4,390			4,390			6,315			10,705			4,894			15,599
HELOC	42,632			42,632			36,622			79,254			38,287			117,541
Consumer	10,492			10,492			12,627			23,119			29,668			52,787
Purchased Loans (including acquisitions)	$	80,015		$	80,015		$	—		$	80,015		$	—		$	80,015
Net Loan Fee and Discount Accretion	$	5,659		$	5,659		$	4,923		$	10,582		$	4,859		$	15,441
Repayments
Loans	$	1,233,319		$	1,233,319		$	1,109,433		$	2,342,752		$	1,103,238		$	3,445,990
MBS	48,310			48,310			33,354			81,664			43,639			125,303
MBS Premium Amortization	$	(157)		$	(157)		$	93		$	(64)		$	1,436		$	1,372
Efficiency
Operating Expenses/Average Assets	1.74		%	1.74		%	1.78		%	1.76		%	1.71		%	1.71		%
Efficiency Ratio (%)	46.78		%	46.78		%	52.34		%	49.53		%	51.90		%	50.29		%
Amortization of Intangibles	$	243		$	243		$	243		$	486		$	240		$	726
EOP Numbers
Shares Issued and Outstanding	65,387,745						65,793,099						64,721,190
Share repurchase information
Remaining shares authorized for repurchase	3,679,499						3,676,260						2,559,611
Shares repurchased	44,845			44,845			3,239			48,084			1,116,649			1,164,733
Average share repurchase price	$	38.53		$	38.53		$	33.48		$	38.19		$	25.62		$	26.14

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Washington Federal, Inc.

Fact Sheet

June 30, 2023

($ in Thousands)

Tangible Common Shareholders' Book Value	As of 12/22			As of 03/23			As of 06/23
$ Amount	$	1,715,614		$	1,766,593		$	1,784,997
Per Share	26.24			26.85			27.58
# of Employees	2,144			2,110			2,115
Investments
Available-for-sale:
Agency MBS	$	911,835		$	899,744		$	950,210
Other	1,148,002			1,106,542			1,086,023
	$	2,059,837		$	2,006,286		$	2,036,233
Held-to-maturity:
Agency MBS	$	453,443		$	445,222		$	434,172
	$	453,443		$	445,222		$	434,172
	As of 12/22			As of 03/23			As of 06/23
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,713,331	13.4%	$	2,894,567	14.3%	$	2,889,635	14.5%
Commercial Real Estate	3,237,073		16.0	3,283,151		16.3	3,239,387		16.3
Commercial & Industrial	2,628,131		13.0	2,590,700		12.8	2,496,778		12.5
Construction	4,055,474		20.0	3,735,821		18.5	3,578,430		17.9
Land - Acquisition & Development	253,682		1.2	231,990		1.1	216,185		1.1
Single-Family Residential	6,013,410		29.7	6,175,250		30.6	6,313,561		31.7
Construction - Custom	926,126		4.6	840,475		4.2	757,171		3.8
Land - Consumer Lot Loans	148,246		0.7	141,215		0.7	134,967		0.7
HELOC	212,123		1.0	218,179		1.1	224,917		1.1
Consumer	73,115		0.4	71,083		0.4	76,813		0.4
	20,260,711		100%	20,182,431		100%	19,927,844		100%
Less:
Allowance for Credit Losses (ACL)	176,797			177,420			178,069
Loans in Process	2,997,839			2,648,512			2,270,038
Net Deferred Fees, Costs and Discounts	92,487			84,593			95,549
Sub-Total	3,267,123			2,910,525			2,543,656
	$	16,993,588		$	17,271,906		$	17,384,188
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,683,435	15.8%	$	2,846,956	16.5%	$	2,845,457	16.4%
Commercial Real Estate	3,185,927		18.7	3,230,501		18.7	3,190,319		18.4
Commercial & Industrial	2,557,393		15.0	2,521,895		14.6	2,428,825		14.0
Construction	1,611,366		9.5	1,582,486		9.2	1,731,519		10.0
Land - Acquisition & Development	182,590		1.1	159,584		0.9	154,411		0.9
Single-Family Residential	5,942,203		35.0	6,107,105		35.3	6,231,509		35.8
Construction - Custom	405,063		2.4	400,327		2.3	372,824		2.1
Land - Consumer Lot Loans	142,936		0.9	136,195		0.8	130,224		0.7
HELOC	212,317		1.2	218,497		1.3	225,388		1.3
Consumer	70,358		0.4	68,360		0.4	73,712		0.4
	$	16,993,588	100%	$	17,271,906	100%	$	17,384,188	100%

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Washington Federal, Inc.

Fact Sheet

June 30, 2023

($ in Thousands)

	As of 12/22					As of 03/23					As of 06/23
Loans by State	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,585,335		32.5	%	$	5,609,172		32.1	%	$	5,549,532		31.6	%
Idaho	860,583			5.0		865,543			5.0		877,573			5.0
Oregon	2,310,548			13.5		2,303,843			13.2		2,306,181			13.1
Utah	1,649,462			9.6		1,758,831			10.1		1,849,187			10.5
Nevada	723,099			4.2		767,250			4.4		758,988			4.3
Texas	2,243,393			13.1		2,330,637			13.4		2,381,783			13.6
Arizona	2,381,143			13.9		2,398,029			13.7		2,435,541			13.9
New Mexico	705,213			4.1		720,320			4.1		728,140			4.2
Other	711,609			4.1		695,701			4.0		675,332			3.8
Total	$	17,170,385		100%		$	17,449,326		100%		$	17,562,257		100%
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Multi-Family	$	5,879		20.1%		$	5,844		16.9%		$	5,951		10.8%
Commercial Real Estate	4,635			15.9		4,519			13.0		1,087			2.0
Commercial & Industrial	906			3.1		7,681			22.2		31,686			57.3
Construction	—			—		—			—					—
Land - Acquisition & Development	—			—		—			—					—
Single-Family Residential	17,084			58.5		16,396			47.4		15,510			28.0
Construction - Custom	435			1.5		—			—		87			0.2
Land - Consumer Lot Loans	71			0.3		6			—		122			0.2
HELOC	134			0.5		128			0.4		801			1.4
Consumer	36			0.1		32			0.1		32			0.1
Total non-accrual loans	29,180			100%		34,606			100%		55,276			100%
Real Estate Owned	6,117					8,826					8,371
Other Property Owned	3,353					3,353					3,353
Total non-performing assets	$	38,650				$	46,785				$	67,000
Non-accrual loans as % of total net loans	0.17		%			0.20		%			0.32		%
Non-performing assets as % of total assets	0.18		%			0.21		%			0.30		%
Net Charge-offs (Recoveries) by Category	12/22 QTR			CO % (a)		03/23 QTR			CO % (a)		06/23 QTR			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	(4)			—		(1)			—		—			—
Commercial & Industrial	50			0.01		6,012			0.93		10,459			1.68
Construction	—			—		—			—		—			—
Land - Acquisition & Development	(16)			(0.03)		(14)			(0.02)		(24)			(0.04)
Single-Family Residential	(430)			(0.03)		(70)			—		(18)			—
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	—			—		(5)			(0.01)		(9)			(0.03)
HELOC	(1)			—		—			—		—			—
Consumer	(88)			(0.48)		(45)			(0.25)		(57)			(0.30)
Total net charge-offs (recoveries)	$	(489)		(0.01)%		$	5,877		0.12%		$	10,351		0.21%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance

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Washington Federal, Inc.

Fact Sheet

June 30, 2023

($ in Thousands)

	As of 12/22					As of 03/23					As of 06/23
Deposits & Branches by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	7,347,752	46.0	%	72	$	7,273,498	45.9	%	71	$	7,505,777	46.6	%	71
Idaho	1,015,195		6.4		22	1,020,154		6.4		22	1,047,730		6.5		22
Oregon	2,779,517		17.4		36	2,750,323		17.3		36	2,810,153		17.4		36
Utah	949,557		5.9		9	852,062		5.4		9	837,696		5.2		9
Nevada	504,855		3.2		9	527,449		3.3		8	496,316		3.1		8
Texas	518,773		3.3		5	410,972		2.6		6	363,460		2.2		6
Arizona	1,544,363		9.7		28	1,579,815		10.0		28	1,605,868		10.0		28
New Mexico	1,300,023		8.1		19	1,446,675		9.1		19	1,453,424		9.0		19
Total	$	15,960,035	100%		200	$	15,860,948	100%		199	$	16,120,424	100%		199
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	3,070,895	19.2	%		$	2,856,165	18.0	%		$	2,729,888	16.9	%
Interest Checking	3,971,814		24.9			4,125,554		26.0			4,124,463		25.6
Savings	1,002,034		6.3			943,915		6.0			874,256		5.4
Money Market	4,503,089		28.2			3,954,709		24.9			3,527,968		21.9
Time Deposits	3,412,203		21.4			3,980,605		25.1			4,863,849		30.2
Total	$	15,960,035	100%			$	15,860,948	100%			$	16,120,424	100%
Uninsured Deposits - EOP	$	4,876,840	30.6	%		$	4,238,629	26.7	%		$	4,033,174	25.0	%
Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	1,009,481	0.96	%		$	553,797	1.49	%		$	1,402,532	3.28	%
From 4 to 6 months	523,602		1.06	%		947,860		2.51	%		1,500,396		3.22	%
From 7 to 9 months	490,001		1.28	%		920,635		2.38	%		1,017,655		3.67	%
From 10 to 12 months	726,764		1.64	%		933,763		3.46	%		400,959		3.73	%
Borrowings (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	1,975,000	4.31	%		$	2,700,000	4.74	%		$	2,650,000	5.14	%
1 to 3 years	200,000		2.19	%		300,000		2.07	%		300,000		2.11	%
3 to 5 years	100,000		1.87	%		—		—	%		—		—	%
More than 5 years	800,000		0.65	%		800,000		0.76	%		800,000		0.61	%
Total	$	3,075,000				$	3,800,000				$	3,750,000
Interest Rate Risk
NPV post 200 bps shock (b)			11.2	%				9.9	%				9.9	%
Change in NII after 200 bps shock (b)			0.4	%				3.3	%				3.0	%
(b) Assumes no balance sheet management actions taken.

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Washington Federal, Inc.

Fact Sheet

June 30, 2023

($ in Thousands)

Historical CPR Rates (c)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
6/30/2023	7.9	%	11.8	%
(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, 2023

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	December 31, 2022						March 31, 2023						June 30, 2023
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	16,580,235	$	203,946	4.88	%	$	17,097,130	$	222,957	5.29	%	$	17,307,298	$	232,167	5.38	%
Mortgage-backed securities	1,368,759		10,613		3.08		1,355,403		10,422		3.12		1,349,264		10,454		3.11
Cash & investments	1,592,201		17,486		4.36		1,657,027		19,786		4.84		1,879,893		27,249		5.81
FHLB & FRB Stock	117,899		1,374		4.62		139,484		2,181		6.34		131,191		2,610		7.98
Total interest-earning assets	19,659,094		233,419		4.71	%	20,249,044		255,346		5.11	%	20,667,646		272,480		5.29	%
Other assets	1,500,892						1,491,981						1,445,635
Total assets	$	21,159,986					$	21,741,025					$	22,113,281
Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	12,611,624	31,646		1.00	%	$	12,746,827	52,123		1.66	%	$	13,019,355	70,062		2.16	%
Borrowings	2,695,652		18,974		2.79		3,235,278		27,659		3.47		3,595,879		33,718		3.76
Total interest-bearing liabilities	15,307,276		50,620		1.31	%	16,028,772		80,308		2.03	%	16,615,234		103,780		2.51	%
Noninterest-bearing customer accounts	3,245,264						3,046,867						2,826,238
Other liabilities	304,240						290,702						275,522
Total liabilities	18,856,780						19,366,341						19,716,994
Stockholders’ equity	2,303,206						2,374,684						2,396,287
Total liabilities and equity	$	21,159,986					$	21,741,025					$	22,113,281
Net interest income/interest rate spread			$	182,799	3.40	%			$	175,038	3.08	%			$	168,700	2.78	%
Net interest margin (1)					3.69	%					3.51	%					3.27	%
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.

Fact Sheet

June 30, 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 $
June 30, 2023
Multi-Family	1,137	2,514	$	2,858,433	1	—	1	2	0.18	%	$	496	0.02	%
Commercial Real Estate	1,193	2,698	3,218,451		—	—	—	—	—		—		—
Commercial & Industrial	2,068	1,204	2,490,740		3	3	12	18	0.87		32,551		1.31
Construction	528	3,332	1,759,434		—	—	—	—	—		—		—
Land - Acquisition & Development	101	1,601	161,658		—	—	—	—	—		—		—
Single-Family Residential	19,630	319	6,258,592		29	9	49	87	0.44		19,086		0.30
Construction - Custom	804	468	376,045		1	—	1	2	0.25		711		0.19
Land - Consumer Lot Loans	1,173	114	133,994		2	2	1	5	0.43		264		0.20
HELOC	4,151	55	228,132		6	1	6	13	0.31		1,448		0.63
Consumer	1,729	44	76,778		8	1	16	25	1.45		540		0.70
	32,514	540	$	17,562,257	50	16	86	152	0.47	%	$	55,096	0.31	%
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	%

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