Washington Federal (WAFD) 8-K WaFd's Annual Earnings Per Share Increased 10% For 2023 Even After Net Interest Margin Contraction and Outsized Provision For Credit Losses

Exhibit 99.2

WaFd, Inc.

Fact Sheet

September 30, 2023

($ in Thousands)

	As of 03/23						As of 06/23						As of 09/23
Allowance for Credit Losses (ACL) - Total	$	205,920					$	204,569					$	201,707
ACL - Loans	177,420						178,069						177,207
ACL Unfunded Commitments	28,500						26,500						24,500
Total ACL as a % of Gross Loans	1.02		%				1.03		%				1.03		%
	03/23 QTR			03/23 YTD			06/23 QTR			06/23 YTD			09/23 QTR			09/23 YTD
Loan Originations - Total	$	1,039,722		$	3,082,400		$	870,963		$	3,953,363		$	748,793		$	4,702,156
Multi-Family	17,729			115,219			12,604			127,823			8,965			136,788
Commercial Real Estate	39,689			170,598			21,538			192,136			31,225			223,361
Commercial & Industrial	456,168			1,408,867			372,718			1,781,585			250,875			2,032,460
Construction	226,750			755,800			143,600			899,400			147,571			1,046,971
Land - Acquisition & Development	20,043			30,147			1,912			32,059			2,887			34,946
Single-Family Residential	149,774			300,495			168,532			469,027			141,103			610,130
Construction - Custom	74,005			188,196			77,210			265,406			81,378			346,784
Land - Consumer Lot Loans	6,315			10,705			4,894			15,599			5,534			21,133
HELOC	36,622			79,254			38,287			117,541			36,489			154,030
Consumer	12,627			23,119			29,668			52,787			42,766			95,553
Purchased Loans (including acquisitions)	$	—		$	80,015		$	—		$	80,015		$	—		$	80,015
Net Loan Fee and Discount Accretion	$	4,923		$	10,582		$	4,859		$	15,441		$	4,689		$	20,130
Repayments
Loans	$	1,109,433		$	2,342,752		$	1,103,238		$	3,445,990		$	989,279		$	4,435,269
MBS	33,354			81,664			43,639			125,303			56,648			181,951
MBS Net Premium Amortization	$	93		$	(64)		$	1,436		$	1,372		$	(106)		$	1,266
Efficiency
Operating Expenses/Average Assets	1.78		%	1.76		%	1.71		%	1.71		%	1.70		%	1.74		%
Efficiency Ratio (%)	52.34		%	49.53		%	51.90		%	50.29		%	51.78		%	50.65		%
Amortization of Intangibles	$	243		$	486		$	240		$	726		$	254		$	980
EOP Numbers
Shares Issued and Outstanding	65,793,099						64,721,190						64,736,916
Share repurchase information
Remaining shares authorized for repurchase	3,676,260						2,559,611						2,559,183
Shares repurchased	3,239			48,084			1,116,649			1,164,733			428			1,165,161
Average share repurchase price	$	33.48		$	38.19		$	25.62		$	26.14		$	30.41		$	26.14

1

WaFd, Inc.

Fact Sheet

September 30, 2023

($ in Thousands)

Tangible Common Book Value	As of 03/23			As of 06/23			As of 09/23
$ Amount	$	1,766,593		$	1,784,997		$	1,815,807
Per Share	26.85			27.58			28.05
# of Employees	2,110			2,115			2,120
Investments
Available-For-Sale:
Agency MBS	$	899,744		$	950,210		$	912,844
Other	1,106,542			1,086,023			1,082,253
	$	2,006,286		$	2,036,233		$	1,995,097
Held-To-Maturity:
Agency MBS	$	445,222		$	434,172		$	423,586
	$	445,222		$	434,172		$	423,586
	As of 03/31/23			As of 06/30/23			As of 09/30/23
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,894,567	14.3%	$	2,889,635	14.5%	$	2,907,086	14.8%
Commercial Real Estate	3,283,151		16.3	3,239,387		16.3	3,344,959		17.0
Commercial & Industrial	2,590,700		12.8	2,496,778		12.5	2,321,717		11.8
Construction	3,735,821		18.5	3,578,430		17.9	3,318,994		16.9
Land - Acquisition & Development	231,990		1.1	216,185		1.1	201,538		1.0
Single-Family Residential	6,175,250		30.6	6,313,561		31.7	6,451,270		32.8
Construction - Custom	840,475		4.2	757,171		3.8	672,643		3.4
Land - Consumer Lot Loans	141,215		0.7	134,967		0.7	125,723		0.7
HELOC	218,179		1.1	224,917		1.1	234,410		1.2
Consumer	71,083		0.4	76,813		0.4	70,164		0.4
	20,182,431		100%	19,927,844		100%	19,648,504		100%
Less:
Allowance	177,420			178,069			177,207
Loans in Process	2,648,512			2,270,038			1,895,940
Net Deferred Fees, Costs and Discounts	84,593			95,549			98,807
Sub-Total	2,910,525			2,543,656			2,171,954
	$	17,271,906		$	17,384,188		$	17,476,550
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,846,956	16.5%	$	2,845,457	16.4%	$	2,873,439	16.4%
Commercial Real Estate	3,230,501		18.7	3,190,319		18.4	3,281,258		18.8
Commercial & Industrial	2,521,895		14.6	2,428,825		14.0	2,256,546		12.9
Construction	1,582,486		9.2	1,731,519		10.0	1,809,528		10.4
Land - Acquisition & Development	159,584		0.9	154,411		0.9	149,645		0.9
Single-Family Residential	6,107,105		35.3	6,231,509		35.8	6,360,961		36.4
Construction - Custom	400,327		2.3	372,824		2.1	321,670		1.8
Land - Consumer Lot Loans	136,195		0.8	130,224		0.7	121,330		0.7
HELOC	218,497		1.3	225,388		1.3	234,895		1.3
Consumer	68,360		0.4	73,712		0.4	67,278		0.4
	$	17,271,906	100%	$	17,384,188	100%	$	17,476,550	100%

2

WaFd, Inc.

Fact Sheet

September 30, 2023

($ in Thousands)

	As of 03/31/23					As of 06/30/23					As of 09/30/23
Loans by State	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,609,172		32.1	%	$	5,549,532		31.6	%	$	5,471,235		31.0	%
Idaho	865,543			5.0		877,573			5.0		891,240			5.0
Oregon	2,303,843			13.2		2,306,181			13.1		2,350,173			13.3
Utah	1,758,831			10.1		1,849,187			10.5		1,939,332			11.0
Nevada	767,250			4.4		758,988			4.3		740,394			4.2
Texas	2,330,637			13.4		2,381,783			13.6		2,403,111			13.6
Arizona	2,398,029			13.7		2,435,541			13.9		2,455,866			13.9
New Mexico	720,320			4.1		728,140			4.2		735,073			4.2
Other	695,701			4.0		675,332			3.8		667,333			3.8
Total	$	17,449,326		100%		$	17,562,257		100%		$	17,653,757		100%
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Multi-Family	$	5,844		16.9%		$	5,951		10.8%		$	5,127		10.2%
Commercial Real Estate	4,519			13.0		1,087			2.0		23,435			46.5
Commercial & Industrial	7,681			22.2		31,686			57.3		6,082			12.1
Construction	—			—		—			—		—			—
Land - Acquisition & Development	—			—		—			—		—			—
Single-Family Residential	16,396			47.4		15,510			28.0		14,918			29.6
Construction - Custom	—			—		87			0.2		88			—
Land - Consumer Lot Loans	6			—		122			0.2		9			—
HELOC	128			0.4		801			1.4		736			1.5
Consumer	32			0.1		32			0.1		27			0.1
Total non-accrual loans	34,606			100%		55,276			100%		50,422			100%
Real Estate Owned	8,826					8,371					4,149
Other Property Owned	3,353					3,353					3,353
Total non-performing assets	$	46,785				$	67,000				$	57,924
Non-accrual loans as % of total net loans	0.20		%			0.32		%			0.29		%
Non-performing assets as % of total assets	0.21		%			0.30		%			0.26		%
Net Charge-offs (Recoveries) by Category	03/23 QTR			CO % (a)		06/23 QTR			CO % (a)		09/23 QTR			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	(1)			—		—			—		(98)			(0.01)
Commercial & Industrial	6,012			0.93		10,459			1.68		29,242			5.04
Construction	—			—		—			—		—			—
Land - Acquisition & Development	(14)			(0.02)		(24)			(0.04)		(24)			(0.05)
Single-Family Residential	(70)			—		(18)			—		(16)			—
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	(5)			(0.01)		(9)			(0.03)		(9)			(0.03)
HELOC	—			—		—			—		(1)			—
Consumer	(45)			(0.25)		(57)			(0.30)		268			1.53
Total net charge-offs (recoveries)	$	5,877		0.12%		$	10,351		0.21%		$	29,362		0.60%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance

3

WaFd, Inc.

Fact Sheet

September 30, 2023

($ in Thousands)

	As of 03/23					As of 06/23					As of 09/23
Deposits & Branches by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	7,273,498	45.9	%	71	$	7,505,777	46.6	%	71	$	7,627,674	47.5	%	71
Idaho	1,020,154		6.4		22	1,047,730		6.5		22	972,424		6.1		22
Oregon	2,750,323		17.3		36	2,810,153		17.4		36	2,820,338		17.4		36
Utah	852,062		5.4		9	837,696		5.2		9	662,192		4.1		9
Nevada	527,449		3.3		8	496,316		3.1		8	495,794		3.1		8
Texas	410,972		2.6		6	363,460		2.2		6	381,576		2.4		5
Arizona	1,579,815		10.0		28	1,605,868		10.0		28	1,635,345		10.2		28
New Mexico	1,446,675		9.1		19	1,453,424		9.0		19	1,474,986		9.2		19
Total	$	15,860,948	100%		199	$	16,120,424	100%		199	$	16,070,329	100%		198
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	2,856,165	18.0	%		$	2,729,888	16.9	%		$	2,706,448	16.8	%
Interest Checking	4,125,554		26.0			4,124,463		25.6			3,882,715		24.2
Savings	943,915		6.0			874,256		5.4			817,547		5.1
Money Market	3,954,709		24.9			3,527,968		21.9			3,358,603		20.9
Time Deposits	3,980,605		25.1			4,863,849		30.2			5,305,016		33.0
Total	$	15,860,948	100%			$	16,120,424	100%			$	16,070,329	100%
Deposits Uninsured & Non-collateraized - EOP	$	4,238,628.64	26.7	%		$	4,033,174	25.0	%		$	4,124,355	25.7	%
Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	553,797	1.49	%		$	1,402,532	3.28	%		$	2,345,588	3.84	%
From 4 to 6 months	947,860		2.51	%		1,500,396		3.22	%		1,517,379		3.89	%
From 7 to 9 months	920,635		2.38	%		1,017,655		3.67	%		408,399		3.84	%
From 10 to 12 months	933,763		3.46	%		400,959		3.73	%		323,741		3.02	%
Borrowings (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	2,700,000	4.74	%		$	2,650,000	5.14	%		$	2,750,000	5.05	%
1 to 3 years	300,000		2.07	%		300,000		2.11	%		100,000		1.70	%
3 to 5 years	—		—	%		—		—	%		—		—	%
More than 5 years	800,000		0.76	%		800,000		0.61	%		800,000		0.61	%
Total	$	3,800,000				$	3,750,000				$	3,650,000
Interest Rate Risk
NPV post 200 bps shock (b)			9.9	%				9.9	%				9.5	%
Change in NII after 200 bps shock (b)			3.3	%				3.0	%				(2.0)	%
(b) Assumes no balance sheet management actions taken.

4

WaFd, Inc.

Fact Sheet

September 30, 2023

($ in Thousands)

Historical CPR Rates (c)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
9/30/2023	7.0	%	14.5	%
(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

WaFd, Inc.

Fact Sheet

September 30, 2023

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	March 31, 2023						June 30, 2023						September 30, 2023
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	17,097,130	$	222,957	5.29	%	$	17,307,298	$	232,167	5.38	%	$	17,397,745	$	240,998	5.50	%
Mortgage-backed securities	1,355,403		10,422		3.12		1,349,264		10,454		3.11		1,375,938		11,695		3.37
Cash & investments	1,657,027		19,786		4.84		1,879,893		27,249		5.81		1,841,726		26,536		5.72
FHLB & FRB Stock	139,484		2,181		6.34		131,191		2,610		7.98		120,005		2,481		8.20
Total interest-earning assets	20,249,044		255,346		5.11	%	20,667,646		272,480		5.29	%	20,735,414		281,710		5.39	%
Other assets	1,491,981						1,445,635						1,498,327
Total assets	$	21,741,025					$	22,113,281					$	22,233,741
Liabilities and Shareholders' Equity
Interest-bearing customer accounts	12,746,827		52,123		1.66	%	13,019,055		70,062		2.16	%	13,245,484		83,402		2.50	%
Borrowings	3,281,945		28,185		3.48		3,595,879		33,718		3.76		3,478,261		34,611		3.95
Total interest-bearing liabilities	16,028,772		80,308		2.03	%	16,614,934		103,780		2.51	%	16,723,745		118,013		2.80	%
Noninterest-bearing customer accounts	3,046,867						2,826,538						2,761,622
Other liabilities	290,702						275,522						316,528
Total liabilities	19,366,341						19,716,994						19,801,895
Shareholders’ equity	2,374,684						2,396,287						2,431,846
Total liabilities and shareholders' equity	$	21,741,025					$	22,113,281					$	22,233,741
Net interest income/interest rate spread			$	175,038	3.08	%			$	168,700	2.78	%			$	163,697	2.59	%
Net interest margin (1)					3.51	%					3.27	%					3.13	%
(1) Annualized net interest income divided by average interest-earning assets

6

WaFd, Inc.

Fact Sheet

September 30, 2023

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, 2023
Multi-Family	1,134	2,545	$	2,886,594	—	—	1	1	0.09	%	$	132	—	%
Commercial Real Estate	1,199	2,761	3,310,101		1	1	3	5	0.42		24,428		0.74
Commercial & Industrial	2,000	1,158	2,315,318		2	5	18	25	1.25		8,298		0.36
Construction	490	3,753	1,838,936		—	—	—	—	—		—		—
Land - Acquisition & Development	93	1,685	156,661		—	—	—	—	—		—		—
Single-Family Residential	19,737	324	6,388,990		30	19	45	94	0.48		23,925		0.37
Construction - Custom	665	488	324,451		1	1	1	3	0.45		3,464		1.07
Land - Consumer Lot Loans	1,131	110	124,842		2	2	1	5	0.44		611		0.49
HELOC	4,229	56	237,754		11	3	6	20	0.47		2,046		0.86
Consumer	1,694	41	70,110		9	2	14	25	1.48		411		0.59
	32,372	545	$	17,653,757	56	33	89	178	0.55	%	$	63,315	0.36	%
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	%

7