Washington Federal (WAFD) 8-K WaFd Announces Quarterly Earnings Per Share Of $0.85

WaFd, Inc.

Fact Sheet

December 31, 2023

($ in Thousands)

													Exhibit 99.2
	As of 06/23						As of 09/23						As of 12/23
Allowance for Credit Losses (ACL) - Total	$	204,569					$	201,707					$	201,820
ACL - Loans	178,069						177,207						179,320
ACL - Unfunded Commitments	26,500						24,500						22,500
Total ACL as a % of Gross Loans	1.03		%				1.03		%				1.04		%
	06/23 QTR			06/23 YTD			09/23 QTR			09/23 YTD			12/23 QTR			12/23 YTD
Loan Originations - Total	$	870,963		$	3,953,363		$	748,793		$	4,702,156		$	871,446		$	871,446
Multi-Family	12,604			127,823			8,965			136,788			10,408			10,408
Commercial Real Estate	21,538			192,136			31,225			223,361			63,616			63,616
Commercial & Industrial	372,718			1,781,585			250,875			2,032,460			419,046			419,046
Construction	143,600			899,400			147,571			1,046,971			150,977			150,977
Land - Acquisition & Development	1,912			32,059			2,887			34,946			12,557			12,557
Single-Family Residential	168,532			469,027			141,103			610,130			83,514			83,514
Construction - Custom	77,210			265,406			81,378			346,784			46,302			46,302
Land - Consumer Lot Loans	4,894			15,599			5,534			21,133			3,849			3,849
HELOC	38,287			117,541			36,489			154,030			40,996			40,996
Consumer	29,668			52,787			42,766			95,553			40,181			40,181
Purchased Loans (including acquisitions)	$	—		$	80,015		$	—		$	80,015		$	—		$	—
Net Loan Fee and Discount Accretion	$	4,859		$	15,441		$	4,689		$	20,130		$	4,613		$	4,613
Repayments
Loans	$	1,103,238		$	3,445,990		$	989,279		$	4,435,269		$	1,153,510		$	1,153,510
MBS	43,639			125,303			56,648			181,951			36,437			36,437
MBS Premium Amortization (Accretion)	$	1,436		$	1,372		$	(106)		$	1,266		$	(64)		$	(64)
Efficiency
Operating Expenses/Average Assets	1.71		%	1.71		%	1.70		%	1.74		%	1.73		%	1.73		%
Efficiency Ratio (%)	51.90		%	50.29		%	51.78		%	50.65		%	58.02		%	58.02		%
Amortization of Intangibles	$	240		$	726		$	254		$	980		$	266		$	266
EOP Numbers
Shares Issued and Outstanding	64,721,190						64,736,916						64,254,700
Share repurchase information
Remaining shares authorized for repurchase	2,559,611						2,559,183						1,861,290
Shares repurchased	1,116,649			1,164,733			428			1,165,161			697,893			697,893
Average share repurchase price	$	25.62		$	26.14		$	30.41		$	26.14		$	24.45		$	24.45

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WaFd, Inc.

Fact Sheet

December 31, 2023

($ in Thousands)

Tangible Common Shareholders' Book Value	As of 06/23			As of 09/23			As of 12/23
$ Amount	$	1,784,997		$	1,815,807		$	1,840,901
Per Share	27.58			28.05			28.65
# of Employees	2,115			2,120			2,092
Investments
Available-for-sale:
Agency MBS	$	950,210		$	912,844		$	940,763
Other	1,086,023			1,082,253			1,077,682
	$	2,036,233		$	1,995,097		$	2,018,445
Held-to-maturity:
Agency MBS	$	434,172		$	423,586		$	415,079
	$	434,172		$	423,586		$	415,079
	As of 06/23			As of 09/23			As of 12/23
Loans Receivable by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,889,635	14.5%	$	2,907,086	14.8%	$	3,054,426	15.8%
Commercial Real Estate	3,239,387		16.3	3,344,959		17.0	3,351,113		17.3
Commercial & Industrial	2,496,778		12.5	2,321,717		11.8	2,371,393		12.2
Construction	3,578,430		17.9	3,318,994		16.9	2,868,207		14.8
Land - Acquisition & Development	216,185		1.1	201,538		1.0	190,732		1.0
Single-Family Residential	6,313,561		31.7	6,451,270		32.8	6,535,073		33.8
Construction - Custom	757,171		3.8	672,643		3.4	543,748		2.8
Land - Consumer Lot Loans	134,967		0.7	125,723		0.7	119,735		0.6
HELOC	224,917		1.1	234,410		1.2	243,742		1.3
Consumer	76,813		0.4	70,164		0.4	74,884		0.4
	19,927,844		100%	19,648,504		100%	19,353,053		100%
Less:
Allowance for Credit Losses (ACL)	178,069			177,207			179,320
Loans in Process	2,270,038			1,895,940			1,516,522
Net Deferred Fees, Costs and Discounts	95,549			98,807			72,589
Sub-Total	2,543,656			2,171,954			1,768,431
	$	17,384,188		$	17,476,550		$	17,584,622
Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	2,845,457	16.4%	$	2,873,439	16.4%	$	3,008,665	17.1%
Commercial Real Estate	3,190,319		18.4	3,281,258		18.8	3,303,286		18.8
Commercial & Industrial	2,428,825		14.0	2,256,546		12.9	2,304,148		13.1
Construction	1,731,519		10.0	1,809,528		10.4	1,666,643		9.5
Land - Acquisition & Development	154,411		0.9	149,645		0.9	142,052		0.8
Single-Family Residential	6,231,509		35.8	6,360,961		36.4	6,466,893		36.8
Construction - Custom	372,824		2.1	321,670		1.8	261,377		1.5
Land - Consumer Lot Loans	130,224		0.7	121,330		0.7	115,572		0.6
HELOC	225,388		1.3	234,895		1.3	244,171		1.4
Consumer	73,712		0.4	67,278		0.4	71,815		0.4
	$	17,384,188	100%	$	17,476,550	100%	$	17,584,622	100%

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WaFd, Inc.

Fact Sheet

December 31, 2023

($ in Thousands)

	As of 06/23					As of 09/23					As of 12/23
Loans by State	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,549,532		31.6	%	$	5,471,235		31.0	%	$	5,476,536		30.8	%
Idaho	877,573			5.0		891,240			5.0		908,006			5.1
Oregon	2,306,181			13.1		2,350,173			13.3		2,391,543			13.5
Utah	1,849,187			10.5		1,939,332			11.0		1,984,396			11.2
Nevada	758,988			4.3		740,394			4.2		772,743			4.3
Texas	2,381,783			13.6		2,403,111			13.6		2,435,784			13.7
Arizona	2,435,541			13.9		2,455,866			13.9		2,377,491			13.4
New Mexico	728,140			4.2		735,073			4.2		745,931			4.2
Other	675,332			3.8		667,333			3.8		671,512			3.8
Total	$	17,562,257		100%		$	17,653,757		100%		$	17,763,942		100%
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Multi-Family	$	5,951		10.8%		$	5,127		10.2%		$	132		0.3%
Commercial Real Estate	1,087			2.0		23,435			46.5		24,283			53.7
Commercial & Industrial	31,686			57.3		6,082			12.1		4,437			9.8
Construction	—			—		—			—		—			—
Land - Acquisition & Development	—			—		—			—		—			—
Single-Family Residential	15,510			28.0		14,918			29.6		15,396			34.0
Construction - Custom	87			0.2		88			0.1		88			0.2
Land - Consumer Lot Loans	122			0.2		9			—		57			0.1
HELOC	801			1.4		736			1.5		603			1.3
Consumer	32			0.1		27			—		262			0.6
Total non-accrual loans	55,276			100%		50,422			100%		45,258			100%
Real Estate Owned	8,371					4,149					6,820
Other Property Owned	3,353					3,353					3,310
Total non-performing assets	$	67,000				$	57,924				$	55,388
Non-accrual loans as % of total net loans	0.32		%			0.29		%			0.26		%
Non-performing assets as % of total assets	0.30		%			0.26		%			0.24		%
Net Charge-offs (Recoveries) by Category	06/23 QTR			CO % (a)		09/23 QTR			CO % (a)		12/23 QTR			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	—			—		(98)			(0.01)		(2)			—
Commercial & Industrial	10,459			1.68		29,242			5.04		30			0.01
Construction	—			—		—			—		—			—
Land - Acquisition & Development	(24)			(0.04)		(24)			(0.05)		(32)			(0.07)
Single-Family Residential	(18)			—		(16)			—		(120)			(0.01)
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	(9)			(0.03)		(9)			(0.03)		(9)			(0.03)
HELOC	—			—		(1)			—		(1)			—
Consumer	(57)			(0.30)		268			1.53		21			0.11
Total net charge-offs (recoveries)	$	10,351		0.21%		$	29,362		0.60%		$	(113)		—%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance

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WaFd, Inc.

Fact Sheet

December 31, 2023

($ in Thousands)

	As of 06/23					As of 09/23					As of 12/23
Deposits & Branches by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	7,505,777	46.6	%	71	$	7,627,674	47.5	%	71	$	7,881,675	49.1	%	71
Idaho	1,047,730		6.5		22	972,424		6.1		22	921,611		5.7		22
Oregon	2,810,153		17.4		36	2,820,338		17.4		36	2,460,582		15.4		36
Utah	837,696		5.2		9	662,192		4.1		9	617,113		3.9		9
Nevada	496,316		3.1		8	495,794		3.1		8	504,217		3.1		8
Texas	363,460		2.2		6	381,576		2.4		5	566,940		3.5		5
Arizona	1,605,868		10.0		28	1,635,345		10.2		28	1,599,257		10.0		28
New Mexico	1,453,424		9.0		19	1,474,986		9.2		19	1,487,392		9.3		19
Total	$	16,120,424	100%		199	$	16,070,329	100%		198	$	16,038,787	100%		198
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	2,729,888	16.9	%		$	2,706,448	16.8	%		$	2,604,281	16.2	%
Interest Checking	4,124,463		25.6			3,882,715		24.2			4,084,933		25.5
Savings	874,256		5.4			817,547		5.1			777,204		4.9
Money Market	3,527,968		21.9			3,358,603		20.9			3,191,646		19.9
Time Deposits	4,863,849		30.2			5,305,016		33.0			5,380,723		33.5
Total	$	16,120,424	100%			$	16,070,329	100%			$	16,038,787	100%
Deposits Uninsured & Non-collateralized - EOP	$	4,033,174	25.0	%		$	4,124,355	25.7	%		$	4,182,289	26.1	%
Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	1,402,532	3.28	%		$	2,345,588	3.84	%		$	2,150,962	4.00	%
From 4 to 6 months	1,500,396		3.22	%		1,517,379		3.89	%		678,257		3.64	%
From 7 to 9 months	1,017,655		3.67	%		408,399		3.84	%		407,869		3.42	%
From 10 to 12 months	400,959		3.73	%		323,741		3.02	%		1,189,019		4.43	%
Borrowings (Effective Maturity)	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	2,650,000	5.14	%		$	2,750,000	5.05	%		$	2,975,000	4.99	%
1 to 3 years	300,000		2.11	%		100,000		1.70	%		100,000		1.65	%
3 to 5 years	—		—	%		—		—	%		—		—	%
More than 5 years	800,000		0.61	%		800,000		0.61	%		800,000		0.58	%
Total	$	3,750,000				$	3,650,000				$	3,875,000
Interest Rate Risk
NPV post 200 bps shock (b)			9.9	%				9.5	%				8.8	%
Change in NII after 200 bps shock (b)			3.0	%				(2.0)	%				(1.0)	%
(b) Assumes no balance sheet management actions taken.

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WaFd, Inc.

Fact Sheet

December 31, 2023

($ in Thousands)

Historical CPR Rates (c)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
12/31/2023	6.6	%	9.7	%
(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.

5

WaFd, Inc.

Fact Sheet

December 31, 2023

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	June 30, 2023						September 30, 2023						December 31, 2023
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	17,307,298	$	232,167	5.38	%	$	17,397,745	$	240,998	5.50	%	$	17,533,944	$	245,792	5.58	%
Mortgage-backed securities	1,349,264		10,454		3.11		1,375,938		11,695		3.37		1,337,174		11,266		3.35
Cash & investments	1,879,893		27,249		5.81		1,841,726		26,536		5.72		1,851,301		27,354		5.88
FHLB Stock	131,191		2,610		7.98		120,005		2,481		8.20		124,019		2,434		7.81
Total interest-earning assets	20,667,646		272,480		5.29	%	20,735,414		281,710		5.39	%	20,846,438		286,846.027		5.47	%
Other assets	1,445,635						1,498,327						1,535,021
Total assets	$	22,113,281					$	22,233,741					$	22,381,459
Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	13,019,055	70,062		2.16	%	$	13,245,484	83,402		2.50	%	$	13,248,450	96,671		2.90	%
Borrowings	3,595,879		33,718		3.76		3,478,261		34,611		3.95		3,718,207		37,938		4.06
Total interest-bearing liabilities	16,614,934		103,780		2.51	%	16,723,745		118,013		2.80	%	16,966,657		134,609		3.16	%
Noninterest-bearing customer accounts	2,826,538						2,761,622						2,654,982
Other liabilities	275,522						316,528						312,240
Total liabilities	19,716,994						19,801,895						19,933,879
Stockholders’ equity	2,396,287						2,431,846						2,447,580
Total liabilities and equity	$	22,113,281					$	22,233,741					$	22,381,459
Net interest income/interest rate spread			$	168,700	2.78	%			$	163,697	2.59	%			$	152,237	2.32	%
Net interest margin (1)					3.27	%					3.13	%					2.91	%
(1) Annualized net interest income divided by average interest-earning assets

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WaFd, Inc.

Fact Sheet

December 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 $
December 31, 2023
Multi-Family	1,147	2,635	$	3,022,457	—	—	1	1	0.09	%	$	132	—	%
Commercial Real Estate	1,205	2,765	3,332,293		2	—	5	7	0.58		25,217		0.76
Commercial & Industrial	1,953	1,211	2,364,982		11	2	7	20	1.02		7,141		0.30
Construction	476	3,562	1,695,506		—	—	—	—	—		—		—
Land - Acquisition & Development	95	1,565	148,711		—	—	—	—	—		—		—
Single-Family Residential	19,713	330	6,495,449		33	19	44	96	0.49		22,143		0.34
Construction - Custom	538	490	263,638		1	—	1	2	0.37		847		0.32
Land - Consumer Lot Loans	1,106	108	118,917		2	—	1	3	0.27		393		0.33
HELOC	4,281	58	247,145		9		7	16	0.37		1,668		0.67
Consumer	7,068	11	74,844		24	10	32	66	0.93		516		0.69
	37,582	473	$	17,763,942	82	31	98	211	0.56	%	$	58,057	0.33	%
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	%

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