Washington Federal (WAFD) 8-K WaFd Continues Tracking to Plan Post-Acquisition; Announces Quarterly Earnings Per Share of $0.75

WaFd, Inc.

Fact Sheet

June 30, 2024

($ in Thousands)

													Exhibit 99.2
	As of 12/23						As of 03/24						As of 06/24
Allowance for Credit Losses (ACL) - Total	$	201,820					$	225,077					$	225,324
ACL - Loans	179,320						201,577						203,824
ACL - Unfunded Commitments	22,500						23,500						21,500
Total ACL as a % of Gross Loans	1.04		%				1.00		%				1.00		%
	12/23 QTR			12/23 YTD			03/24 QTR			03/24 YTD			06/24 QTR			06/24 YTD
Loan Originations - Total	$	871,446		$	871,446		$	825,733		$	1,697,179		$	972,500		$	2,669,679
Multi-Family	10,408			10,408			39,802			50,210			8,523			58,733
Commercial Real Estate	63,616			63,616			81,634			145,250			57,956			203,206
Commercial & Industrial	419,046			419,046			370,476			789,522			456,351			1,245,873
Construction	150,977			150,977			136,038			287,015			124,978			411,993
Land - Acquisition & Development	12,557			12,557			11,475			24,032			6,099			30,131
Single-Family Residential	83,514			83,514			67,506			151,020			141,018			292,038
Construction - Custom	46,302			46,302			50,940			97,242			58,490			155,732
Land - Consumer Lot Loans	3,849			3,849			3,914			7,763			6,478			14,241
HELOC	40,996			40,996			31,859			72,855			46,246			119,101
Consumer	40,181			40,181			32,089			72,270			66,361			138,631
Purchased Loans (including acquisitions, both held for investment and held for sale)	$	—		$	—		$	6,415,128		$	6,415,128		$	—		$	6,415,128
Net Loan Fee and Discount Accretion	$	4,613		$	4,613		$	7,127		$	11,740		$	14,807		$	26,547
Repayments
Loans	$	1,153,510		$	1,153,510		$	983,348		$	2,136,858		$	1,035,515		$	3,172,373
MBS	36,437			36,437			35,927			72,364			58,582			130,946
MBS Premium Amortization (Accretion)	$	(64)		$	(64)		$	160		$	96		$	561		$	657
Efficiency
Operating Expenses/Average Assets	1.73		%	1.73		%	2.15		%	1.95		%	1.48		%	1.77		%
Efficiency Ratio (%)	58.02		%	58.02		%	77.74		%	68.04		%	56.61		%	63.87		%
Amortization of Intangibles	$	266		$	266		$	1,303		$	1,569		$	3,197		$	4,766
EOP Numbers
Shares Issued and Outstanding	64,254,700						81,405,391						81,157,173
Share repurchase information
Remaining shares authorized for repurchase	1,861,290						1,853,453						11,501,005
Shares repurchased	697,893			697,893			7,837			705,730			357,303			1,063,033
Average share repurchase price	$	24.45		$	24.45		$	30.38		$	24.52		$	26.63		$	25.23

1

WaFd, Inc.

Fact Sheet

June 30, 2024

($ in Thousands)

Tangible Common Shareholders' Book Value	As of 12/23			As of 03/24			As of 06/24
$ Amount	$	1,840,901		$	2,168,367		$	2,206,084
Per Share	28.65			26.64			27.18
# of Employees*	2,092			2,335			2,204
*Number of employees as of 3/31/24 includes 102 LBC that were not retained
Investments
Available-for-sale:
Agency MBS	$	940,763		$	1,291,648		$	1,351,997
Other	1,077,682			1,146,466			1,076,771
	$	2,018,445		$	2,438,114		$	2,428,768
Held-to-maturity:
Agency MBS	$	415,079		$	457,882		$	447,638
	$	415,079		$	457,882		$	447,638
	As of 12/23			As of 03/24			As of 06/24
Loans Receivable by Category 1	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	3,054,426	15.8%	$	4,173,375	18.5%	$	4,616,359	20.5%
Commercial Real Estate	3,351,113		17.3	3,570,790		15.8	3,781,247		16.8
Commercial & Industrial	2,371,393		12.3	2,290,452		10.1	2,394,978		10.6
Construction	2,868,207		14.7	2,631,783		11.6	2,247,530		10.0
Land - Acquisition & Development	190,732		1.0	215,831		1.0	195,796		0.9
Single-Family Residential	6,535,073		33.8	8,816,039		39.0	8,364,415		37.2
Construction - Custom	543,748		2.8	466,740		2.1	414,483		1.8
Land - Consumer Lot Loans	119,735		0.6	115,022		0.6	112,317		0.5
HELOC	243,742		1.3	243,852		1.1	255,271		1.1
Consumer	74,884		0.4	74,269		0.3	84,445		0.4
	19,353,053		100%	22,598,153		100%	22,466,841		100%
Less:
Allowance for Credit Losses (ACL)	179,320			201,577			203,824
Loans in Process	1,516,522			1,303,978			1,094,956
Net Deferred Fees, Costs and Discounts	72,589			297,339			294,142
Sub-Total	1,768,431			1,802,894			1,592,922
	$	17,584,622		$	20,795,259		$	20,873,919
Net Loan Portfolio by Category 1	AMOUNT		%	AMOUNT		%	AMOUNT		%
Multi-Family	$	3,008,665	17.1%	$	4,067,739	19.6%	$	4,488,124	21.5%
Commercial Real Estate	3,303,286		18.8	3,511,893		16.9	3,707,189		17.8
Commercial & Industrial	2,304,148		13.1	2,224,662		10.7	2,331,403		11.2
Construction	1,666,643		9.5	1,596,178		7.7	1,417,444		6.8
Land - Acquisition & Development	142,052		0.8	167,839		0.8	148,724		0.7
Single-Family Residential	6,466,893		36.8	8,578,862		41.3	8,146,045		39.0
Construction - Custom	261,377		1.5	221,460		1.1	188,940		0.9
Land - Consumer Lot Loans	115,572		0.7	111,043		0.5	108,927		0.4
HELOC	244,171		1.4	244,331		1.2	255,908		1.2
Consumer	71,815		0.4	71,252		0.3	81,215		0.4
	$	17,584,622	100%	$	20,795,259	100%	$	20,873,919	100%
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

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WaFd, Inc.

Fact Sheet

June 30, 2024

($ in Thousands)

	As of 12/23					As of 03/24					As of 06/24
Loans by State 1	AMOUNT			%		AMOUNT			%		AMOUNT			%
Washington	$	5,476,536		30.8	%	$	5,770,917		27.5	%	$	5,771,422		27.4	%
Idaho	908,006			5.1		896,501			4.3		917,733			4.4
Oregon	2,391,543			13.5		2,441,076			11.7		2,486,762			11.8
Utah	1,984,396			11.2		2,013,988			9.6		2,084,601			9.9
Nevada	772,743			4.4		781,351			3.7		776,656			3.6
Texas	2,435,784			13.7		2,466,030			11.7		2,526,689			12.0
Arizona	2,377,491			13.4		2,386,260			11.4		2,314,192			11.0
New Mexico	745,931			4.3		750,750			3.6		750,935			3.6
California	257,392			1.4		3,121,531			14.9		3,027,699			14.4
Other	414,120			2.3		368,432			1.8		421,054			2.0
Total	$	17,763,942		100%		$	20,996,836		100%		$	21,077,743		100%
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans: 1
Multi-Family	$	132		0.3%		$	8,377		13.8%		$	9,984		16.3%
Commercial Real Estate	24,283			53.7		27,022			44.4		26,408			43.1
Commercial & Industrial	4,437			9.8		4,436			7.3		2,138			3.5
Construction	—			—		—			—		1,120			1.8
Land - Acquisition & Development	—			—		112			0.2		74			0.1
Single-Family Residential	15,396			33.9		20,016			32.9		20,422			33.3
Construction - Custom	88			0.2		88			—		88			0.1
Land - Consumer Lot Loans	57			0.1		—			—		236			0.4
HELOC	603			1.3		491			0.8		758			1.2
Consumer	262			0.6		264			0.3		40			0.1
Total non-accrual loans	45,258			100%		60,806			100%		61,268			100%
Real Estate Owned	6,820					4,245					4,209
Other Property Owned	3,310					3,310					3,310
Total non-performing assets	$	55,388				$	68,361				$	68,787
Non-accrual loans as % of total net loans	0.26		%			0.29		%			0.29		%
Non-performing assets as % of total assets	0.24		%			0.23		%			0.24		%
Net Charge-offs (Recoveries) by Category	12/23 QTR			CO % (a)		03/24 QTR			CO % (a)		06/24 QTR			CO % (a)
Multi-Family	$	—		—%		$	—		—%		$	—		—%
Commercial Real Estate	(2)			—		—			—		201			0.02
Commercial & Industrial	30			0.01		33			0.01		1,343			0.22
Construction	—			—		—			—		—			—
Land - Acquisition & Development	(32)			(0.07)		(21)			(0.04)		(17)			(0.03)
Single-Family Residential	(120)			(0.01)		76			—		(105)			(0.01)
Construction - Custom	—			—		—			—		—			—
Land - Consumer Lot Loans	(9)			(0.03)		(46)			(0.16)		(2)			(0.01)
HELOC	(1)			—		(1)			—		(1)			—
Consumer	21			0.11		105			0.57		(166)			(0.79)
Total net charge-offs (recoveries)	$	(113)		—%		$	146		—%		$	1,253		0.02%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

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WaFd, Inc.

Fact Sheet

June 30, 2024

($ in Thousands)

	As of 12/23					As of 03/24					As of 06/24
Deposits & Branches by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
Washington	$	7,881,675	49.2	%	71	$	8,254,930	38.7	%	73	$	8,302,664	39.2	%	73
Idaho	921,611		5.7		22	918,143		4.3		22	922,547		4.4		22
Oregon	2,460,582		15.3		36	2,744,489		12.8		36	2,711,175		12.9		36
Utah	617,113		3.8		9	541,895		2.5		9	549,876		2.7		9
Nevada	504,217		3.1		8	513,980		2.4		8	508,648		2.4		8
Texas	566,940		3.4		5	404,120		1.9		5	371,539		1.8		5
Arizona	1,599,257		10.0		28	1,587,253		7.4		28	1,610,523		7.6		28
New Mexico	1,487,392		9.3		19	1,479,225		6.9		19	1,555,373		7.3		19
California						4,895,738		22.9		10	4,652,420		22.0		10
Total	$	16,038,787	100%		198	$	21,339,773	100%		210	$	21,184,765	100%		210
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Non-Interest Checking	$	2,604,281	16.2	%		$	2,482,010	11.6	%		$	2,514,310	11.9	%
Interest Checking	4,084,933		25.5			4,579,413		21.5			4,481,465		21.2
Savings	777,204		4.8			771,260		3.6			733,973		3.6
Money Market	3,191,646		19.9			4,506,179		21.1			4,199,257		19.8
Time Deposits	5,380,723		33.5			9,000,911		42.2			9,255,760		43.7
Total	$	16,038,787	100%			$	21,339,773	100%			$	21,184,765	100%
Deposits Uninsured & Non-collateralized - EOP	$	4,182,289	26.1	%		$	5,436,402	25.5	%		$	5,238,217	24.7	%
Time Deposit Repricing	Amount		Rate			Amount		Rate			Amount		Rate
Within 3 months	$	2,150,962	4.00	%		$	1,807,709	4.16	%		$	2,300,304	4.37	%
From 4 to 6 months	678,257		3.64	%		1,880,835		4.38	%		2,586,273		4.76	%
From 7 to 9 months	407,869		3.42	%		2,093,121		4.75	%		1,953,833		4.63	%
From 10 to 12 months	1,189,019		4.43	%		1,966,821		4.46	%		1,071,346		4.26	%
Debt & Borrowings (Effective Maturity)2	Amount		Rate			Amount		Rate			Amount		Rate
Within 1 year	$	2,975,000	4.99	%		$	4,447,572	5.20	%		$	3,036,283	5.01	%
1 to 3 years	100,000		1.65	%		191,507		3.12	%		192,425		3.13	%
3 to 5 years	—		—	%		—		—	%		—		—	%
More than 5 years	800,000		0.58	%		850,422		1.06	%		850,652		1.04	%
Total	$	3,875,000				$	5,489,501				$	4,079,360
Interest Rate Risk
NPV post 200 bps shock3			8.8	%				9.2	%				8.2	%
Change in NII after 200 bps shock3			(1.0)	%				9.3	%				7.2	%
2 includes FHLB and FRB borrowings, senior debt and junior subordinated debentures
3Assumes no balance sheet management actions taken.

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WaFd, Inc.

Fact Sheet

June 30, 2024

($ in Thousands)

Historical CPR Rates4
Average for Quarter Ended:	SFR Mortgages		GSE MBS
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	%
3/31/2024	4.8	%	8.7	%
6/30/2024	6.6	%	12.0	%
4The 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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WaFd, Inc.

Fact Sheet

June 30, 2024

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	December 31, 2023						March 31, 2024						June 30, 2024
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable1	$	17,533,944	$	245,792	5.58	%	$	19,696,515	$	274,341	5.60	%	$	23,536,530	$	337,118	5.76	%
Mortgage-backed securities	1,337,174		11,266		3.35		1,470,581		12,905		3.53		1,765,314		17,523		3.99
Cash & investments	1,851,301		27,354		5.88		2,020,460		28,901		5.75		2,386,434		33,693		5.68
FHLB Stock	124,019		2,434		7.81		138,452		2,679		7.78		164,018		3,608		8.85
Total interest-earning assets	20,846,438		286,846		5.47	%	23,326,008		318,826		5.50	%	27,852,296		391,942		5.66	%
Other assets	1,535,021						1,581,368						1,851,041
Total assets	$	22,381,459					$	24,907,376					$	29,703,337
Liabilities and Shareholders' Equity
Interest-bearing customer accounts	$	13,248,450	96,671		2.90	%	$	15,080,002	116,164		3.10	%	$	18,398,704	154,359		3.37	%
Borrowings, junior debentures, senior debt	3,718,207		37,938		4.06		4,323,454		44,065		4.10		5,406,585		60,397		4.49
Total interest-bearing liabilities	16,966,657		134,609		3.16	%	19,403,456		160,229		3.32	%	23,805,289		214,756		3.63	%
Noninterest-bearing customer accounts	2,654,982						2,536,757						2,593,381
Other liabilities	312,240						328,680						357,611
Total liabilities	19,933,879						22,268,893						26,756,281
Stockholders’ equity	2,447,580						2,638,483						2,947,056
Total liabilities and equity	$	22,381,459					$	24,907,376					$	29,703,337
Net interest income/interest rate spread			$	152,237	2.32	%			$	158,597	2.18	%			$	177,186	2.03	%
Net interest margin2					2.91	%					2.73	%					2.56	%
1 Includes loans held for sale
2Annualized net interest income divided by average interest-earning assets

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WaFd, Inc.

Fact Sheet

June 30, 2024

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, 2024
Multi-Family	1,951	2,313	$	4,513,323	—	1	2	3	0.15	%	$	6,612	0.15	%
Commercial Real Estate	1,302	2,878	3,746,945		—	2	2	4	0.31		589		0.02
Commercial & Industrial	1,871	1,277	2,389,236		2	—	9	11	0.59		2,138		0.09
Construction	404	3,565	1,440,152		—	1	2	3	0.74		1,120		0.08
Land - Acquisition & Development	82	1,908	156,424		—	—	2	2	2.44		74		0.05
Single-Family Residential	21,789	376	8,186,361		35	16	56	107	0.49		32,111		0.39
Construction - Custom	400	476	190,433		1	—	1	2	0.50		848		0.45
Land - Consumer Lot Loans	1,037	108	111,574		2	1	4	7	0.68		703		0.63
HELOC	4,360	59	258,833		10		5	18	0.41		2,251		0.87
Consumer	7,110	12	84,462		32	17	48	97	1.36		275		0.33
	40,306	523	$	21,077,743	82	41	131	254	0.63	%	$	46,721	0.22	%
March 31, 2024
Multi-Family	1,765	2,317	$	4,089,719	12	—	2	14	0.79	%	$	17,644	0.43	%
Commercial Real Estate	1,287	2,754	3,544,884		—	—	7	7	0.54		24,598		0.69
Commercial & Industrial	1,898	1,203	2,283,922		15	—	13	28	1.48		4,575		0.20
Construction	450	3,608	1,623,496		2	—	—	2	0.44		760		0.05
Land - Acquisition & Development	87	2,020	175,704		—	—	3	3	3.45		112		0.06
Single-Family Residential	22,392	385	8,619,916		29	17	56	102	0.46		25,761		0.30
Construction - Custom	451	495	223,377		1	—	1	2	0.44		847		0.38
Land - Consumer Lot Loans	1,076	106	114,256		4	1	1	6	0.56		307		0.27
HELOC	4,318	57	247,305		5	2	3	10	0.23		1,009		0.41
Consumer	7,497	10	74,257		15	15	135	165	2.20		435		0.59
	41,221	509	$	20,996,836	83	35	221	339	0.82	%	$	76,048	0.36	%
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	%

Tables above do not include loans held for sale.

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