EX-99.2 3 exhibit992june2023factsheet.htm EX-99.2 Document
Washington Federal, Inc.
Fact Sheet
June 30, 2023
($ in Thousands)
Exhibit 99.2
As of 12/22As of 03/23As of 06/23
Allowance for Credit Losses (ACL) - Total$208,297 $205,920 $204,569 
     ACL - Loans176,797 177,420 178,069 
     ACL - Unfunded Commitments31,500 28,500 26,500 
     Total ACL as a % of Gross Loans1.03 %1.02 %1.03 %
12/22 QTR12/22 YTD03/23 QTR03/23 YTD06/23 QTR06/23 YTD
Loan Originations - Total$2,042,678 $2,042,678 $1,039,722 $3,082,400 $870,963 $3,953,363 
     Multi-Family97,490 97,490 17,729 115,219 12,604 127,823 
     Commercial Real Estate130,909 130,909 39,689 170,598 21,538 192,136 
     Commercial & Industrial952,699 952,699 456,168 1,408,867 372,718 1,781,585 
     Construction529,050 529,050 226,750 755,800 143,600 899,400 
     Land - Acquisition & Development10,104 10,104 20,043 30,147 1,912 32,059 
     Single-Family Residential150,721 150,721 149,774 300,495 168,532 469,027 
     Construction - Custom114,191 114,191 74,005 188,196 77,210 265,406 
     Land - Consumer Lot Loans4,390 4,390 6,315 10,705 4,894 15,599 
     HELOC42,632 42,632 36,622 79,254 38,287 117,541 
     Consumer10,492 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 $3,445,990 
MBS48,310 48,310 33,354 81,664 43,639 125,303 
MBS Premium Amortization$(157)$(157)$93 $(64)$1,436 $1,372 
Efficiency
Operating Expenses/Average Assets1.74 %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 Outstanding65,387,745 65,793,099 64,721,190 
Share repurchase information
Remaining shares authorized for repurchase3,679,499 3,676,260 2,559,611 
Shares repurchased44,845 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 ValueAs of 12/22As of 03/23As of 06/23
$ Amount$1,715,614 $1,766,593 $1,784,997 
Per Share26.24 26.85 27.58 
# of Employees2,144 2,110 2,115 
Investments
Available-for-sale:
     Agency MBS$911,835 $899,744 $950,210 
     Other1,148,002 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 12/22As of 03/23As 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 Estate3,237,073 16.03,283,151 16.33,239,387 16.3
     Commercial & Industrial2,628,131 13.02,590,700 12.82,496,778 12.5
     Construction4,055,474 20.03,735,821 18.53,578,430 17.9
     Land - Acquisition & Development253,682 1.2231,990 1.1216,185 1.1
     Single-Family Residential6,013,410 29.76,175,250 30.66,313,561 31.7
     Construction - Custom926,126 4.6840,475 4.2757,171 3.8
     Land - Consumer Lot Loans148,246 0.7141,215 0.7134,967 0.7
     HELOC212,123 1.0218,179 1.1224,917 1.1
     Consumer73,115 0.471,083 0.476,813 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 Process2,997,839 2,648,512 2,270,038 
        Net Deferred Fees, Costs and Discounts92,487 84,593 95,549 
        Sub-Total3,267,123 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 Estate3,185,927 18.73,230,501 18.73,190,319 18.4
     Commercial & Industrial2,557,393 15.02,521,895 14.62,428,825 14.0
     Construction1,611,366 9.51,582,486 9.21,731,519 10.0
     Land - Acquisition & Development182,590 1.1159,584 0.9154,411 0.9
     Single-Family Residential5,942,203 35.06,107,105 35.36,231,509 35.8
     Construction - Custom405,063 2.4400,327 2.3372,824 2.1
     Land - Consumer Lot Loans142,936 0.9136,195 0.8130,224 0.7
     HELOC212,317 1.2218,497 1.3225,388 1.3
     Consumer70,358 0.468,360 0.473,712 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 12/22As of 03/23As 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 %
     Idaho860,583 5.0 865,543 5.0 877,573 5.0 
     Oregon2,310,548 13.5 2,303,843 13.2 2,306,181 13.1 
     Utah1,649,462 9.6 1,758,831 10.1 1,849,187 10.5 
     Nevada723,099 4.2 767,250 4.4 758,988 4.3 
     Texas2,243,393 13.1 2,330,637 13.4 2,381,783 13.6 
     Arizona2,381,143 13.9 2,398,029 13.7 2,435,541 13.9 
     New Mexico705,213 4.1 720,320 4.1 728,140 4.2 
     Other711,609 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 Estate4,635 15.94,519 13.01,087 2.0
     Commercial & Industrial906 3.17,681 22.231,686 57.3
     Construction— —— ——
     Land - Acquisition & Development— —— ——
     Single-Family Residential17,084 58.516,396 47.415,510 28.0
     Construction - Custom435 1.5— —87 0.2
     Land - Consumer Lot Loans71 0.36 —122 0.2
     HELOC134 0.5128 0.4801 1.4
     Consumer36 0.132 0.132 0.1
        Total non-accrual loans29,180 100%34,606 100%55,276 100%
Real Estate Owned6,117 8,826 8,371 
Other Property Owned3,353 3,353 3,353 
Total non-performing assets$38,650 $46,785 $67,000 
Non-accrual loans as % of total net loans0.17 %0.20 %0.32 %
Non-performing assets as % of total assets0.18 %0.21 %0.30 %
Net Charge-offs (Recoveries) by Category12/22 QTRCO % (a)03/23 QTRCO % (a)06/23 QTRCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate(4)—(1)—— —
Commercial & Industrial50 0.016,012 0.9310,459 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 12/22As of 03/23As 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 
     Idaho1,015,195 6.4 22 1,020,154 6.4 22 1,047,730 6.5 22 
     Oregon2,779,517 17.4 36 2,750,323 17.3 36 2,810,153 17.4 36 
     Utah949,557 5.9 9 852,062 5.4 9 837,696 5.2 9 
     Nevada504,855 3.2 9 527,449 3.3 8 496,316 3.1 8 
     Texas518,773 3.3 5 410,972 2.6 6 363,460 2.2 6 
     Arizona1,544,363 9.7 28 1,579,815 10.0 28 1,605,868 10.0 28 
     New Mexico1,300,023 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 Checking3,971,814 24.9 4,125,554 26.0 4,124,463 25.6 
Savings1,002,034 6.3 943,915 6.0 874,256 5.4 
Money Market4,503,089 28.2 3,954,709 24.9 3,527,968 21.9 
Time Deposits3,412,203 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 RepricingAmountRateAmountRateAmountRate
Within 3 months$1,009,481 0.96 %$553,797 1.49 %$1,402,532 3.28 %
From 4 to 6 months523,602 1.06 %947,860 2.51 %1,500,396 3.22 %
From 7 to 9 months490,001 1.28 %920,635 2.38 %1,017,655 3.67 %
From 10 to 12 months726,764 1.64 %933,763 3.46 %400,959 3.73 %
Borrowings (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$1,975,000 4.31 %$2,700,000 4.74 %$2,650,000 5.14 %
1 to 3 years200,000 2.19 %300,000 2.07 %300,000 2.11 %
3 to 5 years100,000 1.87 %— — %— — %
More than 5 years800,000 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)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
6/30/202131.8 %42.7 %
9/30/202128.4 %38.3 %
12/31/202125.0 %35.3 %
3/31/202218.4 %28.6 %
6/30/202213.1 %20.9 %
9/30/20228.1 %14.7 %
12/31/20226.3 %12.6 %
3/31/20235.8 %8.9 %
6/30/20237.9 %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, 2022March 31, 2023June 30, 2023
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
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 securities1,368,759 10,613 3.08 1,355,403 10,422 3.12 1,349,264 10,454 3.11 
Cash & investments1,592,201 17,486 4.36 1,657,027 19,786 4.84 1,879,893 27,249 5.81 
FHLB & FRB Stock117,899 1,374 4.62 139,484 2,181 6.34 131,191 2,610 7.98 
Total interest-earning assets19,659,094 233,419 4.71 %20,249,044 255,346 5.11 %20,667,646 272,480 5.29 %
Other assets1,500,892 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 %
Borrowings2,695,652 18,974 2.79 3,235,278 27,659 3.47 3,595,879 33,718 3.76 
Total interest-bearing liabilities15,307,276 50,620 1.31 %16,028,772 80,308 2.03 %16,615,234 103,780 2.51 %
Noninterest-bearing customer accounts3,245,264 3,046,867 2,826,238 
Other liabilities304,240 290,702 275,522 
Total liabilities18,856,780 19,366,341 19,716,994 
Stockholders’ equity2,303,206 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
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
June 30, 2023
     Multi-Family1,137 2,514 $2,858,433 1 — 1 2 0.18 %$496 0.02 %
     Commercial Real Estate1,193 2,698 3,218,451 — — — — — — — 
     Commercial & Industrial2,068 1,204 2,490,740 3 3 12 18 0.87 32,551 1.31 
     Construction528 3,332 1,759,434 — — — — — — — 
     Land - Acquisition & Development101 1,601 161,658 — — — — — — — 
     Single-Family Residential19,630 319 6,258,592 29 9 49 87 0.44 19,086 0.30 
     Construction - Custom804 468 376,045 1 — 1 2 0.25 711 0.19 
     Land - Consumer Lot Loans1,173 114 133,994 2 2 1 5 0.43 264 0.20 
     HELOC4,151 55 228,132 6 1 6 13 0.31 1,448 0.63 
     Consumer1,729 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-Family1,147 2,493 $2,859,994 1 — — 1 0.09 %$132 — %
     Commercial Real Estate1,210 2,693 3,258,304 2 — 2 4 0.33 2,011 0.06 
     Commercial & Industrial2,171 1,191 2,585,196 18 2 11 31 1.43 4,199 0.16 
     Construction576 2,793 1,608,513 1 — — 1 0.17 505 0.03 
     Land - Acquisition & Development109 1,533 167,080 — — — — — — — 
     Single-Family Residential19,543 314 6,134,021 28 4 56 88 0.45 19,238 0.31 
     Construction - Custom953 424 403,783 1 — — 1 0.10 87 0.02 
     Land - Consumer Lot Loans1,209 116 140,140 1 — — 1 0.08 79 0.06 
     HELOC4,070 54 221,159 8 4 4 16 0.39 1,348 0.61 
     Consumer1,765 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-Family1,141 2,363 $2,695,759 — — %$— — %
     Commercial Real Estate1,208 2,660 3,213,308 1 1 4 6 0.50 1,049 0.03 
     Commercial & Industrial2,237 1,172 2,621,266 20 7 18 45 2.01 1,246 0.05 
     Construction630 2,599 1,637,499 2 2 0.32 934 0.06 
     Land - Acquisition & Development110 1,738 191,162 — — — — 
     Single-Family Residential19,375 308 5,967,678 30 9 57 96 0.50 21,296 0.36 
     Construction - Custom1,091 374 408,563 1 1 0.09 435 0.11 
     Land - Consumer Lot Loans1,238 119 147,078 1 1 2 0.16 109 0.07 
     HELOC3,971 54 214,904 9 6 15 0.38 2,249 1.05 
     Consumer1,951 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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