EX-99.2 3 exhibit992_march2022factsh.htm EX-99.2 Document
Washington Federal, Inc.
Fact Sheet
March 31, 2022
($ in Thousands)
Exhibit 99.2
As of 09/21As of 12/21As of 03/22
Allowance for Credit Losses (ACL) - Total$198,800 $201,411 $201,384 
     ACL - Loans171,300 171,411 171,384 
     ACL Unfunded Commitments27,500 30,000 30,000 
     Total ACL as a % of Gross Loans1.22 %1.18 %1.13 %
09/21 QTR09/21 YTD12/21 QTR12/21 YTD03/22 QTR03/22 YTD
Loan Originations - Total$2,191,652 $8,184,733 $2,134,338 $2,134,338 $2,227,505 $4,361,843 
     Multi-Family389,224 821,426 196,266 196,266 224,179 420,445 
     Commercial Real Estate264,238 673,117 304,580 304,580 173,381 477,961 
     Commercial & Industrial519,270 2,509,512 772,536 772,536 642,243 1,414,779 
     Construction503,156 2,178,260 385,447 385,447 686,847 1,072,294 
     Land - Acquisition & Development44,695 124,871 34,085 34,085 20,731 54,816 
     Single-Family Residential204,226 938,822 219,416 219,416 242,492 461,908 
     Construction - Custom192,569 621,928 162,826 162,826 175,733 338,559 
     Land - Consumer Lot Loans23,640 94,388 19,153 19,153 16,430 35,583 
     HELOC42,008 130,988 33,275 33,275 38,410 71,685 
     Consumer8,626 91,421 6,754 6,754 7,059 13,813 
Purchased Loans (including acquisitions)$75,724 $488,147 $402,819 $402,819 $109,664 $512,483 
Net Loan Fee and Discount Accretion$11,804 $48,079 $9,362 $9,362 $7,679 $17,041 
Repayments
Loans$1,686,825 $6,797,043 $1,833,099 $1,833,099 $1,544,408 $3,377,507 
MBS122,289 725,377 98,275 98,275 70,182 168,457 
MBS Premium Amortization$1,604 $9,892 $1,305 $1,305 $1,014 $2,319 
Efficiency
Operating Expenses/Average Assets1.75 %1.72 %1.81 %1.81 %1.75 %1.78 %
Efficiency Ratio (%)56.75 %58.77 %58.64 %58.64 %58.65 %58.65 %
Amortization of Intangibles$279 $1,387 $272 $272 $247 $519 
EOP Numbers
Shares Issued and Outstanding65,145,268 65,263,738 65,306,928 
Share repurchase information
Remaining shares authorized for repurchase3,817,118 3,733,004 3,728,320 
Shares repurchased4,333,690 10,810,113 84,114 84,114 4,684 88,798 
Average share repurchase price$32.44 $32.25 $35.34 $35.34 $34.65 $35.31 



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Washington Federal, Inc.
Fact Sheet
March 31, 2022
($ in Thousands)
Tangible Common Shareholders' Book ValueAs of 09/21As of 12/21As of 03/22
$ Amount$1,516,045 $1,539,379 $1,582,200 
Per Share23.27 23.59 24.23 
# of Employees2,082 2,114 2,138 
Investments
Available-for-sale:
     Agency MBS$606,827 $540,344 $597,903 
     Other1,531,432 1,405,795 1,311,702 
$2,138,259 $1,946,139 $1,909,605 
Held-to-maturity:
     Agency MBS$366,025 $326,387 $301,221 
$366,025 $326,387 $301,221 
As of 09/21As of 12/21As of 03/22
Loans Receivable by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$2,291,477 14.1%$2,298,155 13.5%$2,392,810 13.5%
     Commercial Real Estate2,443,845 15.02,681,453 15.82,829,946 15.9
     Commercial & Industrial2,314,654 14.22,373,012 13.92,504,442 14.1
     Construction2,888,214 17.72,967,644 17.43,136,239 17.6
     Land - Acquisition & Development222,457 1.4225,423 1.3236,313 1.3
     Single-Family Residential4,951,627 30.45,295,837 31.15,442,535 30.6
     Construction - Custom783,221 4.8787,862 4.6836,314 4.7
     Land - Consumer Lot Loans149,956 0.9151,297 0.9154,976 0.9
     HELOC165,989 1.0166,601 1.0174,367 1.0
     Consumer87,892 0.577,681 0.567,511 0.4
16,299,332 100%17,024,965 100%17,775,453 100%
     Less:
        Allowance for Credit Losses (ACL)171,300 171,411 171,384 
        Loans in Process2,232,836 2,207,880 2,440,430 
        Net Deferred Fees, Costs and Discounts61,626 53,472 68,713 
        Sub-Total2,465,762 2,432,763 2,680,527 
$13,833,570 $14,592,202 $15,094,926 
Net Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$2,256,740 16.3%$2,262,222 15.5%$2,363,194 15.7%
     Commercial Real Estate2,405,895 17.42,641,448 18.12,783,947 18.4
     Commercial & Industrial2,257,970 16.32,318,257 15.92,443,105 16.2
     Construction1,091,642 7.91,210,353 8.31,189,395 7.9
     Land - Acquisition & Development178,969 1.3187,957 1.3197,375 1.3
     Single-Family Residential4,906,087 35.55,256,453 36.05,389,654 35.7
     Construction - Custom342,845 2.5329,864 2.3340,984 2.3
     Land - Consumer Lot Loans143,595 1.0144,861 1.0148,444 1.0
     HELOC164,550 1.2165,424 1.1173,454 1.1
     Consumer85,277 0.675,363 0.565,374 0.4
$13,833,570 100%$14,592,202 100%$15,094,926 100%
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Washington Federal, Inc.
Fact Sheet
March 31, 2022
($ in Thousands)
As of 09/21As of 12/21As of 03/22
Loans by State AMOUNT% AMOUNT% AMOUNT%
     Washington$5,021,238 35.9 %$5,392,355 36.5 %$5,316,627 34.8 %
     Idaho701,856 5.0 722,642 4.9 756,662 5.0 
     Oregon2,253,192 16.1 2,209,674 15.0 2,261,328 14.8 
     Utah1,128,803 8.1 1,167,328 7.9 1,324,307 8.7 
     Nevada556,433 4.0 552,049 3.7 587,905 3.8 
     Texas1,408,322 10.1 1,728,348 11.7 1,757,484 11.5 
     Arizona1,671,808 11.9 1,769,072 12.0 1,933,569 12.7 
     New Mexico656,493 4.7 653,267 4.4 676,837 4.4 
     Other606,725 4.3 568,878 3.9 651,591 4.3 
     Total$14,004,870 100%$14,763,613 100%$15,266,310 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:
     Multi-Family$475 1.5%$— —%$— —%
     Commercial Real Estate8,038 25.37,565 16.86,412 19.1
     Commercial & Industrial365 1.115,349 34.24,789 14.2
     Construction505 1.6611 1.4343 1.0
     Land - Acquisition & Development2,340 7.42,340 5.22,340 7.0
     Single-Family Residential19,320 60.917,751 39.518,612 55.3
     Construction - Custom— —465 1.0465 1.4
     Land - Consumer Lot Loans359 1.1544 1.2310 0.9
     HELOC287 0.9276 0.6329 1.0
     Consumer60 0.258 0.139 0.1
        Total non-accrual loans31,749 100%44,959 100%33,639 100%
Real Estate Owned8,204 5,737 9,509 
Other Property Owned3,672 4,094 4,095 
Total non-performing assets$43,625 $54,790 $47,243 
Non-accrual loans as % of total net loans0.23 %0.31 %0.22 %
Non-performing assets as % of total assets0.22 %0.27 %0.23 %
Net Charge-offs (Recoveries) by CategoryAMOUNTCO % (a)AMOUNTCO % (a)AMOUNTCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate(58)(0.01)485 0.07(753)(0.11)
Commercial & Industrial(18)—(19)—871 0.14
Construction— —(2,000)(0.27)(179)(0.02)
Land - Acquisition & Development(166)(0.30)(18)(0.03)(20)(0.03)
Single-Family Residential(426)(0.03)(405)(0.03)(147)(0.01)
Construction - Custom— —— —— —
Land - Consumer Lot Loans(147)(0.39)22 0.06(40)(0.10)
HELOC(1)—(1)—(100)(0.23)
Consumer(200)(0.91)(175)(0.90)(105)(0.62)
Total net charge-offs (recoveries)$(1,016)(0.02)%$(2,111)(0.05)%$(473)(0.01)%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
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Washington Federal, Inc.
Fact Sheet
March 31, 2022
($ in Thousands)
As of 09/21As of 12/21As of 03/22
Deposits by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$6,742,208 43.4 %77 $6,891,632 43.4 %77 $7,067,961 43.1 %76 
     Idaho1,067,834 6.9 22 1,097,962 6.9 22 1,122,007 6.8 22 
     Oregon3,006,222 19.3 39 3,034,176 19.1 39 3,030,152 18.5 36 
     Utah1,027,317 6.6 9 891,221 5.6 9 987,788 6.0 9 
     Nevada522,988 3.4 11 541,184 3.4 11 539,805 3.3 10 
     Texas330,907 2.1 6 498,477 3.1 6 622,118 3.8 6 
     Arizona1,551,671 10.0 30 1,635,767 10.3 30 1,700,408 10.4 30 
     New Mexico1,292,965 8.3 25 1,311,627 8.2 25 1,320,409 8.1 25 
     Total$15,542,112 100%219 $15,902,046 100%219 $16,390,648 100%214 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$3,122,397 20.1 %$3,279,841 20.6 %$3,251,603 19.8 %
Interest Checking3,566,322 22.9 3,688,823 23.2 3,897,185 23.8 
Savings1,039,336 6.7 1,043,002 6.6 1,078,147 6.6 
Money Market4,379,970 28.2 4,538,396 28.5 4,912,671 30.0 
Time Deposits3,434,087 22.1 3,351,984 21.1 3,251,042 19.8 
Total$15,542,112 100%$15,902,046 100%$16,390,648 100%
Deposits greater than $250,000 - EOP$7,198,111 $7,551,781 $7,914,122 
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$1,018,230 0.33 %$802,888 0.43 %$530,189 0.45 %
From 4 to 6 months819,906 0.43 %523,979 0.47 %830,454 0.43 %
From 7 to 9 months266,274 0.75 %619,677 0.52 %722,437 0.45 %
From 10 to 12 months604,528 0.53 %727,496 0.45 %591,916 0.41 %
FHLB Advances (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$320,000 2.08 %$320,000 2.08 %$320,000 2.08 %
1 to 3 years500,000 2.15 %500,000 2.16 %500,000 2.16 %
3 to 5 years100,000 1.85 %100,000 1.85 %100,000 1.82 %
More than 5 years800,000 0.84 %800,000 0.80 %800,000 0.93 %
Total$1,720,000 $1,720,000 $1,720,000 
Interest Rate Risk
NPV post 200 bps shock (b)15.2 %14.9 %10.9 %
Change in NII after 200 bps shock (b)9.7 %8.4 %6.0 %
(b) Assumes no balance sheet management actions taken.
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Washington Federal, Inc.
Fact Sheet
March 31, 2022
($ in Thousands)


Historical CPR Rates (c)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
3/31/202019.8 %19.7 %
6/30/202028.1 %30.3 %
9/30/202031.2 %42.8 %
12/31/202035.9 %47.2 %
3/31/202136.0 %44.1 %
6/30/202131.8 %42.7 %
9/30/202128.4 %38.3 %
12/31/202125.0 %35.3 %
3/31/202218.4 %28.6 %
(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
March 31, 2022
Average Balance Sheet
($ in Thousands)
Quarter Ended
September 30, 2021December 31, 2021March 31, 2022
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$13,834,028 $137,039 3.93 %$14,297,907 $138,509 3.84 %$14,869,733 $139,260 3.80 %
Mortgage-backed securities1,042,205 5,293 2.01 925,028 4,792 2.06 852,134 4,659 2.22 
Cash & investments3,356,356 5,954 0.70 3,207,877 5,783 0.72 3,085,239 5,757 0.76 
FHLB & FRB Stock108,522 1,300 4.75 102,863 1,356 5.23 89,002 1,162 5.29 
Total interest-earning assets18,341,111 149,586 3.24 %18,533,675 150,440 3.22 %18,896,108 150,838 3.24 %
Other assets1,276,809 1,272,163 1,284,929 
Total assets$19,617,920 $19,805,838 $20,181,037 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$12,332,558 8,568 0.28 %$12,530,492 8,461 0.27 %$12,882,885 8,225 0.26 %
FHLB advances1,862,174 9,062 1.93 1,720,000 7,843 1.81 1,720,000 7,525 1.77 
Total interest-bearing liabilities14,194,732 17,630 0.49 %14,250,492 16,304 0.45 %14,602,885 15,750 0.44 %
Noninterest-bearing customer accounts2,990,110 3,188,223 3,198,052 
Other liabilities251,354 223,421 214,851 
Total liabilities17,436,196 17,662,136 18,015,788 
Stockholders’ equity2,181,724 2,143,702 2,165,249 
Total liabilities and equity$19,617,920 $19,805,838 $20,181,037 
Net interest income/interest rate spread$131,956 2.74 %$134,136 2.77 %$135,088 2.80 %
Net interest margin (1)2.88 %2.87 %2.90 %
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.
Fact Sheet
March 31, 2022
Delinquency Summary
($ in Thousands)
TYPE OF LOANS# OF LOANS% based% based
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
March 31, 2022
     Multi-Family1,136 2,093 $2,377,657 1 — — 1 0.09 %$310 0.01 %
     Commercial Real Estate1,180 2,380 2,808,628 4 — 5 9 0.76 3,902 0.14 
     Commercial & Industrial (1)2,961 843 2,497,008 21 6 63 90 3.04 15,545 0.62 
     Construction659 1,839 1,212,103 — — — — — — — 
     Land - Acquisition & Development139 1,518 211,061 — — 1 1 0.72 2,340 1.11 
     Single-Family Residential18,796 288 5,418,645 29 18 67 114 0.61 21,264 0.39 
     Construction - Custom1,174 293 344,113 1 — 1 2 0.17 900 0.26 
     Land - Consumer Lot Loans1,321 116 153,549 2 1 5 8 0.61 377 0.25 
     HELOC3,520 50 175,929 5 1 7 13 0.37 672 0.38 
     Consumer2,201 31 67,617 9 3 7 19 0.86 96 0.14 
33,087 461 $15,266,310 72 29 156 257 0.78 %$45,406 0.30 %
December 31, 2021
     Multi-Family1,120 2,034 $2,278,216 — — — — — %$— — %
     Commercial Real Estate1,072 2,488 2,667,170 3 — 6 9 0.84 3,729 0.14 
     Commercial & Industrial3,753 630 2,365,487 32 42 208 282 7.51 17,402 0.74 
     Construction680 1,816 1,235,119 — — — — — — — 
     Land - Acquisition & Development114 1,773 202,081 — — 1 1 0.88 2,340 1.16 
     Single-Family Residential18,711 283 5,286,559 35 7 63 105 0.56 20,416 0.39 
     Construction - Custom1,175 284 333,583 — — 1 1 0.09 465 0.14 
     Land - Consumer Lot Loans1,312 114 149,845 1 1 6 8 0.61 652 0.44 
     HELOC3,403 49 167,789 6 7 13 0.38 516 0.31 
     Consumer2,308 34 77,764 16 7 12 35 1.52 234 0.30 
33,648 439 $14,763,613 93 57 304 454 1.35 %$45,754 0.31 %
September 30, 2021
     Multi-Family1,137 2,000 $2,273,689 — — 1 1 0.09 %$475 0.02 %
     Commercial Real Estate1,028 2,363 2,429,332 2 2 2 6 0.58 1,318 0.05 
     Commercial & Industrial4,684 492 2,303,927 — 1 8 9 0.19 322 0.01 
     Construction667 1,675 1,117,227 — — 1 1 0.15 41 — 
     Land - Acquisition & Development110 1,749 192,416 — — 1 1 0.91 2,340 1.22 
     Single-Family Residential19,003 260 4,937,064 25 12 87 124 0.65 21,315 0.43 
     Construction - Custom1,239 281 347,752 — — — — — — — 
     Land - Consumer Lot Loans1,328 112 148,534 2 3 3 8 0.60 582 0.39 
     HELOC3,345 50 166,940 2 — 7 9 0.27 313 0.19 
     Consumer2,408 37 87,989 14 3 16 33 1.37 262 0.30 
34,949 401 $14,004,870 45 21 126 192 0.55 %$26,968 0.19 %

(1) Includes 859 SBA PPP loans with a balance of $109,746.
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