EX-99.2 3 exhibit992_december2022fac.htm EX-99.2 Document
Washington Federal, Inc.
Fact Sheet
December 31, 2022
($ in Thousands)
Exhibit 99.2
As of 06/22As of 09/22As of 12/22
Allowance for Credit Losses (ACL) - Total$203,479 $205,308 $208,297 
     ACL - Loans170,979 172,808 176,797 
     ACL - Unfunded Commitments32,500 32,500 31,500 
     Total ACL as a % of Gross Loans1.08 %1.06 %1.03 %
06/22 QTR06/22 YTD09/22 QTR09/22 YTD12/22 QTR12/22 YTD
Loan Originations - Total$2,742,466 $7,104,309 $1,631,884 $8,736,193 $2,042,678 $2,042,678 
     Multi-Family181,015 601,460 74,074 675,534 97,490 97,490 
     Commercial Real Estate196,663 674,624 206,226 880,850 130,909 130,909 
     Commercial & Industrial637,193 2,051,972 517,710 2,569,682 952,699 952,699 
     Construction1,050,981 2,123,275 363,112 2,486,387 529,050 529,050 
     Land - Acquisition & Development50,035 104,851 70,383 175,234 10,104 10,104 
     Single-Family Residential283,061 744,969 147,639 892,608 150,721 150,721 
     Construction - Custom248,518 587,077 178,619 765,696 114,191 114,191 
     Land - Consumer Lot Loans17,195 52,778 8,953 61,731 4,390 4,390 
     HELOC48,640 120,325 51,068 171,393 42,632 42,632 
     Consumer29,165 42,978 14,100 57,078 10,492 10,492 
Purchased Loans (including acquisitions)$52,101 $564,584 $— $564,584 $80,015 $80,015 
Net Loan Fee and Discount Accretion$6,354 $23,395 $5,761 $29,156 $5,659 $5,659 
Repayments
Loans$1,690,945 $5,068,452 $1,125,996 $6,194,448 $1,233,319 $1,233,319 
MBS70,635 239,092 55,751 294,843 48,310 48,310 
MBS Premium Amortization (Accretion)$820 $3,139 $1,248 $4,387 $(157)$(157)
Efficiency
Operating Expenses/Average Assets1.72 %1.76 %1.83 %1.78 %1.74 %1.74 %
Efficiency Ratio (%)51.63 %56.13 %49.52 %54.25 %46.78 %46.78 %
Amortization of Intangibles$246 $765 $245 $1,010 $243 $243 
EOP Numbers
Shares Issued and Outstanding65,321,869 65,330,126 65,387,745 
Share repurchase information
Remaining shares authorized for repurchase3,725,874 3,724,344 3,679,499 
Shares repurchased2,446 91,244 1,530 92,774 44,845 44,845 
Average share repurchase price$31.36 $35.20 $31.49 $35.14 $38.53 $38.53 



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Washington Federal, Inc.
Fact Sheet
December 31, 2022
($ in Thousands)
Tangible Common Shareholders' Book ValueAs of 06/22As of 09/22As of 12/22
$ Amount$1,610,857 $1,665,251 $1,715,614 
Per Share24.66 25.49 26.24 
# of Employees2,122 2,132 2,144 
Investments
Available-for-sale:
     Agency MBS$908,082 $895,964 $911,835 
     Other1,242,650 1,155,073 1,148,002 
$2,150,732 $2,051,037 $2,059,837 
Held-to-maturity:
     Agency MBS$477,884 $463,299 $453,443 
$477,884 $463,299 $453,443 
As of 06/22As of 09/22As of 12/22
Loans Receivable by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$2,494,594 13.2%$2,645,801 13.6%$2,713,331 13.4%
     Commercial Real Estate2,899,057 15.33,133,660 16.23,237,073 16.0
     Commercial & Industrial2,351,030 12.52,350,984 12.12,628,131 13.0
     Construction3,896,740 20.63,784,388 19.54,055,474 20.0
     Land - Acquisition & Development245,233 1.3291,301 1.5253,682 1.2
     Single-Family Residential5,652,897 29.95,771,862 29.86,013,410 29.7
     Construction - Custom943,858 5.0974,652 5.1926,126 4.6
     Land - Consumer Lot Loans158,485 0.8153,240 0.8148,246 0.7
     HELOC185,427 1.0203,528 1.0212,123 1.0
     Consumer73,044 0.475,543 0.473,115 0.4
18,900,365 100%19,384,959 100%20,260,711 100%
     Less:
        Allowance for Credit Losses (ACL)170,979 172,808 176,797 
        Loans in Process3,083,573 3,006,023 2,997,839 
        Net Deferred Fees, Costs and Discounts80,648 92,564 92,487 
        Sub-Total3,335,200 3,271,395 3,267,123 
$15,565,165 $16,113,564 $16,993,588 
Net Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$2,466,359 15.8%$2,614,466 16.2%$2,683,435 15.8%
     Commercial Real Estate2,851,695 18.33,085,298 19.13,185,927 18.7
     Commercial & Industrial2,289,122 14.72,286,192 14.22,557,393 15.0
     Construction1,381,376 8.91,397,731 8.71,611,366 9.5
     Land - Acquisition & Development210,747 1.4211,337 1.3182,590 1.1
     Single-Family Residential5,593,232 35.95,701,461 35.45,942,203 35.0
     Construction - Custom365,485 2.3393,933 2.4405,063 2.5
     Land - Consumer Lot Loans151,856 1.0146,899 0.9142,936 0.8
     HELOC184,836 1.2203,551 1.3212,317 1.2
     Consumer70,457 0.572,696 0.570,358 0.4
$15,565,165 100%$16,113,564 100%$16,993,588 100%
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Washington Federal, Inc.
Fact Sheet
December 31, 2022
($ in Thousands)
As of 06/22As of 09/22As of 12/22
Loans by State AMOUNT% AMOUNT% AMOUNT%
     Washington$5,269,445 33.5 %$5,315,013 32.6 %$5,585,335 32.5 %
     Idaho792,013 5.0 815,480 5.0 860,583 5.0 
     Oregon2,226,233 14.1 2,236,439 13.8 2,310,548 13.5 
     Utah1,452,601 9.2 1,558,368 9.6 1,649,462 9.6 
     Nevada644,104 4.1 685,458 4.2 723,099 4.2 
     Texas1,881,089 12.0 2,010,558 12.3 2,243,393 13.1 
     Arizona2,162,608 13.8 2,322,291 14.3 2,381,143 13.9 
     New Mexico686,494 4.4 699,837 4.3 705,213 4.1 
     Other621,557 3.9 642,928 3.9 711,609 4.1 
     Total$15,736,144 100%$16,286,372 100%$17,170,385 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:
     Multi-Family$5,944 16.2%$5,912 17.1%$5,879 20.1%
     Commercial Real Estate5,024 13.74,691 13.64,635 15.9
     Commercial & Industrial4,288 11.75,693 16.5906 3.1
     Construction— —— —— —
     Land - Acquisition & Development— —— —— —
     Single-Family Residential20,184 55.017,450 50.517,084 58.5
     Construction - Custom900 2.5435 1.3435 1.5
     Land - Consumer Lot Loans213 0.684 0.271 0.3
     HELOC91 0.2233 0.7134 0.5
     Consumer35 0.136 0.136 0.1
        Total non-accrual loans36,679 100%34,534 100%29,180 100%
Real Estate Owned9,656 6,667 6,117 
Other Property Owned4,095 3,353 3,353 
Total non-performing assets$50,430 $44,554 $38,650 
Non-accrual loans as % of total net loans0.24 %0.21 %0.17 %
Non-performing assets as % of total assets0.25 %0.21 %0.18 %
Net Charge-offs (Recoveries) by Category06/22 QTRCO % (a)09/22 QTRCO % (a)12/22 QTRCO % (a)
Multi-Family$— —%$— —%—%
Commercial Real Estate(23)—(164)(0.02)(4)—
Commercial & Industrial19 —258 0.0450 0.01
Construction— —— ——
Land - Acquisition & Development(10)(0.02)(11)(0.02)(16)(0.03)
Single-Family Residential(252)(0.02)(198)(0.01)(430)(0.03)
Construction - Custom— —— ——
Land - Consumer Lot Loans(2)(0.01)(1)——
HELOC(249)(0.54)(1)—(1)—
Consumer(78)(0.43)(212)(1.12)(88)(0.48)
Total net charge-offs (recoveries)$(595)(0.01)%$(329)(0.01)%$(489)(0.01)%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
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Washington Federal, Inc.
Fact Sheet
December 31, 2022
($ in Thousands)
As of 06/22As of 09/22As of 12/22
Deposits & Branches by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$7,040,668 44.2 %76 $7,209,123 45.0 %72 $7,347,752 46.0 %72 
     Idaho1,073,221 6.7 22 1,052,550 6.6 22 1,015,195 6.4 22 
     Oregon3,007,716 18.8 36 2,878,933 18.0 36 2,779,517 17.4 36 
     Utah772,487 4.8 9 802,635 5.0 9 949,557 5.9 9 
     Nevada525,675 3.3 9 534,655 3.3 9 504,855 3.2 9 
     Texas553,379 3.5 6 562,192 3.5 6 518,773 3.3 5 
     Arizona1,667,742 10.4 28 1,625,957 10.1 28 1,544,363 9.7 28 
     New Mexico1,324,732 8.3 23 1,363,525 8.5 19 1,300,023 8.1 19 
     Total$15,965,620 100%209 $16,029,570 100%201 $15,960,035 100%200 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$3,269,773 20.5 %$3,266,734 20.4 %$3,070,895 19.2 %
Interest Checking3,472,402 21.7 3,497,795 21.8 3,971,814 24.9 
Savings1,069,801 6.7 1,059,093 6.6 1,002,034 6.3 
Money Market4,856,275 30.4 4,867,905 30.4 4,503,089 28.2 
Time Deposits3,297,369 20.7 3,338,043 20.8 3,412,203 21.4 
Total$15,965,620 100%$16,029,570 100%$15,960,035 100%
Deposits greater than $250,000 - EOP$7,463,761 $7,400,474 $7,428,442 
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$850,894 0.42 %$978,004 0.56 %$1,009,481 0.96 %
From 4 to 6 months894,688 0.40 %966,800 0.72 %523,602 1.06 %
From 7 to 9 months681,182 0.56 %353,053 0.56 %490,001 1.28 %
From 10 to 12 months327,193 0.53 %457,627 0.85 %726,764 1.64 %
FHLB Advances (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$500,000 1.95 %$1,025,000 3.06 %$1,975,000 4.31 %
1 to 3 years300,000 1.94 %200,000 2.18 %200,000 2.19 %
3 to 5 years100,000 1.80 %100,000 1.92 %100,000 1.87 %
More than 5 years800,000 0.87 %800,000 0.67 %800,000 0.65 %
Total$1,700,000 $2,125,000 $3,075,000 
Interest Rate Risk
NPV post 200 bps shock (b)12.1 %12.6 %11.2 %
Change in NII after 200 bps shock (b)3.9 %1.9 %0.4 %
(b) Assumes no balance sheet management actions taken.
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Washington Federal, Inc.
Fact Sheet
December 31, 2022
($ in Thousands)


Historical CPR Rates (c)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
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 %
6/30/202213.1 %20.9 %
9/30/20228.1 %14.7 %
12/31/20226.3 %12.6 %
(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
December 31, 2022
Average Balance Sheet
($ in Thousands)
Quarter Ended
June 30, 2022September 30, 2022December 31, 2022
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$15,350,905 $149,113 3.90 %$15,812,170 $174,710 4.38 %$16,580,235 $203,946 4.88 %
Mortgage-backed securities1,416,212 8,618 2.44 1,369,326 8,263 2.39 1,368,759 10,613 3.08 
Cash & investments2,056,387 8,281 1.62 1,658,428 13,735 3.29 1,592,201 17,486 4.36 
FHLB & FRB Stock78,305 1,136 5.82 81,196 1,225 5.99 117,899 1,374 4.62 
Total interest-earning assets18,901,809 167,148 3.55 %18,921,120 197,933 4.15 %19,659,094 233,419 4.71 %
Other assets1,383,146 1,434,300 1,500,892 
Total assets$20,284,955 $20,355,420 $21,159,986 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$12,852,849 9,284 0.29 %$12,693,024 17,071 0.53 %$12,611,624 31,646 1.00 %
FHLB advances1,705,824 6,118 1.44 1,778,098 7,243 1.62 2,695,652 18,974 2.79 
Other borrowings— — — 38 — 2.49 — — — 
Total interest-bearing liabilities14,558,673 15,402 0.42 %14,471,160 24,314 0.67 %15,307,276 50,620 1.31 %
Noninterest-bearing customer accounts3,278,346 3,331,065 3,245,264 
Other liabilities238,842 291,108 304,240 
Total liabilities18,075,861 18,093,333 18,856,780 
Stockholders’ equity2,209,094 2,262,087 2,303,206 
Total liabilities and equity$20,284,955 $20,355,420 $21,159,986 
Net interest income/interest rate spread$151,746 3.12 %$173,619 3.48 %$182,799 3.40 %
Net interest margin (1)3.22 %3.64 %3.69 %
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.
Fact Sheet
December 31, 2022
Delinquency Summary
($ in Thousands)
TYPE OF LOANS# OF LOANS% based% based
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
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 & Industrial (1)2,237 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 %
September 30, 2022
     Multi-Family1,135 2,314 $2,626,479 — — — — — %$— — %
     Commercial Real Estate1,211 2,569 3,111,112 2 1 4 7 0.58 1,056 0.03 
     Commercial & Industrial2,338 1,002 2,343,403 1 16 28 45 1.92 6,612 0.28 
     Construction684 2,082 1,423,891 — — — — — — — 
     Land - Acquisition & Development120 1,863 223,616 — — — — — — — 
     Single-Family Residential19,218 298 5,726,979 19 8 60 87 0.45 17,983 0.31 
     Construction - Custom1,233 322 397,343 — — 1 1 0.08 435 0.11 
     Land - Consumer Lot Loans1,277 119 151,945 — 1 1 2 0.16 199 0.13 
     HELOC3,862 53 206,033 4 2 8 14 0.36 428 0.21 
     Consumer2,025 37 75,571 14 3 11 28 1.38 214 0.28 
33,103 492 $16,286,372 40 31 113 184 0.56 %$26,927 0.17 %
June 30, 2022
     Multi-Family1,124 2,205 $2,478,932 — — — — — %$— — %
     Commercial Real Estate1,183 2,432 2,876,995 — — 5 5 0.42 351 0.01 
     Commercial & Industrial2,506 935 2,344,046 5 6 28 39 1.56 16,421 0.70 
     Construction719 1,957 1,407,211 — — — — — — — 
     Land - Acquisition & Development125 1,784 222,974 — — — — — — — 
     Single-Family Residential19,115 294 5,619,448 22 7 69 98 0.51 22,189 0.39 
     Construction - Custom1,263 292 368,839 — — 2 2 0.16 900 0.24 
     Land - Consumer Lot Loans1,312 120 157,076 1 — 2 3 0.23 383 0.24 
     HELOC3,665 51 187,469 3 3 4 10 0.27 202 0.11 
     Consumer2,117 35 73,154 8 1 11 20 0.94 252 0.34 
33,129 475 $15,736,144 39 17 121 177 0.53 %$40,698 0.26 %


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