EX-99.2 3 exhibit992_sep2023factsheet.htm EX-99.2 Document
Exhibit 99.2
WaFd, Inc.
Fact Sheet
September 30, 2023
($ in Thousands)

 As of 03/23 As of 06/23 As of 09/23
Allowance for Credit Losses (ACL) - Total$205,920 $204,569 $201,707 
     ACL - Loans177,420 178,069 177,207 
     ACL Unfunded Commitments28,500 26,500 24,500 
    Total ACL as a % of Gross Loans1.02 %1.03 %1.03 %
 03/23 QTR  03/23 YTD  06/23 QTR  06/23 YTD  09/23 QTR  09/23 YTD
Loan Originations - Total$1,039,722 $3,082,400 $870,963 $3,953,363 $748,793 $4,702,156 
    Multi-Family17,729 115,219 12,604 127,823 8,965 136,788 
    Commercial Real Estate39,689 170,598 21,538 192,136 31,225 223,361 
    Commercial & Industrial456,168 1,408,867 372,718 1,781,585 250,875 2,032,460 
    Construction226,750 755,800 143,600 899,400 147,571 1,046,971 
    Land - Acquisition & Development20,043 30,147 1,912 32,059 2,887 34,946 
    Single-Family Residential149,774 300,495 168,532 469,027 141,103 610,130 
    Construction - Custom74,005 188,196 77,210 265,406 81,378 346,784 
     Land - Consumer Lot Loans6,315 10,705 4,894 15,599 5,534 21,133 
     HELOC36,622 79,254 38,287 117,541 36,489 154,030 
     Consumer12,627 23,119 29,668 52,787 42,766 95,553 
Purchased Loans (including acquisitions)$— $80,015 $— $80,015 $— $80,015 
Net Loan Fee and Discount Accretion$4,923 $10,582 $4,859 $15,441 $4,689 $20,130 
Repayments
Loans$1,109,433 $2,342,752 $1,103,238 $3,445,990 $989,279 $4,435,269 
MBS33,354 81,664 43,639 125,303 56,648 181,951 
MBS Net Premium Amortization$93 $(64)$1,436 $1,372 $(106)$1,266 
Efficiency
Operating Expenses/Average Assets1.78 %1.76 %1.71 %1.71 %1.70 %1.74 %
Efficiency Ratio (%)52.34 %49.53 %51.90 %50.29 %51.78 %50.65 %
Amortization of Intangibles$243 $486 $240 $726 $254 $980 
EOP Numbers
Shares Issued and Outstanding65,793,099 64,721,190 64,736,916 
Share repurchase information
Remaining shares authorized for repurchase3,676,260 2,559,611 2,559,183 
Shares repurchased3,239 48,084 1,116,649 1,164,733 428 1,165,161 
Average share repurchase price$33.48 $38.19 $25.62 $26.14 $30.41 $26.14 

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WaFd, Inc.
Fact Sheet
September 30, 2023
($ in Thousands)
Tangible Common Book ValueAs of 03/23As of 06/23As of 09/23
$ Amount$1,766,593 $1,784,997 $1,815,807 
Per Share26.85 27.58 28.05 
# of Employees2,110 2,115 2,120 
Investments
Available-For-Sale:
     Agency MBS$899,744 $950,210 $912,844 
     Other1,106,542 1,086,023 1,082,253 
$2,006,286 $2,036,233 $1,995,097 
Held-To-Maturity:
     Agency MBS$445,222 $434,172 $423,586 
$445,222 $434,172 $423,586 
 As of 03/31/23 As of 06/30/23 As of 09/30/23
Loans Receivable by Category AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$2,894,567 14.3%$2,889,635 14.5%$2,907,086 14.8%
    Commercial Real Estate3,283,151 16.33,239,387 16.33,344,959 17.0
    Commercial & Industrial2,590,700 12.82,496,778 12.52,321,717 11.8
    Construction3,735,821 18.53,578,430 17.93,318,994 16.9
    Land - Acquisition & Development231,990 1.1216,185 1.1201,538 1.0
    Single-Family Residential6,175,250 30.66,313,561 31.76,451,270 32.8
    Construction - Custom840,475 4.2757,171 3.8672,643 3.4
     Land - Consumer Lot Loans141,215 0.7134,967 0.7125,723 0.7
     HELOC218,179 1.1224,917 1.1234,410 1.2
     Consumer71,083 0.476,813 0.470,164 0.4
20,182,431 100%19,927,844 100%19,648,504 100%
     Less:
        Allowance177,420 178,069 177,207 
        Loans in Process2,648,512 2,270,038 1,895,940 
        Net Deferred Fees, Costs and Discounts84,593 95,549 98,807 
        Sub-Total2,910,525 2,543,656 2,171,954 
$17,271,906 $17,384,188 $17,476,550 
Net Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$2,846,956 16.5%$2,845,457 16.4%$2,873,439 16.4%
    Commercial Real Estate3,230,501 18.73,190,319 18.43,281,258 18.8
    Commercial & Industrial2,521,895 14.62,428,825 14.02,256,546 12.9
    Construction1,582,486 9.21,731,519 10.01,809,528 10.4
    Land - Acquisition & Development159,584 0.9154,411 0.9149,645 0.9
    Single-Family Residential6,107,105 35.36,231,509 35.86,360,961 36.4
    Construction - Custom400,327 2.3372,824 2.1321,670 1.8
     Land - Consumer Lot Loans136,195 0.8130,224 0.7121,330 0.7
     HELOC218,497 1.3225,388 1.3234,895 1.3
     Consumer68,360 0.473,712 0.467,278 0.4
$17,271,906 100%$17,384,188 100%$17,476,550 100%


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WaFd, Inc.
Fact Sheet
September 30, 2023
($ in Thousands)
As of 03/31/23As of 06/30/23As of 09/30/23
Loans by State AMOUNT% AMOUNT% AMOUNT%
     Washington$5,609,172 32.1 %$5,549,532 31.6 %$5,471,235 31.0 %
     Idaho865,543 5.0 877,573 5.0 891,240 5.0 
     Oregon2,303,843 13.2 2,306,181 13.1 2,350,173 13.3 
     Utah1,758,831 10.1 1,849,187 10.5 1,939,332 11.0 
     Nevada767,250 4.4 758,988 4.3 740,394 4.2 
     Texas2,330,637 13.4 2,381,783 13.6 2,403,111 13.6 
     Arizona2,398,029 13.7 2,435,541 13.9 2,455,866 13.9 
     New Mexico720,320 4.1 728,140 4.2 735,073 4.2 
     Other695,701 4.0 675,332 3.8 667,333 3.8 
     Total$17,449,326 100%$17,562,257 100%$17,653,757 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:
     Multi-Family$5,844 16.9%$5,951 10.8%$5,127 10.2%
     Commercial Real Estate4,519 13.01,087 2.023,435 46.5
     Commercial & Industrial7,681 22.231,686 57.36,082 12.1
     Construction— —— —— —
     Land - Acquisition & Development— —— —— —
     Single-Family Residential16,396 47.415,510 28.014,918 29.6
     Construction - Custom— —87 0.288 —
     Land - Consumer Lot Loans6 —122 0.29 —
     HELOC128 0.4801 1.4736 1.5
     Consumer32 0.132 0.127 0.1
        Total non-accrual loans34,606 100%55,276 100%50,422 100%
Real Estate Owned8,826 8,371 4,149 
Other Property Owned3,353 3,353 3,353 
Total non-performing assets$46,785 $67,000 $57,924 
Non-accrual loans as % of total net loans0.20 %0.32 %0.29 %
Non-performing assets as % of total assets0.21 %0.30 %0.26 %
Net Charge-offs (Recoveries) by Category03/23 QTRCO % (a)06/23 QTRCO % (a)09/23 QTRCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate(1)—— —(98)(0.01)
Commercial & Industrial6,012 0.9310,459 1.6829,242 5.04
Construction— —— —— —
Land - Acquisition & Development(14)(0.02)(24)(0.04)(24)(0.05)
Single-Family Residential(70)—(18)—(16)—
Construction - Custom— —— —— —
Land - Consumer Lot Loans(5)(0.01)(9)(0.03)(9)(0.03)
HELOC— —— —(1)—
Consumer(45)(0.25)(57)(0.30)268 1.53
Total net charge-offs (recoveries)$5,877 0.12%$10,351 0.21%$29,362 0.60%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
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WaFd, Inc.
Fact Sheet
September 30, 2023
($ in Thousands)
As of 03/23As of 06/23As of 09/23
Deposits & Branches by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$7,273,498 45.9 %71 $7,505,777 46.6 %71 $7,627,674 47.5 %71 
     Idaho1,020,154 6.4 22 1,047,730 6.5 22 972,424 6.1 22 
     Oregon2,750,323 17.3 36 2,810,153 17.4 36 2,820,338 17.4 36 
     Utah852,062 5.4 9 837,696 5.2 9 662,192 4.1 9 
     Nevada527,449 3.3 8 496,316 3.1 8 495,794 3.1 8 
     Texas410,972 2.6 6 363,460 2.2 6 381,576 2.4 5 
     Arizona1,579,815 10.0 28 1,605,868 10.0 28 1,635,345 10.2 28 
     New Mexico1,446,675 9.1 19 1,453,424 9.0 19 1,474,986 9.2 19 
     Total$15,860,948 100%199 $16,120,424 100%199 $16,070,329 100%198 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,856,165 18.0 %$2,729,888 16.9 %$2,706,448 16.8 %
Interest Checking4,125,554 26.0 4,124,463 25.6 3,882,715 24.2 
Savings943,915 6.0 874,256 5.4 817,547 5.1 
Money Market3,954,709 24.9 3,527,968 21.9 3,358,603 20.9 
Time Deposits3,980,605 25.1 4,863,849 30.2 5,305,016 33.0 
Total$15,860,948 100%$16,120,424 100%$16,070,329 100%
Deposits Uninsured &
Non-collateraized - EOP		$4,238,628.64 26.7 %$4,033,174 25.0 %$4,124,355 25.7 %
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$553,797 1.49 %$1,402,532 3.28 %$2,345,588 3.84 %
From 4 to 6 months947,860 2.51 %1,500,396 3.22 %1,517,379 3.89 %
From 7 to 9 months920,635 2.38 %1,017,655 3.67 %408,399 3.84 %
From 10 to 12 months933,763 3.46 %400,959 3.73 %323,741 3.02 %
Borrowings (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$2,700,000 4.74 %$2,650,000 5.14 %$2,750,000 5.05 %
1 to 3 years300,000 2.07 %300,000 2.11 %100,000 1.70 %
3 to 5 years— — %— — %— — %
More than 5 years800,000 0.76 %800,000 0.61 %800,000 0.61 %
Total$3,800,000 $3,750,000 $3,650,000 
Interest Rate Risk
NPV post 200 bps shock (b)9.9 %9.9 %9.5 %
Change in NII after 200 bps shock (b)3.3 %3.0 %(2.0)%
(b) Assumes no balance sheet management actions taken.


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WaFd, Inc.
Fact Sheet
September 30, 2023
($ in Thousands)
Historical CPR Rates (c)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
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 %
9/30/20237.0 %14.5 %
(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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WaFd, Inc.
Fact Sheet
September 30, 2023
Average Balance Sheet
($ in Thousands)
Quarter Ended
March 31, 2023June 30, 2023September 30, 2023
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$17,097,130 $222,957 5.29 %$17,307,298 $232,167 5.38 %$17,397,745 $240,998 5.50 %
Mortgage-backed securities1,355,403 10,422 3.12 1,349,264 10,454 3.11 1,375,938 11,695 3.37 
Cash & investments1,657,027 19,786 4.84 1,879,893 27,249 5.81 1,841,726 26,536 5.72 
FHLB & FRB Stock139,484 2,181 6.34 131,191 2,610 7.98 120,005 2,481 8.20 
Total interest-earning assets20,249,044 255,346 5.11 %20,667,646 272,480 5.29 %20,735,414 281,710 5.39 %
Other assets1,491,981 1,445,635 1,498,327 
Total assets$21,741,025 $22,113,281 $22,233,741 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts12,746,827 52,123 1.66 %13,019,055 70,062 2.16 %13,245,484 83,402 2.50 %
Borrowings3,281,945 28,185 3.48 3,595,879 33,718 3.76 3,478,261 34,611 3.95 
Total interest-bearing liabilities16,028,772 80,308 2.03 %16,614,934 103,780 2.51 %16,723,745 118,013 2.80 %
Noninterest-bearing customer accounts3,046,867 2,826,538 2,761,622 
Other liabilities290,702 275,522 316,528 
Total liabilities19,366,341 19,716,994 19,801,895 
Shareholders’ equity2,374,684 2,396,287 2,431,846 
Total liabilities and shareholders' equity$21,741,025 $22,113,281 $22,233,741 
Net interest income/interest rate spread$175,038 3.08 %$168,700 2.78 %$163,697 2.59 %
Net interest margin (1)3.51 %3.27 %3.13 %
(1) Annualized net interest income divided by average interest-earning assets

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WaFd, Inc.
Fact Sheet
September 30, 2023
Delinquency Summary
($ in Thousands)
 AMOUNT OF LOANS# OF LOANS% based% based
TYPE OF LOANS #LOANSAVG SizeNET OF LIP & CHG-OFFs306090Totalon #$ Delinquenton $
September 30, 2023
     Multi-Family1,134 2,545 $2,886,594 — — 1 1 0.09 %$132 — %
     Commercial Real Estate1,199 2,761 3,310,101 1 1 3 5 0.42 24,428 0.74 
     Commercial & Industrial2,000 1,158 2,315,318 2 5 18 25 1.25 8,298 0.36 
     Construction490 3,753 1,838,936 — — — — — — — 
     Land - Acquisition & Development93 1,685 156,661 — — — — — — — 
     Single-Family Residential19,737 324 6,388,990 30 19 45 94 0.48 23,925 0.37 
     Construction - Custom665 488 324,451 1 1 1 3 0.45 3,464 1.07 
     Land - Consumer Lot Loans1,131 110 124,842 2 2 1 5 0.44 611 0.49 
     HELOC4,229 56 237,754 11 3 6 20 0.47 2,046 0.86 
     Consumer1,694 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-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 %

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