EX-99.2 3 exhibit992_march2024factsh.htm EX-99.2 Document
WaFd, Inc.
Fact Sheet
March 31, 2024
($ in Thousands)
Exhibit 99.2
As of 09/23As of 12/23As of 03/24
Allowance for Credit Losses (ACL) - Total$201,707 $201,820 $225,077 
     ACL - Loans177,207 179,320 201,577 
     ACL - Unfunded Commitments24,500 22,500 23,500 
     Total ACL as a % of Gross Loans1.03 %1.04 %1.00 %
09/23 QTR09/23 YTD12/23 QTR12/23 YTD03/24 QTR03/24 YTD
Loan Originations - Total$748,793 $4,702,156 $871,446 $871,446 $825,733 $1,697,179 
     Multi-Family8,965 136,788 10,408 10,408 39,802 50,210 
     Commercial Real Estate31,225 223,361 63,616 63,616 81,634 145,250 
     Commercial & Industrial250,875 2,032,460 419,046 419,046 370,476 789,522 
     Construction147,571 1,046,971 150,977 150,977 136,038 287,015 
     Land - Acquisition & Development2,887 34,946 12,557 12,557 11,475 24,032 
     Single-Family Residential141,103 610,130 83,514 83,514 67,506 151,020 
     Construction - Custom81,378 346,784 46,302 46,302 50,940 97,242 
     Land - Consumer Lot Loans5,534 21,133 3,849 3,849 3,914 7,763 
     HELOC36,489 154,030 40,996 40,996 31,859 72,855 
     Consumer42,766 95,553 40,181 40,181 32,089 72,270 
Purchased Loans (including acquisitions, both held for investment and held for sale)$— $80,015 $— $— $6,415,128 $6,415,128 
Net Loan Fee and Discount Accretion$4,689 $20,130 $4,613 $4,613 $7,127 $11,740 
Repayments
Loans$989,279 $4,435,269 $1,153,510 $1,153,510 $983,348 $2,136,858 
MBS56,648 181,951 36,437 36,437 35,927 72,364 
MBS Premium Amortization (Accretion)$(106)$1,266 $(64)$(64)$160 $96 
Efficiency
Operating Expenses/Average Assets1.70 %1.74 %1.73 %1.73 %2.15 %1.95 %
Efficiency Ratio (%)51.78 %50.65 %58.02 %58.02 %77.74 %68.04 %
Amortization of Intangibles$254 $980 $266 $266 $1,303 $1,569 
EOP Numbers
Shares Issued and Outstanding64,736,916 64,254,700 81,405,391 
Share repurchase information
Remaining shares authorized for repurchase2,559,183 1,861,290 1,853,453 
Shares repurchased428 1,165,161 697,893 697,893 7,837 705,730 
Average share repurchase price$30.41 $26.14 $24.45 $24.45 $30.38 $24.52 



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WaFd, Inc.
Fact Sheet
March 31, 2024
($ in Thousands)
Tangible Common Shareholders' Book ValueAs of 09/23As of 12/23As of 03/24
$ Amount$1,815,807 $1,840,901 $2,168,367 
Per Share28.05 28.65 26.64 
# of Employees*
2,120 2,092 2,335 
*Number of employees as of 3/31/24 includes 102 LBC that will not be retained
Investments
Available-for-sale:
     Agency MBS$912,844 $940,763 $1,291,648 
     Other1,082,253 1,077,682 1,146,466 
$1,995,097 $2,018,445 $2,438,114 
Held-to-maturity:
     Agency MBS$423,586 $415,079 $457,882 
$423,586 $415,079 $457,882 
As of 09/23As of 12/23As of 03/24
Loans Receivable by Category 1
 AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$2,907,086 14.8%$3,054,426 15.8%$4,173,375 18.5%
     Commercial Real Estate3,344,959 17.03,351,113 17.33,570,790 15.8
     Commercial & Industrial2,321,717 11.82,371,393 12.32,290,452 10.0
     Construction3,318,994 16.82,868,207 14.82,631,783 11.6
     Land - Acquisition & Development201,538 1.0190,732 1.0215,831 1.0
     Single-Family Residential6,451,270 32.86,535,073 33.88,816,039 39.0
     Construction - Custom672,643 3.4543,748 2.8466,740 2.1
     Land - Consumer Lot Loans125,723 0.6119,735 0.7115,022 0.5
     HELOC234,410 1.2243,742 1.3243,852 1.1
     Consumer70,164 0.474,884 0.474,269 0.3
19,648,504 100%19,353,053 100%22,598,153 100%
     Less:
        Allowance for Credit Losses (ACL)177,207 179,320 201,577 
        Loans in Process1,895,940 1,516,522 1,303,978 
        Net Deferred Fees, Costs and Discounts98,807 72,589 297,339 
        Sub-Total2,171,954 1,768,431 1,802,894 
$17,476,550 $17,584,622 $20,795,259 
Net Loan Portfolio by Category 1
 AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$2,873,439 16.4%$3,008,665 17.1%$4,067,739 19.6%
     Commercial Real Estate3,281,258 18.83,303,286 18.83,511,893 16.9
     Commercial & Industrial2,256,546 12.92,304,148 13.12,224,662 10.7
     Construction1,809,528 10.41,666,643 9.51,596,178 7.7
     Land - Acquisition & Development149,645 0.9142,052 0.8167,839 0.8
     Single-Family Residential6,360,961 36.46,466,893 36.88,578,862 41.3
     Construction - Custom321,670 1.8261,377 1.5221,460 1.1
     Land - Consumer Lot Loans121,330 0.7115,572 0.7111,043 0.4
     HELOC234,895 1.3244,171 1.4244,331 1.2
     Consumer67,278 0.471,815 0.471,252 0.3
$17,476,550 100%$17,584,622 100%$20,795,259 100%
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
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WaFd, Inc.
Fact Sheet
March 31, 2024
($ in Thousands)
As of 09/23As of 12/23As of 03/24
Loans by State 1
 AMOUNT% AMOUNT% AMOUNT%
     Washington$5,471,235 31.0 %$5,476,536 30.8 %$5,770,917 27.5 %
     Idaho891,240 5.0 908,006 5.1 896,501 4.3 
     Oregon2,350,173 13.3 2,391,543 13.5 2,441,076 11.6 
     Utah1,939,332 11.0 1,984,396 11.2 2,013,988 9.6 
     Nevada740,394 4.2 772,743 4.4 781,351 3.6 
     Texas2,403,111 13.6 2,435,784 13.7 2,466,030 11.7 
     Arizona2,455,866 13.9 2,377,491 13.4 2,386,260 11.4 
     New Mexico735,073 4.3 745,931 4.2 750,750 3.6 
     California268,136 1.5 257,392 1.4 3,121,531 14.9 
     Other399,197 2.3 414,120 2.3 368,432 1.8 
     Total$17,653,757 100%$17,763,942 100%$20,996,836 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans: 1
     Multi-Family$5,127 10.2%$132 0.3%$8,377 13.8%
     Commercial Real Estate23,435 46.524,283 53.727,022 44.4
     Commercial & Industrial6,082 12.14,437 9.84,436 7.3
     Construction— —— —— —
     Land - Acquisition & Development— —— —112 0.2
     Single-Family Residential14,918 29.515,396 34.020,016 32.9
     Construction - Custom88 0.288 0.188 0.1
     Land - Consumer Lot Loans9 —57 0.1— —
     HELOC736 1.5603 1.3491 0.8
     Consumer27 0.1262 0.5264 0.4
        Total non-accrual loans50,422 100%45,258 100%60,806 100%
Real Estate Owned4,149 6,820 4,245 
Other Property Owned3,353 3,310 3,310 
Total non-performing assets$57,924 $55,388 $68,361 
Non-accrual loans as % of total net loans0.29 %0.26 %0.29 %
Non-performing assets as % of total assets0.26 %0.24 %0.23 %
Net Charge-offs (Recoveries) by Category09/23 QTRCO % (a)12/23 QTRCO % (a)03/24 QTRCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate(98)(0.01)(2)—— —
Commercial & Industrial29,242 5.0430 0.0133 0.01
Construction— —— —— —
Land - Acquisition & Development(24)(0.05)(32)(0.07)(21)(0.04)
Single-Family Residential(16)—(120)(0.01)76 —
Construction - Custom— —— —— —
Land - Consumer Lot Loans(9)(0.03)(9)(0.03)(46)(0.16)
HELOC(1)—(1)—(1)—
Consumer268 1.5321 0.11105 0.57
Total net charge-offs (recoveries)$29,362 0.60%$(113)—%$146 —%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
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WaFd, Inc.
Fact Sheet
March 31, 2024
($ in Thousands)
As of 09/23As of 12/23As of 03/24
Deposits & Branches by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$7,627,674 47.5 %71 $7,881,675 49.1 %71 $8,254,930 38.7 %73 
     Idaho972,424 6.1 22 921,611 5.7 22 918,143 4.3 22 
     Oregon2,820,338 17.5 36 2,460,582 15.2 36 2,744,489 13.0 36 
     Utah662,192 4.1 9 617,113 3.8 9 541,895 2.6 9 
     Nevada495,794 3.1 8 504,217 3.1 8 513,980 2.4 8 
     Texas381,576 2.3 5 566,940 3.5 5 404,120 1.9 5 
     Arizona1,635,345 10.2 28 1,599,257 10.0 28 1,587,253 7.4 28 
     New Mexico1,474,986 9.2 19 1,487,392 9.3 19 1,479,225 6.9 19 
     California4,895,738 22.9 10 
     Total$16,070,329 100%198 $16,038,787 100%198 $21,339,773 100%200 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,706,448 16.8 %$2,604,281 16.2 %$2,482,010 11.6 %
Interest Checking3,882,715 24.2 4,084,933 25.5 4,579,413 21.5 
Savings817,547 5.1 777,204 4.8 771,260 3.7 
Money Market3,358,603 20.9 3,191,646 19.9 4,506,179 21.1 
Time Deposits5,305,016 33.0 5,380,723 33.5 9,000,911 42.2 
Total$16,070,329 100%$16,038,787 100%$21,339,773 100%
Deposits Uninsured &
Non-collateralized - EOP		$4,124,355 25.7 %$4,182,289 26.1 %$5,436,402 25.5 %
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$2,345,588 3.84 %$2,150,962 4.00 %$1,807,709 4.16 %
From 4 to 6 months1,517,379 3.89 %678,257 3.64 %1,880,835 4.38 %
From 7 to 9 months408,399 3.84 %407,869 3.42 %2,093,121 4.75 %
From 10 to 12 months323,741 3.02 %1,189,019 4.43 %1,966,821 4.46 %
Debt & Borrowings (Effective Maturity)2
AmountRateAmountRateAmountRate
Within 1 year$2,750,000 5.05 %$2,975,000 4.99 %$4,447,572 5.20 %
1 to 3 years100,000 1.70 %100,000 1.65 %191,507 3.12 %
3 to 5 years— — %— — %— — %
More than 5 years800,000 0.61 %800,000 0.58 %850,422 1.06 %
Total$3,650,000 $3,875,000 $5,489,501 
Interest Rate Risk
NPV post 200 bps shock3
9.5 %8.8 %9.2 %
Change in NII after 200 bps shock3
(2.0)%(1.0)%9.3 %
2 includes FHLB and FRB borrowings, senior debt and junior subordinated debentures
3Assumes no balance sheet management actions taken.
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WaFd, Inc.
Fact Sheet
March 31, 2024
($ in Thousands)


Historical CPR Rates (c)
Average for Quarter Ended:SFR MortgagesGSE MBS
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 %
12/31/20236.6 %9.7 %
3/31/20244.8 %8.7 %
(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
March 31, 2024
Average Balance Sheet
($ in Thousands)
Quarter Ended
September 30, 2023December 31, 2023March 31, 2024
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable1
$17,397,745 $240,998 5.50 %$17,533,944 $245,792 5.58 %$19,696,515 $274,341 5.60 %
Mortgage-backed securities1,375,938 11,695 3.37 1,337,174 11,266 3.35 1,470,581 12,905 3.53 
Cash & investments1,841,726 26,536 5.72 1,851,301 27,354 5.88 2,020,460 28,901 5.75 
FHLB Stock120,005 2,481 8.20 124,019 2,434 7.81 138,452 2,679 7.78 
Total interest-earning assets20,735,414 281,710 5.39 %20,846,438 286,846 5.47 %23,326,008 318,826 5.50 %
Other assets1,498,327 1,535,021 1,581,368 
Total assets$22,233,741 $22,381,459 $24,907,376 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$13,245,484 83,402 2.50 %$13,248,450 96,671 2.90 %$15,080,002 116,164 3.10 %
Borrowings, junior debentures, senior debt3,478,261 34,611 3.95 3,718,207 37,938 4.06 4,323,454 44,065 4.10 
Total interest-bearing liabilities16,723,745 118,013 2.80 %16,966,657 134,609 3.16 %19,403,456 160,229 3.32 %
Noninterest-bearing customer accounts2,761,622 2,654,982 2,536,757 
Other liabilities316,528 312,240 328,680 
Total liabilities19,801,895 19,933,879 22,268,893 
Stockholders’ equity2,431,846 2,447,580 2,638,483 
Total liabilities and equity$22,233,741 $22,381,459 $24,907,376 
Net interest income/interest rate spread$163,697 2.59 %$152,237 2.32 %$158,597 2.18 %
Net interest margin2
3.13 %2.91 %2.73 %
1 Includes loans held for sale
2Annualized net interest income divided by average interest-earning assets

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WaFd, Inc.
Fact Sheet
March 31, 2024
Delinquency Summary
($ in Thousands)
TYPE OF LOANS# OF LOANS% based% based
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
March 31, 2024
     Multi-Family1,765 2,317 $4,089,719 12 — 2 14 0.79 %$17,644 0.43 %
     Commercial Real Estate1,287 2,754 3,544,884 — — 7 7 0.54 24,598 0.69 
     Commercial & Industrial1,898 1,203 2,283,922 15 — 13 28 1.48 4,575 0.20 
     Construction450 3,608 1,623,496 2 — — 2 0.44 760 0.05 
     Land - Acquisition & Development87 2,020 175,704 — — 3 3 3.45 112 0.06 
     Single-Family Residential22,392 385 8,619,916 29 17 56 102 0.46 25,761 0.30 
     Construction - Custom451 495 223,377 1 — 1 2 0.44 847 0.38 
     Land - Consumer Lot Loans1,076 106 114,256 4 1 1 6 0.56 307 0.27 
     HELOC4,318 57 247,305 5 3 10 0.23 1,009 0.41 
     Consumer7,497 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-Family1,147 2,635 $3,022,457 — — 1 1 0.09 %$132 — %
     Commercial Real Estate1,205 2,765 3,332,293 2 — 5 7 0.58 25,217 0.76 
     Commercial & Industrial1,953 1,211 2,364,982 11 2 7 20 1.02 7,141 0.30 
     Construction476 3,562 1,695,506 — — — — — — — 
     Land - Acquisition & Development95 1,565 148,711 — — — — — — — 
     Single-Family Residential19,713 330 6,495,449 33 19 44 96 0.49 22,143 0.34 
     Construction - Custom538 490 263,638 1 — 1 2 0.37 847 0.32 
     Land - Consumer Lot Loans1,106 108 118,917 2 — 1 3 0.27 393 0.33 
     HELOC4,281 58 247,145 9 7 16 0.37 1,668 0.67 
     Consumer7,068 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 %
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 %

Tables above do not include loans held for sale.
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