EX-99.2 3 exhibit992_sep2024factsheet.htm EX-99.2 Document
Exhibit 99.2
WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)

 As of 03/24 As of 06/24 As of 09/24
Allowance for Credit Losses (ACL) - Total$225,077 $225,324 $225,253 
     ACL - Loans201,577 203,824 203,753 
     ACL Unfunded Commitments23,500 21,500 21,500 
    Total ACL as a % of Gross Loans1.00 %1.00 %1.01 %
 03/24 QTR  03/24 YTD  06/24 QTR  06/24 YTD  09/24 QTR  09/24 YTD
Loan Originations - Total$825,733 $1,697,179 $972,500 $2,669,679 $962,393 $3,632,072 
    Multi-Family39,802 50,210 8,523 58,733 1,997 60,730 
    Commercial Real Estate81,634 145,250 57,956 203,206 43,724 246,930 
    Commercial & Industrial370,476 789,522 456,351 1,245,873 431,498 1,677,371 
    Construction136,038 287,015 124,978 411,993 191,837 603,829 
    Land - Acquisition & Development11,475 24,032 6,099 30,131 15,275 45,406 
    Single-Family Residential67,506 151,020 141,018 292,038 138,234 430,272 
    Construction - Custom50,940 97,242 58,490 155,732 54,049 209,781 
     Land - Consumer Lot Loans3,914 7,763 6,478 14,241 6,946 21,187 
     HELOC31,859 72,855 46,246 119,101 42,816 161,917 
     Consumer32,089 72,270 66,361 138,631 36,017 174,648 
Purchased Loans (including acquisitions)$6,207,393 $6,207,393 $— $6,207,393 $— $6,207,393 
Net Loan Fee and Discount Accretion$7,127 $11,740 $14,807 $26,547 $10,942 $37,489 
Repayments
Loans$983,348 $2,136,858 $1,035,515 $3,172,373 $1,129,986 $4,302,359 
MBS35,927 72,364 58,582 130,946 64,885 195,831 
MBS Net Premium Amortization$160 $96 $561 $657 $403 $1,060 
Efficiency
Operating Expenses/Average Assets2.15 %1.95 %1.48 %1.77 %1.54 %1.71 %
Efficiency Ratio (%)77.74 %68.04 %56.61 %63.87 %57.21 %62.13 %
Amortization of Intangibles$1,303 $1,569 $3,197 $4,766 $2,977 $7,743 
EOP Numbers
Shares Issued and Outstanding81,405,391 81,157,173 81,220,269 
Share repurchase information
Remaining shares authorized for repurchase1,853,453 11,501,005 11,501,005 
Shares repurchased7,837 705,730 357,303 1,063,033 7,174 1,070,207 
Average share repurchase price$30.38 $24.52 $26.63 $25.23 $34.82 $25.29 

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WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)
Tangible Common Book ValueAs of 03/24As of 06/24As of 09/24
$ Amount$2,168,367 $2,206,084 $2,251,875 
Per Share26.64 27.18 27.73 
# of Employees2,335 2,204 2,208 
Investments
Available-For-Sale:
     Agency MBS$1,291,648 $1,351,997 $1,387,025 
     Other1,146,466 1,076,771 1,185,684 
$2,438,114 $2,428,768 $2,572,709 
Held-To-Maturity:
     Agency MBS$457,882 $447,638 $436,972 
$457,882 $447,638 $436,972 
 As of 03/24 As of 06/24 As of 09/24
Loans Receivable by Category1
 AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$4,173,375 18.5%$4,616,359 20.5%$4,658,119 20.8%
    Commercial Real Estate3,570,790 15.83,781,247 16.83,757,040 16.8
    Commercial & Industrial2,290,452 10.12,394,978 10.62,337,139 10.4
    Construction2,631,783 11.62,247,530 10.02,174,254 9.7
    Land - Acquisition & Development215,831 1.0195,796 0.9200,713 0.9
    Single-Family Residential8,816,039 39.08,364,415 37.28,399,030 37.6
    Construction - Custom466,740 2.1414,483 1.8384,161 1.7
     Land - Consumer Lot Loans115,022 0.6112,317 0.5108,791 0.6
     HELOC243,852 1.1255,271 1.1266,151 1.2
     Consumer74,269 0.384,445 0.473,998 0.3
22,598,153 100%22,466,841 100%22,359,396 100%
     Less:
        Allowance201,577 203,824 203,753 
        Loans in Process1,303,978 1,094,956 1,009,798 
        Net Deferred Fees, Costs and Discounts297,339 294,142 229,491 
        Sub-Total1,802,894 1,592,922 1,443,042 
$20,795,259 $20,873,919 $20,916,354 
Net Loan Portfolio by Category1
 AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$4,067,739 19.6%$4,488,124 21.5%$4,530,951 21.7%
    Commercial Real Estate3,511,893 16.93,707,189 17.83,692,946 17.6
    Commercial & Industrial2,224,662 10.72,331,403 11.22,273,984 10.9
    Construction1,596,178 7.71,417,444 6.81,401,748 6.7
    Land - Acquisition & Development167,839 0.8148,724 0.7152,416 0.7
    Single-Family Residential8,578,862 41.38,146,045 39.08,239,778 39.4
    Construction - Custom221,460 1.1188,940 0.9180,988 0.9
     Land - Consumer Lot Loans111,043 0.5108,927 0.4105,496 0.5
     HELOC244,331 1.2255,908 1.2266,808 1.3
     Consumer71,252 0.381,215 0.471,239 0.3
$20,795,259 100%$20,873,919 100%$20,916,354 100%
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

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WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)
As of 03/24As of 06/24As of 09/24
Loans by State1
 AMOUNT% AMOUNT% AMOUNT%
     Washington$5,770,917 27.5 %$5,771,422 27.4 %$5,771,729 27.3 %
     Idaho896,501 4.3 917,733 4.4 924,573 4.4 
     Oregon2,441,076 11.7 2,486,762 11.8 2,463,530 11.7 
     Utah2,013,988 9.6 2,084,601 9.9 2,085,051 9.9 
     Nevada781,351 3.7 776,656 3.6 783,600 3.7 
     Texas2,466,030 11.7 2,526,689 12.0 2,495,541 11.8 
     Arizona2,386,260 11.4 2,314,192 11.0 2,319,106 11.0 
     New Mexico750,750 3.6 750,935 3.6 761,853 3.6 
     California3,121,531 14.9 3,027,699 14.4 3,037,606 14.4 
     Other368,432 1.8 421,054 2.0 477,518 2.2 
     Total$20,996,836 100%$21,077,743 100%$21,120,107 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:1
     Multi-Family$8,377 13.8%$9,984 16.3%$18,743 27.0%
     Commercial Real Estate27,022 44.426,408 43.126,362 37.9
     Commercial & Industrial4,436 7.32,138 3.5— —
     Construction— —1,120 1.81,120 1.6
     Land - Acquisition & Development112 0.274 0.174 0.1
     Single-Family Residential20,016 32.920,422 33.221,488 30.9
     Construction - Custom88 —88 0.1848 —
     Land - Consumer Lot Loans— —236 0.4— —
     HELOC491 0.8758 1.2596 0.9
     Consumer264 0.340 0.1310 0.4
        Total non-accrual loans60,806 100%61,268 100%69,541 100%
Real Estate Owned4,245 4,209 4,567 
Other Property Owned3,310 3,310 3,310 
Total non-performing assets$68,361 $68,787 $77,418 
Non-accrual loans as % of total net loans0.29 %0.29 %0.33 %
Non-performing assets as % of total assets0.23 %0.24 %0.28 %
Net Charge-offs (Recoveries) by Category03/24 QTRCO % (a)06/24 QTRCO % (a)09/24 QTRCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate— —201 0.02— —
Commercial & Industrial33 0.011,343 0.22136 0.02
Construction— —— —— —
Land - Acquisition & Development(21)(0.04)(17)(0.03)114 0.23
Single-Family Residential76 —(105)(0.01)(88)—
Construction - Custom— —— —(1)—
Land - Consumer Lot Loans(46)(0.16)(2)(0.01)(1)—
HELOC(1)—(1)—(1)—
Consumer105 0.57(166)(0.79)(89)(0.48)
Total net charge-offs (recoveries)$146 —%$1,253 0.02%$70 —%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
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WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)
As of 03/24As of 06/24As of 09/24
Deposits & Branches by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$8,254,930 38.7 %73 $8,302,664 39.2 %73 $8,528,608 39.9 %73 
     Idaho918,143 4.3 22 922,547 4.4 22 949,025 4.5 22 
     Oregon2,744,489 12.8 36 2,711,175 12.9 36 2,696,243 12.5 36 
     Utah541,895 2.5 9 549,876 2.7 9 584,001 2.7 9 
     Nevada513,980 2.4 8 508,648 2.4 8 527,704 2.5 8 
     Texas404,120 1.9 5 371,539 1.8 5 398,736 1.9 5 
     Arizona1,587,253 7.4 28 1,610,523 7.6 28 1,619,101 7.6 28 
     New Mexico1,479,225 6.9 19 1,555,373 7.3 19 1,622,534 7.6 19 
     California4,895,738 22.9 10 4,652,420 22.0 10 4,448,018 20.8 10 
     Total$21,339,773 100%210 $21,184,765 100%210 $21,373,970 100%210 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,482,010 11.6 %$2,514,310 11.9 %$2,500,467 11.7 %
Interest Checking4,579,413 21.5 4,481,465 21.2 4,486,444 21.0 
Savings771,260 3.6 733,973 3.5 718,560 3.4 
Money Market4,506,179 21.1 4,199,257 19.8 4,111,714 19.2 
Time Deposits9,000,911 42.2 9,255,760 43.7 9,556,785 44.7 
Total$21,339,773 100%$21,184,765 100%$21,373,970 100%
Deposits Uninsured &
Non-collateraized - EOP		$5,436,402 25.5 %$5,238,217 24.7 %$5,134,192 24.0 %
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$1,807,709 4.16 %$2,300,304 4.37 %$2,923,299 4.72 %
From 4 to 6 months1,880,835 4.38 %2,586,273 4.76 %3,140,278 4.65 %
From 7 to 9 months2,093,121 4.75 %1,953,833 4.63 %1,236,201 4.49 %
From 10 to 12 months1,966,821 4.46 %1,071,346 4.26 %1,307,000 4.37 %
Borrowings (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$4,447,572 5.20 %$3,036,283 5.01 %$2,274,067 5.00 %
1 to 3 years191,507 3.12 %192,425 3.13 %193,355 3.17 %
More than 5 years850,422 1.06 %850,652 1.04 %850,885 1.23 %
Total$5,489,501 $4,079,360 $3,318,307 
Interest Rate Risk
NPV post up 100 bps shock (b)9.8 %8.9 %8.7 %
NPV post down 100 bps shock (b)1.1 %10.7 %10.2 %
Change in NII after up 100 bps shock (b)4.1 %3.0 %0.2 %
Change in NII after down 100 bps shock (b)(0.2)%1.6 %0.4 %
(b) Assumes no balance sheet management actions taken.
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WaFd, Inc.
Fact Sheet
September 30, 2024
($ in Thousands)
Historical CPR Rates (c)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
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 %
6/30/20246.6 %12.0 %
9/30/20248.6 %12.9 %
(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, 2024
Average Balance Sheet
($ in Thousands)
Quarter Ended
March 31, 2024June 30, 2024September 30, 2024
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$19,696,515 $274,341 5.60 %$23,536,530 $337,118 5.76 %$21,258,400 $308,598 5.78 %
Mortgage-backed securities1,470,581 12,905 3.53 1,765,314 17,523 3.99 1,817,639 18,088 3.96 
Cash & investments2,020,460 28,901 5.75 2,386,434 33,693 5.68 3,061,063 43,661 5.67 
FHLB Stock138,452 2,679 7.78 164,018 3,608 8.85 99,195 3,750 15.04 
Total interest-earning assets23,326,008 318,826 5.50 %27,852,296 391,942 5.66 %26,236,297 374,097 5.67 %
Other assets1,581,368 1,851,041 1,764,185 
Total assets$24,907,376 $29,703,337 $28,000,482 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts15,080,002 116,164 3.10 %18,398,704 154,359 3.37 %18,590,638 165,240 3.54 %
Borrowings4,323,454 44,065 4.10 5,406,585 60,397 4.49 3,535,015 36,045 4.06 
Total interest-bearing liabilities19,403,456 160,229 3.32 %23,805,289 214,756 3.63 %22,125,653 201,285 3.62 %
Noninterest-bearing customer accounts2,536,757 2,593,381 2,588,528 
Other liabilities328,680 357,611 290,208 
Total liabilities22,268,893 26,756,281 25,004,389 
Shareholders’ equity2,638,483 2,947,056 2,996,093 
Total liabilities and shareholders' equity$24,907,376 $29,703,337 $28,000,482 
Net interest income/interest rate spread$158,597 2.18 %$177,186 2.03 %$172,812 2.05 %
Net interest margin (1)2.73 %2.56 %2.62 %
(1) Annualized net interest income divided by average interest-earning assets






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WaFd, Inc.
Fact Sheet
September 30, 2024
Average Balance Sheet
($ in Thousands)
 Year Ended September 30,
 20242023
 Average
Balance		InterestAverage
Rate		Average
Balance		InterestAverage
Rate
Assets
Loans receivable$20,500,281 $1,165,849 5.69 %$17,095,014 $900,068 5.27 %
Mortgage-backed securities1,597,566 59,782 3.74 1,362,415 43,184 3.17 
Cash & investments2,330,505 133,608 5.73 1,742,806 91,058 5.22 
FHLB & FRB stock131,313 12,471 9.50 127,066 8,645 6.80 
Total interest-earning assets24,559,665 1,371,710 5.59 %20,327,301 1,042,955 5.13 %
Other assets1,682,721 1,484,271 
Total assets$26,242,386 $21,811,572 
Liabilities and Shareholders’ Equity
Interest-bearing customer accounts$16,327,208 532,434 3.26 %$12,906,383 237,233 1.84 %
Borrowings4,242,431 178,444 4.21 3,261,917 115,488 3.54 
Total interest-bearing liabilities20,569,639 710,878 3.46 %16,168,300 352,721 2.18 %
Noninterest-bearing customer accounts2,593,567 2,969,970 
Other liabilities322,071 296,840 
Total liabilities23,485,277 19,435,110 
Shareholders’ equity2,757,109 2,376,462 
Total liabilities and shareholders’ equity$26,242,386 $21,811,572 
Net interest income/interest rate spread$660,832 2.13 %$690,234 2.95 %
Net interest margin2.69 %3.40 %
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WaFd, Inc.
Fact Sheet
September 30, 2024
Delinquency Summary
($ in Thousands)
 AMOUNT OF LOANS# OF LOANS% based% based
TYPE OF LOANS #LOANSAVG SizeNET OF LIP & CHG-OFFs306090Totalon #$ Delinquenton $
September 30, 2024
     Multi-Family1,938 2,351 $4,556,200 — 3 5 8 0.41 %$14,673 0.32 %
     Commercial Real Estate1,295 2,882 3,732,155 1 — 3 4 0.31 661 0.02 
     Commercial & Industrial1,827 1,277 2,332,732 1 4 8 13 0.71 2,046 0.09 
     Construction406 3,507 1,424,016 1 — 3 4 0.99 2,050 0.14 
     Land - Acquisition & Development81 1,979 160,317 — — 2 2 2.47 74 0.05 
     Single-Family Residential22,141 374 8,280,300 28 19 52 99 0.45 29,711 0.36 
     Construction - Custom364 501 182,415 — — 2 2 0.55 848 0.46 
     Land - Consumer Lot Loans1,017 106 108,060 — — 1 1 0.10 — — 
     HELOC4,400 61 269,857 13 6 6 25 0.57 2,510 0.93 
     Consumer7,677 10 74,055 35 27 64 126 1.64 765 1.03 
41,146 513 $21,120,107 79 59 146 284 0.69 %$53,338 0.25 %
June 30, 2024
     Multi-Family1,951 2,313 $4,513,323 — 1 2 3 0.15 %$6,612 0.15 %
     Commercial Real Estate1,302 2,878 3,746,945 — 2 2 4 0.31 589 0.02 
     Commercial & Industrial1,871 1,277 2,389,236 2 — 9 11 0.59 2,138 0.09 
     Construction404 3,565 1,440,152 — 1 2 3 0.74 1,120 0.08 
     Land - Acquisition & Development82 1,908 156,424 — — 2 2 2.44 74 0.05 
     Single-Family Residential21,789 376 8,186,361 35 16 56 107 0.49 32,111 0.39 
     Construction - Custom400 476 190,433 1 — 1 2 0.50 848 0.45 
     Land - Consumer Lot Loans1,037 108 111,574 2 1 4 7 0.68 703 0.63 
     HELOC4,360 59 258,833 10 3 5 18 0.41 2,251 0.87 
     Consumer7,110 12 84,462 32 17 48 97 1.36 275 0.33 
40,306 523 $21,077,743 82 41 131 254 0.63 %$46,721 0.22 %
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 2 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 %
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