EX-99.2 3 exhibit992_june2018factshe.htm EXHIBIT 99.2

Exhibit

Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

																	Exhibit 99.2
		As of 12/17								As of 03/18							As of 06/18
Loan Loss Reserve - Total		$	133,905							$	134,326						$	135,416
General and Specific Allowance		127,155								127,576							128,666
Commitments Reserve		6,750								6,750							6,750
Allowance and Reserve as a % of Gross Loans		1.08		%						1.07		%					1.06		%
		12/17 QTR				12/17 YTD				03/18 QTR				03/18 YTD			06/18 QTR				06/18 YTD
Loan Originations - Total		$	953,552			$	953,552			$	819,017			$	1,772,569		$	1,095,907			$	2,868,476
Single-Family Residential		158,086				158,086				139,255				297,341			164,118				461,459
Construction		279,833				279,833				209,952				489,785			346,254				836,039
Construction - Custom		99,720				99,720				128,112				227,832			151,905				379,737
Land - Acquisition & Development		24,449				24,449				17,008				41,457			26,381				67,838
Land - Consumer Lot Loans		9,279				9,279				6,868				16,147			10,036				26,183
Multi-Family		87,586				87,586				36,068				123,654			59,758				183,412
Commercial Real Estate		64,149				64,149				81,518				145,667			81,511				227,178
Commercial & Industrial		212,064				212,064				180,423				392,487			230,853				623,340
HELOC		17,651				17,651				19,065				36,716			24,208				60,924
Consumer		735				735				748				1,483			883				2,366
Purchased Loans (including acquisitions)		$	143,605			$	143,605			$	—			$	143,605		$	—			$	143,605
Net Loan Fee and Discount Accretion		$	3,509			$	3,509			$	4,142			$	7,651		$	4,498			$	12,149
Repayments
Loans		$	859,583			$	859,583			$	743,611			$	1,603,194		$	890,520			$	2,493,714
MBS		92,808				92,808				84,444				177,252			82,983				260,235
MBS Premium Amortization		$	2,206			$	2,206			$	2,318			$	4,524		$	1,987			$	6,511
Efficiency
Operating Expenses/Average Assets		1.62		%		1.62		%		1.69		%		1.65		%	1.70		%		1.67		%
Efficiency Ratio (%) (a)		47.25		%		47.25		%		50.65		%		48.94		%	50.62		%		49.51		%
Amortization of Intangibles		$	705			$	705			$	485			$	1,190		$	506			$	1,696
(a) Efficiency ratio for the nine months ended June 30, 2018 excludes the impact of $8.55 million reduction to noninterest income related to FDIC loss share valuation adjustments.
EOP Numbers
Shares Issued and Outstanding		86,363,099								84,749,203							83,534,098
Share repurchase information
Remaining shares authorized for repurchase (b)		753,585								4,080,149							2,855,765
Shares repurchased		1,147,370				1,147,370				1,673,436				2,820,806			1,224,384				4,045,190
Average share repurchase price		$	33.98			$	33.98			$	34.66			$	34.38		$	32.64			$	33.85
(b) Remaining shares authorized for repurchase reflects a reduction related to TARP warrants repurchased for cash to date.

1

Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

Tangible Common Book Value		As of 12/17						As of 03/18						As of 06/18
$ Amount		$	1,699,040					$	1,676,370					$	1,674,467
Per Share		19.67						19.78						20.05
# of Employees		1,829						1,855						1,869
Investments
Available-for-sale:
Agency MBS		$	839,855					$	875,183					$	831,914
Other		406,000						394,088						423,487
		$	1,245,855					$	1,269,271					$	1,255,401
Held-to-maturity:
Agency MBS		$	1,765,886					$	1,716,566					$	1,670,450
		$	1,765,886					$	1,716,566					$	1,670,450
		As of 12/17						As of 03/18						As of 06/18
Loans Receivable by Category		AMOUNT				%		AMOUNT				%		AMOUNT				%
Single-Family Residential		$	5,693,318			45.7%		$	5,705,350			45.5%		$	5,745,598			45.1%
Construction		1,710,418				13.7		1,732,202				13.8		1,885,034				14.8
Construction - Custom		583,580				4.7		597,671				4.8		612,688				4.8
Land - Acquisition & Development		136,938				1.1		141,628				1.1		150,936				1.2
Land - Consumer Lot Loans		105,086				0.8		102,779				0.8		103,118				0.8
Multi-Family		1,312,695				10.5		1,328,049				10.6		1,346,534				10.6
Commercial Real Estate		1,436,508				11.5		1,443,437				11.5		1,435,418				11.3
Commercial & Industrial		1,120,707				9.0		1,151,108				9.2		1,133,075				8.9
HELOC		136,995				1.1		135,119				1.1		136,766				1.1
Consumer		219,971				1.8		202,911				1.6		188,125				1.5
		12,456,216				100%		12,540,254				100%		12,737,292				100%
Less:
ALL		127,155						127,576						128,666
Loans in Process		1,175,642						1,141,018						1,230,132
Net Deferred Fees, Costs and Discounts		46,377						47,572						52,523
Sub-Total		1,349,174						1,316,166						1,411,321
		$	11,107,042					$	11,224,088					$	11,325,971
Net Loan Portfolio by Category		AMOUNT				%		AMOUNT				%		AMOUNT				%
Single-Family Residential		$	5,636,013			50.7%		$	5,649,005			50.3%		$	5,686,546			50.2%
Construction		820,969				7.4		882,805				7.9		974,339				8.6
Construction - Custom		288,162				2.6		291,387				2.6		281,320				2.5
Land - Acquisition & Development		104,426				0.9		110,912				1.0		113,186				1.0
Land - Consumer Lot Loans		101,666				0.9		99,453				0.9		99,708				0.9
Multi-Family		1,300,179				11.7		1,315,064				11.7		1,332,874				11.8
Commercial Real Estate		1,418,364				12.8		1,426,085				12.7		1,417,881				12.5
Commercial & Industrial		1,086,533				9.8		1,117,211				10.0		1,100,891				9.7
HELOC		135,623				1.2		133,798				1.2		135,391				1.2
Consumer		215,107				1.9		198,368				1.8		183,835				1.6
		$	11,107,042			100%		$	11,224,088			100%		$	11,325,971			100%

2

Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

		As of 12/31/17										As of 03/31/18										As of 06/30/18
Deposits by State		AMOUNT				%			#			AMOUNT				%			#			AMOUNT				%			#
Washington		$	5,605,233			50.9	%		81			$	5,612,276			50.4	%		81			$	5,920,446			52.5	%		81
Idaho		771,350				7.0			24			792,940				7.1			24			785,183				7.0			24
Oregon		1,947,171				17.7			47			1,971,848				17.7			47			1,807,275				16.0			46
Utah		263,405				2.4			10			265,673				2.4			10			266,200				2.4			10
Nevada		331,423				3.0			11			340,842				3.1			11			340,063				3.0			11
Texas		97,108				0.9			6			102,480				0.9			6			102,371				0.9			6
Arizona		1,155,381				10.5			31			1,195,010				10.7			31			1,203,224				10.7			31
New Mexico		830,508				7.5			27			857,787				7.7			27			862,711				7.6			27
Total		$	11,001,579			100%			237			$	11,138,856			100%			237			$	11,287,473			100%			236
Deposits by Type		AMOUNT				%						AMOUNT				%						AMOUNT				%
Checking (non-interest)		$	1,299,602			11.8	%					$	1,325,035			11.9	%					$	1,460,096			12.9	%
NOW (interest)		1,848,594				16.8						1,818,177				16.3						1,787,035				15.8
Savings		894,879				8.1						895,017				8.0						865,102				7.7
Money Market		2,439,537				22.2						2,425,072				21.8						2,460,533				21.8
Time Deposits		4,518,967				41.1						4,675,555				42.0						4,714,707				41.8
Total		$	11,001,579			100%						$	11,138,856			100%						$	11,287,473			100%
Deposits greater than $250,000 - EOP		$	2,857,838									$	2,832,268									$	3,000,724
Time Deposit Repricing		Amount				Rate						Amount				Rate						Amount				Rate
Within 3 months		$	730,975			0.74	%					$	875,183			0.82	%					$	726,989			0.90	%
From 4 to 6 months		871,822				0.83	%					728,099				0.92	%					972,317				1.11	%
From 7 to 9 months		525,594				0.98	%					833,326				1.18	%					455,450				1.06	%
From 10 to 12 months		677,959				1.08	%					428,843				1.06	%					379,439				1.24	%
Non-Performing Assets		AMOUNT				%						AMOUNT				%						AMOUNT				%
Non-accrual loans:
Single-Family Residential		$	26,219			57.6%						$	25,319			47.1%						$	26,119			43.1%
Construction		364				0.8						2,296				4.3						1,841				3.0
Construction - Custom		—				—						—				—						—				—
Land - Acquisition & Development		1,326				2.9						2,004				3.7						1,757				2.9
Land - Consumer Lot Loans		976				2.1						1,045				1.9						642				1.1
Multi-Family		250				0.5						—				—						—				—
Commercial Real Estate		8,241				18.1						9,527				17.7						9,684				16.0
Commercial & Industrial		7,596				16.7						13,362				24.8						19,876				32.8
HELOC		476				1.0						217				0.4						637				1.1
Consumer		72				0.2						38				0.1						28				—
Total non-accrual loans		45,520				100%						53,808				100%						60,584				100%
Real Estate Owned		17,928										15,904										11,275
Total non-performing assets		$	63,448									$	69,712									$	71,859
Non-accrual loans as % of total net loans		0.41		%								0.48		%								0.53		%
Non-performing assets as % of total assets		0.41		%								0.45		%								0.46		%

3

Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

		As of 12/31/17							As of 03/31/18							As of 06/30/18
		AMOUNT				%			AMOUNT				%			AMOUNT				%
Restructured loans:
Single-Family Residential		$	170,601			85.7%			$	162,874			85.5%			$	153,356			89.4%
Construction		—				—			—				—			—				—
Construction - Custom		—				—			—				—			—				—
Land - Acquisition & Development		—				—			—				—			—				—
Land - Consumer Lot Loans		7,405				3.7			6,837				3.6			5,136				3.0
Multi-Family		480				0.2			474				0.2			461				0.3
Commercial Real Estate		11,910				6.0			11,818				6.2			7,162				4.2
Commercial & Industrial		7,256				3.6			7,006				3.7			3,924				2.3
HELOC		1,432				0.7			1,424				0.7			1,491				0.9
Consumer		91				—			86				—			73				—
Total restructured loans		$	199,175			100%			$	190,519			100%			$	171,603			100%
Restructured loans were as follows:
Performing		$	194,359			97.6%			$	186,057			97.7%			$	165,857			96.7%
Non-performing (c)		4,816				2.4			4,462				2.3			5,746				3.3
Total restructured loans		$	199,175			100%			$	190,519			100%			$	171,603			100%
(c) Included in "Total non-accrual loans" above
		AMOUNT				CO % (d)			AMOUNT				CO % (d)			AMOUNT				CO % (d)
Net Charge-offs (Recoveries) by Category
Single-Family Residential		$	340			0.02%			$	79			0.01%			$	16			—%
Construction		—				—			—				—			—				—
Construction - Custom		50				0.03			—				—			—				—
Land - Acquisition & Development		(3,372		)		(9.85)			(1,207		)		(3.41)			(2,687		)		(7.12)
Land - Consumer Lot Loans		47				0.18			18				0.07			(34		)		(0.13)
Multi-Family		—				—			—				—			—				—
Commercial Real Estate		—				—			35				0.01			(91		)		(0.03)
Commercial & Industrial		61				0.02			(115		)		(0.04)			2,884				1.02
HELOC		—				—			1				—			—				—
Consumer		(208		)		(0.38)			(182		)		(0.36)			(178		)		(0.38)
Total net charge-offs (recoveries)		$	(3,082	)		(0.10)%			$	(1,371	)		(0.04)%			$	(90	)		—%
(d) Annualized Net Charge-offs (recoveries) divided by Gross Balance
Interest Rate Risk
One Year GAP						(12.9	)%						(13.9	)%						(11.6	)%
NPV post 200 bps shock (e)						14.2	%						13.1	%						11.9	%
Change in NII after 200 bps shock (e)						1.3	%						0.1	%						(1.2	)%
(e) Assumes no balance sheet management actions taken

4

Washington Federal, Inc.

Fact Sheet

June 30, 2018

($ in Thousands)

Historical CPR Rates (f)
	WAFD			WAFD
Average for Quarter Ended:	SFR Mortgages			GSE MBS
6/30/2016	17.3	%		17.5	%
9/30/2016	17.7	%		20.0	%
12/31/2016	19.3	%		24.8	%
3/31/2017	13.6	%		13.5	%
6/30/2017	15.0	%		20.9	%
9/30/2017	15.1	%		14.3	%
12/31/2017	15.3	%		13.9	%
3/31/2018	12.1	%		13.3	%
6/30/2018	13.0	%		12.0	%
(f) 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.

5

Washington Federal, Inc.

Fact Sheet

June 30, 2018

Average Balance Sheet

($ in Thousands)

	December 31, 2017											March 31, 2018											June 30, 2018
	Average								Average			Average								Average			Average								Average
	Balance				Interest				Rate			Balance				Interest				Rate			Balance				Interest				Rate
Assets
Loans receivable	$	10,984,886			$	124,511			4.50	%		$	11,138,747			$	126,529			4.61	%		$	11,322,932			$	131,541			4.66	%
Mortgage-backed securities	2,521,407				16,899				2.66			2,592,340				17,667				2.76			2,550,004				18,022				2.83
Cash & investments	559,370				3,273				2.32			579,628				3,668				2.57			584,918				4,077				2.80
FHLB & FRB Stock	126,229				1,097				3.45			131,252				1,215				3.75			135,313				1,432				4.24
Total interest-earning assets	14,191,892				145,780				4.08	%		14,441,967				149,079				4.19	%		14,593,167				155,072				4.26	%
Other assets	1,149,607											1,157,987											1,154,328
Total assets	$	15,341,499										$	15,599,954										$	15,747,495
Liabilities and Equity
Customer accounts	$	10,850,742			14,638				0.54	%		$	10,988,517			16,414				0.61	%		$	11,075,998			18,887				0.68	%
FHLB advances	2,305,978				15,407				2.65			2,431,556				15,364				2.56			2,533,077				16,333				2.59
Other borrowings	—				—				—			33				—				—			—				—				—
Total interest-bearing liabilities	13,156,720				30,045				0.91	%		13,420,106				31,778				0.96	%		13,609,075				35,220				1.04	%
Other liabilities	168,382											170,829											142,557
Total liabilities	13,325,102											13,590,935											13,751,632
Stockholders’ equity	2,016,397											2,009,019											1,995,863
Total liabilities and equity	$	15,341,499										$	15,599,954										$	15,747,495
Net interest income					$	115,735										$	117,301										$	119,852
Net interest margin (1)									3.26	%										3.25	%										3.29	%
(1) Annualized net interest income divided by average interest-earning assets

6

Washington Federal, Inc.

Fact Sheet

June 30, 2018

Delinquency Summary

($ in Thousands)

TYPE OF LOANS								AMOUNT OF LOANS				# OF LOANS												% based							% based
		#LOANS			AVG Size			NET OF LIP & CHG-OFFs				30			60			90			Total			on #			$ Delinquent				on $
June 30, 2018
Single-Family Residential		24,922			231			$	5,744,620			47			22			83			152			0.61	%		$	29,658			0.52	%
Construction		650			1,557			1,012,239				—			1			3			4			0.62			2,457				0.24
Construction - Custom		1,230			232			285,858				1			—			—			1			0.08			171				0.06
Land - Acquisition & Development		126			964			121,508				—			1			3			4			3.17			1,915				1.58
Land - Consumer Lot Loans		1,190			87			103,040				2			1			6			9			0.76			737				0.72
Multi-Family		1,145			1,176			1,346,512				—			—			—			—			—			—				—
Commercial Real Estate		929			1,545			1,435,417				1			—			7			8			0.86			2,387				0.17
Commercial & Industrial		1,886			601			1,133,075				2			2			25			29			1.54			6,595				0.58
HELOC		2,839			48			136,766				11			5			21			37			1.30			1,360				0.99
Consumer		3,410			55			188,125				26			20			100			146			4.28			352				0.19
		38,327			300			$	11,507,160			90			52			248			390			1.02	%		$	45,632			0.40	%
March 31, 2018
Single-Family Residential		25,089			227			$	5,704,505			35			18			97			150			0.60	%		$	28,900			0.51	%
Construction		682			1,344			916,662				1			—			7			8			1.17			3,243				0.35
Construction - Custom		1,237			239			295,699				—			—			—			—			—			—				—
Land - Acquisition & Development		128			930			119,063				—			—			4			4			3.13			1,863				1.56
Land - Consumer Lot Loans		1,192			86			102,705				2			—			8			10			0.84			868				0.85
Multi-Family		1,130			1,175			1,328,027				3			1			1			5			0.44			163				0.01
Commercial Real Estate		935			1,544			1,443,437				3			1			5			9			0.96			1,978				0.14
Commercial & Industrial		1,864			618			1,151,108				6			2			22			30			1.61			7,723				0.67
HELOC		2,849			47			135,119				5			5			13			23			0.81			253				0.19
Consumer		3,617			56			202,911				37			13			99			149			4.12			498				0.25
		38,723			294			$	11,399,236			92			40			256			388			1.00	%		$	45,489			0.40	%
December 31, 2017
Single-Family Residential		25,325			225			$	5,692,045			51			35			104			190			0.75	%		$	36,172			0.64	%
Construction		675			1,262			852,164				1			3			4			8			1.19			4,371				0.51
Construction - Custom		1,241			235			292,255				—			—			—			—			—			—				—
Land - Acquisition & Development		122			920			112,260				—			—			4			4			3.28			1,242				1.11
Land - Consumer Lot Loans		1,209			87			104,996				2			1			10			13			1.08			750				0.71
Multi-Family		1,122			1,170			1,312,673				—			—			2			2			0.18			250				0.02
Commercial Real Estate		925			1,553			1,436,508				2			—			6			8			0.86			444				0.03
Commercial & Industrial		1,849			606			1,120,707				7			2			23			32			1.73			3,467				0.31
HELOC		2,859			48			136,995				8			4			17			29			1.01			991				0.72
Consumer		3,847			57			219,971				43			15			107			165			4.29			567				0.26
		39,174			288			$	11,280,574			114			60			277			451			1.15	%		$	48,254			0.43	%

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