EX-99.2 3 exhibit992_mar2019factsheet.htm EXHIBIT 99.2

Exhibit

Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

																	Exhibit 99.2
		As of 09/18								As of 12/18							As of 03/19
Loan Loss Reserve - Total		$	136,507							$	137,415						$	139,336
General and Specific Allowance		129,257								131,165							133,086
Commitments Reserve		7,250								6,250							6,250
Allowance and Reserve as a % of Gross Loans		1.06		%						1.06		%					1.05		%
		09/18 QTR				09/18 YTD				12/18 QTR				12/18 YTD			03/19 QTR				03/19 YTD
Loan Originations - Total		$	965,518			$	3,833,994			$	1,044,766			$	1,044,766		$	999,605			$	2,044,371
Single-Family Residential		159,972				621,431				130,605				130,605			102,907				233,512
Construction		232,404				1,068,443				257,222				257,222			388,502				645,724
Construction - Custom		144,214				523,951				110,585				110,585			88,103				198,688
Land - Acquisition & Development		17,370				85,208				41,773				41,773			25,315				67,088
Land - Consumer Lot Loans		7,637				33,820				8,777				8,777			5,660				14,437
Multi-Family		88,634				272,046				46,408				46,408			62,746				109,154
Commercial Real Estate		47,064				274,242				127,659				127,659			53,938				181,597
Commercial & Industrial		245,997				869,337				291,572				291,572			241,766				533,338
HELOC		21,584				82,508				29,493				29,493			24,255				53,748
Consumer		642				3,008				672				672			6,413				7,085
Purchased Loans (including acquisitions)		$	—			$	143,605			$	—			$	—		$	—			$	—
Net Loan Fee and Discount Accretion		$	3,050			$	15,199			$	2,850			$	2,850		$	3,161			$	6,011
Repayments
Loans		$	842,182			$	3,335,896			$	871,794			$	871,794		$	772,907			$	1,644,701
MBS		77,803				338,038				69,503				69,503			63,251				132,754
MBS Premium Amortization		$	1,997			$	8,508			$	1,500			$	1,500		$	1,332			$	2,832
Efficiency
Operating Expenses/Average Assets		1.77		%		1.69		%		1.79		%		1.79		%	1.66		%		1.72		%
Efficiency Ratio (%)		52.94		%		50.37		%		51.88		%		51.88		%	51.15		%		51.52		%
Amortization of Intangibles		$	510			$	2,206			$	510			$	510		$	510			$	1,020
EOP Numbers
Shares Issued and Outstanding		82,710,911								81,123,582							80,435,217
Share repurchase information
Remaining shares authorized for repurchase		2,032,598								292,406							9,593,701
Shares repurchased		823,167				4,868,357				1,740,192				1,740,192			698,705				2,438,897
Average share repurchase price		$	33.17			$	33.74			$	28.12			$	28.12		$	29.65			$	28.56

1

Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

Tangible Common Book Value		As of 09/18						As of 12/18						As of 03/19
$ Amount		$	1,685,622					$	1,672,313					$	1,694,014
Per Share		20.38						20.61						21.06
# of Employees		1,877						1,910						1,921
Investments
Available-for-sale:
Agency MBS		$	899,502					$	1,005,037					$	1,029,937
Other		415,455						446,303						515,669
		$	1,314,957					$	1,451,340					$	1,545,606
Held-to-maturity:
Agency MBS		$	1,625,420					$	1,586,815					$	1,553,683
		$	1,625,420					$	1,586,815					$	1,553,683
		As of 09/18						As of 12/18						As of 03/19
Loans Receivable by Category		AMOUNT				%		AMOUNT				%		AMOUNT				%
Single-Family Residential		$	5,798,966			45.1%		$	5,844,963			44.9%		$	5,861,404			44.3%
Construction		1,890,668				14.7		1,841,674				14.1		1,980,274				15.0
Construction - Custom		624,479				4.9		607,071				4.7		586,515				4.4
Land - Acquisition & Development		155,204				1.2		181,323				1.4		194,739				1.5
Land - Consumer Lot Loans		102,036				0.8		100,563				0.8		97,152				0.7
Multi-Family		1,385,125				10.8		1,405,172				10.8		1,423,723				10.8
Commercial Real Estate		1,452,168				11.3		1,526,887				11.7		1,570,502				11.9
Commercial & Industrial		1,140,874				8.9		1,213,738				9.3		1,230,888				9.3
HELOC		130,852				1.0		136,856				1.1		139,203				1.1
Consumer		173,306				1.3		162,221				1.2		156,002				1.2
		12,853,678				100%		13,020,468				100%		13,240,402				100%
Less:
ALL		129,257						131,165						133,086
Loans in Process		1,195,506						1,138,308						1,162,787
Net Deferred Fees, Costs and Discounts		51,834						50,756						49,693
Sub-Total		1,376,597						1,320,229						1,345,566
		$	11,477,081					$	11,700,239					$	11,894,836
Net Loan Portfolio by Category		AMOUNT				%		AMOUNT				%		AMOUNT				%
Single-Family Residential		$	5,741,936			50.0%		$	5,790,114			49.5%		$	5,806,890			48.8%
Construction		1,023,914				8.9		1,008,587				8.6		1,099,142				9.2
Construction - Custom		284,832				2.5		295,329				2.5		303,228				2.5
Land - Acquisition & Development		114,956				1.0		135,772				1.2		142,081				1.2
Land - Consumer Lot Loans		99,332				0.9		97,905				0.8		94,592				0.8
Multi-Family		1,371,187				11.9		1,391,787				11.9		1,410,964				11.9
Commercial Real Estate		1,434,460				12.5		1,508,225				12.9		1,552,160				13.0
Commercial & Industrial		1,107,571				9.7		1,178,727				10.1		1,195,695				10.1
HELOC		129,544				1.1		135,258				1.2		137,599				1.2
Consumer		169,349				1.5		158,535				1.4		152,485				1.3
		$	11,477,081			100%		$	11,700,239			100%		$	11,894,836			100%

2

Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

		As of 09/30/18										As of 12/31/18										As of 03/31/19
Deposits by State		AMOUNT				%			#			AMOUNT				%			#			AMOUNT				%			#
Washington		$	5,967,219			52.4	%		80			$	6,106,095			52.8	%		80			$	6,160,538			52.6	%		80
Idaho		801,473				7.0			24			804,721				7.0			24			824,158				7.0			24
Oregon		1,835,782				16.1			46			1,841,280				15.9			46			1,871,498				16.0			46
Utah		266,934				2.3			10			270,681				2.3			10			268,112				2.3			10
Nevada		340,204				3.0			11			345,744				3.0			11			352,307				3.0			11
Texas		100,360				0.9			6			100,517				0.9			6			100,204				0.9			6
Arizona		1,205,696				10.6			31			1,216,157				10.5			31			1,243,075				10.6			31
New Mexico		869,478				7.6			27			876,497				7.6			27			902,471				7.7			27
Total		$	11,387,146			100%			235			$	11,561,692			100%			235			$	11,722,363			100%			235
Deposits by Type		AMOUNT				%						AMOUNT				%						AMOUNT				%
Checking (non-interest)		$	1,401,226			12.3	%					$	1,409,236			12.2	%					$	1,409,633			12.0	%
NOW (interest)		1,778,520				15.6						1,881,740				16.3						1,916,866				16.4
Savings		836,501				7.3						807,608				7.0						805,065				6.9
Money Market		2,566,096				22.5						2,645,762				22.9						2,651,434				22.6
Time Deposits		4,804,803				42.2						4,817,346				41.7						4,939,365				42.1
Total		$	11,387,146			100%						$	11,561,692			100%						$	11,722,363			100%
Deposits greater than $250,000 - EOP		$	3,088,231									$	3,285,153									$	3,326,620
Time Deposit Repricing		Amount				Rate						Amount				Rate						Amount				Rate
Within 3 months		$	965,279			1.10	%					$	638,166			1.08	%					$	683,509			1.46	%
From 4 to 6 months		623,970				1.05	%					672,184				1.45	%					914,679				1.65	%
From 7 to 9 months		441,633				1.34	%					730,877				1.68	%					954,509				1.87	%
From 10 to 12 months		685,872				1.62	%					929,006				1.85	%					732,802				2.02	%
Non-Performing Assets		AMOUNT				%						AMOUNT				%						AMOUNT				%
Non-accrual loans:
Single-Family Residential		$	27,643			49.6%						$	24,748			48.1%						$	24,474			50.0%
Construction		2,427				4.4						1,380				2.7						1,282				2.6
Construction - Custom		—				—						—				—						—				—
Land - Acquisition & Development		920				1.7						438				0.9						242				0.5
Land - Consumer Lot Loans		787				1.4						785				1.5						579				1.2
Multi-Family		—				—						—				—						—				—
Commercial Real Estate		8,971				16.1						9,478				18.4						9,162				18.7
Commercial & Industrial		14,394				25.8						13,995				27.2						12,366				25.3
HELOC		523				0.9						599				1.2						812				1.7
Consumer		21				—						27				0.1						24				—
Total non-accrual loans		55,686				100%						51,450				100%						48,941				100%
Real Estate Owned		11,298										8,171										7,522
Other Property Owned		3,109										3,109										3,109
Total non-performing assets		$	70,093									$	62,730									$	59,572
Non-accrual loans as % of total net loans		0.49		%								0.44		%								0.41		%
Non-performing assets as % of total assets		0.44		%								0.39		%								0.36		%

3

Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

		As of 09/30/18							As of 12/31/18							As of 03/31/19
		AMOUNT				%			AMOUNT				%			AMOUNT				%
Restructured loans:
Single-Family Residential		$	139,797			89.1%			$	133,808			89.4%			$	126,265			89.8%
Construction		—				—			—				—			—				—
Construction - Custom		—				—			—				—			—				—
Land - Acquisition & Development		107				0.1			103				0.1			99				0.1
Land - Consumer Lot Loans		4,916				3.1			4,601				3.1			4,489				3.2
Multi-Family		448				0.3			435				0.3			419				0.3
Commercial Real Estate		6,254				4.0			5,552				3.7			4,942				3.5
Commercial & Industrial		4,290				2.7			4,159				2.8			3,360				2.4
HELOC		976				0.6			968				0.6			960				0.7
Consumer		70				—			67				—			65				—
Total restructured loans		$	156,858			100%			$	149,693			100%			$	140,599			100%
Restructured loans were as follows:
Performing		$	150,667			96.1%			$	143,768			96.0%			$	136,233			96.9%
Non-performing (a)		6,191				3.9			5,925				4.0			4,366				3.1
Total restructured loans		$	156,858			100%			$	149,693			100%			$	140,599			100%
(a) Included in "Total non-accrual loans" above
		AMOUNT				CO % (b)			AMOUNT				CO % (b)			AMOUNT				CO % (b)
Net Charge-offs (Recoveries) by Category
Single-Family Residential		$	(49	)		—%			$	(205	)		(0.01)%			$	(160	)		(0.01)%
Construction		—				—			—				—			—				—
Construction - Custom		—				—			—				—			—				—
Land - Acquisition & Development		(6,944		)		(17.90)			(1,782		)		(3.93)			(1,300		)		(2.67)
Land - Consumer Lot Loans		—				—			(193		)		(0.77)			48				0.20
Multi-Family		—				—			—				—			—				—
Commercial Real Estate		(97		)		(0.03)			(186		)		(0.05)			(244		)		(0.06)
Commercial & Industrial		30				0.01			146				0.05			261				0.08
HELOC		596				1.82			885				2.59			157				0.45
Consumer		(42		)		(0.10)			(73		)		(0.18)			67				0.17
Total net charge-offs (recoveries)		$	(6,506	)		(0.20)%			$	(1,408	)		(0.04)%			$	(1,171	)		(0.04)%
(b) Annualized Net Charge-offs (recoveries) divided by Gross Balance
Interest Rate Risk
NPV post 200 bps shock (c)						12.9	%						10.6	%						11.5	%
Change in NII after 200 bps shock (c)						(1.9	)%						(2.6	)%						(3.0	)%
(c) Assumes no balance sheet management actions taken

4

Washington Federal, Inc.

Fact Sheet

March 31, 2019

($ in Thousands)

Historical CPR Rates (d)
	WAFD			WAFD
Average for Quarter Ended:	SFR Mortgages			GSE MBS
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	%
9/30/2018	12.3	%		12.0	%
12/31/2018	10.4	%		10.3	%
3/31/2019	9.3	%		9.4	%
(d) 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

March 31, 2019

Average Balance Sheet

($ in Thousands)

	Quarter Ended
	September 30, 2018											December 31, 2018											March 31, 2019
	Average								Average			Average								Average			Average								Average
	Balance				Interest				Rate			Balance				Interest				Rate			Balance				Interest				Rate
Assets
Loans receivable	$	11,361,886			$	133,226			4.65	%		$	11,542,621			$	137,065			4.71	%		$	11,824,247			$	141,061			4.84	%
Mortgage-backed securities	2,512,555				17,819				2.81			2,592,535				19,192				2.94			2,573,669				19,343				3.05
Cash & investments	612,575				4,439				2.87			579,580				4,752				3.25			727,540				5,523				3.08
FHLB & FRB Stock	124,838				1,668				5.30			132,305				1,613				4.84			138,646				1,655				4.84
Total interest-earning assets	14,611,854				157,152				4.27	%		14,847,041				162,622				4.35	%		15,264,102				167,582				4.45	%
Other assets	1,161,389											1,167,575											1,156,071
Total assets	$	15,773,243										$	16,014,616										$	16,420,173
Liabilities and Equity
Customer accounts	$	11,356,934			22,553				0.79	%		$	11,436,685			26,579				0.92	%		$	11,602,579			29,666				1.04	%
FHLB advances	2,271,196				15,348				2.68			2,457,880				16,891				2.73			2,616,389				17,846				2.77
Total interest-bearing liabilities	13,628,130				37,901				1.10	%		13,894,565				43,470				1.24	%		14,218,968				47,512				1.36	%
Other liabilities	142,180											129,396											196,926
Total liabilities	13,770,310											14,023,961											14,415,894
Stockholders’ equity	2,002,933											1,990,655											2,004,279
Total liabilities and equity	$	15,773,243										$	16,014,616										$	16,420,173
Net interest income					$	119,251										$	119,152										$	120,070
Net interest margin (1)									3.26	%										3.21	%										3.15	%
(1) Annualized net interest income divided by average interest-earning assets

6

Washington Federal, Inc.

Fact Sheet

March 31, 2019

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 $
March 31, 2019
Single-Family Residential		24,692			237			$	5,860,364			45			29			86			160			0.65	%		$	29,517			0.50	%
Construction		687			1,659			1,139,970				—			—			1			1			0.15			1,282				0.11
Construction - Custom		1,147			268			307,405				—			1			—			1			0.09			476				0.15
Land - Acquisition & Development		140			1,090			152,546				1			—			—			1			0.71			152				0.10
Land - Consumer Lot Loans		1,150			84			97,033				4			—			3			7			0.61			755				0.78
Multi-Family		1,150			1,238			1,423,701				1			—			—			1			0.09			1,431				0.10
Commercial Real Estate		983			1,598			1,570,502				3			—			7			10			1.02			4,109				0.26
Commercial & Industrial		1,911			644			1,230,888				14			2			29			45			2.35			9,317				0.76
HELOC		2,932			47			139,203				5			3			12			20			0.68			1,221				0.88
Consumer		4,161			37			156,002				19			9			33			61			1.47			253				0.16
		38,953			310			$	12,077,614			92			44			171			307			0.79	%		$	48,513			0.40	%
December 31, 2018
Single-Family Residential		24,795			236			$	5,844,383			33			30			94			157			0.63	%		$	27,150			0.46	%
Construction		674			1,554			1,047,229				—			—			1			1			0.15			1,380				0.13
Construction - Custom		1,187			252			299,622				—			—			—			—			—			—				—
Land - Acquisition & Development		149			977			145,635				—			—			1			1			0.67			192				0.13
Land - Consumer Lot Loans		1,177			85			100,440				—			—			5			5			0.42			483				0.48
Multi-Family		1,155			1,217			1,405,149				2			1			—			3			0.26			1,625				0.12
Commercial Real Estate		965			1,582			1,526,887				4			2			6			12			1.24			6,804				0.45
Commercial & Industrial		1,897			640			1,213,738				9			5			28			42			2.21			10,302				0.85
HELOC		2,868			48			136,856				7			5			12			24			0.84			1,368				1.00
Consumer		2,993			54			162,221				23			10			33			66			2.21			275				0.17
		37,860			314			$	11,882,160			78			53			180			311			0.82	%		$	49,579			0.42	%
September 30, 2018
Single-Family Residential		24,857			233			$	5,798,353			54			18			89			161			0.65	%		$	30,100			0.52	%
Construction		632			1,682			1,062,855				—			—			4			4			0.63			2,427				0.23
Construction - Custom		1,249			232			289,192				—			—			—			—			—			—				—
Land - Acquisition & Development		126			981			123,560				—			1			2			3			2.38			940				0.76
Land - Consumer Lot Loans		1,186			86			101,908				1			1			5			7			0.59			614				0.60
Multi-Family		1,158			1,196			1,385,103				—			—			—			—			—			—				—
Commercial Real Estate		932			1,558			1,452,169				1			2			6			9			0.97			3,223				0.22
Commercial & Industrial		1,886			605			1,140,874				2			1			28			31			1.64			10,038				0.88
HELOC		2,816			46			130,852				9			8			6			23			0.82			1,342				1.03
Consumer		3,150			55			173,306				31			16			31			78			2.48			529				0.31
		37,992			307			$	11,658,172			98			47			171			316			0.83	%		$	49,213			0.42	%

7