EX-99.2 3 exhibit992_december2021fac.htm EX-99.2 Document
Washington Federal, Inc.
Fact Sheet
December 31, 2021
($ in Thousands)
Exhibit 99.2
As of 06/21As of 09/21As of 12/21
Allowance for Credit Losses (ACL) - Total$198,284 $198,800 $201,411 
     ACL - Loans170,784 171,300 171,411 
     ACL Unfunded Commitments27,500 27,500 30,000 
     Total ACL as a % of Gross Loans1.26 %1.22 %1.18 %
06/21 QTR06/21 YTD09/21 QTR09/21 YTD12/21 QTR12/21 YTD
Loan Originations - Total$2,102,537 $5,993,081 $2,191,652 $8,184,733 $2,134,338 $2,134,338 
     Multi-Family158,253 432,202 389,224 821,426 196,266 196,266 
     Commercial Real Estate149,504 408,879 264,238 673,117 304,580 304,580 
     Commercial & Industrial763,795 1,990,242 519,270 2,509,512 772,536 772,536 
     Construction458,427 1,675,104 503,156 2,178,260 385,447 385,447 
     Land - Acquisition & Development41,015 80,176 44,695 124,871 34,085 34,085 
     Single-Family Residential287,868 734,596 204,226 938,822 219,416 219,416 
     Construction - Custom159,230 429,359 192,569 621,928 162,826 162,826 
     Land - Consumer Lot Loans26,894 70,748 23,640 94,388 19,153 19,153 
     HELOC33,433 88,980 42,008 130,988 33,275 33,275 
     Consumer24,118 82,795 8,626 91,421 6,754 6,754 
Purchased Loans (including acquisitions)$339,215 $412,423 $75,724 $488,147 $402,819 $402,819 
Net Loan Fee and Discount Accretion$12,680 $36,275 $11,804 $48,079 $9,362 $9,362 
Repayments
Loans$1,962,389 $5,110,218 $1,686,825 $6,797,043 $1,833,099 $1,833,099 
MBS161,741 603,088 122,289 725,377 98,275 98,275 
MBS Premium Amortization$2,363 $8,288 $1,604 $9,892 $1,305 $1,305 
Efficiency
Operating Expenses/Average Assets1.72 %1.71 %1.75 %1.72 %1.81 %1.81 %
Efficiency Ratio (%)58.98 %59.51 %56.75 %58.77 %58.64 %58.64 %
Amortization of Intangibles$288 $1,108 $279 $1,387 $272 $272 
EOP Numbers
Shares Issued and Outstanding69,472,423 65,145,268 65,263,738 
Share repurchase information
Remaining shares authorized for repurchase8,150,808 3,817,118 3,733,004 
Shares repurchased3,618,879 6,476,423 4,333,690 10,810,113 84,114 84,114 
Average share repurchase price$32.69 $32.13 $32.44 $32.25 $35.34 $35.34 



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Washington Federal, Inc.
Fact Sheet
December 31, 2021
($ in Thousands)
Tangible Common Shareholders' Book ValueAs of 06/21As of 09/21As of 12/21
$ Amount$1,618,442 $1,516,045 $1,539,379 
Per Share23.30 23.27 23.59 
# of Employees2,072 2,082 2,114 
Investments
Available-for-sale:
     Agency MBS$681,352 $606,827 $540,344 
     Other1,611,304 1,531,432 1,405,795 
$2,292,656 $2,138,259 $1,946,139 
Held-to-maturity:
     Agency MBS$415,748 $366,025 $326,387 
$415,748 $366,025 $326,387 
As of 06/21As of 09/21As of 12/21
Loans Receivable by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$2,026,995 12.8%$2,291,477 14.1%$2,298,155 13.5%
     Commercial Real Estate2,318,173 14.72,443,845 15.02,681,453 15.8
     Commercial & Industrial2,389,004 15.12,314,654 14.22,373,012 13.9
     Construction2,734,874 17.32,888,214 17.72,967,644 17.4
     Land - Acquisition & Development194,818 1.2222,457 1.4225,423 1.3
     Single-Family Residential5,000,938 31.74,951,627 30.45,295,837 31.1
     Construction - Custom725,992 4.6783,221 4.8787,862 4.6
     Land - Consumer Lot Loans139,024 0.9149,956 0.9151,297 0.9
     HELOC153,718 1.0165,989 1.0166,601 1.0
     Consumer106,380 0.787,892 0.577,681 0.5
15,789,916 100%16,299,332 100%17,024,965 100%
     Less:
        Allowance for Credit Losses (ACL)170,784 171,300 171,411 
        Loans in Process2,089,837 2,232,836 2,207,880 
        Net Deferred Fees, Costs and Discounts61,298 61,626 53,472 
        Sub-Total2,321,919 2,465,762 2,432,763 
$13,467,997 $13,833,570 $14,592,202 
Net Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$1,994,902 14.8%$2,256,740 16.3%$2,262,222 15.5%
     Commercial Real Estate2,280,098 16.92,405,895 17.42,641,448 18.1
     Commercial & Industrial2,327,997 17.32,257,970 16.32,318,257 15.9
     Construction1,037,911 7.71,091,642 7.91,210,353 8.3
     Land - Acquisition & Development154,495 1.1178,969 1.3187,957 1.3
     Single-Family Residential4,952,070 36.84,906,087 35.55,256,453 36.0
     Construction - Custom331,531 2.5342,845 2.5329,864 2.3
     Land - Consumer Lot Loans133,991 1.0143,595 1.0144,861 1.0
     HELOC152,122 1.1164,550 1.2165,424 1.1
     Consumer102,880 0.885,277 0.675,363 0.5
$13,467,997 100%$13,833,570 100%$14,592,202 100%

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Washington Federal, Inc.
Fact Sheet
December 31, 2021
($ in Thousands)
As of 06/21As of 09/21As of 12/21
Deposits by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$6,609,207 43.4 %77 $6,742,208 43.4 %77 $6,891,632 43.4 %77 
     Idaho1,021,745 6.7 24 1,067,834 6.9 22 1,097,962 6.9 22 
     Oregon2,916,996 19.1 41 3,006,222 19.3 39 3,034,176 19.1 39 
     Utah988,673 6.5 9 1,027,317 6.6 9 891,221 5.6 9 
     Nevada504,804 3.3 11 522,988 3.4 11 541,184 3.4 11 
     Texas363,841 2.4 6 330,907 2.1 6 498,477 3.1 6 
     Arizona1,557,334 10.2 30 1,551,671 10.0 30 1,635,767 10.3 30 
     New Mexico1,275,758 8.4 26 1,292,965 8.3 25 1,311,627 8.2 25 
     Total$15,238,358 100%224 $15,542,112 100%219 $15,902,046 100%219 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,819,361 18.5 %$3,122,397 20.1 %$3,279,841 20.6 %
Interest Checking3,434,023 22.5 3,566,322 22.9 3,688,823 23.2 
Savings1,007,708 6.6 1,039,336 6.7 1,043,002 6.6 
Money Market4,439,375 29.2 4,379,970 28.2 4,538,396 28.5 
Time Deposits3,537,891 23.2 3,434,087 22.1 3,351,984 21.1 
Total$15,238,358 100%$15,542,112 100%$15,902,046 100%
Deposits greater than $250,000 - EOP$6,916,241 $7,198,111 $7,551,781 
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$971,558 0.35 %$1,018,230 0.33 %$802,888 0.43 %
From 4 to 6 months1,049,168 0.34 %819,906 0.43 %523,979 0.47 %
From 7 to 9 months554,154 0.56 %266,274 0.75 %619,677 0.52 %
From 10 to 12 months251,317 0.79 %604,528 0.53 %727,496 0.45 %
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:
     Multi-Family$475 1.4%$475 1.5%$— —%
     Commercial Real Estate8,729 25.68,038 25.37,565 16.8
     Commercial & Industrial291 0.8365 1.115,349 34.2
     Construction1,158 3.3505 1.6611 1.4
     Land - Acquisition & Development2,340 6.92,340 7.42,340 5.2
     Single-Family Residential20,411 60.019,320 60.917,751 39.5
     Construction - Custom— —— —465 1.0
     Land - Consumer Lot Loans290 0.9359 1.1544 1.2
     HELOC304 0.9287 0.9276 0.6
     Consumer48 0.160 0.258 0.1
        Total non-accrual loans34,046 100%31,749 100%44,959 100%
Real Estate Owned7,932 8,204 5,737 
Other Property Owned3,672 3,672 4,094 
Total non-performing assets$45,650 $43,625 $54,790 
Non-accrual loans as % of total net loans0.25 %0.23 %0.31 %
Non-performing assets as % of total assets0.23 %0.22 %0.27 %

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Washington Federal, Inc.
Fact Sheet
December 31, 2021
($ in Thousands)
As of 06/21As of 09/21As of 12/21
 AMOUNT% AMOUNT% AMOUNT%
Troubled debt restructure ("TDR") loans:
     Multi-Family$245 0.3%$223 0.3%$201 0.3%
     Commercial Real Estate2,301 3.32,275 3.52,248 3.7
     Commercial & Industrial43 0.140 0.138 0.1
     Construction— —— —— —
     Land - Acquisition & Development— —— —— —
     Single-Family Residential64,546 92.160,011 92.155,625 92.2
     Construction - Custom— —— —— —
     Land - Consumer Lot Loans2,452 3.52,292 3.51,933 3.2
     HELOC449 0.6246 0.4242 0.4
     Consumer44 0.141 0.139 0.1
        Total TDR loans$70,080 100%$65,128 100%$60,326 100%
TDRs were as follows:
     Performing$68,389 97.6%$63,655 97.7%$58,782 97.4%
     Non-performing (a)1,691 2.41,473 2.31,544 2.6
     Total TDR loans $70,080 100%$65,128 100%$60,326 100%
     (a) Included in "Total non-accrual loans" above.
AMOUNTCO % (b)AMOUNTCO % (b)AMOUNTCO % (b)
Net Charge-offs (Recoveries) by Category
     Multi-Family$— —%$— —%$— —%
     Commercial Real Estate(485)(0.08)(58)(0.01)485 0.07
     Commercial & Industrial(2)—(18)—(19)—
     Construction— —— —(2,000)(0.27)
     Land - Acquisition & Development(9)(0.02)(166)(0.30)(18)(0.03)
     Single-Family Residential(324)(0.03)(426)(0.03)(405)(0.03)
     Construction - Custom— —— —— —
     Land - Consumer Lot Loans(7)(0.02)(147)(0.39)22 0.06
     HELOC(51)(0.13)(1)—(1)—
     Consumer(253)(0.95)(200)(0.91)(175)(0.90)
        Total net charge-offs (recoveries)$(1,131)(0.03)%$(1,016)(0.02)%$(2,111)(0.05)%
(b) Annualized Net Charge-offs (recoveries) divided by Gross Balance
FHLB Advances (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$550,000 2.71 %$320,000 2.08 %$320,000 2.08 %
1 to 3 years200,000 2.42 %500,000 2.15 %500,000 2.16 %
3 to 5 years400,000 1.94 %100,000 1.85 %100,000 1.85 %
More than 5 years800,000 0.79 %800,000 0.84 %800,000 0.80 %
Total$1,950,000 $1,720,000 $1,720,000 
Interest Rate Risk
NPV post 200 bps shock (c)15.6 %15.2 %14.9 %
Change in NII after 200 bps shock (c)9.2 %9.7 %8.4 %
(c) Assumes no balance sheet management actions taken.
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Washington Federal, Inc.
Fact Sheet
December 31, 2021
($ in Thousands)
Historical CPR Rates (d)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
12/31/201922.0 %21.7 %
3/31/202019.8 %19.7 %
6/30/202028.1 %30.3 %
9/30/202031.2 %42.8 %
12/31/202035.9 %47.2 %
3/31/202136.0 %44.1 %
6/30/202131.8 %42.7 %
9/30/202128.4 %38.3 %
12/31/202125.0 %35.3 %
(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.

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Washington Federal, Inc.
Fact Sheet
December 31, 2021
Average Balance Sheet
($ in Thousands)
Quarter Ended
June 30, 2021September 30, 2021December 31, 2021
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$13,330,611 $134,193 4.04 %$13,834,028 $137,039 3.93 %$14,297,907 $138,509 3.84 %
Mortgage-backed securities1,179,767 5,488 1.87 1,042,205 5,293 2.01 925,028 4,792 2.06 
Cash & investments3,593,905 6,113 0.68 3,356,356 5,954 0.70 3,207,877 5,783 0.72 
FHLB & FRB Stock113,770 1,654 5.83 108,522 1,300 4.75 102,863 1,356 5.23 
Total interest-earning assets18,218,053 147,448 3.25 %18,341,111 149,586 3.24 %18,533,675 150,440 3.22 %
Other assets1,278,879 1,276,809 1,272,163 
Total assets$19,496,932 $19,617,920 $19,805,838 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$12,080,339 8,906 0.30 %$12,332,558 8,567 0.28 %$12,530,492 8,461 0.27 %
FHLB advances1,993,956 9,937 2.00 1,862,174 9,062 1.93 1,720,000 7,843 1.81 
Total interest-bearing liabilities14,074,295 18,843 0.54 %14,194,732 17,629 0.49 %14,250,492 16,304 0.45 %
Noninterest-bearing customer accounts2,890,917 2,990,110 3,188,223 
Other liabilities220,805 251,354 223,421 
Total liabilities17,186,017 17,436,196 17,662,136 
Stockholders’ equity2,310,915 2,181,724 2,143,702 
Total liabilities and equity$19,496,932 $19,617,920 $19,805,838 
Net interest income/interest rate spread$128,605 2.71 %$131,957 2.74 %$134,136 2.77 %
Net interest margin (1)2.82 %2.88 %2.87 %
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.
Fact Sheet
December 31, 2021
Delinquency Summary
($ in Thousands)
TYPE OF LOANS# OF LOANS% based% based
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
December 31, 2021
     Multi-Family1,120 2,034 $2,278,216 — — — — — %$— — %
     Commercial Real Estate1,072 2,488 2,667,170 3 — 6 9 0.84 3,729 0.14 
     Commercial & Industrial (1)3,753 630 2,365,487 32 42 208 282 7.51 17,402 0.74 
     Construction680 1,816 1,235,119 — — — — — — — 
     Land - Acquisition & Development114 1,773 202,081 — — 1 1 0.88 2,340 1.16 
     Single-Family Residential18,711 283 5,286,559 35 7 63 105 0.56 20,416 0.39 
     Construction - Custom1,175 284 333,583 — — 1 1 0.09 465 0.14 
     Land - Consumer Lot Loans1,312 114 149,845 1 1 6 8 0.61 652 0.44 
     HELOC3,403 49 167,789 6 7 13 0.38 516 0.31 
     Consumer2,308 34 77,764 16 7 12 35 1.52 234 0.30 
33,648 439 $14,763,613 93 57 304 454 1.35 %$45,754 0.31 %
September 30, 2021
     Multi-Family1,137 2,000 $2,273,689 — — 1 1 0.09 %$475 0.02 %
     Commercial Real Estate1,028 2,363 2,429,332 2 2 2 6 0.58 1,318 0.05 
     Commercial & Industrial4,684 492 2,303,927 — 1 8 9 0.19 322 0.01 
     Construction667 1,675 1,117,227 — — 1 1 0.15 41 — 
     Land - Acquisition & Development110 1,749 192,416 — — 1 1 0.91 2,340 1.22 
     Single-Family Residential19,003 260 4,937,064 25 12 87 124 0.65 21,315 0.43 
     Construction - Custom1,239 281 347,752 — — — — — — — 
     Land - Consumer Lot Loans1,328 112 148,534 2 3 3 8 0.60 582 0.39 
     HELOC3,345 50 166,940 2 — 7 9 0.27 313 0.19 
     Consumer2,408 37 87,989 14 3 16 33 1.37 262 0.30 
34,949 401 $14,004,870 45 21 126 192 0.55 %$26,968 0.19 %
June 30, 2021
     Multi-Family1,123 1,792 $2,012,570 — — 1 1 0.09 %$475 0.02 %
     Commercial Real Estate1,026 2,246 2,303,983 — — 2 2 0.19 830 0.04 
     Commercial & Industrial6,463 367 2,373,535 3 — 5 8 0.12 245 0.01 
     Construction632 1,682 1,062,733 — — 1 1 0.16 741 0.07 
     Land - Acquisition & Development113 1,470 166,099 — — 1 1 0.88 2,341 1.41 
     Single-Family Residential19,221 259 4,986,260 23 10 86 119 0.62 21,039 0.42 
     Construction - Custom1,215 276 335,053 — — — — — — — 
     Land - Consumer Lot Loans1,284 107 137,702 1 1 4 6 0.47 365 0.27 
     HELOC3,278 47 154,336 5 1 7 13 0.40 422 0.27 
     Consumer2,506 43 106,510 10 7 11 28 1.12 315 0.30 
36,861 370 $13,638,781 42 19 118 179 0.49 %$26,773 0.20 %

(1) Includes 1,642 SBA PPP loans with a balance of $198,947.
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