WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - JUNE 30 2011 EARNINGS RELEASE FORM 8-K EXHIBIT 99.2

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8-K - WASHINGTON FEDERAL INC	wfsl8-k.htm
EX-99.1 - JUNE 30 2011 EARNINGS RELEASE FORM 8-K EXHIBIT 99.1 - WASHINGTON FEDERAL INC	exhibit991june3020118k_ear.htm

Washington Federal, Inc.

Fact Sheet

June 30, 2011

($ in Thousands)



Exhibit 99.2
	12/10 QTR				3/11 QTR					6/11 QTR

Loan Loss Reserve - Total	$	159,288			$	163,617				$	161,099
General	101,347				107,510					114,158
Specific	57,941				56,107					46,940
Net Charge-offs (Recoveries) for the Qtr	29,806				26,421					23,519
Non-performing Assets - Total	442,699				399,295					394,679
REO	156,572				147,725					132,006
REHI	29,693				29,834					29,921
Non-accrual	256,434				221,736					232,752
Troubled Debt Restructuring	290,474				312,277					363,663

Regulatory Capital Ratios (excludes holding co.)
Tangible	1,530,085		11.66	%	1,530,254		11.68		%	1,536,983		11.82		%
Core	1,530,085		11.66		1,530,254		11.68			1,536,983		11.82
Risk Based	1,612,747		23.83		1,612,264		24.24			1,619,301		24.26

	12/10 QTR				3/11 QTR		3/11 YTD			6/11 QTR		6/11 YTD
Loan Originations - Total	$	315,291			$	319,601	$	634,892		$	353,668	$	988,560
Single-Family Residential	137,034				136,530		273,564			163,910		437,474
Construction - Speculative	26,888				30,486		57,374			32,158		89,532
Construction - Custom	51,879				70,757		122,636			84,273		206,909
Land - Acquisition & Development	3,419				5,738		9,157			3,439		12,596
Land - Consumer Lot Loans	1,883				2,824		4,707			3,285		7,992
Multi-Family	33,203				42,829		76,032			31,579		107,611
Commercial Real Estate	2,966				3,318		6,284			5,908		12,192
Commercial & Industrial	48,712				18,443		67,155			22,650		89,805
HELOC	9,088				8,676		17,764			6,466		24,230
Consumer	219				—		219			—		219

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Washington Federal, Inc.

Fact Sheet

June 30, 2011

($ in Thousands)



	12/10 QTR			3/11 QTR			3/11 YTD			6/11 QTR			6/11 YTD
Loan Servicing Fee Income	$	1,711		$	1,893		$	3,604		$	1,684		$	5,288
Other Fee Income	905			717			1,622			893			2,515
Total Fee Income	2,615			2,610			5,226			2,577			7,803

	12/10 QTR			3/11 QTR			3/11 YTD			6/11 QTR			6/11 YTD
Average Loans	$	8,421,368		$	8,130,199		$	8,277,384		$	8,063,178		$	8,205,982
Average Earning Assets	12,546,403			12,448,753			12,498,114			12,350,022			12,448,750
Average Assets	13,493,969			13,412,761			13,457,075			13,343,611			13,418,516
Average Paying Liabilities	11,582,999			11,493,611			11,538,796			11,419,719			11,499,103
Operating Expenses/Average Assets	1.02		%	0.99		%	1.00		%	1.02		%	1.02		%
Efficiency Ratio	31.40			31.46			31.43			30.95			31.27
Amortization of Intangibles	$	380		$	367		$	747		$	355		$	1,102
Net Interest Margin	3.34		%	3.26		%	3.30		%	3.44		%	3.35		%

Repayments	12/10 QTR			3/11 QTR			3/11 YTD			6/11 QTR			6/11 YTD
Loans	$	627,808		$	464,326		$	1,092,134		$	330,981		$	1,423,115
MBS	208,992			171,883			380,875			110,993			491,868

EOP Numbers	12/10 QTR			3/11 QTR						6/11 QTR
Shares Issued and Outstanding	112,282,718			112,074,425						110,438,317


Share repurchase information	12/10 QTR			3/11 QTR			3/11 YTD			6/11 QTR			6/11 YTD
Remaining shares auth. for repurchase	2,588,314			2,238,314			2,238,314			10,583,514			10,583,514
Shares repurchased	300,000			350,000			650,000			1,654,800			2,304,800
Average share repurchase price	$	15.09		$	17.27		$	16.26		$	15.72		$	15.87

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Washington Federal, Inc.

Fact Sheet

June 30, 2011

($ in Thousands)



Tangible Common Book Value	12/10 QTR			3/11 QTR			6/11 QTR
$ Amount	$	1,581,261		$	1,580,670		$	1,603,706
Per Share	14.08			14.10			14.52

# of Employees	1,226			1,226			1,215
Tax Rate - Going Forward	36.00		%	36.00		%	36.00		%

Investments	12/10 QTR			3/11 QTR			6/11 QTR
Available-for-sale:
Agency MBS	$	2,371,421		$	2,566,822		$	2,817,485
Other	440,694			338,255			308,925
	$	2,812,115		$	2,905,077		$	3,126,410
Held-to-maturity:
Agency MBS	$	66,796		$	50,760		$	47,553
Other	1,950			1,950			1,950
	$	68,746		$	52,710		$	49,503

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Washington Federal, Inc.

Fact Sheet

June 30, 2011

($ in Thousands)



	AS OF 12/31/10				AS OF 3/31/11				AS OF 6/30/11
Gross Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	6,333,040	74.9	%	$	6,254,244	75.0	%	$	6,281,072	74.8	%
Construction - Speculative	146,933		1.7		145,282		1.7		143,964		1.7
Construction - Custom	239,337		2.8		243,739		2.9		270,894		3.2
Land - Acquisition & Development	275,396		3.3		253,377		3.0		230,901		2.8
Land - Consumer Lot Loans	181,205		2.1		174,929		2.1		169,714		2.0
Multi-Family	696,601		8.2		717,533		8.6		717,107		8.6
Commercial Real Estate	315,332		3.7		294,181		3.5		303,023		3.6
Commercial & Industrial	78,082		0.9		74,248		0.9		82,091		1.0
HELOC	115,660		1.4		114,840		1.4		114,676		1.4
Consumer	85,987		1.0		79,184		0.9		73,061		0.9
	$	8,467,573	100.0	%	$	8,351,557	100.0	%	$	8,386,503	100.0	%
Less:
ALL	159,288				163,617				161,099
Loans in Process	129,472				142,776				164,747
Deferred Net Origination Fees	35,865				36,503				37,047
	324,625				342,896				362,893
	$	8,142,948			$	8,008,661			$	8,023,610

	AS OF 12/31/10				AS OF 3/31/11				AS OF 6/30/11
Net Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	6,250,385	76.7	%	$	6,158,837	77.0	%	$	6,177,329	77.1	%
Construction - Speculative	99,739		1.2		95,319		1.2		92,160		1.1
Construction - Custom	145,068		1.8		137,572		1.7		145,552		1.8
Land - Acquisition & Development	210,128		2.6		199,597		2.5		185,592		2.3
Land - Consumer Lot Loans	175,264		2.2		168,477		2.1		163,151		2.0
Multi-Family	687,419		8.4		706,378		8.8		705,777		8.8
Commercial Real Estate	309,780		3.8		288,266		3.6		296,452		3.7
Commercial & Industrial	71,087		0.9		67,490		0.8		76,652		1.0
HELOC	114,030		1.4		113,208		1.4		113,021		1.4
Consumer	80,048		1.0		73,517		0.9		67,924		0.8
	$	8,142,948	100.0	%	$	8,008,661	100.0	%	$	8,023,610	100.0	%

* Excludes covered loans

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Washington Federal, Inc.

Fact Sheet

June 30, 2011

($ in Thousands)



	AS OF 12/31/10					AS OF 3/31/11					AS OF 6/30/11
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
WA	$	4,329,844	48.8	%	64	$	4,305,002	49.0	%	64	$	4,284,092	49.2	%	64
ID	606,893		6.9		16	607,059		6.9		16	594,854		6.8		16
OR	1,386,363		15.7		28	1,381,836		15.7		28	1,378,798		15.8		28
UT	354,393		4.0		10	345,433		3.9		10	345,402		4.0		10
NV	218,733		2.5		4	218,646		2.5		4	219,850		2.5		4
TX	132,887		1.5		6	130,815		1.5		6	107,815		1.2		6
AZ	1,330,816		15.0		21	1,321,747		15.0		21	1,306,416		15.0		21
NM	485,703		5.5		11	479,734		5.5		11	476,463		5.5		11
Total	$	8,845,632	100.0	%	160	$	8,790,272	100.0	%	160	$	8,713,690	100.0	%	160

	12/10 QTR					3/11 QTR					6/11 QTR
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Checking (noninterest)	$	214,090	2.4	%		$	212,752	2.4	%		$	221,656	2.5	%
NOW (interest)	477,760		5.4			490,663		5.6			512,457		5.9
Savings (passbook/stmt)	236,558		2.7			244,069		2.8			246,260		2.8
Money Market	1,661,914		18.8			1,649,127		18.8			1,637,812		18.8
CD's	6,255,310		70.7			6,193,661		70.4			6,095,505		70.0
Total	$	8,845,632	100.0	%		$	8,790,272	100.0	%		$	8,713,690	100.0	%

Deposits greater than $250,000 - EOP	$	902,534				$	893,687				$	906,300

Brokered Deposits	$	—				$	—				$	—

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Washington Federal, Inc.

Fact Sheet

June 30, 2011

($ in Thousands)



	12/10 QTR				3/11 QTR				6/11 QTR
Non-Performing Assets
Restructured loans:
Single-Family Residential	$	218,169	75.1	%	$	238,163	76.2	%	$	283,445	78.0	%
Construction - Speculative	10,045		3.5		13,361		4.3		14,922		4.1
Construction - Custom	—		—		—		—		—		—
Land - Acquisition & Development	32,143		11.1		28,430		9.1		32,505		8.9
Land - Consumer Lot Loans	7,758		2.7		9,312		3.0		10,493		2.9
Multi-Family	19,883		6.8		20,583		6.6		19,914		5.5
Commercial Real Estate	1,480		0.5		1,464		0.5		1,449		0.4
Commercial & Industrial	918		0.3		886		0.3		857		0.2
HELOC	78		—		78		—		78		—
Consumer	—		—		—		—		—		—
Total restructured loans (2)	290,474		100.0	%	312,277		100.0	%	363,663		100.0	%

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Washington Federal, Inc.

Fact Sheet

June 30, 2011

($ in Thousands)



Non-accrual loans:
Single-Family Residential	132,694					121,535					129,798
Construction - Speculative	33,625					20,187					24,539
Construction - Custom	—					307					—
Land - Acquisition & Development	53,698					45,494					51,100
Land - Consumer Lot Loans	8,174					6,470					6,148
Multi-Family	14,069					13,249					7,850
Commercial Real Estate	11,721					12,734					12,186
Commercial & Industrial	568					369					257
HELOC	1,170					1,001					590
Consumer	715					390					284
Total non-accrual loans	256,434					221,736					232,752
Total REO	156,572					147,725					132,006
Total REHI	29,693					29,834					29,921
Total non-performing assets	$	442,699				$	399,295				$	394,679

Total non-performing assets and
performing restructured loans	$	685,497				$	684,890				$	692,102
Total non-performing assets and
performing restructured loans
as a % of total assets	5.11		%			5.12		%			5.19		%

(2) Restructured loans were as follows:
Performing	$	242,798		83.6	%	$	285,595		91.5	%	$	297,423		81.8	%
Non-accrual *	47,676			16.4		26,682			8.5		66,240			18.2
* - Included in "Total non-accrual loans" above	$	290,474		100.0	%	$	312,277		100.0	%	$	363,663		100.0	%

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Washington Federal, Inc.

Fact Sheet

June 30, 2011

($ in Thousands)



	12/10 QTR					3/11 QTR					6/11 QTR
Net Charge-offs by Category
Single-Family Residential	$	6,303				$	7,469				$	8,018
Construction - Speculative	5,275					5,580					169
Construction - Custom	—					157					80
Land - Acquisition & Development	16,139					6,475					11,869
Land - Consumer Lot Loans	1,001					1,224					1,169
Multi-Family	675					(71		)			1,100
Commercial Real Estate	429					570					22
Commercial & Industrial	(1,025		)			3,611					119
HELOC	(75		)			348					386
Consumer	1,084					1,058					588
Total net charge-offs	$	29,806				$	26,421				$	23,519

Acquired Loans w/ Deteriorated Credit	12/31/2010					3/31/2011					6/30/2011
Income Recognition (SOP 03-3)
Accretable Yield	$	24,084				$	21,304				$	18,682
Non-Accretable Yield	214,920					214,920					214,920
Total Contractual Payments	$	239,004				$	236,224				$	233,602

Interest Rate Risk
One Year GAP	(19.4		)%			(19.0		)%			(20.3		)%
NPV post 200 bps shock*	11.24					11.15					9.92
Change in NII after 200 bps shock*	(6.00		)			(6.40		)			(7.40		)

* Assumes no balance sheet management

CD's Repricing	Amount			Rate		Amount			Rate		Amount			Rate
Within 3 months	$	1,137,634		1.61	%	$	1,672,303		1.33	%	$	1,024,732		1.29	%
From 4 to 6 months	1,660,978			1.33		1,004,046			1.32		1,512,394			1.39
From 7 to 9 months	700,454			1.63		995,236			1.85		768,384			1.58
From 10 to 12 months	991,990			1.85		755,428			1.60		675,834			1.22

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Washington Federal, Inc.

Fact Sheet

June 30, 2011

Delinquency Summary (excludes covered loans)

($ in Thousands)



			AMOUNT OF LOANS		# OF LOANS				% based				% based
TYPE OF LOANS	#LOANS	AVG Size	NET OF LIP & CHG-OFFs		30	60	90	Total	on #		$ Delinquent		on $

June 30, 2011
Single-Family Residential	33,727	186	$	6,279,632	232	157	515	904	2.68	%	$	215,645	3.43	%
Construction - Speculative	576	200	115,271		6	6	41	53	9.20		13,474		11.69
Construction - Custom	652	226	147,339		1	—	—	1	0.15		635		0.43
Land - Acquisition & Development	283	784	221,967		3	21	41	65	22.97		39,055		17.59
Land - Consumer Lot Loans	1,741	97	169,714		16	9	51	76	4.37		8,508		5.01
Multi-Family	1,190	602	715,875		1	5	5	11	0.92		9,945		1.39
Commercial Real Estate	561	539	302,142		6	4	9	19	3.39		10,450		3.46
Commercial & Industrial	439	187	82,078		4	2	3	9	2.05		294		0.36
HELOC	1,817	63	114,676		5	3	7	15	0.83		1,073		0.94
Consumer	12,804	6	73,061		210	94	66	370	2.89		2,127		2.91
	53,790		8,221,756		484	301	738	1,523	2.83		301,206		3.66

March 31, 2011
Single-Family Residential	33,726	185	$	6,252,956	257	157	467	881	2.61	%	$	208,529	3.33	%
Construction - Speculative	586	201	117,561		7	—	51	58	9.90		11,039		9.39
Construction - Custom	605	230	139,186		—	1	1	2	0.33		1,519		1.09
Land - Acquisition & Development	380	646	245,523		4	8	44	56	14.74		19,879		8.10
Land - Consumer Lot Loans	1,774	99	174,929		14	8	50	72	4.06		9,276		5.30
Multi-Family	1,199	598	717,285		4	—	7	11	0.92		15,492		2.16
Commercial Real Estate	606	484	293,079		8	1	12	21	3.47		5,885		2.01
Commercial & Industrial	598	124	74,240		9	6	6	21	3.51		606		0.82
HELOC	1,980	58	114,840		8	3	16	27	1.36		2,353		2.05
Consumer	13,652	6	79,184		219	110	77	406	2.97		2,301		2.91
	55,106		8,208,783		530	294	731	1,555	2.82		276,879		3.37

December 31, 2010
Single-Family Residential	34,194	185	$	6,331,998	241	135	504	880	2.57	%	$	211,124	3.33	%
Construction - Speculative	544	226	123,192		3	4	59	66	12.13		19,337		15.70
Construction - Custom	635	231	146,470		3	—	—	3	0.47		478		0.33
Land - Acquisition & Development	336	788	264,747		7	3	38	48	14.29		20,467		7.73
Land - Consumer Lot Loans	1,817	100	181,205		12	14	57	83	4.57		10,949		6.04
Multi-Family	1,211	575	696,551		2	2	9	13	1.07		10,680		1.53
Commercial Real Estate	579	543	314,209		14	—	5	19	3.28		4,814		1.53
Commercial & Industrial	480	163	78,081		10	—	3	13	2.71		539		0.69
HELOC	1,788	65	115,660		13	4	13	30	1.68		2,794		2.42
Consumer	14,427	6	85,988		288	141	124	553	3.83		3,491		4.06
	56,011		8,338,101		593	303	812	1,708	3.05		284,672		3.41

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