WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - WASHINGTON FEDERAL INC	exhibit991_june2017earning.htm
8-K - 8-K - WASHINGTON FEDERAL INC	june302017wafdearningsrele.htm

Washington Federal, Inc.

Fact Sheet

June 30, 2017

($ in Thousands)




	As of 12/16						As of 03/17						As of 06/17
Loan Loss Reserve - Total	$	123,356					$	126,972					$	128,779
General and Specific Allowance	118,456						121,922						122,229
Commitments Reserve	4,900						5,050						6,550
Allowance and Reserve as a % of Gross Loans	1.09		%				1.09		%				1.08		%

	12/16 QTR			12/16 YTD			03/17 QTR			03/17 YTD			06/17 QTR			06/17 YTD
Loan Originations - Total	$	1,241,046		$	1,241,046		$	944,083		$	2,185,129		$	1,030,996		$	3,216,125
Single-Family Residential	215,241			215,241			170,547			385,788			181,721			567,509
Construction	338,599			338,599			167,422			506,021			268,027			774,048
Construction - Custom	122,955			122,955			120,646			243,601			129,077			372,678
Land - Acquisition & Development	16,229			16,229			10,336			26,565			21,559			48,124
Land - Consumer Lot Loans	9,065			9,065			8,158			17,223			10,200			27,423
Multi-Family	111,959			111,959			93,279			205,238			43,716			248,954
Commercial Real Estate	164,098			164,098			77,949			242,047			97,962			340,009
Commercial & Industrial	243,924			243,924			277,676			521,600			258,310			779,910
HELOC	18,391			18,391			17,221			35,612			19,310			54,922
Consumer	585			585			849			1,434			1,114			2,548

Purchased Loans (including acquisitions)	$	—		$	—		$	72,856		$	72,856		$	—		$	72,856

Net Loan Fee and Discount Accretion	$	6,762		$	6,762		$	5,764		$	12,526		$	2,348		$	14,874

Repayments
Loans	$	896,109		$	896,109		$	710,691		$	1,606,800		$	793,432		$	2,400,232
MBS	178,169			178,169			96,900			275,069			151,218			426,287

MBS Premium Amortization	$	5,039		$	5,039		$	2,992		$	8,031		$	2,620		$	10,651

Efficiency
Operating Expenses/Average Assets	1.46		%	1.46		%	1.55		%	1.50		%	1.52		%	1.51		%
Efficiency Ratio (%)	47.23		%	47.23		%	48.76		%	48.00		%	46.57		%	47.51		%
Amortization of Intangibles	$	521		$	521		$	398		$	919		$	375		$	1,294

EOP Numbers
Shares Issued and Outstanding	89,272,268						89,438,563						88,750,133

Share repurchase information
Remaining shares authorized for repurchase	4,231,553						4,157,081						3,245,187
Shares repurchased	757,768			757,768			477			758,245			811,034			1,569,279
Average share repurchase price	$	26.90		$	26.90		$	33.55		$	26.91		$	32.14		$	29.61

Washington Federal, Inc.

Fact Sheet

June 30, 2017

($ in Thousands)



Tangible Common Book Value	As of 12/16			As of 03/17			As of 06/17
$ Amount	$	1,703,133		$	1,718,625		$	1,725,491
Per Share	19.08			19.22			19.44

# of Employees	1,813			1,797			1,815
Investments
Available-for-sale:
Agency MBS	$	959,661		$	916,006		$	809,702
Other	482,274			472,776			460,712
	$	1,441,935		$	1,388,782		$	1,270,414
Held-to-maturity:
Agency MBS	$	1,752,010		$	1,697,650		$	1,651,528
	$	1,752,010		$	1,697,650		$	1,651,528

	As of 12/16			As of 03/17			As of 06/17
Loans Receivable by Category (a)	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,624,263	49.6%	$	5,693,072	48.9%	$	5,687,850	47.9%
Construction	1,265,747		11.2	1,311,635		11.3	1,436,874		12.1
Construction - Custom	494,447		4.4	527,319		4.5	561,260		4.7
Land - Acquisition & Development	119,085		1.1	118,726		1.0	119,524		1.0
Land - Consumer Lot Loans	101,104		0.9	101,227		0.9	101,626		0.9
Multi-Family	1,217,594		10.7	1,266,911		10.9	1,263,187		10.6
Commercial Real Estate	1,207,573		10.7	1,296,039		11.1	1,346,006		11.3
Commercial & Industrial	1,025,821		9.1	1,071,629		9.2	1,116,860		9.4
HELOC	148,452		1.3	146,172		1.3	148,584		1.3
Consumer	124,547		1.1	107,759		0.9	95,775		0.8
	11,328,633		100%	11,640,489		100%	11,877,546		100%
Less:
ALL	118,456			121,922			122,229
Loans in Process	1,027,168			1,009,937			1,054,513
Net Deferred Fees, Costs and Discounts	46,698			45,608			46,379
Sub-Total	1,192,322			1,177,467			1,223,121
	$	10,136,311		$	10,463,022		$	10,654,425

Net Loan Portfolio by Category	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,565,673	54.9%	$	5,632,558	53.8%	$	5,628,508	52.8%
Construction	486,784		4.8	564,133		5.4	656,287		6.2
Construction - Custom	233,867		2.3	248,878		2.4	265,722		2.5
Land - Acquisition & Development	95,997		0.9	96,330		0.9	103,414		1.0
Land - Consumer Lot Loans	98,118		1.0	98,252		0.9	98,592		0.9
Multi-Family	1,205,737		11.9	1,254,499		12.0	1,250,730		11.7
Commercial Real Estate	1,188,637		11.7	1,278,189		12.2	1,327,530		12.5
Commercial & Industrial	992,261		9.8	1,039,309		9.9	1,082,486		10.2
HELOC	146,790		1.4	144,642		1.4	147,012		1.4
Consumer	122,447		1.2	106,232		1.0	94,144		0.9
	$	10,136,311	100%	$	10,463,022	100%	$	10,654,425	100%

Washington Federal, Inc.

Fact Sheet

June 30, 2017

($ in Thousands)



	As of 12/31/16						As of 03/31/17						As of 06/30/17
Deposits by State	AMOUNT			%		#	AMOUNT			%		#	AMOUNT			%		#
Washington (WA)	$	5,196,140		48.8	%	81	$	5,146,140		48.4	%	81	$	5,199,590		48.9	%	81
Idaho (ID)	768,704			7.2		24	785,092			7.4		24	768,049			7.2		24
Oregon (OR)	1,952,655			18.3		48	1,946,137			18.3		47	1,939,619			18.2		47
Utah (UT)	280,457			2.6		10	272,804			2.6		10	270,224			2.5		10
Nevada (NV)	333,789			3.1		11	335,266			3.2		11	328,121			3.1		11
Texas (TX)	97,276			0.9		5	94,656			0.9		5	96,264			0.9		5
Arizona (AZ)	1,173,538			11.0		31	1,193,459			11.2		31	1,177,997			11.1		31
New Mexico (NM)	845,016			7.9		27	857,253			8.1		27	854,414			8.0		27
Total	$	10,647,575		100%		237	$	10,630,807		100%		236	$	10,634,278		100%		236

Deposits by Type	AMOUNT			%			AMOUNT			%			AMOUNT			%
Checking (non-interest)	$	1,124,169		10.6	%		$	1,142,372		10.7	%		$	1,195,152		11.2	%
NOW (interest)	1,732,836			16.3			1,731,737			16.3			1,703,994			16.0
Savings (passbook/statement)	844,849			7.9			871,722			8.2			871,257			8.2
Money Market	2,492,483			23.4			2,466,868			23.2			2,433,547			22.9
Time Deposits	4,453,238			41.8			4,418,108			41.6			4,430,328			41.7
Total	$	10,647,575		100%			$	10,630,807		100%			$	10,634,278		100%

Deposits greater than $250,000 - EOP	$	2,410,863					$	2,426,837					$	2,524,536

Time Deposit Repricing	Amount			Rate			Amount			Rate			Amount			Rate
Within 3 months	$	933,770		0.76	%		$	930,544		0.71	%		$	879,213		0.65	%
From 4 to 6 months	896,254			0.74	%		852,702			0.67	%		649,962			0.67	%
From 7 to 9 months	532,682			0.81	%		429,013			0.79	%		450,756			0.83	%
From 10 to 12 months	391,159			0.80	%		442,072			0.84	%		625,472			0.87	%

Non-Performing Assets	AMOUNT			%			AMOUNT			%			AMOUNT			%
Non-accrual loans:
Single-Family Residential	$	38,568		63.5%			$	34,373		60.1%			$	32,613		57.8%
Construction	—			—			—			—			—			—
Construction - Custom	—			—			240			0.4			536			1.0
Land - Acquisition & Development	603			1.0			80			0.1			71			0.1
Land - Consumer Lot Loans	969			1.6			1,129			2.0			1,066			1.9
Multi-Family	1,160			1.9			1,364			2.4			682			1.2
Commercial Real Estate	9,660			15.9			10,507			18.4			12,983			23.0
Commercial & Industrial	9,230			15.2			8,864			15.5			8,254			14.6
HELOC	480			0.8			583			1.0			181			0.3
Consumer	45			0.1			55			0.1			22			—
Total non-accrual loans	60,715			100%			57,195			100%			56,408			100%
Real Estate Owned	22,637						22,543						19,112
Total non-performing assets	$	83,352					$	79,738					$	75,520

Non-accrual loans as % of total net loans	0.60		%				0.55		%				0.53		%
Non-performing assets as % of total assets	0.56		%				0.53		%				0.50		%

Washington Federal, Inc.

Fact Sheet

June 30, 2017

($ in Thousands)



	As of 12/31/16					As of 03/31/17					As of 06/30/17
	AMOUNT			%		AMOUNT			%		AMOUNT			%
Restructured loans:
Single-Family Residential	$	217,943		87.2%		$	204,955		87.6%		$	196,575		87.9%
Construction	—			—		—			—		—			—
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	1,139			0.5		594			0.3		190			0.1
Land - Consumer Lot Loans	9,619			3.8		9,410			4.0		8,878			4.0
Multi-Family	1,496			0.6		1,131			0.5		497			0.2
Commercial Real Estate	18,179			7.3		16,290			7.0		15,907			7.1
Commercial & Industrial	—			—		—			—		—			—
HELOC	1,461			0.6		1,414			0.6		1,409			0.6
Consumer	113			—		107			—		102			—
Total restructured loans	$	249,950		100%		$	233,901		100%		$	223,558		100%

Restructured loans were as follows:
Performing	$	235,503		94.2%		$	222,208		95.0%		$	215,178		96.3%
Non-performing (a)	14,447			5.8		11,693			5.0		8,380			3.7
Total restructured loans	$	249,950		100%		$	233,901		100%		$	223,558		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	$	3		—%		$	157		0.01%		$	186		0.01%
Construction	—			—		—			—		—			—
Construction - Custom	—			—		3			—		—			—
Land - Acquisition & Development	(3,985		)	(13.39)		(4,168		)	(14.04)		(863		)	(2.89)
Land - Consumer Lot Loans	(53		)	(0.21)		(180		)	(0.71)		(118		)	(0.46)
Multi-Family	—			—		—			—		—			—
Commercial Real Estate	(339		)	(0.11)		(1,164		)	(0.36)		(164		)	(0.05)
Commercial & Industrial	(667		)	(0.26)		(112		)	(0.04)		(154		)	(0.06)
HELOC	36			0.10		53			0.15		(1		)	—
Consumer	(291		)	(0.93)		195			0.72		(138		)	(0.58)
Total net charge-offs (recoveries)	$	(5,296	)	(0.19)%		$	(5,216	)	(0.18)%		$	(1,252	)	(0.04)%
(b) Annualized Net Charge-offs (recoveries) divided by Gross Balance

Interest Rate Risk
One Year GAP				(15.3	)%				(14.7	)%				(15.8	)%
NPV post 200 bps shock (c)				13.9	%				13.9	%				14.5	%
Change in NII after 200 bps shock (c)				1.7	%				1.3	%				2.0	%
(c) Assumes no balance sheet management actions taken

Washington Federal, Inc.

Fact Sheet

June 30, 2017

($ in Thousands)



Historical CPR Rates (d)
	WAFD		WAFD
Average for Quarter Ended:	SFR Mortgages		GSE MBS

9/30/2014	14.6	%	13.4	%
12/31/2014	15.9	%	12.1	%
3/31/2015	16.4	%	13.9	%
6/30/2015	18.7	%	15.9	%
9/30/2015	17.8	%	14.5	%
12/31/2015	16.7	%	13.4	%
3/31/2016	13.9	%	12.0	%
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	%

(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.

Washington Federal, Inc.

Fact Sheet

June 30, 2017

Average Balance Sheet

($ in Thousands)



	Three Months Ended
	December 31, 2016						March 31, 2017						June 30, 2017
	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans receivable	$	10,013,798	$	114,835	4.55	%	$	10,267,530	$	116,034	4.58	%	$	10,579,593	$	117,457	4.45	%
Mortgage-backed securities	2,537,585		12,789		2.00		2,664,959		16,226		2.47		2,551,598		15,992		2.51
Cash & investments	1,010,299		4,246		1.67		632,114		3,068		1.97		627,197		3,373		2.16
FHLB & FRB Stock	117,210		894		3.03		118,092		870		2.99		124,968		894		2.87

Total interest-earning assets	13,678,892		132,764		3.85	%	13,682,695		136,198		4.04	%	13,883,356		137,716		3.98	%
Other assets	1,197,304						1,161,023						1,142,899
Total assets	$	14,876,196					$	14,843,718					$	15,026,255

Liabilities and Equity
Customer accounts	$	10,610,314	13,017		0.49	%	$	10,578,631	12,392		0.48	%	$	10,567,710	12,764		0.48	%
FHLB advances	2,080,000		16,595		3.17		2,102,556		16,079		3.10		2,274,451		16,337		2.88
Other borrowings	—		—		—		—		—		—		—		—		—

Total interest-bearing liabilities	12,690,314		29,612		0.93	%	12,681,187		28,471		0.91	%	12,842,161		29,101		0.91	%
Other liabilities	201,233						153,105						155,460
Total liabilities	12,891,547						12,834,292						12,997,621
Stockholders’ equity	1,984,649						2,009,426						2,028,634
Total liabilities and equity	$	14,876,196					$	14,843,718					$	15,026,255

Net interest income			$	103,152					$	107,727					$	108,615

Net interest margin (1)					3.02	%					3.15	%					3.13	%

(1) Annualized net interest income divided by average interest-earning assets

Washington Federal, Inc.

Fact Sheet

June 30, 2017

Delinquency Summary

($ 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, 2017
Single-Family Residential	25,779	221	$	5,687,169	68	36	123	227	0.88	%	$	44,653	0.79	%
Construction	624	1,095	683,273		—	1	—	1	0.16		686		0.10
Construction - Custom	1,218	221	269,612		—	—	2	2	0.16		536		0.20
Land - Acquisition & Development	118	941	111,057		—	—	4	4	3.39		123		0.11
Land - Consumer Lot Loans	1,187	86	101,584		1	2	6	9	0.76		615		0.61
Multi-Family	964	1,310	1,263,143		1	1	2	4	0.41		329		0.03
Commercial Real Estate	1,073	1,254	1,345,986		2	3	9	14	1.30		2,911		0.22
Commercial & Industrial	1,816	615	1,116,854		3	1	23	27	1.49		2,673		0.24
HELOC	2,914	51	148,581		14	7	6	27	0.93		1,491		1.00
Consumer	4,275	22	95,774		51	18	97	166	3.88		384		0.40
	39,968	271	$	10,823,033	140	69	272	481	1.20	%	$	54,401	0.50	%

March 31, 2017
Single-Family Residential	25,999	219	$	5,692,305	74	36	163	273	1.05	%	$	53,147	0.93	%
Construction	633	938	593,479		4	—	—	4	0.63		601		0.10
Construction - Custom	1,149	219	251,906		—	—	2	2	0.17		240		0.10
Land - Acquisition & Development	122	847	103,280		1	—	3	4	3.28		262		0.25
Land - Consumer Lot Loans	1,187	85	101,168		3	2	12	17	1.43		1,261		1.25
Multi-Family	968	1,309	1,266,845		—	—	4	4	0.41		1,224		0.10
Commercial Real Estate	1,067	1,215	1,296,019		7	1	10	18	1.69		6,342		0.49
Commercial & Industrial	1,836	584	1,071,622		13	2	32	47	2.56		4,964		0.46
HELOC	2,939	50	146,169		5	2	32	39	1.33		814		0.56
Consumer	4,542	24	107,759		70	19	75	164	3.61		601		0.56
	40,442	263	$	10,630,552	177	62	333	572	1.41	%	$	69,456	0.65	%

December 31, 2016
Single-Family Residential	26,259	214	$	5,623,668	88	53	165	306	1.17	%	$	60,201	1.07	%
Construction	638	804	513,046		3	—	1	4	0.63		341		0.07
Construction - Custom	1,079	219	236,668		2	1	—	3	0.28		157		0.07
Land - Acquisition & Development	126	819	103,148		1	—	4	5	3.97		1,262		1.22
Land - Consumer Lot Loans	1,204	84	101,045		4	2	15	21	1.74		1,076		1.06
Multi-Family	959	1,270	1,217,594		3	1	2	6	0.63		1,868		0.15
Commercial Real Estate	1,040	1,130	1,175,475		6	2	12	20	1.92		7,766		0.66
Commercial & Industrial	1,843	574	1,057,826		4	6	34	44	2.39		1,108		0.10
HELOC	2,931	51	148,448		7	—	32	39	1.33		1,375		0.93
Consumer	4,842	26	124,547		78	30	79	187	3.86		1,063		0.85
	40,921	252	$	10,301,465	196	95	344	635	1.55	%	$	76,217	0.74	%

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WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - July 18, 2017

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