WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - October 14, 2020

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EX-99.3 - EX-99.3 - WASHINGTON FEDERAL INCsep2020earningsreleasesu.htm
EX-99.1 - EX-99.1 - WASHINGTON FEDERAL INCexhibit991sep2020earni.htm
8-K - 8-K - WASHINGTON FEDERAL INCwfsl-20201014.htm
Exhibit 99.2
Washington Federal, Inc.
Fact Sheet
September 30, 2020
($ in Thousands)


 As of 03/20 As of 06/20 As of 09/20
Allowance for Credit Losses (ACL) - Total$175,751 $184,849 $191,955 
     ACL - Loans157,101 165,349 166,955 
     ACL Unfunded Commitments18,650 19,500 25,000 
    Total ACL as a % of Gross Loans1.31 %1.29 %1.33 %
 03/20 QTR  03/20 YTD  06/20 QTR  06/20 YTD  09/20 QTR  09/20 YTD
Loan Originations - Total$1,236,664 $2,607,979 $2,117,035 $4,725,014 $1,495,586 $6,220,600 
    Multi-Family127,289 214,018 118,060 332,078 71,040 403,118 
    Commercial Real Estate106,906 179,933 55,845 235,778 230,544 466,322 
    Commercial & Industrial347,969 761,584 1,143,166 1,904,750 264,158 2,168,908 
    Construction338,748 771,192 294,063 1,065,255 392,347 1,457,602 
    Land - Acquisition & Development12,796 53,488 14,695 68,183 20,196 88,379 
    Single-Family Residential149,076 316,220 308,571 624,791 285,780 910,571 
    Construction - Custom117,313 241,299 149,265 390,564 185,778 576,342 
     Land - Consumer Lot Loans10,771 21,786 12,768 34,554 17,124 51,678 
     HELOC24,864 46,975 20,190 67,165 26,120 93,285 
     Consumer932 1,484 412 1,896 2,499 4,395 
Purchased Loans (including acquisitions)$— $— $15,456 $15,456 $— $15,456 
Net Loan Fee and Discount Accretion$4,918 $9,843 $7,204 $17,047 $8,013 $25,060 
Repayments
Loans$1,203,182 $2,504,601 $1,248,747 $3,753,348 $1,343,274 $5,096,622 
MBS120,852 263,361 179,121 442,482 237,234 679,716 
MBS Net Premium Amortization$2,292 $4,827 $3,250 $8,077 $3,890 $11,967 
Efficiency
Operating Expenses/Average Assets1.94 %1.98 %1.68 %1.87 %1.69 %1.82 %
Efficiency Ratio (%) (a)59.34 %58.19 %57.65 %58.02 %62.09 %58.99 %
Amortization of Intangibles$552 $1,047 $552 $1,599 $552 $2,151 
(a) Efficiency ratios for the year to date periods exclude the impact of $31.6 million gain on sales of fixed assets and $5.9 million impairment charge on computer hardware and software.
EOP Numbers
Shares Issued and Outstanding75,706,100 75,706,026 75,689,364 
Share repurchase information
Remaining shares authorized for repurchase4,628,987 4,627,393 4,627,231 
Shares repurchased2,423,613 3,337,774 1,594 3,339,368 162 3,339,530 
Average share repurchase price$32.43 $33.58 $24.90 $33.58 $23.34 $33.58 

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Washington Federal, Inc.
Fact Sheet
September 30, 2020
($ in Thousands)

Tangible Common Book ValueAs of 03/20As of 06/20As of 09/20
$ Amount$1,653,635 $1,680,051 $1,704,227 
Per Share21.84 22.19 22.52 
# of Employees2,060 2,062 2,080 
Investments
Available-For-Sale:
     Agency MBS$1,073,165 $1,034,014 $968,252 
     Other619,882 1,029,946 1,281,240 
$1,693,047 $2,063,960 $2,249,492 
Held-To-Maturity:
     Agency MBS$920,255 $827,316 $705,838 
$920,255 $827,316 $705,838 
 As of 03/31/20 As of 06/30/20 As of 09/30/20
Loans Receivable by Category AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$1,467,231 10.9%$1,510,099 10.6%$1,538,762 10.6%
    Commercial Real Estate1,717,535 12.81,707,893 11.91,895,086 13.1
    Commercial & Industrial1,371,128 10.22,158,000 15.12,132,160 14.7
    Construction2,204,283 16.42,328,987 16.32,403,276 16.6
    Land - Acquisition & Development197,010 1.5195,212 1.4193,745 1.3
    Single-Family Residential5,582,244 41.55,461,605 38.25,304,689 36.7
    Construction - Custom547,731 4.1607,329 4.2674,879 4.7
     Land - Consumer Lot Loans96,579 0.7100,102 0.7102,263 0.7
     HELOC145,761 1.1140,636 1.0139,703 1.0
     Consumer105,147 0.891,495 0.683,159 0.6
13,434,649 100%14,301,358 100%14,467,722 100%
     Less:
        Allowance157,101 165,349 166,955 
        Loans in Process1,289,812 1,353,774 1,456,072 
        Net Deferred Fees, Costs and Discounts31,095 48,809 52,378 
        Sub-Total1,478,008 1,567,932 1,675,405 
$11,956,641 $12,733,426 $12,792,317 
Net Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT %
    Multi-Family$1,455,688 12.2%$1,497,749 11.7%$1,524,387 11.9%
    Commercial Real Estate1,707,894 14.31,684,761 13.21,862,173 14.6
    Commercial & Industrial1,321,271 11.02,095,768 16.52,076,848 16.2
    Construction1,206,794 10.11,309,255 10.31,328,258 10.4
    Land - Acquisition & Development141,519 1.2141,592 1.1142,838 1.1
    Single-Family Residential5,522,027 46.25,405,783 42.45,248,774 41.0
    Construction - Custom262,381 2.2274,846 2.2292,398 2.3
     Land - Consumer Lot Loans93,251 0.896,584 0.898,665 0.8
     HELOC144,036 1.2138,578 1.1137,652 1.1
     Consumer101,780 0.888,510 0.780,324 0.6
$11,956,641 100%$12,733,426 100%$12,792,317 100%

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Washington Federal, Inc.
Fact Sheet
September 30, 2020
($ in Thousands)
As of 03/31/20As of 06/30/20As of 09/30/20
Deposits by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$5,418,762 44.8 %80 $5,789,748 44.2 %80 $5,914,476 42.9 %80 
     Idaho873,164 7.2 24 918,614 7.0 24 949,920 6.9 24 
     Oregon2,436,763 20.2 46 2,591,126 19.8 46 2,627,720 19.1 46 
     Utah318,227 2.6 10 576,795 4.4 10 988,498 7.2 10 
     Nevada399,659 3.3 11 440,065 3.4 11 442,772 3.2 11 
     Texas174,066 1.4 6 220,979 1.7 6 225,819 1.6 6 
     Arizona1,401,451 11.6 31 1,429,184 10.9 31 1,481,603 10.8 31 
     New Mexico1,066,328 8.8 26 1,143,083 8.7 26 1,148,816 8.3 26 
     Total$12,088,420 100%234 $13,109,594 100%234 $13,779,624 100%234 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$1,664,707 13.8 %$2,235,689 17.1 %$2,164,071 15.7 %
Interest Checking2,210,387 18.3 2,410,041 18.4 3,029,576 22.0 
Savings759,604 6.3 832,383 6.3 872,087 6.3 
Money Market3,029,341 25.0 3,422,335 26.1 3,740,698 27.1 
Time Deposits4,424,381 36.6 4,209,146 32.1 3,973,192 28.9 
Total$12,088,420 100%$13,109,594 100%$13,779,624 100%
Deposits greater than $250,000 - EOP$3,953,908 $4,781,447 $5,491,395 
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$925,549 1.79 %$925,920 1.78 %$1,178,602 1.27 %
From 4 to 6 months927,835 1.79 %1,192,090 1.29 %1,282,051 1.14 %
From 7 to 9 months875,111 1.61 %919,329 1.47 %371,896 0.78 %
From 10 to 12 months809,660 1.61 %262,359 0.95 %235,286 0.70 %
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-Accrual Loans:
    Multi-Family$— —%$224 0.6%$— —%
    Commercial Real Estate4,374 13.43,416 9.73,771 13.0
    Commercial & Industrial470 1.41,847 5.3329 1.1
    Construction3,353 10.33,353 9.61,669 5.8
    Land - Acquisition & Development82 0.378 0.2— —
    Single-Family Residential22,859 70.124,876 71.122,431 77.2
    Construction - Custom— —— —— —
     Land - Consumer Lot Loans408 1.2277 0.8243 0.8
     HELOC1,064 3.3866 2.5553 1.9
     Consumer— —64 0.260 0.2
        Total non-accrual loans32,610 100%35,001 100%29,056 100%
Real Estate Owned5,463 5,956 4,966 
Other Property Owned3,314 3,673 3,673 
Total Non-Performing Assets$41,387 $44,630 $37,695 
Non-performing loans as % of total net loans0.27 %0.27 %0.23 %
Non-performing assets as % of total assets0.24 %0.25 %0.20 %

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Washington Federal, Inc.
Fact Sheet
September 30, 2020
($ in Thousands)
As of 03/31/20As of 06/30/20As of 09/30/20
 AMOUNT% AMOUNT% AMOUNT%
Restructured loans:
    Multi-Family$316 0.3%$310 0.3%$304 0.3%
    Commercial Real Estate1,883 1.81,849 1.91,462 1.6
    Commercial & Industrial396 0.4433 0.451 0.1
    Construction— —— —— —
    Land - Acquisition & Development82 0.178 0.1— —
    Single-Family Residential97,025 93.291,290 93.185,607 93.6
    Construction - Custom— —— —— —
     Land - Consumer Lot Loans3,418 3.33,206 3.33,106 3.4
     HELOC843 0.8835 0.9826 0.9
     Consumer56 0.155 0.152 0.1
        Total restructured loans$104,019 100%$98,056 100%$91,408 100%
Restructured loans were as follows:
     Performing$101,076 97.2%$95,093 97.0%$89,072 97.4%
     Non-performing (b)2,943 2.82,963 3.02,336 2.6
     Total restructured loans $104,019 100%$98,056 100%$91,408 100%
     (b) Included in "Total non-accrual loans" above
AMOUNTCO % (c)AMOUNTCO % (c)AMOUNTCO % (c)
Net Charge-offs (Recoveries) by Category
    Multi-Family$— —%$— —%$— —%
    Commercial Real Estate(1,007)(0.23)(193)(0.05)(866)(0.18)
    Commercial & Industrial72 0.022,860 0.53915 0.17
    Construction(5)—— —(129)(0.02)
    Land - Acquisition & Development(126)(0.26)(433)(0.89)(51)(0.11)
    Single-Family Residential(192)(0.01)(377)(0.03)(447)(0.03)
    Construction - Custom— —— —— —
     Land - Consumer Lot Loans(399)(1.65)(17)(0.07)(46)(0.18)
     HELOC(1)—(1)—(1)—
     Consumer(130)(0.49)(137)(0.60)19 0.09
        Total net charge-offs (recoveries)$(1,788)(0.05)%$1,702 0.05%$(606)(0.02)%
     (c) Annualized Net Charge-offs (recoveries) divided by Gross Balance
FHLB Advances (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$450,000 1.51 %$300,000 1.59 %$630,000 2.69 %
1 to 3 years850,000 2.49 %950,000 2.72 %520,000 2.21 %
3 to 5 years650,000 2.20 %450,000 2.29 %450,000 2.29 %
More than 5 years1,100,000 (0.05)%1,100,000 0.08 %1,100,000 0.87 %
Total$3,050,000 $2,800,000 $2,700,000 
Interest Rate Risk
NPV post 200 bps shock (d)12.1 %14.8 %15.6 %
Change in NII after 200 bps shock (d)1.9 %3.0 %3.4 %
(d) Assumes no balance sheet management actions taken

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Washington Federal, Inc.
Fact Sheet
September 30, 2020
($ in Thousands)

Historical CPR Rates (e)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
9/30/201812.3 %12.0 %
12/31/201810.4 %10.3 %
3/31/20199.3 %9.4 %
6/30/201913.8 %11.4 %
9/30/201918.2 %16.9 %
12/31/201922.0 %21.7 %
3/31/202019.8 %19.7 %
6/30/202028.1 %30.3 %
9/30/202031.2 %42.8 %
(e) 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
September 30, 2020
Average Balance Sheet
($ in Thousands)

Quarter Ended
March 31, 2020June 30, 2020September 30, 2020
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$11,890,545 $138,549 4.67 %$12,470,825 $132,847 4.27 %$12,777,706 $132,165 4.10 %
Mortgage-backed securities2,194,479 14,341 2.62 1,931,826 10,843 2.25 1,756,588 8,516 1.92 
Cash & investments951,719 5,281 2.23 2,093,965 4,696 0.90 2,526,684 4,710 0.74 
FHLB & FRB Stock122,320 1,447 4.74 152,122 1,322 3.49 142,207 1,723 4.81 
Total interest-earning assets15,159,063 159,618 4.22 %16,648,738 149,708 3.61 %17,203,185 147,114 3.39 %
Other assets1,204,060 1,294,675 1,327,413 
Total assets$16,363,123 $17,943,413 $18,530,598 
Liabilities and Equity
Interest-bearing customer accounts10,309,374 28,638 1.11 %10,692,697 21,393 0.80 %11,335,819 18,800 0.66 %
FHLB advances2,208,242 13,368 2.43 2,953,297 10,938 1.49 2,705,435 13,482 1.98 
Other borrowings77 — — — — — — — — 
Total interest-bearing liabilities12,517,693 42,006 1.35 %13,645,994 32,331 0.95 %14,041,254 32,282 0.91 %
Noninterest-bearing customer accounts1,610,077 2,045,305 2,182,773 
Other liabilities212,129 262,108 295,544 
Total liabilities14,339,899 15,953,407 16,519,571 
Stockholders’ equity2,023,224 1,990,006 2,011,027 
Total liabilities and equity$16,363,123 $17,943,413 $18,530,598 
Net interest income$117,612 $117,377 $114,832 
Net interest margin (1)3.10 %2.82 %2.67 %
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.
Fact Sheet
September 30, 2020
Delinquency Summary
($ in Thousands)

 AMOUNT OF LOANS# OF LOANS% based% based
TYPE OF LOANS #LOANSAVG SizeNET OF LIP & CHG-OFFs306090Totalon #$ Delinquenton $
September 30, 2020
     Multi-Family1,103 1,395 $1,538,240 — — — — — %$— — %
     Commercial Real Estate1,103 1,709 1,884,688 — 1 2 3 0.27 478 0.03 
     Commercial & Industrial8,629 245 2,115,513 — 2 4 6 0.07 863 0.04 
     Construction549 2,463 1,352,414 — — 2 2 0.36 1,662 0.12 
     Land - Acquisition & Development122 1,259 153,571 — — — — — — — 
     Single-Family Residential21,918 242 5,293,962 30 13 99 142 0.65 26,354 0.50 
     Construction - Custom1,161 255 295,953 — — — — — — — 
     Land - Consumer Lot Loans1,123 90 101,394 1 — 3 4 0.36 365 0.36 
     HELOC3,090 45 140,222 10 4 9 23 0.74 731 0.52 
     Consumer2,825 29 83,315 22 5 21 48 1.70 356 0.43 
41,623 311 $12,959,272 63 25 140 228 0.55 %$30,809 0.24 %
June 30, 2020
     Multi-Family1,091 1,384 $1,509,837 — — 1 1 0.09 %$224 0.01 %
     Commercial Real Estate1,101 1,545 1,700,568 1 1 6 8 0.73 3,266 0.19 
     Commercial & Industrial8,524 251 2,138,462 — 7 11 18 0.21 3,736 0.17 
     Construction556 2,401 1,334,948 — — 2 2 0.36 3,353 0.25 
     Land - Acquisition & Development118 1,290 152,234 — — — — — — — 
     Single-Family Residential22,746 240 5,452,424 27 25 93 145 0.64 29,122 0.53 
     Construction - Custom1,069 260 278,182 — — — — — — — 
     Land - Consumer Lot Loans1,117 89 99,255 3 2 5 10 0.90 482 0.49 
     HELOC3,042 46 141,165 4 1 12 17 0.56 720 0.51 
     Consumer2,952 31 91,700 23 25 13 61 2.07 702 0.77 
42,316 305 $12,898,775 58 61 143 262 0.62 %$41,605 0.32 %
March 31, 2020
     Multi-Family1,103 1,330 $1,467,430 1 — — 1 0.09 %$356 0.02 %
     Commercial Real Estate1,107 1,556 1,722,533 2 3 5 10 0.90 4,642 0.27 
     Commercial & Industrial1,824 746 1,359,847 16 — 7 23 1.26 2,273 0.17 
     Construction529 2,325 1,230,142 — — 2 2 0.38 3,353 0.27 
     Land - Acquisition & Development115 1,321 151,919 1 — — 1 0.87 394 0.26 
     Single-Family Residential23,347 239 5,568,843 40 20 74 134 0.57 26,182 0.47 
     Construction - Custom993 267 265,556 — — — — — — — 
     Land - Consumer Lot Loans1,109 86 95,829 2 2 6 10 0.90 777 0.81 
     HELOC3,086 47 146,282 4 2 10 16 0.52 1,052 0.72 
     Consumer3,133 34 105,361 42 65 13 120 3.83 630 0.60 
36,346 333 $12,113,742 108 92 117 317 0.87 %$39,659 0.33 %

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