WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - April 14, 2021

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Washington Federal, Inc.
Fact Sheet
March 31, 2021
($ in Thousands)
Exhibit 99.2
As of 09/20As of 12/20As of 03/21
Allowance for Credit Losses (ACL) - Total$191,955 $196,689 $199,153 
     ACL - Loans166,955 170,189 172,653 
     ACL Unfunded Commitments25,000 26,500 26,500 
     Total ACL as a % of Gross Loans1.33 %1.33 %1.30 %
09/20 QTR09/20 YTD12/20 QTR12/20 YTD03/21 QTR03/21 YTD
Loan Originations - Total$1,495,586 $6,220,600 $1,915,025 $1,915,025 $1,975,519 $3,890,544 
     Multi-Family71,040 403,118 122,061 122,061 151,888 273,949 
     Commercial Real Estate230,544 466,322 154,975 154,975 104,400 259,375 
     Commercial & Industrial264,158 2,168,908 489,939 489,939 736,508 1,226,447 
     Construction392,347 1,457,602 647,439 647,439 569,238 1,216,677 
     Land - Acquisition & Development20,196 88,379 22,830 22,830 16,331 39,161 
     Single-Family Residential285,780 910,571 255,999 255,999 190,729 446,728 
     Construction - Custom185,778 576,342 123,469 123,469 146,660 270,129 
     Land - Consumer Lot Loans17,124 51,678 20,532 20,532 23,322 43,854 
     HELOC26,120 93,285 29,431 29,431 26,116 55,547 
     Consumer2,499 4,395 48,350 48,350 10,327 58,677 
Purchased Loans (including acquisitions)$— $15,456 $— $— $73,208 $73,208 
Net Loan Fee and Discount Accretion$8,013 $25,060 $10,386 $10,386 $13,209 $23,595 
Repayments
Loans$1,343,274 $5,096,622 $1,600,257 $1,600,257 $1,547,572 $3,147,829 
MBS237,234 679,716 245,042 245,042 196,305 441,347 
MBS Premium Amortization$3,890 $11,967 $3,497 $3,497 $2,428 $5,925 
Efficiency
Operating Expenses/Average Assets1.69 %1.82 %1.73 %1.73 %1.70 %1.71 %
Efficiency Ratio (%)62.09 %58.99 %60.58 %60.58 %59.02 %59.79 %
Amortization of Intangibles$552 $2,151 $481 $481 $339 $820 
EOP Numbers
Shares Issued and Outstanding75,689,364 75,867,105 73,084,591 
Share repurchase information
Remaining shares authorized for repurchase4,627,231 4,594,275 11,769,687 
Shares repurchased162 3,339,530 32,956 32,956 2,824,588 2,857,544 
Average share repurchase price$23.34 $33.58 $21.29 $21.29 $31.53 $31.42 



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Washington Federal, Inc.
Fact Sheet
March 31, 2021
($ in Thousands)

Tangible Common Shareholders' Book ValueAs of 09/20As of 12/20As of 03/21
$ Amount$1,704,227 $1,752,342 $1,723,867 
Per Share22.52 23.10 23.59 
# of Employees2,080 2,098 2,100 
Investments
Available-for-sale:
     Agency MBS$968,252 $868,211 $764,629 
     Other1,281,240 1,614,733 1,674,273 
$2,249,492 $2,482,944 $2,438,902 
Held-to-maturity:
     Agency MBS$705,838 $586,870 $494,089 
$705,838 $586,870 $494,089 
As of 09/20As of 12/20As of 03/21
Loans Receivable by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$1,538,762 10.6%$1,610,796 10.9%$2,008,192 13.2%
     Commercial Real Estate1,895,086 13.11,954,154 13.22,226,560 14.6
     Commercial & Industrial2,132,160 14.72,256,627 15.32,471,823 16.2
     Construction2,403,276 16.62,687,708 18.22,495,961 16.4
     Land - Acquisition & Development193,745 1.3193,239 1.3185,024 1.2
     Single-Family Residential5,304,689 36.75,063,053 34.24,828,535 31.6
     Construction - Custom674,879 4.7659,364 4.5678,469 4.4
     Land - Consumer Lot Loans102,263 0.7110,841 0.7123,351 0.8
     HELOC139,703 1.0139,752 0.9144,528 0.9
     Consumer83,159 0.6111,292 0.8103,145 0.7
14,467,722 100%14,786,826 100%15,265,588 100%
     Less:
        Allowance for Credit Losses (ACL)166,955 170,189 172,653 
        Loans in Process1,456,072 1,679,972 1,982,225 
        Net Deferred Fees, Costs and Discounts52,378 55,655 75,287 
        Sub-Total1,675,405 1,905,816 2,230,165 
$12,792,317 $12,881,010 $13,035,423 
Net Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$1,524,387 11.9%$1,595,437 12.4%$1,969,343 15.1%
     Commercial Real Estate1,862,173 14.61,919,359 14.92,184,243 16.8
     Commercial & Industrial2,076,848 16.22,199,148 17.12,404,792 18.4
     Construction1,328,258 10.41,366,742 10.6902,468 6.9
     Land - Acquisition & Development142,838 1.1141,955 1.1139,809 1.1
     Singe-Family Residential5,248,774 41.05,009,821 38.94,767,468 36.6
     Construction - Custom292,398 2.3295,757 2.3305,583 2.3
     Land - Consumer Lot Loans98,665 0.8106,886 0.8118,919 0.9
     HELOC137,652 1.1137,911 1.1142,840 1.1
     Consumer80,324 0.6107,994 0.899,958 0.8
$12,792,317 100%$12,881,010 100%$13,035,423 100%

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Washington Federal, Inc.
Fact Sheet
March 31, 2021
($ in Thousands)

As of 09/20As of 12/20As of 03/21
Deposits by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$5,914,476 42.9 %80 $6,093,356 43.0 %80 $6,381,399 43.1 %80 
     Idaho949,920 6.9 24 989,649 7.0 24 1,012,507 6.8 24 
     Oregon2,627,720 19.1 46 2,738,182 19.4 46 2,837,657 19.2 46 
     Utah988,498 7.2 10 939,518 6.6 10 970,056 6.5 9 
     Nevada442,772 3.2 11 460,591 3.3 11 496,213 3.3 11 
     Texas225,819 1.6 6 275,794 1.9 6 299,309 2.0 6 
     Arizona1,481,603 10.8 31 1,519,630 10.7 31 1,569,498 10.6 30 
     New Mexico1,148,816 8.3 26 1,149,821 8.1 26 1,252,782 8.5 26 
     Total$13,779,624 100%234 $14,166,541 100%234 $14,819,421 100%232 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,164,071 15.7 %$2,336,294 16.5 %$2,655,195 17.9 %
Interest Checking3,029,576 22.0 3,175,494 22.4 3,353,239 22.6 
Savings872,087 6.3 914,655 6.5 976,064 6.6 
Money Market3,740,698 27.1 3,955,016 27.9 4,244,168 28.7 
Time Deposits3,973,192 28.9 3,785,082 26.7 3,590,755 24.2 
Total$13,779,624 100%$14,166,541 100%$14,819,421 100%
Deposits greater than $250,000 - EOP$5,491,395 $5,826,828 $6,390,291 
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$1,178,602 1.27 %$1,264,612 1.14 %$917,060 0.49 %
From 4 to 6 months1,282,051 1.14 %926,880 0.50 %998,706 0.35 %
From 7 to 9 months371,896 0.78 %440,169 0.51 %530,216 0.44 %
From 10 to 12 months235,286 0.70 %342,092 0.54 %395,496 0.67 %
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:
     Multi-Family$— —%$— —%$— —%
     Commercial Real Estate3,771 13.031,397 53.79,226 23.1
     Commercial & Industrial329 1.1594 1.0832 2.1
     Construction1,669 5.81,237 2.11,423 3.5
     Land - Acquisition & Development— —— —2,340 5.9
     Single-Family Residential22,431 77.224,349 41.725,599 64.1
     Construction - Custom— —— —— —
     Land - Consumer Lot Loans243 0.8443 0.7177 0.4
     HELOC553 1.9334 0.6306 0.8
     Consumer60 0.252 0.152 0.1
        Total non-accrual loans29,056 100%58,406 100%39,955 100%
Real Estate Owned4,966 4,463 5,316 
Other Property Owned3,673 3,673 3,672 
Total non-performing assets$37,695 $66,542 $48,943 
Non-accrual loans as % of total net loans0.23 %0.45 %0.31 %
Non-performing assets as % of total assets0.20 %0.35 %0.25 %

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Washington Federal, Inc.
Fact Sheet
March 31, 2021
($ in Thousands)

As of 09/20As of 12/20As of 03/21
 AMOUNT% AMOUNT% AMOUNT%
Troubled debt restructure ("TDR") loans:
     Multi-Family$304 0.3%$288 0.3%$267 0.3%
     Commercial Real Estate1,462 1.62,476 2.92,327 3.0
     Commercial & Industrial51 0.148 0.145 0.1
     Construction— —— —— —
     Land - Acquisition & Development— —— —— —
     Single-Family Residential85,607 93.680,155 92.872,512 92.6
     Construction - Custom— —— —— —
     Land - Consumer Lot Loans3,106 3.42,714 3.12,630 3.3
     HELOC826 0.9584 0.8454 0.6
     Consumer52 0.149 0.147 0.1
        Total TDR loans$91,408 100%$86,314 100%$78,282 100%
TDRs were as follows:
     Performing$89,072 97.4%$84,482 97.9%$76,458 97.7%
     Non-performing (a)2,336 2.61,832 2.11,824 2.3
     Total TDR loans $91,408 100%$86,314 100%$78,282 100%
     (a) Included in "Total non-accrual loans" above.
AMOUNTCO % (b)AMOUNTCO % (b)AMOUNTCO % (b)
Net Charge-offs (Recoveries) by Category
     Multi-Family$— —%$— —%$— —%
     Commercial Real Estate(866)(0.18)(789)(0.16)(1,457)(0.26)
     Commercial & Industrial915 0.17(48)(0.01)7 —
     Construction(129)(0.02)— —— —
     Land - Acquisition & Development(51)(0.11)(35)(0.07)(410)(0.89)
     Single-Family Residential(447)(0.03)(779)(0.06)(391)(0.03)
     Construction - Custom— —— —— —
     Land - Consumer Lot Loans(46)(0.18)(7)(0.03)(7)(0.02)
     HELOC(1)—— —— —
     Consumer19 0.09(76)(0.27)(206)(0.80)
        Total net charge-offs (recoveries)$(606)(0.02)%$(1,734)(0.05)%$(2,464)(0.06)%
(b) Annualized Net Charge-offs (recoveries) divided by Gross Balance
FHLB Advances (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$630,000 2.69 %$530,000 3.62 %$430,000 3.29 %
1 to 3 years520,000 2.21 %520,000 1.98 %520,000 2.21 %
3 to 5 years450,000 2.29 %450,000 2.15 %400,000 1.92 %
More than 5 years1,100,000 0.87 %1,100,000 0.73 %800,000 0.77 %
Total$2,700,000 $2,600,000 $2,150,000 
Interest Rate Risk
NPV post 200 bps shock (c)15.6 %16.2 %18.2 %
Change in NII after 200 bps shock (c)3.4 %6.4 %9.9 %
(c) Assumes no balance sheet management actions taken.
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Washington Federal, Inc.
Fact Sheet
March 31, 2021
($ in Thousands)

Historical CPR Rates (d)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
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 %
12/31/202035.9 %47.2 %
3/31/202136.0 %44.1 %
(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
March 31, 2021
Average Balance Sheet
($ in Thousands)

Quarter Ended
September 30, 2020December 31, 2020March 31, 2021
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$12,777,706 $132,165 4.10 %$12,824,870 $133,671 4.14 %$12,842,392 $132,756 4.19 %
Mortgage-backed securities1,756,588 8,516 1.92 1,582,286 7,230 1.81 1,359,631 6,696 2.00 
Cash & investments2,526,684 4,710 0.74 3,004,224 5,265 0.70 3,702,861 5,720 0.63 
FHLB & FRB Stock142,207 1,723 4.81 140,730 1,656 4.67 130,502 1,582 4.92 
Total interest-earning assets17,203,185 147,114 3.39 %17,552,110 147,822 3.34 %18,035,386 146,754 3.30 %
Other assets1,327,413 1,307,937 1,252,122 
Total assets$18,530,598 $18,860,047 $19,287,508 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$11,335,819 18,800 0.66 %$11,619,857 14,110 0.48 %$11,816,399 10,729 0.37 %
FHLB advances2,705,435 13,482 1.98 2,668,478 13,198 1.96 2,412,778 11,991 2.02 
Total interest-bearing liabilities14,041,254 32,282 0.91 %14,288,335 27,308 0.76 %14,229,221 22,720 0.65 %
Noninterest-bearing customer accounts2,182,773 2,258,685 2,579,497 
Other liabilities295,544 275,834 248,210 
Total liabilities16,519,571 16,822,854 17,056,928 
Stockholders’ equity2,011,027 2,037,193 2,230,580 
Total liabilities and equity$18,530,598 $18,860,047 $19,287,508 
Net interest income$114,832 $120,514 $124,034 
Net interest margin (NIM) (1)2.67 %2.75 %2.75 %
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.
Fact Sheet
March 31, 2021
Delinquency Summary
($ in Thousands)

TYPE OF LOANS# OF LOANS% based% based
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
March 31, 2021
     Multi-Family1,127 1,763 $1,987,120 — 1 — 1 0.09 %$475 0.02 %
     Commercial Real Estate1,013 2,183 2,211,065 1 1 5 7 0.69 4,968 0.22 
     Commercial & Industrial (1)7,589 323 2,452,585 12 2 4 18 0.24 1,962 0.08 
     Construction536 1,726 925,017 — — 1 1 0.19 1,153 0.12 
     Land - Acquisition & Development112 1,342 150,311 — — 1 1 0.89 2,340 1.56 
     Single-Family Residential19,941 241 4,802,575 30 9 104 143 0.72 26,208 0.55 
     Construction - Custom1,152 268 308,831 — — — — — — — 
     Land - Consumer Lot Loans1,216 101 122,211 1 1 2 4 0.33 353 0.29 
     HELOC3,218 45 145,066 3 — 10 13 0.40 399 0.28 
     Consumer2,607 40 103,294 8 1 17 26 1.00 315 0.30 
38,511 343 $13,208,075 55 15 144 214 0.56 %$38,173 0.29 %
December 31.2020
     Multi-Family1,115 1,444 $1,609,800 1 — — 1 0.09 %$475 0.03 %
     Commercial Real Estate1,089 1,784 1,942,854 1 2 4 7 0.64 28,600 1.47 
     Commercial & Industrial7,769 289 2,243,465 10 1 3 14 0.18 1,043 0.05 
     Construction541 2,575 1,393,107 1 — 1 2 0.37 3,703 0.27 
     Land - Acquisition & Development121 1,261 152,621 2 — — 2 1.65 252 0.17 
     Single-Family Residential20,896 242 5,048,435 41 7 122 170 0.81 31,905 0.63 
     Construction - Custom1,136 264 299,351 — — — — — — — 
     Land - Consumer Lot Loans1,181 93 109,845 3 — 4 7 0.59 597 0.54 
     HELOC3,142 45 140,272 8 3 13 24 0.76 1,339 0.95 
     Consumer2,733 41 111,449 9 12 23 44 1.61 248 0.22 
39,723 329 $13,051,199 76 25 170 271 0.68 %$68,162 0.52 %
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 %

(1) Includes 5,471 SBA PPP loans with a balance of $695,752, all of which are current.
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