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

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EX-99.3 - EX-99.3 - WASHINGTON FEDERAL INCdec2020earningsreleasc51.htm
EX-99.1 - EX-99.1 - WASHINGTON FEDERAL INCexhibit991_december2020ear.htm
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Washington Federal, Inc.
Fact Sheet
December 31, 2020
($ in Thousands)
Exhibit 99.2
As of 06/20As of 09/20As of 12/20
Allowance for Credit Losses (ACL) - Total$184,849 $191,955 $196,689 
     ACL - Loans165,349 166,955 170,189 
     ACL Unfunded Commitments19,500 25,000 26,500 
     Total ACL as a % of Gross Loans1.29 %1.33 %1.33 %
06/20 QTR06/20 YTD09/20 QTR09/20 YTD12/20 QTR12/20 YTD
Loan Originations - Total$2,117,035 $4,725,014 $1,495,586 $6,220,600 $1,915,025 $1,915,025 
     Multi-Family118,060 332,078 71,040 403,118 122,061 122,061 
     Commercial Real Estate55,845 235,778 230,544 466,322 154,975 154,975 
     Commercial & Industrial1,143,166 1,904,750 264,158 2,168,908 489,939 489,939 
     Construction294,063 1,065,255 392,347 1,457,602 647,439 647,439 
     Land - Acquisition & Development14,695 68,183 20,196 88,379 22,830 22,830 
     Single-Family Residential308,571 624,791 285,780 910,571 255,999 255,999 
     Construction - Custom149,265 390,564 185,778 576,342 123,469 123,469 
     Land - Consumer Lot Loans12,768 34,554 17,124 51,678 20,532 20,532 
     HELOC20,190 67,165 26,120 93,285 29,431 29,431 
     Consumer412 1,896 2,499 4,395 48,350 48,350 
Purchased Loans (including acquisitions)$15,456 $15,456 $— $15,456 $— $— 
Net Loan Fee and Discount Accretion$7,204 $17,047 $8,013 $25,060 $10,386 $10,386 
Repayments
Loans$1,248,747 $3,753,348 $1,343,274 $5,096,622 $1,600,257 $1,600,257 
MBS179,121 442,482 237,234 679,716 245,042 245,042 
MBS Premium Amortization$3,250 $8,077 $3,890 $11,967 $3,497 $3,497 
Efficiency
Operating Expenses/Average Assets1.68 %1.87 %1.69 %1.82 %1.73 %1.73 %
Efficiency Ratio (%)57.65 %58.02 %62.09 %58.99 %60.58 %60.58 %
Amortization of Intangibles$552 $1,599 $552 $2,151 $481 $481 
EOP Numbers
Shares Issued and Outstanding75,706,026 75,689,364 75,867,105 
Share repurchase information
Remaining shares authorized for repurchase4,627,393 4,627,231 4,594,275 
Shares repurchased1,594 3,339,368 162 3,339,530 32,956 32,956 
Average share repurchase price$24.90 $33.58 $23.34 $33.58 $21.29 $21.29 



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Washington Federal, Inc.
Fact Sheet
December 31, 2020
($ in Thousands)

Tangible Common Book ValueAs of 06/20As of 09/20As of 12/20
$ Amount$1,680,051 $1,704,227 $1,752,342 
Per Share22.19 22.52 23.10 
# of Employees2,062 2,080 2,098 
Investments
Available-for-sale:
     Agency MBS$1,034,014 $968,252 $868,211 
     Other1,029,946 1,281,240 1,614,733 
$2,063,960 $2,249,492 $2,482,944 
Held-to-maturity:
     Agency MBS$827,316 $705,838 $586,870 
$827,316 $705,838 $586,870 
As of 06/20As of 09/20As of 12/20
Loans Receivable by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$1,510,099 10.6%$1,538,762 10.6%$1,610,796 10.9%
     Commercial Real Estate1,707,893 11.91,895,086 13.11,954,154 13.2
     Commercial & Industrial2,158,000 15.12,132,160 14.72,256,627 15.3
     Construction2,328,987 16.32,403,276 16.62,687,708 18.2
     Land - Acquisition & Development195,212 1.4193,745 1.3193,239 1.3
     Single-Family Residential5,461,605 38.25,304,689 36.75,063,053 34.2
     Construction - Custom607,329 4.2674,879 4.7659,364 4.5
     Land - Consumer Lot Loans100,102 0.7102,263 0.7110,841 0.7
     HELOC140,636 1.0139,703 1.0139,752 0.9
     Consumer91,495 0.683,159 0.6111,292 0.8
14,301,358 100%14,467,722 100%14,786,826 100%
     Less:
        Allowance for Credit Losses (ACL)165,349 166,955 170,189 
        Loans in Process1,353,774 1,456,072 1,679,972 
        Net Deferred Fees, Costs and Discounts48,809 52,378 55,655 
        Sub-Total1,567,932 1,675,405 1,905,816 
$12,733,426 $12,792,317 $12,881,010 
Net Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$1,497,749 11.7%$1,524,387 11.9%$1,595,437 12.4%
     Commercial Real Estate1,684,761 13.21,862,173 14.61,919,359 14.9
     Commercial & Industrial2,095,768 16.52,076,848 16.22,199,148 17.1
     Construction1,309,255 10.31,328,258 10.41,366,742 10.6
     Land - Acquisition & Development141,592 1.1142,838 1.1141,955 1.1
     Singe-Family Residential5,405,783 42.45,248,774 41.05,009,821 38.9
     Construction - Custom274,846 2.2292,398 2.3295,757 2.3
     Land - Consumer Lot Loans96,584 0.898,665 0.8106,886 0.8
     HELOC138,578 1.1137,652 1.1137,911 1.1
     Consumer88,510 0.780,324 0.6107,994 0.8
$12,733,426 100%$12,792,317 100%$12,881,010 100%

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Washington Federal, Inc.
Fact Sheet
December 31, 2020
($ in Thousands)

As of 06/20As of 09/20As of 12/20
Deposits by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$5,789,748 44.2 %80 $5,914,476 42.9 %80 $6,093,356 43.0 %80 
     Idaho918,614 7.0 24 949,920 6.9 24 989,649 7.0 24 
     Oregon2,591,126 19.8 46 2,627,720 19.1 46 2,738,182 19.4 46 
     Utah576,795 4.4 10 988,498 7.2 10 939,518 6.6 10 
     Nevada440,065 3.4 11 442,772 3.2 11 460,591 3.3 11 
     Texas220,979 1.7 6 225,819 1.6 6 275,794 1.9 6 
     Arizona1,429,184 10.9 31 1,481,603 10.8 31 1,519,630 10.7 31 
     New Mexico1,143,083 8.7 26 1,148,816 8.3 26 1,149,821 8.1 26 
     Total$13,109,594 100%234 $13,779,624 100%234 $14,166,541 100%234 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,235,689 17.1 %$2,164,071 15.7 %$2,336,294 16.5 %
Interest Checking2,410,041 18.4 3,029,576 22.0 3,175,494 22.4 
Savings832,383 6.3 872,087 6.3 914,655 6.5 
Money Market3,422,335 26.1 3,740,698 27.1 3,955,016 27.9 
Time Deposits4,209,146 32.1 3,973,192 28.9 3,785,082 26.7 
Total$13,109,594 100%$13,779,624 100%$14,166,541 100%
Deposits greater than $250,000 - EOP$4,781,447 $5,491,395 $5,826,828 
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$925,920 1.78 %$1,178,602 1.27 %$1,264,612 1.14 %
From 4 to 6 months1,192,090 1.29 %1,282,051 1.14 %926,880 0.50 %
From 7 to 9 months919,329 1.47 %371,896 0.78 %440,169 0.51 %
From 10 to 12 months262,359 0.95 %235,286 0.70 %342,092 0.54 %
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans:
     Multi-Family$224 0.6%$— —%$— —%
     Commercial Real Estate3,416 9.73,771 13.031,397 53.7
     Commercial & Industrial1,847 5.3329 1.1594 1.0
     Construction3,353 9.61,669 5.81,237 2.1
     Land - Acquisition & Development78 0.2— —— —
     Single-Family Residential24,876 71.122,431 77.224,349 41.7
     Construction - Custom— —— —— —
     Land - Consumer Lot Loans277 0.8243 0.8443 0.8
     HELOC866 2.5553 1.9334 0.6
     Consumer64 0.260 0.252 0.1
        Total non-accrual loans35,001 100%29,056 100%58,406 100%
Real Estate Owned5,956 4,966 4,463 
Other Property Owned3,673 3,673 3,673 
Total non-performing assets$44,630 $37,695 $66,542 
Non-accrual loans as % of total net loans0.27 %0.23 %0.45 %
Non-performing assets as % of total assets0.25 %0.20 %0.35 %

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Washington Federal, Inc.
Fact Sheet
December 31, 2020
($ in Thousands)

As of 06/20As of 09/20As of 12/20
 AMOUNT% AMOUNT% AMOUNT%
Troubled debt restructure ("TDR") loans:
     Multi-Family$310 0.3%$304 0.3%$288 0.3%
     Commercial Real Estate1,849 1.91,462 1.62,476 2.9
     Commercial & Industrial433 0.451 0.148 0.1
     Construction— —— —— —
     Land - Acquisition & Development78 0.1— —— —
     Single-Family Residential91,290 93.185,607 93.680,155 92.9
     Construction - Custom— —— —— —
     Land - Consumer Lot Loans3,206 3.33,106 3.42,714 3.1
     HELOC835 0.9826 0.9584 0.8
     Consumer55 0.152 0.149 0.1
        Total TDR loans$98,056 100%$91,408 100%$86,314 100%
TDRs were as follows:
     Performing$95,093 97.0%$89,072 97.4%$84,482 97.9%
     Non-performing (a)2,963 3.02,336 2.61,832 2.1
     Total TDR loans $98,056 100%$91,408 100%$86,314 100%
     (a) Included in "Total non-accrual loans" above.
AMOUNTCO % (b)AMOUNTCO % (b)AMOUNTCO % (b)
Net Charge-offs (Recoveries) by Category
     Multi-Family$— —%$— —%$— —%
     Commercial Real Estate(193)(0.05)(866)(0.18)(789)(0.16)
     Commercial & Industrial2,860 0.53915 0.17(48)(0.01)
     Construction— —(129)(0.02)— —
     Land - Acquisition & Development(433)(0.89)(51)(0.11)(35)(0.07)
     Single-Family Residential(377)(0.03)(447)(0.03)(779)(0.06)
     Construction - Custom— —— —— —
     Land - Consumer Lot Loans(17)(0.07)(46)(0.18)(7)(0.03)
     HELOC(1)—(1)—— —
     Consumer(137)(0.60)19 0.09(76)(0.27)
        Total net charge-offs (recoveries)$1,702 0.05%$(606)(0.02)%$(1,734)(0.05)%
(b) Annualized Net Charge-offs (recoveries) divided by Gross Balance
FHLB Advances (Effective Maturity)AmountRateAmountRateAmountRate
Within 1 year$300,000 1.59 %$630,000 2.69 %$530,000 3.62 %
1 to 3 years950,000 2.72 %520,000 2.21 %520,000 1.98 %
3 to 5 years450,000 2.29 %450,000 2.29 %450,000 2.15 %
More than 5 years1,100,000 0.08 %1,100,000 0.87 %1,100,000 0.73 %
Total$2,800,000 $2,700,000 $2,600,000 
Interest Rate Risk
NPV post 200 bps shock (c)14.8 %15.6 %16.2 %
Change in NII after 200 bps shock (c)3.0 %3.4 %6.4 %
(c) Assumes no balance sheet management actions taken.
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Washington Federal, Inc.
Fact Sheet
December 31, 2020
($ in Thousands)

Historical CPR Rates (d)
WAFDWAFD
Average for Quarter Ended:SFR MortgagesGSE MBS
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 %
12/31/202035.9 %47.2 %
(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, 2020
Average Balance Sheet
($ in Thousands)

Quarter Ended
June 30, 2020September 30, 2020December 31, 2020
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable$12,470,824 $132,847 4.27 %$12,777,706 $132,165 4.10 %$12,824,870 $133,671 4.14 %
Mortgage-backed securities1,931,826 10,843 2.25 1,756,588 8,516 1.92 1,582,286 7,230 1.81 
Cash & investments2,093,966 4,697 0.90 2,526,684 4,710 0.74 3,004,224 5,265 0.70 
FHLB & FRB Stock152,122 1,322 3.49 142,207 1,723 4.81 140,730 1,656 4.67 
Total interest-earning assets16,648,738 149,709 3.61 %17,203,185 147,114 3.39 %17,552,110 147,822 3.34 %
Other assets1,294,675 1,327,413 1,307,937 
Total assets$17,943,413 $18,530,598 $18,860,047 
Liabilities and Equity
Customer accounts$10,692,697 21,393 0.80 %$11,335,819 18,800 0.66 %$11,619,857 14,110 0.48 %
FHLB advances2,953,297 10,938 1.49 2,705,435 13,482 1.98 2,668,478 13,198 1.96 
Total interest-bearing liabilities13,645,994 32,331 0.95 %14,041,254 32,282 0.91 %14,288,335 27,308 0.76 %
Other liabilities262,108 295,544 275,834 
Total liabilities15,953,407 16,519,571 16,822,854 
Stockholders’ equity1,990,006 2,011,027 2,037,193 
Total liabilities and equity$17,943,413 $18,530,598 $18,860,047 
Net interest income$117,378 $114,832 $120,514 
Net interest margin (1)2.82 %2.67 %2.75 %
(1) Annualized net interest income divided by average interest-earning assets

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Washington Federal, Inc.
Fact Sheet
December 31, 2020
Delinquency Summary
($ in Thousands)

TYPE OF LOANS# OF LOANS% based% based
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
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 & Industrial (1)7,769 289 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 %
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 %

(1) Includes 5,690 SBA PPP loans with a balance of $634,850, all of which are current.
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