EX-99.2 3 exhibit992_june2024factshe.htm EX-99.2 Document
WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)
Exhibit 99.2
As of 12/23As of 03/24As of 06/24
Allowance for Credit Losses (ACL) - Total$201,820 $225,077 $225,324 
     ACL - Loans179,320 201,577 203,824 
     ACL - Unfunded Commitments22,500 23,500 21,500 
     Total ACL as a % of Gross Loans1.04 %1.00 %1.00 %
12/23 QTR12/23 YTD03/24 QTR03/24 YTD06/24 QTR06/24 YTD
Loan Originations - Total$871,446 $871,446 $825,733 $1,697,179 $972,500 $2,669,679 
     Multi-Family10,408 10,408 39,802 50,210 8,523 58,733 
     Commercial Real Estate63,616 63,616 81,634 145,250 57,956 203,206 
     Commercial & Industrial419,046 419,046 370,476 789,522 456,351 1,245,873 
     Construction150,977 150,977 136,038 287,015 124,978 411,993 
     Land - Acquisition & Development12,557 12,557 11,475 24,032 6,099 30,131 
     Single-Family Residential83,514 83,514 67,506 151,020 141,018 292,038 
     Construction - Custom46,302 46,302 50,940 97,242 58,490 155,732 
     Land - Consumer Lot Loans3,849 3,849 3,914 7,763 6,478 14,241 
     HELOC40,996 40,996 31,859 72,855 46,246 119,101 
     Consumer40,181 40,181 32,089 72,270 66,361 138,631 
Purchased Loans (including acquisitions, both held for investment and held for sale)$— $— $6,415,128 $6,415,128 $— $6,415,128 
Net Loan Fee and Discount Accretion$4,613 $4,613 $7,127 $11,740 $14,807 $26,547 
Repayments
Loans$1,153,510 $1,153,510 $983,348 $2,136,858 $1,035,515 $3,172,373 
MBS36,437 36,437 35,927 72,364 58,582 130,946 
MBS Premium Amortization (Accretion)$(64)$(64)$160 $96 $561 $657 
Efficiency
Operating Expenses/Average Assets1.73 %1.73 %2.15 %1.95 %1.48 %1.77 %
Efficiency Ratio (%)58.02 %58.02 %77.74 %68.04 %56.61 %63.87 %
Amortization of Intangibles$266 $266 $1,303 $1,569 $3,197 $4,766 
EOP Numbers
Shares Issued and Outstanding64,254,700 81,405,391 81,157,173 
Share repurchase information
Remaining shares authorized for repurchase1,861,290 1,853,453 11,501,005 
Shares repurchased697,893 697,893 7,837 705,730 357,303 1,063,033 
Average share repurchase price$24.45 $24.45 $30.38 $24.52 $26.63 $25.23 



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WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)
Tangible Common Shareholders' Book ValueAs of 12/23As of 03/24As of 06/24
$ Amount$1,840,901 $2,168,367 $2,206,084 
Per Share28.65 26.64 27.18 
# of Employees*
2,092 2,335 2,204 
*Number of employees as of 3/31/24 includes 102 LBC that were not retained
Investments
Available-for-sale:
     Agency MBS$940,763 $1,291,648 $1,351,997 
     Other1,077,682 1,146,466 1,076,771 
$2,018,445 $2,438,114 $2,428,768 
Held-to-maturity:
     Agency MBS$415,079 $457,882 $447,638 
$415,079 $457,882 $447,638 
As of 12/23As of 03/24As of 06/24
Loans Receivable by Category 1
 AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$3,054,426 15.8%$4,173,375 18.5%$4,616,359 20.5%
     Commercial Real Estate3,351,113 17.33,570,790 15.83,781,247 16.8
     Commercial & Industrial2,371,393 12.32,290,452 10.12,394,978 10.6
     Construction2,868,207 14.72,631,783 11.62,247,530 10.0
     Land - Acquisition & Development190,732 1.0215,831 1.0195,796 0.9
     Single-Family Residential6,535,073 33.88,816,039 39.08,364,415 37.2
     Construction - Custom543,748 2.8466,740 2.1414,483 1.8
     Land - Consumer Lot Loans119,735 0.6115,022 0.6112,317 0.5
     HELOC243,742 1.3243,852 1.1255,271 1.1
     Consumer74,884 0.474,269 0.384,445 0.4
19,353,053 100%22,598,153 100%22,466,841 100%
     Less:
        Allowance for Credit Losses (ACL)179,320 201,577 203,824 
        Loans in Process1,516,522 1,303,978 1,094,956 
        Net Deferred Fees, Costs and Discounts72,589 297,339 294,142 
        Sub-Total1,768,431 1,802,894 1,592,922 
$17,584,622 $20,795,259 $20,873,919 
Net Loan Portfolio by Category 1
 AMOUNT % AMOUNT % AMOUNT %
     Multi-Family$3,008,665 17.1%$4,067,739 19.6%$4,488,124 21.5%
     Commercial Real Estate3,303,286 18.83,511,893 16.93,707,189 17.8
     Commercial & Industrial2,304,148 13.12,224,662 10.72,331,403 11.2
     Construction1,666,643 9.51,596,178 7.71,417,444 6.8
     Land - Acquisition & Development142,052 0.8167,839 0.8148,724 0.7
     Single-Family Residential6,466,893 36.88,578,862 41.38,146,045 39.0
     Construction - Custom261,377 1.5221,460 1.1188,940 0.9
     Land - Consumer Lot Loans115,572 0.7111,043 0.5108,927 0.4
     HELOC244,171 1.4244,331 1.2255,908 1.2
     Consumer71,815 0.471,252 0.381,215 0.4
$17,584,622 100%$20,795,259 100%$20,873,919 100%
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
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WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)
As of 12/23As of 03/24As of 06/24
Loans by State 1
 AMOUNT% AMOUNT% AMOUNT%
     Washington$5,476,536 30.8 %$5,770,917 27.5 %$5,771,422 27.4 %
     Idaho908,006 5.1 896,501 4.3 917,733 4.4 
     Oregon2,391,543 13.5 2,441,076 11.7 2,486,762 11.8 
     Utah1,984,396 11.2 2,013,988 9.6 2,084,601 9.9 
     Nevada772,743 4.4 781,351 3.7 776,656 3.6 
     Texas2,435,784 13.7 2,466,030 11.7 2,526,689 12.0 
     Arizona2,377,491 13.4 2,386,260 11.4 2,314,192 11.0 
     New Mexico745,931 4.3 750,750 3.6 750,935 3.6 
     California257,392 1.4 3,121,531 14.9 3,027,699 14.4 
     Other414,120 2.3 368,432 1.8 421,054 2.0 
     Total$17,763,942 100%$20,996,836 100%$21,077,743 100%
Non-Performing Assets AMOUNT % AMOUNT % AMOUNT %
Non-accrual loans: 1
     Multi-Family$132 0.3%$8,377 13.8%$9,984 16.3%
     Commercial Real Estate24,283 53.727,022 44.426,408 43.1
     Commercial & Industrial4,437 9.84,436 7.32,138 3.5
     Construction— —— —1,120 1.8
     Land - Acquisition & Development— —112 0.274 0.1
     Single-Family Residential15,396 33.920,016 32.920,422 33.3
     Construction - Custom88 0.288 —88 0.1
     Land - Consumer Lot Loans57 0.1— —236 0.4
     HELOC603 1.3491 0.8758 1.2
     Consumer262 0.6264 0.340 0.1
        Total non-accrual loans45,258 100%60,806 100%61,268 100%
Real Estate Owned6,820 4,245 4,209 
Other Property Owned3,310 3,310 3,310 
Total non-performing assets$55,388 $68,361 $68,787 
Non-accrual loans as % of total net loans0.26 %0.29 %0.29 %
Non-performing assets as % of total assets0.24 %0.23 %0.24 %
Net Charge-offs (Recoveries) by Category12/23 QTRCO % (a)03/24 QTRCO % (a)06/24 QTRCO % (a)
Multi-Family$— —%$— —%$— —%
Commercial Real Estate(2)—— —201 0.02
Commercial & Industrial30 0.0133 0.011,343 0.22
Construction— —— —— —
Land - Acquisition & Development(32)(0.07)(21)(0.04)(17)(0.03)
Single-Family Residential(120)(0.01)76 —(105)(0.01)
Construction - Custom— —— —— —
Land - Consumer Lot Loans(9)(0.03)(46)(0.16)(2)(0.01)
HELOC(1)—(1)—(1)—
Consumer21 0.11105 0.57(166)(0.79)
Total net charge-offs (recoveries)$(113)—%$146 —%$1,253 0.02%
(a) Annualized Net Charge-offs (recoveries) divided by Gross Balance
1 These loan disclosures are specific to those loans held for investment and exclude loans held for sale.
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WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)
As of 12/23As of 03/24As of 06/24
Deposits & Branches by State AMOUNT%# AMOUNT%# AMOUNT%#
     Washington$7,881,675 49.2 %71 $8,254,930 38.7 %73 $8,302,664 39.2 %73 
     Idaho921,611 5.7 22 918,143 4.3 22 922,547 4.4 22 
     Oregon2,460,582 15.3 36 2,744,489 12.8 36 2,711,175 12.9 36 
     Utah617,113 3.8 9 541,895 2.5 9 549,876 2.7 9 
     Nevada504,217 3.1 8 513,980 2.4 8 508,648 2.4 8 
     Texas566,940 3.4 5 404,120 1.9 5 371,539 1.8 5 
     Arizona1,599,257 10.0 28 1,587,253 7.4 28 1,610,523 7.6 28 
     New Mexico1,487,392 9.3 19 1,479,225 6.9 19 1,555,373 7.3 19 
     California4,895,738 22.9 10 4,652,420 22.0 10 
     Total$16,038,787 100%198 $21,339,773 100%210 $21,184,765 100%210 
Deposits by Type AMOUNT% AMOUNT% AMOUNT%
Non-Interest Checking$2,604,281 16.2 %$2,482,010 11.6 %$2,514,310 11.9 %
Interest Checking4,084,933 25.5 4,579,413 21.5 4,481,465 21.2 
Savings777,204 4.8 771,260 3.6 733,973 3.6 
Money Market3,191,646 19.9 4,506,179 21.1 4,199,257 19.8 
Time Deposits5,380,723 33.5 9,000,911 42.2 9,255,760 43.7 
Total$16,038,787 100%$21,339,773 100%$21,184,765 100%
Deposits Uninsured &
Non-collateralized - EOP		$4,182,289 26.1 %$5,436,402 25.5 %$5,238,217 24.7 %
Time Deposit RepricingAmountRateAmountRateAmountRate
Within 3 months$2,150,962 4.00 %$1,807,709 4.16 %$2,300,304 4.37 %
From 4 to 6 months678,257 3.64 %1,880,835 4.38 %2,586,273 4.76 %
From 7 to 9 months407,869 3.42 %2,093,121 4.75 %1,953,833 4.63 %
From 10 to 12 months1,189,019 4.43 %1,966,821 4.46 %1,071,346 4.26 %
Debt & Borrowings (Effective Maturity)2
AmountRateAmountRateAmountRate
Within 1 year$2,975,000 4.99 %$4,447,572 5.20 %$3,036,283 5.01 %
1 to 3 years100,000 1.65 %191,507 3.12 %192,425 3.13 %
3 to 5 years— — %— — %— — %
More than 5 years800,000 0.58 %850,422 1.06 %850,652 1.04 %
Total$3,875,000 $5,489,501 $4,079,360 
Interest Rate Risk
NPV post 200 bps shock3
8.8 %9.2 %8.2 %
Change in NII after 200 bps shock3
(1.0)%9.3 %7.2 %
2 includes FHLB and FRB borrowings, senior debt and junior subordinated debentures
3Assumes no balance sheet management actions taken.
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WaFd, Inc.
Fact Sheet
June 30, 2024
($ in Thousands)


Historical CPR Rates4
Average for Quarter Ended:SFR MortgagesGSE MBS
6/30/202213.1 %20.9 %
9/30/20228.1 %14.7 %
12/31/20226.3 %12.6 %
3/31/20235.8 %8.9 %
6/30/20237.9 %11.8 %
9/30/20237.0 %14.5 %
12/31/20236.6 %9.7 %
3/31/20244.8 %8.7 %
6/30/20246.6 %12.0 %
4The 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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WaFd, Inc.
Fact Sheet
June 30, 2024
Average Balance Sheet
($ in Thousands)
Quarter Ended
December 31, 2023March 31, 2024June 30, 2024
AverageAverageAverageAverageAverageAverage
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Loans receivable1
$17,533,944 $245,792 5.58 %$19,696,515 $274,341 5.60 %$23,536,530 $337,118 5.76 %
Mortgage-backed securities1,337,174 11,266 3.35 1,470,581 12,905 3.53 1,765,314 17,523 3.99 
Cash & investments1,851,301 27,354 5.88 2,020,460 28,901 5.75 2,386,434 33,693 5.68 
FHLB Stock124,019 2,434 7.81 138,452 2,679 7.78 164,018 3,608 8.85 
Total interest-earning assets20,846,438 286,846 5.47 %23,326,008 318,826 5.50 %27,852,296 391,942 5.66 %
Other assets1,535,021 1,581,368 1,851,041 
Total assets$22,381,459 $24,907,376 $29,703,337 
Liabilities and Shareholders' Equity
Interest-bearing customer accounts$13,248,450 96,671 2.90 %$15,080,002 116,164 3.10 %$18,398,704 154,359 3.37 %
Borrowings, junior debentures, senior debt3,718,207 37,938 4.06 4,323,454 44,065 4.10 5,406,585 60,397 4.49 
Total interest-bearing liabilities16,966,657 134,609 3.16 %19,403,456 160,229 3.32 %23,805,289 214,756 3.63 %
Noninterest-bearing customer accounts2,654,982 2,536,757 2,593,381 
Other liabilities312,240 328,680 357,611 
Total liabilities19,933,879 22,268,893 26,756,281 
Stockholders’ equity2,447,580 2,638,483 2,947,056 
Total liabilities and equity$22,381,459 $24,907,376 $29,703,337 
Net interest income/interest rate spread$152,237 2.32 %$158,597 2.18 %$177,186 2.03 %
Net interest margin2
2.91 %2.73 %2.56 %
1 Includes loans held for sale
2Annualized net interest income divided by average interest-earning assets

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WaFd, Inc.
Fact Sheet
June 30, 2024
Delinquency Summary
($ in Thousands)
TYPE OF LOANS# OF LOANS% based% based
 #LOANSAVG SizeLOANS AMORTIZED COST306090Totalon #$ Delinquenton $
June 30, 2024
     Multi-Family1,951 2,313 $4,513,323 — 1 2 3 0.15 %$6,612 0.15 %
     Commercial Real Estate1,302 2,878 3,746,945 — 2 2 4 0.31 589 0.02 
     Commercial & Industrial1,871 1,277 2,389,236 2 — 9 11 0.59 2,138 0.09 
     Construction404 3,565 1,440,152 — 1 2 3 0.74 1,120 0.08 
     Land - Acquisition & Development82 1,908 156,424 — — 2 2 2.44 74 0.05 
     Single-Family Residential21,789 376 8,186,361 35 16 56 107 0.49 32,111 0.39 
     Construction - Custom400 476 190,433 1 — 1 2 0.50 848 0.45 
     Land - Consumer Lot Loans1,037 108 111,574 2 1 4 7 0.68 703 0.63 
     HELOC4,360 59 258,833 10 5 18 0.41 2,251 0.87 
     Consumer7,110 12 84,462 32 17 48 97 1.36 275 0.33 
40,306 523 $21,077,743 82 41 131 254 0.63 %$46,721 0.22 %
March 31, 2024
     Multi-Family1,765 2,317 $4,089,719 12 — 2 14 0.79 %$17,644 0.43 %
     Commercial Real Estate1,287 2,754 3,544,884 — — 7 7 0.54 24,598 0.69 
     Commercial & Industrial1,898 1,203 2,283,922 15 — 13 28 1.48 4,575 0.20 
     Construction450 3,608 1,623,496 2 — — 2 0.44 760 0.05 
     Land - Acquisition & Development87 2,020 175,704 — — 3 3 3.45 112 0.06 
     Single-Family Residential22,392 385 8,619,916 29 17 56 102 0.46 25,761 0.30 
     Construction - Custom451 495 223,377 1 — 1 2 0.44 847 0.38 
     Land - Consumer Lot Loans1,076 106 114,256 4 1 1 6 0.56 307 0.27 
     HELOC4,318 57 247,305 5 2 3 10 0.23 1,009 0.41 
     Consumer7,497 10 74,257 15 15 135 165 2.20 435 0.59 
41,221 509 $20,996,836 83 35 221 339 0.82 %$76,048 0.36 %
December 31, 2023
     Multi-Family1,147 2,635 $3,022,457 — — 1 1 0.09 %$132 — %
     Commercial Real Estate1,205 2,765 3,332,293 2 — 5 7 0.58 25,217 0.76 
     Commercial & Industrial1,953 1,211 2,364,982 11 2 7 20 1.02 7,141 0.30 
     Construction476 3,562 1,695,506 — — — — — — — 
     Land - Acquisition & Development95 1,565 148,711 — — — — — — — 
     Single-Family Residential19,713 330 6,495,449 33 19 44 96 0.49 22,143 0.34 
     Construction - Custom538 490 263,638 1 — 1 2 0.37 847 0.32 
     Land - Consumer Lot Loans1,106 108 118,917 2 — 1 3 0.27 393 0.33 
     HELOC4,281 58 247,145 9 7 16 0.37 1,668 0.67 
     Consumer7,068 11 74,844 24 10 32 66 0.93 516 0.69 
37,582 473 $17,763,942 82 31 98 211 0.56 %$58,057 0.33 %

Tables above do not include loans held for sale.
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