EX-99.2 4 exhibit992_december2024fac.htm EX-99.2

WaFd Inc. Announces First Quarter 2025 Results

WaFd, Inc.

Fact Sheet

December 31, 2024

($ in Thousands)

Exhibit 99.2

						As of 06/24												As of 09/24												As of 12/24
Allowance for Credit Losses (ACL) - Total						$	225,324											$	225,253											$	225,022
ACL - Loans						203,824												203,753												204,522
ACL - Unfunded Commitments						21,500												21,500												20,500
Total ACL as a % of Gross Loans						1.00		%										1.01		%										1.00		%
						06/24 QTR						06/24 YTD						09/24 QTR						09/24 YTD						12/24 QTR						12/24 YTD
Loan Originations - Total						$	972,500					$	2,669,679					$	962,393					$	3,632,072					$	930,789					$	930,789
Multi-Family						8,523						58,733						1,997						60,730						6,388						6,388
Commercial Real Estate						57,956						203,206						43,724						246,930						47,826						47,826
Commercial & Industrial						456,351						1,245,873						431,498						1,677,371						405,877						405,877
Construction						124,978						411,993						191,837						603,829						162,662						162,662
Land - Acquisition & Development						6,099						30,131						15,275						45,406						7,934						7,934
Single-Family Residential						141,018						292,038						138,234						430,272						156,117						156,117
Construction - Custom						58,490						155,732						54,049						209,781						51,009						51,009
Land - Consumer Lot Loans						6,478						14,241						6,946						21,187						4,968						4,968
HELOC						46,246						119,101						42,816						161,917						43,030						43,030
Consumer						66,361						138,631						36,017						174,648						44,978						44,978
Purchased Loans (including acquisitions)						$	—					$	6,207,393					$	—					$	6,207,393					$	102,016					$	102,016
Net Loan Fee and Discount Accretion						$	14,807					$	26,547					$	10,942					$	37,489					$	10,000					$	10,000
Repayments
Loans						$	1,035,515					$	3,172,373					$	1,129,986					$	4,302,359					$	981,574					$	981,574
MBS						58,582						130,946						64,885						195,831						68,287						68,287
MBS Net Premium Amortization						$	561					$	657					$	403					$	1,060					$	434					$	434
Efficiency
Operating Expenses/Average Assets						1.48		%				1.77		%				1.54		%				1.71		%				1.62		%				1.62		%
Efficiency Ratio (%)						56.61		%				63.87		%				57.21		%				62.13		%				65.04		%				65.04		%
Amortization of Intangibles						$	3,197					$	4,766					$	2,977					$	7,743					$	2,755					$	2,755
EOP Numbers
Shares Issued and Outstanding						81,157,173												81,220,269												81,373,760
Share repurchase information
Remaining shares authorized for repurchase						11,501,005												11,501,005												11,501,005
Shares repurchased						357,303						1,063,033						7,174						1,070,207						89,528						89,528
Average share repurchase price						$	26.63					$	25.23					$	34.82					$	25.29					$	38.09					$	38.09

			WaFd Fact Sheet Q1 2025			1

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WaFd Inc. Announces First Quarter 2025 Results

WaFd, Inc.

Fact Sheet

December 31, 2024

($ in Thousands)

Tangible Common Shareholders' Book Value						As of 06/24												As of 09/24												As of 12/24
$ Amount						$	2,206,084											$	2,251,875											$	2,272,423
Per Share						27.18												27.73												27.93
# of Employees						2,204												2,208												2,175
Investments
Available-for-sale:
Agency MBS						$	1,351,997											$	1,387,025											$	1,600,089
Other						1,076,771												1,185,684												1,143,642
						$	2,428,768											$	2,572,709											$	2,743,731
Held-to-maturity:
Agency MBS						$	447,638											$	436,972											$	537,348
						$	447,638											$	436,972											$	537,348
						As of 06/24												As of 09/24												As of 12/24
Loans Receivable by Category1						Amount						%						Amount						%						Amount						%
Multi-Family						$	4,616,359					20.5		%				$	4,658,119					20.8		%				$	4,829,736					21.5		%
Commercial Real Estate						3,781,247						16.8						3,757,040						16.8						3,637,986						16.2
Commercial & Industrial						2,394,978						10.7						2,337,139						10.5						2,408,693						10.6
Construction						2,247,530						9.9						2,174,254						9.7						2,062,116						9.2
Land - Acquisition & Development						195,796						0.9						200,713						0.9						178,687						0.8
Single-Family Residential						8,364,415						37.2						8,399,030						37.6						8,520,833						38.0
Construction - Custom						414,483						1.8						384,161						1.7						335,715						1.5
Land - Consumer Lot Loans						112,317						0.5						108,791						0.6						107,205						0.5
HELOC						255,271						1.1						266,151						1.2						275,132						1.2
Consumer						84,445						0.4						73,998						0.3						75,933						0.3
						22,466,841						100		%				22,359,396						100		%				22,432,036						100		%
Less:
Allowance for Credit Losses (ACL)						203,824												203,753												204,522
Loans in Process						1,094,956												1,009,798												903,253
Net Deferred Fees, Costs and Discounts						294,142												229,491												263,760
Sub-Total						1,592,922												1,443,042												1,371,535
						$	20,873,919											$	20,916,354											$	21,060,501
Net Loan Portfolio by Category1						Amount						%						Amount						%						Amount						%
Multi-Family						$	4,488,124					21.5		%				$	4,530,951					21.7		%				$	4,714,800					22.4		%
Commercial Real Estate						3,707,189						17.8						3,692,946						17.7						3,572,885						17.0
Commercial & Industrial						2,331,403						11.2						2,273,984						10.9						2,343,246						11.1
Construction						1,417,444						6.8						1,401,748						6.7						1,362,145						6.5
Land - Acquisition & Development						148,724						0.7						152,416						0.7						139,388						0.7
Single-Family Residential						8,146,045						39.0						8,239,778						39.4						8,320,765						39.5
Construction - Custom						188,940						0.9						180,988						0.9						154,495						0.7
Land - Consumer Lot Loans						108,927						0.5						105,496						0.5						103,961						0.4
HELOC						255,908						1.2						266,808						1.3						275,880						1.3
Consumer						81,215						0.4						71,239						0.3						72,936						0.3
						$	20,873,919					100		%				$	20,916,354					100		%				$	21,060,501					100		%
1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

			WaFd Fact Sheet Q1 2025			2

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WaFd Inc. Announces First Quarter 2025 Results

WaFd, Inc.

Fact Sheet

December 31, 2024

($ in Thousands)

						As of 06/24												As of 09/24												As of 12/24
Loans by State1						Amount						%						Amount						%						Amount						%
Washington						$	5,771,422					27.4		%				$	5,771,729					27.3		%				$	5,857,840					27.5		%
Idaho						917,733						4.4						924,573						4.4						940,094						4.4
Oregon						2,486,762						11.8						2,463,530						11.7						2,477,443						11.7
Utah						2,084,601						9.9						2,085,051						9.9						2,114,388						9.9
Nevada						776,656						3.7						783,600						3.7						773,271						3.5
Texas						2,526,689						12.0						2,495,541						11.8						2,500,824						11.8
Arizona						2,314,192						11.0						2,319,106						11.0						2,333,725						11.0
New Mexico						750,935						3.7						761,853						3.6						766,170						3.6
California						3,027,699						14.4						3,037,606						14.4						3,037,930						14.3
Other						421,054						2.0						477,518						2.3						463,337						2.2
Total						$	21,077,743					100		%				$	21,120,107					100		%				$	21,265,022					100		%
Non-Performing Assets						Amount						%						Amount						%						Amount						%
Non-accrual loans1:
Multi-Family						$	9,984					16.3		%				$	18,743					27.0		%				$	24,077					33.2		%
Commercial Real Estate						26,408						43.1						26,362						37.9						26,292						36.3
Commercial & Industrial						2,138						3.5						—						—						1,963						2.7
Construction						1,120						1.8						1,120						1.6						624						0.9
Land - Acquisition & Development						74						0.1						74						0.1						—						—
Single-Family Residential						20,422						33.2						21,488						30.9						17,440						24.1
Construction - Custom						88						0.1						848						1.1						848						1.2
Land - Consumer Lot Loans						236						0.4						—						—						8						—
HELOC						758						1.2						596						0.9						786						1.1
Consumer						40						0.1						310						0.3						449						0.6
Total non-accrual loans						61,268						100		%				69,541						100		%				72,487						100		%
Real Estate Owned						4,209												4,567												3,316
Other Property Owned						3,310												3,310												3,310
Total non-performing assets						$	68,787											$	77,418											$	79,113
Non-accrual loans as % of total net loans						0.29		%										0.33		%										0.34		%
Non-performing assets as % of total assets						0.24		%										0.28		%										0.29		%
Net Charge-offs (Recoveries) by Category						06/24 QTR						CO % (a)						09/24 QTR						CO % (a)						12/24 QTR						CO % (a)
Multi-Family						$	—					—		%				$	—					—		%				$	—					—		%
Commercial Real Estate						201						0.02						—						—						163						0.02
Commercial & Industrial						1,343						0.22						136						0.02						353						0.06
Construction						—						—						—						—						—						—
Land - Acquisition & Development						(17)						(0.03)						114						0.23						(12)						(0.03)
Single-Family Residential						(105)						(0.01)						(88)						—						(456)						(0.02)
Construction - Custom						—						—						(1)						—						—						—
Land - Consumer Lot Loans						(2)						(0.01)						(1)						—						—						—
HELOC						(1)						—						(1)						—						(1)						—
Consumer						(166)						(0.79)						(89)						(0.48)						184						0.97
Total net charge-offs (recoveries)						$	1,253					0.02		%				$	70					—		%				$	231					—		%

(a)Annualized Net Charge-offs (recoveries) divided by Gross Balance

1These loan disclosures are specific to those loans held for investment and exclude loans held for sale.

			WaFd Fact Sheet Q1 2025			3

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WaFd Inc. Announces First Quarter 2025 Results

WaFd, Inc.

Fact Sheet

December 31, 2024

($ in Thousands)

						As of 06/24																		As of 09/24																		As of 12/24
Deposits & Branches by State						Amount						%						#						Amount						%						#						Amount						%						#
Washington						$	8,302,664					39.2		%				73						$	8,528,608					39.9		%				73						$	8,589,398					40.1		%				73
Idaho						922,547						4.4						22						949,025						4.4						22						946,554						4.4						22
Oregon						2,711,175						12.8						36						2,696,243						12.6						36						2,704,966						12.6						36
Utah						549,876						2.6						9						584,001						2.7						9						573,469						2.7						9
Nevada						508,648						2.4						8						527,704						2.5						8						531,383						2.5						8
Texas						371,539						1.7						5						398,736						1.9						5						683,513						3.2						5
Arizona						1,610,523						7.6						28						1,619,101						7.6						28						1,628,742						7.6						28
New Mexico						1,555,373						7.3						19						1,622,534						7.6						19						1,568,788						7.3						19
California						4,652,420						22.0						10						4,448,018						20.8						10						4,211,964						19.6						10
Total						$	21,184,765					100		%				210						$	21,373,970					100		%				210						$	21,438,777					100		%				210
Deposits by Type						Amount						%												Amount						%												Amount						%
Non-Interest Checking						$	2,514,310					11.9		%										$	2,500,467					11.7		%										$	2,489,394					11.6		%
Interest Checking						4,481,465						21.2												4,486,444						21.0												4,554,922						21.2
Savings						733,973						3.5												718,560						3.4												714,755						3.4
Money Market						4,199,257						19.8												4,111,714						19.2												4,094,788						19.1
Time Deposits						9,255,760						43.7												9,556,785						44.7												9,584,918						44.7
Total						$	21,184,765					100		%										$	21,373,970					100		%										$	21,438,777					100		%
Deposits Uninsured & Non-collateralized - EOP						$	5,238,217					24.7		%										$	5,134,192					24.0		%										$	5,317,511					24.8		%
Time Deposit Repricing						Amount						Rate												Amount						Rate												Amount						Rate
Within 3 months						$	2,300,304					4.37		%										$	2,923,299					4.72		%										$	3,744,158					4.59		%
From 4 to 6 months						2,586,273						4.76		%										3,140,278						4.65		%										2,655,054						4.38		%
From 7 to 9 months						1,953,833						4.63		%										1,236,201						4.49		%										1,538,725						4.49		%
From 10 to 12 months						1,071,346						4.26		%										1,307,000						4.37		%										836,930						3.41		%
Borrowings (Effective Maturity)						Amount						Rate												Amount						Rate												Amount						Rate
Within 1 year						$	3,036,283					5.01		%										$	2,274,067					5.00		%										$	1,850,825					4.84		%
1 to 3 years						192,425						3.13		%										193,355						3.17		%										194,284						3.14		%
3 to 5 years						—						—		%										—						—		%										18,400						—		%
More than 5 years						850,652						1.04		%										850,885						1.23		%										851,118						1.15		%
Total						$	4,079,360																	$	3,318,307																	$	2,914,627
Interest Rate Risk(b)
NPV post up 100 bps shock												8.9		%																8.7		%																9.5		%
NPV post down 100 bps shock												10.7		%																10.2		%																11.6		%
Change in NII after up 100 bps shock												3.0		%																0.2		%																1.3		%
Change in NII after down 100 bps shock												1.6		%																0.4		%																2.0		%

(b)Assumes no balance sheet management actions taken.

			WaFd Fact Sheet Q1 2025			4

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WaFd Inc. Announces First Quarter 2025 Results

WaFd, Inc.

Fact Sheet

December 31, 2024

($ in Thousands)

Historical CPR Rates (c)
Average for Quarter Ended:			WAFD SFR Mortgages						WAFD GSE MBS
12/31/2022			6.3		%				12.6		%
3/31/2023			5.8		%				8.9		%
6/30/2023			7.9		%				11.8		%
9/30/2023			7.0		%				14.5		%
12/31/2023			6.6		%				9.7		%
3/31/2024			4.8		%				8.7		%
6/30/2024			6.6		%				12.0		%
9/30/2024			8.6		%				12.9		%
12/31/2024			8.1		%				12.7		%

(c)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.

			WaFd Fact Sheet Q1 2025			5

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WaFd Inc. Announces First Quarter 2025 Results

WaFd, Inc.

Fact Sheet

December 31, 2024

Average Balance Sheet

($ in Thousands)

			Quarter Ended
			June 30, 2024																		September 30, 2024																		December 31, 2024
			Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
Assets
Loans receivable			$	23,536,530					$	337,118					5.76		%				$	21,258,400					$	308,598					5.78		%				$	20,954,663					$	286,597					5.43		%
Mortgage-backed securities			1,765,314						17,523						3.99						1,817,639						18,088						3.96						1,882,688						18,337						3.86
Cash & investments			2,386,434						33,693						5.68						3,061,063						43,661						5.67						2,855,030						37,941						5.27
FHLB Stock			164,018						3,608						8.85						99,195						3,750						15.04						106,062						2,242						8.39
Total interest-earning assets			27,852,296						391,942						5.66		%				26,236,297						374,097						5.67		%				25,798,443						345,117						5.31		%
Other assets			1,851,041																		1,764,185																		1,706,133
Total assets			$	29,703,337																	$	28,000,482																	$	27,504,576
Liabilities and Shareholders' Equity
Interest-bearing customer accounts			$	18,398,704					154,359						3.37		%				$	18,590,638					165,240						3.54		%				$	18,743,048					162,150						3.43		%
Borrowings			5,406,585						60,397						4.49						3,535,015						36,045						4.05						2,899,012						27,536						3.77
Total interest-bearing liabilities			23,805,289						214,756						3.63		%				22,125,653						201,285						3.62		%				21,642,060						189,686						3.48		%
Noninterest-bearing customer accounts			2,593,381																		2,588,528																		2,523,510
Other liabilities			357,611																		290,208																		323,809
Total liabilities			26,756,281																		25,004,389																		24,489,379
Stockholders’ equity			2,947,056																		2,996,093																		3,015,197
Total liabilities and equity			$	29,703,337																	$	28,000,482																	$	27,504,576
Net interest income/interest rate spread									$	177,186					2.03		%										$	172,812					2.05		%										$	155,431					1.83		%
Net interest margin(1)															2.56		%																2.62		%																2.39		%

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

			WaFd Fact Sheet Q1 2025			6

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WaFd Inc. Announces First Quarter 2025 Results

WaFd, Inc.

Fact Sheet

December 31, 2024

Delinquency Summary

($ in Thousands)

																											# of Loans
Type of Loans						#Loans						AVG Size						Loans Amortized Cost									30						60						90						Total						% Based on #						$ Delinquent									% Based on #
December 31, 2024
Multi-Family						1,922						2,467									$	4,740,797					10						3						10						23						1.20		%							$	23,504					0.50		%
Commercial Real Estate						1,282						2,817									3,610,758						1						1						3						5						0.39									670						0.02
Commercial & Industrial						1,792						1,341									2,403,719						12						5						9						26						1.45									2,246						0.09
Construction						389						3,555									1,383,048						2						1						2						5						1.29									4,495						0.33
Land - Acquisition & Development						78						1,880									146,609						—						—						—						—						—									—						—
Single-Family Residential						21,643						386									8,362,881						34						17						59						110						0.51									29,597						0.35
Construction - Custom						308						506									155,714						—						—						2						2						0.65									848						0.54
Land - Consumer Lot Loans						998						107									106,489						2						—						2						4						0.40									333						0.31
HELOC						4,466						62									279,039						9												10						22						0.49									2,037						0.73
Consumer						7,947						10									75,969						16						15						70						101						1.27									712						0.94
						40,825						521									$	21,265,023					86						45						167						298						0.73		%							$	64,442					0.30		%
September 30, 2024
Multi-Family						1,938						2,351									$	4,556,200					—						3						5						8						0.41		%							$	14,673					0.32		%
Commercial Real Estate						1,295						2,882									3,732,155						1						—						3						4						0.31									661						0.02
Commercial & Industrial						1,827						1,277									2,332,732						1						4						8						13						0.71									2,046						0.09
Construction						406						3,507									1,424,016						1						—						3						4						0.99									2,050						0.14
Land - Acquisition & Development						81						1,979									160,317						—						—						2						2						2.47									74						0.05
Single-Family Residential						22,141						374									8,280,300						28						19						52						99						0.45									29,711						0.36
Construction - Custom						364						501									182,415						—						—						2						2						0.55									848						0.46
Land - Consumer Lot Loans						1,017						106									108,060						—						—						1						1						0.10									—						—
HELOC						4,400						61									269,857						13						6						6						25						0.57									2,510						0.93
Consumer						7,677						10									74,055						35						27						64						126						1.64									765						1.03
						41,146						513									$	21,120,107					79						59						146						284						0.69		%							$	53,338					0.25		%
June 30, 2024
Multi-Family						1,951						2,313									$	4,513,323					—						1						2						3						0.15		%							$	6,612					0.15		%
Commercial Real Estate						1,302						2,878									3,746,945						—						2						2						4						0.31									589						0.02
Commercial & Industrial						1,871						1,277									2,389,236						2						—						9						11						0.59									2,138						0.09
Construction						404						3,565									1,440,152						—						1						2						3						0.74									1,120						0.08
Land - Acquisition & Development						82						1,908									156,424						—						—						2						2						2.44									74						0.05
Single-Family Residential						21,789						376									8,186,361						35						16						56						107						0.49									32,111						0.39
Construction - Custom						400						476									190,433						1						—						1						2						0.50									848						0.45
Land - Consumer Lot Loans						1,037						108									111,574						2						1						4						7						0.68									703						0.63
HELOC						4,360						59									258,833						10						3						5						18						0.41									2,251						0.87
Consumer						7,110						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		%

			WaFd Fact Sheet Q1 2025			7