Slide 1: Investor Presentation As of March 31, 2025
Investor Presentation As of March 31, 2025 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Washington Federal’s management and are subject to signi
Slide 2: Overview of WaFd Bank
Overview of WaFd Bank Overview Geographic Overview • Established in 1917; IPO in 1982 • Washington State Charter Commercial Bank – WA DFI, FDIC, FRB, CFPB Regulated • Headquartered in Seattle, WA; is the second largest bank headquartered in the Pacific Northwest • 209 branches across 9 western state
Slide 3: WaFd Bank Executive Management Committee
WaFd Bank Executive Management Committee Brent Beardall Kelli Holz Cathy Cooper President and Chief Executive Officer SEVP Chief Financial Officer EEVP Chief Experience Officer Kim Robison Ryan Mauer EVP Chief Operating Officer EVP Chief Credit Officer 3 3
Slide 4: WaFd Bank Demographics
WaFd Bank Demographics Our markets are among the most desirable in the US and create a foundation for loan growth without excessive risk Projected Median Projected Company Deposit Percent of Total Population Population HH HH Income Number Deposits Market National Population Change Change Income Chan
Slide 5: Build 2030
Build 2030 Organizational Structure & Objective: Business Banking and Commercial Real Estate Banking Segments have two primary objectives as a trusted advisor: 1. Deliver phenomenal , concierge-level customer service to all our clients - "everyone and every business deserves a WaFd banker". 2. Grow
Slide 6: Evolution of Our Franchise
Evolution of Our Franchise 15 years of investment in our evolution to a commercial bank Build 2030 Serving Businesses Concierge level service for all 1917-2007 Digital Focus clients –serving Leverage data businesses to anticipate wholistically Commercial financial needs alongside Relationship and em
Slide 7: Northwest Retail Banking Satisfaction Study
Northwest Retail Banking Satisfaction Study Banner Bank 677 WaFd 663 Scores were obtained from the J.D. Chase 663 Power 2025 U.S. Retail Banking Satisfaction Studysm. Umpqua Bank 644 Northwest ranking is based on data KeyBank 642 including Idaho, Montana, Oregon and Washington. Region Average 634 U.
Slide 8: Net Promoter Score Approaching World Class
Net Promoter Score Approaching World Class Our investments in customer service, usability and technology are translating into high customer satisfaction levels Peer Net Promoter Score 1 WaFdaa Net Promoter Score 1 Source: CustomerGauge.com and Comparably.com 1 2024 Financial Services Banking Benchma
Slide 9: Web Traffic to Wafdbank.com
Web Traffic to Wafdbank.com WaFd Bank's online growth of traffic to its website is due to our technology efforts. Now averaging more than 200,000 new website visitors a month 9
Slide 10: Commitment to ESG & Diversity
Commitment to ESG & Diversity We believe our enduring franchise comes from core principles focused on helping the neighborhoods we serve and creating long-term value for all stakeholders led by a Board, management and employee base that bring together a diversity of backgrounds Board Composition Gen
Slide 11: 5 Year Change by Percentage in Each Geographical Area
1 5 Year Change by Percentage in Each Geographical Area From September 30, 2019, to March 31, 2025 Change in Loans Change in Deposits 1 Wafd entered the California market with the LBC merger 3/1/24. 11
Slide 12: Loan and Deposit Balances by Geographical Area
Loan and Deposit Balances by Geographical Area As of March 31, 2025, $ In Millions Loan Balances by State Deposit Balances by State 12
Slide 13: Loan Growth – Through Different Interest Rate Environments
Loan Growth – Through Different Interest Rate Environments $ in millions. New Loan Originations Loan Growth $10,000 $25,000 $8,000 $20,000 $6,000 $15,000 $4,000 $10,000 $2,000 $5,000 $— $— 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
Slide 14: Non-Performing Assets Near Record Lows
Non-Performing Assets Near Record Lows We have retained a strong ACL while NPAs have declined since 2010 • ACL at March 31, 2025 amounted to $203 million, representing 286% of total NPAs 1 • Non-performing assets $71 million as of March 31, 2025, 0.26% of Total Assets Non-Performing Assets to Total
Slide 15: Strong Credit Quality
Strong Credit Quality Strong Credit Quality Characterized by Limited Charge-Offs The Bank experienced nine consecutive years of net recoveries, fiscal 2014 through fiscal 2022, during which net recoveries totaled $74.9 million. Although we experienced net charge-offs in fiscal 2023, those were the r
Slide 16: Net Loan Portfolio Average Current LTV
Net Loan Portfolio Average Current LTV As of March 31, 2025, $ In Thousands WTD Avg % Delinquent Net Balance % of Loans Current LTV based on $ Multifamily 4,840,784 23 % 56 % 0.31 % CRE - Office 775,564 4% 69 % 0.49 % CRE - Other 2,825,444 14 % 46 % —% CRE Construction - Multifamily 740,858 4% 52 %
Slide 17: Other CRE Property Types as % of Total Net Loans
Other CRE Property Types as % of Total Net Loans As of March 31, 2025 All Others 1.0% Gas Station / Convenience Store 0.1% Convalescent / Assisted Living 0.3% Cross Collateral / Bridge 0.3% Restaurant / Tavern 0.3% Industrial 3.7% Single Family Residence 0.3% Warehouse 0.5% Retail - Not Anchored 0.6
Slide 18: Significant Liquidity and High-Quality Securities Portfolio
Significant Liquidity and High-Quality Securities Portfolio High quality, $4.9 billion cash and investment portfolio with $13.5 billion remaining collateral and lines as a source of additional potential liquidity Cash and Securities Composition Cash & Securities / Total Assets1 40.00% 3/31/2025 High
Slide 19: Investment Portfolio
Investment Portfolio High quality, $3.6 billion investment portfolio with a duration of 2.4 years. Portfolio is 47% variable rate. HTM Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS $ 484,592 $ (41,910) 7.2 3.58% AFS Investments Fair Value Gain/(Loss) WAL Expected Yield Agency MBS
Slide 20: Highly Diversified Deposit Base - % of Deposits by Industry
Highly Diversified Deposit Base - % of Deposits by Industry Utilities, 1.0% Consumer, 26% Information, 1.0% Transportation and Warehousing, 1.0% Public Administration, 10% Wholesale Trade, 1.0% Mining, 1.0% Arts, Entertainment, and Recreation, 1.0% Waste Management and Finance and Insurance, 8% Reme
Slide 21: Deposit Trends
Deposit Trends Shifting away from time deposits in favor of transaction accounts. Checking accounts now make up 33% of all deposits As of 3/31/2025 $24,000 4.80% $20,000 4.00% Time Deposits, Transaction $9,573, Accounts, 44.7% $11,854, 55.3% $16,000 3.20% $12,000 2.40% As of 3/31/2015 $8,000 1.60% $
Slide 22: Deposit Flows
Deposit Flows Overall changes by quarter and balances by type Customer Deposit Accounts 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Checking - Noninterest Bearing 3,266,734 3,070,895 2,856,165 2,729,888 2,604,281 2,482,010 2,514,310 2,500,46
Slide 23: Borrowings and Debt Outstanding & Weighted Rate
Borrowings and Debt Outstanding & Weighted Rate Total Debt is 98.2% FHLB advances and 1.8% Junior Subordinated debentures and is used in part to manage interest rate risk. Current period decrease reflects the repayment of FHLB advances. Increase in borrowings for 2020 was from locking in $1 billion
Slide 24: Cost of Deposits in the Rising Rate Environment
Cost of Deposits in the Rising Rate Environment 6.00% 5.40% 5.40% 5.40% 5.40% 5.33% 5.07% 5.00% 4.64% 4.71% 4.50% 4.00% 3.82% 3.00% 3.11% 2.95% 3.02% 2.35% 2.89% 2.65% 2.42% 2.00% 2.07% 1.77% 0.94% 1.34% 1.00% 0.79% 0.42% 0.23% —% Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Slide 25: AOCI vs our Peers
AOCI vs our Peers Total Accumulated Other Comprehensive Income as a percent of Equity 20% 10% 10% > oe > bd nd PPP D> D> om Dd oD DD PP > DP eg gt eat ae ea ges WAFD COLB WAL BANR ZION
Slide 26: Income Statement Comparison
Income Statement Comparison $ In thousands Three Months Ended 3/31/2025 3/31/2024 $ Change % Change INTEREST INCOME Loans receivable $ 282,077 $ 274,341 $ 7,736 3% Mortgage-backed securities 23,926 12,905 11,021 85% Investment securities and cash equivalents 30,081 31,580 (1,499) (5)% 336,084 318,82
Slide 27: Income Statement Comparison
Income Statement Comparison $ In thousands Three Months Ended 3/31/2025 3/31/2024 $ Change % Change NON-INTEREST INCOME $ 18,881 $ 13,392 $ 5,489 41% NON-INTEREST EXPENSE Compensation and benefits 52,710 73,155 (20,445) (28)% Occupancy 11,499 10,918 581 5% FDIC premiums 5,800 7,900 (2,100) (27)% Pro
Slide 28: Net Interest Income and Net Interest Margin
Net Interest Income and Net Interest Margin Net interest income in thousands. 200,000 3.50% IRR measures as of March 31, 2025: 175,000 3.00% • Net Interest Income (NII) would 150,000 increase by 0.5% in +100 bps 2.50% immediate and parallel shock 125,000 and would increase by 4.5% in a -100 bps imme
Slide 29: Net Income and Common Earnings Per Share
Net Income and Common Earnings Per Share Annual Quarterly Net Income (in thousands) EPS Net Income (in thousands) EPS $300,000 $4.00 $80,000 $1.50 $240,000 $1.25 $3.00 $60,000 $1.00 $180,000 $2.00 $40,000 $0.75 $120,000 $0.50 $1.00 $60,000 $20,000 $0.25 $— $— $— $— 16 17 18 19 20 21 22 23 24 10 11 1
Slide 30: Non-Interest Income
Non-Interest Income Diverse sources of Non-Interest Income provide steady growth and balance our revenue profile Non-Interest Income for Quarter-Ended March 31, 2025 Non-Interest Income Over Time ($MM) $30.7 Loan Fees, 9.6% $10.1 $3.5 $33.2 $28.6 $29.9 Other $24.1 $23.1 Deposit $23.2 $23.3 Income, $
Slide 31: Non-Interest Expense Over Time
Non-Interest Expense Over Time Annual and Quarterly - Expenses in thousands Annual Quarterly 78% $500,000 70% $140,000 80% 62% $450,000 59% 59% 70% 60% $120,000 65% 54% 59% $400,000 52% 58% 57% 57% 58% 50% 51% 50% 51% 60% 47% 48% $100,000 52% 52% 52% 52% $350,000 50% 50% 47% 50% $300,000 $80,000 40%
Slide 32: Breakout of Non-Interest Expense
Breakout of Non-Interest Expense Expenses in millions $65.9 $47.5 $47.5 $45.9 $41.1 $41.7 $53.3 $34.6 $49.4 $29.8 $52.9 $42.7 $47.2 $34.6 $38.9 $28.9 $24.0 $21.0 $14.0 $16.4 $17.0 $18.5 $15.9 $19.5 $28.9 $14.4 $20.0 $11.4 $11.6 $9.8 $10.9 $9.5 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
Slide 33: Capital Ratios
Capital Ratios Common Equity Tier 1 Ratio 16.00% 14.00% WAFD does not seek to maximize 12.00% leverage. Rather, we aspire to be the 10.00% 8.00% bank that can best weather the next 6.00% 4.00% storm on the horizon. 2.00% —% Sep 2019 Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Mar 2025 WaFd Inc. Top
Slide 34: Returning Capital to Shareholders
Returning Capital to Shareholders Return of Income to Common Shareholders Common Dividend as a % of Net Income Stock Buyback & Net Income Dividends 2019 $210,256 $187,163 89 % 2020 $173,438 $178,629 103 % 38.3% 40.1% 38.0% 2021 $173,581 $414,527 239 % * 30.1% 2022 $221,705 $64,837 29 % 27.8% 26.3% 2
Slide 35: Stock Price & Book Value Per Share
Stock Price & Book Value Per Share As of 3/31/2025: Book Value per Share $33.84 Tangible Book Value per Share $28.31 Price to BV: .845 Price to TBV: 1.01 35
Slide 36: Perspective through the last Credit Cycle
Perspective through the last Credit Cycle Managing Capital Text Text Text Tex 36
Slide 37: Forward-looking statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Washington Federal’s management and are subject to significant risks and uncertainties. The forward