Companies: 10,761     total market cap: NZ$227.805 T
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WaFd Bank
WAFD
#4353
Rank
NZ$4.14 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$54.27
Share price
-1.71%
Change (1 day)
10.38%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. WaFd Bank
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q2

WaFd Bank - 10-Q quarterly report FY2022 Q2


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-34654
WASHINGTON FEDERAL INC
(Exact name of registrant as specified in its charter)
 
Washington
91-1661606
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
425 Pike Street
Seattle
Washington
98101
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code (206) 624-7930
 
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 par value per share
WAFD
NASDAQ Stock Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock
WAFDP
NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 ("Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes  ☒    No  ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒


The registrant had outstanding 65,307,718 shares of common stock as of April 28, 2022.


WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
 
  The Consolidated Financial Statements of Washington Federal, Inc. and Subsidiaries filed as a part of the report are as follows:
  
  
  
  

2
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)



March 31, 2022September 30, 2021
(In thousands, except share data)
ASSETS
Cash and cash equivalents$1,947,504 $2,090,809 
Available-for-sale securities, at fair value1,909,605 2,138,259 
Held-to-maturity securities, at amortized cost301,221 366,025 
Loans receivable, net of allowance for loan losses of $171,384 and $171,300
15,094,926 13,833,570 
Interest receivable51,440 50,636 
Premises and equipment, net247,166 255,152 
Real estate owned9,509 8,204 
FHLB and FRB stock78,873 102,863 
Bank owned life insurance236,024 233,263 
Intangible assets, including goodwill of $303,457 and $303,457
309,501 310,019 
Federal and state income tax assets, net3,821 3,877 
Other assets370,689 257,897 
$20,560,279 $19,650,574 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Customer accounts
Transaction deposit accounts$13,139,606 $12,108,025 
Time deposit accounts3,251,042 3,434,087 
16,390,648 15,542,112 
FHLB advances1,720,000 1,720,000 
Advance payments by borrowers for taxes and insurance39,426 47,016 
Accrued expenses and other liabilities218,504 215,382 
18,368,578 17,524,510 
Commitments and contingencies (see Note I)
Shareholders’ equity
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding
300,000 300,000 
Common stock, $1.00 par value, 300,000,000 shares authorized; 136,243,712 and 135,993,254 shares issued; 65,306,928 and 65,145,268 shares outstanding
136,244 135,993 
Additional paid-in capital1,683,578 1,678,622 
Accumulated other comprehensive income (loss), net of taxes71,478 69,785 
Treasury stock, at cost; 70,936,784 and 70,847,986 shares
(1,590,082)(1,586,947)
Retained earnings1,590,483 1,528,611 
2,191,701 2,126,064 
$20,560,279 $19,650,574 


SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
3
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended March 31,Six Months Ended March 31,
 2022202120222021
(In thousands, except share data)(In thousands, except share data)
INTEREST INCOME
Loans receivable$139,260 $132,757 $277,769 $266,428 
Mortgage-backed securities4,659 6,696 9,451 13,926 
Investment securities and cash equivalents6,919 7,301 14,058 14,222 
150,838 146,754 301,278 294,576 
INTEREST EXPENSE
Customer accounts8,225 10,729 16,686 24,839 
FHLB advances7,525 11,991 15,368 25,189 
15,750 22,720 32,054 50,028 
Net interest income135,088 124,034 269,224 244,548 
Provision (release) for credit losses(500)— — 3,000 
Net interest income after provision (release)135,588 124,034 269,224 241,548 
OTHER INCOME
Gain (loss) on sale of investment securities— — 81 — 
Gain (loss) on termination of hedging derivatives— 14,110 — 14,110 
Prepayment penalty on long-term debt— (13,788)— (13,788)
Loan fee income2,475 872 4,396 3,264 
Deposit fee income6,282 5,960 12,725 11,986 
Other income6,902 7,323 17,138 12,775 
15,659 14,477 34,340 28,347 
OTHER EXPENSE
Compensation and benefits47,115 43,632 94,540 86,355 
Occupancy11,788 10,473 21,878 20,065 
FDIC insurance premiums2,100 3,755 5,200 7,018 
Product delivery5,044 4,401 9,765 9,338 
Information technology11,722 10,696 23,143 22,527 
Other expense10,648 8,789 23,504 17,853 
88,417 81,746 178,030 163,156 
Gain (loss) on real estate owned, net129 34 691 (415)
Income before income taxes62,959 56,799 126,225 106,324 
Income tax expense13,600 11,928 26,585 22,502 
Net income49,359 44,871 99,640 83,822 
Dividends on preferred stock3,656 2,722 7,312 2,722 
Net income available to common shareholders$45,703 $42,149 $92,328 $81,100 
PER SHARE DATA
Basic earnings per common share$0.70 $0.56 $1.41 $1.07 
Diluted earnings per common share0.70 0.56 1.41 1.07 
Dividends paid on common stock per share0.24 0.23 0.47 0.45 
Basic weighted average number of shares outstanding65,301,17175,354,76565,253,99175,576,288
Diluted weighted average number of shares outstanding65,445,20675,393,46465,397,60175,582,426

SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
4
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

 Three Months Ended March 31,
 20222021
(In thousands)
Net income$49,359 $44,871 
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $10,086 and $1,114
(33,767)(3,729)
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $0 and $0
— — 
Net unrealized gain (loss) from investment securities, net of reclassification adjustment(33,767)(3,729)
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $(12,954) and $(16,230)
43,369 54,335 
Reclassification adjustment of net (gain) loss included in net income during the period from hedging derivatives, net of tax of $0 and $3,245
— (10,865)
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment43,369 43,470 
Other comprehensive income (loss)9,602 39,741 
Comprehensive income$58,961 $84,612 

 Six Months Ended March 31,
 20222021
(In thousands)
Net income$99,640 $83,822 
Other comprehensive income (loss) net of tax:
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $13,950 and $(1,572)
(46,701)5,262 
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $(19) and $0
62 — 
Net unrealized gain (loss) from investment securities, net of reclassification adjustment(46,639)5,262 
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $(14,437) and $(20,857)
48,332 69,826 
Reclassification adjustment of net (gain) loss included in net income during the period from hedging derivatives, net of tax of $0 and $3,245
— (10,865)
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment48,332 58,961 
Other comprehensive income (loss)1,693 64,223 
Comprehensive income$101,333 $148,045 
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
5
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED) 

(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at January 1, 2022$300,000 $136,196 $1,680,637 $1,560,337 $61,876 $(1,589,920)$2,149,126 
Net income— — — 49,359 — — 49,359 
Other comprehensive income (loss)— — — — 9,602 — 9,602 
Dividends on common stock ($0.24 per share)
— — — (15,557)— — (15,557)
Dividends on preferred stock ($12.1875 per share)
— — — (3,656)— — (3,656)
Proceeds from stock-based awards— 19 514 — — — 533 
Stock-based compensation expense— 29 2,427 — — — 2,456 
Treasury stock acquired— — — — — (162)(162)
Balance at March 31, 2022$300,000 $136,244 $1,683,578 $1,590,483 $71,478 $(1,590,082)$2,191,701 
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at January 1, 2021$— $135,938 $1,680,111 $1,443,280 $41,435 $(1,238,997)$2,061,767 
Net income— — — 44,871 — — 44,871 
Other comprehensive income (loss)— — — — 39,741 — 39,741 
Issuance of preferred stock, net300,000 — (6,675)— — — 293,325 
Dividends on common stock ($0.23 per share)
— — — (17,336)— — (17,336)
Dividends on preferred stock ($9.0729 per share)
— — — (2,722)— — (2,722)
Proceeds from stock-based awards— 18 282 — — — 300 
Stock-based compensation expense— 24 2,054 — — — 2,078 
Treasury stock acquired— — — — — (89,071)(89,071)
Balance at March 31, 2021$300,000 $135,980 $1,675,772 $1,468,093 $81,176 $(1,328,068)$2,332,953 

(CONTINUED)





SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
6

(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at October 1, 2021$300,000 $135,993 $1,678,622 $1,528,611 $69,785 $(1,586,947)$2,126,064 
Net income— — — 99,640 — — 99,640 
Other comprehensive income (loss)— — — — 1,693 — 1,693 
Dividends on common stock ($0.47 per share)
— — — (30,456)— — (30,456)
Dividends on preferred stock ($24.3750 per share)
— — — (7,312)— — (7,312)
Proceeds from stock-based awards— 49 1,312 — — — 1,361 
Stock-based compensation expense— 202 3,644 — — — 3,846 
Treasury stock acquired— — — — — (3,135)(3,135)
Balance at March 31, 2022$300,000 $136,244 $1,683,578 $1,590,483 $71,478 $(1,590,082)$2,191,701 
(in thousands)Preferred StockCommon StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance at October 1, 2020$— $135,727 $1,678,843 $1,420,906 $16,953 $(1,238,296)$2,014,133 
Net income— — — 83,822 — — 83,822 
Other comprehensive income (loss)— — — — 64,223 — 64,223 
Issuance of preferred stock, net300,000 — (6,675)— — — 293,325 
Dividends on common stock ($0.45 per share)
— — — (33,913)— — (33,913)
Dividends on preferred stock ($9.0729 per share)
— — — (2,722)— — (2,722)
Proceeds from stock-based awards— 20 310 — — — 330 
Stock-based compensation expense— 233 3,294 — — — 3,527 
Treasury stock acquired— — — — — (89,772)(89,772)
Balance at March 31, 2021$300,000 $135,980 $1,675,772 $1,468,093 $81,176 $(1,328,068)$2,332,953 




SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
7
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) 
 Six Months Ended March 31,
 20222021
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$99,640 $83,822 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and other, net31,110 36,608 
Stock-based compensation expense3,846 3,527 
Provision (release) for credit losses— 3,000 
Loss (gain) on sale of investment securities(81)— 
Net realized (gain) loss on sales of premises, equipment, and real estate owned74 37 
Prepayment penalty from repayment of borrowings— 13,788 
Gain on early termination of long term borrowing hedge— (14,110)
Decrease (increase) in accrued interest receivable(804)(274)
Decrease (increase) in federal and state income tax receivable(450)5,708 
Decrease (increase) in cash surrender value of bank owned life insurance(2,761)(2,771)
Decrease (increase) in other assets(38,217)156,599 
Increase (decrease) in federal and state income tax liabilities— (5,760)
Increase (decrease) in accrued expenses and other liabilities(9,107)(75,419)
Net cash provided by (used in) operating activities83,250 204,755 
CASH FLOWS FROM INVESTING ACTIVITIES
Origination of loans and principal repayments, net(754,450)(192,028)
Loans purchased(525,825)(73,208)
FHLB & FRB stock purchased(108,000)(188,001)
FHLB & FRB stock redeemed131,990 210,000 
Available-for-sale securities purchased(124,651)(522,454)
Principal payments and maturities of available-for-sale securities287,775 338,869 
Proceeds from sales of available-for-sale securities4,510 — 
Principal payments and maturities of held-to-maturity securities63,214 206,868 
Proceeds from sales of real estate owned3,175 637 
Proceeds from sales of premises and equipment41 3,376 
Premises and equipment purchased and REO improvements(5,738)(20,260)
Net cash provided by (used in) investing activities(1,027,959)(236,201)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in customer accounts848,536 1,039,797 
Proceeds from borrowings2,700,000 4,700,007 
Repayments of borrowings(2,700,000)(5,263,795)
Proceeds from the early termination of long term borrowing hedge— 14,110 
Proceeds from stock-based awards1,361 330 
Proceeds from issuance of preferred stock, net— 293,325 
Dividends paid on common stock(30,456)(33,913)
Dividends paid on preferred stock(7,312)— 
Treasury stock purchased(3,135)(89,772)
Increase (decrease) in advances payments by borrowers for taxes and insurance(7,590)(13,173)
Net cash provided by (used in) financing activities801,404 646,916 
Increase (decrease) in cash and cash equivalents(143,305)615,470 
Cash, cash equivalents and restricted cash at beginning of period2,090,809 1,702,977 
Cash, cash equivalents and restricted cash at end of period$1,947,504 $2,318,447 
(CONTINUED)
SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
8
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended March 31,
 20222021
(In thousands)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Non-cash investing activities
Real estate acquired through foreclosure$— $105 
Other personal property acquired through foreclosure422 — 
Non-cash financing activities
Preferred stock dividend payable3,656 2,722 
Cash paid (received) during the period for
Interest25,979 41,707 
Income taxes19,001 14,745 


SEE NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
9
Table of Contents

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE A – Summary of Significant Accounting Policies

Company and Nature of Operations - Washington Federal Bank, a federally-insured Washington state chartered commercial bank dba WaFd Bank (the “Bank” or “WaFd Bank”), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Washington Federal, Inc., a Washington corporation (the “Company”), was formed as the Bank’s holding company in November, 1994. As used throughout this document, the terms “Washington Federal” or the “Company” refer to the Company and its consolidated subsidiaries, and the term “Bank” refers to the operating subsidiary, Washington Federal Bank, a Washington state chartered commercial bank. The Company is headquartered in Seattle, Washington. The Bank conducts its activities through a network of 214 bank branches located in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico and Texas.

On February 4, 2022, the Bank completed the conversion of its charter from a national bank charter, supervised by the Office of the Comptroller of the Currency, to a Washington state chartered commercial bank effective February 4, 2022. The Bank cancelled its holdings of stock in the Federal Reserve Bank of San Francisco as part of the conversion and its legal name changed from “Washington Federal Bank, National Association” to “Washington Federal Bank.” As a result of the conversion, the Washington State Department of Financial Institutions is the Bank's primary state regulator and the Federal Deposit Insurance Corporation (the "FDIC") is the Bank's primary federal regulator. The Federal Reserve will continue to regulate the Bank's holding company Washington Federal, Inc.

Basis of Presentation - The Company has prepared the consolidated unaudited interim financial statements included in this report. All intercompany transactions and accounts have been eliminated in consolidation. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation are reflected in the interim financial statements.

The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on November 19, 2021 ("2021 Annual Financial Statements"). Interim results are not necessarily indicative of results for a full year.

Summary of Significant Accounting Policies - The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its 2021 Annual Financial Statements. There have not been any significant changes in the Company's significant accounting policies compared to those contained in its 2021 Annual Financial Statements for the year ended September 30, 2021.

Preferred Stock - On February 8, 2021, in connection with an underwritten public offering, the Company issued 300,000 shares of 4.875% Noncumulative Perpetual Series A Preferred Stock (“Series A Preferred Stock”). Net proceeds, after underwriting discounts and expenses, were $293,325,000. The public offering consisted of the issuance and sale of 12,000,000 depositary shares, each representing a 1/40th interest in a share of the Series A Preferred Stock, at a public offering price of $25.00 per depositary share. Holders of the depositary shares are entitled to all proportional rights and preferences of the Series A Preferred Stock (including, dividend, voting, redemption and liquidation rights). The depositary shares are traded on the NASDAQ Global Select Market under the symbol "WAFDP." The Series A Preferred Stock is redeemable at the option of the Company, subject to all applicable regulatory approvals, on or after April 15, 2026.

Restricted Cash Balances - Based on the level of vault cash on hand, the Company was not required to maintain cash reserve balances with the Federal Reserve Bank as of March 31, 2022. As of March 31, 2022 and September 30, 2021, the Company held counterparty cash collateral of $153,000,000 and pledged cash collateral to counterparties of $1,500,000, respectively, related to derivative contracts.

Equity Securities - The Company records equity securities within Other assets in its Consolidated Statements of Financial Condition. Investments in equity securities with readily determinable fair values (marketable) are measured at fair value, with changes in the fair value recognized as a component of Other income in the Consolidated Statements of Operations. Investments in equity investments that do not have readily determinable fair values (non-marketable) are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the
10
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

identical or similar investment of the same issuer, also referred to as the measurement alternative. Any adjustments to the carrying value of these investments are recorded in Other income in the Consolidated Statements of Operations.

Allowance for Credit Losses (Loans Receivable) - The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred.

The ACL consists of the allowance for loan losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable.

Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated two loan portfolio segments, commercial loans and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial loan portfolio segment is disaggregated into five classes: multi-family, commercial real estate, commercial and industrial, construction, and land acquisition and development. The risk of loss for the commercial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into five classes: single-family-residential mortgage, custom construction, consumer lot loans, home equity lines of credit, and other consumer. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each commercial and consumer loan portfolio class may also be further segmented based on risk characteristics.

For most of our loan portfolio classes, the historical loss experience is determined using a cohort methodology. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the cohort methodology. For any such loan portfolio class, the weighted-average remaining maturity (“WARM”) methodology is being utilized until sufficient historical loss data is obtained. The WARM method multiplies an average annual loss rate by the expected remaining life of the loan pool to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class.

The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors and 2) reasonable and supportable forecast of future economic conditions and collateral values.

The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. The second qualitative adjustment noted above, economic conditions and collateral values, encompasses a one-year reasonable and supportable forecast period. The overlay adjustment for the reasonable and supportable forecast assumes an immediate reversion after the one-year forecast period to historical loss rates for the remaining life of the respective loan pool.

When management deems it to be appropriate, the Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool. These individually evaluated loans
11
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

are removed from their respective pools and typically represent collateral dependent loans but may also include other non-performing loans or troubled debt restructurings (“TDRs”). In addition, the Company individually evaluates “reasonably expected” TDRs, which are identified by the Company as a loan expected to be classified as a TDR within the next six months. Management judgment is utilized to make this determination.

Allowance for Credit Losses (Held-to-Maturity Debt Securities) - For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. See Note F "Fair Value Measurements" for more information about HTM debt securities.

Allowance for Credit Losses (Available-for-Sale Debt Securities) - The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. See Note F "Fair Value Measurements" for more information about AFS debt securities.

Accrued Interest Receivable - Upon adoption of ASC 326, the Company made the following elections regarding accrued interest receivable:

•Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition.
•Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements.
•Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment.
•Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner, as described above.

Non-Accrual Loans - Loans are placed on non-accrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on non-accrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due, except for situations where principal and interest is considered collectible such as a loan with a guarantee. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet contractual obligations.

If a consumer loan is on non-accrual status before becoming a TDR it will stay on non-accrual status following restructuring until it has been performing for at least six months, at which point it may be moved to accrual status. If a loan is on accrual status before it becomes a TDR, and management concludes that full repayment is probable based on internal evaluation, it will remain on accrual status following restructuring. If the restructured consumer loan does not perform, it is placed on non-accrual status when it is 90 days delinquent. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made,
12
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual status.

Collateral-Dependent Loans - A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land.

Off-balance-sheet credit exposures - The only material off-balance-sheet credit exposures are unfunded loan commitments, which had a combined balance of $4,295,025,000 and $3,804,444,000 at March 31, 2022 and September 30, 2021, respectively. The reserve for unfunded commitments is recognized as a liability (included as other liabilities in "Accrued expenses and other liabilities" in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. See Note I "Commitments and Contingencies" for more information.


NOTE B – New Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by the anticipated transition away from LIBOR if certain criteria are met. The ASU primarily includes relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. The Company has evaluated the regulatory requirements to cease the use of LIBOR and has put in place systems and capabilities for this purpose. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815). The amendments in this ASU clarify the guidance on ASC 815 on fair value hedge accounting of interest rate risk for portfolios and financial assets. Among other things, the amended guidance establishes the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible and renames that method the "portfolio layer" method. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We do not expect the amendments to have a material effect on our consolidated financial statements.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326). The amendments in this ASU eliminate the guidance on troubled debt restructurings while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulties. The ASU also requires that entities disclose current-period gross charge-offs by year of origination for loans and leases. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We do not expect the amendments to have a material effect on our consolidated financial statements.


NOTE C – Dividends and Share Repurchases

On February 18, 2022, the Company paid a regular dividend on common stock of $0.24 per share, which represented the 156th consecutive quarterly cash dividend. Dividends per share were $0.24 and $0.23 for the quarters ended March 31, 2022 and 2021, respectively.
13
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


For the three months ended March 31, 2022, the Company repurchased 4,684 shares at an average price of $34.65. As of March 31, 2022, there are 3,728,320 remaining shares authorized to be repurchased under the current Board approved share repurchase program.

The Company pays a cash dividend, if declared by the Board, of $12.1875 per share on its Series A Preferred Stock quarterly on January 15, April 15, July 15 and October 15. This dividend equals $0.30468750 per depositary share (each dividend, a "Series A Preferred Dividend"). The Company paid the Series A Preferred Dividend on April 15, 2022.

NOTE D – Loans Receivable

For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies" above.

The Company's loans held for investment are divided into two portfolio segments, commercial loans and consumer loans, with each of those segments further split into loan classes for purposes of estimating the allowance for credit losses.

The following table is a summary of loans receivable by loan portfolio segment and class.
 March 31, 2022September 30, 2021
(In thousands)(In thousands)
Commercial loans
Multi-family$2,392,810 13.5 %$2,291,477 14.0 %
Commercial real estate2,829,946 15.9 2,443,845 15.0 
Commercial & industrial (1)2,504,442 14.1 2,314,654 14.2 
Construction3,136,239 17.6 2,888,214 17.7 
Land - acquisition & development236,313 1.3 222,457 1.4 
Total commercial loans11,099,750 62.4 10,160,647 62.3 
Consumer loans
Single-family residential5,442,535 30.6 4,951,627 30.4 
Construction - custom836,314 4.7 783,221 4.8 
   Land - consumer lot loans154,976 0.9 149,956 0.9 
   HELOC174,367 1.0 165,989 1.0 
   Consumer67,511 0.4 87,892 0.5 
Total consumer loans6,675,703 37.6 6,138,685 37.7 
Total gross loans17,775,453 100 %16,299,332 100 %
   Less:
      Allowance for credit losses on loans171,384 171,300 
      Loans in process2,440,430 2,232,836 
      Net deferred fees, costs and discounts68,713 61,626 
Total loan contra accounts2,680,527 2,465,762 
Net loans$15,094,926 $13,833,570 

(1) Includes $111 million and $312 million of Small Business Administration’s Paycheck Protection Program ("PPP") loans as of March 31, 2022 and September 30, 2021, respectively.

The Company elected to exclude accrued interest receivable ("AIR") from the amortized cost basis of loans for disclosure purposes and from the calculations of estimated credit losses. As of March 31, 2022, and September 30, 2021, AIR for loans
14
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

totaled $47,216,000 and $46,234,000, respectively, and is included in the Interest receivable line item balance on the Company’s consolidated statements of financial condition.
Loans in the amount of $7,325,383,000 and $5,930,015,000 at March 31, 2022 and September 30, 2021, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") as part of our liquidity management strategy. The FHLB does not have the right to sell or re-pledge these loans.
The following table sets forth the amortized cost basis of non-accrual loans and loans 90 days or more past due and accruing.
 
 March 31, 2022September 30, 2021
 (In thousands, except ratio data)
Non-accrualNon-accrual with no ACL90 days or more past due and accruingNon-accrualNon-accrual with no ACL90 days or more past due and accruing
Commercial loans
Multi-family$— $— $— $475 $— $— 
Commercial real estate6,412 — — 8,038 — — 
Commercial & industrial4,789 1,215 9,996 365 30 — 
Construction343 — — 505 — — 
Land - acquisition & development2,340 — — 2,340 — — 
   Total commercial loans13,884 1,215 9,996 11,723 30 — 
Consumer loans
Single-family residential18,612 — — 19,320 — — 
Construction - custom465 — — — — — 
Land - consumer lot loans310 — — 359 — — 
HELOC329 — — 287 — — 
Consumer39 — — 60 — — 
   Total consumer loans19,755 — — 20,026 — — 
Total non-accrual loans$33,639 $1,215 $9,996 $31,749 $30 $— 
% of total loans0.22 %0.23 %

The Company recognized interest income on non-accrual loans of approximately $1,733,000 in the six months ended March 31, 2022. If these loans had been on accrual status and performed according to their original contract terms, the Company would have recognized interest income of approximately $631,000 for the six months ended March 31, 2022. Recognized interest income for the six months ended March 31, 2022 was higher than what otherwise would have been recognized in the period due to the collection of past due amounts. Interest cash flows collected on non-accrual loans vary from period to period as those loans are brought current or are paid off.

15
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

The following tables provide details regarding loan delinquencies by loan portfolio and class.
 
March 31, 2022Days Delinquent Based on $ Amount of Loans% based
on $
Type of LoanLoans Receivable (Amortized Cost)Current306090Total Delinquent
(In thousands, except ratio data)
Commercial Loans
Multi-family$2,377,657 $2,377,347 $310 $— $— $310 0.01 %
Commercial real estate2,808,628 2,804,726 2,213 — 1,689 3,902 0.14 
Commercial & industrial2,497,008 2,481,463 4,052 51 11,442 15,545 0.62 
Construction1,212,103 1,212,103 — — — — — 
Land - acquisition & development211,061 208,721 — — 2,340 2,340 1.11 
   Total commercial loans9,106,457 9,084,360 6,575 51 15,471 22,097 0.24 
Consumer Loans
Single-family residential5,418,645 5,397,381 3,285 2,785 15,194 21,264 0.39 
Construction - custom344,113 343,213 435 — 465 900 0.26 
Land - consumer lot loans153,549 153,172 67 19 291 377 0.25 
HELOC175,929 175,257 347 15 310 672 0.38 
Consumer67,617 67,521 54 7 35 96 0.14 
   Total consumer loans6,159,853 6,136,544 4,188 2,826 16,295 23,309 0.38 
Total Loans$15,266,310 $15,220,904 $10,763 $2,877 $31,766 $45,406 0.30 %
Delinquency %99.70%0.07%0.02%0.21%0.30%



September 30, 2021Days Delinquent Based on $ Amount of Loans% based
on $
Type of LoanLoans Receivable (Amortized Cost)Current306090Total Delinquent
(In thousands, except ratio data)
Commercial Loans
Multi-family$2,273,689 $2,273,214 $— $— $475 $475 0.02 %
Commercial real estate2,429,332 2,428,014 971 64 283 1,318 0.05 
Commercial & industrial2,303,927 2,303,605 — — 322 322 0.01 
Construction1,117,227 1,117,186 — — 41 41 — 
Land - acquisition & development192,416 190,076 — — 2,340 2,340 1.22 
  Total commercial loans8,316,591 8,312,095 971 64 3,461 4,496 0.05 
Consumer Loans
Single-family residential4,937,064 4,915,749 3,627 2,165 15,523 21,315 0.43 
Construction - custom347,752 347,752 — — — — — 
Land - consumer lot loans148,534 147,952 5 307 270 582 0.39 
HELOC166,940 166,627 47 — 266 313 0.19 
Consumer87,989 87,727 152 59 51 262 0.30 
  Total consumer loans5,688,279 5,665,807 3,831 2,531 16,110 22,472 0.40 
Total Loans$14,004,870 $13,977,902 $4,802 $2,595 $19,571 $26,968 0.19 %
Delinquency %99.81%0.03%0.02%0.14%0.19%


16
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Most TDRs are accruing and performing loans where the borrower has proactively approached the Company about modification due to temporary financial difficulties. Each request for modification is individually evaluated for merit and likelihood of success. The concession granted in a loan modification is typically a payment reduction through a rate reduction of between 100 to 200 basis points for a specific term, usually six to twenty-four months. Interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans. As of March 31, 2022, 97.3% of the Company's $57,255,000 in TDRs were classified as performing. As of March 31, 2022, single-family residential loans comprised 92.1% of TDRs.

We evaluate the credit quality of our loans based on regulatory risk ratings and also consider other factors. Based on this evaluation, the loans are assigned a grade and classified as follows:

•Pass – the credit does not meet one of the definitions below.

•Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss of principal or interest is foreseen; however, proper supervision and management attention is required to deter further deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset.

•Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy due to the existence of one or more well defined weaknesses. In these situations, loss of principal is likely if the weakness is not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified will have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets risk rated substandard.

•Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans.

•Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if the collateral offers some identifiable protection.

17
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

The following tables present by primary credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of March 31, 2022.
Term Loans Amortized Cost Basis by Origination Year
YTD 20222021202020192018Prior to 2018Revolving LoansRevolving to Term LoansTotal Loans
Commercial loans
Multi-family
Pass$401,130 $747,291 $423,091 $143,051 $197,750 $440,126 $21,235 $— $2,373,674 
Special Mention— — 1,745 — — — — — 1,745 
Substandard— — — — 649 1,589 — — 2,238 
Total$401,130 $747,291 $424,836 $143,051 $198,399 $441,715 $21,235 $— $2,377,657 
Commercial real estate
Pass$438,223 $665,379 $412,828 $289,728 $261,937 $571,942 $2,974 $— $2,643,011 
Special Mention— — — 25,548 32,952 10,388 — — 68,888 
Substandard— — 8,253 42,150 931 44,309 1,086 — 96,729 
Total$438,223 $665,379 $421,081 $357,426 $295,820 $626,639 $4,060 $— $2,808,628 
Commercial & industrial
Pass$166,005 $535,738 $169,933 $45,916 $28,461 $237,637 $1,163,539 $84 $2,347,313 
Special Mention3,454 — 2,749 5,785 — — 35,150 — 47,138 
Substandard— 13,447 21,901 86 4,492 2,059 60,572 — 102,557 
Total$169,459 $549,185 $194,583 $51,787 $32,953 $239,696 $1,259,261 $84 $2,497,008 
Construction
Pass$243,483 $517,206 $305,966 $58,463 $374 $16,314 $67,769 $— $1,209,575 
Special Mention— 2,185 — — — — — — 2,185 
Substandard— — 343 — — — — — 343 
Total$243,483 $519,391 $306,309 $58,463 $374 $16,314 $67,769 $— $1,212,103 
Land - acquisition & development
Pass$44,638 $79,721 $29,947 $10,865 $11,835 $29,115 $2,600 $— $208,721 
Substandard— — — — — 2,340 — — 2,340 
Total$44,638 $79,721 $29,947 $10,865 $11,835 $31,455 $2,600 $— $211,061 
Total commercial loans
Pass$1,293,479 $2,545,335 $1,341,765 $548,023 $500,357 $1,295,134 $1,258,117 $84 $8,782,294 
Special Mention3,454 2,185 4,494 31,333 32,952 10,388 35,150 — 119,956 
Substandard— 13,447 30,497 42,236 6,072 50,297 61,658 — 204,207 
Total$1,296,933 $2,560,967 $1,376,756 $621,592 $539,381 $1,355,819 $1,354,925 $84 $9,106,457 
18
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Term Loans Amortized Cost Basis by Origination Year
YTD 20222021202020192018Prior to 2018Revolving LoansRevolving to Term LoansTotal Loans
Consumer loans
Single-family residential
Current$767,151 $1,479,568 $790,997 $349,688 $298,259 $1,711,718 $— $— $5,397,381 
30 days past due— 219 — — — 3,066 — — 3,285 
60 days past due— — 387 361 — 2,037 — — 2,785 
90+ days past due— — — 342 169 14,683 — — 15,194 
Total$767,151 $1,479,787 $791,384 $350,391 $298,428 $1,731,504 $— $— $5,418,645 
Construction - custom
Current$48,348 $255,534 $36,447 $2,184 $700 $— $— $— $343,213 
30 days past due— 435 — — — — — — 435 
90+ days past due— — 465 — — — — — 465 
Total$48,348 $255,969 $36,912 $2,184 $700 $— $— $— $344,113 
Land - consumer lot loans
Current$34,562 $70,609 $21,962 $6,202 $3,727 $16,110 $— $— $153,172 
30 days past due— — 51 — — 16 — — 67 
60 days past due— — — — — 19 — — 19 
90+ days past due— — 48 — — 243 — — 291 
Total$34,562 $70,609 $22,061 $6,202 $3,727 $16,388 $— $— $153,549 
HELOC
Current$— $— $— $— $— $5,154 $169,939 $164 $175,257 
30 days past due— — — — — 150 89 108 347 
60 days past due— — — — — 15 — — 15 
90+ days past due— — — — — — 310 — 310 
Total$— $— $— $— $— $5,319 $170,338 $272 $175,929 
Consumer
Current$139 $10,325 $8,079 $366 $28,257 $8,495 $11,860 $— $67,521 
30 days past due— — — 6 — 47 1 — 54 
60 days past due2 — — — — 1 4 — 7 
90+ days past due— — — 34 — 1 — — 35 
Total$141 $10,325 $8,079 $406 $28,257 $8,544 $11,865 $— $67,617 
Total consumer loans
Current$850,200 $1,816,036 $857,485 $358,440 $330,943 $1,741,477 $181,799 $164 $6,136,544 
30 days past due— 654 51 6 — 3,279 90 108 4,188 
60 days past due2 — 387 361 — 2,072 4 — 2,826 
90+ days past due— — 513 376 169 14,927 310 — 16,295 
Total$850,202 $1,816,690 $858,436 $359,183 $331,112 $1,761,755 $182,203 $272 $6,159,853 
19
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


NOTE E – Allowance for Losses on Loans

For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies."

The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class. 
Three Months Ended March 31, 2022Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers (1)
Ending Allowance
 (In thousands)
Commercial loans
   Multi-family$15,993 $— $— $(1,530)$14,463 
   Commercial real estate25,722 — 753 (1,793)24,682 
   Commercial & industrial47,231 (873)2 7,543 53,903 
   Construction24,766 — 179 (2,238)22,707 
   Land - acquisition & development14,125 — 20 (460)13,685 
      Total commercial loans127,837 (873)954 1,522 129,440 
Consumer loans
   Single-family residential30,106 — 147 (1,261)28,992 
   Construction - custom3,719 — — (590)3,129 
   Land - consumer lot loans4,984 — 40 81 5,105 
   HELOC2,365 — 100 10 2,475 
   Consumer2,400 (39)144 (262)2,243 
      Total consumer loans43,574 (39)431 (2,022)41,944 
Total loans$171,411 $(912)$1,385 $(500)$171,384 
(1) Provision & transfer amounts within the table do not include the provision for unfunded commitments of $0.
Three Months Ended March 31, 2021Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers (1)
Ending Allowance
 (In thousands)
Commercial loans
   Multi-family$14,363 $— $— $3,413 $17,776 
   Commercial real estate23,496 — 1,457 1,869 26,822 
   Commercial & industrial44,317 (18)11 3,484 47,794 
   Construction26,365 — — (3,816)22,549 
   Land - acquisition & development10,666 — 410 (573)10,503 
      Total commercial loans119,207 (18)1,878 4,377 125,444 
Consumer loans
   Single-family residential38,613 (106)497 (3,896)35,108 
   Construction - custom3,594 — — (346)3,248 
   Land - consumer lot loans2,958 — 7 327 3,292 
   HELOC2,362 — — (136)2,226 
   Consumer3,455 (84)290 (326)3,335 
      Total consumer loans50,982 (190)794 (4,377)47,209 
Total loans$170,189 $(208)$2,672 $— $172,653 
(1) Provision & transfer amounts within the table do not include the provision for unfunded commitments of $0.
20
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Six Months Ended March 31, 2022Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers (1)
Ending Allowance
 (In thousands)
Commercial loans
   Multi-family$16,949 $— $— $(2,486)$14,463 
   Commercial real estate23,437 (529)797 977 24,682 
   Commercial & industrial45,957 (916)64 8,798 53,903 
   Construction25,585 — 2,179 (5,057)22,707 
   Land - acquisition & development13,447 (2)40 200 13,685 
      Total commercial loans125,375 (1,447)3,080 2,432 129,440 
Consumer loans
   Single-family residential30,978 — 552 (2,538)28,992 
   Construction - custom4,907 — — (1,778)3,129 
   Land - consumer lot loans4,939 (27)45 148 5,105 
   HELOC2,390 — 101 (16)2,475 
   Consumer2,711 (115)395 (748)2,243 
      Total consumer loans45,925 (142)1,093 (4,932)41,944 
Total loans$171,300 $(1,589)$4,173 $(2,500)$171,384 
(1) Provision & transfer amounts within the table do not include the provision for unfunded commitments of $2.5 million.

Six Months Ended March 31, 2021Beginning AllowanceCharge-offsRecoveries
Provision &
Transfers (1)
Ending Allowance
 (In thousands)
Commercial loans
   Multi-family$13,853 $— $— $3,923 $17,776 
   Commercial real estate22,516 — 2,246 2,060 26,822 
   Commercial & industrial38,665 (20)61 9,088 47,794 
   Construction24,156 — — (1,607)22,549 
   Land - acquisition & development10,733 — 445 (675)10,503 
      Total commercial loans109,923 (20)2,752 12,789 125,444 
Consumer loans
   Single-family residential45,186 (106)1,276 (11,248)35,108 
   Construction - custom3,555 — — (307)3,248 
   Land - consumer lot loans2,729 — 14 549 3,292 
   HELOC2,571 — — (345)2,226 
   Consumer2,991 (234)516 62 3,335 
      Total consumer loans57,032 (340)1,806 (11,289)47,209 
Total loans$166,955 $(360)$4,558 $1,500 $172,653 
(1) Provision & transfer amounts within the table do not include the provision for unfunded commitments of $1.5 million.

The Company recorded a $500,000 release of allowance for credit losses for the three months ended March 31, 2022, compared with no provision or release for the three months ended March 31, 2021. The release in the three months ended March 31, 2022 was primarily due to improvements in the credit quality of certain loan portfolios related to strong real estate markets and collateral conditions, mostly offset by growth in loans receivable. These same factors mostly offset and led to no provision or release being recorded for the three months ended March 31, 2021. The Company recorded no provision or release of allowance for credit losses for the six months ended March 31, 2022, compared with a $3,000,000 provision for credit losses for the six
21
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

months ended March 31, 2021. Recoveries, net of charge-offs, totaled $473,000 for the three months ended March 31, 2022, compared to net recoveries of $2,464,000 during the three months ended March 31, 2021. Recoveries, net of charge-offs, totaled $2,584,000 for the six months ended March 31, 2022, compared to net recoveries of $4,198,000 during the six months ended March 31, 2021. No allowance was recorded as of March 31, 2022 or as of September 30, 2021 for the $109,746,000 and $305,162,000 of PPP loans in the portfolio on each date, respectively, which are included in the commercial & industrial loan category, due to the government guarantee.

Non-performing assets were $47,243,000, or 0.23% of total assets, at March 31, 2022, compared to $43,625,000, or 0.22% of total assets, at September 30, 2021. Non-accrual loans were $33,639,000 at March 31, 2022, compared to $31,749,000 at September 30, 2021. Delinquencies, as a percent of total loans, were 0.30% at March 31, 2022, compared to 0.19% at September 30, 2021.

The Company has an asset quality review function that analyzes its loan portfolio and reports the results of the review to its Board of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a grade and classified as described in Note D "Loans Receivable."


The following tables provide the amortized cost of loans receivable based on risk rating categories as previously defined.
March 31, 2022Internally Assigned Grade
 PassSpecial mentionSubstandardDoubtfulLossTotal
 (In thousands, except ratio data)
Loan type
Commercial loans
  Multi-family$2,373,674 $1,745 $2,238 $— $— $2,377,657 
  Commercial real estate2,643,011 68,888 96,729 — — 2,808,628 
  Commercial & industrial2,347,313 47,138 102,557 — — 2,497,008 
  Construction1,209,575 2,185 343 — — 1,212,103 
  Land - acquisition & development208,721 — 2,340 — — 211,061 
    Total commercial loans8,782,294 119,956 204,207 — — 9,106,457 
Consumer loans
  Single-family residential5,396,628 — 22,017 — — 5,418,645 
  Construction - custom343,648 — 465 — — 344,113 
  Land - consumer lot loans153,240 — 309 — — 153,549 
  HELOC175,600 — 329 — — 175,929 
  Consumer67,601 — 16 — — 67,617 
    Total consumer loans6,136,717 — 23,136 — — 6,159,853 
Total$14,919,011 $119,956 $227,343 $— $— $15,266,310 
Total grade as a % of total loans97.72 %0.79 %1.49 %— %— %


22
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

September 30, 2021Internally Assigned Grade
 PassSpecial mentionSubstandardDoubtfulLossTotal
 (In thousands, except ratio data)
Loan type
Commercial loans
  Multi-family$2,252,395 $4,874 $16,420 $— $— $2,273,689 
  Commercial real estate2,174,386 57,625 197,321 — — 2,429,332 
  Commercial & industrial2,108,152 48,124 147,651 — — 2,303,927 
  Construction1,115,791 931 505 — — 1,117,227 
  Land - acquisition & development190,076 — 2,340 — — 192,416 
    Total commercial loans7,840,800 111,554 364,237 — — 8,316,591 
Consumer loans
  Single-family residential4,915,106 — 21,958 — — 4,937,064 
  Construction - custom347,752 — — — — 347,752 
  Land - consumer lot loans148,010 — 524 — — 148,534 
  HELOC166,652 — 288 — — 166,940 
  Consumer87,962 — 27 — — 87,989 
    Total consumer loans5,665,482 — 22,797 — — 5,688,279 
Total loans$13,506,282 $111,554 $387,034 $— $— $14,004,870 
Total grade as a % of total loans96.44 %0.80 %2.76 %— %— %



23
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

The following tables provide information on amortized cost of loans receivable based on borrower payment activity.

March 31, 2022Performing LoansNon-Performing Loans
 Amount% of Total
Loans		Amount% of Total
Loans
 (In thousands, except ratio data)
Commercial loans
   Multi-family$2,377,657 100.0 %$— — %
   Commercial real estate2,802,216 99.8 6,412 0.2 
   Commercial & industrial2,492,219 99.8 4,789 0.2 
   Construction1,211,760 100.0 343 0.0 
   Land - acquisition & development208,721 98.9 2,340 1.1 
      Total commercial loans9,092,573 99.8 13,884 0.2 
Consumer loans
   Single-family residential5,400,033 99.7 18,612 0.3 
   Construction - custom343,648 99.9 465 0.1 
   Land - consumer lot loans153,239 99.8 310 0.2 
   HELOC175,600 99.8 329 0.2 
   Consumer67,578 99.9 39 0.1 
      Total consumer loans6,140,098 99.7 19,755 0.3 
Total loans$15,232,671 99.8 %$33,639 0.2 %
September 30, 2021Performing LoansNon-Performing Loans
 Amount% of Total
Loans		Amount% of Total
Loans
 (In thousands, except ratio data)
Commercial loans
   Multi-family$2,273,214 100.0 %$475 — %
   Commercial real estate2,421,294 99.7 8,038 0.3 
   Commercial & industrial2,303,562 100.0 365 — 
   Construction1,116,722 100.0 505 — 
   Land - acquisition & development190,076 98.8 2,340 1.2 
      Total commercial loans8,304,868 99.9 11,723 0.1 
Consumer loans
   Single-family residential4,917,744 99.6 19,320 0.4 
   Construction - custom347,752 100.0 — — 
   Land - consumer lot loans148,175 99.8 359 0.2 
   HELOC166,653 99.8 287 0.2 
   Consumer87,929 99.9 60 0.1 
      Total consumer loans5,668,253 99.6 20,026 0.4 
Total loans$13,973,121 99.8 %$31,749 0.2 %


24
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE F – Fair Value Measurements
FASB ASC 820, Fair Value Measurement ("ASC 820") defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active exchange markets that the entity has the ability to access as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company has established and documented the process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, fair value is determined using valuation models or third-party appraisals. The following is a description of the valuation methodologies used to measure and report the fair value of financial assets and liabilities on a recurring or nonrecurring basis.
Measured on a Recurring Basis

Available-for-Sale Securities and Derivative Contracts
Securities available for sale are recorded at fair value on a recurring basis. The fair value of debt securities are priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and under GAAP are considered a Level 2 input method. Securities that are traded on active exchanges are measured using the closing price in an active market and are considered a Level 1 input method.
The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counter party to offset its interest rate risk. The Company has also entered into commercial loan hedges, mortgage pool hedges and borrowings hedges using interest rate swaps. The fair value of these interest rate swaps are estimated by a third-party pricing service using a discounted cash flow technique. These are considered a Level 2 input method.
 
25
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

The following tables present the balance and level in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis.
 March 31, 2022
 Level 1Level 2Level 3Total
 (In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities$— $49,809 $— $49,809 
Asset-backed securities— 889,426 — 889,426 
Municipal bonds— 38,468 — 38,468 
Corporate debt securities— 333,999 — 333,999 
Mortgage-backed securities
Agency pass-through certificates— 597,903 — 597,903 
Total available-for-sale securities— 1,909,605 — 1,909,605 
Client swap program hedges— 27,353 — 27,353 
Mortgage loan fair value hedges— 19,281 — 19,281 
Borrowings cash flow hedges— 105,211 — 105,211 
Total financial assets$— $2,061,450 $— $2,061,450 
Financial Liabilities
Client swap program hedges$— $27,353 $— $27,353 
Commercial loan fair value hedges— 38 — 38 
Total financial liabilities$— $27,391 $— $27,391 
 September 30, 2021
 Level 1Level 2Level 3Total
 (In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities$— $61,779 $— $61,779 
Asset-backed securities— 1,078,681 1,078,681 
Municipal bonds— 39,984 — 39,984 
Corporate debt securities— 350,988 — 350,988 
Mortgage-backed securities
Agency pass-through certificates— 606,827 — 606,827 
Total available-for-sale securities— 2,138,259 — 2,138,259 
Client swap program hedges— 10,983 — 10,983 
Borrowings cash flow hedges— 42,442 — 42,442 
Total financial assets$— $2,191,684 $— $2,191,684 
Financial Liabilities
Client swap program hedges$— $10,983 $— $10,983 
Commercial loan fair value hedges— 2,177 — 2,177 
Mortgage loan fair value hedges1,641 1,641 
Total financial liabilities$— $14,801 $— $14,801 
26
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Measured on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans and real estate owned ("REO"). REO consists principally of properties acquired through foreclosure. From time to time, and on a nonrecurring basis, adjustments using fair value measurements are recorded to reflect increases or decreases based on the discounted cash flows, the current appraisal or estimated value of the collateral or REO property.

When management determines that the fair value of the collateral or the REO requires additional adjustments, either as a result of an updated appraised value or when there is no observable market price, the Company classifies the collateral dependent loan or real estate owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at March 31, 2022 included loans for which an allowance was established or a partial charge-off was recorded based on the fair value of collateral, as well as real estate owned where the fair value of the property was less than the cost basis.

The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at March 31, 2022 and March 31, 2021, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs.
 
 March 31, 2022Three Months Ended March 31, 2022Six Months Ended March 31, 2022
 Level 1Level  2Level  3TotalTotal Gains (Losses)
 (In thousands)(In thousands)
Loans (1)$— $— $3,816 $3,816 $(896)$(985)
Real estate owned (2)— — 1,571 1,571 32 (472)
Balance at end of period$— $— $5,387 $5,387 $(864)$(1,457)

(1)The gains (losses) represent re-measurements of collateral-dependent loans.
(2)The gains (losses) represent aggregate write-downs and charge-offs on real estate owned.
March 31, 2021Three Months Ended March 31, 2021Six Months Ended March 31, 2021
Level 1Level  2Level  3TotalTotal Gains (Losses)
(In thousands)(In thousands)
Loans (1)$— $— $— $— $(25)$(69)
Real estate owned (2)— — 722 722 148 101 
Balance at end of period$— $— $722 $722 $123 $32 

(1)The gains (losses) represent re-measurements of collateral-dependent loans.
(2)The gains (losses) represent aggregate write-downs and charge-offs on real estate owned.
At March 31, 2022, there was $166,000 in foreclosed residential real estate properties held as REO. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $4,780,000.
Fair Values of Financial Instruments
FASB ASC 825, Financial Instruments ("ASC 825") requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below.
27
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 March 31, 2022September 30, 2021
 Level in Fair Value HierarchyCarrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
 ($ in thousands)
Financial assets
Cash and cash equivalents1$1,947,504 $1,947,504 $2,090,809 $2,090,809 
Available-for-sale securities
U.S. government and agency securities249,809 49,809 61,779 61,779 
Asset-backed securities2889,426 889,426 1,078,681 1,078,681 
Municipal bonds238,468 38,468 39,984 39,984 
Corporate debt securities2333,999 333,999 350,988 350,988 
Mortgage-backed securities
Agency pass-through certificates2597,903 597,903 606,827 606,827 
Total available-for-sale securities1,909,605 1,909,605 2,138,259 2,138,259 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates2301,221 294,354 366,025 379,547 
Total held-to-maturity securities301,221 294,354 366,025 379,547 
Loans receivable315,094,926 15,189,282 13,833,570 14,279,725 
FHLB and FRB stock278,873 78,873 102,863 102,863 
        Other assets - client swap program hedges227,353 27,353 10,983 10,983 
        Other assets - mortgage loan fair value hedges219,281 19,281 — — 
        Other assets - borrowings cash flow hedges2105,211 105,211 42,442 42,442 
Financial liabilities
Time deposits23,251,042 3,199,750 3,434,087 3,382,206 
FHLB advances21,720,000 1,601,795 1,720,000 1,692,412 
        Other liabilities - client swap program hedges227,353 27,353 10,983 10,983 
Other liabilities - commercial loan fair value hedges238 38 2,177 2,177 
Other liabilities - mortgage loan fair value hedges2— — 1,641 1,641 

The following methods and assumptions were used to estimate the fair value of financial instruments:
Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value. 
Available-for-sale (AFS) securities and held-to-maturity (HTM) securities – Securities at fair value are primarily priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and are considered a Level 2 input method. Equity securities that are exchange traded are considered a Level 1 input method.
Loans receivable – Fair values are estimated first by stratifying the portfolios of loans with similar financial characteristics. Loans are segregated by type such as multi-family real estate, residential mortgage, construction, commercial, consumer and land loans. Each loan category is further segmented into fixed- and adjustable-rate interest terms. For residential mortgages and multi-family loans, the bank determined that its best exit price was by securitization. MBS benchmark prices are used as a base price, with further loan level pricing adjustments made based on individual loan characteristics such as FICO score, LTV, Property Type and occupancy. For all other loan categories an estimate of fair value is then calculated based on discounted cash flows using a discount rate offered and observed in the market on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature of the loans, as well as an annual loss rate based on historical losses to arrive at an estimated exit price fair value. Fair value for impaired loans is also based on recent appraisals or estimated cash flows discounted using rates
28
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

commensurate with risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information.
FHLB and FRB stock – The fair value is based upon the par value of the stock that equates to its carrying value.
Time deposits – The fair value of time deposits is estimated by discounting the estimated future cash flows using rates offered for deposits with similar remaining maturities.
FHLB advances – The fair value of FHLB advances and other borrowings is estimated by discounting the estimated future cash flows using rates currently available to the Company for debt with similar remaining maturities.
Interest rate swaps – The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counterparty to offset its interest rate risk. The Company also uses interest rate swaps for various fair value hedges and cash flow hedges. The fair value of these interest rate swaps is estimated by a third-party pricing service using a discounted cash flow technique.
The following tables provide details about the amortized cost and fair value of available-for-sale and held-to-maturity securities.
 March 31, 2022
 Amortized
Cost		Gross UnrealizedFair
Value		Yield
 GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
1 to 5 years$50,441 $27 $(659)$49,809 1.07 %
Asset-backed securities
1 to 5 years18,908 — (602)18,306 1.08 
5 to 10 years62,883 121 (202)62,802 0.79 
Over 10 years807,611 2,144 (1,437)808,318 1.28 
Corporate debt securities due
1 to 5 years226,170 2,301 — 228,471 1.79 
5 to 10 years115,010 — (9,482)105,528 3.87 
Municipal bonds due
Within 1 year1,509 3 — 1,512 — 
5 to 10 years5,766 — (156)5,610 0.16 
Over 10 years29,890 1,456 — 31,346 5.85 
Mortgage-backed securities
Agency pass-through certificates603,800 4,936 (10,833)597,903 2.60 
1,921,988 10,988 (23,371)1,909,605 1.95 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates301,221 170 (7,037)294,354 3.16 
301,221 170 (7,037)294,354 3.16 
$2,223,209 $11,158 $(30,408)$2,203,959 2.11 %
29
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 September 30, 2021
 Amortized
Cost		Gross UnrealizedFair
Value		Yield
 GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
1 to 5 years$47,339 $240 $— $47,579 0.44 %
5 to 10 years14,064 136 — 14,200 2.05 
Asset-backed securities
1 to 5 years19,730 — (434)19,296 0.52 
5 to 10 years71,207 412 (97)71,522 0.57 
Over 10 years973,892 14,069 (98)987,863 0.94 
Corporate debt securities due
Within 1 year225,928 7,860 — 233,788 1.57 
1 to 5 years86,802 1,345 — 88,147 4.64 
5 to 10 years28,804 249 — 29,053 1.95 
Municipal bonds due
Within 1 year1,493 17 — 1,510 — 
5 to 10 years5,781 294 — 6,075 0.22 
Over 10 years29,909 2,490 — 32,399 5.85 
Mortgage-backed securities
Agency pass-through certificates585,121 23,717 (2,011)606,827 2.60 
2,090,070 50,829 (2,640)2,138,259 1.69 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates366,025 13,522 — 379,547 3.17 
366,025 13,522 — 379,547 3.17 
$2,456,095 $64,351 $(2,640)$2,517,806 1.89 %


For available-for-sale investment securities, there were purchases of $124,651,000 during the six months ended March 31, 2022 and purchases of $522,454,000 during the six months ended March 31, 2021. There were $4,510,000 of sales of available-for-sale investment securities during the six months ended March 31, 2022 and no sales during the prior year same period. For held-to-maturity investment securities, there were no purchases during the six months ended March 31, 2022 and no purchases during the six months ended March 31, 2021. There were no sales of held-to-maturity investment securities during the six months ended March 31, 2022 or March 31, 2021. Substantially all of the agency mortgage-backed securities have contractual due dates that exceed 10 years.

The Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS securities, AIR totaled $3,448,000 and $3,458,000 as of March 31, 2022 and September 30, 2021, respectively. For HTM debt securities, AIR totaled $776,000 and $944,000 as of March 31, 2022 and September 30, 2021, respectively. AIR for securities is included in the "Interest receivable" line item balance on the Company’s consolidated statements of financial condition.
The following tables show the gross unrealized losses and fair value of securities as of March 31, 2022 and September 30, 2021, by length of time that individual securities in each category have been in a continuous loss position. There were 131 and 31 securities with an unrealized loss as of March 31, 2022 and September 30, 2021, respectively. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not
30
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to have any credit impairment.
 
March 31, 2022Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$— $— $(9,482)$105,528 $(9,482)$105,528 
Municipal bonds(156)5,610 — — (156)5,610 
U.S. government and agency securities(659)34,697 — — (659)34,697 
Asset-backed securities(1,269)277,125 (972)67,792 (2,241)344,917 
Mortgage-backed securities(5,583)234,166 (5,250)63,445 (10,833)297,611 
(7,667)551,598 (15,704)236,765 (23,371)788,363 
Held-to-maturity securities
Mortgage-backed securities(7,037)291,911 — — (7,037)291,911 
$(14,704)$843,509 $(15,704)$236,765 $(30,408)$1,080,274 

September 30, 2021Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
 (In thousands)
Available-for-sale securities
Asset-backed securities$(15)$4,639 $(614)$70,058 $(629)$74,697 
Mortgage-backed securities(1,569)47,758 (442)32,266 (2,011)80,024 
(1,584)52,397 (1,056)102,324 (2,640)154,721 
Held-to-maturity securities
Mortgage-backed securities— — — — — — 
$(1,584)$52,397 $(1,056)$102,324 $(2,640)$154,721 


Substantially all of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2022 or September 30, 2021.

The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position have any credit loss impairment as of March 31, 2022 or September 30, 2021. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Available-for-sale debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Corporate debt securities and municipal bonds are considered to have an issuer of high credit quality (rated AA or higher) and the decline in fair value is due to changes in interest rates and other market conditions. The issuer continues to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.
31
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE G – Derivatives and Hedging Activities

The following tables present the fair value, notional amount and balance sheet classification of derivative assets and liabilities at March 31, 2022 and September 30, 2021.

March 31, 2022Derivative AssetsDerivative Liabilities
Interest rate contract purposeBalance Sheet LocationNotionalFair ValueBalance Sheet LocationNotionalFair Value
(In thousands)(In thousands)
Client swap program hedgesOther assets$615,830 $27,353 Other liabilities$615,830 $27,353 
Commercial loan fair value hedgesOther assets— — Other liabilities42,209 38 
Mortgage loan fair value hedgesOther assets470,000 19,281 Other liabilities— — 
Borrowings cash flow hedgesOther assets1,000,000 105,211 Other liabilities— — 
$2,085,830 $151,845 $658,039 $27,391 

September 30, 2021Derivative AssetsDerivative Liabilities
Interest rate contract purposeBalance Sheet LocationNotionalFair ValueBalance Sheet LocationNotionalFair Value
(In thousands)(In thousands)
Client swap program hedgesOther assets$644,355 $10,983 Other liabilities$644,355 $10,983 
Commercial loan fair value hedgesOther assets— — Other liabilities44,678 2,177 
Mortgage loan fair value hedgesOther assets— — Other liabilities470,000 1,641 
Borrowings cash flow hedgesOther assets1,000,000 42,442 Other liabilities— — 
$1,644,355 $53,425 $1,159,033 $14,801 

The Company enters into interest rate swaps to hedge interest rate risk. These arrangements include hedges of individual fixed rate commercial loans and also hedges of a specified portion of pools of prepayable fixed rate mortgage loans under the "last of layer" method. These relationships qualify as fair value hedges under FASB ASC 815, Derivatives and Hedging ("ASC 815"), which provides for offsetting of the recognition of gains and losses of the respective interest rate swap and the hedged items. Gains and losses on interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item.

Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative impact of changes in fair value attributable to the hedged risk. The hedge basis adjustment remains with the hedged item until the hedged item is de-recognized from the balance sheet. The following tables present the impact of fair value hedge accounting on the carrying value of the hedged items at March 31, 2022 and September 30, 2021.

(In thousands)March 31, 2022
Balance sheet line item in which hedged item is recordedCarrying value of hedged itemsCumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items
Loans receivable (1) (2)$1,272,018 $(18,845)
$1,272,018 $(18,845)

(1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At March 31, 2022, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $1,230 million, the cumulative basis adjustment associated with the hedging relationships was $(19) million, and the amount of the designated hedged items was $470 million. During the year ended September 30, 2021, hedge accounting was discontinued on $30 million (30%) of a $100
32
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

million last of layer hedge. At March 31, 2022, there is $1.0 million of remaining unamortized basis adjustment associated with the terminated portion of the hedge and it will be recognized over the remaining life of the associated pool of loans.

(2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At March 31, 2022, the amortized cost basis of the hedged commercial loans was $42 million and the cumulative basis adjustment associated with the hedging relationships was $0.1 million.


(In thousands)September 30, 2021
Balance sheet line item in which hedged item is recordedCarrying value of hedged itemsCumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items
Loans receivable (1) (2)$1,515,487 $4,215 
$1,515,487 $4,215 

(1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2021, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $1,469 million, the cumulative basis adjustment associated with the hedging relationships was $1.9 million million, and the amount of the designated hedged items was $470 million. During the year ended September 30, 2021, hedge accounting was discontinued on $30 million (30%) of a $100 million last of layer hedge.

(2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2021, the amortized cost basis of the hedged commercial loans was $47 million and the cumulative basis adjustment associated with the hedging relationships was $2.4 million. During the year ended September 30, 2021, hedge accounting was discontinued on a $46 million commercial loan hedge.


The Company has entered into interest rate swaps to convert certain short-term borrowings to fixed rate payments. The primary purpose of these hedges is to mitigate the risk of changes in future cash flows resulting from increasing interest rates. For qualifying cash flow hedges under ASC 815, gains and losses on the interest rate swaps are recorded in accumulated other comprehensive income ("AOCI") and then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line item as the hedged cash flows. During the six months ended March 31, 2021, $200,000,000 of cash flow hedges with an average effective rate of 1.37% were terminated and the associated FHLB borrowings were repaid at their 90-day call date. Additionally, a $200,000,000 partial termination of a cash flow hedge with an average effective rate of 0.79% was executed with the associated FHLB borrowing being repaid and a $14,110,000 gain recorded on the swap. Lastly, a $150,000,000 FHLB borrowing (unhedged) with a rate of 2.91% was repaid prior to maturity. As of March 31, 2022, the maturities for hedges of adjustable rate borrowings ranged from two years to eight years, with the weighted average being 7.0 years.

33
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

The following tables present the gain (loss) recognized in AOCI on derivative instruments related to cash flow hedges on borrowings for the periods presented, as well as the effect of reclassification adjustments.

(In thousands)Three Months Ended March 31,
Amounts recognized in AOCI20222021
Interest rate contracts:
Pay fixed/receive floating swaps on borrowings cash flow hedges$56,323 $70,565 
Reclassification adjustment of net (gain)/loss included in net income— (14,110)
Total pre-tax gain/(loss) recognized in AOCI $56,323 $56,455 

(In thousands)Six Months Ended March 31,
Amounts recognized in AOCI20222021
Interest rate contracts:
Pay fixed/receive floating swaps on borrowings cash flow hedges$62,769 $90,683 
Reclassification adjustment of net (gain)/loss included in net income— (14,110)
Total pre-tax gain/(loss) recognized in AOCI $62,769 $76,573 


The following tables present the gain (loss) on derivative instruments in fair value and cash flow accounting hedging relationships under ASC 815 for the periods presented.

Three Months Ended March 31, 2022Three Months Ended March 31, 2021
Interest income on loans receivableInterest expense on FHLB advancesInterest income on loans receivableInterest expense on FHLB advances
(In thousands)(In thousands)
Interest income/(expense), including the effects of fair value and cash flow hedges$139,260 $(7,525)$132,757 $(11,991)
Gain/(loss) on fair value hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$(1,199)$(1,563)
Recognized on derivatives18,561 17,491 
Recognized on hedged items(18,586)(17,377)
Net income/(expense) recognized on fair value hedges$(1,224)$(1,449)
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$1,715 $3,066 
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense— 14,110 
Net income/(expense) recognized on cash flow hedges$1,715 $17,176 
34
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Six Months Ended March 31, 2022Six Months Ended March 31, 2021
Interest income on loans receivableInterest expense on FHLB advancesInterest income on loans receivableInterest expense on FHLB advances
(In thousands)(In thousands)
Interest income/(expense), including the effects of fair value and cash flow hedges$277,769 $(15,368)$266,428 $(25,189)
Gain/(loss) on fair value hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$(2,570)$(3,104)
Recognized on derivatives23,061 22,078 
Recognized on hedged items(23,061)(21,833)
Net income/(expense) recognized on fair value hedges$(2,570)$(2,859)
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts
Amounts related to interest settlements on derivatives$3,736 $6,664 
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense— 14,110 
Net income/(expense) recognized on cash flow hedges$3,736 $20,774 


The Company periodically enters into certain interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rate payments, while the Company retains a variable rate loan. Under these agreements, the Company enters into a variable rate loan agreement and a swap agreement with the client. The swap agreement effectively converts the client’s variable rate loan into a fixed rate. The Company enters into a corresponding swap agreement with a third party in order to offset its exposure on the variable and fixed components of the client's swap agreement. The interest rate swaps are derivatives under ASC 815, with changes in fair value recorded in earnings. There was no net impact to the statement of operations for the six months ended March 31, 2022 and 2021 as the changes in fair value of the receive fixed swap and pay fixed swap offset each other.

The following tables present the impact of derivative instruments (client swap program) that are not designated in accounting hedges under ASC 815 for the periods presented.

(In thousands)Three Months Ended March 31,
Derivative instrumentsClassification of gain/(loss) recognized in income on derivative instrument20222021
Interest rate contracts:
Pay fixed/receive floating swapOther noninterest income$33,298 $40,929 
Receive fixed/pay floating swapOther noninterest income(33,298)(40,929)
$— $— 

35
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

(In thousands)Six Months Ended March 31,
Derivative instrumentsClassification of gain/(loss) recognized in income on derivative instrument20222021
Interest rate contracts:
Pay fixed/receive floating swapOther noninterest income$38,337 $53,305 
Receive fixed/pay floating swapOther noninterest income(38,337)(53,305)
$— $— 
36
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE H – Revenue from Contracts with Customers

Since net interest income on financial assets and liabilities is outside the scope of ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), a significant majority of our revenues are not subject to that guidance.

Revenue streams that are within the scope of ASC 606 are presented within non-interest income and are, in general, recognized as revenue at the same time the Company's obligation to the customer is satisfied. Most of the Company's customer contracts that are within the scope of the new guidance are cancelable by either party without penalty and are short-term in nature. These sources of revenue include depositor and other consumer and business banking fees, commission income, as well as debit and credit card interchange fees. In scope revenue streams represented approximately 6.0% of our total revenues for the six months ended March 31, 2022, compared to 5.7% for the six months ended March 31, 2021. As this standard is immaterial to our consolidated financial statements, the Company has omitted certain disclosures in ASC 606, including the disaggregation of revenue table. Sources of non-interest income within the scope of the guidance include the following:

Deposit related and other service charges (recognized in Deposit fee income) - The Company's deposit accounts are governed by standardized contracts customary in the industry. Revenues are earned at a point in time or over time (monthly) from account maintenance fees and charges for specific transactions such as wire transfers, stop payment orders, overdrafts, debit card replacements, check orders and cashier’s checks. The Company’s performance obligation related to each of these fees is generally satisfied, and the related revenue recognized, at the time the service is provided (point in time or monthly). The Company is principal in each of these contracts.

Debit and Credit Card Interchange Fees (recognized in Deposit fee income) - The Company receives interchange fees from the debit card or credit card payment network based on transactions involving debit or credit cards issued by the Company, generally measured as a percentage of the underlying transaction. Interchange fees from debit and credit card transactions are recognized as the transaction processing services are provided by the network. The Company acts as an agent in the card payment network arrangement, so the interchange fees are recorded net of any expenses paid to the principal (the card payment network in this case).

Insurance Agency Commissions (recognized in Other income) - WAFD Insurance Group, Inc. is a wholly owned subsidiary of Washington Federal Bank that operates as an insurance agency, selling and marketing property and casualty insurance policies for a small number of high-quality insurance carriers. WAFD Insurance Group, Inc. earns revenue in the form of commissions paid by the insurance carriers for policies that have been sold. In addition to the origination commission, WAFD Insurance Group, Inc. may also receive contingent incentive fees based on the volume of business generated for the insurance carrier and based on policy renewal rates.


NOTE I – Commitments and Contingencies

Lease Commitments - The Company’s lease commitments consist primarily of real estate property for branches and office space under various non-cancellable operating leases that expire between 2022 and 2070. The majority of the leases contain renewal options and provisions for increases in rental rates based on a predetermined schedule or an agreed upon index.
Financial Instruments with Off-Balance Sheet Risk - The only material off-balance-sheet credit exposures are loans in process and unused lines of credit, which had a combined balance of $4,295,025,000 and $3,804,444,000 at March 31, 2022 and September 30, 2021, respectively. The reserve was $30,000,000 as of March 31, 2022, which is an increase from $27,500,000 at September 30, 2021. See Note A "Summary of Significant Accounting Policies" for details regarding the reserve methodology.

Legal Proceedings - The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company.
37
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
PART I – Financial Information
Item 2.                Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD LOOKING STATEMENTS

Washington Federal, Inc. (the "Company" or "Washington Federal") makes statements in this Quarterly Report on Form 10-Q that constitute forward-looking statements. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “projects,” "potentially," and other similar expressions or future or conditional verbs such as "may," “will,” “should,” “would” and “could” are intended to help identify such forward-looking statements. These statements are not historical facts, but instead represent current expectations, plans or forecasts of the Company and are based on the beliefs and assumptions of the management of the Company and the information available to management at the time that these disclosures were prepared. The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and often are beyond the Company's control. Actual outcomes and results may differ materially from those expressed in, or implied by, the Company's forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this report, and in the Risk Factors included in the Company’s 2021 Form 10-K for the year ended September 30, 2021, and in any of the Company's other subsequent Securities and Exchange Commission ("SEC") filings, which could cause the Company's future results to differ materially from the plans, objectives, goals, estimates, intentions and expectations expressed in forward-looking statements:

•a deterioration in economic conditions, including declines in home sale volumes and financial stress on borrowers (consumers and businesses) as a result of the uncertain economic environment;
•current and future economic conditions, high unemployment rates, inflationary pressures, and slowdowns in economic growth;
•the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as the COVID-19 pandemic), and the resulting governmental and societal responses, including on our asset credit quality and business operations, as well as its impact on general economic and financial market conditions;
•the effects of a severe economic downturn, including high unemployment rates and declines in housing prices and property values, in our primary market areas;
•the effects of and changes in monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government, including responses to the COVID-19 pandemic;
•fluctuations in interest rate risk and changes in market interest rates, including risk related to LIBOR reform, risk of negative rates and the effect on our net interest income and net interest margin;
•the Company's ability to make accurate assumptions and judgments about the collectability of its loan portfolio, including the creditworthiness of its borrowers and the value of the assets securing these loans;
•legislative and regulatory limitations, including those arising under the Dodd-Frank Act and potential limitations
in the manner in which the Company conducts its business and undertakes new investments and activities;
•the ability of the Company to obtain external financing to fund its operations or obtain this financing on favorable terms;
•the effects and unanticipated expenses related to the completed charter conversion of the Bank from a federal to a state charter; and
•global economic trends, including developments related to Ukraine and Russia, and related negative financial impacts on our borrowers, the financial markets and the global economy;
•the Company’s ability to manage the risks and costs involved in the remediation efforts to the Bank's Home Mortgage Disclosure Act (“HMDA”) compliance and reporting, and the impact of enforcement actions or legal proceedings with respect to the Bank’s HMDA program;
•changes in other economic, competitive, governmental, regulatory and technological factors affecting the Company's markets, operations, pricing, products, services and fees;
•the success of the Company at managing the risks involved in the foregoing and managing its business; and
•the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond the Company's control.

All forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of
38
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
unanticipated events, changes to future operating results over time, or the impact of circumstances arising after the date the forward-looking statement was made.
GENERAL & BUSINESS DESCRIPTION

Washington Federal Bank, a federally-insured Washington state chartered commercial bank dba WaFd Bank (the “Bank” or “WaFd Bank”), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Washington Federal, Inc., a Washington corporation was formed as the Bank’s holding company in November, 1994. As used throughout this document, the terms “Washington Federal,” the “Company” or "we" or "us" and "our" refer to the Washington Federal, Inc. and its consolidated subsidiaries, and the term “Bank” refers to the operating subsidiary, Washington Federal Bank. The Company is headquartered in Seattle, Washington.

On January 3, 2022, the Bank announced that it had applied to the Washington State Department of Financial Institutions to convert from a national association to a non-Federal Reserve member Washington state-chartered bank. As described in the Current Report on Form 8-K filed with the SEC on February 4, 2022, the Bank completed the conversion of its charter from a national bank charter, supervised by the Office of the Comptroller of the Currency, to a Washington state chartered commercial bank effective February 4, 2022. The Bank cancelled its holdings of stock in the Federal Reserve Bank of San Francisco as part of the conversion and its legal name changed from “Washington Federal Bank, National Association” to “Washington Federal Bank.” As a result of the conversion, the Washington State Department of Financial Institutions is the Bank's primary state regulator and the Federal Deposit Insurance Corporation (the "FDIC") is the Bank's primary federal regulator. The Federal Reserve will continue to regulate the Bank's holding company Washington Federal, Inc.

The Company's fiscal year end is September 30th. All references to 2021 represent balances as of September 30, 2021 or activity for the fiscal year then ended.

CRITICAL ACCOUNTING POLICIES

See Note A to the Consolidated Financial Statements in "Item 1. Financial Statements" above. Also, refer to "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on November 19, 2021.

ASSET QUALITY & ALLOWANCE FOR CREDIT LOSSES

See Note A, D and E to the Consolidated Financial Statements in "Item 1. Financial Statements" above. Also, refer to "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on November 19, 2021.

INTEREST RATE RISK
Based on management's assessment of the current interest rate environment, the Company has taken steps, including growing shorter-term loans and transaction deposit accounts, to reduce its interest rate risk profile. The mix of transaction and savings accounts is 80% of total deposits as of March 31, 2022 while the composition of the investment securities portfolio is 53% variable and 47% fixed rate. When interest rates rise, the fair value of the investment securities with fixed rates will decrease and vice versa when interest rates decline. The Company has $301,221,000 of mortgage-backed securities that it has designated as held-to-maturity and are carried at amortized cost. As of March 31, 2022, the net unrealized loss on these securities was $6,867,000. The Company has $1,909,605,000 of available-for-sale securities that are carried at fair value. As of March 31, 2022, the net unrealized loss on these securities was $12,383,000. The Company has executed interest rate swaps to hedge interest rate risk on certain FHLB borrowings. The unrealized gain on these interest rate swaps as of March 31, 2022 was $105,211,000. All of the above are pre-tax net unrealized gains or losses.

The Company relies on various measures of interest rate risk, including an asset/liability analysis, modeling of changes in forecasted net interest income under various rate change scenarios, and the impact of interest rate changes on the net portfolio value (“NPV”) of the Company.

Net Interest Income Sensitivity - The Company estimates the sensitivity of its net interest income to changes in market interest rates using an interest rate simulation model that includes assumptions related to the level of balance sheet growth, deposit repricing characteristics and the rate of prepayments for multiple interest rate change scenarios. Interest rate sensitivity depends on certain repricing characteristics in the Company's interest-earning assets and interest-bearing liabilities, including the
39
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
maturity structure of assets and liabilities and their repricing characteristics during the periods of changes in market interest rates. The analysis assumes a constant balance sheet. Actual results would differ from the assumptions used in this model, as management monitors and adjusts loan and deposit pricing and the size and composition of the balance sheet to respond to changing interest rates.

As of March 31, 2022, in the event of an immediate and parallel increase of 200 basis points in both short and long-term interest rates, the model estimates that net interest income would increase by 6.0% in the next year. This compares to an estimated increase of 9.7% as of the September 30, 2021 analysis. The change is primarily due to a shift in the yield curve as well as shifts in the mix of fixed versus adjustable rate assets and liabilities. Management estimates that a gradual increase of 300 basis points in short term rates and 100 basis points in long-term rates over two years would result in a net interest income increase of 1.0% in the first year and increase of 2.7% in the second year assuming a constant balance sheet and no management intervention. We have not provided an estimate of any impact on net interest income in the event of a decrease in interest rates as of March 31, 2022 as many of our interest rate sensitive assets and liabilities are tied to interest rates that are still near their historical minimum levels (i.e., Prime and LIBOR) and, therefore, are not expected to materially decrease further assuming U.S. market interest rates continue to remain above zero percent. Sustained negative interest rates for an economy with the size and complexity of the United States would likely lead to broad macroeconomic impacts that are difficult to foresee. While there is a possibility that U.S. market interest rates could fall below zero percent, this has not occurred in the United States.

NPV Sensitivity - NPV is an estimate of the market value of shareholders' equity. NPV is calculated as the difference between the present value of expected cash flows from interest-earning assets and the present value of expected cash flows from interest-paying liabilities and off-balance-sheet contracts. The sensitivity of NPV to changes in interest rates provides a view of interest rate risk as it incorporates all future expected cash flows. As of March 31, 2022, in the event of an immediate and parallel increase of 200 basis points in interest rates, the NPV is estimated to decrease by $692,363,000 or 24.9% and the NPV to total assets ratio to decline to 10.9% from a base of 13.7%. As of September 30, 2021, the NPV in the event of a 200 basis point increase in rates was estimated to decrease by $207,000,000 or 6.8% and the NPV to total assets ratio to decline to 15.2% from a base of 15.5%. The change in NPV sensitivity is due primarily to changes in interest rates and the related impact on asset prices and sensitivity to expected prepayment speeds on fixed rate loans and mortgage-backed securities, as well as changes in the mix of fixed versus adjustable rate assets and liabilities as of March 31, 2022.
Interest Rates - The Company measures the difference between the rate on total interest-earning assets and the rate on interest-bearing liabilities at the end of each period. This period-end interest rate spread was 2.57% at March 31, 2022 and 2.45% at September 30, 2021. As of March 31, 2022, the weighted average period-end rate on interest-earning assets increased by 13 basis points to 2.93% compared to September 30, 2021, while the weighted average period-end rate on interest-bearing liabilities increased by 1 basis point to 0.36% from 0.35%. The period-end interest rate spread increased to 2.57% at March 31, 2022 from 2.30% at March 31, 2021 as the weighted average period-end rate on interest-earning assets increased by 18 basis points while the weighted average period-end rate on interest-bearing liabilities declined by 9 basis points.

Net Interest Margin - Net interest margin is measured as net interest income divided by average earning assets for the period. Net interest margin was 2.90% for the quarter ended March 31, 2022 compared to 2.75% for the quarter ended March 31, 2021. The yield on interest-earning assets decreased 6 basis points to 3.24% and the cost of interest-bearing liabilities decreased 21 basis points to 0.44% over that same period. Repayments on higher rate loans, the origination of lower yielding loans, and the purchase of mortgage loan pools with an effective yield less than the average of the loan portfolio drove the decline in yield on interest-earning assets. The benefit from amortization of net loan origination fees on PPP loans also declined to $2,016,000 during the quarter ended March 31, 2022 compared to $6,313,000 in the prior year quarter. The lower rate in interest-bearing liabilities was primarily due to lower rates paid on interest-bearing deposits as well as a lower rate on FHLB advances.
The following table sets forth the information explaining the changes in the net interest margin for the period indicated compared to the same period one year ago.
40
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
 Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
($ in thousands)($ in thousands)
Assets
Loans receivable$14,869,733 $139,260 3.80 %$12,842,392 $132,756 4.19 %
Mortgage-backed securities852,134 4,659 2.22 1,359,631 6,696 2.00 
Cash & Investments3,085,239 5,757 0.76 3,702,861 5,720 0.63 
FHLB & FRB stock89,002 1,162 5.29 130,502 1,582 4.92 
Total interest-earning assets18,896,108 150,838 3.24 %18,035,386 146,754 3.30 %
Other assets1,284,929 1,252,122 
Total assets$20,181,037 $19,287,508 
Liabilities and Equity
Interest-bearing customer accounts$12,882,885 $8,225 0.26 %$11,816,399 $10,729 0.37 %
FHLB advances1,720,000 7,525 1.77 2,412,778 11,991 2.02 
Other borrowings— — — 44 — — 
Total interest-bearing liabilities14,602,885 15,750 0.44 %14,229,221 22,720 0.65 %
Noninterest-bearing customer accounts3,198,052 2,579,497 
Other liabilities214,851 248,210 
               Total liabilities18,015,788 17,056,928 
Shareholders' equity2,165,249 2,230,580 
Total liabilities and equity$20,181,037 $19,287,508 
Net interest income/interest rate spread$135,088 2.80 %$124,034 2.65 %
Net interest margin (NIM)2.90 %2.75 %

41
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
Six Months Ended March 31, 2022Six Months Ended March 31, 2021
 Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
($ in thousands)($ in thousands)
Assets
Loans receivable$14,580,678 $277,769 3.82 %$12,833,535 $266,428 4.16 %
Mortgage-backed securities888,982 9,451 2.13 1,472,181 13,926 1.90 
Cash & Investments3,147,232 11,539 0.74 3,349,703 10,985 0.66 
FHLB & FRB stock96,008 2,519 5.26 135,672 3,238 4.79 
Total interest-earning assets18,712,900 301,278 3.23 %17,791,091 294,577 3.32 %
Other assets1,278,476 1,280,338 
Total assets$19,991,376 $19,071,429 
Liabilities and Equity
Interest-bearing customer accounts$12,704,752 $16,686 0.26 %$11,717,048 $24,839 0.43 %
FHLB advances1,720,000 15,368 1.79 2,542,033 25,189 1.99 
Other borrowings— — — 22 — — 
Total interest-bearing liabilities14,424,752 32,054 0.45 %14,259,103 50,028 0.70 %
Noninterest-bearing customer accounts3,193,084 2,417,328 
Other liabilities219,183 262,174 
               Total liabilities17,837,019 16,938,605 
Shareholders' equity2,154,357 2,132,824 
Total liabilities and equity$19,991,376 $19,071,429 
Net interest income/interest rate spread$269,224 2.78 %$244,549 2.62 %
Net interest margin (NIM)2.89 %2.75 %

As of March 31, 2022, total assets had increased by $909,705,000 to $20,560,279,000 from $19,650,574,000 at September 30, 2021. During the six months ended March 31, 2022, loans receivable increased $1,261,356,000 while cash and cash equivalents decreased by $143,305,000 and investment securities decreased by $293,458,000. Growth in loans receivable were also substantially funded by the $848,536,000 increase in customer deposits.
Cash and cash equivalents of $1,947,504,000 and shareholders’ equity of $2,191,701,000 as of March 31, 2022 provide management with flexibility in managing interest rate risk going forward.

LIQUIDITY AND CAPITAL RESOURCES
The principal sources of funds for the Company's activities are loan repayments (including prepayments), net deposit inflows, sales and repayments of investments and borrowings and retained earnings, if applicable. The Company's principal sources of revenue are interest on loans and interest and dividends on investments. Additionally, the Company earns fee income for loan, deposit, insurance and other services.
On February 8, 2021, in connection with an underwritten public offering, the Company issued 300,000 shares of 4.875% Noncumulative Perpetual Series A Preferred Stock (“Series A Preferred Stock”). Net proceeds, after underwriting discounts and expenses, were $293,325,000. The public offering consisted of the issuance and sale of 12,000,000 depositary shares, each representing a 1/40th interest in a share of the Series A Preferred Stock, at a public offering price of $25.00 per depositary share. Holders of the depositary shares are entitled to all proportional rights and preferences of the Series A Preferred Stock (including dividend, voting, redemption and liquidation rights). The depositary shares are traded on the NASDAQ under the symbol "WAFDP." The Series A Preferred Stock is redeemable at the option of the Company, subject to all applicable regulatory approvals, on or after April 15, 2026.
42
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
The Bank has a credit line with the Federal Home Loan Bank of Des Moines ("FHLB") of up to 45% of total assets depending on specific collateral eligibility. This line provides a substantial source of additional liquidity if needed.
The Bank has entered into borrowing agreements with the FHLB to borrow funds under a short-term floating rate cash management advance program and fixed-rate term loan agreements. All borrowings are secured by stock of the FHLB, deposits with the FHLB, and a blanket pledge of qualifying loans receivable as provided in the agreements with the FHLB. The Bank is also eligible to borrow under the Federal Reserve Bank's primary credit program.
Strong growth in customer deposit accounts has provided the primary source for funding increases in the loan portfolio. Customer accounts increased $848,536,000, or 5.5%, to $16,390,648,000 at March 31, 2022 compared with $15,542,112,000 at September 30, 2021. Total FHLB borrowings totaled $1,720,000,000 as of March 31, 2022 and was unchanged from September 30, 2021.
The Company's cash and cash equivalents totaled $1,947,504,000 at March 31, 2022, a decrease from $2,090,809,000 at September 30, 2021. These amounts include the Bank's operating cash.
The Company’s shareholders' equity at March 31, 2022 was $2,191,701,000, or 10.66% of total assets. This is an increase of $65,637,000 from September 30, 2021 when shareholders' equity was $2,126,064,000, or 10.82% of total assets. The Company’s shareholders' equity was impacted in the six months ended March 31, 2022 by net income of $99,640,000, the payment of $30,456,000 in common stock dividends, payment of $7,312,000 in preferred stock dividends, treasury stock purchases of $3,135,000, as well as other comprehensive income of $1,693,000. The ratio of tangible capital to tangible assets at March 31, 2022 was 9.29%. Management believes the Company's strong net worth position allows it to manage balance sheet risk and provide the capital support needed for controlled growth in a regulated environment.
Washington Federal, Inc. and its banking subsidiary are subject to various regulatory capital requirements administered by the bank regulatory agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on the Company's financial statements.
Federal Bank regulatory agencies establish regulatory capital rules that require minimum capital ratios and establish criteria for calculating regulatory capital. Minimum capital ratios for four measures are used for assessing capital adequacy. The standards are indicated in the table below. The common equity tier 1 capital ratio recognizes common equity as the highest form of capital. The denominator for all except the leverage ratio is risk weighted assets. The rules set forth a “capital conservation buffer” of up to 2.5%. In the event that a bank’s capital levels fall below the minimum ratios plus these buffers, the bank's regulators may place restrictions on it. These restrictions include reducing dividend payments, share buy-backs, and staff bonus payments. The purpose of these buffers is to require banks to build up capital outside of periods of stress that can be drawn down during periods of stress. As a result, even during periods where losses are incurred, the minimum capital ratios can still be met.
43
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
There are also standards for Adequate and Well Capitalized criteria that are used for “Prompt Corrective Action” purposes. To remain categorized as well capitalized, the Bank and the Company must maintain minimum common equity risk-based, tier 1 risk-based, total risk-based and tier 1 leverage ratios as set forth in the following table.
ActualMinimum Capital
Adequacy Guidelines		Minimum Well-Capitalized Guidelines
($ in thousands)CapitalRatioRatioRatio
 
March 31, 2022
Common Equity Tier I risk-based capital ratio:
      The Company$1,511,051 9.98 %4.50 %NA
      The Bank1,745,724 11.52 %4.50 %6.50 %
Tier I risk-based capital ratio:
      The Company1,811,051 11.96 %6.00 %NA
      The Bank1,745,724 11.52 %6.00 %8.00 %
Total risk-based capital ratio:
      The Company2,000,517 13.21 %8.00 %NA
      The Bank1,935,319 12.77 %8.00 %10.00 %
Tier 1 Leverage ratio:
      The Company1,811,051 9.12 %4.00 %NA
      The Bank1,745,724 8.80 %4.00 %5.00 %
September 30, 2021
Common Equity Tier 1 risk-based capital ratio:
      The Company$1,446,613 9.50 %4.50 %NA
      The Bank1,717,014 11.28 %4.50 %6.50 %
Tier I risk-based capital ratio:
      The Company1,746,613 11.47 %6.00 %NA
      The Bank1,717,014 11.28 %6.00 %8.00 %
Total risk-based capital ratio:
      The Company1,937,036 12.72 %8.00 %NA
      The Bank1,907,408 12.53 %8.00 %10.00 %
Tier 1 Leverage ratio:
      The Company1,746,613 9.07 %4.00 %NA
      The Bank1,717,014 8.92 %4.00 %5.00 %

CHANGES IN FINANCIAL CONDITION
Cash and cash equivalents - Cash and cash equivalents were $1,947,504,000 at March 31, 2022, a decrease of $143,305,000, or 6.9%, since September 30, 2021. The change is primarily due to funding of new loan originations, partially offset by growth in customer transaction deposit accounts.

Available-for-sale and held-to-maturity investment securities - Available-for-sale securities decreased $228,654,000, or 10.7%, during the six months ended March 31, 2022, mostly due to principal repayments and maturities of $287,775,000 and an unrealized loss of $46,701,000, partially offset by purchases of $124,651,000. During the same period, the balance of held-to-maturity securities decreased by $64,804,000 primarily due to principal pay-downs and maturities of $63,214,000. As of March 31, 2022, the Company had a net unrealized loss on available-for-sale securities of $12,383,000, which is included on a net of tax basis in accumulated other comprehensive income (loss).

44
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
The majority of the Company’s held-to-maturity and available-for-sale debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. The Company did not record an allowance for credit losses for held-to-maturity securities as of March 31, 2022 or September 30, 2021 as the investment portfolio consists primarily of U.S. government agency mortgage-backed securities that management deems to have immaterial risk of loss. The impact going forward will depend on the composition, characteristics, and credit quality of the loan and securities portfolios as well as the economic conditions at future reporting periods. The Company does not believe that any of its available-for-sale debt securities had credit loss impairment as of March 31, 2022 or September 30, 2021, therefore, no allowance was recorded.

Loans receivable - Loans receivable, net of related contra accounts, increased by $1,261,356,000 to $15,094,926,000 at March 31, 2022, compared to $13,833,570,000 at September 30, 2021. The increase was primarily the net result of originations of $4,361,843,000, purchases of single-family residential mortgages of $525,825,000, partially offset by loan principal repayments of $3,377,507,000 as well as a $207,594,000 increase in loans in process. Commercial loan originations accounted for 79% of total originations and consumer loan originations were 21% during the period. The mix of loan originations is consistent with management's strategy during low rate environments to produce more construction, multifamily, commercial real estate, and commercial and industrial loans that generally have adjustable interest rates or a shorter duration.
The following table shows the loan portfolio by category and the change.
 March 31, 2022September 30, 2021Change
($ in thousands)($ in thousands)$%
Commercial loans
Multi-family$2,392,810 13.5 %$2,291,477 14.0 %$101,333 4.4 %
Commercial real estate2,829,946 15.9 2,443,845 15.0 386,101 15.8 
Commercial & industrial (1)2,504,442 14.1 2,314,654 14.2 189,788 8.2 
Construction3,136,239 17.6 2,888,214 17.7 248,025 8.6 
Land - acquisition & development236,313 1.3 222,457 1.4 13,856 6.2 
Total commercial loans11,099,750 62.4 10,160,647 62.3 939,103 9.2 
Consumer loans
Single-family residential5,442,535 30.6 4,951,627 30.4 490,908 9.9 
Construction - custom836,314 4.7 783,221 4.8 53,093 6.8 
   Land - consumer lot loans154,976 0.9 149,956 0.9 5,020 3.3 
   HELOC174,367 1.0 165,989 1.0 8,378 5.0 
   Consumer67,511 0.4 87,892 0.5 (20,381)(23.2)
Total consumer loans6,675,703 37.6 6,138,685 37.7 537,018 8.7 
Total gross loans17,775,453 100 %16,299,332 100 %1,476,121 9.1 
   Less:
      Allowance for credit losses on loans171,384 171,300 84 — 
      Loans in process2,440,430 2,232,836 207,594 9.3 
      Net deferred fees, costs and discounts68,713 61,626 7,087 11.5 
Total loan contra accounts2,680,527 2,465,762 214,765 8.7 
Net loans$15,094,926 $13,833,570 $1,261,356 9.1 %
(1) Includes $111 million of PPP loans as of March 31, 2022 and $312 million as of September 30, 2021.

Non-performing assets - Non-performing assets increased $3,618,000 during the six months ended March 31, 2022 to $47,243,000 from $43,625,000 at September 30, 2021. The change is primarily due to a $1,890,000 increase in non-accrual loans. Non-performing assets as a percentage of total assets was 0.23% at March 31, 2022 compared to 0.22% at September 30, 2021.
45
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
The following table sets forth information regarding troubled debt restructured loans and non-performing assets.
March 31,
2022		September 30,
2021
 ($ in thousands)
Troubled debt restructured loans:
Multi - family$178 0.3 %$223 0.3 %
Commercial real estate2,221 3.9 2,275 3.5 
Commercial & industrial36 0.1 40 0.1 
Construction— — — — 
Land - acquisition & development— — — — 
Single-family residential52,736 92.1 60,011 92.0 
Construction - custom— — — — 
Land - consumer lot loans1,810 3.2 2,292 3.5 
HELOC238 0.4 246 0.4 
Consumer36 0.1 41 0.1 
Total restructured loans (1)$57,255 100 %$65,128 100 %
Non-accrual loans:
Multi - family$— — %$475 1.5 %
Commercial real estate6,412 19.1 8,038 25.3 
Commercial & industrial4,789 14.2 365 1.1 
Construction343 1.0 505 1.7 
Land - acquisition & development2,340 7.0 2,340 7.4 
Single-family residential18,612 55.3 19,320 60.9 
Construction - custom465 1.4 — — 
Land - consumer lot loans310 0.9 359 1.1 
HELOC329 1.0 287 0.9 
Consumer39 0.1 60 0.2 
Total non-accrual loans33,639 100 %31,749 100 %
Real estate owned9,509 8,204 
Other property owned4,095 3,672 
Total non-performing assets$47,243 $43,625 
Total non-performing assets and performing restructured loans as a percentage of total assets0.50 %0.55 %
Total Assets
(1)    Restructured loans were as follows:
Performing$55,703 97.3 %$63,655 97.7 %
Non-performing (included in non-accrual loans above)1,552 2.7 1,473 2.3 
$57,255 100 %$65,128 100 %

For the six months ended March 31, 2022, the Company recognized $1,733,000 in interest income on cash payments received from borrowers on non-accrual loans. The Company would have recognized interest income of $631,000 for the same period had these loans performed according to their original contract terms. Recognized interest income for the six months ended March 31, 2022 was higher than what otherwise would have been recognized in the period due to the collection of past due amounts. In addition to the non-accrual loans reflected in the above table, the Company had $195,588,000 of loans that were less than 90 days delinquent at March 31, 2022 but were classified as substandard for one or more reasons. If these loans were deemed non-performing, the Company's ratio of total NPAs and performing restructured loans as a percent of total assets would have increased to 1.45% at March 31, 2022.
46
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
Restructured single-family residential loans are reserved for under the Company’s general reserve methodology. If any individual loan is significant in balance, the Company may establish a specific reserve as warranted.
 
Most restructured loans are accruing and performing loans where the borrower has proactively approached the Bank about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. Single-family residential loans comprised 92.1% of restructured loans as of March 31, 2022. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six to twenty-four months. Interest-only payments may also be approved during the modification period.

For commercial loans, six consecutive payments on newly restructured loan terms are generally required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made, a management assessment will conclude that collection of the entire principal balance is still in doubt. In those instances, the loan will remain on non-accrual. Homogeneous loans may or may not be on accrual status at the time of restructuring, but all are placed on accrual status upon the restructuring of the loan. Homogeneous loans are restructured only if the borrower can demonstrate the ability to meet the restructured payment terms; otherwise, collection is pursued and the loan remains on non-accrual status until liquidated. If the homogeneous restructured loan does not perform, it will be placed in non-accrual status when it is 90 days delinquent.

A loan that defaults and is subsequently modified would impact the Company’s delinquency trend, which is part of the qualitative risk factors component of the allowance for credit losses calculation. Any modified loan that re-defaults and is charged-off would impact the historical loss factors component of the Company's general reserve calculation.

Allowance for credit losses - The following table shows the composition of the Company’s allowance for credit losses.
March 31, 2022September 30, 2021Change
Allowance for credit losses:($ in thousands)($ in thousands)$%
Commercial loans
   Multi-family$14,463 8.4 %16,949 9.9 %$(2,486)(14.7)%
   Commercial real estate24,682 14.4 23,437 13.7 1,245 5.3 
   Commercial & industrial53,903 31.5 45,957 26.8 7,946 17.3 
   Construction22,707 13.2 25,585 14.9 (2,878)(11.2)
   Land - acquisition & development13,685 8.0 13,447 7.8 238 1.8 
      Total commercial loans129,440 75.5 125,375 73.2 4,065 3.2 
Consumer loans
   Single-family residential28,992 16.9 30,978 18.1 (1,986)(6.4)
   Construction - custom3,129 1.8 4,907 2.9 (1,778)(36.2)
   Land - consumer lot loans5,105 3.0 4,939 2.9 166 3.4 
   HELOC2,475 1.4 2,390 1.4 85 3.6 
   Consumer2,243 1.3 2,711 1.6 (468)(17.3)
      Total consumer loans41,944 24.5 45,925 26.8 (3,981)(8.7)
Total allowance for loan losses171,384 100.0 %171,300 100.0 %84 — 
Reserve for unfunded commitments30,000 30,000 — — 
Total allowance for credit losses$201,384 $201,300 $84 — %

No allowance was recorded as of March 31, 2022 or as of September 30, 2021 for the $109,746,000 and $305,162,000 of SBA Payroll Protection Program loans in the portfolio on each date, respectively, which are included in the commercial & industrial loan category, due to the government guarantee. Management believes the allowance for credit losses of $201,384,000, or 1.13% of gross loans, is sufficient to absorb estimated losses inherent in the portfolio of loans and unfunded commitments. See Note E and Note I for further details of the allowance for loan losses and reserve for unfunded commitments as of and for the period ended March 31, 2022 and September 30, 2021.

Real estate owned ("REO") - REO increased during the six months ended March 31, 2022 by $1,305,000 to $9,509,000. The increase was due to REO additions partially offset by sales and the write-down of certain properties.
47
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

Intangible assets - Intangible assets decreased to $309,501,000 as of March 31, 2022 from $310,019,000 as of September 30, 2021. The decrease was due to normal amortization of finite-lived intangible assets.

Customer accounts - Customer accounts increased $848,536,000, or 5.5%, to $16,390,648,000 at March 31, 2022 compared with $15,542,112,000 at September 30, 2021. Transaction accounts increased by $1,031,581,000 or 8.5% during that period, while time deposits decreased $183,045,000 or 5.3%. The shift in deposit mix has been a result of a deliberate deposit pricing and customer growth strategy. The focus on transaction accounts is intended to lessen sensitivity to rising interest rates and manage interest expense.

The following table shows the composition of the Bank’s customer accounts by deposit type.

  
March 31, 2022September 30, 2021
 Deposit Account BalanceAs a % of Total DepositsWeighted
Average
Rate		Deposit Account BalanceAs a % of Total DepositsWeighted
Average
Rate
($ in thousands)
Non-interest checking$3,251,603 19.8 %— %$3,122,397 20.1 %— %
Interest checking3,897,185 23.9 0.27 3,566,322 22.9 0.20 
Savings1,078,147 6.6 0.12 1,039,336 6.7 0.11 
Money market4,912,671 30.0 0.21 4,379,970 28.2 0.19 
Time deposits3,251,042 19.8 0.50 3,434,087 22.1 0.54 
Total$16,390,648 100 %0.24 %$15,542,112 100 %0.23 %

FHLB advances and other borrowings - Total borrowings were $1,720,000,000 as of March 31, 2022 and unchanged from $1,720,000,000 as of September 30, 2021. Strong growth in deposits has provided for substantial funding of growth in loans receivable, therefore, additional FHLB borrowings have not been necessary. The weighted average rate for FHLB borrowings was 1.55% as of March 31, 2022 and 1.51% at September 30, 2021.

Shareholders' equity - The Company’s shareholders' equity at March 31, 2022 was $2,191,701,000, or 10.66% of total assets. This is an increase of $65,637,000 from September 30, 2021 when net worth was $2,126,064,000, or 10.82% of total assets. The Company’s shareholders' equity was impacted in the six months ended March 31, 2022 by net income of $99,640,000, the payment of $30,456,000 in common stock dividends, payment of $7,312,000 in preferred stock dividends, treasury stock purchases of $3,135,000, as well as other comprehensive income of $1,693,000.


RESULTS OF OPERATIONS

Net Income - The Company recorded net income of $49,359,000 for the three months ended March 31, 2022 compared to $44,871,000 for the prior year quarter. The Company recorded net income of $99,640,000 for the six months ended March 31, 2022 compared to $83,822,000 for the prior year same period. The changes are due to the factors described below.

Net Interest Income - For the three months ended March 31, 2022, net interest income was $135,088,000, which is $11,054,000 higher than the same quarter of the prior year. Net interest margin was 2.90% for the quarter ended March 31, 2022 compared to 2.75% for the quarter ended March 31, 2021. The increase in net interest income was primarily due to average interest-earning assets increasing by $860,722,000 or 4.77% from the prior year while average interest-bearing liabilities increased $373,664,000 or 2.63%. Average noninterest-bearing deposits grew by $618,555,000 over the same period. The change in net interest income was also impacted by a 6 basis point decline in the average rate earned on interest-earning assets while the average rate paid on interest-bearing liabilities declined by 21 basis points. The average rate earned on interest-earning assets declined by 6 basis points to 3.24% while the average rate paid on interest-bearing liabilities declined by 21 basis points to 0.44%. During the three months ended March 31, 2022 and 2021, net interest income included $2,016,000 and $6,313,000, respectively, of net loan origination fee amortization on PPP loans. For the six months ended March 31, 2022, net interest income was $269,224,000, which is $24,676,000 higher than the same period of the prior year. Net interest margin was 2.89% for the six months ended March 31, 2022 compared to 2.75% for the prior year same period.

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WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
The following table sets forth certain information explaining changes in interest income and interest expense for the period indicated compared to the same period one year ago. For each category of interest-earning asset and interest-bearing liability, information is provided on changes attributable to (1) changes in volume (changes in volume multiplied by old rate) and (2) changes in rate (changes in rate multiplied by old volume). The change in interest income and interest expense attributable to changes in both volume and rate has been allocated proportionately to the change due to volume and the change due to rate.
Rate / Volume Analysis:
 Comparison of Three Months Ended
3/31/22 and 3/31/21		Comparison of Six Months Ended
3/31/22 and 3/31/21
($ in thousands)VolumeRateTotalVolumeRateTotal
Interest income:
Loans receivable$19,842 $(13,339)$6,503 $34,368 $(23,027)$11,341 
Mortgage-backed securities(2,728)691 (2,037)(6,024)1,549 (4,475)
Investments (1)(1,361)979 (382)(1,015)851 (164)
All interest-earning assets15,753 (11,669)4,084 27,329 (20,627)6,702 
Interest expense:
Customer accounts931 (3,435)(2,504)2,067 (10,220)(8,153)
FHLB advances and other borrowings(3,120)(1,346)(4,466)(7,495)(2,326)(9,821)
All interest-bearing liabilities(2,189)(4,781)(6,970)(5,428)(12,546)(17,974)
Change in net interest income$17,942 $(6,888)$11,054 $32,757 $(8,081)$24,676 
___________________ ___________________ 
(1)Includes interest on cash equivalents and dividends on FHLB & FRB stock. The Bank’s FRB stock was redeemed effective February 4, 2022 in connection with its conversion to a Washington state chartered commercial bank.

Provision (Release) for Credit Losses - The Company recorded a $500,000 release of allowance for credit losses for the three months ended March 31, 2022, compared with no provision or release for the three months ended March 31, 2021. The release in the three months ended March 31, 2022 was primarily due to improvements in the credit quality of certain loan portfolios related to strong real estate markets and collateral conditions mostly offset by growth in loans receivable. These same factors mostly offset and led to no provision or release being recorded for the three months ended March 31, 2021. The Company recorded no provision or release of allowance for credit losses for the six months ended March 31, 2022, compared with a $3,000,000 provision for credit losses for the six months ended March 31, 2021. Recoveries, net of charge-offs, totaled $473,000 for the three months ended March 31, 2022, compared to net recoveries of $2,464,000 during the three months ended March 31, 2021. Recoveries, net of charge-offs, totaled $2,584,000 for the six months ended March 31, 2022, compared to net recoveries of $4,198,000 during the six months ended March 31, 2021. No allowance was recorded as of March 31, 2022 or as of September 30, 2021 for the $109,746,000 and $305,162,000 of PPP loans in the portfolio on each date, respectively, which are included in the commercial & industrial loan category, due to the government guarantee.

Other Income - The three months ended March 31, 2022 results include total other income of $15,659,000 compared to $14,477,000 for the same period one year ago, a $1,182,000 increase. The increase in other income was primarily due to loan fee income being $1,603,000 higher in the quarter ended March 31, 2022 due largely to fees collected on loan early repayments. Other income was $34,340,000 for the six months ended March 31, 2022, compared with $28,347,000 for the six months ended March 31, 2021 and the increase was mostly due to a gain of $5,135,000 recorded for certain equity investments in the quarter ended December 31, 2021.

Other Expense - Total other expense was $88,417,000 for the three months ended March 31, 2022, an increase of $6,671,000 from $81,746,000 for the prior year quarter. Compensation and benefits costs increased by $3,483,000, or 8.0%, over the prior year quarter due to annual merit increases, higher bonus compensation accruals related to strong deposit and loan growth and investments in top talent and contract staff to support strategic initiatives. Other expense was $178,030,000 for the six months ended March 31, 2022, compared with $163,156,000 for the six months ended March 31, 2021 and the increase was primarily due to compensation and benefits increasing by $8,185,000 for the same reasons noted above. The six months ended March 31, 2022 also included a tax related accrual of $1,700,000. Total other expense for the six months ended March 31, 2022 and March 31, 2021 equaled 1.78% and 1.71%, respectively, of average assets.

49
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
Gain (Loss) on Real Estate Owned - Results for the three months ended March 31, 2022 include a net gain on real estate owned of $129,000, compared to a net gain of $34,000 for the prior year quarter. Results for the six months ended March 31, 2022 include a net gain on real estate owned of $691,000, compared to a net loss of $415,000 for the prior year same period. The gain (loss) for each respective period is due to REO sales valuation adjustments for certain properties.

Income Tax Expense - Income tax expense totaled $13,600,000 for the three months ended March 31, 2022, compared to $11,928,000 for the prior year quarter. Income tax expense totaled $26,585,000 for the six months ended March 31, 2022, compared to $22,502,000 for the prior year same period. The effective tax rate was 21.06% and 21.16% for the six months ended March 31, 2022 and March 31, 2021, respectively. The Company’s effective tax rate varies from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.

Item 3.                Quantitative and Qualitative Disclosures About Market Risk
Management believes that there have been no material changes in the Company’s quantitative and qualitative information about market risk since September 30, 2021. For a complete discussion of the Company’s quantitative and qualitative market risk, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2021 Form 10-K.

Item 4.                Controls and Procedures


(a) Evaluation of Disclosure Controls and Procedures. The Company maintains a set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management has evaluated, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this quarterly report (the "Evaluation Date"). Based on the evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, the Company's disclosure controls and procedures are effective.

(b) Changes in Internal Control over Financial Reporting. During the period to which this report relates, there have not been any changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or that are reasonably likely to materially affect, such controls.
50
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

 
PART II – Other Information
Item 1. Legal Proceedings
From time to time, the Company and its subsidiaries are engaged in legal proceedings in the ordinary course of business, none of which are considered to have a material impact on the Company’s consolidated financial statements.

Item 1A. Risk Factors

In addition to the risk factors discussed below and the other information set forth in this report, you should carefully consider the factors discussed under "Part I--Item 1A--Risk Factors" in the Company's Form 10-K for the year ended September 30, 2021. These factors could materially and adversely affect the Company's business, financial condition, liquidity, results of operations and capital position, and could cause its actual results to differ materially from its historical results or the results contemplated by the forward-looking statements contained in this report.

Unstable global economic conditions may have serious adverse consequences on our business, financial condition, and operations.

The global credit and financial markets have from time to time experienced extreme volatility and disruptions, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, high rates of inflation, and uncertainty about economic stability. The financial markets and the global economy may also be adversely affected by the current or anticipated impact of military conflict, including the current conflict between Russia and Ukraine, which is increasing volatility in commodity and energy prices, creating supply chain issues and causing instability in financial markets. Sanctions imposed by the United States and other countries in response to such conflict could further adversely impact the financial markets and the global economy, and any economic countermeasures by the affected countries or others could exacerbate market and economic instability. The specific consequences of the conflict in Ukraine on our business is difficult to predict at this time, but in addition to inflationary pressures affecting our operations and those of our customers and borrowers, we may also experience an increase in cyberattacks against us, our customers and borrowers, service providers and other third parties. There can be no assurance that further deterioration in markets and confidence in economic conditions will not occur. Our general business strategy may be adversely affected by any such economic downturn, volatile business environment, hostile third-party action or continued unpredictable and unstable market conditions


Item 2.                 Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information with respect to purchases made by or on behalf of the Company of the Company’s common stock during the three months ended March 31, 2022. 
PeriodTotal Number of
Shares Purchased		 Average Price
Paid Per Share (S)		 Total Number of
Shares Purchased
as Part of  Publicly
Announced Plan (1)		Maximum
Number of Shares
That May Yet Be
Purchased Under
the Plan at the
End of the Period
January 1, 2022 to January 31, 20223,066 $34.48 3,066 3,729,938 
February 1, 2022 to February 28, 2022867 35.70 867 3,729,071 
March 1, 2022 to March 31, 2022751 34.14 751 3,728,320 
Total4,684   $34.65   4,684 3,728,320 
 ___________________
(1)The Company's stock repurchase program was publicly announced by its Board of Directors on February 3, 1995 and has no expiration date. Under this ongoing program, a total of 76,956,264 shares were authorized for repurchase. This includes the 10,000,000 additional shares authorized by the Board of Directors on January 26, 2021.

The Company’s ability to pay dividends is subject to bank regulatory requirements, including (but not limited to) the capital adequacy regulations and policies established by the Board of Governors of the Federal Reserve System. The Company’s ability to pay dividends is subject to bank regulatory requirements, including (but not limited to) the capital adequacy
51
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
regulations and policies established by the Board of Governors of the Federal Reserve System. The Company’s Board of Directors' dividend policy is to review our financial performance, capital adequacy, regulatory compliance and cash resources on a quarterly basis, and, if such review is favorable, to declare and pay a quarterly cash dividend to common shareholders. The Company’s 4.875% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred”), ranks senior to the Company’s common stock with respect to payment of dividends, and dividends (if declared) accrue and are payable on the Series A Preferred a rate of 4.875% per annum, payable quarterly, in arrears. While the Series A Preferred is outstanding, unless the full dividend for the preceding quarterly period is paid in full, or declared and a sum set aside, no dividend may be declared or paid on the Company’s common stock.

Item 3.                Defaults Upon Senior Securities
Not applicable

Item 4.                Mine Safety Disclosures
Not applicable

Item 5.                Other Information
Not applicable

Item 6.                Exhibits
(a)Exhibits
32 *
101 *Financial Statements from the Company’s Form 10-Q for the three months ended March 31, 2022 formatted in iXBRL
104 *Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Filed herewith

52
WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
May 3, 2022
/S/    BRENT J. BEARDALL        
BRENT J. BEARDALL
President & Chief Executive Officer
May 3, 2022
/S/    VINCENT L. BEATTY       
VINCENT L. BEATTY
Executive Vice President and Chief Financial Officer
May 3, 2022
/S/    CORY D. STEWART      
CORY D. STEWART
Senior Vice President and Principal Accounting Officer

53

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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