#1WaFd Bank Investor Presentation September 30th, 2022 AMERICA'S BEST BANKS 2022 Newsweek Forbes 2022 AMERICA'S BEST MIDSIZE EMPLOYERS POWERED BY STATISTA This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Washington Federal's management and are subject to significant risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of the presentation, and Washington Federal assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. 1#2Contents Overview Vision Asset Quality Liability Trends WaFd Bank 3 6 14 17 Interest Rate Risk 19 Profitability Capital 20 20 25 WaFd Bank 2#3Overview of WaFd Bank Overview • Established in 1917; IPO in 1982 Washington State Charter Commercial Bank - WA DFI, FDIC, FRB, Geographic Overview MT ND MN SD OR WY IA NE CFPB Regulated WA⚫ • Headquartered in Seattle, WA; is the second largest bank headquartered in the Pacific Northwest • Exited BSA Consent Order Dec 2021 • 201 branches across 8 western states • Full-service consumer & commercial bank • Strong capital, high asset quality, consistent results CA • Portfolio mortgage lender • Profitable every year since 1965 • Interest rate risk management - well controlled • 159 consecutive quarterly cash dividends • 13,079% Total shareholder return since IPO Total Assets $20.77Bn 1 As of or for the quarter-ended 9/30/2022 WaFd Bank Total Loans $16.11Bn Company Highlights¹ Total Deposits $16.03Bn NV UT CO 8 AZ NM TX KS MO OK AR Stockholder Equity $2.27Bn Efficiency Ratio 49.52% 3#4WaFd Bank Executive Management Committee WaFd Bank Brent Beardall President and Chief Executive Officer Vincent Beatty EVP Chief Financial Officer Cathy Cooper EVP Chief Consumer Banker James Endrizzi EVP Chief Commercial Banker Kim Robison EVP Chief Operating Officer Ryan Mauer EVP Chief Credit Officer 4#5WaFd Bank Demographics Our markets are among the most desirable in the US and create a foundation for loan growth without excessive risk Projected HH Income Number of Company Deposits in Market Deposit Market Share Percent of National Franchise State Branches ($000) (%) (%) Total Population 2022 (Actual) Projected Median Population Population HH Change Change Income 2010-2022 2022-2027 2022 Change 2022-2027 (%) (%) ($) (%) Washington 72 7,209,123 3.06 45.0 7,858,401 16.86 6.10 88,405 14.17 Oregon 36 2,878,933 2.68 18.0 4,295,247 12.12 4.01 73,746 13.64 Arizona 28 1,625,957 0.74 10.1 7,185,732 12.42 (1.48) 70,139 13.99 New Mexico 19 1,363,525 2.93 8.5 2,126,179 3.25 1.86 55,697 9.85 Idaho 22 1,052,550 2.47 6.6 1,891,021 20.63 8.15 66,938 12.56 Utah 9 802,635 0.70 5.1 3,354,693 21.38 7.42 84,724 13.18 Nevada 9 534,655 0.47 3.3 3,176,325 17.62 5.12 71,353 14.43 Texas 6 Totals: 201 562,192 16,029,570 0.05 3.5 29,801,205 18.51 5.30 70,957 11.16 100 59,688,803 Weighted Average 14.93 4.76 78,211 13.44 Aggregate: National 334,279,739 8.27 3.21 72,465 12.10 Deposit market share and precent of national franchise are from the FDIC's Summary of Deposit reports and is as of 06/30/2022. All other data is as of 9/30/2022. WaFd Bank 5#6Vision 2025 Our Objective: A highly-profitable, digital-first bank that leverages data to anticipate financial needs and empower our clients by creating frictionless experiences across all interactions and devices. Our Values: Integrity, Teamwork, Ownership, Service, Simplicity & Discipline WaFd Bank 6#7Evolution of Our Franchise 10 years of investment has put us on glide path to an even stronger balance sheet and deeper client relationships WaFd Bank Thrift Consumer deposits and home loans. 2025 Vision Commercial Relationship deposits and diversified lending Digital Focus Leverage data to anticipate financial needs and empower our clients 7#8Net Promoter Score Approaching Best in Class Our investments in customer service, usability and technology are translating into high customer satisfaction levels Peer Net Promoter Score 1 (5) (5) (12) (10) WELLS FARGO Fulton Bank First Merchants Bank Source: Customer Guru 1 As of 10/19/2021 WaFd Bank PROSPERITY BANK- 2 3 UNITED usbank BANK (1) 48 75 CHASE WaFd Bank USAA WaFd Net Promoter Score 1 17 34 51 48 48 2017 2018 2019 2020 2021 8#9Speed Matters - Website Is the New Storefront New wafdbank.com Google page speed scores 100 WaFd Desktop 90 80 WaFd Mobile 70 60 50 40 30 20 10 0 Bank of America Banner Bank BECU Capital One Chase Columbia Bank First Citizens Nerdwallet WaFd Bank Rocketmortgage Umpqua US Bank USAA Wells Fargo Old - WaFdbank.com New - Wardbank.com Desktop Mobile 6#10Getting Customers to Your Website is Mission Critical Back links to WAFDbank.com vs. Washingtonfederal.com 1,400,000 1,200,000 1,000,000 800,000 600,000 WaFd Bank 400,000 200,000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2021 2020 10 10#11Commitment to ESG & Diversity We believe our enduring franchise comes from core principles focused on helping the neighborhoods we serve and creating long- term value for all stakeholders led by a Board, management and employee base that bring together a diversity of backgrounds Board Composition Gender of Directors ■Female ■Male Ethnicity of Directors 1 Tenure of Directors ■ People of Color ■ Other ■ 0-4 years ■5-10 years Over 10 years Age of Directors 2 ■ Up to 55 ■55-65 Over 65 Our Corporate Social and Environmental Responsibility Policy flows from WaFd Bank's core principles, which are: Resolve to create for all long-term value ESG & Diversity Policy Highlights Community Development Over $248 million dollars invested towards community development lending and affordable housing investments Washington Federal Foundation The Washington Federal Foundation awarded 238 grants to local community organizations totaling $746,050 for the fiscal year (5) 1 To provide common- sense banking that helps neighborhoods flourish stakeholders 2 4 Maintain transparency in its business practices 1 Based on self-identification 2 As of 9/30/21 WaFd Bank (3 Exercise prudent risk management Adhere to the primary corporate value of integrity Volunteerism WaFd employees participated in 8,179 volunteer hours in support of more than 447 organizations and initiatives United Way Matching Campaign WaFd Bank matches employee contributions made to United Way agencies in all eight states. In fiscal year 2022 pledges from colleagues were $402,109. WaFd matched $3327,375 for a total of $729,484 11#12Loan Growth - Through Different Interest Rate Environments $ in millions. $10,000 $8,000 $6,000 $4,000 $2,000 $- 2014 New Loan Originations اااس 2015 2016 2017 2018 2019 2020 2021 2022 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 Loan Growth $4,000 $2,000 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Commercial Real Estate Mortgage & Consumer Commercial & Industrial (C&I) Commercial Real Estate C&I and Commercial Real Estate loans made up 78% of all originations in 2022 compared to 49% in 2014 Mortgage and Consumer Loans are largely holding flat in the current rate environment Commercial & Industrial (C&I) Mortgage & Consumer Mortgage and Consumer loans - 40% of total net loans Commercial loans growing fastest over last eight years Commercial growth is primary focus WaFd Bank 12 122#135 Year Change by Percentage in Each Geographical Area From September 30, 2017, to September 30, 2022 5 Year percentage change in Loans by Geographical Area 5 Year percentage change in Deposits by Geographical Area -5% 18% 51% 146% 6296 WaFd Bank 66% 14% 255% 34% 47% 34% 64% 200% 40% 62% 476% 13#14Loan and Deposit Balances by Geographical Area As of September 30, 2022 $ In Millions Loans Balances by Geographical Area Deposits Balances by Geographical Area 5,315 2,236 815 685 1,558 2,322 700 WaFd Bank 2,011 7,209 2,879 1,053 535 803 1,626 1,364 562 14#15Helping Small Businesses and Individuals Deferred loan payments now resuming Paycheck Protection Program 9,000 approved loans Loan Deferral Status $480 M Over $1 billion in lending Cares Act Deferrals Resumed Deferral Delinquencies $5 K $475 M Still Deferred ■ Resumed ■■■Resumed Current ■Resumed Past Due WaFd Bank $5.6 M Using nimbleness, technology and hard work to serve clients and communities PPP efforts providing benefit of strong organic growth and happy customers Approximately 45% of Round 1 PPP loans established a new client relationship for WaFd Deferral Program successful with only a small number of post deferral delinquencies Only 1 loan still in deferral 15#16Non-Performing Assets Near Record Lows We have retained a strong ACL while NPAs have declined since 2010 • . ACL at 9/30/2022 amounted to $172.8 million, representing 388% of total NPAs 1 Non-performing assets $44.5 million as of 9/30/2022 Non-Performing Assets to Total Assets and ACL to Total Loans 1 For Fiscal Year End 9/30 3.22% 2.76% 2.18% 1.85% 1.79% 1.69% 1.63% 1.36% 1.29% 1.22% 1.47% 1.15% 1.13% 1.12% 1.11% 1.09% 1.06% 1.00% 0.88% 0.48% 0.46% 0.44% 0.27% 0.20% 0.22% 0.21% FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 I Non-Performing Assets to Total Assets ACL to Total Loans 2 1 ACL to Total Loans does not include ACL related to unfunded commitments of $32.5 million. 2 Effective October 1, 2020, the Company implemented FASB's Current Expected Credit Loss (CECL) Standard WaFd Bank 16#17Strong Credit Quality Strong Credit Quality Characterized by Limited Charge-Offs Net Recoveries since 2013 total $74.8 million The Bank continues to work $50 million of loans previously charged off 9 Consecutive years of Net Recoveries Net Loan Charge-offs (Recoveries) For Fiscal Year End 9/30 2.08% 1.21% 0.91% 0.24% (0.19%) FY 2014 FY 2013 (0.7 (0.06%) FY 2015 (0.14%) FY 2016 FY 2010 FY 2011 FY 2012 FY 2017 (0.10%) FY 2018 (0.03%) FY 2019 FY 2020 (0.02%) FY 2021 FY 2022 Source: SNL Financial, Company Filings 1 Peers represent Proxy Peers as specified in the Company's latest Proxy Statement WaFd Bank Average NCOs Per Year - Last 20 Years 0.26% 0.44% WAFD Peer Average (1) 17#18Significant Liquidity and High-Quality Securities Portfolio High quality, $3.2 billion cash and investment portfolio with $9.8 billion remaining collateral and lines as a source of additional potential liquidity Cash & Securities / Total Assets FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 WAFD Peers Cash and Securities Composition 2 High Quality Bonds, US Govt Backed, 37% 42% Cash, 21% Total Cash and Securities: $3.2Bn 2 Cash and Securities / Total Assets: 16%2 Source: SNL Financial, Company Filings 1 Peers represent Proxy Peers as specified in the Company's latest Proxy Statement 2 As of 9/30/2022 WaFd Bank As of 9/30/2022, WAFD maintains over $3.2bn of balance sheet liquidity. • Cash and Securities is 16% of assets Investment Portfolio targets low credit risk / moderate duration • 63% Cash, US Government-backed Agency Bonds and MBS 2 Yield on the Investment Portfolio is 3.2% 1188#19Deposit Trends Shifting away from time deposits in favor of transaction accounts. Checking accounts now make up 42%. As of 9/30/2012 In Millions. 18,000 Transaction Accounts Time Deposits 16,000 Transaction Accounts WTD Rate Time Deposits $5,630 66% $2,946 14,000 34% 12,000 10,000 As of 9/30/2022 8,000 Time Deposits 6,000 $3,338 21% 4,000 Transaction Accounts $12,692 79% 2,000 Core Deposits = 95.2% of Total WaFd Bank 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% - 1.50% 1.00% 0.50% 0.00% 19#20Borrowings Outstanding & Weighted Rate Borrowings are 100% FHLB and are used in part to manage interest rate risk. Rates have declined with market rates. Increase in borrowings for 2020 was from locking in $1 billion of funding at a fixed rate of 66 bps for 10 years. $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 wold 4.00% 3.50% FHLB Effective Maturity Schedule 3.00% Amount $ million Rate 2.50% Within 1 year: $1,025 3.06% 1 to 3 years: $ 200 2.18% 2.02% 2.00% 3 to 5 years: $ 100 1.92% 5+ years: $ 800 0.67% 1.50% 1.00% 0.50% $0 0.00% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 WaFd Bank 20#21Balanced Interest Rate Risk Interest Rate Risk is well managed and skewed toward the upside in the current environment given asset sensitivity -50% -40% -30% -20% -10% 0% Change in NPV (%) 10% Base Up 100 FY 2017 ■FY 2018 FY 2019 Up 200 لا 0.40% 0.35% 0.30% 0.25% 0.20% 0.15% 0.10% 0.05% Net Interest Margin Sensitivity vs. Base Case -Up500 -Up400 -Up300 -Up200 -Up100 0.00% Year 1 Year 2 Year 3 -0.05% Up 300 Up 400 -0.10% FY 2020 FY 2021 FY 2022 IRR measures as of June 30, 2022: . Net Interest Income (NII) would increase by 1.87% in +200 bps immediate and parallel shock Net Portfolio Value after +200bps shock is 21% lower ($616mm) and at $2.3 billion would be 12.5% of total assets Scenarios assume no management actions taken. Flattening/inverted rates with short term up more than long term would result in a larger negative affect. WaFd Bank 21#22AOCI vs our Peers 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% Total Accumulated Other Comprehensive Income as a percent of Equity 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 06/31/2021 WAFD BANR ZION WAL UMPQ COLB 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 WaFd Bank 22 22#23Income Statement Comparison Fiscal YTD 9/30/2022 9/30/2022 $ Change % Change INTEREST INCOME Loans..... 601,592 $ 537,660 $ 63,932 11.9% Mortgage-backed securities......... 26,332 24,708 1,624 6.6% Investment securities and cash equivalents.... 38,435 29,242 9,193 31.4% 666,359 591,610 74,749 12.6% INTEREST EXPENSE Customer accounts. FHLB advances and other borrowings. 43,041 42,313 728 1.7% 28,729 44,188 (15,459) -35.0% 71,770 86,501 (14,731) -17.0% NET INTEREST INCOME 594,589 505,109 89,480 17.7% Provision (release) for credit losses.... 3,000 500 2,500 Net interest income after provision (reversal).. _ $ 591,589 $ 504,609 $ 86,980 17.2% WaFd Bank 23#24Income Statement Comparison OTHER INCOME Fiscal YTD 9/30/2022 9/30/2022 $ Change % Change $ 66,372 $ 60,561 $ 5,811 9.6% OTHER EXPENSE Compensation and benefits. Occupancy...... FDIC insurance... Product delivery.. Information technology.... Other expense........ 193,917 176,106 17,811 10.1% 42,499 39,610 2,889 7.3% 9,531 14,368 (4,837) -33.7% 19,536 18,505 1,031 5.6% 47,202 42,737 4,465 10.4% 45,890 41,133 4,757 11.6% 358,575 332,459 26,116 7.9% Gain (loss) on REO.. Income before income taxes. 651 427 224 52.5% 300,037 233,138 66,899 28.7% Income taxes. 63,707 49,523 14,184 28.6% NET INCOME...... $ Dividends on preferred stock.......... 236,330 14,625 $ 183,615 $ 52,715 28.7% 10,034 4,591 Net Income available to common shareholders..... $ 221,705 $ 173,581 $ 48,124 27.7% Efficiency Ratio of 54.25% for YTD fiscal year 2022 down from 58.77% for the same period of prior year. Effective tax rate year to date ended September 2022 is 21.23% compared to 21.24% from the same period ended September 2021 WaFd Bank 24#25Net Interest Income and Net Interest Margin Net interest income in thousands. $190,000 $180,000 $170,000 $160,000 $150,000 3.75% $140,000 3.50% $130,000 $120,000 3.25% $110,000 3.00% $100,000 2.75% $90,000 2.50% $80,000 $70,000 2.25% $60,000 2.00% $50,000 1.75% $40,000 $30,000 1.50% $20,000 1.25% $10,000 1.00% $0 0.75% Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 0.50% Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 0.25% Mar-21 Jun-21 Net Interest Income Sep-21 Dec-21 Mar-22 0.00% WaFd Bank Margin % Jun-22 Sep-22 25#26Net Income and Common Earnings Per Share Annual Quarterly 80,000 $250,000 $4.00 Net Income (in thousands) I Net Income EPS EPS 70,000 $3.50 $200,000 $150,000 $100,000 $50,000 60,000 $3.00 $2.50 50,000 $2.00 40,000 $1.50 30,000 $1.00 20,000 $0.50 10,000 $0 $- 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 WaFd Bank Jun-20 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 Sep-20 Dec-20 Mar-21 Issued $300 million of Preferred Stock in February 2021 with a dividend of 4.875% Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 5. 26#27Non-Interest Income Diverse sources of Non-Interest Income provide steady growth and balance our revenue profile Non-Interest Income for Quarter-Ended 9/30/2022 Loan Fees 8% Other Income Other Income includes: • BOLI income Rental income • Gains on property sales 46% WAFD Insurance Income Deposit Fees 46% • Income on equity method investments 11% Non-Interest Income / Total Loan Revenue 9% 11% 16% 12% 10% Non-Interest Income Over Time ($MM) $10.1 $30.7 $28.6 $33.2 milu ulu FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 $23.3 $23.2 $14.7 $24.1 $23.7 $24.7 $25.9 $22.6 $25.9 $24.9 29 $4.3 FY 2017 $3.8 $3.9 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 $7.3 $6.9 $7.2 WaFd Bank ■Loan Fees Gain on Sale of Investments ■Deposit Fees ■Gain on Sale of Buildings Other Income 27#28Non-Interest Expense Over Time Annual and Quarterly - Expenses in millions Annual Quarterly 70.0% $400,000 $100,000 59.3% 58.8% 59.0% $90,000 57.1% 62.1% 60.6% 59.0% 59.0% 56.8% 57.7% $350,000 60.0% 52.1% 54.3% $80,000 50.4% 50.8% $300,000 49.5% 47.8% 50.0% 46.9% $70,000 $250,000 35.0% $200,000 41.0% $60,000 40.0% $50,000 30.0% $40,000 $150,000 $30,000 20.0% $100,000 $20,000 10.0% $10,000 $50,000 $0 0.0% $0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Other expense Occupancy Compensation - Efficiency Ratio Dec-19 Mar-20 Other expense Jun-20 Sep-20 Dec-20 Occupancy Mar-21 Jun-21 WaFd Bank 58.6% 58.7% 70% 51.6% Sep-21 Compensation Dec-21 Mar-22 Jun-22 Sep-22 60% 50% 49.5% 40% 30% 20% 10% 0% 90 Efficiency Ratio#29Breakout of Other Expense WaFd Bank $41.7 $34.6 $47.5 $45.9 $41.1 $29.8 $52.9 $42.7 $47.2 $38.9 $34.6 $28.9 $18.5 $16.4 $17.0 $19.5 $14.0 $15.9 $14.4 $11.4 $11.6 $9.8 $10.9 $9.5 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FDIC Premiums Product Delivery Information Technology Other Expense Other Expense includes: • FDIC Premiums • Product Delivery • • Information Technology Miscellaneous 'Other' line-item expenses include professional services, marketing and administrative costs. 29#30Capital Ratios 18.00% 16.00% 14.00% Common Equity Tier 1 Ratio 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Sep 2017 Sep 2018 Washington Federal, Inc. Sep 2019 Top 100 Banks Sep 2020 Peer Banks Sep 2021 Well Capitalized Sep 2022 WAFD does not seek to maximize leverage. Rather, we aspire to be the bank that can best weather the next storm on the horizon. Total Risk-Based Capital TCE+ACL/Tang Assets 14.00% 20.00% 18.00% 12.00% 16.00% 14.00% 10.00% 12.00% 10.00% 8.00% 8.00% 6.00% 6.00% 4.00% 4.00% 2.00% 0.00% 2.00% Sep 2017 Washington Federal, Inc. Sep 2018 Sep 2019 Sep 2020 Top 100 Banks Sep 2021 Peer Banks Well Capitalized Sep 2022 0.00% Sep 2017 Sep 2018 Sep 2019 Sep 2020 Sep 2021 Sep 2022 Source: SNL Financial, Company Filings WaFd Bank 30#31Impact of February 2021 Preferred Stock Issuance WaFd Bank Net Preferred Proceeds Raised Cash Reserved Proceed available for Repurchases Average repurchase price Proforma Shares Repurchased $293 Million $25 Million $268 Million $32.25 8,310,078 FY 2021 Plan at 12/31/2020 Common Shares Outstanding Common Stock Price Per Share Market Cap 75,689,364 FY 2021 Proforma Plan at 12/31/2020 67,379,286 $28.75 $32.25 Net Income 2,176,069,215 $175,000,000 2,172,981,974 $175,000,000 Annual Preferred Dividend $14,625,000 Net Income to Common $175,000,000 $160,375,000 EPS Per Common Share $2.31 $2.38 31#32Returning Capital to Shareholders Return of Income to Common Shareholders Stock Buyback & Percent of Income returned to Common Dividend as a % of Net Income 42.9% Net Income Dividends Shareholders 38.3% 38.0% 2015 $160,316 $177,791 111% 30.4% 2016 $164,049 $137,808 84% 27.5% 2017 $173,532 $172,892 100% 2018 $203,850 $220,246 108% 2019 $210,256 $187,163 89% 2020 $173,438 $178,629 103% 2021 $173,581 $414,527 239% 2022 $221,705 $64,837 29% السار 30.1% 27.8% 2016 2017 2018 2019 2020 2021 2022 # of Shares Wtd Price Paid % Outstanding at beginning of the year 2015 5,841,204 $21.70 6% 2016 3,867,563 $22.72 4% 2017 3,137,178 $31.36 3% 2018 4,865,357 $33.74 6% • 2019 4,065,352 $30.46 5% 2020 3,339,530 $33.58 4% 2021 10,810,113 $32.25 14% 2022 92,774 $35.14 0.1% WaFd Bank Recent Capital Activities Current cash dividend of $0.24 provides a yield of 2.51% based on the current stock price Since 2013, 47 million shares repurchased which is 44% of total outstanding shares as of 9/30/2012 3.7 million shares remaining in buyback authorization During the 3rd and 4th Fiscal Quarters of 2021, the Company used additional proceeds from the preferred stock issuance to repurchase 7,952,529 shares of common stock. 32 32#33Stock Price & Book Value Per Share $45 $40 $35 -Stock Price $30 $25 $20 $15 $10 $5 -Book Value per Share $0 1986 1987 1988 1989 1990 As of 9/30/2022: Book Value per Share $30.22 Price to BV: .99 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 WaFd Bank 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tangible Book Value per Share $25.49 Price to TBV: 1.18 33#34Perspective through the last Credit Cycle Stock Performance Comparison as of 9/30/2022 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 wi 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 WaFd Bank -WAFD BANR ZION WAL UMPQ COLB 2017 2018 2019 2020 2021 2022 *Stock prices obtained from Yahoo! Finance and reflect monthly adjusted (stock splits and dividends) close prices. Chart reflects the value of $1 invested in each stock on 1/1/2007. January 2007 month end chosen to coincide with the average peak in stock price among the 6 banks. 34#35Forbes 2021 BEST BANKS IN AMERICA WaFd Bank m Money BEST BANKS AMERICA'S BEST SOUNDERS FC BANKS 2022 Newsweek $ 3 years in a row! SEATTLE SEAWOLVES EXCLUSIVE BANK OF SOUNDERS FC AND THE SEATTLE KRAKEN This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Washington Federal's management and are subject to significant risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of the presentation, and Washington Federal assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements.