#1AMERICA' AMERICA'S MERICA'S BEST BEST BEST BANKS 2021 BANKS BANKS 2022 WaFd Bank Newswe 2023 Newsweek wsweek Investor Presentation As of 12/31/2022 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, CFPB Regulated WA⚫ • Headquartered in Seattle, WA; is the second largest bank headquartered in the Pacific Northwest • Exited BSA Consent Order Dec 2021 Geographic Overview MT ND MN SD OR WY IA NE • 200 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 • 14,364% Total shareholder return since IPO Total Assets $21.7Bn Total Loans $17.0Bn Company Highlights¹ Total Deposits $16.0Bn 1 As of or for the quarter-ended 12/31/2022 WaFd Bank NV UT CO 8 AZ NM TX KS MO OK AR Stockholder Equity $2.3Bn Efficiency Ratio 46.78% 3#4WaFd Bank Executive Management Committee WaFd Bank Brent Beardall President and Chief Executive Officer Kelli Holz 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 Number of Company Deposits Deposit Percent of Market National in Market Share Franchise Total Population 2023 Population Change 2010-2023 Projected Population Change 2023-2028 Median HH Income 2022 Projected HH Income Change 2022-2027 State Branches ($000) (%) (%) (Actual) (%) (%) ($) (%) Washington 72 7,347,752 3.06 43.9 7,863,719 16.94 4.33 89,976 15.87 Oregon 36 2,779,517 2.68 19.2 4,295,710 12.13 3.45 75,279 15.18 Arizona 28 1,544,363 0.74 10.3 7,380,760 15.47 3.76 71,447 16.88 New Mexico 19 1,300,023 2.93 8.2 2,120,216 2.96 0.74 58,342 13.27 Idaho 22 1,015,195 2.47 6.9 1,941,205 23.83 5.79 68,632 14.75 Utah 9 949,557 0.70 4.8 3,408,723 23.33 5.04 87,338 16.23 Nevada 9 504,855 0.47 3.3 3,198,164 18.43 3.95 70,540 11.48 Texas 5 Totals: 200 518,773 15,960,035 0.05 3.4 30,065,904 19.57 4.14 71,347 11.18 100 60,274,401 Weighted Average 15.64 3.92 79,775 15.27 Aggregate: National Deposit market share and precent of national franchise are from the FDIC's Summary of Deposit reports and is as of 09/30/2022. All other data is as of 12/31/2022. 334,500,069 8.34 2.14 73,503 13.37 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#8WAFD's Evolution from Thrift to Bank Funding $ in millions $5,979 FY 2007- FY 2022 Non-Time Deposit CAGR: 16.1% $8,577 $10,835 $16,030 2007Y 2012Y 2017Y 2022Y ■Time Deposits Money Market Savings ■Checking Note: Balances as of fiscal year ending September 30. WaFd Bank 8#9Net 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 (1) (6) (12) (24) ZIONS Citi BANK OF AMERICA WELLS FARGO BANCORPORATION Source: Customer Guru 1 As of 12/31/2022 WaFd Bank CHASE 3 15 15 44 75 us bank PNC WaFd Bank USAA 17 WaFd Net Promoter Score 1 34 51 48 48 44 2017 2018 2019 2020 2021 2022 9#100 10 20 30 20 40 Bank of America WaFd Bank 100 Speed Matters - Website Is the New Storefront New wafdbank.com Google page speed scores 60 60 50 70 80 90 Banner Bank BECU Capital One Chase Columbia Bank First Citizens ■Desktop Nerdwallet Mobile Rocketmortgage Umpqua US Bank USAA Wells Fargo Wafd Bank 10 10#11WaFd Bank 3500 3000 2500 2000 1500 1000 500 0 Getting Customers to Your Website is Mission Critical Backlink Referring Domains to WaFd Bank 4000 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 WaFd Bank's online presence and domain authority have been growing significantly year over year. The number of referring domains has seen consistent increase over time - 368% from January 2020 to January 2023. 11#12Commitment 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 Gender Identity Directors Demographic Background African American or Black Hispanic or Latinx Asian White Not Disclosed Board Composition¹ Female Male 2 7 Not Disclosed 1 2 1 1 1 4 1 Our Corporate Social and Environmental Responsibility Policy flows from WaFd Bank's core principles, which are: Resolve to create for all long-term value stakeholders (5) 1 To provide common- sense banking that helps neighborhoods flourish 2 4 3 Exercise prudent risk management Maintain transparency in its business practices 1 Based on self-identification 2 As of 9/30/22 WaFd Bank Adhere to the primary corporate value of integrity ESG & Diversity Policy Highlights Community Development Over $203 million dollars invested towards community development lending and affordable housing investments Volunteerism WaFd employees participated in 8,179 volunteer hours in support of more than 447 organizations and initiatives Washington Federal Foundation The Washington Federal Foundation awarded 218 grants to local community organizations totaling $705 million for the fiscal year 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 $327,375 for a total of $729,484 12#13Loan Growth - Through Different Interest Rate Environments $ in millions. $10,000 $8,000 $6,000 $4,000 $2,000 S. 2014 • New Loan Originations 2015 2016 2017 2018 2019 2020 2021 2022 Mortgage & Consumer Commercial & Industrial (C&I) Commercial Real Estate Loan Growth $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Commercial & Industrial (C&I) Mortgage & Consumer 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 Mortgage and Consumer loans - 40% of total net loans Commercial loans growing fastest over last eight years Office Building loans make up 5% of Net loans. Avg LTV for Office Buildings are 52% WaFd Bank 13#145 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% 14#15Loan and Deposit Balances by Geographical Area As of September 30, 2022 $ In Millions 5,315 Loans Balances by Geographical Area 2,236 815 685 1,558 2,322 700 WaFd Bank 2,011 7,209 Deposits Balances by Geographical Area 2,879 1,053 535 803 1,626 1,364 562 15#16Non-Performing Assets Near Record Lows We have retained a strong ACL while NPAs have declined since 2010 • . ACL at 12/31/2022 amounted to $176.8 million, representing 457% of total NPAs 1 Non-performing assets $38.6 million as of 12/31/2022 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#18WaFd Bank Net Loan Portfolio Average Current LTV As of December 31, 2022 $ In Thousands Current Average % with Current Avg LTV when Net Balance % of Loans LTV LTV >75% above 75% Multifamily CRE Office 2,683,435 16% 49% 4% 82% 840,578 5% 52% 6% 76% CRE -Other 2,345,349 14% 44% 2% 79% CRE Construction - Multifamily 993,310 6% 52% 3% 86% CRE Construction - Other 618,056 4% 39% 9% 78% C&I 2,557,393 15% ΝΑ SFR 5,942,203 35% 55% 19% 79% SFR Custom Construction 405,063 2% 61% 24% 79% Other 608,201 4% NA 16,993,588 100% 118#19Significant 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 FY 2022 WAFD Peers Cash and Securities Composition 2 High Quality US Govt Bonds, 36% Backed, 43% Cash, 20% Total Cash and Securities: $3.2Bn 2 Cash and Securities/Total Assets: 15%2 Source: SNL Financial, Company Filings 1 Peers represent Proxy Peers as specified in the Company's latest Proxy Statement 2 As of 12/31/2022 WaFd Bank As of 12/31/2022, WAFD maintains over $3.2bn of balance sheet liquidity. Cash and Securities is 15% of assets Investment Portfolio targets low credit risk / moderate duration 64% Cash, US Government-backed Agency Bonds and MBS 2 • Yield on the Investment Portfolio is 3.75% 19#20Deposit Trends Shifting away from time deposits in favor of transaction accounts. Checking accounts now make up 44%. As of 12/31/2012 In Millions 18,000 Transaction Accounts Time Deposits Time Deposits $5,662 61% 16,000 Transaction Accounts WTD Rate $3,572 14,000 T 39% 12,000 As of 12/31/2022 10,000 8,000 Time Deposits $3,4128 21% 6,000 Transaction Accounts 4,000 $12,548 79% Core Deposits = 95.2% of Total WaFd Bank 2,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 20#21Borrowings Outstanding & Weighted Rate Borrowings are 100% FHLB and are used in part to manage interest rate risk. Current period increase reflects increased use of short-term borrowings to fund loan growth. Rates have increased 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 4.00% 3.50% 3.14% FHLB Effective Maturity Schedule 3.00% Amount $ million Rate 2.50% Within 1 year: $1,975 4.31% 1 to 3 years: $ 200 4.76% 2.00% 3 to 5 years: $ 100 1.87% 5+ years: $ 800 0.65% 1.50% 1.00% 0.50% $0 0.00% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 WaFd Bank 21#22Balanced 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 (%) 0.25% 0.20% 0.15% 0.10% 0.05% Net Interest Margin Sensitivity vs. Base Case - Up500 Up400 0.00% Up300 Year 1 Year 2 Year 3 -0.05% -0.10% -0.15% 10% -0.20% Base Up 100 Up 200 Up 300 Up 400 FY 2017 ■FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 IRR measures as of Dec 31, 2022: . Net Interest Income (NII) would increase by .44% in +200 bps immediate and parallel shock Net Portfolio Value after +200bps shock is 23% lower ($662mm) and at $2.17 billion would be 11.2% 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 Up200 Up100 22 22#23AOCI vs our Peers WaFd Bank 20% 10% 0% -10% -20% -30% -40% -50% -60% -70% 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 9/30/2021 WAFD BANR ZION WAL ⚫UMPQ COLB 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 23#24Income Statement Comparison INTEREST INCOME Loans....... Mortgage-backed securities...... Investment securities and cash equivalents…………………………. Three Months Ended, 12/31/2022 12/31/2021 $ Change % Change $ 203,946 10,613 $ 138,509 4,792 $ 65,437 47.2% 5,821 121.5% 18,860 7,139 11,721 164.2% 233,419 150,440 82,979 55.2% INTEREST EXPENSE Customer accounts..... 31,646 8,461 23,185 274.0% FHLB advances and other borrowings........ 18,974 7,843 11,131 141.9% 50,620 16,304 34,316 210.5% NET INTEREST INCOME .... 182,799 134,136 48,663 36.3% Provision (release) for credit losses.... 2,500 500 2,000 Net interest income after provision(reversal) $ 180,299 $ 133,636 $ 46,663 34.9% WaFd Bank 24#25Income Statement Comparison Three Months Ended, 12/31/2022 OTHER INCOME 12/31/2021 $ Change % Change $ 14,024 $ 18,681 $ (4,657) -24.9% OTHER EXPENSE Compensation and benefits....... Occupancy ……………… FDIC insurance... Product delivery...... Information technology.... Other expense......... 49,070 47,425 1,645 3.5% 10,102 10,090 12 0.1% 3,675 3,100 575 18.5% 4,621 4,721 (100) -2.1% 12,329 11,421 908 8.0% 12,481 12,856 (375) -2.9% 92,278 89,613 2,665 3.0% Gain (loss) on REO..... Income before income taxes.... Income taxes.......... NET INCOME....... ........... (112) 562 (674) -119.9% 101,933 63,266 38,667 61.1% 22,424 12,985 9,439 72.7% $ 79,509 $ 50,281 $ 29,228 58.1% Dividends on preferred stock 3,656 3,656 0 Net Income available to common shareholders $ 75,853 ......... $ 46,625 $ 29,228 62.7% Efficiency Ratio of 46.78% for YTD fiscal year 2023 down from 58.64% for the same period of the prior year. Effective tax rate year to date ended December 2022 is 22.0% compared to 21.52% from the same period ended December 2021 WaFd Bank 25#26Net Interest Income and Net Interest Margin Net interest income in thousands. $200,000 $190,000 $180,000 $170,000 $160,000 4.00% $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 1.50% $30,000 $20,000 1.25% $10,000 1.00% $0 0.75% 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 Sep-21 Dec-21 Net Interest Income Mar-22 0.00% Jun-22 Sep-22 -Margin % Dec-22 WaFd Bank 26#27Net Income and Common Earnings Per Share Annual Quarterly $250,000 $4.00 80,000 $1.40 Net Income (in thousands) Net Income EPS EPS $3.50 70,000 $200,000 $150,000 $100,000 $50,000 $3.00 60,000 $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 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 27 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20#28Non-Interest Income Diverse sources of Non-Interest Income provide steady growth and balance our revenue profile Non-Interest Income for Quarter-Ended 12/31/2022 Loan Fees 8% Other Income 44% Deposit Fees 45% • Other Income includes: • BOLI income Rental income • Gains on property sales WAFD Insurance Income Income on equity method investments Non-Interest Income / Total Loan Revenue 11% 9% 11% 16% 12% 10% Non-Interest Income Over Time ($MM) $10.1 $30.7 $33.2 $28.6 $24.1 wl wi FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 $23.2 $14.7 $23.3 $23.7 $24.7 $25.9 $22.6 $25.9 $24.9 $7.3 $4.3 $3.8 $7.2 $3.9 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 $6.9 WaFd Bank ■Loan Fees Gain on Sale of Investments ■Deposit Fees ■Gain on Sale of Buildings Other Income 28#29Non-Interest Expense Over Time Annual and Quarterly - Expenses in millions Annual Quarterly $400,000 70.0% $100,000 70% 58.7% 49.5% 58.8% 59.3% 57.7% 62.1% 58.6% 59.0% $90,000 60.6% 59.0% 59.0% 51.6% $350,000 56.8% 60.0% 60% 52.1% 54.3% $80,000 50.4% 50.8% $300,000 49.5% 47.8% 46.9% 50.0% $70,000 $250,000 41.0% $60,000 50% 46.8% 40% 40.0% 35.0% $50,000 $200,000 30% 30.0% $40,000 $150,000 $30,000 T T 20% 20.0% $100,000 $20,000 10% 10.0% $10,000 $50,000 $0 60 $0 0.0% FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Other expense Occupancy Compensation Efficiency Ratio WaFd Bank Dec-19 Mar-20 Other expense Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Compensation Mar-22 Jun-22 Sep-22 Dec-22 Occupancy 0% ..... Efficiency Ratio#30Breakout 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. 30#31Capital 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 Sep 2021 Peer Banks Sep 2022 Well Capitalized 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 20.00% TCE+ACL/Tang Assets 14.00% 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 Sep 2018 Washington Federal, Inc. Sep 2019 Top 100 Banks Sep 2020 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 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 2.84% 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 $45 440 $40 $35 $30 $25 $20 $15 $10 $5 -Stock Price -Book Value per Share $0 1986 1987 1988 1989 As of 12/31/2022: Book Value per Share $30.96 Price to BV: 1.08 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 WaFd Bank 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tangible Book Value per Share $26.249 Price to TBV: 1.28 33#34Perspective through the last Credit Cycle Stock Performance Comparison as of 12/31/2022 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 WAFD BANR ZION WAL UMPQ COLB WaFd Bank 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.