From our President and CEO
Washington Federal Bank, a federally insured, Washington state chartered commercial bank, doing business as 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. Ever since our start in 1917, we've been helping to build healthy, thriving communities.
During the past year, we took the next step in our Diversity, Equity and Inclusion (DEI) journey by bringing in an expert to advise us on these efforts and by establishing 11 Regional Councils, a Corporate Council, plus a Global Advisory Council, all tasked to work specifically toward improving the diversity of our workforce. Each of these councils will be made up of 5-10 employee volunteers who will work to enhance our efforts to recruit, hire and retain employees that broadly reflect the communities we serve. We also made broad adjustments to our compensation philosophy with an eye toward equity and transparency that better aligns with the needs and values of our employees and today's competitive labor market.
More than anything, I'm personally humbled to work alongside colleagues who clearly love what they do and are here to make a difference in their communities. Every year, for as long as any of us can remember, the company has supported United Way during their corporate giving campaign. We match, dollar-for-dollar, the donations our employees make to the United Way to provide a community safety net. We also ask that our bankers volunteer in their communities, whether it's acting as an instructor for Junior Achievement at the local high school, or packaging nutritious meals at the community food bank.
We're linked together as a team across eight western states serving clients and communities to fuel economic growth and support personal and business financial health. Equally important as our banking reputation is our commitment to community and social responsibility. We're issuing this report to outline the activities and initiatives WaFd Bankers are focused on, the investments we're making, and our goals for making a difference in the communities we serve.
Banking today looks different than when we started 105 years ago. Yet, one thing has remained the same — we are here to make the best choices on any given day, for our clients, our employees, our communities and our shareholders, in good times and bad. We want our families and friends to be proud that we work at WaFd Bank.
It's imperative that our teams cultivate enduring relationships with clients, communities, and colleagues. As we continue to grow, we endeavor to stand apart from our competitors, and be thoughtful about shaping the neighborhoods around us. We believe banking should be an empowering experience, not an intimidating one. Therefore, we focus on personal progress rather than restrictions, and always strive to see things from our clients' points of view. That's how we live our company motto: “Love what you do and make a difference.”
Our hope is you will find this report to be engaging, helpful, and informative.

Respectfully,
Brent Beardall
President & Chief Executive Officer
Financial Literacy
We believe in providing people with financial education programs that make their lives better. Financial education can help foster stability for individuals, families and entire communities; the more people know about money management, the more likely they are to improve and maintain their financial well-being.
WaFd invests in the following literacy programs

Save at School program
Our Save at Schools program helps middle and elementary school students learn the habit of saving by making deposits during our “bank days.” We match the initial $5 opening deposit and students can earn 5% on their first $100 deposit. Email ask@wafd.com to launch a Save at Schools program in your area.

Junior Achievement
We aspire to help young people succeed and positively impact the communities we serve. That's why we partner with Junior Achievement to provide financial support and employee volunteers to help youth learn financial wellness and build the skills they need to launch successful futures.

Financial Literacy
We partner with Banzai, an award-winning, interactive financial content platform to provide free financial literacy and education to Title One schools across out eight-state footprint. We help all ages from 8 to 88 learn to create a budget, get out of debt, buy a home, save for college, learn about inflation, save for retirement, build credit, navigate online security and more! We also offer Banzai to our non-profit partners through the Washington Federal Foundation ensuring the communities we support have the tools they need for a brighter future. If your school or non-profit is looking to include this curriculum in your organization, please contact us!

WaFd Workforce
At WaFd Bank, we've taken the same long-term perspective with our employees as we have with our clients. We value each of our employees and invest in their development and wellbeing.

A career at WaFd Bank
We value our employees by investing in a healthy work/life balance, competitive compensation packages, a vibrant team-oriented environment centered on professional service, and 360-degree, open communication with your colleagues.
A Career at WaFd Bank Offers:
- Paid time off and sick days
- Health benefits
- Stock options
- Bonus program
- Generous 401(k) match
- Life and AD&D insurance
- Long-term disability
- Employee assistance program
- Pre-tax health and dependent-care spending plans
- Four weeks parental leave
- $5,000 per year in tuition reimbursement, up to $40,000 total

We love coming to work and it shows!
In 2022, WaFd Bank was recognized as one of America's Best Employers by Forbes. We're proud of our employees and all that they do.
Community Development
We recognize the impact of our activities on the lives of people around us. We are continuously committed to serving our communities, clients, and employees. Throughout our history, we have focused on giving back to our communities and have developed a variety of programs to help make a difference in the lives of those around us.

In Housing and Community Development
2022, WaFd Bank devoted $203,425,455 toward community development lending. In addition, $102,100,000 in housing tax credits were provided along with $61,800,000 in investments made to other affordable housing projects, totaling $367,325,455.
In 2021, over $289,000,000 was invested toward community development lending and affordable housing investments. This resulted in 47 loans totaling $165,000,000 to support affordable home ownership for low-income borrowers within our eight states.

In 2020 we created the Small Business Flex Fund that aided 365 small businesses with lifeline loans totaling $12,500,000 to ensure these business owners could bridge the gap between the beginning of the pandemic and when government assistance became available.
Diversity, Equity, and Inclusion
We are committed to supporting a diverse employee base, creating a culture of inclusion, equity, and empowerment, and bringing our full selves to work. Diversity can take many forms, including race, nationality, ethnicity, sexual orientation, religion, disability, gender, age, protected veteran status, or other distinguishing characteristics.

Our mission statement is “We are committed to building diverse teams and creating a culture of inclusion, empowerment, and belonging.” To achieve this, we've moved from the current single DEI council structure and replaced it with a DEI council consisting of 5 to 10 people in each region with each Regional President as the executive sponsor. Additionally, we've included a DEI council for our corporate support areas, with our Chief Consumer Banker and Chief Operations Officer as executive sponsors. This will help ensure 11our efforts are reflected across all eight states in which we reside.
- Partnering with a DEI Consultant to grow inclusive mind sets and help build stronger programs with sustainable strategies.
- Focusing on enhancing our approach to recruiting, hiring, and retention. As WaFd's mission statement says, “diversity, equity and inclusion drive innovation and productivity, and allow WaFd to better serve our communities and each other.”
Adding employee resource groups to support efforts across the Bank, with four to start:
- Black, Indigenous, People of Color (BIPOC)
- Emerging Leaders
- Working Parents
- LGBTQ+
The Global Diversity and Inclusion Advisory Council is a commitment by senior executives to support the Regional and Corporate Support Councils to ensure that there is an enterprise-wide focus on diversity and inclusion. The Advisory Council:
- Provides strategic guidance for business and regional councils, as well as the broader D&I program.
- Facilitates D&I cross functional and enterprise-wide strategies.
- Ensures support is provided to the regional and back-office support D&I program strategies.
- Defines requirements for council membership (appointed and volunteer).
2,082 Team Members
- 31% Non-White
- 7.74% US Veteran
- 4% Differently Abled
- 70% Female
- 30% Male
Governance
We are committed to strong corporate governance principles and practices which begins with our Board of Directors. Our Board endorses the view that one of its primary functions is to protect stakeholder interests by providing oversight of management, including the Chief Executive Officer.










The Board is made up of members with a wealth of experience and knowledge from a variety of industries including finance, technology, real estate, investments, and risk management. Our Board is committed to independence and the majority of Board members are independent pursuant to the listing requirements of the Nasdaq Stock Market. WaFd Bank Leadership Team
We maintain a variety of corporate governance documents and policies which can be found on our website.
Board Diversity Matrix | |||
---|---|---|---|
Total Number of Directors: 10 | |||
Part I: Gender Identity | Female | Male | Not Disclosed |
Directors | 2 | 7 | 1 |
Part II: Demographic Background | |||
African American or Black | 0 | 2 | |
Hispanic or Latinx | 1 | 0 | |
Asian | 0 | 1 | |
White | 1 | 4 | |
Not Disclosed | 1 |
WaFd Foundation and Community Giving
Founded in 2009, the WaFd Foundation's purpose is to facilitate direct giving to community-based nonprofits serving the needs of people with low-and moderate-incomes. Each year we commit over $1 million to the communities we serve.

Washington Federal Foundation
As a bank dedicated to promoting home ownership, the focuses on programs and causes that help provide affordable housing for low-and-moderate-income individuals. The Foundation also provides support for social agencies and nonprofits that serve the needs in our communities, including seniors, youth organizations, and low income families.
We direct giving to the following areas:
- Housing and community development
- Social services and basic needs for seniors, youth and low-income families
- Financial literacy
Average grants range from $1,000-$5,000
Since its inception, the Foundation has given nearly $6.5M to local charities across our eight-state footprint.
Please visit our Foundation page for more information.

United Way
WaFd Bank matches employee contributions made to United Way agencies in all eight states: For fiscal 2022, total pledges from colleagues amounted to $402,109 in charitable giving. We matched $327,375 in donations to United Way agencies for a total of $729,484.
Community Partnerships
At WaFd, we align with partners that share and exhibit the same vales as we do. Our partners complement our passions and strengths and help us build stronger and more vibrant communities. Each partnership includes donations to community-based organizations and foundations that enrich the communities we serve.

Seattle Sounders FC
We support the RAVE Foundation and their efforts to create opportunities for free play, where we all work together to use soccer as a vehicle to foster wellness, inspire learning and strengthen connection to community. We also donate to “Saves for Youth” by committing $250 for every Sounders FC save to the RAVE Foundation. So far we've donated nearly $20,000 with 80 saves.

Seattle Kraken
We have joined the Seattle Kraken as a Founding Partner as both organizations share the fundamentals of integrity, hard work, and innovation. We are excited to help bring hockey back to Seattle and give back through their One Roof Foundation in efforts to continue to build the most diverse and inclusive hockey culture in the country, if not the world.

Seattle Seawolves
We support Seattle Compassion Services through the Seawolves by volunteering in the community and through financial donations to further their mission to house the unhoused, alleviate suffering and bring the community together to solve homelessness.
Seattle Storm
WaFd and the Seattle Storm will launch Fit Futures together, a community initiative that provides kids with equal access to physical activity and financial education, set to begin in the fall of 2023. Three Title 1 schools will receive $5,000 each towards the purchase of new PE equipment and supplies in a celebratory ceremony to include the presence of Storm mascot Doppler and a Storm VIP guest. Each of these three schools will also receive 300 tickets to a regular season Storm game for kids and their families. Additionally, WaFd sponsors a half court shootaround challenge with Storm players benefitting a local BIPOC non-profit.
Environmental Responsibility and Social Risk Management
WaFd Bank's corporate social and environmental responsibility commitment arises from the impact of our activities on people's lives and society. To fulfill this commitment, WaFd Bank integrates social, environmental and ethical concerns, as well as those regarding human rights and the needs of its stakeholders, into its daily business activities and approach to stakeholder relationships.
Through all our interactions, WaFd Bank will:
- Carry out its banking activities in a responsible manner, placing the financial needs of its clients and economic health of its communities at the core of its strategic focus.
- Maximize the creation of sustainable and shared value for its shareholders, employees and stakeholders, including contributing to the broader benefit of society.

We acknowledge the impact of climate change, which may lead to new regulations as well as financial and reputational risks. We also realize there are new opportunities to find ways to mitigate those risks and open new doors to offsetting carbon footprints. We will embrace these opportunities and seek out new ways to invest in change to a lower carbon economy and a better future for us all.

Environmental Stewardship
WaFd strives to focus on efficiency and long-term sustainability in our business processes through prudent use of resources, including renewable energy and waste reduction efforts. We also offer the following services and benefits to employees at our corporate headquarters in downtown Seattle:
- Free transit passes for all employees to encourage mass transit, including train, ferry, bus and light rail.
- Secure, onsite bike storage and shower facilities for our biking community.
- Improved air quality through bi-polar ionization in our HVAC system to remove bacteria, viruses and pollutants.
- Flexible work policies that allow for a hybrid approach between office hoteling and work-from-home, reducing physical commutes and carbon footprints.
- Working to reduce total square footage of corporate and branch real estate across our footprint to save on energy costs and shrink our physical carbon footprint.
Volunteerism
WaFd employees are invested in their communities and giving back. We support this by giving them time to volunteer with the organizations they are passionate about. In 2022, WaFd employees participated in 8,178 volunteer hours to more than 440 organizations and initiatives across our regional footprint.

Rake-it-Up-Boise (Idaho)

Seawolves Lot Cleanup (Washington)

Project Homeless Connect (Utah)

Hospice of Yuma (Arizona)

Habitat for Humanity (Oregon)

Gallup (New Mexico)

Winnemucca Color the Mucc Race (Nevada)

Builders of Hope (Texas)
COVID Relief
The COVID 19 pandemic forced many changes on society. WaFd was no stranger to adaptation. We changed how we operated to ensure our employees were able to continue working while managing new stressors in their personal lives. We created a COVID Response Team that continues to meet weekly to support rapid responses to executive orders, new federal and state regulations and changing CDC and OSHA guidelines (Center for Disease Control / Occupational Safety and Health Administration). This team also monitors case counts throughout all eight states, reports on operational disruptions, and gauges employee morale.
At the end of fiscal year 2022, we hold just over 200 PPP loans receivable totaling approximately $10,141,000.
Between 2020 and 2022, WaFd Bank waived residential construction loan extension fees due to the Pandemic and related supply chain issues, amounting to savings of more than $650,000 for our borrowers.

Awarded America's Best Big Bank - Three Years in a Row
Best Big Bank in Washington, Idaho, New Mexico
Awarded America's Best-in-State Bank
Best-in-State Bank in Washington, Idaho, Oregon, Nevada
Awarded America's Best Big Bank - Three Years in a Row
Best Big Bank in Washington, Idaho, New Mexico
Awarded America's Best-in-State Bank
Best-in-State Bank in Washington, Idaho, Oregon, Nevada