This discussion should be read in conjunction with our Consolidated Financial
Statements and related notes in "Item 8. Financial Statements and Supplementary
Data" of this report. In the following discussion, unless otherwise noted,
references to increases or decreases in average balances in items of income and
expense for a particular period and balances at a particular date refer to the
comparison with corresponding amounts for the period or date for the previous
year.


In addition to historical financial information, the following discussion and
analysis contains forward-looking statements that involve risks, uncertainties
and assumptions. Our actual results may differ materially from those anticipated
in these forward-looking statements as a result of many factors, including those
discussed under "Risk Factors" and elsewhere in this Annual Report on Form 10-K.
This section of this Form 10-K generally discusses 2022 and 2021 items and
year-to-year comparisons between 2022 and 2021. For management's review of the
factors that affected our results of operations for the years ended September
30, 2021 and 2020, refer to our Annual Report on Form 10-K for the year ended
September 30, 2021, which was filed with the Securities and Exchange Commission
on November 19, 2021.


CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The Company has determined that the only accounting policy essential to understanding its consolidated financial statements relates to the method of determining the amount of the allowance for credit losses (“ACL”).

Management's determination of the amount of the ACL is a critical accounting
estimate as it requires significant reliance on the credit risk we ascribe to
individual borrowers, the use of estimates and significant judgment as to the
amount and timing of expected future cash flows on individually evaluated loans,
significant reliance on historical loss rates on homogenous portfolios,
consideration of our quantitative and qualitative evaluation of past events,
current conditions, and reasonable and supportable forecasts that affect the
collectability of the reported amounts.

Going forward, the methodology used to calculate the ACL will be significantly
influenced by the composition, characteristics and quality of our loan
portfolio, as well as the prevailing economic conditions and forecasts utilized.
Material changes to these and other relevant factors may result in greater
volatility to the allowance for credit losses, and therefore, greater volatility
in our reported earnings.

Select the ACL information below under “Credit Loss Allowance”. For more details, see notes A and E to the consolidated financial statements under “Item 8. Financial statements and supplementary data”.

                                       40

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

PROVISION FOR CREDIT LOSSES

The following table provides detail regarding the Company's allowance for credit
losses (periods prior to 2020 applied the incurred loss model as the current
expected credit loss methodology ("CECL") was implemented in 2020).
Twelve Months Ended September 30,         2022               2021               2020               2019               2018
                                                                           (In thousands)
Beginning balance                     $ 171,300          $ 166,955          $ 131,534          $ 129,257          $ 123,073
Charge-offs:
Commercial loans
Multi-Family                                  -                  -                  -                  -                  -
Commercial Real Estate                      529                  -                111                428                 36
Commercial & Industrial Loans             1,202                 31              4,196              5,782              3,574
Construction                                  -                  -                  -                  -                  -
Land - Acquisition & Development             11                  2                 11                107                 13
  Total commercial loans                  1,742                 33              4,318              6,317              3,623
Consumer loans
Single-Family Residential                     -                106                131                268              1,142
Construction - Custom                         -                  -                  -              1,973                 50
Land - Consumer Lot Loans                    27                  -                237                804                 67
HELOC                                         -                  -                  -              1,086                668
Consumer                                    370                286              1,069              1,028                382
  Total consumer loans                      397                392              1,437              5,159              2,309
                                          2,139                425              5,755             11,476              5,932
Recoveries:
Commercial loans
Multi-Family                                  -                  -                498                  -                  -
Commercial Real Estate                      984              2,789              2,447              1,102                189
Commercial & Industrial Loans                73                 92                443              3,443                714
Construction                              2,179                  -                188                 99                  -
Land - Acquisition & Development             70                622              2,070              7,457             14,223
  Total commercial loans                  3,306              3,503              5,646             12,101             15,126
Consumer loans
Single-Family Residential                 1,002              2,026              1,394              1,020                757
Construction - Custom                         -                  -                  -                  -                  -
Land - Consumer Lot Loans                    48                168                639                719                 35
HELOC                                       351                 52                 95                 46                 71
Consumer                                    940              1,021              1,252              1,167                993
  Total consumer loans                    2,341              3,267              3,380              2,952              1,856
                                          5,647              6,770              9,026             15,053             16,982
Net charge-offs (recoveries)             (3,508)            (6,345)            (3,271)            (3,577)           (11,050)
ASC 326 Adoption Impact                       -                  -             17,750                  -                  -
Provision (release) for loan losses
and transfers                            (2,000)            (2,000)            14,400             (1,300)            (4,866)
Ending balance (1)                    $ 172,808          $ 171,300          $ 166,955          $ 131,534          $ 129,257
Ratio of net charge-offs (recoveries)
to average loans outstanding              (0.02) %           (0.05) %           (0.03) %           (0.03) %           (0.10) %


(1) This does not include a reserve for unfunded commitments of $32,500,000,
$27,500,000, $25,000,000, $6,900,000 and $7,250,000 as of September 30, 2022,
2021, 2020, 2019 and 2018 respectively.

                                       41

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

The following table presents the changes in the Company’s allowance for credit losses since the previous year.

                                   September 30, 2022          September 30, 2021             $ Change               % Change
(In thousands)
Allowance for credit losses:
Commercial loans
  Multi-family                    $           12,013          $           16,949          $      (4,936)                    (29) %
  Commercial real estate                      25,814                      23,437                  2,377                      10  %
  Commercial & industrial                     57,210                      45,957                 11,253                      24  %
  Construction                                26,161                      25,585                    576                       2  %
  Land - acquisition &
development                                   12,278                      13,447                 (1,169)                     (9) %
   Total commercial loans                    133,476                     125,375                  8,101                       6  %

Consumer loans

  Single-family residential                   25,518                      30,978                 (5,460)                    (18) %
  Construction - custom                        3,410                       4,907                 (1,497)                    (31) %
  Land - consumer lot loans                    5,047                       4,939                    108                       2  %
  HELOC                                        2,482                       2,390                     92                       4  %
  Consumer                                     2,875                       2,711                    164                       6  %
   Total consumer loans                       39,332                      45,925                 (6,593)                    (14) %
Total allowance for loan losses              172,808                     171,300                  1,508                       1  %
Reserve for unfunded commitments              32,500                      27,500                  5,000                      18  %

Total allowance for credit losses $205,308 $198,800 $6,508

                       3  %



The allowance for loan losses increased by $1,508,000, or 0.88%, from
$171,300,000 as of September 30, 2021, to $172,808,000 at September 30, 2022. As
of September 30, 2022, the allowance of $172,808,000 is for loans that are
evaluated on a pooled basis, which was comprised of $115,245,000 related to the
quantitative component and $57,563,000 related to management's qualitative
overlays.

The Company recorded a provision for credit losses of $3,000,000 in 2022,
compared to a provision of $500,000 for 2021. In 2022, provisioning for net
growth in unfunded commitments and the loan portfolio was mostly offset by
improvements in the credit quality of certain loan portfolios related to strong
real estate markets and collateral conditions. For the year ended September 30,
2022, net recoveries were $3,508,000, compared to $6,345,000 in the prior year.
No allowance was recorded for PPP loans, which are included in the commercial &
industrial loan category, due to the government guarantee. The ratio of the
total ACL to total gross loans, excluding PPP loans, decreased to 1.06% as of
September 30, 2022, as compared to 1.22% as of September 30, 2021. The decrease
was primarily related to improvements in the credit quality of certain loan
portfolios related to strong real estate markets and collateral conditions.

The reserve for unfunded loan commitments was $32,500,000 of the September 30, 2022compared to $27,500,000 of the September 30, 2021.

Management believes that the total ACL is sufficient to absorb the estimated losses inherent in the portfolio of unfunded loans and commitments.

                                       42

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

The following table sets forth the amount of the Company's allowance for loan
losses by loan portfolio and class (periods prior to 2020 applied the incurred
loss model as the current expected credit loss methodology ("CECL") was
implemented in 2020).



September 30,                                    2022                                               2021                                               2020                                               2019                                               2018
                                                 Loans to                                           Loans to                                           Loans to                                           Loans to                                           Loans to
                                                Total Loans   Coverage                             Total Loans   Coverage                             Total Loans   Coverage                             Total Loans   Coverage                             Total Loans   Coverage
                              Allowance             (1)       Ratio (2)          Allowance             (1)       Ratio (2)          Allowance             (1)       Ratio (2)          Allowance             (1)       Ratio (2)          Allowance             (1)       Ratio (2)
                                                                                                                                          ($ in thousands)
Commercial loans
Multi-family                 $  12,013              16.2  %        0.5  %       $  16,949              16.3  %        0.8  %       $  13,853              11.8  %        0.9  %       $   7,391              11.7  %        0.5  %       $   8,329              11.9  %        0.6  %
Commercial real estate          25,814              19.1           0.8             23,437              17.4           1.0             22,516              14.4           1.2             13,170              13.5           0.8             11,852              12.5           0.8
Commercial & industrial         57,210              14.2           2.5             45,957              16.3           2.0             38,665              16.5           1.8             31,450              10.5           2.5             28,702               9.8           2.5
Construction                    26,161               8.7           1.9             25,585               7.9           2.3             24,156              10.5           1.8             32,304               9.6           2.8             31,317               9.1           3.0
Land - acquisition &
development                     12,278               1.3           5.8             13,447               1.3           7.5             10,733               1.2           7.0              9,155               1.3           5.7              7,978               1.1           6.5
  Total commercial loans       133,476                                            125,375                                            109,923                                             93,470                                             88,178
Consumer loans
Single-family residential       25,518              35.4           0.4     
       30,978              35.5           0.6             45,186              40.8           0.9             30,988              48.2           0.5             33,033              49.7           0.6
Construction - custom            3,410               2.4           0.9              4,907               2.5           1.4              3,555               2.3           1.2              1,369               2.1           0.5              1,842               2.5           0.6
Land - consumer lot loans        5,047               0.9           3.4              4,939               1.0           3.4              2,729               0.8           2.7              2,143               0.8           2.2              2,164               0.8           2.2
HELOC                            2,482               1.3           1.2              2,390               1.2           1.5              2,571               1.1           1.8              1,103               1.2           0.8                781               1.1           0.6
Consumer                         2,875               0.5           4.0              2,711               0.6           3.2              2,991               0.6           3.6              2,461               1.1           1.9              3,259               1.5           1.9
  Total consumer loans          39,332                                             45,925                                             57,032                                             38,064                                             41,079
Total allowance for loan
losses (3)                   $ 172,808               100  %                     $ 171,300               100  %                     $ 166,955               100  %                     $ 131,534               100  %                     $ 129,257               100  %


 ___________________
(1)Represents the loans receivable for each respective loan class as a % of
total loans receivable.
(2)Represents the allowance for each respective loan class as a % of loans
receivable for that same loan class. The underlying commercial & industrial loan
balances for September 30, 2022, 2021, 2020 include PPP loans for which no
allowance was recorded. These PPP loan balances were $10,000,000, $312,000,000,
and $745,000,000 as of September 30, 2022, 2021, and 2020, respectively.
(3)This does not include a reserve for unfunded commitments of $32,500,000,
$27,500,000, $25,000,000, $6,900,000 and $7,250,000 as of September 30, 2022,
2021, 2020, 2019 and 2018, respectively.

                                       43

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS


ASSET QUALITY

Troubled debt restructured loans ("TDRs"). TDRs are reserved for under the
Company's CECL methodology. Most TDRs are performing and accruing loans where
the borrower has proactively approached the Company about modifications due to
temporary financial difficulties. Each request is individually evaluated for
merit and likelihood of success. The concession for these loans is typically a
payment reduction through a rate reduction of 100 to 200 basis points for a
specific term, usually six to twelve months. Interest-only payments may also be
approved during the modification period.

Concessions for construction, land A&D and multi-family loans are typically an
extension of maturity combined with a rate reduction of normally 100 basis
points. Before granting approval to modify a loan in a TDR, a borrower's ability
to repay is considered by evaluating current income levels, debt-to-income
ratio, credit score, loan payment history and an updated evaluation of the
secondary repayment source.
If a 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 it is concluded that a full
repayment is highly probable, it will remain on accrual status following
restructuring. If the homogeneous restructured loan does not perform, it is
placed in 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. After the required six
consecutive payments are made, a management assessment may conclude that
collection of the entire principal and interest due is still in doubt. In those
instances, the loan will remain on non-accrual. 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 CECL methodology. Any
modified loan that re-defaults and is charged-off would impact the quantitative
component of the CECL methodology.

Non-Performing Assets. When a borrower violates a condition of a loan, the Bank
attempts to cure the default by contacting the borrower. In most cases, defaults
are cured promptly. If the default is not cured within an appropriate time
frame, typically 90 days, the Bank may institute appropriate action to collect
the loan, such as making demand for payment or initiating foreclosure
proceedings on the collateral. If foreclosure occurs, the collateral will
typically be sold at public auction and may be purchased by the Bank.

Loans are placed on nonaccrual status when, in the judgment of management, the
probability of collecting interest or principal is deemed to be insufficient to
warrant further accrual. When a loan is placed on nonaccrual status, previously
accrued but unpaid interest is deducted from interest income. The Bank does not
accrue interest on loans 90 days past due or more.   See Note A to the
Consolidated Financial Statements included in Item 8   hereof for additional
information.

The Bank will consider modifying the interest rate and terms of a loan if it
determines that a modification is deemed to be the best option available for
collection in full or to minimize the loss to the Bank. Most loans restructured
in TDRs are accruing and performing loans where the borrower has proactively
approached the Bank about a modification due to temporary financial
difficulties. Each request is individually evaluated for merit and likelihood of
success. The modification of these loans is typically a payment reduction
through a rate reduction of between 100 to 200 bps for a specific term, usually
six to twelve months. Interest-only payments may also be approved during the
modification period. Principal forgiveness generally is not an available option
for restructured loans. As of September 30, 2022, single-family residential
loans comprised 82.5% of restructured loans. The Bank reserves for restructured
loans within its pool based general reserve methodology, except in instances
where management considers it appropriate to evaluate individually.

Real estate acquired by foreclosure or deed-in-lieu thereof ("REO" or "Real
Estate Owned") is classified as real estate held for sale. When property is
acquired, it is recorded at the fair market value less estimated selling costs
at the date of acquisition. Interest accrual ceases on the date of acquisition
and all costs incurred in maintaining the property from that date forward are
expensed as incurred. Costs incurred for the improvement or development of such
property is capitalized. See   Note A to the Consolidated Financial Statements
included in Item 8   hereof for additional information.
                                       44

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

The following table presents information regarding the Company’s restructured loans and non-performing assets.

September 30,                               2022               2021               2020               2019               2018
                                                                             (In thousands)
Performing restructured loans           $  55,823          $  63,655          $  89,072          $ 116,659          $ 150,667
Non-performing restructured loans             994              1,473              2,336              5,018              6,191
Total restructured loans                   56,817             65,128             91,408            121,677            156,858
Non-accrual loans:
Commercial loans
Multi-family                                5,912                475                  -                  -             27,643
Commercial real estate                      4,691              8,038              3,771              5,835              2,427
Commercial & industrial                     5,693                365                329              1,292                  -
Construction                                    -                505              1,669                  -                920
Land - acquisition & development                -              2,340                  -                169                787
 Total commercial loans                    16,296             11,723              5,769              7,296             31,777
Consumer loans
Single-family residential                  17,450             19,320             22,431             25,271                  -
Construction - custom                         435                  -                  -                  -              8,971
Land - consumer lot loans                      84                359                243                246             14,394
HELOC                                         233                287                553                907                523
Consumer                                       36                 60                 60                 11                 21
 Total consumer loans                      18,238             20,026             23,287             26,435             23,909
Total non-accrual loans (1)                34,534             31,749             29,056             33,731             55,686
Real estate owned                           6,667              8,204              4,966              6,781             11,298
Other property owned                        3,353              3,672              3,673              3,314              3,109
Total non-performing assets                44,554             43,625             37,695             43,826             70,093
Total non-performing assets and
performing restructured loans           $ 100,377          $ 107,280          $ 126,767          $ 160,485          $ 220,760
Total non-performing assets and
restructured loans as a percent of
total assets                                 0.48  %            0.55  %            0.67  %            0.97  %            1.39  %
Total non-performing assets to total
assets                                       0.21  %            0.22  %            0.20  %            0.27  %            0.44  %


___________________
(1)  For the year ended September 30, 2022, the Company recognized $3,334,000 in
interest income on cash payments received from borrowers on non-accrual loans.
The Company would have recognized interest income of $1,330,000 for the same
period had these loans performed according to their original contract terms. The
recognized interest income may include more than twelve months of interest for
some of the non-accrual loans that were brought current or paid off. In addition
to the non-accrual loans reflected in the above table, the Company had
$173,348,000 of loans that were less than 90 days delinquent at September 30,
2022 but were classified as substandard for one or more reasons. If these loans
were deemed non-performing, the Company's ratio of total non-performing assets
and performing restructured loans as a percent of total assets would have
increased to 1.32% at September 30, 2022. For a discussion of the Company's
policy for placing loans on non-accrual status, see   Note A to the Consolidated
Financial Statements included in Item 8 of this report.

Non-performing assets increased 2.1% to $44,554,000, or 0.21% of total assets,
at September 30, 2022, compared to $43,625,000, or 0.22% of total assets, at
September 30, 2021. The increase was primarily a result of $2,785,000 higher
non-accrual loans partially offset by a $1,537,000 decline in real estate owned.
Other property owned of $3,353,000 as of September 30, 2022 is comprised
entirely of a government guarantee related to equipment obtained via a
commercial loan foreclosure.

TDRs declined to $56,817,000 as of September 30, 2022, from $65,128,000 as of
September 30, 2021. As of September 30, 2022, $55,823,000 or 98.3% of TDRs were
performing. Non-performing TDRs of $994,000 are included in NPAs. Total NPAs
                                       45

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS
and performing TDRs as a percent of total assets has declined to 0.48% as of
September 30, 2022, from 0.55% as of September 30, 2021. During 2022, there were
TDR additions of $5,950,000 and reductions of $14,261,000 due to prepayments and
transfers to REO. As of September 30, 2022, 82.5% of TDRs are comprised of
single-family residential loans.

As of September 30, 2022, real estate owned totaled $6,667,000, a decrease of
$1,537,000, or 18.7%, from $8,204,000 as of September 30, 2021, primarily due to
sales of REO properties partially offset by new REO additions. During 2022, the
Company sold real estate owned properties for total net proceeds of $6,978,000.
The majority of REO properties are former bank premises that are expected to be
sold.

The ratio of allowance for loan losses to outstanding loans decreased to 500% from September 30, 2022from 540% at September 30, 2021.

                                       46

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

CHANGES IN THE FINANCIAL SITUATION

Cash and cash equivalents: Cash and cash equivalents decreased to $683,965,000
at September 30, 2022, as compared to $2,090,809,000 at September 30, 2021. The
change was primarily due to funding growth in the loan portfolio of
$2,279,994,000 partially offset by the $487,458,000 increase in customer
accounts and $405,000,000 increase in FHLB borrowings.

Available-for-sale investment securities: Available-for-sale securities
decreased $87,222,000, or 4.1%, during the year ended September 30, 2022, to
$2,051,037,000, primarily due to a $123,077,000 decline in the value of
available-for-sale securities, principal repayments of $510,156,000 and sales of
$5,020,000, partially offset by purchases of $587,942,000. As of September 30,
2022, the Company had a net unrealized loss on available-for-sale securities of
$111,700,000, which is recorded net of tax as part of shareholders' equity.

Substantially all of the Company's 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 remaining securities are issued
by highly-rated municipalities or corporate borrowers. The Company does not
believe that any of its available-for-sale debt securities have credit loss
impairment as of September 30, 2022, therefore, no allowance was recorded. 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.

Held-to-maturity investment securities: Held-to-maturity securities increased by
$97,274,000 to $463,299,000, or 26.6%, during the year ended September 30, 2022,
primarily due to purchases of $195,357,000 partially offset by principal
repayments and maturities of $95,326,000. There were no held-to-maturity
securities sold during the year ended September 30, 2022. Rising interest rates
may cause these securities to be subject to unrealized losses. As of September
30, 2022, the net unrealized loss on held-to-maturity securities was
$56,439,000, which management attributes to the change in interest rates since
acquisition.

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. The Company did not record an
allowance for credit losses for held-to-maturity securities as of September 30,
2022 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 table below presents the portfolios of securities available for sale and held for investment purposes classified by maturity band.

                                             Amortized
      September 30, 2022                       Cost          Weighted 

Average yield

                                                       ($ in thousands)
      Due in less than 1 year              $    75,000                     

3.74%

      Due after 1 year through 5 years         214,341                     

3.50

      Due after 5 years through 10 years       358,617                     
 3.05
      Due after 10 years                     1,978,078                       3.27
                                           $ 2,626,036                       3.28  %


For more information on our investment portfolio, see Note C to the consolidated financial statements under “Item 8. Financial statements and supplementary data” of this report.

Loans receivable: Loans receivable, net of related contra accounts, increased
$2,279,994,000, or 16.5%, to $16,113,564,000 at September 30, 2022, from
$13,833,570,000 one year earlier. The increase resulted primarily from
originations of $8,736,193,000 and loan purchases of $564,584,000, partially
offset by loan repayments of $6,194,448,000 and a $773,187,000 increase to
loans-in-process during the year ended September 30, 2022. Commercial loan
originations accounted for 77.7% of
                                       47

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

total originations and consumer originations were 22.3% as the company continued to focus on commercial lending, coupled with growing economies in all major markets in which we operate.

The following table presents loan balances by category and the year-over-year
change.

                                                 September 30, 2022                     September 30, 2021                         Change
                                                  ($ in thousands)                       ($ in thousands)                     $              %
Gross loans by category
Commercial loans
  Multi-family                            $        2,645,801       13.6  %       $        2,291,477       14.1  %       $   354,324        15.5%
  Commercial real estate                           3,133,660       16.2                   2,443,845       15.0              689,815        28.2
  Commercial & industrial (1)                      2,350,984       12.1                   2,314,654       14.2               36,330         1.6
  Construction                                     3,784,388       19.5                   2,888,214       17.7              896,174        31.0
  Land - acquisition & development                   291,301        1.5                     222,457        1.4               68,844        30.9
    Total commercial loans                        12,206,134       63.1                  10,160,647       62.3            2,045,487        20.1
Consumer loans
Single-family residential                          5,771,862       29.8                   4,951,627       30.4              820,235        16.6
Construction - custom                                974,652        5.0                     783,221        4.8              191,431        24.4
Land - consumer lot loans                            153,240        0.8                     149,956        0.9                3,284         2.2
  HELOC                                              203,528        1.0                     165,989        1.0               37,539        22.6
  Consumer                                            75,543        0.4                      87,892        0.5              (12,349)      (14.1)
    Total consumer loans                           7,178,825       36.9                   6,138,685       37.7            1,040,140        16.9
Total gross loans                                 19,384,959        100  %               16,299,332        100  %         3,085,627        18.9%
  Less:
   Allowance for loan losses                         172,808                                171,300                           1,508         0.9
   Loans in process                                3,006,023                              2,232,836                         773,187        34.6
   Net deferred fees, costs and discounts             92,564                                 61,626                          30,938        50.2
Total loan contra accounts                         3,271,395                              2,465,762                         805,633        32.7
Net loans                                 $       16,113,564                     $       13,833,570                     $ 2,279,994        16.5%

(1) Includes $10,237,000 SBA Payroll Protection Program loans to September 30, 2022.

                                       48

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

The following table summarizes the Company’s loan portfolio, due for the periods indicated based on contractual terms until maturity or repricing.

                                                             Less than              1 to 5              5 to 15              After 15
September 30, 2022                        Total                1 Year               Years                Years                Years
                                                                     (In thousands)
Commercial loans
 Multi-family                        $  2,626,479          $   804,188          $   844,632          $   943,280          $    34,379
 Commercial real estate                 3,111,112            1,178,997              833,770            1,088,338               10,007
 Commercial & industrial                2,343,403            1,363,572              519,991              395,508               64,332
 Construction                           1,423,891            1,190,975               52,986              172,793                7,137
 Land - acquisition & development         223,616              210,088               11,237                2,291                    -
  Total commercial loans                9,728,501            4,747,820            2,262,616            2,602,210              115,855
Consumer loans
 Single-family residential              5,726,979               65,329               38,782              385,768            5,237,100
 Construction - custom                    397,343                    -                    -                3,306              394,037
 Land - consumer lot loans                151,945               26,585               25,113                9,634               90,613
 HELOC                                    206,033              205,811                  145                   77                    -
 Consumer                                  75,571               31,452                2,379               34,309                7,431
  Total consumer loans                  6,557,871              329,177               66,419              433,094            5,729,181
                                     $ 16,286,372          $ 5,076,997          $ 2,329,035          $ 3,035,304          $ 5,845,036



The contractual loan payment period for residential mortgage loans originated by
the Company normally ranges from 15 to 30 years. Experience during recent years
has indicated that, because of prepayments in connection with refinancing and
sales of property, residential loans typically have a weighted average life of
approximately five years.
                                       49

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS


The following tables provide information regarding loans receivable by loan
class and geography.

                                                                                                          Single -
                             Multi-       Commercial       Commercial                        Land -        Family       Construction -      Land -
   September 30, 2022        family      Real Estate     and Industrial    Construction      A & D      Residential         custom         Lot Loans     Consumer      HELOC          Total
                                                                                                     (In thousands)
Washington               $   283,434    $   492,925    $       964,779    $ 

270 403 $68,403 $2,787,331 $220,476 $84,514 $111,276 $31,472 $5,315,013
Oregon

                       500,748        383,981            240,020         156,781       54,767        817,868             39,884        15,912       26,091          387       2,236,439
Arizona                      583,341        537,134            123,129         249,684       15,883        720,414             47,847        21,998       22,570          291       2,322,291
Utah                         285,807        265,358             95,718         370,829       29,853        448,050             34,451         5,299       11,294       11,709       1,558,368
Texas                        423,277        650,279            576,134         184,670       23,218        147,709              2,131           207        2,908           25       2,010,558
New Mexico                   153,519        237,446             18,261          62,062        9,470        193,004             11,518         3,212       10,681          664         699,837
Idaho                        122,474        204,419             23,558          50,491       16,413        342,086             27,230        14,461       14,291           57         815,480
Nevada                       143,749        157,897             47,409          39,782        5,609        252,109             13,806         6,342        6,922       11,833         685,458
Other                        130,130        181,673            254,395          39,189            -         18,408                  -             -    

– 19,133,642,928

                         $ 2,626,479    $ 3,111,112    $     2,343,403    $ 

1,423,891 $223,616 $5,726,979 $397,343 $151,945 $206,033 $75,571 $16,286,372


Percentage by geographic area
                                                                                                                          Single -
  September 30,       Multi-          Commercial             Commercial                                  Land -            Family             Construction -            Land -
      2022            family         Real Estate           and Industrial          Construction          A & D          Residential              
custom              Lot Loans          Consumer          HELOC           Total
                                                                                                               As % of total gross loans
Washington                1.7  %               3.0  %                   5.9  %                1.7  %         0.4  %              17.1  %                   1.3  %             0.5  %            0.7  %         0.2  %         32.5  %
Oregon                    3.1                  2.3                      1.5                   1.0            0.4                  5.0                      0.2                0.1               0.2              -            13.8
Arizona                   3.6                  3.3                      0.8                   1.5            0.1                  4.4                      0.3                0.2               0.1              -            14.3
Utah                      1.7                  1.6                      0.6                   2.3            0.2                  2.8                      0.2                  -               0.1            0.1             9.6
Texas                     2.6                  4.0                      3.5                   1.1            0.1                  0.9                        -                  -                 -              -            12.2
New Mexico                0.9                  1.5                      0.1                   0.4            0.1                  1.2                      0.1                  -               0.1              -             4.4
Idaho                     0.8                  1.3                      0.1                   0.3            0.1                  2.1                      0.2                0.1               0.1              -             5.1
Nevada                    0.9                  1.0                      0.3                   0.2              -                  1.6                      0.1                  -                 -            0.1             4.2
Other                     0.8                  1.1                      1.6                   0.2              -                  0.1                        -                  -                 -            0.1             3.9
                         16.1  %              19.1  %                  14.4  %                8.7  %         1.4  %              35.2  %                   2.4  %             0.9  %            1.3  %         0.5  %          100  %

Percentage by geographical area in % of each type of loan

                                                                                                                          Single -
 September 30,       Multi-           Commercial            Commercial                                  Land -             Family            Construction -            Land -
      2022           family          Real Estate          and Industrial          Construction           A & D          Residential              custom
             Lot Loans          Consumer           HELOC
                                                                                                      As % of total gross loans
Washington               10.8  %              15.8  %                 41.2  %               19.0  %         30.6  %              48.6  %                 55.5  %            55.6  %           54.0  %         41.6  %
Oregon                   19.1                 12.3                    10.2                  11.0            24.5                 14.3                    10.0               10.5              12.7             0.5
Arizona                  22.2                 17.3                     5.3                  17.5             7.1                 12.6                    12.0               14.5              10.9             0.4
Utah                     10.9                  8.5                     4.1                  26.0            13.4                  7.8                     8.7                3.5               5.5            15.5
Texas                    16.1                 20.9                    24.6                  13.0            10.4                  2.6                     0.5                0.1               1.4               -
New Mexico                5.8                  7.6                     0.8                   4.4             4.2                  3.4                     2.9                2.1               5.2             0.9
Idaho                     4.7                  6.6                     1.0                   3.5             7.3                  6.0                     6.9                9.5               6.9             0.1
Nevada                    5.5                  5.1                     2.0                   2.8             2.5                  4.4                     3.5                4.2               3.4            15.7
Other                     4.9                  5.9                    10.8                   2.8               -                  0.3                       -                  -                 -            25.3
                          100  %               100  %                  100  %                100  %          100  %               100  %                  100  %             100  %            100  %          100  %


                                       50

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

The following table shows the change in the geographic distribution by state of
the loan portfolio since the prior year.
September 30,       2022     2021    Change
Washington         32.5  %  36.1  %  (3.6)
Oregon             13.8     15.9     (2.1)
Arizona            14.3     11.9      2.4
Utah                9.6      8.0      1.6
Texas              12.2     10.1      2.1
New Mexico          4.4      4.6     (0.2)
Idaho               5.1      5.1        -
Nevada              4.2      4.0      0.2
Other (1)           3.9      4.3     (0.4)
                    100  %   100  %

(1) Includes loans originating outside of our eight states.

CARES Act and PPP Program: Pursuant to the Coronavirus Aid, Relief, and Economic
Security Act ("CARES Act") passed by Congress, the Company offered payment
deferrals on consumer loans and commercial loans. The Company also made loans to
small businesses through the Small Business Administration Paycheck Protection
Program. For further information on these activities, see   Note D to the
Consolidated Financial Statements in "Item 8. Financial Statements and
Supplementary Data"   of this report.

Allowance for Credit Losses: For further details, see the “Allowance for Credit Losses” section earlier in this report.

Non-Performing Assets: For more details, see the “Quality of Assets” section above in this report.

Restructured Distressed Debt (“TDR”) Loans: For further details, see the “Asset Quality” section above in this report.

Real estate owned: For more details, see the “Quality of Assets” section above in this report.

Interest receivable: Interest receivable was $63,872,000 as of September 30,
2022, an increase of $13,236,000, or 26.1%, since September 30, 2021. The
increase was primarily a result of a 16.5% increase in loans receivable and the
increase in interest rates.

Bank Owned Life Insurance: Bank-owned life insurance increased to $237,931,000
as of September 30, 2022 from $233,263,000 as of September 30, 2021, primarily
as a result of increases in the cash surrender value of the policies. The
investments in bank-owned life insurance serve to assist in funding growing
employee benefit costs.

Intangible assets: The Company’s intangible assets total $309,009,000 at
September 30, 2022 compared to $310,019,000 of the September 30, 2021. The balance at September 30, 2022 is made of $303,457,000 goodwill and the unamortized balance of the base deposit and other intangible assets of $5,552,000.

Customer accounts: As of September 30, 2022, customer deposits totaled
$16,029,570,000 compared with $15,542,112,000 at September 30, 2021, a
$487,458,000, or 3.1%, increase. During 2022, the Company was able to increase
transaction accounts by $583,502,000 or 4.8% while time deposits decreased by
$96,044,000 or 2.8%.

                                       51

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS
The following table shows customer deposits by account type.
($ in thousands)                                          September 30, 2022                                                        September 30, 2021
                                   Deposit Account        As a % of Total              Weighted              Deposit Account        As a % of Total              Weighted
                                       Balance                Deposits               Average Rate                Balance                Deposits               Average Rate
Non-interest checking             $    3,266,734                   20.4  %                       -  %       $    3,122,397                   20.1  %                       -  %
Interest checking                      3,497,795                   21.8                       0.90               3,566,322                   22.9                       0.20
Savings                                1,059,093                    6.6                       0.13               1,039,336                    6.7                       0.11
Money market                           4,867,905                   30.4                       0.49               4,379,970                   28.2                       0.19
Time deposits                          3,338,043                   20.8                       0.74               3,434,087                   22.1                       0.54
Total                             $   16,029,570                    100  %                    0.51  %       $   15,542,112                    100  %                    0.23  %




The following table shows the geographic distribution by state for customer
deposits.
($ in thousands)                         September 30, 2022                   September 30, 2021            $ Change        % Change
Washington                      $        7,209,123           45.0  % $        6,742,208           43.4  % $ 466,915                6.9  %
Oregon                                   2,878,933           18.0             3,006,222           19.3     (127,289)              (4.2) %
Arizona                                  1,625,957           10.1             1,551,671           10.0       74,286                4.8  %
New Mexico                               1,363,525            8.5             1,292,965            8.3       70,560                5.5  %
Idaho                                    1,052,550            6.6             1,067,834            6.9      (15,284)              (1.4) %
Utah                                       802,635            5.0             1,027,317            6.6     (224,682)             (21.9) %
Nevada                                     534,655            3.3               522,988            3.4       11,667                2.2  %
Texas                                      562,192            3.5               330,907            2.1      231,285               69.9  %
                                $       16,029,570            100  % $       15,542,112            100  % $ 487,458                3.1  %



The following table shows, by different interest rate categories, the amount of fixed rate term deposits maturing during the periods indicated.

                                                                                       Maturing in
                                1 to 3              4 to 6            7 to 12            13 to 24           25 to 36          37 to 60
September 30, 2022              Months              Months             Months             Months             Months            Months              

Total

                                                                                     (In thousands)
Fixed-rate time deposits:
Under 1.00%                 $   921,215          $ 805,638          $ 762,799          $ 104,030          $  42,473          $ 69,058          $ 2,705,213
1.00% to 1.99%                   16,134              1,300                  -            223,747             63,520                 -              304,701
2.00% to 2.99%                   70,386            159,584             47,882             50,000                  -                 -              327,852
3.00% to 3.99%                        -                277                  -                  -                  -                 -                  277

Total                       $ 1,007,735          $ 966,799          $ 810,681          $ 377,777          $ 105,993          $ 69,058          $ 3,338,043



Historically, a significant number of time deposit account holders roll over
their balances into new time deposits of the same term at the Bank's then
current rate. To ensure a continuity of this trend, the Bank expects to continue
to offer market rates of interest. The ability to retain maturing time deposits
is difficult to project; however, the Bank believes that by competitively
pricing these certificates, levels deemed appropriate by management can be
achieved on a continuing basis.

At September 30, 2022, the Bank had $804,410,000 of time deposits in amounts of
$250,000 or more outstanding, maturing as follows: $232,735,000 within 3 months;
$277,930,000 over 3 months through 6 months; $167,565,000 over 6 months through
12 months; and $126,180,000 thereafter.

Time deposits with a maturity of one year or less have penalties for premature
withdrawal equal to 90 days of interest. When the maturity is greater than one
year but less than four years, the penalty is 180 days of interest. When the
maturity is
                                       52

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

greater than four years, the penalty is 365 days of interest. Early withdrawal
penalty fee income for the years ended 2022, 2021 and 2020 amounted to $267,000,
$198,000 and $539,000, respectively.

For details of customer accounts, including uninsured deposits, see

Note K to the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data” of this report.

FHLB advances: FHLB advances increased to $2,125,000,000 as of September 30,
2022, as compared to $1,720,000,000 at September 30, 2021. Strong growth in in
loans receivable were partially funded by new FHLB borrowings. The weighted
average rate for FHLB borrowings was 2.02% as of September 30, 2022, versus
1.51% at September 30, 2021, the increase being primarily due to higher rates on
new short-term borrowings. The Company has entered into interest rate swaps to
hedge interest rate risk and convert certain FHLB advances to fixed rate
payments. Taking into account these hedges, the weighted average effective
maturity of FHLB advances at September 30, 2022 is 3.25 years.

                                       53

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

RESULTS OF OPERATIONS

COMPARISON OF 2022 RESULTS WITH 2021

Net Income: Net income increased $52,715,000, or 28.7%, to $236,330,000 for the
year ended September 30, 2022, as compared to $183,615,000 for the year ended
September 30, 2021. The change was due to the factors described below.

Net Interest Income: For the year ended September 30, 2022, net interest income
was $594,589,000, an increase of $89,480,000 or 17.7% from the year ended
September 30, 2021. The increase in net interest income from the prior year was
primarily due to average interest-earning assets increasing by $776,307,000 or
4.3% while average interest-bearing liabilities increased by $273,037,000 or
1.9%. During 2022, the average balance of loans receivable increased
$1,873,469,000 or 14.2%, while the combined average balances of mortgage backed
securities, other investment securities and cash decreased by $1,061,655,000 or
22.6%. Average noninterest-bearing deposits grew by $569,347,000 over the same
period. The change in net interest income was also impacted by the average rate
earned on interest-earning assets increasing by 26 basis points while the
average rate paid on interest-bearing liabilities declined by 11 basis points.

Rate/volume analysis

The table below sets forth certain information regarding changes in interest
income and interest expense of the Company for the years indicated. 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 average 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.

                                                                                                  Twelve Months Ended September 30,
                                                    2022 vs. 2021                                           2021 vs. 2020                                           2020 vs. 2019
                                             Increase (Decrease) Due to                              Increase (Decrease) Due to                              Increase (Decrease) Due to
                                     Volume              Rate              Total             Volume              Rate              Total            Volume              Rate              Total
                                                   (In thousands)                                          (In thousands)                                          (In thousands)
Interest income:
Loan portfolio                    $  74,710          $ (10,778)         $ 63,932          $  40,365          $ (48,413)         $ (8,048)         $ 21,197          $ (43,585)         $ (22,388)
Mortgage-backed securities           (3,101)             4,725             1,624            (16,011)            (8,593)          (24,604)          (13,094)           (12,079)           (25,173)
Investments (1)                      (9,347)            18,540             9,193             18,824            (15,827)            2,997            19,566            (22,206)            (2,640)
All interest-earning assets          62,262             12,487            74,749             43,178            (72,833)          (29,655)           27,669            (77,870)           (50,201)
Interest expense:
Customer accounts                     2,170             (1,442)              728             11,184            (69,183)          (57,999)            9,781            (31,685)           (21,904)
FHLB advances and other
borrowings                           (9,002)            (6,457)          (15,459)            (6,003)            (1,254)           (7,257)              (35)           (16,710)           (16,745)
All interest-bearing liabilities     (6,832)            (7,899)          (14,731)             5,181            (70,437)          (65,256)            9,746            (48,395)           (38,649)
Change in net interest income     $  69,094          $  20,386          $ 89,480          $  37,997          $  (2,396)         $ 35,601          $ 17,923          $ (29,475)         $ (11,552)


___________________

(1) Includes interest on cash equivalents and dividends on FHLB shares of
monks and FRB of San Francisco.

Provision (Release) for Credit Losses: The Company recorded a provision for
credit losses of $3,000,000 in 2022, compared to a provision of $500,000 for
2021. In 2022, provisioning for net growth in unfunded commitments and the loan
portfolio was mostly offset by improvements in the credit quality of certain
loan portfolios related to strong real estate markets and collateral conditions.
For the year ended September 30, 2022, net recoveries were $3,508,000, compared
to $6,345,000 in the prior year.

                                       54

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS
Other Income: Other income was $66,372,000 for the year ended September 30,
2022, an increase of $5,811,000, or 9.6%, from $60,561,000 for the year ended
September 30, 2021. The increase is primarily due to unrealized gains recorded
for certain equity investments being $3,555,000 higher in the year ended
September 30, 2022.

Other Expense: Operating expense was $358,575,000 for the year ended September
30, 2022, an increase of $26,116,000, or 7.9%, from the $332,459,000 for the
year ended September 30, 2021. Compensation and benefits costs increased
$17,811,000 or 10.1% year-over-year primarily due to annual merit increases,
higher bonus compensation accruals related to strong deposit and loan growth,
and strategic investments in top talent as well as contract staff to support
strategic projects. Information technology costs increased by $4,465,000 in 2022
as compared to 2021 as we continue to execute becoming a digital first bank. The
Company's efficiency ratio was 54.3% for 2022 as compared to 58.8% for the prior
year. The number of staff, including part-time employees on a full-time
equivalent basis, was 2,132 and 2,082 at September 30, 2022 and 2021,
respectively. Total operating expense for the years ended September 30, 2022,
and 2021 were 1.78% and 1.72%, respectively, of average assets.
Gain (Loss) on Real Estate Owned: Net gain on real estate owned was $651,000 for
the year ended September 30, 2022, compared to a net gain of $427,000 for the
year ended September 30, 2021. This amount includes ongoing maintenance expense,
periodic valuation adjustments, and gains (losses) on sales of REO.

Income Tax Expense: Income tax expense was $63,707,000 for the year ended
September 30, 2022, an increase of $14,184,000, or 28.6%, from the $49,523,000
for the year ended September 30, 2021. The increase is mostly due to a 28.7%
increase in pre-tax income. The effective tax rate for 2022 was 21.23% as
compared to 21.24% for the year ended September 30, 2021. The effective tax rate
of 21.23% for 2022 differs from the statutory rate of 21% mainly due to the
effects of state taxes, tax exempt income, tax credit investments and certain
differences in book and tax deductions.




COMPARISON OF 2021 RESULTS WITH 2020

For management's review of the factors that affected our results of operations
for the years ended September 30, 2021 and 2020 refer to our Annual Report on
Form 10-K for the year ended September 30, 2021, which was filed with the
Securities and Exchange Commission on November 19, 2021.
                                       55

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

CASH AND CAPITAL RESOURCES

The principal sources of funds for the Company's activities are loan repayments
(including prepayments), net deposit inflows, borrowings, repayments and sales
of investments 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.

The Company's shareholders' equity at September 30, 2022, was $2,274,260,000, or
10.95% of total assets, as compared to $2,126,064,000, or 10.82% of total
assets, at September 30, 2021. The Company's shareholders' equity was impacted
in the year by net income of $236,330,000, the payment of $61,576,000 in common
stock dividends, payment of $14,625,000 in preferred stock dividends, $3,260,000
of treasury stock purchases, as well as other comprehensive loss of $17,304,000.
The Company paid out 28.0% of its 2022 earnings in cash dividends to common
shareholders, compared with 38.1% last year. For the year ended September 30,
2022, the Company returned 27.4% of net income to shareholders in the form of
cash dividends and share repurchases as compared to 226% for the year ended
September 30, 2021. 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. The Company's share repurchase
program may be modified, suspended or terminated at any time, and the timing and
amount of share repurchases is subject to market conditions and the market price
of the Company's common stock, as well as other factors.

The Bank has a credit line with the FHLB up to 45% of total assets depending on
specific collateral eligibility. This line provides a substantial source of
additional liquidity if needed. Based on collateral pledged as of September 30,
2022, the Bank had $3,564,720,000 of additional borrowing capacity at the FHLB.

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 advance 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.

The Company's cash and cash equivalents were $683,965,000 at September 30, 2022,
which is a 67.3% decrease from the balance of $2,090,809,000 as of September 30,
2021. The change was primarily due to funding growth in the loan portfolio of
$2,279,994,000 partially offset by the $487,458,000 increase in customer
accounts and $405,000,000 increase in FHLB borrowings. See "Changes in Financial
Condition" above and the "Statement of Cash Flows" included in the financial
statements for additional details regarding this change.
                                       56

————————————————– ——————————

MANAGEMENT REPORT ON THE FINANCIAL SITUATION AND RESULTS OF

                                   OPERATIONS

The following table presents the Company's significant fixed and determinable
contractual obligations, within the categories described below, by contractual
maturity or payment amount.

                                                     Less than         1 to 5        Over 5
September 30, 2022                   Total             1 Year           Years         Years
                                                        (In thousands)
Customer accounts (1)            $ 16,029,570      $ 15,476,743      $ 552,827      $     -
Debt obligations (2)                2,125,000         2,025,000        100,000            -
Operating lease obligations            30,695             6,215         16,697        7,783
                                 $ 18,185,265      $ 17,507,958      $ 669,524      $ 7,783

(1) Includes non-mature customer transaction accounts. (2) Represents the contractual maturities of FHLB advances. Taking into account cash flow hedges, the weighted average effective duration of FHLB advances at
September 30, 2022 is 3.25 years.

These obligations are included in the consolidated statements of financial position. The payment amounts for operating lease obligations represent the amounts contractually due.

                                       57

————————————————– ——————————

© Edgar Online, source Previews

About The Author

Related Posts