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    Banner Corporation Reports Net Income of $39.8 Million, or $1.15 Per Diluted Share, for Second Quarter 2024; Declares Quarterly Cash Dividend of $0.48 Per Share

    7/17/24 4:00:00 PM ET
    $BANR
    Major Banks
    Finance
    Get the next $BANR alert in real time by email

    Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $39.8 million, or $1.15 per diluted share, for the second quarter of 2024, compared to $37.6 million, or $1.09 per diluted share, for the preceding quarter and $39.6 million, or $1.15 per diluted share, for the second quarter of 2023. Net interest income was $132.5 million in the second quarter of 2024, compared to $133.0 million in the preceding quarter and $142.5 million in the second quarter a year ago. The decrease in net interest income compared to the preceding quarter and prior year quarter reflects an increase in funding costs, partially offset by an increase in yields on earning assets. Banner's second quarter 2024 results included a $562,000 net loss on the sale of securities, compared to a $4.9 million net loss on the sale of securities in the preceding quarter and a $4.5 million net loss on the sale of securities in the second quarter of 2023. Banner's second quarter 2024 results also included a $2.4 million provision for credit losses, compared to a $520,000 provision for credit losses in the preceding quarter and a $6.8 million provision for credit losses in the second quarter of 2023. Net income was $77.4 million, or $2.24 per diluted share, for the six months ended June 30, 2024, compared to net income of $95.1 million, or $2.76 per diluted share, for the six months ended June 30, 2023. Banner's results for the six months ended June 30, 2024 include a $2.9 million provision for credit losses, a $5.5 million net loss on the sale of securities and a $1.2 million net decrease in the fair value adjustments on financial instruments carried at fair value, compared to a $6.2 million provision for credit losses, an $11.8 million net loss on the sale of securities and a $3.7 million net decrease in the fair value adjustments on financial instruments carried at fair value during the same period in 2023.

    Banner announced that its Board of Directors declared a regular quarterly cash dividend of $0.48 per share. The dividend will be payable August 16, 2024, to common shareholders of record on August 6, 2024.

    "Banner's second quarter operating results reflect the continued successful execution of our super community bank strategy, which emphasizes strong relationship banking and a moderate risk profile," said Mark Grescovich, President and CEO. "Our earnings for the second quarter of 2024 benefited from solid growth in loans and higher yields on interest-earning assets. The continued high interest rate environment and its effect on funding costs, however, resulted in moderate compression in our net interest margin during the quarter. We continue to maintain strong credit quality metrics and a solid reserve for potential credit losses. Additionally, we continue to benefit from a strong core deposit base that has been resilient in a highly competitive environment, with core deposits representing 88% of total deposits at quarter end. Banner has upheld its core values for the past 133 years, which are to do the right thing for our clients, communities, colleagues, company and shareholders; and to provide consistent and reliable strength through all economic cycles and change events."

    At June 30, 2024, Banner, on a consolidated basis, had $15.82 billion in assets, $10.99 billion in net loans and $13.08 billion in deposits. Banner operates 135 full-service branch offices, including branches located in eight of the top 20 largest western Metropolitan Statistical Areas by population.

    Second Quarter 2024 Highlights

    • Revenue was $149.7 million for the second quarter of 2024, compared to $144.6 million in the preceding quarter and $150.9 million in the second quarter a year ago.
    • Adjusted revenue* (the total of net interest income and total non-interest income adjusted for the net gain or loss on the sale of securities and the net change in valuation of financial instruments) was $150.5 million in the second quarter of 2024, compared to $150.4 million in the preceding quarter and $158.6 million in the second quarter a year ago.
    • Net interest income was $132.5 million in the second quarter of 2024, compared to $133.0 million in the preceding quarter and $142.5 million in the second quarter a year ago.
    • Net interest margin, on a tax equivalent basis, was 3.70%, compared to 3.74% in the preceding quarter and 4.00% in the second quarter a year ago.
    • Mortgage banking operations revenue was $3.0 million for the second quarter of 2024, compared to $2.3 million in the preceding quarter and $1.7 million in the second quarter a year ago.
    • Return on average assets was 1.02%, compared to 0.97% in the preceding quarter and 1.02% in the second quarter a year ago.
    • Net loans receivable increased 3% to $10.99 billion at June 30, 2024, compared to $10.72 billion at March 31, 2024, and increased 6% compared to $10.33 billion at June 30, 2023.
    • Non-performing assets were $33.3 million, or 0.21% of total assets, at June 30, 2024, compared to $29.9 million, or 0.19% of total assets, at March 31, 2024 and $28.7 million, or 0.18% of total assets, at June 30, 2023.
    • The allowance for credit losses - loans was $152.8 million, or 1.37% of total loans receivable, as of June 30, 2024, compared to $151.1 million, or 1.39% of total loans receivable, as of March 31, 2024 and $144.7 million, or 1.38% of total loans receivable, as of June 30, 2023.
    • Total deposits decreased to $13.08 billion at June 30, 2024, compared to $13.16 billion at March 31, 2024 and $13.10 billion at June 30, 2023.
    • Core deposits represented 88% of total deposits at June 30, 2024.
    • Available borrowing capacity was $4.73 billion at June 30, 2024, compared to $5.05 billion at March 31, 2024.
    • On-balance sheet liquidity was $2.83 billion at June 30, 2024, compared to $2.77 billion at March 31, 2024.
    • Dividends paid to shareholders were $0.48 per share in the quarter ended June 30, 2024.
    • Common shareholders' equity per share increased 1% to $49.07 at June 30, 2024, compared to $48.39 at the preceding quarter end, and increased 9% from $44.91 at June 30, 2023.
    • Tangible common shareholders' equity per share* increased 2% to $38.12 at June 30, 2024, compared to $37.40 at the preceding quarter end, and increased 13% from $33.83 at June 30, 2023.

    *Non-GAAP (Generally Accepted Accounting Principles) financial measure; See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    Income Statement Review

    Net interest income was $132.5 million in the second quarter of 2024, compared to $133.0 million in the preceding quarter and $142.5 million in the second quarter a year ago. Net interest margin on a tax equivalent basis decreased four basis points to 3.70% for the second quarter of 2024, compared to 3.74% in the preceding quarter, and decreased compared to 4.00% in the second quarter a year ago. Net interest margin for the current quarter was impacted by increased funding costs reflecting the persistent high interest rate environment, partially offset by increased yields on loans due to new loans being originated at higher interest rates and adjustable rate loans repricing higher.

    Average yields on interest-earning assets increased nine basis points to 5.25% for the second quarter of 2024, compared to 5.16% for the preceding quarter, and increased compared to 4.80% in the second quarter a year ago. Average loan yields increased nine basis points to 5.96%, compared to 5.87% in the preceding quarter, and increased compared to 5.51% in the second quarter a year ago. The increase in average yields, especially loans, during the current quarter reflects the benefit of originating new loans at higher interest rates as well as adjustable rate loans repricing higher. Total deposit costs increased 13 basis points to 1.50% in the second quarter of 2024, compared to 1.37% in the preceding quarter, and compared to 0.64% in the second quarter a year ago. The increase in deposit costs was due to a larger percentage of core deposits being in interest bearing accounts as well as an increase in the mix of higher cost retail CDs. The average rate paid on borrowings increased nine basis points to 5.07% in the second quarter of 2024, compared to 4.98% in the preceding quarter, and compared to 4.60% in the second quarter a year ago. The total cost of funding liabilities increased 13 basis points to 1.66% during the second quarter of 2024, compared to 1.53% in the preceding quarter, and compared to 0.86% in the second quarter a year ago.

    A $2.4 million provision for credit losses was recorded in the current quarter (comprised of a $2.0 million provision for credit losses - loans, a $430,000 provision for credit losses - unfunded loan commitments and a $14,000 recapture of provision for credit losses - held-to-maturity debt securities). This compares to a $520,000 provision for credit losses in the prior quarter (comprised of a $1.4 million provision for credit losses - loans, an $887,000 recapture of provision for credit losses - unfunded loan commitments and a $17,000 recapture of provision for credit losses - held-to-maturity debt securities) and a $6.8 million provision for credit losses in the second quarter a year ago (comprised of a $3.6 million provision for credit losses - loans, a $1.2 million provision for credit losses - unfunded loan commitments, a $2.0 million provision for credit losses - available for sale securities and a $16,000 recapture of provision for credit losses - held-to-maturity debt securities). The provision for credit losses for the current quarter primarily reflected loan growth and an increase in the reserve for collateral dependent loans. The provision for credit losses for the preceding quarter primarily reflected loan growth in the construction and one- to four-family loan portfolios and was partially offset by a reduction in unfunded loan commitments in the construction portfolio.

    Total non-interest income was $17.2 million in the second quarter of 2024, compared to $11.6 million in the preceding quarter and $8.4 million in the second quarter a year ago. The increase in non-interest income during the current quarter compared to the preceding quarter was primarily due to a $4.3 million decrease in the net loss recognized on the sale of securities. The increase in non-interest income during the current quarter compared to the prior year quarter was primarily due to a $1.3 million increase in mortgage banking operations revenue, a $4.0 million decrease in the net loss recognized on the sale of securities and a $3.0 million decrease in the net loss recognized for fair value adjustments on financial instruments carried at fair value. Total non-interest income was $28.8 million for the six months ended June 30, 2024, compared to $17.7 million for the same period a year earlier.

    Mortgage banking operations revenue was $3.0 million in the second quarter of 2024, compared to $2.3 million in the preceding quarter and $1.7 million in the second quarter a year ago. The volume of one- to four-family loans sold during the current quarter increased compared to the prior year quarter, although overall volumes remained low due to reduced refinancing and purchase activity in the current rate environment. The increase from the preceding quarter included a $284,000 gain related to the sale of $19.8 million of one- to four-family portfolio loans during the second quarter of 2024. The increase from the preceding quarter also reflects an increase in the percentage of loan sold servicing retained. Home purchase activity accounted for 89% of one- to four-family mortgage loan originations in both the second quarter of 2024 and the preceding quarter and 93% in the second quarter of 2023.

    During the second quarter of 2024, non-interest income included a $190,000 net loss for fair value adjustments as a result of changes in the valuation of financial instruments carried at fair value, principally comprised of limited partnership investments, and a $562,000 net loss on the sale of securities, related to a security with a premium that was called early. In the preceding quarter, non-interest income included a $992,000 net loss for fair value adjustments and a $4.9 million net loss on the sale of securities. In the second quarter a year ago, non-interest income included a $3.2 million net loss for fair value adjustments and a $4.5 million net loss on the sale of securities.

    Total non-interest expense was $98.1 million in the second quarter of 2024, compared to $97.6 million in the preceding quarter and $95.4 million in the second quarter of 2023. The increase in non-interest expense for the current quarter compared to the prior quarter reflects a $1.5 million increase in salary and employee benefits, primarily resulting from normal annual salary and wage increases and an increase in loan production related commission expense, partially offset by a $963,000 increase in capitalized loan origination costs, primarily due to increased loan production. The increase in non-interest expense for the current quarter compared to the same quarter a year ago primarily reflects increases in salary and employee benefits and payment and card processing services expense, partially offset by a decrease in professional and legal expenses. For the six months ended June 30, 2024, total non-interest expense was $195.8 million, compared to $190.0 million for the six months ended June 30, 2023. Banner's efficiency ratio was 65.53% for the second quarter of 2024, compared to 67.55% in the preceding quarter and 63.21% in the same quarter a year ago. Banner's adjusted efficiency ratio, a non-GAAP financial measure, was 63.60% for the second quarter of 2024, compared to 63.70% in the preceding quarter and 58.58% in the year ago quarter. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a discussion and reconciliation of non-GAAP financial measures.

    Federal and state income tax expense totaled $9.5 million for the second quarter of 2024 resulting in an effective tax rate of 19.2%, reflecting the benefits from tax exempt income. Banner's statutory income tax rate for the quarter ended June 30, 2024, was 23.7%, representing a blend of the statutory federal income tax rate of 21.0% and apportioned effects of the state income tax rates.

    Balance Sheet Review

    Total assets increased to $15.82 billion at June 30, 2024, compared to $15.52 billion at March 31, 2024, and $15.58 billion at June 30, 2023. Securities and interest-bearing deposits held at other banks totaled $3.27 billion at June 30, 2024, compared to $3.32 billion at March 31, 2024 and $3.64 billion at June 30, 2023. The decrease compared to the prior quarter was primarily due to normal cash flows from the securities portfolio. The average effective duration of the securities portfolio was approximately 6.5 years at June 30, 2024, compared to 6.8 years at June 30, 2023.

    Total loans receivable increased to $11.14 billion at June 30, 2024, compared to $10.87 billion at March 31, 2024, and $10.47 billion at June 30, 2023. One- to four-family residential loans increased 2% to $1.60 billion at June 30, 2024, compared to $1.57 billion at March 31, 2024, and increased 20% compared to $1.34 billion at June 30, 2023. The increase in one- to four-family residential loans was the result of one- to four-family construction loans converting to one- to four-family portfolio loans upon the completion of the construction phase and new loan production, partially offset by the sale of $19.8 million of one- to four-family portfolio loans. Multifamily real estate loans decreased 11% to $717.1 million at June 30, 2024, compared to $809.1 million at March 31, 2024, and increased 2% compared to $699.8 million at June 30, 2023. The decrease in multifamily real estate compared to March 31, 2024 was primarily due to certain affordable housing loans transferring to small balance commercial real estate. The increase in multifamily real estate loans from June 30, 2023 was primarily the result of the conversion of affordable housing multifamily construction loans to the multifamily portfolio upon the completion of the construction phase as well as the transfer of $43.5 million of multifamily loans held for sale to the held for investment loan portfolio in the fourth quarter of 2023, partially offset by the transfer of certain affordable housing loans to small balance commercial real estate. Construction, land and land development loans increased 7% to $1.68 billion at June 30, 2024, compared to $1.57 billion at March 31, 2024, and increased 11% compared to $1.51 billion at June 30, 2023. The increase in construction, land and land development loans was primarily the result of new loan production and advances on multifamily construction loans, primarily related to affordable housing projects. Agricultural business loans increased 5% to $334.6 million at June 30, 2024, compared to $318.0 million at March 31, 2024 and increased 8% compared to $310.1 million at June 30, 2023, primarily due to new loan production and advances on agricultural lines of credit.

    Loans held for sale were $13.4 million at June 30, 2024, compared to $9.4 million at March 31, 2024 and $60.6 million at June 30, 2023. One- to four- family residential mortgage held for sale loans sold in the current quarter totaled $75.0 million, compared to $65.9 million in the preceding quarter and $62.6 million in the second quarter a year ago. The decrease in loans held for sale compared to June 30, 2023 was due to the previously mentioned transfer of multifamily loans held for sale to the held for investment loan portfolio in the fourth quarter of 2023. There were no multifamily loans held for sale at June 30, 2024 or March 31, 2024.

    Total deposits decreased to $13.08 billion at June 30, 2024, compared to $13.16 billion at March 31, 2024 and $13.10 billion a year ago. Core deposits decreased 1% to $11.55 billion at June 30, 2024, compared to $11.67 billion at March 31, 2024, and decreased 2% compared to $11.74 billion at June 30, 2023. The decrease in core deposits primarily reflects clients using deposits for seasonal tax payments. Core deposits were 88% of total deposits at June 30, 2024, compared to 89% of total deposits at March 31, 2024 and 90% of total deposits at June 30, 2023. Certificates of deposit increased 3% to $1.53 billion at June 30, 2024, compared to $1.49 billion at March 31, 2024, and increased 12% compared to $1.36 billion a year earlier. The increase in certificates of deposit during the current quarter compared to the preceding quarter and second quarter a year ago was principally due to clients seeking higher yields moving funds from core deposit accounts to higher yielding certificates of deposit. The increase in certificates of deposit from the second quarter a year ago was partially offset by a $98.3 million decrease in brokered deposits.

    Banner Bank's estimated uninsured deposits were $4.09 billion or 31% of total deposits at June 30, 2024, compared to $4.18 billion or 31% of total deposits at March 31, 2024. The uninsured deposit calculation includes $326.5 million and $316.6 million of collateralized public deposits at June 30, 2024 and March 31, 2024, respectively. Uninsured deposits also include cash held by the holding company of $63.9 million and $113.9 million at June 30, 2024 and March 31, 2024, respectively. Banner Bank's estimated uninsured deposits, excluding collateralized public deposits and cash held at the holding company, were 28% of total deposits at both June 30, 2024 and March 31, 2024.

    Banner had $398.0 million of FHLB advances at June 30, 2024, compared to $52.0 million at March 31, 2024 and $270.0 million a year ago. At June 30, 2024, Banner's off-balance sheet liquidity included additional borrowing capacity of $3.02 billion at the FHLB and $1.59 billion at the Federal Reserve as well as federal funds line of credit agreements with other financial institutions of $125.0 million.

    At June 30, 2024, total common shareholders' equity was $1.69 billion, or 10.69% of total assets, compared to $1.66 billion or 10.73% of total assets at March 31, 2024, and $1.54 billion or 9.90% of total assets at June 30, 2023. The increase in total common shareholders' equity at June 30, 2024 compared to March 31, 2024 was primarily due to a $23.1 million increase in retained earnings as a result of $39.8 million in net income, partially offset by the accrual of $16.7 million of cash dividends during the second quarter of 2024. At June 30, 2024, tangible common shareholders' equity, a non-GAAP financial measure, was $1.31 billion, or 8.51% of tangible assets, compared to $1.29 billion, or 8.50% of tangible assets, at March 31, 2024, and $1.16 billion, or 7.64% of tangible assets, a year ago. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    Banner and Banner Bank continue to maintain capital levels in excess of the requirements to be categorized as "well-capitalized." At June 30, 2024, Banner's estimated common equity Tier 1 capital ratio was 12.02%, its estimated Tier 1 leverage capital to average assets ratio was 10.80%, and its estimated total capital to risk-weighted assets ratio was 14.62%. These regulatory capital ratios are estimates, pending completion and filing of Banner's regulatory reports.

    Credit Quality

    The allowance for credit losses - loans was $152.8 million, or 1.37% of total loans receivable and 498% of non-performing loans, at June 30, 2024, compared to $151.1 million, or 1.39% of total loans receivable and 513% of non-performing loans, at March 31, 2024, and $144.7 million, or 1.38% of total loans receivable and 513% of non-performing loans, at June 30, 2023. In addition to the allowance for credit losses - loans, Banner maintains an allowance for credit losses - unfunded loan commitments, which was $14.0 million at June 30, 2024, compared to $13.6 million at March 31, 2024, and $14.7 million at June 30, 2023. Net loan charge-offs totaled $245,000 in the second quarter of 2024, compared to net loan recoveries of $73,000 in the preceding quarter and net loan charge-offs of $336,000 in the second quarter a year ago. Non-performing loans were $30.7 million at June 30, 2024, compared to $29.5 million at March 31, 2024, and $28.2 million a year ago.

    Substandard loans were $122.0 million at June 30, 2024, compared to $116.1 million at March 31, 2024 and $145.0 million a year ago. The increase from the prior quarter reflects downgrades of loans, partially offset by paydowns and payoffs of substandard loans. The decrease from the prior year quarter primarily reflects paydowns and payoffs of substandard loans as well as risk rating upgrades.

    Total non-performing assets were $33.3 million, or 0.21% of total assets, at June 30, 2024, compared to $29.9 million, or 0.19% of total assets, at March 31, 2024, and $28.7 million, or 0.18% of total assets, a year ago.

    Conference Call

    Banner will host a conference call on Thursday July 18, 2024, at 8:00 a.m. PDT, to discuss its second quarter results. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 005428 to participate in the call. A replay of the call will be available at www.bannerbank.com.

    About the Company

    Banner Corporation is a $15.82 billion bank holding company operating a commercial bank in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com.

    Forward-Looking Statements

    When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the "SEC"), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "may," "believe," "will," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "plans," "potential," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made and based only on information then actually known to Banner. Banner does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These statements may relate to future financial performance, strategic plans or objectives, revenues or earnings projections, or other financial information. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements and could negatively affect Banner's operating and stock price performance.

    Factors that could cause Banner's actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: (1) potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth, or increased political instability due to acts of war; (2) changes in the interest rate environment, including past increases in the Board of Governors of the Federal Reserve System (the "Federal Reserve") benchmark rate and duration at which such increased interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; (3) the impact of continuing elevated inflation and the current and future monetary policies of the Federal Reserve in response thereto; (4) the effects of any federal government shutdown; (5) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (6) expectations regarding key growth initiatives and strategic priorities; (7) the credit risks of lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses, which could necessitate additional provisions for credit losses, resulting both from loans originated and loans acquired from other financial institutions; (8) results of examinations by regulatory authorities, including the possibility that any such regulatory authority may, among other things, require increases in the allowance for credit losses or writing down of assets or impose restrictions or penalties with respect to Banner's activities; (9) competitive pressures among depository institutions; (10) the effect of inflation on interest rate movements and their impact on client behavior and net interest margin; (11) the impact of repricing and competitors' pricing initiatives on loan and deposit products; (12) fluctuations in real estate values; (13) the ability to adapt successfully to technological changes to meet clients' needs and developments in the market place; (14) the ability to access cost-effective funding; (15) disruptions, security breaches or other adverse events, failures or interruptions in, or attacks on, information technology systems or on the third-party vendors who perform critical processing functions; (16) changes in financial markets; (17) changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular; (18) the costs, effects and outcomes of litigation; (19) legislation or regulatory changes, including but not limited to changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, other governmental initiatives affecting the financial services industry and changes in federal and/or state tax laws or interpretations thereof by taxing authorities; (20) changes in accounting principles, policies or guidelines; (21) future acquisitions by Banner of other depository institutions or lines of business; (22) future goodwill impairment due to changes in Banner's business or changes in market conditions; (23) effects of critical accounting policies and judgments, including the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; (24) environmental, social and governance goals and targets; (25) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and (26) other risks detailed from time to time in Banner's other reports filed with and furnished to the Securities and Exchange Commission including Banner's Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.

    RESULTS OF OPERATIONS

     

    Quarters Ended

     

    Six Months Ended

    (in thousands except shares and per share data)

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

     

    Jun 30, 2024

     

    Jun 30, 2023

    INTEREST INCOME:

     

     

     

     

     

     

     

     

     

     

    Loans receivable

     

    $

    161,191

     

     

    $

    156,475

     

     

    $

    140,848

     

     

    $

    317,666

     

     

    $

    274,105

     

    Mortgage-backed securities

     

     

    16,708

     

     

     

    16,934

     

     

     

    18,285

     

     

     

    33,642

     

     

     

    37,263

     

    Securities and cash equivalents

     

     

    11,239

     

     

     

    11,279

     

     

     

    12,676

     

     

     

    22,518

     

     

     

    27,402

     

    Total interest income

     

     

    189,138

     

     

     

    184,688

     

     

     

    171,809

     

     

     

    373,826

     

     

     

    338,770

     

    INTEREST EXPENSE:

     

     

     

     

     

     

     

     

     

     

    Deposits

     

     

    48,850

     

     

     

    44,613

     

     

     

    20,539

     

     

     

    93,463

     

     

     

    29,783

     

    Federal Home Loan Bank (FHLB) advances

     

     

    3,621

     

     

     

    2,972

     

     

     

    5,157

     

     

     

    6,593

     

     

     

    6,421

     

    Other borrowings

     

     

    1,160

     

     

     

    1,175

     

     

     

    771

     

     

     

    2,335

     

     

     

    1,152

     

    Subordinated debt

     

     

    2,961

     

     

     

    2,969

     

     

     

    2,824

     

     

     

    5,930

     

     

     

    5,584

     

    Total interest expense

     

     

    56,592

     

     

     

    51,729

     

     

     

    29,291

     

     

     

    108,321

     

     

     

    42,940

     

    Net interest income

     

     

    132,546

     

     

     

    132,959

     

     

     

    142,518

     

     

     

    265,505

     

     

     

    295,830

     

    PROVISION FOR CREDIT LOSSES

     

     

    2,369

     

     

     

    520

     

     

     

    6,764

     

     

     

    2,889

     

     

     

    6,240

     

    Net interest income after provision for credit losses

     

     

    130,177

     

     

     

    132,439

     

     

     

    135,754

     

     

     

    262,616

     

     

     

    289,590

     

    NON-INTEREST INCOME:

     

     

     

     

     

     

     

     

     

     

    Deposit fees and other service charges

     

     

    10,590

     

     

     

    11,022

     

     

     

    10,600

     

     

     

    21,612

     

     

     

    21,162

     

    Mortgage banking operations

     

     

    3,006

     

     

     

    2,335

     

     

     

    1,686

     

     

     

    5,341

     

     

     

    4,377

     

    Bank-owned life insurance

     

     

    2,367

     

     

     

    2,237

     

     

     

    2,386

     

     

     

    4,604

     

     

     

    4,574

     

    Miscellaneous

     

     

    1,988

     

     

     

    1,892

     

     

     

    1,428

     

     

     

    3,880

     

     

     

    3,068

     

     

     

     

    17,951

     

     

     

    17,486

     

     

     

    16,100

     

     

     

    35,437

     

     

     

    33,181

     

    Net loss on sale of securities

     

     

    (562

    )

     

     

    (4,903

    )

     

     

    (4,527

    )

     

     

    (5,465

    )

     

     

    (11,779

    )

    Net change in valuation of financial instruments carried at fair value

     

     

    (190

    )

     

     

    (992

    )

     

     

    (3,151

    )

     

     

    (1,182

    )

     

     

    (3,703

    )

    Total non-interest income

     

     

    17,199

     

     

     

    11,591

     

     

     

    8,422

     

     

     

    28,790

     

     

     

    17,699

     

    NON-INTEREST EXPENSE:

     

     

     

     

     

     

     

     

     

     

    Salary and employee benefits

     

     

    63,831

     

     

     

    62,369

     

     

     

    61,972

     

     

     

    126,200

     

     

     

    123,361

     

    Less capitalized loan origination costs

     

     

    (4,639

    )

     

     

    (3,676

    )

     

     

    (4,457

    )

     

     

    (8,315

    )

     

     

    (7,888

    )

    Occupancy and equipment

     

     

    12,128

     

     

     

    12,462

     

     

     

    11,994

     

     

     

    24,590

     

     

     

    23,964

     

    Information and computer data services

     

     

    7,240

     

     

     

    7,320

     

     

     

    7,082

     

     

     

    14,560

     

     

     

    14,229

     

    Payment and card processing services

     

     

    5,691

     

     

     

    5,710

     

     

     

    4,669

     

     

     

    11,401

     

     

     

    9,287

     

    Professional and legal expenses

     

     

    1,201

     

     

     

    1,530

     

     

     

    2,400

     

     

     

    2,731

     

     

     

    4,521

     

    Advertising and marketing

     

     

    1,198

     

     

     

    1,079

     

     

     

    940

     

     

     

    2,277

     

     

     

    1,746

     

    Deposit insurance

     

     

    2,858

     

     

     

    2,809

     

     

     

    2,839

     

     

     

    5,667

     

     

     

    4,729

     

    State and municipal business and use taxes

     

     

    1,394

     

     

     

    1,304

     

     

     

    1,229

     

     

     

    2,698

     

     

     

    2,529

     

    Real estate operations, net

     

     

    297

     

     

     

    (220

    )

     

     

    75

     

     

     

    77

     

     

     

    (202

    )

    Amortization of core deposit intangibles

     

     

    724

     

     

     

    723

     

     

     

    991

     

     

     

    1,447

     

     

     

    2,041

     

    Miscellaneous

     

     

    6,205

     

     

     

    6,231

     

     

     

    5,671

     

     

     

    12,436

     

     

     

    11,709

     

    Total non-interest expense

     

     

    98,128

     

     

     

    97,641

     

     

     

    95,405

     

     

     

    195,769

     

     

     

    190,026

     

    Income before provision for income taxes

     

     

    49,248

     

     

     

    46,389

     

     

     

    48,771

     

     

     

    95,637

     

     

     

    117,263

     

    PROVISION FOR INCOME TAXES

     

     

    9,453

     

     

     

    8,830

     

     

     

    9,180

     

     

     

    18,283

     

     

     

    22,117

     

    NET INCOME

     

    $

    39,795

     

     

    $

    37,559

     

     

    $

    39,591

     

     

    $

    77,354

     

     

    $

    95,146

     

    Earnings per common share:

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    1.15

     

     

    $

    1.09

     

     

    $

    1.15

     

     

    $

    2.25

     

     

    $

    2.77

     

    Diluted

     

    $

    1.15

     

     

    $

    1.09

     

     

    $

    1.15

     

     

    $

    2.24

     

     

    $

    2.76

     

    Cumulative dividends declared per common share

     

    $

    0.48

     

     

    $

    0.48

     

     

    $

    0.48

     

     

    $

    0.96

     

     

    $

    0.96

     

    Weighted average number of common shares outstanding:

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    34,488,163

     

     

     

    34,391,564

     

     

     

    34,373,434

     

     

     

    34,439,863

     

     

     

    34,306,853

     

    Diluted

     

     

    34,537,012

     

     

     

    34,521,105

     

     

     

    34,409,024

     

     

     

    34,539,620

     

     

     

    34,435,221

     

    Increase in common shares outstanding

     

     

    60,531

     

     

     

    46,852

     

     

     

    36,087

     

     

     

    107,383

     

     

     

    150,609

     

    FINANCIAL CONDITION

     

     

     

     

     

     

     

     

     

    Percentage Change

    (in thousands except shares and per share data)

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Dec 31, 2023

     

    Jun 30, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

    ASSETS

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and due from banks

     

    $

    195,163

     

     

    $

    168,427

     

     

    $

    209,634

     

     

    $

    229,918

     

     

    15.9

    %

     

    (15.1

    )%

    Interest-bearing deposits

     

     

    52,295

     

     

     

    40,849

     

     

     

    44,830

     

     

     

    51,407

     

     

    28.0

    %

     

    1.7

    %

    Total cash and cash equivalents

     

     

    247,458

     

     

     

    209,276

     

     

     

    254,464

     

     

     

    281,325

     

     

    18.2

    %

     

    (12.0

    )%

    Securities - trading

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    25,659

     

     

    nm

     

    (100.0

    )%

    Securities - available for sale, amortized cost $2,572,544, $2,617,986, $2,729,980 and $2,879,179, respectively

     

     

    2,197,693

     

     

     

    2,244,939

     

     

     

    2,373,783

     

     

     

    2,465,960

     

     

    (2.1

    )%

     

    (10.9

    )%

    Securities - held to maturity, fair value $852,709, $869,097, $907,514 and $933,116, respectively

     

     

    1,023,028

     

     

     

    1,038,312

     

     

     

    1,059,055

     

     

     

    1,098,570

     

     

    (1.5

    )%

     

    (6.9

    )%

    Total securities

     

     

    3,220,721

     

     

     

    3,283,251

     

     

     

    3,432,838

     

     

     

    3,590,189

     

     

    (1.9

    )%

     

    (10.3

    )%

    FHLB stock

     

     

    27,311

     

     

     

    11,741

     

     

     

    24,028

     

     

     

    20,800

     

     

    132.6

    %

     

    31.3

    %

    Loans held for sale

     

     

    13,421

     

     

     

    9,357

     

     

     

    11,170

     

     

     

    60,612

     

     

    43.4

    %

     

    (77.9

    )%

    Loans receivable

     

     

    11,143,848

     

     

     

    10,869,096

     

     

     

    10,810,455

     

     

     

    10,472,407

     

     

    2.5

    %

     

    6.4

    %

    Allowance for credit losses – loans

     

     

    (152,848

    )

     

     

    (151,140

    )

     

     

    (149,643

    )

     

     

    (144,680

    )

     

    1.1

    %

     

    5.6

    %

    Net loans receivable

     

     

    10,991,000

     

     

     

    10,717,956

     

     

     

    10,660,812

     

     

     

    10,327,727

     

     

    2.5

    %

     

    6.4

    %

    Accrued interest receivable

     

     

    67,520

     

     

     

    66,124

     

     

     

    63,100

     

     

     

    57,007

     

     

    2.1

    %

     

    18.4

    %

    Property and equipment, net

     

     

    126,465

     

     

     

    129,889

     

     

     

    132,231

     

     

     

    135,414

     

     

    (2.6

    )%

     

    (6.6

    )%

    Goodwill

     

     

    373,121

     

     

     

    373,121

     

     

     

    373,121

     

     

     

    373,121

     

     

    —

    %

     

    —

    %

    Other intangibles, net

     

     

    4,237

     

     

     

    4,961

     

     

     

    5,684

     

     

     

    7,399

     

     

    (14.6

    )%

     

    (42.7

    )%

    Bank-owned life insurance

     

     

    307,948

     

     

     

    306,600

     

     

     

    304,366

     

     

     

    301,260

     

     

    0.4

    %

     

    2.2

    %

    Operating lease right-of-use assets

     

     

    39,628

     

     

     

    40,834

     

     

     

    43,731

     

     

     

    45,812

     

     

    (3.0

    )%

     

    (13.5

    )%

    Other assets

     

     

    397,364

     

     

     

    365,169

     

     

     

    364,846

     

     

     

    384,070

     

     

    8.8

    %

     

    3.5

    %

    Total assets

     

    $

    15,816,194

     

     

    $

    15,518,279

     

     

    $

    15,670,391

     

     

    $

    15,584,736

     

     

    1.9

    %

     

    1.5

    %

    LIABILITIES

     

     

     

     

     

     

     

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

     

    Non-interest-bearing

     

    $

    4,537,803

     

     

    $

    4,699,553

     

     

    $

    4,792,369

     

     

    $

    5,369,187

     

     

    (3.4

    )%

     

    (15.5

    )%

    Interest-bearing transaction and savings accounts

     

     

    7,016,327

     

     

     

    6,973,338

     

     

     

    6,759,661

     

     

     

    6,373,269

     

     

    0.6

    %

     

    10.1

    %

    Interest-bearing certificates

     

     

    1,525,133

     

     

     

    1,485,880

     

     

     

    1,477,467

     

     

     

    1,356,600

     

     

    2.6

    %

     

    12.4

    %

    Total deposits

     

     

    13,079,263

     

     

     

    13,158,771

     

     

     

    13,029,497

     

     

     

    13,099,056

     

     

    (0.6

    )%

     

    (0.2

    )%

    Advances from FHLB

     

     

    398,000

     

     

     

    52,000

     

     

     

    323,000

     

     

     

    270,000

     

     

    665.4

    %

     

    47.4

    %

    Other borrowings

     

     

    165,956

     

     

     

    183,341

     

     

     

    182,877

     

     

     

    193,019

     

     

    (9.5

    )%

     

    (14.0

    )%

    Subordinated notes, net

     

     

    89,561

     

     

     

    89,456

     

     

     

    92,851

     

     

     

    92,646

     

     

    0.1

    %

     

    (3.3

    )%

    Junior subordinated debentures at fair value

     

     

    66,831

     

     

     

    66,586

     

     

     

    66,413

     

     

     

    67,237

     

     

    0.4

    %

     

    (0.6

    )%

    Operating lease liabilities

     

     

    44,056

     

     

     

    45,524

     

     

     

    48,659

     

     

     

    51,234

     

     

    (3.2

    )%

     

    (14.0

    )%

    Accrued expenses and other liabilities

     

     

    235,515

     

     

     

    211,578

     

     

     

    228,428

     

     

     

    223,565

     

     

    11.3

    %

     

    5.3

    %

    Deferred compensation

     

     

    46,246

     

     

     

    46,515

     

     

     

    45,975

     

     

     

    45,466

     

     

    (0.6

    )%

     

    1.7

    %

    Total liabilities

     

     

    14,125,428

     

     

     

    13,853,771

     

     

     

    14,017,700

     

     

     

    14,042,223

     

     

    2.0

    %

     

    0.6

    %

    SHAREHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

     

     

     

    Common stock

     

     

    1,302,236

     

     

     

    1,300,969

     

     

     

    1,299,651

     

     

     

    1,294,934

     

     

    0.1

    %

     

    0.6

    %

    Retained earnings

     

     

    686,079

     

     

     

    663,021

     

     

     

    642,175

     

     

     

    587,027

     

     

    3.5

    %

     

    16.9

    %

    Accumulated other comprehensive loss

     

     

    (297,549

    )

     

     

    (299,482

    )

     

     

    (289,135

    )

     

     

    (339,448

    )

     

    (0.6

    )%

     

    (12.3

    )%

    Total shareholders' equity

     

     

    1,690,766

     

     

     

    1,664,508

     

     

     

    1,652,691

     

     

     

    1,542,513

     

     

    1.6

    %

     

    9.6

    %

    Total liabilities and shareholders' equity

     

    $

    15,816,194

     

     

    $

    15,518,279

     

     

    $

    15,670,391

     

     

    $

    15,584,736

     

     

    1.9

    %

     

    1.5

    %

    Common Shares Issued:

     

     

     

     

     

     

     

     

     

     

     

     

    Shares outstanding at end of period

     

     

    34,455,752

     

     

     

    34,395,221

     

     

     

    34,348,369

     

     

     

    34,344,627

     

     

     

     

     

    Common shareholders' equity per share (1)

     

    $

    49.07

     

     

    $

    48.39

     

     

    $

    48.12

     

     

    $

    44.91

     

     

     

     

     

    Common shareholders' tangible equity per share (1) (2)

     

    $

    38.12

     

     

    $

    37.40

     

     

    $

    37.09

     

     

    $

    33.83

     

     

     

     

     

    Common shareholders' equity to total assets

     

     

    10.69

    %

     

     

    10.73

    %

     

     

    10.55

    %

     

     

    9.90

    %

     

     

     

     

    Common shareholders' tangible equity to tangible assets (2)

     

     

    8.51

    %

     

     

    8.50

    %

     

     

    8.33

    %

     

     

    7.64

    %

     

     

     

     

    Consolidated Tier 1 leverage capital ratio

     

     

    10.80

    %

     

     

    10.71

    %

     

     

    10.56

    %

     

     

    10.22

    %

     

     

     

     

    nm

    Not meaningful

     

     

     

     

    (1)

    Calculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding.

    (2)

    Common shareholders' tangible equity and tangible assets exclude goodwill and other intangible assets. These ratios represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Percentage Change

    LOANS

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Dec 31, 2023

     

    Jun 30, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

     

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial real estate (CRE):

     

     

     

     

     

     

     

     

     

     

     

     

    Owner-occupied

     

    $

    950,922

     

     

    $

    905,063

     

     

    $

    915,897

     

     

    $

    894,876

     

     

    5.1

    %

     

    6.3

    %

    Investment properties

     

     

    1,536,142

     

     

     

    1,544,885

     

     

     

    1,541,344

     

     

     

    1,558,176

     

     

    (0.6

    )%

     

    (1.4

    )%

    Small balance CRE

     

     

    1,234,302

     

     

     

    1,159,355

     

     

     

    1,178,500

     

     

     

    1,172,825

     

     

    6.5

    %

     

    5.2

    %

    Multifamily real estate

     

     

    717,089

     

     

     

    809,101

     

     

     

    811,232

     

     

     

    699,830

     

     

    (11.4

    )%

     

    2.5

    %

    Construction, land and land development:

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial construction

     

     

    173,296

     

     

     

    158,011

     

     

     

    170,011

     

     

     

    183,765

     

     

    9.7

    %

     

    (5.7

    )%

    Multifamily construction

     

     

    663,989

     

     

     

    573,014

     

     

     

    503,993

     

     

     

    433,868

     

     

    15.9

    %

     

    53.0

    %

    One- to four-family construction

     

     

    490,237

     

     

     

    495,931

     

     

     

    526,432

     

     

     

    547,200

     

     

    (1.1

    )%

     

    (10.4

    )%

    Land and land development

     

     

    352,184

     

     

     

    344,563

     

     

     

    336,639

     

     

     

    345,053

     

     

    2.2

    %

     

    2.1

    %

    Commercial business:

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial business

     

     

    1,298,134

     

     

     

    1,262,716

     

     

     

    1,255,734

     

     

     

    1,313,226

     

     

    2.8

    %

     

    (1.1

    )%

    Small business scored

     

     

    1,074,465

     

     

     

    1,028,067

     

     

     

    1,022,154

     

     

     

    982,283

     

     

    4.5

    %

     

    9.4

    %

    Agricultural business, including secured by farmland:

     

     

     

     

     

     

     

     

     

     

     

     

    Agricultural business, including secured by farmland

     

     

    334,583

     

     

     

    317,958

     

     

     

    331,089

     

     

     

    310,120

     

     

    5.2

    %

     

    7.9

    %

    One- to four-family residential

     

     

    1,603,266

     

     

     

    1,566,834

     

     

     

    1,518,046

     

     

     

    1,340,126

     

     

    2.3

    %

     

    19.6

    %

    Consumer:

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer—home equity revolving lines of credit

     

     

    611,739

     

     

     

    597,060

     

     

     

    588,703

     

     

     

    577,725

     

     

    2.5

    %

     

    5.9

    %

    Consumer—other

     

     

    103,500

     

     

     

    106,538

     

     

     

    110,681

     

     

     

    113,334

     

     

    (2.9

    )%

     

    (8.7

    )%

    Total loans receivable

     

    $

    11,143,848

     

     

    $

    10,869,096

     

     

    $

    10,810,455

     

     

    $

    10,472,407

     

     

    2.5

    %

     

    6.4

    %

    Loans 30 - 89 days past due and on accrual

     

    $

    11,850

     

     

    $

    19,649

     

     

    $

    19,744

     

     

    $

    6,259

     

     

     

     

     

    Total delinquent loans (including loans on non-accrual), net

     

    $

    32,081

     

     

    $

    39,429

     

     

    $

    43,164

     

     

    $

    29,135

     

     

     

     

     

    Total delinquent loans / Total loans receivable

     

     

    0.29

    %

     

     

    0.36

    %

     

     

    0.40

    %

     

     

    0.28

    %

     

     

     

     

    LOANS BY GEOGRAPHIC LOCATION

     

     

     

     

     

     

     

     

     

     

     

    Percentage Change

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Dec 31, 2023

     

    Jun 30, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

     

     

    Amount

     

    Percentage

     

    Amount

     

    Amount

     

    Amount

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Washington

     

    $

    5,182,378

     

    46.5

    %

     

    $

    5,091,912

     

    $

    5,095,602

     

    $

    4,945,074

     

    1.8

    %

     

    4.8

    %

    California

     

     

    2,787,190

     

    25.0

    %

     

     

    2,687,114

     

     

    2,670,923

     

     

    2,537,121

     

    3.7

    %

     

    9.9

    %

    Oregon

     

     

    2,072,153

     

    18.6

    %

     

     

    2,013,453

     

     

    1,974,001

     

     

    1,913,929

     

    2.9

    %

     

    8.3

    %

    Idaho

     

     

    641,209

     

    5.8

    %

     

     

    613,155

     

     

    610,064

     

     

    595,065

     

    4.6

    %

     

    7.8

    %

    Utah

     

     

    80,295

     

    0.7

    %

     

     

    72,652

     

     

    68,931

     

     

    62,720

     

    10.5

    %

     

    28.0

    %

    Other

     

     

    380,623

     

    3.4

    %

     

     

    390,810

     

     

    390,934

     

     

    418,498

     

    (2.6

    )%

     

    (9.1

    )%

    Total loans receivable

     

    $

    11,143,848

     

    100.0

    %

     

    $

    10,869,096

     

    $

    10,810,455

     

    $

    10,472,407

     

    2.5

    %

     

    6.4

    %

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

    LOAN ORIGINATIONS

    Quarters Ended

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

    Commercial real estate

    $

    102,258

     

    $

    67,362

     

    $

    94,640

    Multifamily real estate

     

    2,774

     

     

    385

     

     

    3,441

    Construction and land

     

    546,675

     

     

    437,273

     

     

    488,980

    Commercial business

     

    167,168

     

     

    154,715

     

     

    128,404

    Agricultural business

     

    22,255

     

     

    34,406

     

     

    28,367

    One-to four-family residential

     

    34,498

     

     

    17,568

     

     

    52,618

    Consumer

     

    120,470

     

     

    66,145

     

     

    112,555

    Total loan originations (excluding loans held for sale)

    $

    996,098

     

    $

    777,854

     

    $

    909,005

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

    Quarters Ended

    CHANGE IN THE

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

    ALLOWANCE FOR CREDIT LOSSES – LOANS

     

     

     

     

     

     

    Balance, beginning of period

     

    $

    151,140

     

     

    $

    149,643

     

     

    $

    141,457

     

    Provision for credit losses – loans

     

     

    1,953

     

     

     

    1,424

     

     

     

    3,559

     

    Recoveries of loans previously charged off:

     

     

     

     

     

     

    Commercial real estate

     

     

    98

     

     

     

    1,389

     

     

     

    74

     

    One- to four-family real estate

     

     

    17

     

     

     

    16

     

     

     

    36

     

    Commercial business

     

     

    324

     

     

     

    781

     

     

     

    524

     

    Agricultural business, including secured by farmland

     

     

    195

     

     

     

    106

     

     

     

    2

     

    Consumer

     

     

    112

     

     

     

    159

     

     

     

    117

     

     

     

     

    746

     

     

     

    2,451

     

     

     

    753

     

    Loans charged off:

     

     

     

     

     

     

    Commercial real estate

     

     

    (347

    )

     

     

    —

     

     

     

    —

     

    Construction and land

     

     

    —

     

     

     

    —

     

     

     

    (156

    )

    One- to four-family real estate

     

     

    —

     

     

     

    —

     

     

     

    (4

    )

    Commercial business

     

     

    (137

    )

     

     

    (1,809

    )

     

     

    (566

    )

    Consumer

     

     

    (507

    )

     

     

    (569

    )

     

     

    (363

    )

     

     

     

    (991

    )

     

     

    (2,378

    )

     

     

    (1,089

    )

    Net (charge-offs) recoveries

     

     

    (245

    )

     

     

    73

     

     

     

    (336

    )

    Balance, end of period

     

    $

    152,848

     

     

    $

    151,140

     

     

    $

    144,680

     

    Net (charge-offs) recoveries / Average loans receivable

     

     

    (0.002

    )%

     

     

    0.001

    %

     

     

    (0.003

    )%

     

     

     

     

     

     

     

    ALLOCATION OF

     

     

     

     

     

     

    ALLOWANCE FOR CREDIT LOSSES – LOANS

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

    Commercial real estate

     

    $

    39,064

     

     

    $

    43,555

     

     

    $

    43,636

     

    Multifamily real estate

     

     

    8,253

     

     

     

    9,293

     

     

     

    8,039

     

    Construction and land

     

     

    31,597

     

     

     

    28,908

     

     

     

    29,844

     

    One- to four-family real estate

     

     

    20,906

     

     

     

    20,432

     

     

     

    16,737

     

    Commercial business

     

     

    38,835

     

     

     

    35,544

     

     

     

    33,880

     

    Agricultural business, including secured by farmland

     

     

    4,045

     

     

     

    3,890

     

     

     

    3,573

     

    Consumer

     

     

    10,148

     

     

     

    9,518

     

     

     

    8,971

     

    Total allowance for credit losses – loans

     

    $

    152,848

     

     

    $

    151,140

     

     

    $

    144,680

     

    Allowance for credit losses - loans / Total loans receivable

     

     

    1.37

    %

     

     

    1.39

    %

     

     

    1.38

    %

    Allowance for credit losses - loans / Non-performing loans

     

     

    498

    %

     

     

    513

    %

     

     

    513

    %

     

     

    Quarters Ended

    CHANGE IN THE

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

    ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS

     

     

     

     

     

     

    Balance, beginning of period

     

    $

    13,597

     

    $

    14,484

     

     

    $

    13,443

    Provision/(recapture) for credit losses - unfunded loan commitments

     

     

    430

     

     

    (887

    )

     

     

    1,221

    Balance, end of period

     

    $

    14,027

     

    $

    13,597

     

     

    $

    14,664

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

    NON-PERFORMING ASSETS

     

     

     

     

     

     

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Dec 31, 2023

     

    Jun 30, 2023

    Loans on non-accrual status:

     

     

     

     

     

     

     

    Secured by real estate:

     

     

     

     

     

     

     

    Commercial

    $

    2,326

     

     

    $

    2,753

     

     

    $

    2,677

     

     

    $

    2,478

     

    Construction and land

     

    3,999

     

     

     

    5,029

     

     

     

    3,105

     

     

     

    2,280

     

    One- to four-family

     

    8,184

     

     

     

    7,750

     

     

     

    5,702

     

     

     

    7,605

     

    Commercial business

     

    8,694

     

     

     

    7,355

     

     

     

    9,002

     

     

     

    8,439

     

    Agricultural business, including secured by farmland

     

    1,586

     

     

     

    2,496

     

     

     

    3,167

     

     

     

    3,997

     

    Consumer

     

    3,380

     

     

     

    3,411

     

     

     

    3,204

     

     

     

    3,272

     

     

     

    28,169

     

     

     

    28,794

     

     

     

    26,857

     

     

     

    28,071

     

    Loans more than 90 days delinquent, still on accrual:

     

     

     

     

     

     

     

    Secured by real estate:

     

     

     

     

     

     

     

    Construction and land

     

    —

     

     

     

    286

     

     

     

    1,138

     

     

     

    —

     

    One- to four-family

     

    1,861

     

     

     

    409

     

     

     

    1,205

     

     

     

    60

     

    Commercial business

     

    —

     

     

     

    —

     

     

     

    1

     

     

     

    —

     

    Consumer

     

    692

     

     

     

    —

     

     

     

    401

     

     

     

    49

     

     

     

    2,553

     

     

     

    695

     

     

     

    2,745

     

     

     

    109

     

    Total non-performing loans

     

    30,722

     

     

     

    29,489

     

     

     

    29,602

     

     

     

    28,180

     

    REO

     

    2,564

     

     

     

    448

     

     

     

    526

     

     

     

    546

     

    Total non-performing assets

    $

    33,286

     

     

    $

    29,937

     

     

    $

    30,128

     

     

    $

    28,726

     

    Total non-performing assets to total assets

     

    0.21

    %

     

     

    0.19

    %

     

     

    0.19

    %

     

     

    0.18

    %

    LOANS BY CREDIT RISK RATING

     

     

     

     

     

     

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Dec 31, 2023

     

    Jun 30, 2023

    Pass

    $

    10,971,850

     

    $

    10,731,015

     

    $

    10,671,281

     

    $

    10,315,687

    Special Mention

     

    50,027

     

     

    22,029

     

     

    13,732

     

     

    11,745

    Substandard

     

    121,971

     

     

    116,052

     

     

    125,442

     

     

    144,975

    Total

    $

    11,143,848

     

    $

    10,869,096

     

    $

    10,810,455

     

    $

    10,472,407

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    DEPOSIT COMPOSITION

     

     

     

     

     

     

     

     

     

    Percentage Change

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Dec 31, 2023

     

    Jun 30, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

    Non-interest-bearing

     

    $

    4,537,803

     

    $

    4,699,553

     

    $

    4,792,369

     

    $

    5,369,187

     

    (3.4

    )%

     

    (15.5

    )%

    Interest-bearing checking

     

     

    2,208,742

     

     

    2,112,799

     

     

    2,098,526

     

     

    1,908,402

     

    4.5

    %

     

    15.7

    %

    Regular savings accounts

     

     

    3,192,036

     

     

    3,171,933

     

     

    2,980,530

     

     

    2,588,298

     

    0.6

    %

     

    23.3

    %

    Money market accounts

     

     

    1,615,549

     

     

    1,688,606

     

     

    1,680,605

     

     

    1,876,569

     

    (4.3

    )%

     

    (13.9

    )%

    Total interest-bearing transaction and savings accounts

     

     

    7,016,327

     

     

    6,973,338

     

     

    6,759,661

     

     

    6,373,269

     

    0.6

    %

     

    10.1

    %

    Total core deposits

     

     

    11,554,130

     

     

    11,672,891

     

     

    11,552,030

     

     

    11,742,456

     

    (1.0

    )%

     

    (1.6

    )%

    Interest-bearing certificates

     

     

    1,525,133

     

     

    1,485,880

     

     

    1,477,467

     

     

    1,356,600

     

    2.6

    %

     

    12.4

    %

    Total deposits

     

    $

    13,079,263

     

    $

    13,158,771

     

    $

    13,029,497

     

    $

    13,099,056

     

    (0.6

    )%

     

    (0.2

    )%

    GEOGRAPHIC CONCENTRATION OF DEPOSITS

     

     

     

     

     

     

     

     

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Dec 31, 2023

     

    Jun 30, 2023

     

    Percentage Change

     

     

    Amount

     

    Percentage

     

    Amount

     

    Amount

     

    Amount

     

    Prior Qtr

     

    Prior Yr Qtr

    Washington

     

    $

    7,171,699

     

    54.8

    %

     

    $

    7,258,785

     

    $

    7,247,392

     

    $

    7,255,731

     

    (1.2

    )%

     

    (1.2

    )%

    Oregon

     

     

    2,909,838

     

    22.3

    %

     

     

    2,914,605

     

     

    2,852,677

     

     

    2,914,267

     

    (0.2

    )%

     

    (0.2

    )%

    California

     

     

    2,331,793

     

    17.8

    %

     

     

    2,316,515

     

     

    2,269,557

     

     

    2,257,247

     

    0.7

    %

     

    3.3

    %

    Idaho

     

     

    665,933

     

    5.1

    %

     

     

    668,866

     

     

    659,871

     

     

    671,811

     

    (0.4

    )%

     

    (0.9

    )%

    Total deposits

     

    $

    13,079,263

     

    100.0

    %

     

    $

    13,158,771

     

    $

    13,029,497

     

    $

    13,099,056

     

    (0.6

    )%

     

    (0.2

    )%

    INCLUDED IN TOTAL DEPOSITS

     

     

     

     

     

     

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

    Public non-interest-bearing accounts

     

    $

    149,012

     

    $

    140,477

     

    $

    191,591

    Public interest-bearing transaction & savings accounts

     

     

    250,136

     

     

    251,161

     

     

    189,140

    Public interest-bearing certificates

     

     

    29,101

     

     

    28,821

     

     

    45,840

    Total public deposits

     

    $

    428,249

     

    $

    420,459

     

    $

    426,571

    Collateralized public deposits

     

    $

    326,524

     

    $

    316,554

     

    $

    309,665

    Total brokered deposits

     

    $

    105,309

     

    $

    107,527

     

    $

    203,649

     

     

     

     

     

     

     

    AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT

     

     

     

     

     

     

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

    Number of deposit accounts

     

     

    460,107

     

     

    461,399

     

     

    467,490

    Average account balance per account

     

    $

    29

     

    $

    29

     

    $

    28

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

    ESTIMATED REGULATORY CAPITAL RATIOS AS OF JUNE 30, 2024

     

    Actual

     

    Minimum to be categorized as "Adequately Capitalized"

     

    Minimum to be

    categorized as

    "Well Capitalized"

     

     

    Amount

     

    Ratio

     

    Amount

     

    Ratio

     

    Amount

     

    Ratio

     

     

     

     

     

     

     

     

     

     

     

     

     

    Banner Corporation-consolidated:

     

     

     

     

     

     

     

     

     

     

     

     

    Total capital to risk-weighted assets

     

    $

    1,955,333

     

    14.62

    %

     

    $

    1,069,904

     

    8.00

    %

     

    $

    1,337,380

     

    10.00

    %

    Tier 1 capital to risk-weighted assets

     

     

    1,693,543

     

    12.66

    %

     

     

    802,428

     

    6.00

    %

     

     

    802,428

     

    6.00

    %

    Tier 1 leverage capital to average assets

     

     

    1,693,543

     

    10.80

    %

     

     

    627,282

     

    4.00

    %

     

     

    n/a

     

    n/a

     

    Common equity tier 1 capital to risk-weighted assets

     

     

    1,607,043

     

    12.02

    %

     

     

    601,821

     

    4.50

    %

     

     

    n/a

     

    n/a

     

    Banner Bank:

     

     

     

     

     

     

     

     

     

     

     

     

    Total capital to risk-weighted assets

     

     

    1,833,271

     

    13.70

    %

     

     

    1,070,354

     

    8.00

    %

     

     

    1,337,943

     

    10.00

    %

    Tier 1 capital to risk-weighted assets

     

     

    1,671,481

     

    12.49

    %

     

     

    802,766

     

    6.00

    %

     

     

    1,070,354

     

    8.00

    %

    Tier 1 leverage capital to average assets

     

     

    1,671,481

     

    10.66

    %

     

     

    627,468

     

    4.00

    %

     

     

    784,335

     

    5.00

    %

    Common equity tier 1 capital to risk-weighted assets

     

     

    1,671,481

     

    12.49

    %

     

     

    602,074

     

    4.50

    %

     

     

    869,663

     

    6.50

    %

    These regulatory capital ratios are estimates, pending completion and filing of Banner's regulatory reports.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (rates / ratios annualized)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ANALYSIS OF NET INTEREST SPREAD

    Quarters Ended

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

     

    Average Balance

     

    Interest and Dividends

     

    Yield / Cost (3)

     

    Average Balance

     

    Interest and Dividends

     

    Yield / Cost (3)

     

    Average Balance

     

    Interest and Dividends

     

    Yield / Cost (3)

    Interest-earning assets:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Held for sale loans

    $

    11,665

     

    $

    206

     

     

    7.10

    %

     

    $

    9,939

     

    $

    167

     

     

    6.76

    %

     

    $

    56,073

     

    $

    738

     

     

    5.28

    %

    Mortgage loans

     

    9,006,857

     

     

    129,230

     

     

    5.77

    %

     

     

    8,892,561

     

     

    125,284

     

     

    5.67

    %

     

     

    8,413,392

     

     

    112,097

     

     

    5.34

    %

    Commercial/agricultural loans

     

    1,874,039

     

     

    31,761

     

     

    6.82

    %

     

     

    1,830,095

     

     

    30,847

     

     

    6.78

    %

     

     

    1,768,511

     

     

    27,683

     

     

    6.28

    %

    Consumer and other loans

     

    132,661

     

     

    2,156

     

     

    6.54

    %

     

     

    133,854

     

     

    2,196

     

     

    6.60

    %

     

     

    138,902

     

     

    2,137

     

     

    6.17

    %

    Total loans (1)

     

    11,025,222

     

     

    163,353

     

     

    5.96

    %

     

     

    10,866,449

     

     

    158,494

     

     

    5.87

    %

     

     

    10,376,878

     

     

    142,655

     

     

    5.51

    %

    Mortgage-backed securities

     

    2,672,187

     

     

    16,850

     

     

    2.54

    %

     

     

    2,728,640

     

     

    17,076

     

     

    2.52

    %

     

     

    2,958,700

     

     

    18,429

     

     

    2.50

    %

    Other securities

     

    958,809

     

     

    11,181

     

     

    4.69

    %

     

     

    984,639

     

     

    11,501

     

     

    4.70

    %

     

     

    1,184,503

     

     

    12,932

     

     

    4.38

    %

    Interest-bearing deposits with banks

     

    58,022

     

     

    578

     

     

    4.01

    %

     

     

    45,264

     

     

    459

     

     

    4.08

    %

     

     

    44,922

     

     

    557

     

     

    4.97

    %

    FHLB stock

     

    21,080

     

     

    365

     

     

    6.96

    %

     

     

    19,073

     

     

    209

     

     

    4.41

    %

     

     

    25,611

     

     

    157

     

     

    2.46

    %

    Total investment securities

     

    3,710,098

     

     

    28,974

     

     

    3.14

    %

     

     

    3,777,616

     

     

    29,245

     

     

    3.11

    %

     

     

    4,213,736

     

     

    32,075

     

     

    3.05

    %

    Total interest-earning assets

     

    14,735,320

     

     

    192,327

     

     

    5.25

    %

     

     

    14,644,065

     

     

    187,739

     

     

    5.16

    %

     

     

    14,590,614

     

     

    174,730

     

     

    4.80

    %

    Non-interest-earning assets

     

    926,411

     

     

     

     

     

     

    943,725

     

     

     

     

     

     

    939,100

     

     

     

     

    Total assets

    $

    15,661,731

     

     

     

     

     

    $

    15,587,790

     

     

     

     

     

    $

    15,529,714

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing checking accounts

    $

    2,156,214

     

     

    7,621

     

     

    1.42

    %

     

    $

    2,104,242

     

     

    6,716

     

     

    1.28

    %

     

    $

    1,870,605

     

     

    2,331

     

     

    0.50

    %

    Savings accounts

     

    3,147,522

     

     

    17,200

     

     

    2.20

    %

     

     

    3,066,448

     

     

    15,279

     

     

    2.00

    %

     

     

    2,536,713

     

     

    4,895

     

     

    0.77

    %

    Money market accounts

     

    1,659,327

     

     

    9,124

     

     

    2.21

    %

     

     

    1,674,159

     

     

    8,388

     

     

    2.02

    %

     

     

    1,957,553

     

     

    6,007

     

     

    1.23

    %

    Certificates of deposit

     

    1,503,597

     

     

    14,905

     

     

    3.99

    %

     

     

    1,500,429

     

     

    14,230

     

     

    3.81

    %

     

     

    1,126,647

     

     

    7,306

     

     

    2.60

    %

    Total interest-bearing deposits

     

    8,466,660

     

     

    48,850

     

     

    2.32

    %

     

     

    8,345,278

     

     

    44,613

     

     

    2.15

    %

     

     

    7,491,518

     

     

    20,539

     

     

    1.10

    %

    Non-interest-bearing deposits

     

    4,634,738

     

     

    —

     

     

    —

    %

     

     

    4,711,922

     

     

    —

     

     

    —

    %

     

     

    5,445,960

     

     

    —

     

     

    —

    %

    Total deposits

     

    13,101,398

     

     

    48,850

     

     

    1.50

    %

     

     

    13,057,200

     

     

    44,613

     

     

    1.37

    %

     

     

    12,937,478

     

     

    20,539

     

     

    0.64

    %

    Other interest-bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    FHLB advances

     

    259,549

     

     

    3,621

     

     

    5.61

    %

     

     

    212,989

     

     

    2,972

     

     

    5.61

    %

     

     

    390,705

     

     

    5,157

     

     

    5.29

    %

    Other borrowings

     

    175,518

     

     

    1,160

     

     

    2.66

    %

     

     

    180,692

     

     

    1,175

     

     

    2.62

    %

     

     

    188,060

     

     

    771

     

     

    1.64

    %

    Junior subordinated debentures and subordinated notes

     

    179,178

     

     

    2,961

     

     

    6.65

    %

     

     

    181,579

     

     

    2,969

     

     

    6.58

    %

     

     

    185,096

     

     

    2,824

     

     

    6.12

    %

    Total borrowings

     

    614,245

     

     

    7,742

     

     

    5.07

    %

     

     

    575,260

     

     

    7,116

     

     

    4.98

    %

     

     

    763,861

     

     

    8,752

     

     

    4.60

    %

    Total funding liabilities

     

    13,715,643

     

     

    56,592

     

     

    1.66

    %

     

     

    13,632,460

     

     

    51,729

     

     

    1.53

    %

     

     

    13,701,339

     

     

    29,291

     

     

    0.86

    %

    Other non-interest-bearing liabilities (2)

     

    294,794

     

     

     

     

     

     

    303,412

     

     

     

     

     

     

    279,232

     

     

     

     

    Total liabilities

     

    14,010,437

     

     

     

     

     

     

    13,935,872

     

     

     

     

     

     

    13,980,571

     

     

     

     

    Shareholders' equity

     

    1,651,294

     

     

     

     

     

     

    1,651,918

     

     

     

     

     

     

    1,549,143

     

     

     

     

    Total liabilities and shareholders' equity

    $

    15,661,731

     

     

     

     

     

    $

    15,587,790

     

     

     

     

     

    $

    15,529,714

     

     

     

     

    Net interest income/rate spread (tax equivalent)

     

     

    $

    135,735

     

     

    3.59

    %

     

     

     

    $

    136,010

     

     

    3.63

    %

     

     

     

    $

    145,439

     

     

    3.94

    %

    Net interest margin (tax equivalent)

     

     

     

     

    3.70

    %

     

     

     

     

     

    3.74

    %

     

     

     

     

     

    4.00

    %

    Reconciliation to reported net interest income:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjustments for taxable equivalent basis

     

     

     

    (3,189

    )

     

     

     

     

     

     

    (3,051

    )

     

     

     

     

     

     

    (2,921

    )

     

     

    Net interest income and margin, as reported

     

     

    $

    132,546

     

     

    3.62

    %

     

     

     

    $

    132,959

     

     

    3.65

    %

     

     

     

    $

    142,518

     

     

    3.92

    %

    Additional Key Financial Ratios:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Return on average assets

     

     

     

     

    1.02

    %

     

     

     

     

     

    0.97

    %

     

     

     

     

     

    1.02

    %

    Adjusted return on average assets (4)

     

     

     

     

    1.04

    %

     

     

     

     

     

    1.08

    %

     

     

     

     

     

    1.18

    %

    Return on average equity

     

     

     

     

    9.69

    %

     

     

     

     

     

    9.14

    %

     

     

     

     

     

    10.25

    %

    Adjusted return on average equity (4)

     

     

     

     

    9.83

    %

     

     

     

     

     

    10.24

    %

     

     

     

     

     

    11.80

    %

    Average equity/average assets

     

     

     

     

    10.54

    %

     

     

     

     

     

    10.60

    %

     

     

     

     

     

    9.98

    %

    Average interest-earning assets/average interest-bearing liabilities

     

     

     

     

    162.27

    %

     

     

     

     

     

    164.16

    %

     

     

     

     

     

    176.74

    %

    Average interest-earning assets/average funding liabilities

     

     

     

     

    107.43

    %

     

     

     

     

     

    107.42

    %

     

     

     

     

     

    106.49

    %

    Non-interest income/average assets

     

     

     

     

    0.44

    %

     

     

     

     

     

    0.30

    %

     

     

     

     

     

    0.22

    %

    Non-interest expense/average assets

     

     

     

     

    2.52

    %

     

     

     

     

     

    2.52

    %

     

     

     

     

     

    2.46

    %

    Efficiency ratio

     

     

     

     

    65.53

    %

     

     

     

     

     

    67.55

    %

     

     

     

     

     

    63.21

    %

    Adjusted efficiency ratio (4)

     

     

     

     

    63.60

    %

     

     

     

     

     

    63.70

    %

     

     

     

     

     

    58.58

    %

    (1)

    Average balances include loans accounted for on a nonaccrual basis and accruing loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans.

    (2)

    Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures.

    (3)

    Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $2.2 million, $2.0 million and $1.8 million for the quarters ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.0 million for both the quarters ended June 30, 2024 and March 31, 2024 and $1.1 million for the quarter ended June 30, 2023.

    (4)

    Represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

    (rates / ratios annualized)

     

     

     

     

     

     

     

     

     

     

     

    ANALYSIS OF NET INTEREST SPREAD

    Six Months Ended

     

    Jun 30, 2024

     

    Jun 30, 2023

     

    Average Balance

     

    Interest and Dividends

     

    Yield/Cost (3)

     

    Average Balance

     

    Interest and Dividends

     

    Yield/Cost (3)

    Interest-earning assets:

     

     

     

     

     

     

     

     

     

     

     

    Held for sale loans

    $

    10,802

     

    $

    373

     

     

    6.94

    %

     

    $

    54,375

     

    $

    1,409

     

     

    5.23

    %

    Mortgage loans

     

    8,949,709

     

     

    254,514

     

     

    5.72

    %

     

     

    8,340,792

     

     

    218,997

     

     

    5.29

    %

    Commercial/agricultural loans

     

    1,852,067

     

     

    62,608

     

     

    6.80

    %

     

     

    1,739,091

     

     

    52,909

     

     

    6.14

    %

    Consumer and other loans

     

    133,258

     

     

    4,352

     

     

    6.57

    %

     

     

    138,004

     

     

    4,252

     

     

    6.21

    %

    Total loans (1)

     

    10,945,836

     

     

    321,847

     

     

    5.91

    %

     

     

    10,272,262

     

     

    277,567

     

     

    5.45

    %

    Mortgage-backed securities

     

    2,700,413

     

     

    33,926

     

     

    2.53

    %

     

     

    3,025,907

     

     

    37,552

     

     

    2.50

    %

    Other securities

     

    971,724

     

     

    22,682

     

     

    4.69

    %

     

     

    1,294,743

     

     

    28,027

     

     

    4.37

    %

    Interest-bearing deposits with banks

     

    51,643

     

     

    1,037

     

     

    4.04

    %

     

     

    49,229

     

     

    1,165

     

     

    4.77

    %

    FHLB stock

     

    20,077

     

     

    574

     

     

    5.75

    %

     

     

    19,955

     

     

    247

     

     

    2.50

    %

    Total investment securities

     

    3,743,857

     

     

    58,219

     

     

    3.13

    %

     

     

    4,389,834

     

     

    66,991

     

     

    3.08

    %

    Total interest-earning assets

     

    14,689,693

     

     

    380,066

     

     

    5.20

    %

     

     

    14,662,096

     

     

    344,558

     

     

    4.74

    %

    Non-interest-earning assets

     

    935,068

     

     

     

     

     

     

    930,208

     

     

     

     

    Total assets

    $

    15,624,761

     

     

     

     

     

    $

    15,592,304

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing checking accounts

    $

    2,130,228

     

     

    14,337

     

     

    1.35

    %

     

    $

    1,825,386

     

     

    3,237

     

     

    0.36

    %

    Savings accounts

     

    3,106,985

     

     

    32,479

     

     

    2.10

    %

     

     

    2,575,726

     

     

    6,779

     

     

    0.53

    %

    Money market accounts

     

    1,666,743

     

     

    17,512

     

     

    2.11

    %

     

     

    2,061,767

     

     

    9,806

     

     

    0.96

    %

    Certificates of deposit

     

    1,502,013

     

     

    29,135

     

     

    3.90

    %

     

     

    969,607

     

     

    9,961

     

     

    2.07

    %

    Total interest-bearing deposits

     

    8,405,969

     

     

    93,463

     

     

    2.24

    %

     

     

    7,432,486

     

     

    29,783

     

     

    0.81

    %

    Non-interest-bearing deposits

     

    4,673,330

     

     

    —

     

     

    —

    %

     

     

    5,701,953

     

     

    —

     

     

    —

    %

    Total deposits

     

    13,079,299

     

     

    93,463

     

     

    1.44

    %

     

     

    13,134,439

     

     

    29,783

     

     

    0.46

    %

    Other interest-bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

    FHLB advances

     

    236,269

     

     

    6,593

     

     

    5.61

    %

     

     

    249,131

     

     

    6,421

     

     

    5.20

    %

    Other borrowings

     

    178,105

     

     

    2,335

     

     

    2.64

    %

     

     

    208,645

     

     

    1,152

     

     

    1.11

    %

    Junior subordinated debentures and subordinated notes

     

    180,379

     

     

    5,930

     

     

    6.61

    %

     

     

    188,142

     

     

    5,584

     

     

    5.99

    %

    Total borrowings

     

    594,753

     

     

    14,858

     

     

    5.02

    %

     

     

    645,918

     

     

    13,157

     

     

    4.11

    %

    Total funding liabilities

     

    13,674,052

     

     

    108,321

     

     

    1.59

    %

     

     

    13,780,357

     

     

    42,940

     

     

    0.63

    %

    Other non-interest-bearing liabilities (2)

     

    299,103

     

     

     

     

     

     

    286,084

     

     

     

     

    Total liabilities

     

    13,973,155

     

     

     

     

     

     

    14,066,441

     

     

     

     

    Shareholders' equity

     

    1,651,606

     

     

     

     

     

     

    1,525,863

     

     

     

     

    Total liabilities and shareholders' equity

    $

    15,624,761

     

     

     

     

     

    $

    15,592,304

     

     

     

     

    Net interest income/rate spread (tax equivalent)

     

     

    $

    271,745

     

     

    3.61

    %

     

     

     

    $

    301,618

     

     

    4.11

    %

    Net interest margin (tax equivalent)

     

     

     

     

    3.72

    %

     

     

     

     

     

    4.15

    %

    Reconciliation to reported net interest income:

     

     

     

     

     

     

     

     

     

     

     

    Adjustments for taxable equivalent basis

     

     

     

    (6,240

    )

     

     

     

     

     

     

    (5,788

    )

     

     

    Net interest income and margin, as reported

     

     

    $

    265,505

     

     

    3.63

    %

     

     

     

    $

    295,830

     

     

    4.07

    %

    Additional Key Financial Ratios:

     

     

     

     

     

     

     

     

     

     

     

    Return on average assets

     

     

     

     

    1.00

    %

     

     

     

     

     

    1.23

    %

    Adjusted return on average assets (4)

     

     

     

     

    1.06

    %

     

     

     

     

     

    1.39

    %

    Return on average equity

     

     

     

     

    9.42

    %

     

     

     

     

     

    12.57

    %

    Adjusted return on average equity (4)

     

     

     

     

    10.03

    %

     

     

     

     

     

    14.16

    %

    Average equity/average assets

     

     

     

     

    10.57

    %

     

     

     

     

     

    9.79

    %

    Average interest-earning assets/average interest-bearing liabilities

     

     

     

     

    163.21

    %

     

     

     

     

     

    181.50

    %

    Average interest-earning assets/average funding liabilities

     

     

     

     

    107.43

    %

     

     

     

     

     

    106.40

    %

    Non-interest income/average assets

     

     

     

     

    0.37

    %

     

     

     

     

     

    0.23

    %

    Non-interest expense/average assets

     

     

     

     

    2.52

    %

     

     

     

     

     

    2.46

    %

    Efficiency ratio

     

     

     

     

    66.52

    %

     

     

     

     

     

    60.61

    %

    Adjusted efficiency ratio (4)

     

     

     

     

    63.65

    %

     

     

     

     

     

    56.33

    %

    (1)

    Average balances include loans accounted for on a nonaccrual basis and loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans.

    (2)

    Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures.

    (3)

    Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $4.2 million and $3.5 million for the six months ended June 30, 2024 and June 30, 2023, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $2.1 million and $2.3 million for the six months ended June 30, 2024 and June 30, 2023, respectively.

    (4)

    Represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    * Non-GAAP Financial Measures

     

     

     

     

     

     

     

     

     

    In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:

     

     

     

     

     

     

     

     

     

     

    ADJUSTED REVENUE

    Quarters Ended

     

    Six Months Ended

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

     

    Jun 30, 2024

     

    Jun 30, 2023

    Net interest income (GAAP)

    $

    132,546

     

    $

    132,959

     

    $

    142,518

     

    $

    265,505

     

    $

    295,830

    Non-interest income (GAAP)

     

    17,199

     

     

    11,591

     

     

    8,422

     

     

    28,790

     

     

    17,699

    Total revenue (GAAP)

     

    149,745

     

     

    144,550

     

     

    150,940

     

     

    294,295

     

     

    313,529

    Exclude: Net loss on sale of securities

     

    562

     

     

    4,903

     

     

    4,527

     

     

    5,465

     

     

    11,779

    Net change in valuation of financial instruments carried at fair value

     

    190

     

     

    992

     

     

    3,151

     

     

    1,182

     

     

    3,703

    Adjusted revenue (non-GAAP)

    $

    150,497

     

    $

    150,445

     

    $

    158,618

     

    $

    300,942

     

    $

    329,011

    ADJUSTED EARNINGS

    Quarters Ended

     

    Six Months Ended

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

     

    Jun 30, 2024

     

    Jun 30, 2023

    Net income (GAAP)

    $

    39,795

     

     

    $

    37,559

     

     

    $

    39,591

     

     

    $

    77,354

     

     

    $

    95,146

     

    Exclude: Net loss on sale of securities

     

    562

     

     

     

    4,903

     

     

     

    4,527

     

     

     

    5,465

     

     

     

    11,779

     

    Net change in valuation of financial instruments carried at fair value

     

    190

     

     

     

    992

     

     

     

    3,151

     

     

     

    1,182

     

     

     

    3,703

     

    Banner Forward expenses (1)

     

    —

     

     

     

    —

     

     

     

    195

     

     

     

    —

     

     

     

    338

     

    Related net tax benefit

     

    (180

    )

     

     

    (1,415

    )

     

     

    (1,890

    )

     

     

    (1,595

    )

     

     

    (3,797

    )

    Total adjusted earnings (non-GAAP)

    $

    40,367

     

     

    $

    42,039

     

     

    $

    45,574

     

     

    $

    82,406

     

     

    $

    107,169

     

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share (GAAP)

    $

    1.15

     

     

    $

    1.09

     

     

    $

    1.15

     

     

    $

    2.24

     

     

    $

    2.76

     

    Diluted adjusted earnings per share (non-GAAP)

    $

    1.17

     

     

    $

    1.22

     

     

    $

    1.32

     

     

    $

    2.39

     

     

    $

    3.11

     

    Return on average assets

     

    1.02

    %

     

     

    0.97

    %

     

     

    1.02

    %

     

     

    1.00

    %

     

     

    1.23

    %

    Adjusted return on average assets (2)

     

    1.04

    %

     

     

    1.08

    %

     

     

    1.18

    %

     

     

    1.06

    %

     

     

    1.39

    %

    Return on average equity

     

    9.69

    %

     

     

    9.14

    %

     

     

    10.25

    %

     

     

    9.42

    %

     

     

    12.57

    %

    Adjusted return on average equity (3)

     

    9.83

    %

     

     

    10.24

    %

     

     

    11.80

    %

     

     

    10.03

    %

     

     

    14.16

    %

    (1)

    Included in miscellaneous expenses in results of operations.

    (2)

    Adjusted earnings (non-GAAP) divided by average assets.

    (3)

    Adjusted earnings (non-GAAP) divided by average equity.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

    ADJUSTED EFFICIENCY RATIO

     

    Quarters Ended

     

    Six Months Ended

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Jun 30, 2023

     

    Jun 30, 2024

     

    Jun 30, 2023

    Non-interest expense (GAAP)

     

    $

    98,128

     

     

    $

    97,641

     

     

    $

    95,405

     

     

    $

    195,769

     

     

    $

    190,026

     

    Exclude: Banner Forward expenses (1)

     

     

    —

     

     

     

    —

     

     

     

    (195

    )

     

     

    —

     

     

     

    (338

    )

    CDI amortization

     

     

    (724

    )

     

     

    (723

    )

     

     

    (991

    )

     

     

    (1,447

    )

     

     

    (2,041

    )

    State/municipal tax expense

     

     

    (1,394

    )

     

     

    (1,304

    )

     

     

    (1,229

    )

     

     

    (2,698

    )

     

     

    (2,529

    )

    REO operations

     

     

    (297

    )

     

     

    220

     

     

     

    (75

    )

     

     

    (77

    )

     

     

    202

     

    Adjusted non-interest expense (non-GAAP)

     

    $

    95,713

     

     

    $

    95,834

     

     

    $

    92,915

     

     

    $

    191,547

     

     

    $

    185,320

     

     

     

     

     

     

     

     

     

     

     

     

    Net interest income (GAAP)

     

    $

    132,546

     

     

    $

    132,959

     

     

    $

    142,518

     

     

    $

    265,505

     

     

    $

    295,830

     

    Non-interest income (GAAP)

     

     

    17,199

     

     

     

    11,591

     

     

     

    8,422

     

     

     

    28,790

     

     

     

    17,699

     

    Total revenue (GAAP)

     

     

    149,745

     

     

     

    144,550

     

     

     

    150,940

     

     

     

    294,295

     

     

     

    313,529

     

    Exclude: Net loss on sale of securities

     

     

    562

     

     

     

    4,903

     

     

     

    4,527

     

     

     

    5,465

     

     

     

    11,779

     

    Net change in valuation of financial instruments carried at fair value

     

     

    190

     

     

     

    992

     

     

     

    3,151

     

     

     

    1,182

     

     

     

    3,703

     

    Adjusted revenue (non-GAAP)

     

    $

    150,497

     

     

    $

    150,445

     

     

    $

    158,618

     

     

    $

    300,942

     

     

    $

    329,011

     

     

     

     

     

     

     

     

     

     

     

     

    Efficiency ratio (GAAP)

     

     

    65.53

    %

     

     

    67.55

    %

     

     

    63.21

    %

     

     

    66.52

    %

     

     

    60.61

    %

    Adjusted efficiency ratio (non-GAAP) (2)

     

     

    63.60

    %

     

     

    63.70

    %

     

     

    58.58

    %

     

     

    63.65

    %

     

     

    56.33

    %

    (1)

    Included in miscellaneous expenses in results of operations.

    (2)

    Adjusted non-interest expense (non-GAAP) divided by adjusted revenue.

    TANGIBLE COMMON SHAREHOLDERS' EQUITY TO TANGIBLE ASSETS

     

     

     

     

     

     

     

     

     

     

    Jun 30, 2024

     

    Mar 31, 2024

     

    Dec 31, 2023

     

    Jun 30, 2023

    Shareholders' equity (GAAP)

     

    $

    1,690,766

     

     

    $

    1,664,508

     

     

    $

    1,652,691

     

     

    $

    1,542,513

     

    Exclude goodwill and other intangible assets, net

     

     

    377,358

     

     

     

    378,082

     

     

     

    378,805

     

     

     

    380,520

     

    Tangible common shareholders' equity (non-GAAP)

     

    $

    1,313,408

     

     

    $

    1,286,426

     

     

    $

    1,273,886

     

     

    $

    1,161,993

     

     

     

     

     

     

     

     

     

     

    Total assets (GAAP)

     

    $

    15,816,194

     

     

    $

    15,518,279

     

     

    $

    15,670,391

     

     

    $

    15,584,736

     

    Exclude goodwill and other intangible assets, net

     

     

    377,358

     

     

     

    378,082

     

     

     

    378,805

     

     

     

    380,520

     

    Total tangible assets (non-GAAP)

     

    $

    15,438,836

     

     

    $

    15,140,197

     

     

    $

    15,291,586

     

     

    $

    15,204,216

     

    Common shareholders' equity to total assets (GAAP)

     

     

    10.69

    %

     

     

    10.73

    %

     

     

    10.55

    %

     

     

    9.90

    %

    Tangible common shareholders' equity to tangible assets (non-GAAP)

     

     

    8.51

    %

     

     

    8.50

    %

     

     

    8.33

    %

     

     

    7.64

    %

     

     

     

     

     

     

     

     

     

    TANGIBLE COMMON SHAREHOLDERS' EQUITY PER SHARE

     

     

     

     

     

     

     

     

    Shareholders' equity (GAAP)

     

    $

    1,690,766

     

     

    $

    1,664,508

     

     

    $

    1,652,691

     

     

    $

    1,542,513

     

    Tangible common shareholders' equity (non-GAAP)

     

    $

    1,313,408

     

     

    $

    1,286,426

     

     

    $

    1,273,886

     

     

    $

    1,161,993

     

    Common shares outstanding at end of period

     

     

    34,455,752

     

     

     

    34,395,221

     

     

     

    34,348,369

     

     

     

    34,344,627

     

    Common shareholders' equity (book value) per share (GAAP)

     

    $

    49.07

     

     

    $

    48.39

     

     

    $

    48.12

     

     

    $

    44.91

     

    Tangible common shareholders' equity (tangible book value) per share (non-GAAP)

     

    $

    38.12

     

     

    $

    37.40

     

     

    $

    37.09

     

     

    $

    33.83

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240717812042/en/

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    6/28/2022$68.00Neutral → Buy
    Janney
    6/17/2022Equal-Weight → Overweight
    Stephens
    1/24/2022$68.00 → $72.00Strong Buy
    Raymond James
    10/22/2021$63.00 → $68.00Strong Buy
    Raymond James
    9/7/2021$63.00 → $60.00Buy → Neutral
    DA Davidson
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    $BANR
    Press Releases

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    • Banner Bank Releases 2024 Corporate Responsibility Report

      Today, Banner Bank released its 2024 Corporate Responsibility Report. The report identifies ongoing practices and recent accomplishments creating long-term value and driving progress while staying deeply connected to the needs of all the company's stakeholders. It includes examples in the areas of environmental risk and impact management, social responsibility and governance, including: Increasing our focus on continuous improvement, which assists us in identifying new opportunities that benefit our corporate responsibility strategy as well as our overall organization. As we move to the next stage of this strategy, we are building on a clearer understanding of our climate impact, the too

      6/30/25 6:00:00 PM ET
      $BANR
      Major Banks
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    • Banner Corporation Announces Second Quarter 2025 Conference Call and Webcast

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today announced that it will report its second quarter results after the market closes on Wednesday, July 16, 2025. Management will host a conference call on Thursday, July 17, 2025, at 8:00 a.m. PT (11:00 a.m. ET) to discuss the results. The call will also be broadcast live via the internet. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 859937 to participate in the call. A replay of the call will be available at www.bannerbank.com. About the Company Banner Corporation is a $16.17 billion bank holding co

      6/30/25 9:00:00 AM ET
      $BANR
      Major Banks
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    • Banner Bank Earns 2025 'Great Place to Work' Certification

      The Banner Bank leadership team is pleased to share the Bank was just certified by Great Place to Work®, a global research firm specializing in workplace culture and employee experience. The coveted worldwide certification is based entirely on what employees report about their workplace experience—specifically, how consistently they experience a high-trust work environment. "Being certified as a Great Place to Work is especially meaningful because it is based on the feedback of our employees who are the foundation of our company," said Mark Grescovich, President and CEO. "This prestigious recognition reflects our commitment to creating and sustaining an exceptional workplace culture." T

      6/16/25 6:11:00 PM ET
      $BANR
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    $BANR
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    • Banner upgraded by Janney with a new price target

      Janney upgraded Banner from Neutral to Buy and set a new price target of $71.00

      4/21/25 8:28:02 AM ET
      $BANR
      Major Banks
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    • Banner downgraded by Janney

      Janney downgraded Banner from Buy to Neutral

      7/19/24 7:28:58 AM ET
      $BANR
      Major Banks
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    • Banner downgraded by Raymond James with a new price target

      Raymond James downgraded Banner from Strong Buy to Outperform and set a new price target of $72.00 from $68.00 previously

      10/21/22 9:20:36 AM ET
      $BANR
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    SEC Filings

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    • Banner Corporation filed SEC Form 8-K: Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits

      8-K - BANNER CORP (0000946673) (Filer)

      6/10/25 4:57:48 PM ET
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      Major Banks
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    • Banner Corporation filed SEC Form 8-K: Other Events

      8-K - BANNER CORP (0000946673) (Filer)

      6/9/25 4:33:30 PM ET
      $BANR
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    • Banner Corporation filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits

      8-K - BANNER CORP (0000946673) (Filer)

      5/28/25 5:05:18 PM ET
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    Insider Trading

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    • Director Herencia Roberto R was granted 1,591 shares, increasing direct ownership by 10% to 17,377 units (SEC Form 4)

      4 - BANNER CORP (0000946673) (Issuer)

      6/4/25 12:39:57 PM ET
      $BANR
      Major Banks
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    • Director Walsh Paul J. was granted 955 shares, increasing direct ownership by 25% to 4,702 units (SEC Form 4)

      4 - BANNER CORP (0000946673) (Issuer)

      6/3/25 5:35:13 PM ET
      $BANR
      Major Banks
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    • Director Schwakopf Terry was granted 955 shares, increasing direct ownership by 12% to 9,088 units (SEC Form 4)

      4 - BANNER CORP (0000946673) (Issuer)

      6/3/25 5:31:59 PM ET
      $BANR
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    • Banner Corporation Announces Second Quarter 2025 Conference Call and Webcast

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today announced that it will report its second quarter results after the market closes on Wednesday, July 16, 2025. Management will host a conference call on Thursday, July 17, 2025, at 8:00 a.m. PT (11:00 a.m. ET) to discuss the results. The call will also be broadcast live via the internet. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 859937 to participate in the call. A replay of the call will be available at www.bannerbank.com. About the Company Banner Corporation is a $16.17 billion bank holding co

      6/30/25 9:00:00 AM ET
      $BANR
      Major Banks
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    • Banner Corporation Reports Net Income of $45.1 Million, or $1.30 Per Diluted Share, for First Quarter 2025; Declares Quarterly Cash Dividend of $0.48 Per Share

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $45.1 million, or $1.30 per diluted share, for the first quarter of 2025, compared to $46.4 million, or $1.34 per diluted share, for the preceding quarter and $37.6 million, or $1.09 per diluted share, for the first quarter of 2024. Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. The increase in net interest income compared to the preceding quarter reflects an overall increase in the yield on interest-earning assets and a decrease in funding costs, partially of

      4/16/25 4:00:00 PM ET
      $BANR
      Major Banks
      Finance
    • Banner Corporation Announces First Quarter 2025 Conference Call and Webcast

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today announced that it will report its first quarter results after the market closes on Wednesday, April 16, 2025. Management will host a conference call on Thursday, April 17, 2025, at 8:00 a.m. PT (11:00 a.m. ET) to discuss the results. The call will also be broadcast live via the internet. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 881889 to participate in the call. A replay of the call will be available at www.bannerbank.com. About the Company Banner Corporation is a $16.20 billion bank holding comp

      3/31/25 9:00:00 AM ET
      $BANR
      Major Banks
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    Leadership Updates

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    • Banner Bank Adds Chief Banking Officer to Leadership Team; Hires Borrecco to Fill Role

      The Banner Bank executive leadership team is expanding to include a Chief Banking Officer and Mark Borrecco has been hired to fill the role. Borrecco is overseeing the Bank's production lines of business, including commercial, commercial real estate, community banking and mortgage. He is responsible for executing on the Bank's initiatives to enhance the client experience while ensuring continuing growth and profitability across all banking divisions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240912901687/en/Mark Borrecco, EVP & Chief Banking Officer, Banner Bank (Photo: Business Wire) "This addition to our executive leadersh

      9/12/24 9:10:00 AM ET
      $BANR
      Major Banks
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    • National Philanthropic Trust Welcomes Three Board Members

      Jeffrey Armbrister, Lindy Benton-Moreno, and Connie Collingsworth join the Board of Trustees at the largest national, independent donor-advised fund public charity National Philanthropic Trust (NPT), the largest national, independent public charity that manages donor-advised funds, and one of the leading grantmaking institutions in the U.S., is pleased to announce the appointment of Jeffrey Armbrister, Lindy Benton-Moreno, and Connie Collingsworth to its Board of Trustees. "As NPT continues to grow, innovate, and advance philanthropy around the world, we welcome these three accomplished professionals to our Board of Trustees," said Eileen Heisman, CEO of National Philanthropic Trust. "N

      1/3/24 9:30:00 AM ET
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      Biotechnology: Biological Products (No Diagnostic Substances)
    • Banner Corporation Announces Retirement of Banner Bank Chief Risk Officer; Hiring of Replacement

      WALLA WALLA, Wash., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ:GSM), the parent company of Banner Bank, today announced the retirement of Judy Steiner, Executive Vice President and Chief Risk Officer of the Bank, effective November 25, 2021. Jim Costa has been hired to succeed Steiner as Executive Vice President and Chief Risk Officer as well as the Bank's chief banking regulatory liaison. Costa is joining the Bank immediately and will begin working with Steiner to ensure a smooth transition. Steiner joined Banner Bank in 2016, shortly after the transformational acquisition of AmericanWest which doubled the Bank's asset size. Prior to that, Steiner spent 25 years with Fi

      10/28/21 4:05:00 PM ET
      $BANR
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    $BANR
    Large Ownership Changes

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    • SEC Form SC 13G filed by Banner Corporation

      SC 13G - BANNER CORP (0000946673) (Subject)

      11/8/24 10:29:30 AM ET
      $BANR
      Major Banks
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    • SEC Form SC 13G/A filed by Banner Corporation (Amendment)

      SC 13G/A - BANNER CORP (0000946673) (Subject)

      2/13/24 5:00:57 PM ET
      $BANR
      Major Banks
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    • SEC Form SC 13G/A filed by Banner Corporation (Amendment)

      SC 13G/A - BANNER CORP (0000946673) (Subject)

      2/9/24 9:58:59 AM ET
      $BANR
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