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    Banner Corporation Reports Net Income of $45.2 Million, or $1.30 Per Diluted Share, for Third Quarter 2024; Declares Quarterly Cash Dividend of $0.48 Per Share

    10/16/24 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 $45.2 million, or $1.30 per diluted share, for the third quarter of 2024, compared to $39.8 million, or $1.15 per diluted share, for the preceding quarter and $45.9 million, or $1.33 per diluted share, for the third quarter of 2023. Net interest income was $135.7 million in the third quarter of 2024, compared to $132.5 million in the preceding quarter and $141.8 million in the third quarter a year ago. The increase in net interest income compared to the preceding quarter reflects an increase in interest-earning assets and net interest margin. The decrease in net interest income compared to the prior year quarter reflects an increase in funding costs, partially offset by an increase in yields on earning assets. Banner's results for the preceding quarter included a $562,000 net loss on the sale of securities and for the third quarter a year ago a $2.7 million net loss recorded on the sale of securities, compared to no gain or loss during the current quarter as no securities were sold during the third quarter of 2024. Third quarter 2024 results included a $1.7 million provision for credit losses, down from $2.4 million in the preceding quarter and $2.0 million in the third quarter of 2023.

    Net income was $122.5 million, or $3.54 per diluted share, for the nine months ended September 30, 2024, compared to $141.0 million, or $4.09 per diluted share, for the nine months ended September 30, 2023. Results for the nine months ended September 30, 2024 included a $4.6 million provision for credit losses, a $5.5 million net loss on the sale of securities and a $1.1 million net decrease in the fair value adjustments on financial instruments carried at fair value, compared to an $8.3 million provision for credit losses, a $14.4 million net loss on the sale of securities and a $4.4 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 payable November 15, 2024, to common shareholders of record on November 5, 2024.

    "Banner's third quarter operating results reflect the continued successful execution of our super community bank strategy, which emphasizes growing new client relationships, maintaining our core funding position, promoting client loyalty and advocacy through our responsive service model, and sustaining a moderate risk profile," said Mark Grescovich, President and CEO. "Our earnings for the third quarter of 2024 benefited from our solid year over year loan growth coupled with our expanded net interest margin. Additionally, Banner's credit metrics continue to be strong, our reserve for loan losses remained solid, and our capital base continues to be robust. We continue to benefit from a strong core deposit base that has been resilient in a highly competitive environment, with core deposits representing 89% 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 September 30, 2024, Banner, on a consolidated basis, had $16.19 billion in assets, $11.07 billion in net loans and $13.54 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.

    Third Quarter 2024 Highlights

    • Revenue was $153.7 million for the third quarter of 2024, compared to $149.7 million in the preceding quarter and $154.4 million in the third 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 $153.7 million in the third quarter of 2024, compared to $150.5 million in the preceding quarter and $157.7 million in the third quarter a year ago.
    • Net interest income was $135.7 million in the third quarter of 2024, compared to $132.5 million in the preceding quarter and $141.8 million in the third quarter a year ago.
    • Net interest margin, on a tax equivalent basis, was 3.72%, compared to 3.70% in the preceding quarter and 3.93% in the third quarter a year ago.
    • Mortgage banking operations revenue was $3.2 million for the third quarter of 2024, compared to $3.0 million in the preceding quarter and $2.0 million in the third quarter a year ago.
    • Return on average assets was 1.13%, compared to 1.02% in the preceding quarter and 1.17% in the third quarter a year ago.
    • Net loans receivable increased 1% to $11.07 billion at September 30, 2024, compared to $10.99 billion at June 30, 2024, and increased 6% compared to $10.46 billion at September 30, 2023.
    • Non-performing assets were $45.2 million, or 0.28% of total assets, at September 30, 2024, compared to $33.3 million, or 0.21% of total assets, at June 30, 2024 and $26.8 million, or 0.17% of total assets, at September 30, 2023.
    • The allowance for credit losses - loans was $154.6 million, or 1.38% of total loans receivable, as of September 30, 2024, compared to $152.8 million, or 1.37% of total loans receivable, as of June 30, 2024 and $147.0 million, or 1.38% of total loans receivable, as of September 30, 2023.
    • Total deposits increased to $13.54 billion at September 30, 2024, compared to $13.08 billion at June 30, 2024 and $13.17 billion at September 30, 2023.
    • Core deposits represented 89% of total deposits at September 30, 2024.
    • Dividends paid to shareholders were $0.48 per share in the quarter ended September 30, 2024.
    • Common shareholders' equity per share increased 6% to $52.06 at September 30, 2024, compared to $49.07 at the preceding quarter end, and increased 18% from $44.27 at September 30, 2023.
    • Tangible common shareholders' equity per share* increased 8% to $41.12 at September 30, 2024, compared to $38.12 at the preceding quarter end, and increased 24% from $33.22 at September 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 $135.7 million in the third quarter of 2024, compared to $132.5 million in the preceding quarter and $141.8 million in the third quarter a year ago. Net interest margin on a tax equivalent basis increased two basis points to 3.72% for the third quarter of 2024, compared to 3.70% in the preceding quarter, and decreased compared to 3.93% in the third quarter a year ago. Net interest margin for the current quarter benefited from increased yields on loans due to new loans being originated at higher interest rates and adjustable rate loans repricing higher, partially offset by increased funding costs. On September 18, 2024, the Federal Open Market Committee of the Federal Reserve System decreased the target range for the federal funds rate by 50 basis points, and as the change occurred late in the third quarter of 2024, it had minimal impact on our current quarter net interest margin.

    Average yields on interest-earning assets increased eight basis points to 5.33% for the third quarter of 2024, compared to 5.25% for the preceding quarter, and increased compared to 4.94% in the third quarter a year ago. Average loan yields increased eight basis points to 6.04%, compared to 5.96% in the preceding quarter, and increased compared to 5.65% in the third 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 11 basis points to 1.61% in the third quarter of 2024, compared to 1.50% in the preceding quarter, and increased compared to 0.94% in the third quarter a year ago. The increase in deposit costs was due to a larger percentage of growth in higher costing deposits during the quarter. The average rate paid on borrowings increased one basis-point to 5.08% in the third quarter of 2024, compared to 5.07% in the preceding quarter, and increased compared to 4.64% in the third quarter a year ago. The total cost of funding liabilities increased seven basis points to 1.73% during the third quarter of 2024, compared to 1.66% in the preceding quarter, and increased compared to 1.08% in the third quarter a year ago.

    A $1.7 million provision for credit losses was recorded in the current quarter (comprised of a $2.0 million provision for credit losses - loans, a $262,000 recapture of provision for credit losses - unfunded loan commitments and a $13,000 recapture of provision for credit losses - held-to-maturity debt securities). This compares to a $2.4 million provision for credit losses in the prior 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) and a $2.0 million provision for credit losses in the third quarter a year ago (comprised of a $2.9 million provision for credit losses - loans, a $346,000 provision for credit losses - unfunded loan commitments, a $1.3 million recapture of provision for credit losses - available for sale securities and a $12,000 recapture of provision for credit losses - held-to-maturity debt securities). The provision for credit losses for the current quarter primarily reflected an increase in the reserve for non-performing collateral dependent loans.

    Total non-interest income was $18.1 million in the third quarter of 2024, compared to $17.2 million in the preceding quarter and $12.7 million in the third quarter a year ago. The increase in non-interest income during the current quarter compared to the preceding quarter was primarily due to a $562,000 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 $1.1 million increase in mortgage banking operations revenue, a $2.7 million decrease in the net loss recognized on the sale of securities and a $693,000 decrease in the net loss recognized for fair value adjustments on financial instruments carried at fair value. Total non-interest income was $46.9 million for the nine months ended September 30, 2024, compared to $30.4 million for the same period a year earlier.

    Mortgage banking operations revenue was $3.2 million in the third quarter of 2024, compared to $3.0 million in the preceding quarter and $2.0 million in the third quarter a year ago. The volume of one- to four-family loans sold during the current quarter increased compared to the preceding and prior year quarters, although overall volumes remained low due to reduced refinancing and purchase activity in the current rate environment. The increase in mortgage banking operations revenue from the preceding quarter was also impacted by increases in the pricing on the one- to four-family loans sold during the current quarter. Home purchase activity accounted for 88% of one- to four-family mortgage loan originations in the third quarter of 2024, 89% in the preceding quarter and 90% in the third quarter of 2023.

    Total non-interest expense was $96.3 million in the third quarter of 2024, compared to $98.1 million in the preceding quarter and $95.9 million in the third quarter of 2023. The decrease in non-interest expense for the current quarter compared to the prior quarter reflects a $2.0 million decrease in salary and employee benefits, primarily resulting from decreased medical premiums expense and unemployment and workers compensation expense. 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 real estate operations, net expenses, partially offset by a decrease in professional and legal expenses. For the nine months ended September 30, 2024, total non-interest expense was $292.1 million, compared to $285.9 million for the nine months ended September 30, 2023. Banner's efficiency ratio was 62.63% for the third quarter of 2024, compared to 65.53% in the preceding quarter and 62.10% in the same quarter a year ago. Banner's adjusted efficiency ratio, a non-GAAP financial measure, was 61.27% for the third quarter of 2024, compared to 63.60% in the preceding quarter and 59.00% 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.

    Balance Sheet Review

    Total assets increased to $16.19 billion at September 30, 2024, compared to $15.82 billion at June 30, 2024, and $15.51 billion at September 30, 2023. Securities and interest-bearing deposits held at other banks totaled $3.50 billion at September 30, 2024, compared to $3.27 billion at June 30, 2024 and $3.44 billion at September 30, 2023. The increase compared to the prior quarter was primarily due to an increase in interest-bearing deposit balances. The average effective duration of the securities portfolio was approximately 6.3 years at September 30, 2024, compared to 6.8 years at September 30, 2023.

    Total loans receivable increased to $11.22 billion at September 30, 2024, compared to $11.14 billion at June 30, 2024, and $10.61 billion at September 30, 2023. One- to four-family residential loans decreased 2% to $1.58 billion at September 30, 2024, compared to $1.60 billion at June 30, 2024, and increased 9% compared to $1.44 billion at September 30, 2023. The decrease in one- to four-family residential loans from the prior quarter was primarily the result of the transfer of $47.5 million of one- to four-family residential loans from portfolio to held for sale. The increase in one- to four-family residential loans from the prior year was primarily 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. Multifamily real estate loans increased 24% to $889.9 million at September 30, 2024, compared to $717.1 million at June 30, 2024, and increased 16% compared to $766.6 million at September 30, 2023. The increase in multifamily real estate loans from June 30, 2024 and September 30, 2023 was primarily the result of the conversion of multifamily construction loans to the multifamily portfolio upon the completion of the construction phase. The increase from the prior year also reflects 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 loans. Construction, land and land development loans decreased 9% to $1.53 billion at September 30, 2024, compared to $1.68 billion at June 30, 2024, and increased 1% compared to $1.50 billion at September 30, 2023. The decrease in construction, land and land development loans was primarily the result of multifamily construction loans converting to multifamily portfolio loans upon the completion of the construction phase. Agricultural business loans increased 4% to $346.7 million at September 30, 2024, compared to $334.6 million at June 30, 2024 and increased 4% compared to $334.6 million at September 30, 2023, primarily due to advances on agricultural lines of credit.

    Loans held for sale were $78.8 million at September 30, 2024, compared to $13.4 million at June 30, 2024 and $54.2 million at September 30, 2023. One- to four-family residential mortgage held for sale loans sold in the current quarter totaled $95.0 million, compared to $75.0 million in the preceding quarter and $87.3 million in the third quarter a year ago. The increase in loans held for sale was primarily the result of the transfer of $47.5 million of one- to four-family residential loans from portfolio to held for sale during the current quarter. The increase from the prior year was partially offset by 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 September 30, 2024 or June 30, 2024.

    Total deposits increased to $13.54 billion at September 30, 2024, compared to $13.08 billion at June 30, 2024 and $13.17 billion a year ago. Core deposits increased 4% to $12.02 billion at September 30, 2024, compared to $11.55 billion at June 30, 2024, and increased 3% compared to $11.72 billion at September 30, 2023. The increase in core deposits compared to the prior quarter primarily reflects normal seasonal increases primarily from agricultural clients. The increase in core deposits compared to the prior year quarter primarily reflects an increase in third-party insured sweep accounts. Core deposits were 89% of total deposits at September 30, 2024, compared to 88% of total deposits at June 30, 2024 and 89% of total deposits at September 30, 2023. Certificates of deposit decreased slightly to $1.52 billion at September 30, 2024, compared to $1.53 billion at June 30, 2024, and increased 4% compared to $1.46 billion a year earlier. The decrease in certificates of deposit during the current quarter compared to the preceding quarter was principally due to a $55.0 million decrease in brokered deposits. The increase in certificates of deposit during the current quarter compared to the third quarter a year ago was principally due to clients seeking higher yields moving funds from core deposit accounts to higher yielding certificates of deposits, partially offset by a $112.5 million decrease in brokered deposits.

    FHLB advances were $230.0 million at September 30, 2024, compared to $398.0 million at June 30, 2024 and $140.0 million a year ago. At September 30, 2024, off-balance sheet liquidity included additional borrowing capacity of $3.23 billion at the FHLB and $1.53 billion at the Federal Reserve as well as federal funds line of credit agreements with other financial institutions of $125.0 million.

    At September 30, 2024, total common shareholders' equity was $1.79 billion, or 11.08% of total assets, compared to $1.69 billion or 10.69% of total assets at June 30, 2024, and $1.52 billion or 9.81% of total assets at September 30, 2023. The increase in total common shareholders' equity at September 30, 2024 compared to June 30, 2024 was due to a $28.4 million increase in retained earnings as a result of $45.2 million in net income, partially offset by the accrual of $16.7 million of cash dividends during the third quarter of 2024, as well as a decrease in accumulated other comprehensive loss of $72.0 million as the result of an increase in the fair value of the security portfolio. At September 30, 2024, tangible common shareholders' equity, a non-GAAP financial measure, was $1.42 billion, or 8.96% of tangible assets, compared to $1.31 billion, or 8.51% of tangible assets, at June 30, 2024, and $1.14 billion, or 7.54% 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 September 30, 2024, Banner's estimated common equity Tier 1 capital ratio was 12.30%, its estimated Tier 1 leverage capital to average assets ratio was 10.91%, and its estimated total capital to risk-weighted assets ratio was 14.92%. These regulatory capital ratios are estimates, pending completion and filing of Banner's regulatory reports.

    Credit Quality

    The allowance for credit losses - loans was $154.6 million, or 1.38% of total loans receivable and 359% of non-performing loans, at September 30, 2024, compared to $152.8 million, or 1.37% of total loans receivable and 498% of non-performing loans, at June 30, 2024, and $147.0 million, or 1.38% of total loans receivable and 560% of non-performing loans, at September 30, 2023. In addition to the allowance for credit losses - loans, Banner maintains an allowance for credit losses - unfunded loan commitments, which was $13.8 million at September 30, 2024, compared to $14.0 million at June 30, 2024, and $15.0 million at September 30, 2023. Net loan charge-offs totaled $230,000 in the third quarter of 2024, compared to $245,000 in the preceding quarter and $663,000 in the third quarter a year ago. Non-performing loans were $43.0 million at September 30, 2024, compared to $30.7 million at June 30, 2024, and $26.3 million a year ago.

    An increase in adversely classified loans, offset in part by payoffs and paydowns, resulted in total substandard loans of $150.1 million as of September 30, 2024. This compares to $122.0 million as of June 30, 2024 and $124.5 million a year ago.

    Total non-performing assets were $45.2 million, or 0.28% of total assets, at September 30, 2024, compared to $33.3 million, or 0.21% of total assets, at June 30, 2024, and $26.8 million, or 0.17% of total assets, a year ago.

    Conference Call

    Banner will host a conference call on Thursday, October 17, 2024, at 8:00 a.m. PDT, to discuss its third 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 433614 to participate in the call. A replay of the call will be available at www.bannerbank.com.

    About the Company

    Banner Corporation is a $16.19 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) 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 recession or slowed economic growth, or increased political instability due to acts of war; (2) changes in the interest rate environment, including increases or decreases in the Board of Governors of the Federal Reserve System (the "Federal Reserve") benchmark rate and duration at which such interest rate levels are maintained, which could affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; (3) the impact of 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

     

    Nine Months Ended

    (in thousands except shares and per share data)

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

     

    Sep 30, 2024

     

    Sep 30, 2023

    INTEREST INCOME:

     

     

     

     

     

     

     

     

     

     

    Loans receivable

     

    $

    168,338

     

     

    $

    161,191

     

     

    $

    149,254

     

     

    $

    486,004

     

     

    $

    423,359

     

    Mortgage-backed securities

     

     

    16,357

     

     

     

    16,708

     

     

     

    17,691

     

     

     

    49,999

     

     

     

    54,954

     

    Securities and cash equivalents

     

     

    11,146

     

     

     

    11,239

     

     

     

    12,119

     

     

     

    33,664

     

     

     

    39,521

     

    Total interest income

     

     

    195,841

     

     

     

    189,138

     

     

     

    179,064

     

     

     

    569,667

     

     

     

    517,834

     

    INTEREST EXPENSE:

     

     

     

     

     

     

     

     

     

     

    Deposits

     

     

    53,785

     

     

     

    48,850

     

     

     

    31,001

     

     

     

    147,248

     

     

     

    60,784

     

    Federal Home Loan Bank (FHLB) advances

     

     

    2,263

     

     

     

    3,621

     

     

     

    2,233

     

     

     

    8,856

     

     

     

    8,654

     

    Other borrowings

     

     

    1,147

     

     

     

    1,160

     

     

     

    1,099

     

     

     

    3,482

     

     

     

    2,251

     

    Subordinated debt

     

     

    2,971

     

     

     

    2,961

     

     

     

    2,965

     

     

     

    8,901

     

     

     

    8,549

     

    Total interest expense

     

     

    60,166

     

     

     

    56,592

     

     

     

    37,298

     

     

     

    168,487

     

     

     

    80,238

     

    Net interest income

     

     

    135,675

     

     

     

    132,546

     

     

     

    141,766

     

     

     

    401,180

     

     

     

    437,596

     

    PROVISION FOR CREDIT LOSSES

     

     

    1,692

     

     

     

    2,369

     

     

     

    2,027

     

     

     

    4,581

     

     

     

    8,267

     

    Net interest income after provision for credit losses

     

     

    133,983

     

     

     

    130,177

     

     

     

    139,739

     

     

     

    396,599

     

     

     

    429,329

     

    NON-INTEREST INCOME:

     

     

     

     

     

     

     

     

     

     

    Deposit fees and other service charges

     

     

    10,741

     

     

     

    10,590

     

     

     

    10,916

     

     

     

    32,353

     

     

     

    32,078

     

    Mortgage banking operations

     

     

    3,180

     

     

     

    3,006

     

     

     

    2,049

     

     

     

    8,521

     

     

     

    6,426

     

    Bank-owned life insurance

     

     

    2,445

     

     

     

    2,367

     

     

     

    2,062

     

     

     

    7,049

     

     

     

    6,636

     

    Miscellaneous

     

     

    1,658

     

     

     

    1,988

     

     

     

    942

     

     

     

    5,538

     

     

     

    4,010

     

     

     

     

    18,024

     

     

     

    17,951

     

     

     

    15,969

     

     

     

    53,461

     

     

     

    49,150

     

    Net loss on sale of securities

     

     

    —

     

     

     

    (562

    )

     

     

    (2,657

    )

     

     

    (5,465

    )

     

     

    (14,436

    )

    Net change in valuation of financial instruments carried at fair value

     

     

    39

     

     

     

    (190

    )

     

     

    (654

    )

     

     

    (1,143

    )

     

     

    (4,357

    )

    Total non-interest income

     

     

    18,063

     

     

     

    17,199

     

     

     

    12,658

     

     

     

    46,853

     

     

     

    30,357

     

    NON-INTEREST EXPENSE:

     

     

     

     

     

     

     

     

     

     

    Salary and employee benefits

     

     

    61,832

     

     

     

    63,831

     

     

     

    61,091

     

     

     

    188,032

     

     

     

    184,452

     

    Less capitalized loan origination costs

     

     

    (4,354

    )

     

     

    (4,639

    )

     

     

    (4,498

    )

     

     

    (12,669

    )

     

     

    (12,386

    )

    Occupancy and equipment

     

     

    12,040

     

     

     

    12,128

     

     

     

    11,722

     

     

     

    36,630

     

     

     

    35,686

     

    Information and computer data services

     

     

    7,134

     

     

     

    7,240

     

     

     

    7,118

     

     

     

    21,694

     

     

     

    21,347

     

    Payment and card processing services

     

     

    5,346

     

     

     

    5,691

     

     

     

    5,172

     

     

     

    16,747

     

     

     

    14,459

     

    Professional and legal expenses

     

     

    2,102

     

     

     

    1,201

     

     

     

    3,042

     

     

     

    4,833

     

     

     

    7,563

     

    Advertising and marketing

     

     

    1,161

     

     

     

    1,198

     

     

     

    1,362

     

     

     

    3,438

     

     

     

    3,108

     

    Deposit insurance

     

     

    2,874

     

     

     

    2,858

     

     

     

    2,874

     

     

     

    8,541

     

     

     

    7,603

     

    State and municipal business and use taxes

     

     

    1,432

     

     

     

    1,394

     

     

     

    1,359

     

     

     

    4,130

     

     

     

    3,888

     

    Real estate operations, net

     

     

    103

     

     

     

    297

     

     

     

    (383

    )

     

     

    180

     

     

     

    (585

    )

    Amortization of core deposit intangibles

     

     

    590

     

     

     

    724

     

     

     

    857

     

     

     

    2,037

     

     

     

    2,898

     

    Miscellaneous

     

     

    6,031

     

     

     

    6,205

     

     

     

    6,175

     

     

     

    18,467

     

     

     

    17,884

     

    Total non-interest expense

     

     

    96,291

     

     

     

    98,128

     

     

     

    95,891

     

     

     

    292,060

     

     

     

    285,917

     

    Income before provision for income taxes

     

     

    55,755

     

     

     

    49,248

     

     

     

    56,506

     

     

     

    151,392

     

     

     

    173,769

     

    PROVISION FOR INCOME TAXES

     

     

    10,602

     

     

     

    9,453

     

     

     

    10,652

     

     

     

    28,885

     

     

     

    32,769

     

    NET INCOME

     

    $

    45,153

     

     

    $

    39,795

     

     

    $

    45,854

     

     

    $

    122,507

     

     

    $

    141,000

     

    Earnings per common share:

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    1.31

     

     

    $

    1.15

     

     

    $

    1.33

     

     

    $

    3.56

     

     

    $

    4.11

     

    Diluted

     

    $

    1.30

     

     

    $

    1.15

     

     

    $

    1.33

     

     

    $

    3.54

     

     

    $

    4.09

     

    Cumulative dividends declared per common share

     

    $

    0.48

     

     

    $

    0.48

     

     

    $

    0.48

     

     

    $

    1.44

     

     

    $

    1.44

     

    Weighted average number of common shares outstanding:

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    34,498,830

     

     

     

    34,488,163

     

     

     

    34,379,865

     

     

     

    34,459,662

     

     

     

    34,331,458

     

    Diluted

     

     

    34,650,322

     

     

     

    34,537,012

     

     

     

    34,429,726

     

     

     

    34,575,498

     

     

     

    34,439,214

     

    Increase in common shares outstanding

     

     

    936

     

     

     

    60,531

     

     

     

    1,322

     

     

     

    108,319

     

     

     

    151,931

     

    FINANCIAL CONDITION

     

     

     

     

     

     

     

     

     

    Percentage Change

    (in thousands except shares and per share data)

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Dec 31, 2023

     

    Sep 30, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

    ASSETS

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and due from banks

     

    $

    226,568

     

     

    $

    195,163

     

     

    $

    209,634

     

     

    $

    207,171

     

     

    16

    %

     

    9

    %

    Interest-bearing deposits

     

     

    252,227

     

     

     

    52,295

     

     

     

    44,830

     

     

     

    44,535

     

     

    382

    %

     

    466

    %

    Total cash and cash equivalents

     

     

    478,795

     

     

     

    247,458

     

     

     

    254,464

     

     

     

    251,706

     

     

    93

    %

     

    90

    %

    Securities – trading

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    25,268

     

     

    nm

     

    (100

    )%

    Securities - available for sale, amortized cost $2,523,968, $2,572,544, $2,729,980 and $2,774,972, respectively

     

     

    2,237,939

     

     

     

    2,197,693

     

     

     

    2,373,783

     

     

     

    2,287,993

     

     

    2

    %

     

    (2

    )%

    Securities - held to maturity, fair value $879,278, $852,709, $907,514 and $853,653, respectively

     

     

    1,013,903

     

     

     

    1,023,028

     

     

     

    1,059,055

     

     

     

    1,082,156

     

     

    (1

    )%

     

    (6

    )%

    Total securities

     

     

    3,251,842

     

     

     

    3,220,721

     

     

     

    3,432,838

     

     

     

    3,395,417

     

     

    1

    %

     

    (4

    )%

    FHLB stock

     

     

    19,751

     

     

     

    27,311

     

     

     

    24,028

     

     

     

    15,600

     

     

    (28

    )%

     

    27

    %

    Loans held for sale

     

     

    78,841

     

     

     

    13,421

     

     

     

    11,170

     

     

     

    54,158

     

     

    487

    %

     

    46

    %

    Loans receivable

     

     

    11,224,606

     

     

     

    11,143,848

     

     

     

    10,810,455

     

     

     

    10,611,417

     

     

    1

    %

     

    6

    %

    Allowance for credit losses – loans

     

     

    (154,585

    )

     

     

    (152,848

    )

     

     

    (149,643

    )

     

     

    (146,960

    )

     

    1

    %

     

    5

    %

    Net loans receivable

     

     

    11,070,021

     

     

     

    10,991,000

     

     

     

    10,660,812

     

     

     

    10,464,457

     

     

    1

    %

     

    6

    %

    Accrued interest receivable

     

     

    66,981

     

     

     

    67,520

     

     

     

    63,100

     

     

     

    61,040

     

     

    (1

    )%

     

    10

    %

    Property and equipment, net

     

     

    125,256

     

     

     

    126,465

     

     

     

    132,231

     

     

     

    136,504

     

     

    (1

    )%

     

    (8

    )%

    Goodwill

     

     

    373,121

     

     

     

    373,121

     

     

     

    373,121

     

     

     

    373,121

     

     

    —

    %

     

    —

    %

    Other intangibles, net

     

     

    3,647

     

     

     

    4,237

     

     

     

    5,684

     

     

     

    6,542

     

     

    (14

    )%

     

    (44

    )%

    Bank-owned life insurance

     

     

    310,400

     

     

     

    307,948

     

     

     

    304,366

     

     

     

    303,347

     

     

    1

    %

     

    2

    %

    Operating lease right-of-use assets

     

     

    38,192

     

     

     

    39,628

     

     

     

    43,731

     

     

     

    43,447

     

     

    (4

    )%

     

    (12

    )%

    Other assets

     

     

    371,829

     

     

     

    397,364

     

     

     

    364,846

     

     

     

    402,541

     

     

    (6

    )%

     

    (8

    )%

    Total assets

     

    $

    16,188,676

     

     

    $

    15,816,194

     

     

    $

    15,670,391

     

     

    $

    15,507,880

     

     

    2

    %

     

    4

    %

    LIABILITIES

     

     

     

     

     

     

     

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

     

    Non-interest-bearing

     

    $

    4,688,244

     

     

    $

    4,537,803

     

     

    $

    4,792,369

     

     

    $

    5,197,854

     

     

    3

    %

     

    (10

    )%

    Interest-bearing transaction and savings accounts

     

     

    7,328,051

     

     

     

    7,016,327

     

     

     

    6,759,661

     

     

     

    6,518,385

     

     

    4

    %

     

    12

    %

    Interest-bearing certificates

     

     

    1,521,853

     

     

     

    1,525,133

     

     

     

    1,477,467

     

     

     

    1,458,313

     

     

    —

    %

     

    4

    %

    Total deposits

     

     

    13,538,148

     

     

     

    13,079,263

     

     

     

    13,029,497

     

     

     

    13,174,552

     

     

    4

    %

     

    3

    %

    Advances from FHLB

     

     

    230,000

     

     

     

    398,000

     

     

     

    323,000

     

     

     

    140,000

     

     

    (42

    )%

     

    64

    %

    Other borrowings

     

     

    154,533

     

     

     

    165,956

     

     

     

    182,877

     

     

     

    188,440

     

     

    (7

    )%

     

    (18

    )%

    Subordinated notes, net

     

     

    80,170

     

     

     

    89,561

     

     

     

    92,851

     

     

     

    92,748

     

     

    (10

    )%

     

    (14

    )%

    Junior subordinated debentures at fair value

     

     

    66,257

     

     

     

    66,831

     

     

     

    66,413

     

     

     

    66,284

     

     

    (1

    )%

     

    —

    %

    Operating lease liabilities

     

     

    42,318

     

     

     

    44,056

     

     

     

    48,659

     

     

     

    48,642

     

     

    (4

    )%

     

    (13

    )%

    Accrued expenses and other liabilities

     

     

    237,128

     

     

     

    235,515

     

     

     

    228,428

     

     

     

    231,478

     

     

    1

    %

     

    2

    %

    Deferred compensation

     

     

    46,401

     

     

     

    46,246

     

     

     

    45,975

     

     

     

    45,129

     

     

    —

    %

     

    3

    %

    Total liabilities

     

     

    14,394,955

     

     

     

    14,125,428

     

     

     

    14,017,700

     

     

     

    13,987,273

     

     

    2

    %

     

    3

    %

    SHAREHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

     

     

     

    Common stock

     

     

    1,304,792

     

     

     

    1,302,236

     

     

     

    1,299,651

     

     

     

    1,297,307

     

     

    —

    %

     

    1

    %

    Retained earnings

     

     

    714,472

     

     

     

    686,079

     

     

     

    642,175

     

     

     

    616,215

     

     

    4

    %

     

    16

    %

    Accumulated other comprehensive loss

     

     

    (225,543

    )

     

     

    (297,549

    )

     

     

    (289,135

    )

     

     

    (392,915

    )

     

    (24

    )%

     

    (43

    )%

    Total shareholders' equity

     

     

    1,793,721

     

     

     

    1,690,766

     

     

     

    1,652,691

     

     

     

    1,520,607

     

     

    6

    %

     

    18

    %

    Total liabilities and shareholders' equity

     

    $

    16,188,676

     

     

    $

    15,816,194

     

     

    $

    15,670,391

     

     

    $

    15,507,880

     

     

    2

    %

     

    4

    %

    Common Shares Issued:

     

     

     

     

     

     

     

     

     

     

     

     

    Shares outstanding at end of period

     

     

    34,456,688

     

     

     

    34,455,752

     

     

     

    34,348,369

     

     

     

    34,345,949

     

     

     

     

     

    Common shareholders' equity per share (1)

     

    $

    52.06

     

     

    $

    49.07

     

     

    $

    48.12

     

     

    $

    44.27

     

     

     

     

     

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

     

    $

    41.12

     

     

    $

    38.12

     

     

    $

    37.09

     

     

    $

    33.22

     

     

     

     

     

    Common shareholders' equity to total assets

     

     

    11.08

    %

     

     

    10.69

    %

     

     

    10.55

    %

     

     

    9.81

    %

     

     

     

     

    Common shareholders' tangible equity to tangible assets (2)

     

     

    8.96

    %

     

     

    8.51

    %

     

     

    8.33

    %

     

     

    7.54

    %

     

     

     

     

    Consolidated Tier 1 leverage capital ratio

     

     

    10.91

    %

     

     

    10.80

    %

     

     

    10.56

    %

     

     

    10.40

    %

     

     

     

     

    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

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Dec 31, 2023

     

    Sep 30, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

     

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial real estate (CRE):

     

     

     

     

     

     

     

     

     

     

     

     

    Owner-occupied

     

    $

    990,516

     

     

    $

    950,922

     

     

    $

    915,897

     

     

    $

    911,540

     

     

    4

    %

     

    9

    %

    Investment properties

     

     

    1,583,863

     

     

     

    1,536,142

     

     

     

    1,541,344

     

     

     

    1,530,087

     

     

    3

    %

     

    4

    %

    Small balance CRE

     

     

    1,218,822

     

     

     

    1,234,302

     

     

     

    1,178,500

     

     

     

    1,169,828

     

     

    (1

    )%

     

    4

    %

    Multifamily real estate

     

     

    889,866

     

     

     

    717,089

     

     

     

    811,232

     

     

     

    766,571

     

     

    24

    %

     

    16

    %

    Construction, land and land development:

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial construction

     

     

    124,051

     

     

     

    173,296

     

     

     

    170,011

     

     

     

    168,061

     

     

    (28

    )%

     

    (26

    )%

    Multifamily construction

     

     

    524,108

     

     

     

    663,989

     

     

     

    503,993

     

     

     

    453,129

     

     

    (21

    )%

     

    16

    %

    One- to four-family construction

     

     

    507,350

     

     

     

    490,237

     

     

     

    526,432

     

     

     

    536,349

     

     

    3

    %

     

    (5

    )%

    Land and land development

     

     

    370,690

     

     

     

    352,184

     

     

     

    336,639

     

     

     

    346,362

     

     

    5

    %

     

    7

    %

    Commercial business:

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial business

     

     

    1,281,615

     

     

     

    1,298,134

     

     

     

    1,255,734

     

     

     

    1,263,747

     

     

    (1

    )%

     

    1

    %

    Small business scored

     

     

    1,087,714

     

     

     

    1,074,465

     

     

     

    1,022,154

     

     

     

    1,000,714

     

     

    1

    %

     

    9

    %

    Agricultural business, including secured by farmland:

     

     

     

     

     

     

     

     

     

     

     

     

    Agricultural business, including secured by farmland

     

     

    346,686

     

     

     

    334,583

     

     

     

    331,089

     

     

     

    334,626

     

     

    4

    %

     

    4

    %

    One- to four-family residential

     

     

    1,575,164

     

     

     

    1,603,266

     

     

     

    1,518,046

     

     

     

    1,438,694

     

     

    (2

    )%

     

    9

    %

    Consumer:

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer—home equity revolving lines of credit

     

     

    622,615

     

     

     

    611,739

     

     

     

    588,703

     

     

     

    579,836

     

     

    2

    %

     

    7

    %

    Consumer—other

     

     

    101,546

     

     

     

    103,500

     

     

     

    110,681

     

     

     

    111,873

     

     

    (2

    )%

     

    (9

    )%

    Total loans receivable

     

    $

    11,224,606

     

     

    $

    11,143,848

     

     

    $

    10,810,455

     

     

    $

    10,611,417

     

     

    1

    %

     

    6

    %

    Loans 30 - 89 days past due and on accrual

     

    $

    13,030

     

     

    $

    11,850

     

     

    $

    19,744

     

     

    $

    6,108

     

     

     

     

     

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

     

    $

    44,656

     

     

    $

    32,081

     

     

    $

    43,164

     

     

    $

    28,312

     

     

     

     

     

    Total delinquent loans / Total loans receivable

     

     

    0.40

    %

     

     

    0.29

    %

     

     

    0.40

    %

     

     

    0.27

    %

     

     

     

     

    LOANS BY GEOGRAPHIC LOCATION

     

     

     

     

     

     

     

     

     

     

     

    Percentage Change

     

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Dec 31, 2023

     

    Sep 30, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

     

     

    Amount

     

    Percentage

     

    Amount

     

    Amount

     

    Amount

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Washington

     

    $

    5,203,637

     

    46

    %

     

    $

    5,182,378

     

    $

    5,095,602

     

    $

    5,046,028

     

    —

    %

     

    3

    %

    California

     

     

    2,796,965

     

     

    25

    %

     

     

    2,787,190

     

     

     

    2,670,923

     

     

     

    2,570,175

     

     

    —

    %

     

    9

    %

    Oregon

     

     

    2,108,229

     

     

    19

    %

     

     

    2,072,153

     

     

     

    1,974,001

     

     

     

    1,929,531

     

     

    2

    %

     

    9

    %

    Idaho

     

     

    652,148

     

     

    6

    %

     

     

    641,209

     

     

     

    610,064

     

     

     

    600,648

     

     

    2

    %

     

    9

    %

    Utah

     

     

    85,316

     

     

    1

    %

     

     

    80,295

     

     

     

    68,931

     

     

     

    57,711

     

     

    6

    %

     

    48

    %

    Other

     

     

    378,311

     

     

    3

    %

     

     

    380,623

     

     

     

    390,934

     

     

     

    407,324

     

     

    (1

    )%

     

    (7

    )%

    Total loans receivable

     

    $

    11,224,606

     

     

    100

    %

     

    $

    11,143,848

     

     

    $

    10,810,455

     

     

    $

    10,611,417

     

     

    1

    %

     

    6

    %

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

    LOAN ORIGINATIONS

    Quarters Ended

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

    Commercial real estate

    $

    114,372

     

    $

    102,258

     

    $

    62,337

    Multifamily real estate

     

    314

     

     

     

    2,774

     

     

     

    12,725

     

    Construction and land

     

    472,506

     

     

     

    546,675

     

     

     

    421,656

     

    Commercial business

     

    179,871

     

     

     

    167,168

     

     

     

    157,833

     

    Agricultural business

     

    5,877

     

     

     

    22,255

     

     

     

    17,466

     

    One- to four-family residential

     

    24,488

     

     

     

    34,498

     

     

     

    43,622

     

    Consumer

     

    96,137

     

     

     

    120,470

     

     

     

    70,043

     

    Total loan originations (excluding loans held for sale)

    $

    893,565

     

     

    $

    996,098

     

     

    $

    785,682

     

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

     

    Quarters Ended

    CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

    Balance, beginning of period

     

    $

    152,848

     

     

    $

    151,140

     

     

    $

    144,680

     

    Provision for credit losses – loans

     

     

    1,967

     

     

     

    1,953

     

     

     

    2,943

     

    Recoveries of loans previously charged off:

     

     

     

     

     

     

    Commercial real estate

     

     

    65

     

     

     

    98

     

     

     

    170

     

    Construction and land

     

     

    —

     

     

     

    —

     

     

     

    29

     

    One- to four-family real estate

     

     

    14

     

     

     

    17

     

     

     

    59

     

    Commercial business

     

     

    613

     

     

     

    324

     

     

     

    403

     

    Agricultural business, including secured by farmland

     

     

    1

     

     

     

    195

     

     

     

    19

     

    Consumer

     

     

    41

     

     

     

    112

     

     

     

    126

     

     

     

     

    734

     

     

     

    746

     

     

     

    806

     

    Loans charged off:

     

     

     

     

     

     

    Commercial real estate

     

     

    —

     

     

     

    (347

    )

     

     

    —

     

    Construction and land

     

     

    (145

    )

     

     

    —

     

     

     

    —

     

    Commercial business

     

     

    (414

    )

     

     

    (137

    )

     

     

    (616

    )

    Agricultural business, including secured by farmland

     

     

    —

     

     

     

    —

     

     

     

    (564

    )

    Consumer

     

     

    (405

    )

     

     

    (507

    )

     

     

    (289

    )

     

     

     

    (964

    )

     

     

    (991

    )

     

     

    (1,469

    )

    Net charge-offs

     

     

    (230

    )

     

     

    (245

    )

     

     

    (663

    )

    Balance, end of period

     

    $

    154,585

     

     

    $

    152,848

     

     

    $

    146,960

     

    Net charge-offs / Average loans receivable

     

     

    (0.002

    )%

     

     

    (0.002

    )%

     

     

    (0.006

    )%

    ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANS

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

    Commercial real estate

     

    $

    40,040

     

     

    $

    39,064

     

     

    $

    44,016

     

    Multifamily real estate

     

     

    10,233

     

     

     

    8,253

     

     

     

    8,804

     

    Construction and land

     

     

    28,322

     

     

     

    31,597

     

     

     

    29,389

     

    One- to four-family real estate

     

     

    20,463

     

     

     

    20,906

     

     

     

    17,925

     

    Commercial business

     

     

    39,779

     

     

     

    38,835

     

     

     

    34,065

     

    Agricultural business, including secured by farmland

     

     

    5,340

     

     

     

    4,045

     

     

     

    3,718

     

    Consumer

     

     

    10,408

     

     

     

    10,148

     

     

     

    9,043

     

    Total allowance for credit losses – loans

     

    $

    154,585

     

     

    $

    152,848

     

     

    $

    146,960

     

    Allowance for credit losses - loans / Total loans receivable

     

     

    1.38

    %

     

     

    1.37

    %

     

     

    1.38

    %

    Allowance for credit losses - loans / Non-performing loans

     

     

    359

    %

     

     

    498

    %

     

     

    560

    %

     

     

    Quarters Ended

    CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

    Balance, beginning of period

     

    $

    14,027

     

     

    $

    13,597

     

    $

    14,664

    (Recapture) provision for credit losses - unfunded loan commitments

     

     

    (262

    )

     

     

    430

     

     

     

    346

     

    Balance, end of period

     

    $

    13,765

     

     

    $

    14,027

     

     

    $

    15,010

     

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

    NON-PERFORMING ASSETS

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Dec 31, 2023

     

    Sep 30, 2023

    Loans on non-accrual status:

     

     

     

     

     

     

     

    Secured by real estate:

     

     

     

     

     

     

     

    Commercial

    $

    2,127

     

     

    $

    2,326

     

     

    $

    2,677

     

     

    $

    1,365

     

    Construction and land

     

    4,286

     

     

     

    3,999

     

     

     

    3,105

     

     

     

    5,538

     

    One- to four-family

     

    9,592

     

     

     

    8,184

     

     

     

    5,702

     

     

     

    5,480

     

    Commercial business

     

    10,705

     

     

     

    8,694

     

     

     

    9,002

     

     

     

    5,289

     

    Agricultural business, including secured by farmland

     

    7,703

     

     

     

    1,586

     

     

     

    3,167

     

     

     

    3,170

     

    Consumer

     

    4,636

     

     

     

    3,380

     

     

     

    3,204

     

     

     

    3,378

     

     

     

    39,049

     

     

     

    28,169

     

     

     

    26,857

     

     

     

    24,220

     

    Loans more than 90 days delinquent, still on accrual:

     

     

     

     

     

     

     

    Secured by real estate:

     

     

     

     

     

     

     

    Commercial

     

    2,258

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Construction and land

     

    380

     

     

     

    —

     

     

     

    1,138

     

     

     

    —

     

    One- to four-family

     

    961

     

     

     

    1,861

     

     

     

    1,205

     

     

     

    1,799

     

    Commercial business

     

    —

     

     

     

    —

     

     

     

    1

     

     

     

    —

     

    Consumer

     

    359

     

     

     

    692

     

     

     

    401

     

     

     

    245

     

     

     

    3,958

     

     

     

    2,553

     

     

     

    2,745

     

     

     

    2,044

     

    Total non-performing loans

     

    43,007

     

     

     

    30,722

     

     

     

    29,602

     

     

     

    26,264

     

    REO

     

    2,221

     

     

     

    2,564

     

     

     

    526

     

     

     

    546

     

    Total non-performing assets

    $

    45,228

     

     

    $

    33,286

     

     

    $

    30,128

     

     

    $

    26,810

     

    Total non-performing assets to total assets

     

    0.28

    %

     

     

    0.21

    %

     

     

    0.19

    %

     

     

    0.17

    %

    LOANS BY CREDIT RISK RATING

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Dec 31, 2023

     

    Sep 30, 2023

    Pass

    $

    11,022,014

     

    $

    10,971,850

     

    $

    10,671,281

     

    $

    10,467,498

    Special Mention

     

    52,497

     

     

     

    50,027

     

     

     

    13,732

     

     

     

    19,394

     

    Substandard

     

    150,095

     

     

     

    121,971

     

     

     

    125,442

     

     

     

    124,525

     

    Total

    $

    11,224,606

     

     

    $

    11,143,848

     

     

    $

    10,810,455

     

     

    $

    10,611,417

     

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

    DEPOSIT COMPOSITION

     

     

     

     

     

     

     

     

     

    Percentage Change

     

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Dec 31, 2023

     

    Sep 30, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

    Non-interest-bearing

     

    $

    4,688,244

     

    $

    4,537,803

     

    $

    4,792,369

     

    $

    5,197,854

     

    3

    %

     

    (10

    )%

    Interest-bearing checking

     

     

    2,344,561

     

     

     

    2,208,742

     

     

     

    2,098,526

     

     

     

    2,006,866

     

     

    6

    %

     

    17

    %

    Regular savings accounts

     

     

    3,339,859

     

     

     

    3,192,036

     

     

     

    2,980,530

     

     

     

    2,751,453

     

     

    5

    %

     

    21

    %

    Money market accounts

     

     

    1,643,631

     

     

     

    1,615,549

     

     

     

    1,680,605

     

     

     

    1,760,066

     

     

    2

    %

     

    (7

    )%

    Total interest-bearing transaction and savings accounts

     

     

    7,328,051

     

     

     

    7,016,327

     

     

     

    6,759,661

     

     

     

    6,518,385

     

     

    4

    %

     

    12

    %

    Total core deposits

     

     

    12,016,295

     

     

     

    11,554,130

     

     

     

    11,552,030

     

     

     

    11,716,239

     

     

    4

    %

     

    3

    %

    Interest-bearing certificates

     

     

    1,521,853

     

     

     

    1,525,133

     

     

     

    1,477,467

     

     

     

    1,458,313

     

     

    —

    %

     

    4

    %

    Total deposits

     

    $

    13,538,148

     

     

    $

    13,079,263

     

     

    $

    13,029,497

     

     

    $

    13,174,552

     

     

    4

    %

     

    3

    %

    GEOGRAPHIC CONCENTRATION OF DEPOSITS

     

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Dec 31, 2023

     

    Sep 30, 2023

     

    Percentage Change

     

     

    Amount

     

    Percentage

     

    Amount

     

    Amount

     

    Amount

     

    Prior Qtr

     

    Prior Yr Qtr

    Washington

     

    $

    7,413,414

     

    55

    %

     

    $

    7,171,699

     

    $

    7,247,392

     

    $

    7,241,341

     

    3

    %

     

    2

    %

    Oregon

     

     

    2,997,843

     

     

    22

    %

     

     

    2,909,838

     

     

     

    2,852,677

     

     

     

    2,918,446

     

     

    3

    %

     

    3

    %

    California

     

     

    2,423,295

     

     

    18

    %

     

     

    2,331,793

     

     

     

    2,269,557

     

     

     

    2,342,345

     

     

    4

    %

     

    3

    %

    Idaho

     

     

    703,596

     

     

    5

    %

     

     

    665,933

     

     

     

    659,871

     

     

     

    672,420

     

     

    6

    %

     

    5

    %

    Total deposits

     

    $

    13,538,148

     

     

    100

    %

     

    $

    13,079,263

     

     

    $

    13,029,497

     

     

    $

    13,174,552

     

     

    4

    %

     

    3

    %

    INCLUDED IN TOTAL DEPOSITS

     

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

    Public non-interest-bearing accounts

     

    $

    141,541

     

    $

    149,012

     

    $

    169,058

    Public interest-bearing transaction & savings accounts

     

     

    246,332

     

     

     

    250,136

     

     

     

    188,831

     

    Public interest-bearing certificates

     

     

    28,144

     

     

     

    29,101

     

     

     

    46,349

     

    Total public deposits

     

    $

    416,017

     

     

    $

    428,249

     

     

    $

    404,238

     

    Collateralized public deposits

     

    $

    317,960

     

     

    $

    326,524

     

     

    $

    300,189

     

    Total brokered deposits

     

    $

    50,333

     

     

    $

    105,309

     

     

    $

    162,856

     

     

     

     

     

     

     

     

    AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT

     

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

    Number of deposit accounts

     

     

    459,127

     

     

     

    460,107

     

     

     

    466,159

     

    Average account balance per account

     

    $

    30

     

     

    $

    29

     

     

    $

    28

     

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

    ESTIMATED REGULATORY CAPITAL RATIOS AS OF SEPTEMBER 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

     

    $

    1,988,948

     

    14.92

    %

     

    $

    1,066,549

     

    8.00

    %

     

    $

    1,333,186

     

    10.00

    %

    Tier 1 capital to risk-weighted assets

     

     

    1,725,690

     

     

    12.94

    %

     

     

    799,912

     

     

    6.00

    %

     

     

    799,912

     

     

    6.00

    %

    Tier 1 leverage capital to average assets

     

     

    1,725,690

     

     

    10.91

    %

     

     

    632,760

     

     

    4.00

    %

     

     

    n/a

     

    n/a

    Common equity tier 1 capital to risk-weighted assets

     

     

    1,639,190

     

     

    12.30

    %

     

     

    599,934

     

     

    4.50

    %

     

     

    n/a

     

    n/a

    Banner Bank:

     

     

     

     

     

     

     

     

     

     

     

     

    Total capital to risk-weighted assets

     

     

    1,862,242

     

     

    13.95

    %

     

     

    1,067,758

     

     

    8.00

    %

     

     

    1,334,697

     

     

    10.00

    %

    Tier 1 capital to risk-weighted assets

     

     

    1,698,984

     

     

    12.73

    %

     

     

    800,818

     

     

    6.00

    %

     

     

    1,067,758

     

     

    8.00

    %

    Tier 1 leverage capital to average assets

     

     

    1,698,984

     

     

    10.74

    %

     

     

    632,851

     

     

    4.00

    %

     

     

    791,063

     

     

    5.00

    %

    Common equity tier 1 capital to risk-weighted assets

     

     

    1,698,984

     

     

    12.73

    %

     

     

    600,614

     

     

    4.50

    %

     

     

    867,553

     

     

    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

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 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

    $

    26,954

     

    $

    453

     

     

    6.69

    %

     

    $

    11,665

     

    $

    206

     

     

    7.10

    %

     

    $

    56,697

     

    $

    765

     

     

    5.35

    %

    Mortgage loans

     

    9,207,468

     

     

     

    135,497

     

     

    5.85

    %

     

     

    9,006,857

     

     

     

    129,230

     

     

    5.77

    %

     

     

    8,596,705

     

     

     

    118,285

     

     

    5.46

    %

    Commercial/agricultural loans

     

    1,879,215

     

     

     

    32,547

     

     

    6.89

    %

     

     

    1,874,039

     

     

     

    31,761

     

     

    6.82

    %

     

     

    1,826,907

     

     

     

    29,894

     

     

    6.49

    %

    Consumer and other loans

     

    128,548

     

     

     

    2,154

     

     

    6.67

    %

     

     

    132,661

     

     

     

    2,156

     

     

    6.54

    %

     

     

    138,723

     

     

     

    2,226

     

     

    6.37

    %

    Total loans (1)

     

    11,242,185

     

     

     

    170,651

     

     

    6.04

    %

     

     

    11,025,222

     

     

     

    163,353

     

     

    5.96

    %

     

     

    10,619,032

     

     

     

    151,170

     

     

    5.65

    %

    Mortgage-backed securities

     

    2,623,399

     

     

     

    16,498

     

     

    2.50

    %

     

     

    2,672,187

     

     

     

    16,850

     

     

    2.54

    %

     

     

    2,863,345

     

     

     

    17,834

     

     

    2.47

    %

    Other securities

     

    943,310

     

     

     

    11,120

     

     

    4.69

    %

     

     

    958,809

     

     

     

    11,181

     

     

    4.69

    %

     

     

    1,071,389

     

     

     

    12,128

     

     

    4.49

    %

    Interest-bearing deposits with banks

     

    51,604

     

     

     

    493

     

     

    3.80

    %

     

     

    58,022

     

     

     

    578

     

     

    4.01

    %

     

     

    43,594

     

     

     

    529

     

     

    4.81

    %

    FHLB stock

     

    16,664

     

     

     

    412

     

     

    9.84

    %

     

     

    21,080

     

     

     

    365

     

     

    6.96

    %

     

     

    16,443

     

     

     

    385

     

     

    9.29

    %

    Total investment securities

     

    3,634,977

     

     

     

    28,523

     

     

    3.12

    %

     

     

    3,710,098

     

     

     

    28,974

     

     

    3.14

    %

     

     

    3,994,771

     

     

     

    30,876

     

     

    3.07

    %

    Total interest-earning assets

     

    14,877,162

     

     

     

    199,174

     

     

    5.33

    %

     

     

    14,735,320

     

     

     

    192,327

     

     

    5.25

    %

     

     

    14,613,803

     

     

     

    182,046

     

     

    4.94

    %

    Non-interest-earning assets

     

    981,290

     

     

     

     

     

     

     

    926,411

     

     

     

     

     

     

     

    932,364

     

     

     

     

     

    Total assets

    $

    15,858,452

     

     

     

     

     

     

    $

    15,661,731

     

     

     

     

     

     

    $

    15,546,167

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing checking accounts

    $

    2,295,723

     

     

     

    9,497

     

     

    1.65

    %

     

    $

    2,156,214

     

     

     

    7,621

     

     

    1.42

    %

     

    $

    1,971,179

     

     

     

    4,190

     

     

    0.84

    %

    Savings accounts

     

    3,268,647

     

     

     

    19,299

     

     

    2.35

    %

     

     

    3,147,522

     

     

     

    17,200

     

     

    2.20

    %

     

     

    2,659,890

     

     

     

    8,400

     

     

    1.25

    %

    Money market accounts

     

    1,611,543

     

     

     

    9,184

     

     

    2.27

    %

     

     

    1,659,327

     

     

     

    9,124

     

     

    2.21

    %

     

     

    1,793,953

     

     

     

    6,639

     

     

    1.47

    %

    Certificates of deposit

     

    1,540,637

     

     

     

    15,805

     

     

    4.08

    %

     

     

    1,503,597

     

     

     

    14,905

     

     

    3.99

    %

     

     

    1,412,542

     

     

     

    11,772

     

     

    3.31

    %

    Total interest-bearing deposits

     

    8,716,550

     

     

     

    53,785

     

     

    2.45

    %

     

     

    8,466,660

     

     

     

    48,850

     

     

    2.32

    %

     

     

    7,837,564

     

     

     

    31,001

     

     

    1.57

    %

    Non-interest-bearing deposits

     

    4,601,755

     

     

     

    —

     

     

    —

    %

     

     

    4,634,738

     

     

     

    —

     

     

    —

    %

     

     

    5,316,023

     

     

     

    —

     

     

    —

    %

    Total deposits

     

    13,318,305

     

     

     

    53,785

     

     

    1.61

    %

     

     

    13,101,398

     

     

     

    48,850

     

     

    1.50

    %

     

     

    13,153,587

     

     

     

    31,001

     

     

    0.94

    %

    Other interest-bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    FHLB advances

     

    161,413

     

     

     

    2,263

     

     

    5.58

    %

     

     

    259,549

     

     

     

    3,621

     

     

    5.61

    %

     

     

    161,087

     

     

     

    2,233

     

     

    5.50

    %

    Other borrowings

     

    159,439

     

     

     

    1,147

     

     

    2.86

    %

     

     

    175,518

     

     

     

    1,160

     

     

    2.66

    %

     

     

    194,659

     

     

     

    1,099

     

     

    2.24

    %

    Junior subordinated debentures and subordinated notes

     

    179,075

     

     

     

    2,971

     

     

    6.60

    %

     

     

    179,178

     

     

     

    2,961

     

     

    6.65

    %

     

     

    182,678

     

     

     

    2,965

     

     

    6.44

    %

    Total borrowings

     

    499,927

     

     

     

    6,381

     

     

    5.08

    %

     

     

    614,245

     

     

     

    7,742

     

     

    5.07

    %

     

     

    538,424

     

     

     

    6,297

     

     

    4.64

    %

    Total funding liabilities

     

    13,818,232

     

     

     

    60,166

     

     

    1.73

    %

     

     

    13,715,643

     

     

     

    56,592

     

     

    1.66

    %

     

     

    13,692,011

     

     

     

    37,298

     

     

    1.08

    %

    Other non-interest-bearing liabilities (2)

     

    311,803

     

     

     

     

     

     

     

    294,794

     

     

     

     

     

     

     

    296,578

     

     

     

     

     

    Total liabilities

     

    14,130,035

     

     

     

     

     

     

     

    14,010,437

     

     

     

     

     

     

     

    13,988,589

     

     

     

     

     

    Shareholders' equity

     

    1,728,417

     

     

     

     

     

     

     

    1,651,294

     

     

     

     

     

     

     

    1,557,578

     

     

     

     

     

    Total liabilities and shareholders' equity

    $

    15,858,452

     

     

     

     

     

     

    $

    15,661,731

     

     

     

     

     

     

    $

    15,546,167

     

     

     

     

     

    Net interest income/rate spread (tax equivalent)

     

     

    $

    139,008

     

     

    3.60

    %

     

     

     

    $

    135,735

     

     

    3.59

    %

     

     

     

    $

    144,748

     

     

    3.86

    %

    Net interest margin (tax equivalent)

     

     

     

     

    3.72

    %

     

     

     

     

     

    3.70

    %

     

     

     

     

     

    3.93

    %

    Reconciliation to reported net interest income:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjustments for taxable equivalent basis

     

     

     

    (3,333

    )

     

     

     

     

     

     

    (3,189

    )

     

     

     

     

     

     

    (2,982

    )

     

     

    Net interest income and margin, as reported

     

     

    $

    135,675

     

     

    3.63

    %

     

     

     

    $

    132,546

     

     

    3.62

    %

     

     

     

    $

    141,766

     

     

    3.85

    %

    Additional Key Financial Ratios:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Return on average assets

     

     

     

     

    1.13

    %

     

     

     

     

     

    1.02

    %

     

     

     

     

     

    1.17

    %

    Adjusted return on average assets (4)

     

     

     

     

    1.13

    %

     

     

     

     

     

    1.04

    %

     

     

     

     

     

    1.25

    %

    Return on average equity

     

     

     

     

    10.39

    %

     

     

     

     

     

    9.69

    %

     

     

     

     

     

    11.68

    %

    Adjusted return on average equity (4)

     

     

     

     

    10.39

    %

     

     

     

     

     

    9.83

    %

     

     

     

     

     

    12.51

    %

    Average equity/average assets

     

     

     

     

    10.90

    %

     

     

     

     

     

    10.54

    %

     

     

     

     

     

    10.02

    %

    Average interest-earning assets/average interest-bearing liabilities

     

     

     

     

    161.42

    %

     

     

     

     

     

    162.27

    %

     

     

     

     

     

    174.47

    %

    Average interest-earning assets/average funding liabilities

     

     

     

     

    107.66

    %

     

     

     

     

     

    107.43

    %

     

     

     

     

     

    106.73

    %

    Non-interest income/average assets

     

     

     

     

    0.45

    %

     

     

     

     

     

    0.44

    %

     

     

     

     

     

    0.32

    %

    Non-interest expense/average assets

     

     

     

     

    2.42

    %

     

     

     

     

     

    2.52

    %

     

     

     

     

     

    2.45

    %

    Efficiency ratio

     

     

     

     

    62.63

    %

     

     

     

     

     

    65.53

    %

     

     

     

     

     

    62.10

    %

    Adjusted efficiency ratio (4)

     

     

     

     

    61.27

    %

     

     

     

     

     

    63.60

    %

     

     

     

     

     

    59.00

    %

    (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 $2.3 million, $2.2 million and $1.9 million for the quarters ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.0 million for both the quarters ended September 30, 2024 and June 30, 2024 and $1.1 million for the quarter ended September 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

    Nine Months Ended

     

    Sep 30, 2024

     

    Sep 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

    $

    16,225

     

    $

    826

     

     

    6.80

    %

     

    $

    55,157

     

    $

    2,174

     

     

    5.27

    %

    Mortgage loans

     

    9,036,256

     

     

     

    390,011

     

     

    5.77

    %

     

     

    8,427,034

     

     

     

    337,282

     

     

    5.35

    %

    Commercial/agricultural loans

     

    1,861,182

     

     

     

    95,155

     

     

    6.83

    %

     

     

    1,768,685

     

     

     

    82,803

     

     

    6.26

    %

    Consumer and other loans

     

    131,676

     

     

     

    6,506

     

     

    6.60

    %

     

     

    138,246

     

     

     

    6,478

     

     

    6.26

    %

    Total loans (1)

     

    11,045,339

     

     

     

    492,498

     

     

    5.96

    %

     

     

    10,389,122

     

     

     

    428,737

     

     

    5.52

    %

    Mortgage-backed securities

     

    2,674,555

     

     

     

    50,424

     

     

    2.52

    %

     

     

    2,971,124

     

     

     

    55,386

     

     

    2.49

    %

    Other securities

     

    962,183

     

     

     

    33,802

     

     

    4.69

    %

     

     

    1,220,074

     

     

     

    40,155

     

     

    4.40

    %

    Interest-bearing deposits with banks

     

    51,630

     

     

     

    1,530

     

     

    3.96

    %

     

     

    47,330

     

     

     

    1,694

     

     

    4.79

    %

    FHLB stock

     

    18,931

     

     

     

    986

     

     

    6.96

    %

     

     

    18,772

     

     

     

    632

     

     

    4.50

    %

    Total investment securities

     

    3,707,299

     

     

     

    86,742

     

     

    3.13

    %

     

     

    4,257,300

     

     

     

    97,867

     

     

    3.07

    %

    Total interest-earning assets

     

    14,752,638

     

     

     

    579,240

     

     

    5.24

    %

     

     

    14,646,422

     

     

     

    526,604

     

     

    4.81

    %

    Non-interest-earning assets

     

    950,588

     

     

     

     

     

     

     

    930,934

     

     

     

     

     

    Total assets

    $

    15,703,226

     

     

     

     

     

     

    $

    15,577,356

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing checking accounts

    $

    2,185,796

     

     

     

    23,834

     

     

    1.46

    %

     

    $

    1,874,518

     

     

     

    7,427

     

     

    0.53

    %

    Savings accounts

     

    3,161,266

     

     

     

    51,778

     

     

    2.19

    %

     

     

    2,604,089

     

     

     

    15,179

     

     

    0.78

    %

    Money market accounts

     

    1,648,208

     

     

     

    26,696

     

     

    2.16

    %

     

     

    1,971,514

     

     

     

    16,445

     

     

    1.12

    %

    Certificates of deposit

     

    1,514,982

     

     

     

    44,940

     

     

    3.96

    %

     

     

    1,118,874

     

     

     

    21,733

     

     

    2.60

    %

    Total interest-bearing deposits

     

    8,510,252

     

     

     

    147,248

     

     

    2.31

    %

     

     

    7,568,995

     

     

     

    60,784

     

     

    1.07

    %

    Non-interest-bearing deposits

     

    4,649,297

     

     

     

    —

     

     

    —

    %

     

     

    5,571,896

     

     

     

    —

     

     

    —

    %

    Total deposits

     

    13,159,549

     

     

     

    147,248

     

     

    1.49

    %

     

     

    13,140,891

     

     

     

    60,784

     

     

    0.62

    %

    Other interest-bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

    FHLB advances

     

    211,135

     

     

     

    8,856

     

     

    5.60

    %

     

     

    219,461

     

     

     

    8,654

     

     

    5.27

    %

    Other borrowings

     

    171,838

     

     

     

    3,482

     

     

    2.71

    %

     

     

    203,932

     

     

     

    2,251

     

     

    1.48

    %

    Junior subordinated debentures and subordinated notes

     

    179,941

     

     

     

    8,901

     

     

    6.61

    %

     

     

    186,964

     

     

     

    8,549

     

     

    6.11

    %

    Total borrowings

     

    562,914

     

     

     

    21,239

     

     

    5.04

    %

     

     

    610,357

     

     

     

    19,454

     

     

    4.26

    %

    Total funding liabilities

     

    13,722,463

     

     

     

    168,487

     

     

    1.64

    %

     

     

    13,751,248

     

     

     

    80,238

     

     

    0.78

    %

    Other non-interest-bearing liabilities (2)

     

    303,367

     

     

     

     

     

     

     

    289,558

     

     

     

     

     

    Total liabilities

     

    14,025,830

     

     

     

     

     

     

     

    14,040,806

     

     

     

     

     

    Shareholders' equity

     

    1,677,396

     

     

     

     

     

     

     

    1,536,550

     

     

     

     

     

    Total liabilities and shareholders' equity

    $

    15,703,226

     

     

     

     

     

     

    $

    15,577,356

     

     

     

     

     

    Net interest income/rate spread (tax equivalent)

     

     

    $

    410,753

     

     

    3.60

    %

     

     

     

    $

    446,366

     

     

    4.03

    %

    Net interest margin (tax equivalent)

     

     

     

     

    3.72

    %

     

     

     

     

     

    4.07

    %

    Reconciliation to reported net interest income:

     

     

     

     

     

     

     

     

     

     

     

    Adjustments for taxable equivalent basis

     

     

     

    (9,573

    )

     

     

     

     

     

     

    (8,770

    )

     

     

    Net interest income and margin, as reported

     

     

    $

    401,180

     

     

    3.63

    %

     

     

     

    $

    437,596

     

     

    3.99

    %

    Additional Key Financial Ratios:

     

     

     

     

     

     

     

     

     

     

     

    Return on average assets

     

     

     

     

    1.04

    %

     

     

     

     

     

    1.21

    %

    Adjusted return on average assets (4)

     

     

     

     

    1.08

    %

     

     

     

     

     

    1.34

    %

    Return on average equity

     

     

     

     

    9.76

    %

     

     

     

     

     

    12.27

    %

    Adjusted return on average equity (4)

     

     

     

     

    10.16

    %

     

     

     

     

     

    13.60

    %

    Average equity/average assets

     

     

     

     

    10.68

    %

     

     

     

     

     

    9.86

    %

    Average interest-earning assets/average interest-bearing liabilities

     

     

     

     

    162.60

    %

     

     

     

     

     

    179.07

    %

    Average interest-earning assets/average funding liabilities

     

     

     

     

    107.51

    %

     

     

     

     

     

    106.51

    %

    Non-interest income/average assets

     

     

     

     

    0.40

    %

     

     

     

     

     

    0.26

    %

    Non-interest expense/average assets

     

     

     

     

    2.48

    %

     

     

     

     

     

    2.45

    %

    Efficiency ratio

     

     

     

     

    65.19

    %

     

     

     

     

     

    61.10

    %

    Adjusted efficiency ratio (4)

     

     

     

     

    62.84

    %

     

     

     

     

     

    57.19

    %

    (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 $6.5 million and $5.4 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $3.1 million and $3.4 million for the nine months ended September 30, 2024 and September 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

     

    Nine Months Ended

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

     

    Sep 30, 2024

     

    Sep 30, 2023

    Net interest income (GAAP)

    $

    135,675

     

     

    $

    132,546

     

    $

    141,766

     

    $

    401,180

     

    $

    437,596

    Non-interest income (GAAP)

     

    18,063

     

     

     

    17,199

     

     

     

    12,658

     

     

     

    46,853

     

     

     

    30,357

     

    Total revenue (GAAP)

     

    153,738

     

     

     

    149,745

     

     

     

    154,424

     

     

     

    448,033

     

     

     

    467,953

     

    Exclude: Net loss on sale of securities

     

    —

     

     

     

    562

     

     

     

    2,657

     

     

     

    5,465

     

     

     

    14,436

     

    Net change in valuation of financial instruments carried at fair value

     

    (39

    )

     

     

    190

     

     

     

    654

     

     

     

    1,143

     

     

     

    4,357

     

    Adjusted revenue (non-GAAP)

    $

    153,699

     

     

    $

    150,497

     

     

    $

    157,735

     

     

    $

    454,641

     

     

    $

    486,746

     

    ADJUSTED EARNINGS

    Quarters Ended

     

    Nine Months Ended

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

     

    Sep 30, 2024

     

    Sep 30, 2023

    Net income (GAAP)

    $

    45,153

     

     

    $

    39,795

     

     

    $

    45,854

     

     

    $

    122,507

     

     

    $

    141,000

     

    Exclude: Net loss on sale of securities

     

    —

     

     

     

    562

     

     

     

    2,657

     

     

     

    5,465

     

     

     

    14,436

     

    Net change in valuation of financial instruments carried at fair value

     

    (39

    )

     

     

    190

     

     

     

    654

     

     

     

    1,143

     

     

     

    4,357

     

    Banner Forward expenses (1)

     

    —

     

     

     

    —

     

     

     

    996

     

     

     

    —

     

     

     

    1,334

     

    Related net tax expense (benefit)

     

    9

     

     

     

    (180

    )

     

     

    (1,033

    )

     

     

    (1,586

    )

     

     

    (4,830

    )

    Total adjusted earnings (non-GAAP)

    $

    45,123

     

     

    $

    40,367

     

     

    $

    49,128

     

     

    $

    127,529

     

     

    $

    156,297

     

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share (GAAP)

    $

    1.30

     

     

    $

    1.15

     

     

    $

    1.33

     

     

    $

    3.54

     

     

    $

    4.09

     

    Diluted adjusted earnings per share (non-GAAP)

    $

    1.30

     

     

    $

    1.17

     

     

    $

    1.43

     

     

    $

    3.69

     

     

    $

    4.54

     

    Return on average assets

     

    1.13

    %

     

     

    1.02

    %

     

     

    1.17

    %

     

     

    1.04

    %

     

     

    1.21

    %

    Adjusted return on average assets (2)

     

    1.13

    %

     

     

    1.04

    %

     

     

    1.25

    %

     

     

    1.08

    %

     

     

    1.34

    %

    Return on average equity

     

    10.39

    %

     

     

    9.69

    %

     

     

    11.68

    %

     

     

    9.76

    %

     

     

    12.27

    %

    Adjusted return on average equity (3)

     

    10.39

    %

     

     

    9.83

    %

     

     

    12.51

    %

     

     

    10.16

    %

     

     

    13.60

    %

    (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

     

    Nine Months Ended

     

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Sep 30, 2023

     

    Sep 30, 2024

     

    Sep 30, 2023

    Non-interest expense (GAAP)

     

    $

    96,291

     

     

    $

    98,128

     

     

    $

    95,891

     

     

    $

    292,060

     

     

    $

    285,917

     

    Exclude: Banner Forward expenses (1)

     

     

    —

     

     

     

    —

     

     

     

    (996

    )

     

     

    —

     

     

     

    (1,334

    )

    CDI amortization

     

     

    (590

    )

     

     

    (724

    )

     

     

    (857

    )

     

     

    (2,037

    )

     

     

    (2,898

    )

    State/municipal tax expense

     

     

    (1,432

    )

     

     

    (1,394

    )

     

     

    (1,359

    )

     

     

    (4,130

    )

     

     

    (3,888

    )

    REO operations

     

     

    (103

    )

     

     

    (297

    )

     

     

    383

     

     

     

    (180

    )

     

     

    585

     

    Adjusted non-interest expense (non-GAAP)

     

    $

    94,166

     

     

    $

    95,713

     

     

    $

    93,062

     

     

    $

    285,713

     

     

    $

    278,382

     

     

     

     

     

     

     

     

     

     

     

     

    Net interest income (GAAP)

     

    $

    135,675

     

     

    $

    132,546

     

     

    $

    141,766

     

     

    $

    401,180

     

     

    $

    437,596

     

    Non-interest income (GAAP)

     

     

    18,063

     

     

     

    17,199

     

     

     

    12,658

     

     

     

    46,853

     

     

     

    30,357

     

    Total revenue (GAAP)

     

     

    153,738

     

     

     

    149,745

     

     

     

    154,424

     

     

     

    448,033

     

     

     

    467,953

     

    Exclude: Net loss on sale of securities

     

     

    —

     

     

     

    562

     

     

     

    2,657

     

     

     

    5,465

     

     

     

    14,436

     

    Net change in valuation of financial instruments carried at fair value

     

     

    (39

    )

     

     

    190

     

     

     

    654

     

     

     

    1,143

     

     

     

    4,357

     

    Adjusted revenue (non-GAAP)

     

    $

    153,699

     

     

    $

    150,497

     

     

    $

    157,735

     

     

    $

    454,641

     

     

    $

    486,746

     

     

     

     

     

     

     

     

     

     

     

     

    Efficiency ratio (GAAP)

     

     

    62.63

    %

     

     

    65.53

    %

     

     

    62.10

    %

     

     

    65.19

    %

     

     

    61.10

    %

    Adjusted efficiency ratio (non-GAAP) (2)

     

     

    61.27

    %

     

     

    63.60

    %

     

     

    59.00

    %

     

     

    62.84

    %

     

     

    57.19

    %

    (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

     

     

     

     

     

     

     

     

     

     

    Sep 30, 2024

     

    Jun 30, 2024

     

    Dec 31, 2023

     

    Sep 30, 2023

    Shareholders' equity (GAAP)

     

    $

    1,793,721

     

     

    $

    1,690,766

     

     

    $

    1,652,691

     

     

    $

    1,520,607

     

    Exclude goodwill and other intangible assets, net

     

     

    376,768

     

     

     

    377,358

     

     

     

    378,805

     

     

     

    379,663

     

    Tangible common shareholders' equity (non-GAAP)

     

    $

    1,416,953

     

     

    $

    1,313,408

     

     

    $

    1,273,886

     

     

    $

    1,140,944

     

     

     

     

     

     

     

     

     

     

    Total assets (GAAP)

     

    $

    16,188,676

     

     

    $

    15,816,194

     

     

    $

    15,670,391

     

     

    $

    15,507,880

     

    Exclude goodwill and other intangible assets, net

     

     

    376,768

     

     

     

    377,358

     

     

     

    378,805

     

     

     

    379,663

     

    Total tangible assets (non-GAAP)

     

    $

    15,811,908

     

     

    $

    15,438,836

     

     

    $

    15,291,586

     

     

    $

    15,128,217

     

    Common shareholders' equity to total assets (GAAP)

     

     

    11.08

    %

     

     

    10.69

    %

     

     

    10.55

    %

     

     

    9.81

    %

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

     

     

    8.96

    %

     

     

    8.51

    %

     

     

    8.33

    %

     

     

    7.54

    %

     

     

     

     

     

     

     

     

     

    TANGIBLE COMMON SHAREHOLDERS' EQUITY PER SHARE

     

     

     

     

     

     

     

     

    Shareholders' equity (GAAP)

     

    $

    1,793,721

     

     

    $

    1,690,766

     

     

    $

    1,652,691

     

     

    $

    1,520,607

     

    Tangible common shareholders' equity (non-GAAP)

     

    $

    1,416,953

     

     

    $

    1,313,408

     

     

    $

    1,273,886

     

     

    $

    1,140,944

     

    Common shares outstanding at end of period

     

     

    34,456,688

     

     

     

    34,455,752

     

     

     

    34,348,369

     

     

     

    34,345,949

     

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

     

    $

    52.06

     

     

    $

    49.07

     

     

    $

    48.12

     

     

    $

    44.27

     

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

     

    $

    41.12

     

     

    $

    38.12

     

     

    $

    37.09

     

     

    $

    33.22

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241016545160/en/

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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
      Major Banks
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    $BANR
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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
      Finance
    • 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
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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
      Finance
    • 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
      Finance
    • 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
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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
      Finance
    • 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
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    • 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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    $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
      Finance
    • 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
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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
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      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
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      $GSM
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