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    Banner Corporation Reports Net Income of $46.4 Million, or $1.34 Per Diluted Share, for Fourth Quarter 2024; Declares Quarterly Cash Dividend of $0.48 Per Share

    1/22/25 4:00:00 PM ET
    $BANR
    Major Banks
    Finance
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    Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $46.4 million, or $1.34 per diluted share, for the fourth quarter of 2024, compared to $45.2 million, or $1.30 per diluted share, for the preceding quarter and $42.6 million, or $1.24 per diluted share, for the fourth quarter of 2023. Net interest income was $140.5 million in the fourth quarter of 2024, compared to $135.7 million in the preceding quarter and $138.4 million in the fourth quarter a year ago. The increase in net interest income compared to the preceding quarter reflects a decrease in funding costs and an increase in interest-earning assets, partially offset by a decrease in yields on interest earning assets. The increase in net interest income compared to the prior year quarter reflects an increase in both the yield and average balance of interest earning assets, partially offset by an increase in funding costs. Fourth quarter 2024 results included a $3.0 million provision for credit losses, up from $1.7 million in the preceding quarter and $2.5 million in the fourth quarter of 2023.

    Net income was $168.9 million, or $4.88 per diluted share, for the year ended December 31, 2024, compared to $183.6 million, or $5.33 per diluted share, for the year ended December 31, 2023. Net interest income for the year ended December 31, 2024 decreased to $541.7 million from $576.0 million for the year ended December 31, 2023, primarily due to the rise of deposit costs of $99.3 million, partially offset by a $77.7 million increase in interest income on loans. Results for the year ended December 31, 2024 included a $7.6 million provision for credit losses, a $5.2 million net loss on the sale of securities and a $1.0 million net decrease in the valuation of financial instruments carried at fair value, compared to a $10.8 million provision for credit losses, a $19.2 million net loss on the sale of securities and a $4.2 million net decrease in the valuation of 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 February 14, 2025, to common shareholders of record on February 4, 2025.

    "Banner's fourth quarter financial performance reflects 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 fourth quarter of 2024 benefited from our solid year over year loan growth as well as margin expansion during the fourth quarter as a result of lower funding costs. This benefit was partially offset by the declining interest rate environment and its effect on loan yields. 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 134 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 December 31, 2024, Banner, on a consolidated basis, had $16.20 billion in assets, $11.20 billion in net loans and $13.51 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.

    Fourth Quarter 2024 Highlights

    • Revenue was $160.6 million for the fourth quarter of 2024, compared to $153.7 million in the preceding quarter and $152.5 million in the fourth 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 $160.1 million in the fourth quarter of 2024, compared to $153.7 million in the preceding quarter and $157.1 million in the fourth quarter a year ago.
    • Net interest income was $140.5 million in the fourth quarter of 2024, compared to $135.7 million in the preceding quarter and $138.4 million in the fourth quarter a year ago.
    • Net interest margin, on a tax equivalent basis, was 3.82%, compared to 3.72% in the preceding quarter and 3.83% in the fourth quarter a year ago.
    • Mortgage banking operations revenue was $3.7 million for the fourth quarter of 2024, compared to $3.2 million in the preceding quarter and $5.4 million in the fourth quarter a year ago.
    • Return on average assets was 1.15%, compared to 1.13% in the preceding quarter and 1.09% in the fourth quarter a year ago.
    • Net loans receivable increased 1% to $11.20 billion at December 31, 2024, compared to $11.07 billion at September 30, 2024, and increased 5% compared to $10.66 billion at December 31, 2023.
    • Non-performing assets were $39.6 million, or 0.24% of total assets, at December 31, 2024, compared to $45.2 million, or 0.28% of total assets, at September 30, 2024 and $30.1 million, or 0.19% of total assets, at December 31, 2023.
    • The allowance for credit losses - loans was $155.5 million, or 1.37% of total loans receivable, as of December 31, 2024, compared to $154.6 million, or 1.38% of total loans receivable, as of September 30, 2024 and $149.6 million, or 1.38% of total loans receivable, as of December 31, 2023.
    • Total deposits were $13.51 billion at December 31, 2024, compared to $13.54 billion at September 30, 2024, and $13.03 billion at December 31, 2023.
    • Core deposits represented 89% of total deposits at December 31, 2024.
    • Dividends paid to shareholders were $0.48 per share in the quarter ended December 31, 2024.
    • Common shareholders' equity per share decreased 1% to $51.49 at December 31, 2024, compared to $52.06 at the preceding quarter end, and increased 7% from $48.12 at December 31, 2023.
    • Tangible common shareholders' equity per share* decreased 1% to $40.57 at December 31, 2024, compared to $41.12 at the preceding quarter end, and increased 9% from $37.09 at December 31, 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 $140.5 million in the fourth quarter of 2024, compared to $135.7 million in the preceding quarter and $138.4 million in the fourth quarter a year ago. Net interest margin on a tax equivalent basis increased ten basis points to 3.82% for the fourth quarter of 2024, compared to 3.72% in the preceding quarter, and decreased compared to 3.83% in the fourth quarter a year ago. Net interest margin for the current quarter, compared to the preceding quarter, benefited from decreased funding costs, partially offset by lower yields on interest earning assets, primarily due to decreases in the targeted federal funds rate in the third and fourth quarters of 2024.

    Average yields on interest-earning assets decreased two basis points to 5.31% for the fourth quarter of 2024, compared to 5.33% for the preceding quarter, and increased compared to 5.06% in the fourth quarter a year ago. On September 18, 2024, the Federal Open Market Committee ("FOMC") of the Federal Reserve System lowered the target range for the federal funds rate 50 basis points, followed by a 25 basis-point decrease on November 7, 2024 and another 25 basis-point decrease on December 18, 2024, resulting in a target range of 4.25% to 4.50% at December 31, 2024. Average loan yields decreased two basis points to 6.02%, compared to 6.04% in the preceding quarter, and increased compared to 5.77% in the fourth quarter a year ago. The decrease in average loan yields during the current quarter primarily reflects the decrease in interest rates, partially offset by the benefits of a balance sheet hedge that matured during the quarter.

    Total deposit costs decreased eight basis points to 1.53% in the fourth quarter of 2024, compared to 1.61% in the preceding quarter, and increased compared to 1.18% in the fourth quarter a year ago. The decrease in deposit costs in the current quarter was primarily due to a decrease in interest rates, partially offset by an increase in the average balance of interest-bearing deposits. The average rate paid on borrowings decreased 51 basis points to 4.57% in the fourth quarter of 2024, compared to 5.08% in the preceding quarter, and decreased compared to 4.77% in the fourth quarter a year ago due to lower wholesale borrowings in the current quarter. The total cost of funding liabilities decreased 13 basis points to 1.60% in the fourth quarter of 2024, compared to 1.73% in the preceding quarter, and increased compared to 1.31% in the fourth quarter a year ago.

    A $3.0 million provision for credit losses was recorded in the current quarter (comprised of a $3.2 million provision for credit losses - loans, a $203,000 recapture of provision for credit losses - unfunded loan commitments and a $16,000 recapture of provision for credit losses - held-to-maturity debt securities). This compares to a $1.7 million provision for credit losses in the prior 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) and a $2.5 million provision for credit losses in the fourth quarter a year ago (comprised of a $3.8 million provision for credit losses - loans, a $526,000 recapture of provision for credit losses - unfunded loan commitments, a $750,000 recapture of provision for credit losses - available for sale securities and a $23,000 recapture of provision for credit losses - held-to-maturity debt securities). The provision for credit losses for the current quarter primarily reflected risk rating downgrades as well as growth in loan balances.

    Total non-interest income was $20.0 million in the fourth quarter of 2024, compared to $18.1 million in the preceding quarter and $14.1 million in the fourth quarter a year ago. The increase in non-interest income during the current quarter compared to the preceding quarter was primarily due to a $506,000 increase in mortgage banking operations revenue and a $1.1 million increase in miscellaneous income, primarily due to a gain recognized on the sale of a non-performing loan during the fourth quarter of 2024. The increase in non-interest income during the current quarter compared to the prior year quarter was primarily due to a $5.1 million decrease in the net loss recognized on the sale of securities. Total non-interest income was $66.9 million for the year ended December 31, 2024, compared to $44.4 million a year earlier related mostly to the losses on the sale of investment securities in 2023.

    Mortgage banking operations revenue was $3.7 million in the fourth quarter of 2024, compared to $3.2 million in the preceding quarter and $5.4 million in the fourth quarter a year ago. While the volume of one- to four-family loans sold during the current quarter increased compared to both the preceding and prior year quarters, volumes remained low due to reduced refinancing and purchase activity in the current rate environment. The increase from the preceding quarter reflects a $508,000 gain related to the pooled loan sale of $34.8 million of one- to four-family loans during the fourth quarter of 2024. The decrease from the prior year quarter primarily reflects a $3.5 million reversal of the lower of cost or market adjustment on multifamily loans held for sale, recognized during the fourth quarter of 2023, partially offset by higher pricing and volumes of one- to four-family loans sold during the current quarter compared to the fourth quarter of 2023. The reversal was due to the transfer of all remaining multifamily loans held for sale to the held for investment loan portfolio during the same period. Home purchase activity accounted for 79% of one- to four-family mortgage loan originations in the fourth quarter of 2024, 88% in the preceding quarter and 92% in the fourth quarter of 2023.

    Total non-interest expense was $99.5 million in the fourth quarter of 2024, compared to $96.3 million in the preceding quarter and $96.6 million in the fourth quarter of 2023. The increase in non-interest expense for the current quarter compared to the prior quarter reflects a $691,000 increase in salary and employee benefits, primarily resulting from increased incentive accruals, partially offset by decreased medical premiums expense, a $923,000 increase in professional and legal expenses, primarily due to increased consultant expenses, and a $550,000 increase in advertising and marketing expenses, primarily due to increases in printed media marketing and community development expenses. 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 professional and legal expenses. For the year ended December 31, 2024, total non-interest expense was $391.5 million, compared to $382.5 million for the year ended December 31, 2023. Banner's efficiency ratio was 61.95% for the fourth quarter of 2024, compared to 62.63% in the preceding quarter and 63.37% in the same quarter a year ago. Banner's adjusted efficiency ratio, a non-GAAP financial measure, was 60.74% for the fourth quarter of 2024, compared to 61.27% in the preceding quarter and 60.04% 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 $16.20 billion at December 31, 2024, compared to $16.19 billion at September 30, 2024, and $15.67 billion at December 31, 2023. Securities and interest-bearing deposits held at other banks totaled $3.40 billion at December 31, 2024, compared to $3.50 billion at September 30, 2024 and $3.48 billion at December 31, 2023. The decrease compared to the prior quarter was primarily due to a decrease in securities - available for sale. The average effective duration of the securities portfolio was approximately 6.6 years at December 31, 2024, compared to 6.5 years at December 31, 2023.

    Total loans receivable increased to $11.35 billion at December 31, 2024, compared to $11.22 billion at September 30, 2024, and $10.81 billion at December 31, 2023. Commercial real estate loans increased 2% to $3.86 billion at December 31, 2024, compared to $3.79 billion at September 30, 2024, and increased 6% compared to $3.64 billion at December 31, 2023. The increase in commercial real estate loans from September 30, 2024 and December 31, 2023 was primarily the result of new loan production and the conversion of commercial construction loans to the commercial real estate portfolio upon the completion of the construction phase. Commercial business loans increased 2% to $2.42 billion at December 31, 2024, compared to $2.37 billion at September 30, 2024 and increased 6% compared to $2.28 billion at December 31, 2023, primarily due to new loan production. One- to four-family residential loans increased 1% to $1.59 billion at December 31, 2024, compared to $1.58 billion at September 30, 2024, and increased 5% compared to $1.52 billion at December 31, 2023. The increase in one- to four-family residential loans 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 1% to $894.4 million at December 31, 2024, compared to $889.9 million at September 30, 2024, and increased 10% compared to $811.2 million at December 31, 2023. The increase in multifamily real estate loans from September 30, 2024 and December 31, 2023 was primarily the result of the conversion of multifamily construction loans to the multifamily portfolio upon the completion of the construction phase.

    Loans held for sale were $32.0 million at December 31, 2024, compared to $78.8 million at September 30, 2024 and $11.2 million at December 31, 2023. One- to four- family residential mortgage held for sale loans sold in the current quarter totaled $153.2 million, compared to $95.0 million in the preceding quarter and $65.6 million in the fourth quarter a year ago. The decrease in loans held for sale compared to the prior quarter was primarily the result of the pooled loan sale of $34.8 million of one- to four-family residential loans during the current quarter.

    Total deposits were $13.51 billion at December 31, 2024, compared to $13.54 billion at September 30, 2024 and $13.03 billion a year ago. Core deposits decreased slightly to $12.01 billion at December 31, 2024, compared to $12.02 billion at September 30, 2024, and increased 4% compared to $11.55 billion at December 31, 2023. The increase in core deposits compared to the prior year quarter primarily reflects increases in interest-bearing transaction and savings accounts. Core deposits were 89% of total deposits at December 31, 2024, September 30, 2024 and December 31, 2023. Certificates of deposit decreased 1% to $1.50 billion at December 31, 2024, compared to $1.52 billion at September 30, 2024, and increased 2% compared to $1.48 billion a year earlier. The decrease in certificates of deposit during the current quarter compared to the preceding quarter was primarily the result of clients moving funds from certificates of deposits to interest-bearing transaction and savings accounts. The increase in certificates of deposit during the current quarter compared to the fourth quarter a year ago was principally due to clients seeking higher yields moving funds from core deposit accounts to higher yielding certificates of deposit, partially offset by a $57.7 million decrease in brokered deposits.

    FHLB advances were $290.0 million at December 31, 2024, compared to $230.0 million at September 30, 2024 and $323.0 million a year ago. At December 31, 2024, off-balance sheet liquidity included additional borrowing capacity of $2.95 billion at the FHLB and $1.52 billion at the Federal Reserve as well as federal funds line of credit agreements with other financial institutions of $125.0 million.

    At December 31, 2024, total common shareholders' equity was $1.77 billion or 10.95% of total assets, compared to $1.79 billion or 11.08% of total assets at September 30, 2024, and $1.65 billion or 10.55% of total assets at December 31, 2023. The decrease in total common shareholders' equity at December 31, 2024 compared to September 30, 2024 was due to an increase in accumulated other comprehensive loss of $51.7 million as the result of a decrease in the fair value of the security portfolio, partially offset by a $29.6 million increase in retained earnings as a result of $46.4 million in net income, partially offset by the accrual of $16.8 million of cash dividends during the fourth quarter of 2024. At December 31, 2024, tangible common shareholders' equity, a non-GAAP financial measure, was $1.40 billion, or 8.84% of tangible assets, compared to $1.42 billion, or 8.96% of tangible assets, at September 30, 2024, and $1.27 billion, or 8.33% 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 December 31, 2024, Banner's estimated common equity Tier 1 capital ratio was 12.44%, its estimated Tier 1 leverage capital to average assets ratio was 11.05%, and its estimated total capital to risk-weighted assets ratio was 15.04%. These regulatory capital ratios are estimates, pending completion and filing of Banner's regulatory reports.

    Credit Quality

    The allowance for credit losses - loans was $155.5 million, or 1.37% of total loans receivable and 421% of non-performing loans, at December 31, 2024, compared to $154.6 million, or 1.38% of total loans receivable and 359% of non-performing loans, at September 30, 2024, and $149.6 million, or 1.38% of total loans receivable and 506% of non-performing loans, at December 31, 2023. In addition to the allowance for credit losses - loans, Banner maintains an allowance for credit losses - unfunded loan commitments, which was $13.6 million at December 31, 2024, compared to $13.8 million at September 30, 2024, and $14.5 million at December 31, 2023. Net loan charge-offs totaled $2.3 million in the fourth quarter of 2024, compared to $230,000 in the preceding quarter and $1.1 million in the fourth quarter a year ago. Non-performing loans were $37.0 million at December 31, 2024, compared to $43.0 million at September 30, 2024, and $29.6 million a year ago.

    An increase in adversely classified loans, offset in part by payoffs and paydowns, resulted in total substandard loans of $192.5 million as of December 31, 2024. This compares to $150.1 million as of September 30, 2024 and $125.4 million a year ago.

    Total non-performing assets were $39.6 million, or 0.24% of total assets, at December 31, 2024, compared to $45.2 million, or 0.28% of total assets, at September 30, 2024, and $30.1 million, or 0.19% of total assets, a year ago.

    Conference Call

    Banner will host a conference call on Thursday, January 23, 2025, at 8:00 a.m. PST, to discuss its fourth 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 347551 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 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, including repricing and competitors' pricing initiatives, and their impact on Banner's market position, loan, and deposit products; (10) the effect of inflation on interest rate movements and their impact on client behavior and net interest margin; (11) fluctuations in real estate values; (12) the ability to adapt successfully to technological changes to meet clients' needs and developments in the market place; (13) the ability to access cost-effective funding; (14) 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; (15) changes in financial markets; (16) changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular; (17) the costs, effects and outcomes of litigation; (18) 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; (19) the potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors including, but not limited to, our agriculture based lending; (20) changes in accounting principles, policies or guidelines; (21) future acquisitions by Banner of other depository institutions or lines of business, and associated risks of goodwill impairment due to changes in Banner's business or market conditions; (22) 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; (23) environmental, social and governance goals and targets; (24) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and (25) 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

     

    Year Ended

    (in thousands except shares and per share data)

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Dec 31, 2024

     

    Dec 31, 2023

    INTEREST INCOME:

     

     

     

     

     

     

     

     

     

     

    Loans receivable

     

    $

    169,586

     

     

    $

    168,338

     

     

    $

    154,532

     

     

    $

    655,590

     

     

    $

    577,891

     

    Mortgage-backed securities

     

     

    16,086

     

     

     

    16,357

     

     

     

    17,398

     

     

     

    66,085

     

     

     

    72,352

     

    Securities and cash equivalents

     

     

    10,764

     

     

     

    11,146

     

     

     

    11,808

     

     

     

    44,428

     

     

     

    51,329

     

    Total interest income

     

     

    196,436

     

     

     

    195,841

     

     

     

    183,738

     

     

     

    766,103

     

     

     

    701,572

     

    INTEREST EXPENSE:

     

     

     

     

     

     

     

     

     

     

    Deposits

     

     

    52,217

     

     

     

    53,785

     

     

     

    39,342

     

     

     

    199,465

     

     

     

    100,126

     

    Federal Home Loan Bank (FHLB) advances

     

     

    85

     

     

     

    2,263

     

     

     

    1,870

     

     

     

    8,941

     

     

     

    10,524

     

    Other borrowings

     

     

    817

     

     

     

    1,147

     

     

     

    1,125

     

     

     

    4,299

     

     

     

    3,376

     

    Subordinated debt

     

     

    2,781

     

     

     

    2,971

     

     

     

    2,992

     

     

     

    11,682

     

     

     

    11,541

     

    Total interest expense

     

     

    55,900

     

     

     

    60,166

     

     

     

    45,329

     

     

     

    224,387

     

     

     

    125,567

     

    Net interest income

     

     

    140,536

     

     

     

    135,675

     

     

     

    138,409

     

     

     

    541,716

     

     

     

    576,005

     

    PROVISION FOR CREDIT LOSSES

     

     

    3,000

     

     

     

    1,692

     

     

     

    2,522

     

     

     

    7,581

     

     

     

    10,789

     

    Net interest income after provision for credit losses

     

     

    137,536

     

     

     

    133,983

     

     

     

    135,887

     

     

     

    534,135

     

     

     

    565,216

     

    NON-INTEREST INCOME:

     

     

     

     

     

     

     

     

     

     

    Deposit fees and other service charges

     

     

    11,018

     

     

     

    10,741

     

     

     

    9,560

     

     

     

    43,371

     

     

     

    41,638

     

    Mortgage banking operations

     

     

    3,686

     

     

     

    3,180

     

     

     

    5,391

     

     

     

    12,207

     

     

     

    11,817

     

    Bank-owned life insurance

     

     

    2,144

     

     

     

    2,445

     

     

     

    2,609

     

     

     

    9,193

     

     

     

    9,245

     

    Miscellaneous

     

     

    2,751

     

     

     

    1,658

     

     

     

    1,159

     

     

     

    8,289

     

     

     

    5,169

     

     

     

     

    19,599

     

     

     

    18,024

     

     

     

    18,719

     

     

     

    73,060

     

     

     

    67,869

     

    Net gain (loss) on sale of securities

     

     

    275

     

     

     

    —

     

     

     

    (4,806

    )

     

     

    (5,190

    )

     

     

    (19,242

    )

    Net change in valuation of financial instruments carried at fair value

     

     

    161

     

     

     

    39

     

     

     

    139

     

     

     

    (982

    )

     

     

    (4,218

    )

    Total non-interest income

     

     

    20,035

     

     

     

    18,063

     

     

     

    14,052

     

     

     

    66,888

     

     

     

    44,409

     

    NON-INTEREST EXPENSE:

     

     

     

     

     

     

     

     

     

     

    Salary and employee benefits

     

     

    62,523

     

     

     

    61,832

     

     

     

    60,111

     

     

     

    250,555

     

     

     

    244,563

     

    Less capitalized loan origination costs

     

     

    (4,188

    )

     

     

    (4,354

    )

     

     

    (3,871

    )

     

     

    (16,857

    )

     

     

    (16,257

    )

    Occupancy and equipment

     

     

    12,141

     

     

     

    12,040

     

     

     

    12,200

     

     

     

    48,771

     

     

     

    47,886

     

    Information and computer data services

     

     

    7,471

     

     

     

    7,134

     

     

     

    7,098

     

     

     

    29,165

     

     

     

    28,445

     

    Payment and card processing services

     

     

    5,771

     

     

     

    5,346

     

     

     

    6,088

     

     

     

    22,518

     

     

     

    20,547

     

    Professional and legal expenses

     

     

    3,025

     

     

     

    2,102

     

     

     

    2,267

     

     

     

    7,858

     

     

     

    9,830

     

    Advertising and marketing

     

     

    1,711

     

     

     

    1,161

     

     

     

    1,686

     

     

     

    5,149

     

     

     

    4,794

     

    Deposit insurance

     

     

    2,857

     

     

     

    2,874

     

     

     

    2,926

     

     

     

    11,398

     

     

     

    10,529

     

    State and municipal business and use taxes

     

     

    1,518

     

     

     

    1,432

     

     

     

    1,372

     

     

     

    5,648

     

     

     

    5,260

     

    Real estate operations, net

     

     

    113

     

     

     

    103

     

     

     

    47

     

     

     

    293

     

     

     

    (538

    )

    Amortization of core deposit intangibles

     

     

    589

     

     

     

    590

     

     

     

    858

     

     

     

    2,626

     

     

     

    3,756

     

    Miscellaneous

     

     

    5,947

     

     

     

    6,031

     

     

     

    5,839

     

     

     

    24,414

     

     

     

    23,723

     

    Total non-interest expense

     

     

    99,478

     

     

     

    96,291

     

     

     

    96,621

     

     

     

    391,538

     

     

     

    382,538

     

    Income before provision for income taxes

     

     

    58,093

     

     

     

    55,755

     

     

     

    53,318

     

     

     

    209,485

     

     

     

    227,087

     

    PROVISION FOR INCOME TAXES

     

     

    11,702

     

     

     

    10,602

     

     

     

    10,694

     

     

     

    40,587

     

     

     

    43,463

     

    NET INCOME

     

    $

    46,391

     

     

    $

    45,153

     

     

    $

    42,624

     

     

    $

    168,898

     

     

    $

    183,624

     

    Earnings per common share:

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    1.34

     

     

    $

    1.31

     

     

    $

    1.24

     

     

    $

    4.90

     

     

    $

    5.35

     

    Diluted

     

    $

    1.34

     

     

    $

    1.30

     

     

    $

    1.24

     

     

    $

    4.88

     

     

    $

    5.33

     

    Cumulative dividends declared per common share

     

    $

    0.48

     

     

    $

    0.48

     

     

    $

    0.48

     

     

    $

    1.92

     

     

    $

    1.92

     

    Weighted average number of common shares outstanding:

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    34,501,016

     

     

     

    34,498,830

     

     

     

    34,381,780

     

     

     

    34,470,057

     

     

     

    34,344,142

     

    Diluted

     

     

    34,743,024

     

     

     

    34,650,322

     

     

     

    34,472,155

     

     

     

    34,628,710

     

     

     

    34,450,412

     

    Increase in common shares outstanding

     

     

    3,144

     

     

     

    936

     

     

     

    2,420

     

     

     

    111,463

     

     

     

    154,351

     

     

    FINANCIAL CONDITION

     

     

     

     

     

     

     

    Percentage Change

    (in thousands except shares and per share data)

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

    ASSETS

     

     

     

     

     

     

     

     

     

     

    Cash and due from banks

     

    $

    203,402

     

     

    $

    226,568

     

     

    $

    209,634

     

     

    (10

    )%

     

    (3

    )%

    Interest-bearing deposits

     

     

    298,456

     

     

     

    252,227

     

     

     

    44,830

     

     

    18

    %

     

    566

    %

    Total cash and cash equivalents

     

     

    501,858

     

     

     

    478,795

     

     

     

    254,464

     

     

    5

    %

     

    97

    %

    Securities - available for sale, amortized cost $2,460,262, $2,523,968, and $2,729,980, respectively

     

     

    2,104,511

     

     

     

    2,237,939

     

     

     

    2,373,783

     

     

    (6

    )%

     

    (11

    )%

    Securities - held to maturity, fair value $825,528, $879,278, and $907,514, respectively

     

     

    1,001,564

     

     

     

    1,013,903

     

     

     

    1,059,055

     

     

    (1

    )%

     

    (5

    )%

    Total securities

     

     

    3,106,075

     

     

     

    3,251,842

     

     

     

    3,432,838

     

     

    (4

    )%

     

    (10

    )%

    FHLB stock

     

     

    22,451

     

     

     

    19,751

     

     

     

    24,028

     

     

    14

    %

     

    (7

    )%

    Loans held for sale

     

     

    32,021

     

     

     

    78,841

     

     

     

    11,170

     

     

    (59

    )%

     

    187

    %

    Loans receivable

     

     

    11,354,656

     

     

     

    11,224,606

     

     

     

    10,810,455

     

     

    1

    %

     

    5

    %

    Allowance for credit losses – loans

     

     

    (155,521

    )

     

     

    (154,585

    )

     

     

    (149,643

    )

     

    1

    %

     

    4

    %

    Net loans receivable

     

     

    11,199,135

     

     

     

    11,070,021

     

     

     

    10,660,812

     

     

    1

    %

     

    5

    %

    Accrued interest receivable

     

     

    60,885

     

     

     

    66,981

     

     

     

    63,100

     

     

    (9

    )%

     

    (4

    )%

    Property and equipment, net

     

     

    124,589

     

     

     

    125,256

     

     

     

    132,231

     

     

    (1

    )%

     

    (6

    )%

    Goodwill

     

     

    373,121

     

     

     

    373,121

     

     

     

    373,121

     

     

    —

    %

     

    —

    %

    Other intangibles, net

     

     

    3,058

     

     

     

    3,647

     

     

     

    5,684

     

     

    (16

    )%

     

    (46

    )%

    Bank-owned life insurance

     

     

    312,549

     

     

     

    310,400

     

     

     

    304,366

     

     

    1

    %

     

    3

    %

    Operating lease right-of-use assets

     

     

    39,998

     

     

     

    38,192

     

     

     

    43,731

     

     

    5

    %

     

    (9

    )%

    Other assets

     

     

    424,297

     

     

     

    371,829

     

     

     

    364,846

     

     

    14

    %

     

    16

    %

    Total assets

     

    $

    16,200,037

     

     

    $

    16,188,676

     

     

    $

    15,670,391

     

     

    —

    %

     

    3

    %

    LIABILITIES

     

     

     

     

     

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

    Non-interest-bearing

     

    $

    4,591,543

     

     

    $

    4,688,244

     

     

    $

    4,792,369

     

     

    (2

    )%

     

    (4

    )%

    Interest-bearing transaction and savings accounts

     

     

    7,423,183

     

     

     

    7,328,051

     

     

     

    6,759,661

     

     

    1

    %

     

    10

    %

    Interest-bearing certificates

     

     

    1,499,672

     

     

     

    1,521,853

     

     

     

    1,477,467

     

     

    (1

    )%

     

    2

    %

    Total deposits

     

     

    13,514,398

     

     

     

    13,538,148

     

     

     

    13,029,497

     

     

    —

    %

     

    4

    %

    Advances from FHLB

     

     

    290,000

     

     

     

    230,000

     

     

     

    323,000

     

     

    26

    %

     

    (10

    )%

    Other borrowings

     

     

    125,257

     

     

     

    154,533

     

     

     

    182,877

     

     

    (19

    )%

     

    (32

    )%

    Subordinated notes, net

     

     

    80,278

     

     

     

    80,170

     

     

     

    92,851

     

     

    —

    %

     

    (14

    )%

    Junior subordinated debentures at fair value

     

     

    67,477

     

     

     

    66,257

     

     

     

    66,413

     

     

    2

    %

     

    2

    %

    Operating lease liabilities

     

     

    43,472

     

     

     

    42,318

     

     

     

    48,659

     

     

    3

    %

     

    (11

    )%

    Accrued expenses and other liabilities

     

     

    258,070

     

     

     

    237,128

     

     

     

    228,428

     

     

    9

    %

     

    13

    %

    Deferred compensation

     

     

    46,759

     

     

     

    46,401

     

     

     

    45,975

     

     

    1

    %

     

    2

    %

    Total liabilities

     

     

    14,425,711

     

     

     

    14,394,955

     

     

     

    14,017,700

     

     

    —

    %

     

    3

    %

    SHAREHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

     

    Common stock

     

     

    1,307,509

     

     

     

    1,304,792

     

     

     

    1,299,651

     

     

    —

    %

     

    1

    %

    Retained earnings

     

     

    744,091

     

     

     

    714,472

     

     

     

    642,175

     

     

    4

    %

     

    16

    %

    Accumulated other comprehensive loss

     

     

    (277,274

    )

     

     

    (225,543

    )

     

     

    (289,135

    )

     

    23

    %

     

    (4

    )%

    Total shareholders' equity

     

     

    1,774,326

     

     

     

    1,793,721

     

     

     

    1,652,691

     

     

    (1

    )%

     

    7

    %

    Total liabilities and shareholders' equity

     

    $

    16,200,037

     

     

    $

    16,188,676

     

     

    $

    15,670,391

     

     

    —

    %

     

    3

    %

    Common Shares Issued:

     

     

     

     

     

     

     

     

     

     

    Shares outstanding at end of period

     

     

    34,459,832

     

     

     

    34,456,688

     

     

     

    34,348,369

     

     

     

     

     

    Common shareholders' equity per share (1)

     

    $

    51.49

     

     

    $

    52.06

     

     

    $

    48.12

     

     

     

     

     

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

     

    $

    40.57

     

     

    $

    41.12

     

     

    $

    37.09

     

     

     

     

     

    Common shareholders' equity to total assets

     

     

    10.95

    %

     

     

    11.08

    %

     

     

    10.55

    %

     

     

     

     

    Common shareholders' tangible equity to tangible assets (2)

     

     

    8.84

    %

     

     

    8.96

    %

     

     

    8.33

    %

     

     

     

     

    Consolidated Tier 1 leverage capital ratio

     

     

    11.05

    %

     

     

    10.91

    %

     

     

    10.56

    %

     

     

     

     

    (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)

     

     

     

     

     

     

     

     

     

     

     

    LOANS

     

     

     

     

     

     

     

    Percentage Change

     

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

    Commercial real estate (CRE):

     

     

     

     

     

     

     

     

     

     

    Owner-occupied

     

    $

    1,027,426

     

     

    $

    990,516

     

     

    $

    915,897

     

     

    4

    %

     

    12

    %

    Investment properties

     

     

    1,623,672

     

     

     

    1,583,863

     

     

     

    1,541,344

     

     

    3

    %

     

    5

    %

    Small balance CRE

     

     

    1,213,792

     

     

     

    1,218,822

     

     

     

    1,178,500

     

     

    —

    %

     

    3

    %

    Multifamily real estate

     

     

    894,425

     

     

     

    889,866

     

     

     

    811,232

     

     

    1

    %

     

    10

    %

    Construction, land and land development:

     

     

     

     

     

     

     

     

     

     

    Commercial construction

     

     

    122,362

     

     

     

    124,051

     

     

     

    170,011

     

     

    (1

    )%

     

    (28

    )%

    Multifamily construction

     

     

    513,706

     

     

     

    524,108

     

     

     

    503,993

     

     

    (2

    )%

     

    2

    %

    One- to four-family construction

     

     

    514,220

     

     

     

    507,350

     

     

     

    526,432

     

     

    1

    %

     

    (2

    )%

    Land and land development

     

     

    369,663

     

     

     

    370,690

     

     

     

    336,639

     

     

    —

    %

     

    10

    %

    Commercial business:

     

     

     

     

     

     

     

     

     

     

    Commercial business

     

     

    1,318,333

     

     

     

    1,281,615

     

     

     

    1,255,734

     

     

    3

    %

     

    5

    %

    Small business scored

     

     

    1,104,117

     

     

     

    1,087,714

     

     

     

    1,022,154

     

     

    2

    %

     

    8

    %

    Agricultural business, including secured by farmland:

     

     

     

     

     

     

     

     

     

     

    Agricultural business, including secured by farmland

     

     

    340,280

     

     

     

    346,686

     

     

     

    331,089

     

     

    (2

    )%

     

    3

    %

    One- to four-family residential

     

     

    1,591,260

     

     

     

    1,575,164

     

     

     

    1,518,046

     

     

    1

    %

     

    5

    %

    Consumer:

     

     

     

     

     

     

     

     

     

     

    Consumer—home equity revolving lines of credit

     

     

    625,680

     

     

     

    622,615

     

     

     

    588,703

     

     

    —

    %

     

    6

    %

    Consumer—other

     

     

    95,720

     

     

     

    101,546

     

     

     

    110,681

     

     

    (6

    )%

     

    (14

    )%

    Total loans receivable

     

    $

    11,354,656

     

     

    $

    11,224,606

     

     

    $

    10,810,455

     

     

    1

    %

     

    5

    %

    Loans 30 - 89 days past due and on accrual

     

    $

    26,824

     

     

    $

    13,030

     

     

    $

    19,744

     

     

     

     

     

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

     

    $

    55,432

     

     

    $

    44,656

     

     

    $

    43,164

     

     

     

     

     

    Total delinquent loans / Total loans receivable

     

     

    0.49

    %

     

     

    0.40

    %

     

     

    0.40

    %

     

     

     

     

     

    LOANS BY GEOGRAPHIC LOCATION

     

     

     

     

     

     

     

     

     

    Percentage Change

     

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

     

     

    Amount

     

    Percentage

     

    Amount

     

    Amount

     

     

     

     

    Washington

     

    $

    5,245,886

     

    46

    %

     

    $

    5,203,637

     

    $

    5,095,602

     

    1

    %

     

    3

    %

    California

     

     

    2,861,435

     

     

    25

    %

     

     

    2,796,965

     

     

     

    2,670,923

     

     

    2

    %

     

    7

    %

    Oregon

     

     

    2,113,229

     

     

    19

    %

     

     

    2,108,229

     

     

     

    1,974,001

     

     

    —

    %

     

    7

    %

    Idaho

     

     

    665,158

     

     

    6

    %

     

     

    652,148

     

     

     

    610,064

     

     

    2

    %

     

    9

    %

    Utah

     

     

    82,459

     

     

    1

    %

     

     

    85,316

     

     

     

    68,931

     

     

    (3

    )%

     

    20

    %

    Other

     

     

    386,489

     

     

    3

    %

     

     

    378,311

     

     

     

    390,934

     

     

    2

    %

     

    (1

    )%

    Total loans receivable

     

    $

    11,354,656

     

     

    100

    %

     

    $

    11,224,606

     

     

    $

    10,810,455

     

     

    1

    %

     

    5

    %

     

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

    LOAN ORIGINATIONS

    Quarters Ended

     

    Year Ended

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Dec 31, 2024

     

    Dec 31, 2023

    Commercial real estate

    $

    124,554

     

    $

    114,372

     

    $

    76,277

     

    $

    408,546

     

    $

    309,022

    Multifamily real estate

     

    3,120

     

     

     

    314

     

     

     

    5,360

     

     

     

    6,593

     

     

     

    57,046

     

    Construction and land

     

    303,345

     

     

     

    472,506

     

     

     

    382,905

     

     

     

    1,759,799

     

     

     

    1,541,383

     

    Commercial business

     

    250,515

     

     

     

    179,871

     

     

     

    166,984

     

     

     

    752,269

     

     

     

    585,047

     

    Agricultural business

     

    17,177

     

     

     

    5,877

     

     

     

    15,058

     

     

     

    79,715

     

     

     

    84,072

     

    One-to four-family residential

     

    29,531

     

     

     

    24,488

     

     

     

    37,446

     

     

     

    106,085

     

     

     

    167,951

     

    Consumer

     

    73,791

     

     

     

    96,137

     

     

     

    57,427

     

     

     

    356,543

     

     

     

    300,913

     

    Total loan originations (excluding loans held for sale)

    $

    802,033

     

     

    $

    893,565

     

     

    $

    741,457

     

     

    $

    3,469,550

     

     

    $

    3,045,434

     

     

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

    CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS

     

    Quarters Ended

     

    Year Ended

     

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Dec 31, 2024

     

    Dec 31, 2023

    Balance, beginning of period

     

    $

    154,585

     

     

    $

    152,848

     

     

    $

    146,960

     

     

    $

    149,643

     

     

    $

    141,465

     

    Provision for credit losses – loans

     

     

    3,219

     

     

     

    1,967

     

     

     

    3,821

     

     

     

    8,563

     

     

     

    11,097

     

    Recoveries of loans previously charged off:

     

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

     

    1,215

     

     

     

    65

     

     

     

    129

     

     

     

    2,767

     

     

     

    557

     

    Construction and land

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    29

     

    One- to four-family real estate

     

     

    124

     

     

     

    14

     

     

     

    18

     

     

     

    171

     

     

     

    230

     

    Commercial business

     

     

    245

     

     

     

    613

     

     

     

    237

     

     

     

    1,963

     

     

     

    1,283

     

    Agricultural business, including secured by farmland

     

     

    2

     

     

     

    1

     

     

     

    16

     

     

     

    304

     

     

     

    146

     

    Consumer

     

     

    164

     

     

     

    41

     

     

     

    131

     

     

     

    476

     

     

     

    543

     

     

     

     

    1,750

     

     

     

    734

     

     

     

    531

     

     

     

    5,681

     

     

     

    2,788

     

    Loans charged off:

     

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

     

    (4

    )

     

     

    —

     

     

     

    —

     

     

     

    (351

    )

     

     

    —

     

    Construction and land

     

     

    (5

    )

     

     

    (145

    )

     

     

    (933

    )

     

     

    (150

    )

     

     

    (1,089

    )

    One- to four-family real estate

     

     

    —

     

     

     

    —

     

     

     

    (8

    )

     

     

    —

     

     

     

    (42

    )

    Commercial business

     

     

    (3,595

    )

     

     

    (414

    )

     

     

    (310

    )

     

     

    (5,955

    )

     

     

    (2,650

    )

    Agricultural business, including secured by farmland

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (564

    )

    Consumer

     

     

    (429

    )

     

     

    (405

    )

     

     

    (418

    )

     

     

    (1,910

    )

     

     

    (1,362

    )

     

     

     

    (4,033

    )

     

     

    (964

    )

     

     

    (1,669

    )

     

     

    (8,366

    )

     

     

    (5,707

    )

    Net charge-offs

     

     

    (2,283

    )

     

     

    (230

    )

     

     

    (1,138

    )

     

     

    (2,685

    )

     

     

    (2,919

    )

    Balance, end of period

     

    $

    155,521

     

     

    $

    154,585

     

     

    $

    149,643

     

     

    $

    155,521

     

     

    $

    149,643

     

    Net charge-offs / Average loans receivable

     

     

    (0.020

    )%

     

     

    (0.002

    )%

     

     

    (0.011

    )%

     

     

    (0.024

    )%

     

     

    (0.028

    )%

     

    ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANS

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

    Commercial real estate

     

    $

    40,830

     

     

    $

    40,040

     

     

    $

    44,384

     

    Multifamily real estate

     

     

    10,308

     

     

     

    10,233

     

     

     

    9,326

     

    Construction and land

     

     

    29,038

     

     

     

    28,322

     

     

     

    28,095

     

    One- to four-family real estate

     

     

    20,807

     

     

     

    20,463

     

     

     

    19,271

     

    Commercial business

     

     

    38,611

     

     

     

    39,779

     

     

     

    35,464

     

    Agricultural business, including secured by farmland

     

     

    5,727

     

     

     

    5,340

     

     

     

    3,865

     

    Consumer

     

     

    10,200

     

     

     

    10,408

     

     

     

    9,238

     

    Total allowance for credit losses – loans

     

    $

    155,521

     

     

    $

    154,585

     

     

    $

    149,643

     

    Allowance for credit losses - loans / Total loans receivable

     

     

    1.37

    %

     

     

    1.38

    %

     

     

    1.38

    %

    Allowance for credit losses - loans / Non-performing loans

     

     

    421

    %

     

     

    359

    %

     

     

    506

    %

     

    CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS

     

    Quarters Ended

     

    Year Ended

     

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Dec 31, 2024

     

    Dec 31, 2023

    Balance, beginning of period

     

    $

    13,765

     

     

    $

    14,027

     

     

    $

    15,010

     

     

    $

    14,484

     

     

    $

    14,721

     

    Recapture of provision for credit losses - unfunded loan commitments

     

     

    (203

    )

     

     

    (262

    )

     

     

    (526

    )

     

     

    (922

    )

     

     

    (237

    )

    Balance, end of period

     

    $

    13,562

     

     

    $

    13,765

     

     

    $

    14,484

     

     

    $

    13,562

     

     

    $

    14,484

     

     

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

     

     

     

     

     

    NON-PERFORMING ASSETS

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

    Loans on non-accrual status:

     

     

     

     

     

    Secured by real estate:

     

     

     

     

     

    Commercial

    $

    2,186

     

     

    $

    2,127

     

     

    $

    2,677

     

    Construction and land

     

    3,963

     

     

     

    4,286

     

     

     

    3,105

     

    One- to four-family

     

    10,016

     

     

     

    9,592

     

     

     

    5,702

     

    Commercial business

     

    7,067

     

     

     

    10,705

     

     

     

    9,002

     

    Agricultural business, including secured by farmland

     

    8,485

     

     

     

    7,703

     

     

     

    3,167

     

    Consumer

     

    4,835

     

     

     

    4,636

     

     

     

    3,204

     

     

     

    36,552

     

     

     

    39,049

     

     

     

    26,857

     

    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

     

    369

     

     

     

    961

     

     

     

    1,205

     

    Commercial business

     

    —

     

     

     

    —

     

     

     

    1

     

    Consumer

     

    35

     

     

     

    359

     

     

     

    401

     

     

     

    404

     

     

     

    3,958

     

     

     

    2,745

     

    Total non-performing loans

     

    36,956

     

     

     

    43,007

     

     

     

    29,602

     

    REO

     

    2,367

     

     

     

    2,221

     

     

     

    526

     

    Other repossessed assets

     

    300

     

     

     

    —

     

     

     

    —

     

    Total non-performing assets

    $

    39,623

     

     

    $

    45,228

     

     

    $

    30,128

     

    Total non-performing assets to total assets

     

    0.24

    %

     

     

    0.28

    %

     

     

    0.19

    %

    LOANS BY CREDIT RISK RATING

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

    Pass

    $

    11,118,744

     

    $

    11,022,014

     

    $

    10,671,281

    Special Mention

     

    43,451

     

     

     

    52,497

     

     

     

    13,732

     

    Substandard

     

    192,461

     

     

     

    150,095

     

     

     

    125,442

     

    Total

    $

    11,354,656

     

     

    $

    11,224,606

     

     

    $

    10,810,455

     

     
    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

    DEPOSIT COMPOSITION

     

     

     

     

     

     

     

    Percentage Change

     

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Prior Qtr

     

    Prior Yr Qtr

    Non-interest-bearing

     

    $

    4,591,543

     

    $

    4,688,244

     

    $

    4,792,369

     

    (2

    )%

     

    (4

    )%

    Interest-bearing checking

     

     

    2,393,864

     

     

     

    2,344,561

     

     

     

    2,098,526

     

     

    2

    %

     

    14

    %

    Regular savings accounts

     

     

    3,478,423

     

     

     

    3,339,859

     

     

     

    2,980,530

     

     

    4

    %

     

    17

    %

    Money market accounts

     

     

    1,550,896

     

     

     

    1,643,631

     

     

     

    1,680,605

     

     

    (6

    )%

     

    (8

    )%

    Total interest-bearing transaction and savings accounts

     

     

    7,423,183

     

     

     

    7,328,051

     

     

     

    6,759,661

     

     

    1

    %

     

    10

    %

    Total core deposits

     

     

    12,014,726

     

     

     

    12,016,295

     

     

     

    11,552,030

     

     

    —

    %

     

    4

    %

    Interest-bearing certificates

     

     

    1,499,672

     

     

     

    1,521,853

     

     

     

    1,477,467

     

     

    (1

    )%

     

    2

    %

    Total deposits

     

    $

    13,514,398

     

     

    $

    13,538,148

     

     

    $

    13,029,497

     

     

    —

    %

     

    4

    %

     

    GEOGRAPHIC CONCENTRATION OF DEPOSITS

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Percentage Change

     

     

    Amount

     

    Percentage

     

    Amount

     

    Amount

     

    Prior Qtr

     

    Prior Yr Qtr

    Washington

     

    $

    7,441,413

     

    55

    %

     

    $

    7,413,414

     

    $

    7,247,392

     

    —

    %

     

    3

    %

    Oregon

     

     

    2,981,327

     

     

    22

    %

     

     

    2,997,843

     

     

     

    2,852,677

     

     

    (1

    )%

     

    5

    %

    California

     

     

    2,392,573

     

     

    18

    %

     

     

    2,423,295

     

     

     

    2,269,557

     

     

    (1

    )%

     

    5

    %

    Idaho

     

     

    699,085

     

     

    5

    %

     

     

    703,596

     

     

     

    659,871

     

     

    (1

    )%

     

    6

    %

    Total deposits

     

    $

    13,514,398

     

     

    100

    %

     

    $

    13,538,148

     

     

    $

    13,029,497

     

     

    —

    %

     

    4

    %

     

    INCLUDED IN TOTAL DEPOSITS

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

    Public non-interest-bearing accounts

     

    $

    165,667

     

    $

    141,541

     

    $

    146,916

    Public interest-bearing transaction & savings accounts

     

     

    248,746

     

     

     

    246,332

     

     

     

    209,699

     

    Public interest-bearing certificates

     

     

    25,423

     

     

     

    28,144

     

     

     

    52,048

     

    Total public deposits

     

    $

    439,836

     

     

    $

    416,017

     

     

    $

    408,663

     

    Collateralized public deposits

     

    $

    336,376

     

     

    $

    317,960

     

     

    $

    305,306

     

    Total brokered deposits

     

    $

    50,346

     

     

    $

    50,333

     

     

    $

    108,058

     

     

     

     

     

     

     

     

    AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

    Number of deposit accounts

     

     

    460,004

     

     

     

    459,127

     

     

     

    463,750

     

    Average account balance per account

     

    $

    30

     

     

    $

    30

     

     

    $

    29

     

     

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

    ESTIMATED REGULATORY CAPITAL RATIOS AS OF DECEMBER 31, 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

     

    $

    2,024,046

     

    15.04

    %

     

    $

    1,076,652

     

    8.00

    %

     

    $

    1,345,814

     

    10.00

    %

    Tier 1 capital to risk-weighted assets

     

     

    1,760,065

     

     

    13.08

    %

     

     

    807,489

     

     

    6.00

    %

     

     

    807,489

     

     

    6.00

    %

    Tier 1 leverage capital to average assets

     

     

    1,760,065

     

     

    11.05

    %

     

     

    636,913

     

     

    4.00

    %

     

     

    n/a

     

     

    n/a

     

    Common equity tier 1 capital to risk-weighted assets

     

     

    1,673,565

     

     

    12.44

    %

     

     

    605,616

     

     

    4.50

    %

     

     

    n/a

     

     

    n/a

     

    Banner Bank:

     

     

     

     

     

     

     

     

     

     

     

     

    Total capital to risk-weighted assets

     

     

    1,890,438

     

     

    14.03

    %

     

     

    1,077,725

     

     

    8.00

    %

     

     

    1,347,157

     

     

    10.00

    %

    Tier 1 capital to risk-weighted assets

     

     

    1,726,457

     

     

    12.82

    %

     

     

    808,294

     

     

    6.00

    %

     

     

    1,077,725

     

     

    8.00

    %

    Tier 1 leverage capital to average assets

     

     

    1,726,457

     

     

    10.83

    %

     

     

    637,392

     

     

    4.00

    %

     

     

    796,740

     

     

    5.00

    %

    Common equity tier 1 capital to risk-weighted assets

     

     

    1,726,457

     

     

    12.82

    %

     

     

    606,221

     

     

    4.50

    %

     

     

    875,652

     

     

    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

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 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

    $

    61,585

     

    $

    1,049

     

    6.78

    %

     

    $

    26,954

     

    $

    453

     

    6.69

    %

     

    $

    31,148

     

    $

    447

     

    5.69

    %

    Mortgage loans

     

    9,267,076

     

     

     

    136,831

     

     

    5.87

    %

     

     

    9,207,468

     

     

     

    135,497

     

     

    5.85

    %

     

     

    8,770,029

     

     

     

    123,382

     

     

    5.58

    %

    Commercial/agricultural loans

     

    1,900,337

     

     

     

    31,873

     

     

    6.67

    %

     

     

    1,879,215

     

     

     

    32,547

     

     

    6.89

    %

     

     

    1,822,069

     

     

     

    30,447

     

     

    6.63

    %

    Consumer and other loans

     

    124,726

     

     

     

    2,078

     

     

    6.63

    %

     

     

    128,548

     

     

     

    2,154

     

     

    6.67

    %

     

     

    138,049

     

     

     

    2,237

     

     

    6.43

    %

    Total loans (1)

     

    11,353,724

     

     

     

    171,831

     

     

    6.02

    %

     

     

    11,242,185

     

     

     

    170,651

     

     

    6.04

    %

     

     

    10,761,295

     

     

     

    156,513

     

     

    5.77

    %

    Mortgage-backed securities

     

    2,576,908

     

     

     

    16,228

     

     

    2.51

    %

     

     

    2,623,399

     

     

     

    16,498

     

     

    2.50

    %

     

     

    2,798,647

     

     

     

    17,541

     

     

    2.49

    %

    Other securities

     

    919,742

     

     

     

    10,281

     

     

    4.45

    %

     

     

    943,310

     

     

     

    11,120

     

     

    4.69

    %

     

     

    1,035,842

     

     

     

    11,993

     

     

    4.59

    %

    Interest-bearing deposits with banks

     

    107,404

     

     

     

    1,043

     

     

    3.86

    %

     

     

    51,604

     

     

     

    493

     

     

    3.80

    %

     

     

    45,286

     

     

     

    506

     

     

    4.43

    %

    FHLB stock

     

    9,887

     

     

     

    316

     

     

    12.71

    %

     

     

    16,664

     

     

     

    412

     

     

    9.84

    %

     

     

    15,326

     

     

     

    215

     

     

    5.57

    %

    Total investment securities

     

    3,613,941

     

     

     

    27,868

     

     

    3.07

    %

     

     

    3,634,977

     

     

     

    28,523

     

     

    3.12

    %

     

     

    3,895,101

     

     

     

    30,255

     

     

    3.08

    %

    Total interest-earning assets

     

    14,967,665

     

     

     

    199,699

     

     

    5.31

    %

     

     

    14,877,162

     

     

     

    199,174

     

     

    5.33

    %

     

     

    14,656,396

     

     

     

    186,768

     

     

    5.06

    %

    Non-interest-earning assets

     

    1,016,366

     

     

     

     

     

     

     

    981,290

     

     

     

     

     

     

     

    875,719

     

     

     

     

     

    Total assets

    $

    15,984,031

     

     

     

     

     

     

    $

    15,858,452

     

     

     

     

     

     

    $

    15,532,115

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing checking accounts

    $

    2,377,179

     

     

     

    9,279

     

     

    1.55

    %

     

    $

    2,295,723

     

     

     

    9,497

     

     

    1.65

    %

     

    $

    2,060,226

     

     

     

    5,907

     

     

    1.14

    %

    Savings accounts

     

    3,441,196

     

     

     

    19,447

     

     

    2.25

    %

     

     

    3,268,647

     

     

     

    19,299

     

     

    2.35

    %

     

     

    2,885,167

     

     

     

    12,560

     

     

    1.73

    %

    Money market accounts

     

    1,584,092

     

     

     

    8,510

     

     

    2.14

    %

     

     

    1,611,543

     

     

     

    9,184

     

     

    2.27

    %

     

     

    1,723,426

     

     

     

    7,644

     

     

    1.76

    %

    Certificates of deposit

     

    1,513,966

     

     

     

    14,981

     

     

    3.94

    %

     

     

    1,540,637

     

     

     

    15,805

     

     

    4.08

    %

     

     

    1,477,474

     

     

     

    13,231

     

     

    3.55

    %

    Total interest-bearing deposits

     

    8,916,433

     

     

     

    52,217

     

     

    2.33

    %

     

     

    8,716,550

     

     

     

    53,785

     

     

    2.45

    %

     

     

    8,146,293

     

     

     

    39,342

     

     

    1.92

    %

    Non-interest-bearing deposits

     

    4,640,557

     

     

     

    —

     

     

    —

    %

     

     

    4,601,755

     

     

     

    —

     

     

    —

    %

     

     

    5,036,523

     

     

     

    —

     

     

    —

    %

    Total deposits

     

    13,556,990

     

     

     

    52,217

     

     

    1.53

    %

     

     

    13,318,305

     

     

     

    53,785

     

     

    1.61

    %

     

     

    13,182,816

     

     

     

    39,342

     

     

    1.18

    %

    Other interest-bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    FHLB advances

     

    7,522

     

     

     

    85

     

     

    4.50

    %

     

     

    161,413

     

     

     

    2,263

     

     

    5.58

    %

     

     

    129,630

     

     

     

    1,870

     

     

    5.72

    %

    Other borrowings

     

    143,097

     

     

     

    817

     

     

    2.27

    %

     

     

    159,439

     

     

     

    1,147

     

     

    2.86

    %

     

     

    185,518

     

     

     

    1,125

     

     

    2.41

    %

    Junior subordinated debentures and subordinated notes

     

    169,678

     

     

     

    2,781

     

     

    6.52

    %

     

     

    179,075

     

     

     

    2,971

     

     

    6.60

    %

     

     

    182,678

     

     

     

    2,992

     

     

    6.50

    %

    Total borrowings

     

    320,297

     

     

     

    3,683

     

     

    4.57

    %

     

     

    499,927

     

     

     

    6,381

     

     

    5.08

    %

     

     

    497,826

     

     

     

    5,987

     

     

    4.77

    %

    Total funding liabilities

     

    13,877,287

     

     

     

    55,900

     

     

    1.60

    %

     

     

    13,818,232

     

     

     

    60,166

     

     

    1.73

    %

     

     

    13,680,642

     

     

     

    45,329

     

     

    1.31

    %

    Other non-interest-bearing liabilities (2)

     

    324,447

     

     

     

     

     

     

     

    311,803

     

     

     

     

     

     

     

    311,539

     

     

     

     

     

    Total liabilities

     

    14,201,734

     

     

     

     

     

     

     

    14,130,035

     

     

     

     

     

     

     

    13,992,181

     

     

     

     

     

    Shareholders' equity

     

    1,782,297

     

     

     

     

     

     

     

    1,728,417

     

     

     

     

     

     

     

    1,539,934

     

     

     

     

     

    Total liabilities and shareholders' equity

    $

    15,984,031

     

     

     

     

     

     

    $

    15,858,452

     

     

     

     

     

     

    $

    15,532,115

     

     

     

     

     

    Net interest income/rate spread (tax equivalent)

     

     

    $

    143,799

     

     

    3.71

    %

     

     

     

    $

    139,008

     

     

    3.60

    %

     

     

     

    $

    141,439

     

     

    3.75

    %

    Net interest margin (tax equivalent)

     

     

     

     

    3.82

    %

     

     

     

     

     

    3.72

    %

     

     

     

     

     

    3.83

    %

    Reconciliation to reported net interest income:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjustments for taxable equivalent basis

     

     

     

    (3,263

    )

     

     

     

     

     

     

    (3,333

    )

     

     

     

     

     

     

    (3,030

    )

     

     

    Net interest income and margin, as reported

     

     

    $

    140,536

     

     

    3.74

    %

     

     

     

    $

    135,675

     

     

    3.63

    %

     

     

     

    $

    138,409

     

     

    3.75

    %

    Additional Key Financial Ratios:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Return on average assets

     

     

     

     

    1.15

    %

     

     

     

     

     

    1.13

    %

     

     

     

     

     

    1.09

    %

    Adjusted return on average assets (4)

     

     

     

     

    1.15

    %

     

     

     

     

     

    1.13

    %

     

     

     

     

     

    1.18

    %

    Return on average equity

     

     

     

     

    10.35

    %

     

     

     

     

     

    10.39

    %

     

     

     

     

     

    10.98

    %

    Adjusted return on average equity (4)

     

     

     

     

    10.28

    %

     

     

     

     

     

    10.39

    %

     

     

     

     

     

    11.89

    %

    Average equity/average assets

     

     

     

     

    11.15

    %

     

     

     

     

     

    10.90

    %

     

     

     

     

     

    9.91

    %

    Average interest-earning assets/average interest-bearing liabilities

     

     

     

     

    162.05

    %

     

     

     

     

     

    161.42

    %

     

     

     

     

     

    169.55

    %

    Average interest-earning assets/average funding liabilities

     

     

     

     

    107.86

    %

     

     

     

     

     

    107.66

    %

     

     

     

     

     

    107.13

    %

    Non-interest income/average assets

     

     

     

     

    0.50

    %

     

     

     

     

     

    0.45

    %

     

     

     

     

     

    0.36

    %

    Non-interest expense/average assets

     

     

     

     

    2.48

    %

     

     

     

     

     

    2.42

    %

     

     

     

     

     

    2.47

    %

    Efficiency ratio

     

     

     

     

    61.95

    %

     

     

     

     

     

    62.63

    %

     

     

     

     

     

    63.37

    %

    Adjusted efficiency ratio (4)

     

     

     

     

    60.74

    %

     

     

     

     

     

    61.27

    %

     

     

     

     

     

    60.04

    %

    (1)

     

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

    (2)

     

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

    (3)

     

    Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $2.2 million, $2.3 million and $2.0 million for the quarters ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.0 million for each of the quarters ended December 31, 2024, September 30, 2024 and December 31, 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

    Year Ended

     

    Dec 31, 2024

     

    Dec 31, 2023

     

    Average

    Balance

     

    Interest and

    Dividends

     

    Yield / Cost (3)

     

    Average

    Balance

     

    Interest and

    Dividends

     

    Yield / Cost (3)

    Interest-earning assets:

     

     

     

     

     

     

     

     

     

     

     

    Held for sale loans

    $

    27,627

     

    $

    1,875

     

    6.79

    %

     

    $

    49,106

     

    $

    2,621

     

    5.34

    %

    Mortgage loans

     

    9,094,276

     

     

     

    526,842

     

     

    5.79

    %

     

     

    8,513,487

     

     

     

    460,664

     

     

    5.41

    %

    Commercial/agricultural loans

     

    1,871,024

     

     

     

    127,028

     

     

    6.79

    %

     

     

    1,782,141

     

     

     

    113,250

     

     

    6.35

    %

    Consumer and other loans

     

    129,929

     

     

     

    8,584

     

     

    6.61

    %

     

     

    138,196

     

     

     

    8,715

     

     

    6.31

    %

    Total loans (1)

     

    11,122,856

     

     

     

    664,329

     

     

    5.97

    %

     

     

    10,482,930

     

     

     

    585,250

     

     

    5.58

    %

    Mortgage-backed securities

     

    2,650,010

     

     

     

    66,652

     

     

    2.52

    %

     

     

    2,927,650

     

     

     

    72,927

     

     

    2.49

    %

    Other securities

     

    951,515

     

     

     

    44,083

     

     

    4.63

    %

     

     

    1,173,637

     

     

     

    52,148

     

     

    4.44

    %

    Interest-bearing deposits with banks

     

    65,650

     

     

     

    2,573

     

     

    3.92

    %

     

     

    46,815

     

     

     

    2,200

     

     

    4.70

    %

    FHLB stock

     

    16,658

     

     

     

    1,302

     

     

    7.82

    %

     

     

    17,903

     

     

     

    847

     

     

    4.73

    %

    Total investment securities

     

    3,683,833

     

     

     

    114,610

     

     

    3.11

    %

     

     

    4,166,005

     

     

     

    128,122

     

     

    3.08

    %

    Total interest-earning assets

     

    14,806,689

     

     

     

    778,939

     

     

    5.26

    %

     

     

    14,648,935

     

     

     

    713,372

     

     

    4.87

    %

    Non-interest-earning assets

     

    967,122

     

     

     

     

     

     

     

    917,018

     

     

     

     

     

    Total assets

    $

    15,773,811

     

     

     

     

     

     

    $

    15,565,953

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing checking accounts

    $

    2,233,902

     

     

     

    33,113

     

     

    1.48

    %

     

    $

    1,921,326

     

     

     

    13,334

     

     

    0.69

    %

    Savings accounts

     

    3,231,631

     

     

     

    71,225

     

     

    2.20

    %

     

     

    2,674,936

     

     

     

    27,739

     

     

    1.04

    %

    Money market accounts

     

    1,632,092

     

     

     

    35,206

     

     

    2.16

    %

     

     

    1,908,983

     

     

     

    24,089

     

     

    1.26

    %

    Certificates of deposit

     

    1,514,726

     

     

     

    59,921

     

     

    3.96

    %

     

     

    1,209,261

     

     

     

    34,964

     

     

    2.89

    %

    Total interest-bearing deposits

     

    8,612,351

     

     

     

    199,465

     

     

    2.32

    %

     

     

    7,714,506

     

     

     

    100,126

     

     

    1.30

    %

    Non-interest-bearing deposits

     

    4,647,100

     

     

     

    —

     

     

    —

    %

     

     

    5,436,953

     

     

     

    —

     

     

    —

    %

    Total deposits

     

    13,259,451

     

     

     

    199,465

     

     

    1.50

    %

     

     

    13,151,459

     

     

     

    100,126

     

     

    0.76

    %

    Other interest-bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

    FHLB advances

     

    159,954

     

     

     

    8,941

     

     

    5.59

    %

     

     

    196,819

     

     

     

    10,524

     

     

    5.35

    %

    Other borrowings

     

    164,613

     

     

     

    4,299

     

     

    2.61

    %

     

     

    199,291

     

     

     

    3,376

     

     

    1.69

    %

    Junior subordinated debentures and subordinated notes

     

    177,361

     

     

     

    11,682

     

     

    6.59

    %

     

     

    185,883

     

     

     

    11,541

     

     

    6.21

    %

    Total borrowings

     

    501,928

     

     

     

    24,922

     

     

    4.97

    %

     

     

    581,993

     

     

     

    25,441

     

     

    4.37

    %

    Total funding liabilities

     

    13,761,379

     

     

     

    224,387

     

     

    1.63

    %

     

     

    13,733,452

     

     

     

    125,567

     

     

    0.91

    %

    Other non-interest-bearing liabilities (2)

     

    308,667

     

     

     

     

     

     

     

    295,098

     

     

     

     

     

    Total liabilities

     

    14,070,046

     

     

     

     

     

     

     

    14,028,550

     

     

     

     

     

    Shareholders' equity

     

    1,703,765

     

     

     

     

     

     

     

    1,537,403

     

     

     

     

     

    Total liabilities and shareholders' equity

    $

    15,773,811

     

     

     

     

     

     

    $

    15,565,953

     

     

     

     

     

    Net interest income/rate spread (tax equivalent)

     

     

    $

    554,552

     

     

    3.63

    %

     

     

     

    $

    587,805

     

     

    3.96

    %

    Net interest margin (tax equivalent)

     

     

     

     

    3.75

    %

     

     

     

     

     

    4.01

    %

    Reconciliation to reported net interest income:

     

     

     

     

     

     

     

     

     

     

     

    Adjustments for taxable equivalent basis

     

     

     

    (12,836

    )

     

     

     

     

     

     

    (11,800

    )

     

     

    Net interest income and margin, as reported

     

     

    $

    541,716

     

     

    3.66

    %

     

     

     

    $

    576,005

     

     

    3.93

    %

    Additional Key Financial Ratios:

     

     

     

     

     

     

     

     

     

     

     

    Return on average assets

     

     

     

     

    1.07

    %

     

     

     

     

     

    1.18

    %

    Adjusted return on average assets (4)

     

     

     

     

    1.10

    %

     

     

     

     

     

    1.30

    %

    Return on average equity

     

     

     

     

    9.91

    %

     

     

     

     

     

    11.94

    %

    Adjusted return on average equity (4)

     

     

     

     

    10.19

    %

     

     

     

     

     

    13.17

    %

    Average equity/average assets

     

     

     

     

    10.80

    %

     

     

     

     

     

    9.88

    %

    Average interest-earning assets/average interest-bearing liabilities

     

     

     

     

    162.46

    %

     

     

     

     

     

    176.57

    %

    Average interest-earning assets/average funding liabilities

     

     

     

     

    107.60

    %

     

     

     

     

     

    106.67

    %

    Non-interest income/average assets

     

     

     

     

    0.42

    %

     

     

     

     

     

    0.29

    %

    Non-interest expense/average assets

     

     

     

     

    2.48

    %

     

     

     

     

     

    2.46

    %

    Efficiency ratio

     

     

     

     

    64.33

    %

     

     

     

     

     

    61.66

    %

    Adjusted efficiency ratio (4)

     

     

     

     

    62.29

    %

     

     

     

     

     

    57.89

    %

    (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 $8.7 million and $7.4 million for the years ended December 31, 2024 and 2023, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $4.1 million and $4.4 million for the years ended December 31, 2024 and 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

     

    Year Ended

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Dec 31, 2024

     

    Dec 31, 2023

    Net interest income (GAAP)

    $

    140,536

     

     

    $

    135,675

     

     

    $

    138,409

     

     

    $

    541,716

     

    $

    576,005

    Non-interest income (GAAP)

     

    20,035

     

     

     

    18,063

     

     

     

    14,052

     

     

     

    66,888

     

     

     

    44,409

     

    Total revenue (GAAP)

     

    160,571

     

     

     

    153,738

     

     

     

    152,461

     

     

     

    608,604

     

     

     

    620,414

     

    Exclude:

    Net (gain) loss on sale of securities

     

    (275

    )

     

     

    —

     

     

     

    4,806

     

     

     

    5,190

     

     

     

    19,242

     

     

    Net change in valuation of financial instruments carried at fair value

     

    (161

    )

     

     

    (39

    )

     

     

    (139

    )

     

     

    982

     

     

     

    4,218

     

    Adjusted revenue (non-GAAP)

    $

    160,135

     

     

    $

    153,699

     

     

    $

    157,128

     

     

    $

    614,776

     

     

    $

    643,874

     

    ADJUSTED EARNINGS

    Quarters Ended

     

    Year Ended

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Dec 31, 2024

     

    Dec 31, 2023

    Net income (GAAP)

    $

    46,391

     

     

    $

    45,153

     

     

    $

    42,624

     

     

    $

    168,898

     

     

    $

    183,624

     

    Exclude:

    Net (gain) loss on sale of securities

     

    (275

    )

     

     

    —

     

     

     

    4,806

     

     

     

    5,190

     

     

     

    19,242

     

    Net change in valuation of financial instruments carried at fair value

     

    (161

    )

     

     

    (39

    )

     

     

    (139

    )

     

     

    982

     

     

     

    4,218

     

    Banner Forward expenses (1)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,334

     

    Related net tax expense (benefit)

     

    105

     

     

     

    9

     

     

     

    (1,121

    )

     

     

    (1,481

    )

     

     

    (5,951

    )

    Total adjusted earnings (non-GAAP)

    $

    46,060

     

     

    $

    45,123

     

     

    $

    46,170

     

     

    $

    173,589

     

     

    $

    202,467

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share (GAAP)

    $

    1.34

     

     

    $

    1.30

     

     

    $

    1.24

     

     

    $

    4.88

     

     

    $

    5.33

     

    Diluted adjusted earnings per share (non-GAAP)

    $

    1.33

     

     

    $

    1.30

     

     

    $

    1.34

     

     

    $

    5.01

     

     

    $

    5.88

     

    Return on average assets

     

    1.15

    %

     

     

    1.13

    %

     

     

    1.09

    %

     

     

    1.07

    %

     

     

    1.18

    %

    Adjusted return on average assets (2)

     

    1.15

    %

     

     

    1.13

    %

     

     

    1.18

    %

     

     

    1.10

    %

     

     

    1.30

    %

    Return on average equity

     

    10.35

    %

     

     

    10.39

    %

     

     

    10.98

    %

     

     

    9.91

    %

     

     

    11.94

    %

    Adjusted return on average equity (3)

     

    10.28

    %

     

     

    10.39

    %

     

     

    11.89

    %

     

     

    10.19

    %

     

     

    13.17

    %

    (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

     

    Year Ended

     

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

     

    Dec 31, 2024

     

    Dec 31, 2023

    Non-interest expense (GAAP)

     

    $

    99,478

     

     

    $

    96,291

     

     

    $

    96,621

     

     

    $

    391,538

     

     

    $

    382,538

     

    Exclude:

    Banner Forward expenses (1)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,334

    )

    CDI amortization

     

     

    (589

    )

     

     

    (590

    )

     

     

    (858

    )

     

     

    (2,626

    )

     

     

    (3,756

    )

    State/municipal tax expense

     

     

    (1,518

    )

     

     

    (1,432

    )

     

     

    (1,372

    )

     

     

    (5,648

    )

     

     

    (5,260

    )

    REO operations

     

     

    (113

    )

     

     

    (103

    )

     

     

    (47

    )

     

     

    (293

    )

     

     

    538

     

    Adjusted non-interest expense (non-GAAP)

     

    $

    97,258

     

     

    $

    94,166

     

     

    $

    94,344

     

     

    $

    382,971

     

     

    $

    372,726

     

     

     

     

     

     

     

     

     

     

     

    Net interest income (GAAP)

     

    $

    140,536

     

     

    $

    135,675

     

     

    $

    138,409

     

     

    $

    541,716

     

     

    $

    576,005

     

    Non-interest income (GAAP)

     

     

    20,035

     

     

     

    18,063

     

     

     

    14,052

     

     

     

    66,888

     

     

     

    44,409

     

    Total revenue (GAAP)

     

     

    160,571

     

     

     

    153,738

     

     

     

    152,461

     

     

     

    608,604

     

     

     

    620,414

     

    Exclude:

    Net (gain) loss on sale of securities

     

     

    (275

    )

     

     

    —

     

     

     

    4,806

     

     

     

    5,190

     

     

     

    19,242

     

    Net change in valuation of financial instruments carried at fair value

     

     

    (161

    )

     

     

    (39

    )

     

     

    (139

    )

     

     

    982

     

     

     

    4,218

     

    Adjusted revenue (non-GAAP)

     

    $

    160,135

     

     

    $

    153,699

     

     

    $

    157,128

     

     

    $

    614,776

     

     

    $

    643,874

     

     

     

     

     

     

     

     

     

     

     

     

    Efficiency ratio (GAAP)

     

     

    61.95

    %

     

     

    62.63

    %

     

     

    63.37

    %

     

     

    64.33

    %

     

     

    61.66

    %

    Adjusted efficiency ratio (non-GAAP) (2)

     

     

    60.74

    %

     

     

    61.27

    %

     

     

    60.04

    %

     

     

    62.29

    %

     

     

    57.89

    %

    (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

     

     

     

     

     

     

     

     

    Dec 31, 2024

     

    Sep 30, 2024

     

    Dec 31, 2023

    Shareholders' equity (GAAP)

     

    $

    1,774,326

     

     

    $

    1,793,721

     

     

    $

    1,652,691

     

    Exclude goodwill and other intangible assets, net

     

     

    376,179

     

     

     

    376,768

     

     

     

    378,805

     

    Tangible common shareholders' equity (non-GAAP)

     

    $

    1,398,147

     

     

    $

    1,416,953

     

     

    $

    1,273,886

     

     

     

     

     

     

     

     

    Total assets (GAAP)

     

    $

    16,200,037

     

     

    $

    16,188,676

     

     

    $

    15,670,391

     

    Exclude goodwill and other intangible assets, net

     

     

    376,179

     

     

     

    376,768

     

     

     

    378,805

     

    Total tangible assets (non-GAAP)

     

    $

    15,823,858

     

     

    $

    15,811,908

     

     

    $

    15,291,586

     

    Common shareholders' equity to total assets (GAAP)

     

     

    10.95

    %

     

     

    11.08

    %

     

     

    10.55

    %

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

     

     

    8.84

    %

     

     

    8.96

    %

     

     

    8.33

    %

     

     

     

     

     

     

     

    TANGIBLE COMMON SHAREHOLDERS' EQUITY PER SHARE

     

     

     

     

     

     

    Shareholders' equity (GAAP)

     

    $

    1,774,326

     

     

    $

    1,793,721

     

     

    $

    1,652,691

     

    Tangible common shareholders' equity (non-GAAP)

     

    $

    1,398,147

     

     

    $

    1,416,953

     

     

    $

    1,273,886

     

    Common shares outstanding at end of period

     

     

    34,459,832

     

     

     

    34,456,688

     

     

     

    34,348,369

     

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

     

    $

    51.49

     

     

    $

    52.06

     

     

    $

    48.12

     

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

     

    $

    40.57

     

     

    $

    41.12

     

     

    $

    37.09

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250122279800/en/

    Mark J. Grescovich, President & CEO

    Robert G. Butterfield, CFO

    (509) 527-3636

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    • SEC Form 10-Q filed by Banner Corporation

      10-Q - BANNER CORP (0000946673) (Filer)

      5/6/25 1:31:41 PM ET
      $BANR
      Major Banks
      Finance
    • Banner Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits

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

      4/16/25 4:35:32 PM ET
      $BANR
      Major Banks
      Finance
    • SEC Form DEFA14A filed by Banner Corporation

      DEFA14A - BANNER CORP (0000946673) (Filer)

      4/9/25 4:15:15 PM ET
      $BANR
      Major Banks
      Finance

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    • Banner Corporation Reports Net Income of $45.1 Million, or $1.30 Per Diluted Share, for First Quarter 2025; Declares Quarterly Cash Dividend of $0.48 Per Share

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

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

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

      3/31/25 9:00:00 AM ET
      $BANR
      Major Banks
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    • Banner Corporation Reports Net Income of $46.4 Million, or $1.34 Per Diluted Share, for Fourth Quarter 2024; 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 $46.4 million, or $1.34 per diluted share, for the fourth quarter of 2024, compared to $45.2 million, or $1.30 per diluted share, for the preceding quarter and $42.6 million, or $1.24 per diluted share, for the fourth quarter of 2023. Net interest income was $140.5 million in the fourth quarter of 2024, compared to $135.7 million in the preceding quarter and $138.4 million in the fourth quarter a year ago. The increase in net interest income compared to the preceding quarter reflects a decrease in funding costs and an increase in interest-earning assets, partially offset by a decreas

      1/22/25 4:00:00 PM ET
      $BANR
      Major Banks
      Finance

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

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

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

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

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

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

      10/28/21 4:05:00 PM ET
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      $GSM
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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
      $BANR
      Major Banks
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