株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 
(Mark One)

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2024
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________
 Commission File Number 000-26584
BANNER CORPORATION
(Exact name of registrant as specified in its charter)
Washington 91-1691604
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
10 South First Avenue, Walla Walla, Washington 99362
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (509) 527-3636
Securities registered pursuant to Section 12(b) of the Act
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $.01 per share BANR The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
  Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
  Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer   ☐ Non-accelerated filer  ☐ Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of class: As of April 30, 2024
Common Stock, $.01 par value per share
34,449,548 shares
1


BANNER CORPORATION AND SUBSIDIARIES

Table of Contents
Item 1 – Financial Statements (unaudited).  The Unaudited Condensed Consolidated Financial Statements of Banner Corporation and Subsidiaries filed as a part of the report are as follows:
 
 
 
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All references to “Banner” refer to Banner Corporation and those to the “Bank” refer to its wholly-owned subsidiary, Banner Bank. As used throughout this report, the terms “we,” “our,” “us,” or the “Company” refer to Banner Corporation and its consolidated subsidiaries, unless the context otherwise requires.

Special Note Regarding Forward-Looking Statements

Certain matters in this Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items, including statements about our financial condition, liquidity and results of operations. Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by use of the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; changes in the interest rate environment, including the past increases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and duration at which such increased interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of continuing elevated inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses and provisions for credit losses; the ability to manage loan delinquency rates; competitive pressures among financial services companies; changes in consumer spending or borrowing and spending habits; interest rate movements generally and the relative differences between short and long-term interest rates, loan and deposit interest rates, net interest margin and funding sources; 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; the impact of repricing and competitors’ pricing initiatives on loan and deposit products; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values; the ability to adapt successfully to technological changes to meet clients’ needs and developments in the marketplace; the ability to access cost-effective funding; the ability to control operating costs and expenses; the use of estimates in determining fair value of certain assets and liabilities, which estimates may prove to be incorrect and result in significant changes in valuation; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect employees, and potential associated charges; 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; changes in financial markets; changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular; secondary market conditions for loans and the ability to sell loans in the secondary market; the costs, effects and outcomes of litigation; legislation or regulatory changes, including but not limited to changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, results of safety and soundness and compliance examinations by the Federal Reserve, the Federal Deposit Insurance Corporation (the FDIC), the Washington State Department of Financial Institutions, Division of Banks (the Washington DFI), or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require restitution or institute an informal or formal enforcement action which could require an increase in reserves for credit losses, write-downs of assets or changes in regulatory capital position, or affect the ability to borrow funds, or maintain or increase deposits, or impose additional requirements and restrictions, any of which could adversely affect liquidity and earnings; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the quality and composition of our securities portfolio and the impact of adverse changes in the securities markets; the inability of key third-party providers to perform their obligations; changes in accounting principles, policies or guidelines, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products and services; future acquisitions by the Company of other depository institutions or lines of business; and future goodwill impairment due to changes in the Company’s business, changes in market conditions; and other risks detailed in our Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) and in our reports filed with or furnished to the U.S. Securities and Exchange Commission (SEC), including this report on Form 10-Q.

Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to update any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur, and you should not put undue reliance on any forward-looking statements.

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PART I. FINANCIAL INFORMATION
ITEM 1 - Financial Statements (unaudited)
BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (In thousands, except shares and per share amounts)
March 31, 2024 and December 31, 2023
ASSETS March 31,
2024
December 31,
2023
Cash and due from banks $ 168,427  $ 209,634 
Interest bearing deposits 40,849  44,830 
Total cash and cash equivalents 209,276  254,464 
Securities—available-for-sale, amortized cost $2,617,986 and $2,729,980, respectively
2,244,939  2,373,783 
Securities—held-to-maturity, net of allowance for credit losses of $322 and $332, respectively
1,038,312  1,059,055 
     Total securities 3,283,251  3,432,838 
Federal Home Loan Bank (FHLB) stock 11,741  24,028 
Loans held for sale (includes $7,208 and $9,105, at fair value, respectively)
9,357  11,170 
Loans receivable 10,869,096  10,810,455 
Allowance for credit losses – loans (151,140) (149,643)
Net loans receivable
10,717,956  10,660,812 
Accrued interest receivable 66,124  63,100 
Property and equipment, net 129,889  132,231 
Goodwill 373,121  373,121 
Other intangibles, net 4,961  5,684 
Bank-owned life insurance (BOLI) 306,600  304,366 
Deferred tax assets, net 156,571  153,365 
Operating lease right-of-use assets 40,834  43,731 
Other assets 208,598  211,481 
Total assets
$ 15,518,279  $ 15,670,391 
LIABILITIES
Deposits:
Non-interest-bearing $ 4,699,553  $ 4,792,369 
Interest-bearing transaction and savings accounts 6,973,338  6,759,661 
Interest-bearing certificates 1,485,880  1,477,467 
Total deposits 13,158,771  13,029,497 
Advances from FHLB 52,000  323,000 
Other borrowings 183,341  182,877 
Subordinated notes, net 89,456  92,851 
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities) 66,586  66,413 
Operating lease liabilities 45,524  48,659 
Accrued expenses and other liabilities 211,578  228,428 
Deferred compensation 46,515  45,975 
Total liabilities
13,853,771  14,017,700 
COMMITMENTS AND CONTINGENCIES (Note 11)
SHAREHOLDERS’ EQUITY
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at March 31, 2024 and December 31, 2023
—  — 
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,395,221 shares issued and outstanding at March 31, 2024; 34,348,369 shares issued and outstanding at December 31, 2023
1,300,969  1,299,651 
Common stock (non-voting) and paid in capital - $0.01 par value per share, 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2024; no shares issued and outstanding at December 31, 2023
—  — 
Retained earnings 663,021  642,175 
Carrying value of shares held in trust for stock-based compensation plans (6,607) (6,563)
Liability for common stock issued to stock related compensation plans 6,607  6,563 
Accumulated other comprehensive loss (299,482) (289,135)
Total shareholders’ equity 1,664,508  1,652,691 
Total liabilities and shareholders’ equity $ 15,518,279  $ 15,670,391 
See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended
March 31,
2024 2023
INTEREST INCOME:
Loans receivable $ 156,475  $ 133,257 
Mortgage-backed securities 16,934  18,978 
Securities and cash equivalents 11,279  14,726 
Total interest income
184,688  166,961 
INTEREST EXPENSE:
Deposits 44,613  9,244 
FHLB advances 2,972  1,264 
Other borrowings 1,175  381 
Subordinated debt 2,969  2,760 
Total interest expense
51,729  13,649 
Net interest income 132,959  153,312 
PROVISION (RECAPTURE) FOR CREDIT LOSSES 520  (524)
Net interest income after provision (recapture) for credit losses 132,439  153,836 
NON-INTEREST INCOME:
Deposit fees and other service charges 11,022  10,562 
Mortgage banking operations 2,335  2,691 
BOLI 2,237  2,188 
Miscellaneous 1,892  1,640 
17,486  17,081 
Net loss on sale of securities (4,903) (7,252)
Net change in valuation of financial instruments carried at fair value (992) (552)
Total non-interest income
11,591  9,277 
NON-INTEREST EXPENSE:
Salary and employee benefits 62,369  61,389 
Less capitalized loan origination costs (3,676) (3,431)
Occupancy and equipment 12,462  11,970 
Information and computer data services 7,320  7,147 
Payment and card processing services 5,710  4,618 
Professional and legal expenses 1,530  2,121 
Advertising and marketing 1,079  806 
Deposit insurance 2,809  1,890 
State and municipal business and use taxes 1,304  1,300 
Real estate operations, net (220) (277)
Amortization of core deposit intangibles 723  1,050 
Miscellaneous 6,231  6,038 
Total non-interest expense
97,641  94,621 
Income before provision for income taxes 46,389  68,492 
PROVISION FOR INCOME TAXES 8,830  12,937 
NET INCOME $ 37,559  $ 55,555 
Earnings per common share:
Basic $ 1.09  $ 1.62 
Diluted $ 1.09  $ 1.61 
Cumulative dividends declared per common share $ 0.48  $ 0.48 
Weighted average number of common shares outstanding:
Basic
34,391,564  34,239,533 
Diluted
34,521,105  34,457,869 
See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2024 and 2023

Three Months Ended
March 31,
2024 2023
NET INCOME $ 37,559  $ 55,555 
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF INCOME TAXES:
Unrealized holding (loss) gain on securities—available-for-sale arising during the period (21,753) 36,143 
Income tax benefit (expense) related to securities—available-for-sale unrealized holding losses 5,221  (8,675)
Reclassification for net loss on securities—available-for-sale realized in earnings 4,903  7,252 
Income tax benefit related to securities—available-for-sale realized in earnings (1,177) (1,740)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity 527  572 
Income tax expense related to amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity (126) (137)
Net unrealized gain on interest rate swaps used in cash flow hedges 2,880  4,738 
Income tax expense related to interest rate swaps used in cash flow hedges (691) (1,137)
Changes in fair value of junior subordinated debentures related to instrument specific credit risk (173) 154 
Income tax benefit (expense) related to junior subordinated debentures 42  (37)
Other comprehensive (loss) income (10,347) 37,133 
COMPREHENSIVE INCOME $ 27,212  $ 92,688 

See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands, except shares and per share amounts)
For the Three Months Ended March 31, 2024 and the Year Ended December 31, 2023
Common Stock
and Paid in Capital
Retained Earnings Accumulated Other Comprehensive (Loss) Income Total Shareholders’ Equity
Shares Amount
Balance, January 1, 2023 34,194,018  $ 1,293,959  $ 525,242  $ (362,769) $ 1,456,432 
Net income 55,555  55,555 
Other comprehensive income, net of income tax 37,133  37,133 
Accrual of dividends on common stock ($0.48/share)
(16,691) (16,691)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
114,522  (734) (734)
Balance, March 31, 2023 34,308,540  $ 1,293,225  $ 564,106  $ (325,636) $ 1,531,695 
Net income 39,591  39,591 
Other comprehensive loss, net of income tax (13,812) (13,812)
Accrual of dividends on common stock ($0.48/share)
(16,670) (16,670)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
36,087  1,709  1,709 
Balance, June 30, 2023 34,344,627  $ 1,294,934  $ 587,027  $ (339,448) $ 1,542,513 
Net income 45,854  45,854 
Other comprehensive loss, net of income tax (53,467) (53,467)
Accrual of dividends on common stock ($0.48/share)
(16,666) (16,666)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
1,322  2,373  2,373 
Balance, September 30, 2023 34,345,949  $ 1,297,307  $ 616,215  $ (392,915) $ 1,520,607 
Net income 42,624  42,624 
Other comprehensive income, net of income tax 103,780  103,780 
Accrual of dividends on common stock ($0.48/share)
(16,664) (16,664)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
2,420  2,344  2,344 
Balance, December 31, 2023 34,348,369  $ 1,299,651  $ 642,175  $ (289,135) $ 1,652,691 
Balance, January 1, 2024 34,348,369  $ 1,299,651  $ 642,175  $ (289,135) $ 1,652,691 
Net income 37,559  37,559 
Other comprehensive loss, net of income tax (10,347) (10,347)
Accrual of dividends on common stock ($0.48/share)
(16,713) (16,713)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
46,852  1,318  1,318 
Balance, March 31, 2024 34,395,221  $ 1,300,969  $ 663,021  $ (299,482) $ 1,664,508 


See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended March 31,
2024 2023
OPERATING ACTIVITIES:
Net income $ 37,559  $ 55,555 
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation 4,569  4,364 
Deferred income and expense, net of amortization (1,594) (608)
Capitalized loan servicing rights, net of amortization 391  592 
Amortization of core deposit intangibles 723  1,050 
Loss on sale of securities, net 4,903  7,252 
Net change in valuation of financial instruments carried at fair value 992  552 
Decrease in deferred taxes 61  1,158 
Increase in current taxes payable/receivable, net 6,273  10,014 
Stock-based compensation 2,225  2,053 
Net change in cash surrender value of BOLI (2,234) (2,188)
Gain on sale of loans, excluding capitalized servicing rights (1,013) (1,445)
Gain on disposal of real estate held for sale and property and equipment, net (261) (331)
Provision (recapture) for credit losses 520  (524)
Origination of loans held for sale (48,424) (39,585)
Proceeds from sales of loans held for sale 66,932  48,871 
Net change in:
Other assets 1,771  8,837 
Other liabilities (21,927) (20,880)
Net cash provided from operating activities 51,466  74,737 
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale (10,477) (26,426)
Principal repayments and maturities of securities—available-for-sale 42,740  45,774 
Proceeds from sales of securities—available-for-sale 70,777  150,170 
Principal repayments and maturities of securities—held-to-maturity 20,724  7,937 
Loan originations, net of repayments (72,019) (13,681)
Purchases of loans and participating interest in loans (4,666) — 
Proceeds from sales of other loans 4,522  1,519 
Purchases of property and equipment (2,227) (1,984)
Proceeds from sale of real estate held for sale and sale of other property 581  343 
Proceeds from FHLB stock repurchase program 47,747  37,920 
Purchase of FHLB stock (35,460) (42,720)
Proceeds from maturity of securities purchased under agreements to resell —  150,000 
Investment in bank-owned life insurance —  (2)
Other (35) (39)
Net cash provided from investing activities 62,207  308,811 
Continued on next page

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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2024 and 2023

Three Months Ended March 31,
2024 2023
FINANCING ACTIVITIES:
Increase (decrease) in deposits, net $ 129,274  $ (465,857)
(Repayment) advances of overnight and short term FHLB advances, net (271,000) 120,000 
Increase (decrease) in other borrowings, net 464  (18,235)
Cash dividends paid (16,692) (16,739)
Taxes paid related to net share settlement of equity awards (907) (2,787)
Net cash used by financing activities (158,861) (383,618)
NET CHANGE IN CASH AND CASH EQUIVALENTS (45,188) (70)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 254,464  243,062 
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 209,276  $ 242,992 
Three Months Ended March 31,
2024 2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash $ 53,278  $ 10,574 
Tax paid 43 
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets
242  — 
   Dividends accrued but not paid until after period end 1,106  1,110 
Loans, held-for-sale, transferred from portfolio
(15,682) — 

See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
SELECTED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements include the accounts of Banner Corporation (the Company or Banner), a bank holding company incorporated in the State of Washington and its wholly-owned subsidiary, Banner Bank (the Bank).

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2024, for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. All significant intercompany transactions and balances have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments.

The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Interim results are not necessarily indicative of results for a full year or any other interim period.

Note 2: ACCOUNTING STANDARDS RECENTLY ISSUED OR ADOPTED

Compensation—Stock Compensation (Topic 718)

In March 2024, the Financial Accounting Standards Board (FASB) issued guidance within Accounting Standards Update (ASU) 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amendments in the ASU apply to companies that provide employees and non-employees with profits interest and similar awards to align compensation with the company’s operating performance and provide those holders with the opportunity to participate in future profits and/or equity appreciation of the company. This purpose of the ASU is to clarify the application of the scope guidance in Accounting Standards Codification (ASC) paragraph 718-10-15-3 in determining if a profit interest award should be accounted in accordance with Topic 718: Compensation—Stock Compensation. The amendment in ASC paragraph 718-10-15-3 is solely intended to improve the overall clarity and does not change the guidance.

The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. If the Company adopts the amendments in an interim period, it should adopt them as of the beginning of the annual period that includes the interim period. The amendments should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) on a prospective basis. The Company has evaluated this ASU and does not expect the adoption to have a material impact on the Company’s Consolidated Financial Statements, as the Company does not typically provide these types of awards.

Income Taxes (Topic 740)

In December 2023, the FASB issued guidance within ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the ASU are intended to provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU requires disclosure in the rate reconciliation of specific categories as well as additional information for reconciling items that meet a quantitative threshold.

Those amendments require disclosure of the following information about income taxes paid on an annual basis:
•Income taxes paid (net of refunds received), disaggregated by federal and state taxes and by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).
•Income tax expense (or benefit) from continuing operations disaggregated by federal and state jurisdictions.

The ASU is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. The Company is evaluating the adoption of this ASU, as it will require additional disclosures in the notes to our Consolidated Financial Statements.

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Segment Reporting (Topic 280)

In November 2023, the FASB issued guidance within ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing disclosures in Topic 280. The Company has determined that its current business and operations consist of a single business segment and a single reporting unit.

The amendments in this ASU are intended to improve segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The key amendments included in this ASU:
•Require disclosure on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and are included within each reported measure of segment profit and loss.
•Require disclosure on an annual and interim basis, an amount for other segment items (defined in the ASU) and a description of its composition.
•Clarify that if the CODM uses more than one measure of the segment’s profit or loss in assessing performance, one or more of those additional measures may be reported.
•Require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance.

This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact on the Company’s Consolidated Financial Statements as the Company has a single reportable segment.

Note 3: SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):
  March 31, 2024
  Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Available-for-Sale:
U.S. Government and agency obligations $ 9,569  $ —  $ (676) $ 8,893 
Municipal bonds 155,850  600  (29,441) 127,009 
Corporate bonds 131,311  120  (11,990) 119,441 
Mortgage-backed or related securities 2,108,139  118  (331,872) 1,776,385 
Asset-backed securities 213,117  235  (141) 213,211 
  $ 2,617,986  $ 1,073  $ (374,120) $ 2,244,939 
  March 31, 2024
  Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations $ 306  $ —  $ (6) $ 300  $ — 
Municipal bonds 451,091  81  (59,467) 391,553  (152)
Corporate bonds 2,749  —  (19) 2,560  (170)
Mortgage-backed or related securities 584,488  —  (109,804) 474,684  — 
$ 1,038,634  $ 81  $ (169,296) $ 869,097  $ (322)
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December 31, 2023
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Available-for-Sale:
U.S. Government and agency obligations $ 34,929  $ —  $ (740) $ 34,189 
Municipal bonds 161,264  832  (29,191) 132,905 
Corporate bonds 131,291  —  (12,168) 119,123 
Mortgage-backed or related securities 2,179,947  942  (314,175) 1,866,714 
Asset-backed securities 222,549  300  (1,997) 220,852 
$ 2,729,980  $ 2,074  $ (358,271) $ 2,373,783 

December 31, 2023
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations $ 307  $ —  $ (5) $ 302  $ — 
Municipal bonds 466,032  687  (53,563) 412,999  (157)
Corporate bonds 2,781  —  (20) 2,586  (175)
Mortgage-backed or related securities 590,267  —  (98,640) 491,627  — 
$ 1,059,387  $ 687  $ (152,228) $ 907,514  $ (332)

Accrued interest receivable on held-to-maturity debt securities was $3.9 million and $4.5 million at March 31, 2024 and December 31, 2023, and was $10.7 million and $10.8 million on available-for-sale debt securities at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses.

At March 31, 2024 and December 31, 2023, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
March 31, 2024
Less Than 12 Months 12 Months or More Total
Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations
$ —  $ —  $ 8,893  $ (676) $ 8,893  $ (676)
Municipal bonds
2,913  (62) 102,683  (29,379) 105,596  (29,441)
Corporate bonds
12,186  (160) 107,135  (11,830) 119,321  (11,990)
Mortgage-backed or related securities
110,003  (1,132) 1,630,030  (330,740) 1,740,033  (331,872)
Asset-backed securities
52,387  (113) 71,972  (28) 124,359  (141)
$ 177,489  $ (1,467) $ 1,920,713  $ (372,653) $ 2,098,202  $ (374,120)

12

December 31, 2023
Less Than 12 Months 12 Months or More Total
Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations
$ —  $ —  $ 34,189  $ (740) $ 34,189  $ (740)
Municipal bonds
6,049  (7) 103,511  (29,184) 109,560  (29,191)
Corporate bonds
15,720  (46) 106,852  (12,122) 122,572  (12,168)
Mortgage-backed or related securities
71,150  (212) 1,712,125  (313,963) 1,783,275  (314,175)
Asset-backed securities
115,162  (1,212) 85,840  (785) 201,002  (1,997)
$ 208,081  $ (1,477) $ 2,042,517  $ (356,794) $ 2,250,598  $ (358,271)

At March 31, 2024, there were 221 securities—available-for-sale with unrealized losses, compared to 224 at December 31, 2023. Management does not believe that any remaining individual unrealized loss as of March 31, 2024 or December 31, 2023 resulted from credit loss.  The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase. There were no securities—available-for-sale in a nonaccrual status at March 31, 2024 or December 31, 2023.

The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):
  Three Months Ended March 31,
  2024 2023
Available-for-Sale:
Gross Gains $ 36  $ 232 
Gross Losses (4,939) (7,484)
Balance, end of the period $ (4,903) $ (7,252)

The following table presents the amortized cost and estimated fair value of securities at March 31, 2024, by contractual maturity and does not reflect any required periodic payments (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
  March 31, 2024
Available-for-Sale Held-to-Maturity
  Amortized Cost Fair Value Amortized Cost Fair Value
Maturing within one year $ —  $ —  $ 3,670  $ 3,461 
Maturing after one year through five years 97,908  92,601  18,498  18,128 
Maturing after five years through ten years 378,531  333,217  21,005  19,880 
Maturing after ten years 2,141,547  1,819,121  995,461  827,628 
  $ 2,617,986  $ 2,244,939  $ 1,038,634  $ 869,097 

The following table presents, as of March 31, 2024, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
March 31, 2024
Carrying Value Amortized Cost Fair Value
Purpose or beneficiary:
State and local governments public deposits $ 236,190  $ 249,687  $ 212,629 
Federal Reserve 113,447  113,447  95,027 
Interest rate swap counterparties 968  968  795 
Repurchase transaction accounts 264,034  264,034  212,319 
Other 2,324  2,324  2,115 
Total pledged securities $ 616,963  $ 630,460  $ 522,885 

13

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings which are reviewed and updated quarterly. The Company’s non-rated held-to-maturity debt securities are primarily United States government sponsored enterprise debentures carrying minimal to no credit risk. The non-rated corporate bonds primarily consist of Community Reinvestment Act related bonds secured by loan instruments from low to moderate income borrowers. The remaining non-rated held-to-maturity debt securities balance is comprised of local municipal debt from within the Company’s geographic footprint and is monitored through quarterly or annual financial review. This municipal debt is predominately essential service or unlimited general obligation backed debt. The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
AAA/AA/A $ —  $ 442,172  $ 500  $ 16,399  $ 459,071 
Not Rated 306  8,919  2,249  568,089  579,563 
$ 306  $ 451,091  $ 2,749  $ 584,488  $ 1,038,634 

December 31, 2023
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
AAA/AA/A $ —  $ 456,999  $ 500  $ 16,459  $ 473,958 
Not Rated 307  9,033  2,281  573,808  585,429 
$ 307  $ 466,032  $ 2,781  $ 590,267  $ 1,059,387 

14

Note 4: LOANS RECEIVABLE AND THE ALLOWANCE FOR CREDIT LOSSES - LOANS

The following table presents the loans receivable at March 31, 2024 and December 31, 2023 by class (dollars in thousands).
  March 31, 2024 December 31, 2023
  Amount Percent of Total Amount Percent of Total
Commercial real estate:        
Owner-occupied $ 905,063  8.3  % $ 915,897  8.5  %
Investment properties 1,544,885  14.2  1,541,344  14.3 
Small balance CRE 1,159,355  10.7  1,178,500  10.9 
Multifamily real estate 809,101  7.4  811,232  7.5 
Construction, land and land development:
Commercial construction 158,011  1.4  170,011  1.6 
Multifamily construction 573,014  5.3  503,993  4.7 
One- to four-family construction 495,931  4.6  526,432  4.9 
Land and land development 344,563  3.2  336,639  3.1 
Commercial business:
Commercial business
1,262,716  11.6  1,255,734  11.6 
Small business scored 1,028,067  9.5  1,022,154  9.5 
Agricultural business, including secured by farmland 317,958  2.9  331,089  3.0 
One- to four-family residential 1,566,834  14.4  1,518,046  14.0 
Consumer:
Consumer—home equity revolving lines of credit
597,060  5.5  588,703  5.4 
Consumer—other 106,538  1.0  110,681  1.0 
Total loans 10,869,096  100.0  % 10,810,455  100.0  %
Less allowance for credit losses – loans (151,140)   (149,643)  
Net loans $ 10,717,956    $ 10,660,812   

Loan amounts are net of unearned loan fees in excess of unamortized costs of $13.9 million as of March 31, 2024, and $12.1 million as of December 31, 2023. Net loans include net discounts on acquired loans of $4.3 million and $4.6 million as of March 31, 2024 and December 31, 2023, respectively. Net loans does not include accrued interest receivable. Accrued interest receivable on loans was $51.5 million as of March 31, 2024, and $47.8 million as of December 31, 2023 and was reported in accrued interest receivable on the Consolidated Statements of Financial Condition.

The Company had pledged $7.7 billion and $7.6 billion of loans as collateral for FHLB and other borrowings at March 31, 2024 and December 31, 2023, respectively.

Purchased credit-deteriorated and purchased non-credit-deteriorated loans. Loans acquired in business combinations are recorded at their fair value at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-deteriorated (PCD) or purchased non-credit-deteriorated. There were no PCD loans acquired during the three months ended March 31, 2024 or March 31, 2023.
Troubled Loan Modifications. Occasionally, the Company offers modifications of loans to borrowers experiencing financial difficulty by providing principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions or any combination of these. When principal forgiveness is provided, the amount of the forgiveness is charged-off against the allowance for credit losses - loans. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses - loans is adjusted by the same amount. The allowance for credit losses on modified loans is measured using the same credit loss estimation methods used to determine the allowance for credit losses for all other loans held for investment. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historical modified loans.


15

There were no loans modified related to borrowers experiencing financial difficulty during the three months ended March 31, 2024. The following table presents the amortized cost basis and financial effect of loans at March 31, 2023, that were both experiencing financial difficulty and modified during the three months ended March 31, 2023 (in thousands):
  March 31, 2023
Term Extension Total
One- to four-family construction $ 6,107  $ 6,107 
Total $ 6,107  $ 6,107 

The Company had committed to lend additional amounts totaling $436,000 to the borrowers included in the previous table as of March 31, 2023. The Company closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table presents the performance at March 31, 2024 of loans that had been modified in the previous 12 months (in thousands). There were no loans past due at March 31, 2023 that had been modified in the previous 12 months.
 
March 31, 2024
  30-59 Days
Past Due
60-89 Days
Past Due
90 Days or More
Past Due
Total
Past Due
Commercial business —  —  121  121 
Agricultural business, including secured by farmland —  —  1,584  1,584 
One- to four-family residential —  —  1,060  1,060 
Total $ —  $ —  $ 2,765  $ 2,765 
The following table presents the financial effect of the loan modifications presented above for borrowers experiencing financial difficulty for the three months ended March 31, 2023:
Three Months Ended March 31, 2023
Weighted-Average Term Extension
(in months)
One- to four-family construction 7


16

Credit Quality Indicators:  To appropriately and effectively manage the ongoing credit quality of the Company’s loan portfolio, management has implemented a risk-rating or loan grading system for its loans.  The system is a tool to evaluate portfolio asset quality throughout each applicable loan’s life as an asset of the Company.  Generally, loans are risk rated on an aggregate borrower/relationship basis with individual loans sharing similar ratings.  There are some instances when specific situations relating to individual loans will provide the basis for different risk ratings within the aggregate relationship.  Loans are graded on a scale of 1 to 9.  A description of the general characteristics of these categories is shown below.

Overall Risk Rating Definitions:  Risk-ratings contain both qualitative and quantitative measurements and take into account the financial strength of a borrower and the structure of the loan.  Consequently, the definitions are to be applied in the context of each lending transaction and judgment must also be used to determine the appropriate risk rating, as it is not unusual for a loan to exhibit characteristics of more than one risk-rating category.  Consideration for the final rating is centered in the borrower’s ability to repay, in a timely fashion, both principal and interest.  The Company’s risk-rating and loan grading policies are reviewed and approved annually. There were no material changes in the risk-rating or loan grading system for the periods presented.

Risk Ratings 1-5: Pass
Credits with risk ratings of 1 to 5 meet the definition of a pass risk rating. The strength of credits vary within the pass risk ratings, ranging from a risk rated 1 being an exceptional credit to a risk rated 5 being an acceptable credit that requires a more than normal level of supervision.

Risk Rating 6: Special Mention
A credit with potential weaknesses that deserves management’s close attention is risk rated a 6.  If left uncorrected, these potential weaknesses will result in deterioration in the capacity to repay debt.  A key distinction between Special Mention and Substandard is that in a Special Mention credit, there are identified weaknesses that pose potential risk(s) to the repayment sources, versus well defined weaknesses that pose risk(s) to the repayment sources.  Assets in this category are expected to be in this category no more than 9-12 months as the potential weaknesses in the credit are resolved.

Risk Rating 7: Substandard
A credit with well-defined weaknesses that jeopardize the ability to repay in full is risk rated a 7.  These credits are inadequately protected by either the sound net worth and payment capacity of the borrower or the value of pledged collateral.  These are credits with a distinct possibility of loss.  Loans headed for foreclosure and/or legal action due to deterioration are rated 7 or worse.

Risk Rating 8: Doubtful
A credit with an extremely high probability of loss is risk rated 8.  These credits have all the same critical weaknesses that are found in a substandard loan; however, the weaknesses are elevated to the point that based upon current information, collection or liquidation in full is improbable.  While some loss on doubtful credits is expected, pending events may make the amount and timing of any loss indeterminable.  In these situations, taking the loss is inappropriate until the outcome of the pending event is clear.

Risk Rating 9: Loss
A credit that is considered to be currently uncollectible or of such little value that it is no longer a viable bank asset is risk rated 9.  Losses should be taken in the accounting period in which the credit is determined to be uncollectible.  Taking a loss does not mean that a credit has absolutely no recovery or salvage value but, rather, it is not practical or desirable to defer writing off the credit, even though partial recovery may occur in the future.

17

The following tables present the Company’s portfolio of risk-rated loans by class and by grade as of March 31, 2024 and December 31, 2023 (in thousands). In addition, the tables include the gross charge-offs for the three months ended March 31, 2024. Revolving loans that are converted to term loans are treated as new originations in the table below and are presented by year of origination. Term loans that are renewed or extended for periods longer than 90 days are presented as a new origination in the year of the most recent renewal or extension.
March 31, 2024
Term Loans by Year of Origination Revolving Loans Total Loans
By class: 2024 2023 2022 2021 2020 Prior
Commercial real estate - owner occupied
Risk Rating
Pass $ 41,496  $ 146,413  $ 140,093  $ 157,377  $ 136,652  $ 216,650  $ 28,015  $ 866,696 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  14,397  215  4,694  19,061  —  38,367 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Commercial real estate - owner occupied $ 41,496  $ 146,413  $ 154,490  $ 157,592  $ 141,346  $ 235,711  $ 28,015  $ 905,063 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Commercial real estate - investment properties
Risk Rating
Pass $ 26,190  $ 148,264  $ 186,678  $ 277,242  $ 121,957  $ 734,449  $ 39,152  $ 1,533,932 
Special Mention —  —  —  —  —  2,699  —  2,699 
Substandard —  —  —  —  —  8,254  —  8,254 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Commercial real estate - investment properties $ 26,190  $ 148,264  $ 186,678  $ 277,242  $ 121,957  $ 745,402  $ 39,152  $ 1,544,885 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Multifamily real estate
Risk Rating
Pass $ 37,609  $ 100,027  $ 169,221  $ 183,695  $ 100,968  $ 214,196  $ 3,385  $ 809,101 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Multifamily real estate $ 37,609  $ 100,027  $ 169,221  $ 183,695  $ 100,968  $ 214,196  $ 3,385  $ 809,101 
Current period gross charge-offs $