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 June 30, 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 July 31, 2024
Common Stock, $.01 par value per share
34,456,343 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:
 
 
 
2


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, including, but not limited to:

•Adverse economic conditions in our market areas or other areas where we have lending relationships, due to factors such as employment levels, labor shortages, inflation, potential recession, or slowed economic growth.
•Changes in the interest rate environment, including past increases in the Board of Governors of the Federal Reserve System’s (Federal Reserve) benchmark rate, which could adversely affect our revenues, expenses, asset values, debt obligations, and liquidity.
•Impact of inflation and the Federal Reserve’s monetary policies.
•Effects of any federal government shutdown.
•Credit risks from lending activities, including changes in loan delinquencies, write-offs, and the allowance for credit loss, and our ability to manage loan delinquency rates.
•Competitive pressures in the financial services industry, including repricing and competitors’ pricing initiatives on loan and deposit products.
•Changes in consumer spending and borrowing habits.
•Interest rate movements and the relative differences between short and long-term interest rates, loan and deposit rates, net interest margin, and funding sources.
•Impact of bank failures or adverse developments at other banks and related negative press on investor, depositor and borrower sentiment.
•Fluctuations in demand for loans, unsold homes, land, and real estate values.
•Expectations regarding key growth initiatives and strategic priorities.
•Ability to adapt to technological changes both internally and to meet client needs.
•Ability to access cost-effective funding and to control operating costs and expenses.
•Use of estimates in determining fair value of certain assets and liabilities, which may prove incorrect and significantly change valuations.
•Staffing fluctuations in response to product demand or corporate strategies, and potential associated charges.
•Disruptions, security breaches, or other adverse events, failures, or attacks on information technology systems or critical third-party vendors.
•Secondary market conditions for loans and ability to sell loans in the secondary market.
•Costs, effects, and outcomes of litigation.
•Legislative or regulatory changes, including changes in policies, principles, or interpretations of regulatory capital or other rules.
•Results of safety and soundness and compliance examinations by regulatory authorities, which may require restitution, increased reserves for credit losses, write-downs of assets, or changes in regulatory capital position, affecting liquidity and earnings.
•Availability of resources to address changes in laws, rules, or regulations, or to respond to regulatory actions.
•Quality and composition of our securities portfolio and impact of adverse changes in the securities markets.
•Inability of key third-party providers to perform their obligations.
•Changes in accounting principles, policies, or guidelines, including additional guidance on and interpretation of accounting issues.
•Environmental, social, and governance goals and targets.
•Effects of climate change, severe weather, natural disasters, pandemics, 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 of other depository institutions or lines of business.
•Future goodwill impairment due to changes in our business or market conditions.
•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 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.
3

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)
June 30, 2024 and December 31, 2023
ASSETS June 30, 2024 December 31, 2023
Cash and due from banks $ 195,163  $ 209,634 
Interest-bearing deposits 52,295  44,830 
Total cash and cash equivalents 247,458  254,464 
Securities—available-for-sale, amortized cost $2,572,544 and $2,729,980, respectively
2,197,693  2,373,783 
Securities—held-to-maturity, net of allowance for credit losses of $314 and $332, respectively
1,023,028  1,059,055 
     Total securities 3,220,721  3,432,838 
Federal Home Loan Bank (FHLB) stock 27,311  24,028 
Loans held for sale (includes $10,147 and $9,105, at fair value, respectively)
13,421  11,170 
Loans receivable 11,143,848  10,810,455 
Allowance for credit losses – loans (152,848) (149,643)
Net loans receivable
10,991,000  10,660,812 
Accrued interest receivable 67,520  63,100 
Property and equipment, net 126,465  132,231 
Goodwill 373,121  373,121 
Other intangibles, net 4,237  5,684 
Bank-owned life insurance (BOLI) 307,948  304,366 
Deferred tax assets, net 153,541  153,365 
Operating lease right-of-use assets 39,628  43,731 
Other assets 243,823  211,481 
Total assets
$ 15,816,194  $ 15,670,391 
LIABILITIES
Deposits:
Non-interest-bearing $ 4,537,803  $ 4,792,369 
Interest-bearing transaction and savings accounts 7,016,327  6,759,661 
Interest-bearing certificates 1,525,133  1,477,467 
Total deposits 13,079,263  13,029,497 
Advances from FHLB 398,000  323,000 
Other borrowings 165,956  182,877 
Subordinated notes, net 89,561  92,851 
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities) 66,831  66,413 
Operating lease liabilities 44,056  48,659 
Accrued expenses and other liabilities 235,515  228,428 
Deferred compensation 46,246  45,975 
Total liabilities
14,125,428  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 June 30, 2024 and December 31, 2023
—  — 
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,455,752 shares issued and outstanding at June 30, 2024; 34,348,369 shares issued and outstanding at December 31, 2023
1,302,236  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 June 30, 2024; no shares issued and outstanding at December 31, 2023
—  — 
Retained earnings 686,079  642,175 
Carrying value of shares held in trust for stock-based compensation plans (6,364) (6,563)
Liability for common stock issued to stock related compensation plans 6,364  6,563 
Accumulated other comprehensive loss (297,549) (289,135)
Total shareholders’ equity 1,690,766  1,652,691 
Total liabilities and shareholders’ equity $ 15,816,194  $ 15,670,391 
See Selected Notes to the Consolidated Financial Statements
4

BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three and Six Months Ended June 30, 2024 and 2023
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
INTEREST INCOME:
Loans receivable $ 161,191  $ 140,848  $ 317,666  $ 274,105 
Mortgage-backed securities 16,708  18,285  33,642  37,263 
Securities and cash equivalents 11,239  12,676  22,518  27,402 
Total interest income
189,138  171,809  373,826  338,770 
INTEREST EXPENSE:
Deposits 48,850  20,539  93,463  29,783 
FHLB advances 3,621  5,157  6,593  6,421 
Other borrowings 1,160  771  2,335  1,152 
Subordinated debt 2,961  2,824  5,930  5,584 
Total interest expense
56,592  29,291  108,321  42,940 
Net interest income 132,546  142,518  265,505  295,830 
PROVISION FOR CREDIT LOSSES 2,369  6,764  2,889  6,240 
Net interest income after provision for credit losses 130,177  135,754  262,616  289,590 
NON-INTEREST INCOME:
Deposit fees and other service charges 10,590  10,600  21,612  21,162 
Mortgage banking operations 3,006  1,686  5,341  4,377 
BOLI 2,367  2,386  4,604  4,574 
Miscellaneous 1,988  1,428  3,880  3,068 
17,951  16,100  35,437  33,181 
Net loss on sale of securities (562) (4,527) (5,465) (11,779)
Net change in valuation of financial instruments carried at fair value (190) (3,151) (1,182) (3,703)
Total non-interest income
17,199  8,422  28,790  17,699 
NON-INTEREST EXPENSE:
Salary and employee benefits 63,831  61,972  126,200  123,361 
Less capitalized loan origination costs (4,639) (4,457) (8,315) (7,888)
Occupancy and equipment 12,128  11,994  24,590  23,964 
Information and computer data services 7,240  7,082  14,560  14,229 
Payment and card processing services 5,691  4,669  11,401  9,287 
Professional and legal expenses 1,201  2,400  2,731  4,521 
Advertising and marketing 1,198  940  2,277  1,746 
Deposit insurance 2,858  2,839  5,667  4,729 
State and municipal business and use taxes 1,394  1,229  2,698  2,529 
Real estate operations, net 297  75  77  (202)
Amortization of core deposit intangibles 724  991  1,447  2,041 
Miscellaneous 6,205  5,671  12,436  11,709 
Total non-interest expense
98,128  95,405  195,769  190,026 
Income before provision for income taxes 49,248  48,771  95,637  117,263 
PROVISION FOR INCOME TAXES 9,453  9,180  18,283  22,117 
NET INCOME $ 39,795  $ 39,591  $ 77,354  $ 95,146 
Earnings per common share:
Basic $ 1.15  $ 1.15  $ 2.25  $ 2.77 
Diluted $ 1.15  $ 1.15  $ 2.24  $ 2.76 
Cumulative dividends declared per common share $ 0.48  $ 0.48  $ 0.96  $ 0.96 
Weighted average number of common shares outstanding:
Basic
34,488,163  34,373,434  34,439,863  34,306,853 
Diluted
34,537,012  34,409,024  34,539,620  34,435,221 
See Selected Notes to the Consolidated Financial Statements
5

BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
For the Three and Six Months Ended June 30, 2024 and 2023

Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
NET INCOME $ 39,795  $ 39,591  $ 77,354  $ 95,146 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAXES:
Unrealized holding (loss) gain on securities—available-for-sale arising during the period (2,366) (31,395) (24,119) 4,748 
Income tax benefit (expense) related to securities—available-for-sale unrealized holding losses 568  7,535  5,789  (1,140)
Reclassification for net loss on securities—available-for-sale realized in earnings 562  4,527  5,465  11,779 
Income tax benefit related to securities—available-for-sale realized in earnings (135) (1,087) (1,312) (2,827)
Reclassification of provision for credit losses on securities—available-for-sale realized in earnings —  2,000  —  2,000 
Income tax expense related to the reclassification of provision for credit losses on securities—available-for-sale realized in earnings —  (480) —  (480)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity 587  584  1,114  1,156 
Income tax expense related to amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity (141) (139) (267) (276)
Net unrealized gain (loss) on interest rate swaps used in cash flow hedges 4,007  (1,356) 6,887  3,382 
Income tax (expense) benefit related to interest rate swaps used in cash flow hedges (962) 325  (1,653) (812)
Changes in fair value of junior subordinated debentures related to instrument specific credit risk (245) 7,466  (418) 7,620 
Income tax benefit (expense) related to junior subordinated debentures 58  (1,792) 100  (1,829)
Other comprehensive income (loss) 1,933  (13,812) (8,414) 23,321 
COMPREHENSIVE INCOME $ 41,728  $ 25,779  $ 68,940  $ 118,467 

See Selected Notes to the Consolidated Financial Statements
6

BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands, except shares and per share amounts)
For the Six Months Ended June 30, 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 
Net income 39,795  39,795 
Other comprehensive income, net of income tax 1,933  1,933 
Accrual of dividends on common stock ($0.48/share)
(16,737) (16,737)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered 60,531  1,267  1,267 
Balance, June 30, 2024 34,455,752  $ 1,302,236  $ 686,079  $ (297,549) $ 1,690,766 


See Selected Notes to the Consolidated Financial Statements
7

BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
For the Six Months Ended June 30, 2024 and 2023
Six Months Ended June 30,
2024 2023
OPERATING ACTIVITIES:
Net income $ 77,354  $ 95,146 
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation 9,084  8,815 
Deferred income and expense, net of amortization (3,506) (1,560)
Capitalized loan servicing rights, net of amortization 748  1,179 
Amortization of core deposit intangibles 1,447  2,041 
Loss on sale of securities, net 5,465  11,779 
Net change in valuation of financial instruments carried at fair value 1,182  3,703 
Decrease in deferred taxes 2,481  2,774 
Increase (decrease) in current taxes payable/receivable, net 2,012  (4,836)
Stock-based compensation 4,652  4,393 
Net change in cash surrender value of BOLI (3,707) (4,295)
Gain on sale of loans, excluding capitalized servicing rights (2,486) (1,815)
Gain on disposal of real estate held for sale and property and equipment, net (368) (311)
Provision for credit losses 2,889  6,240 
Origination of loans held for sale (107,228) (110,364)
Proceeds from sales of loans held for sale 163,156  112,388 
Net change in:
Other assets (23,179) (22,636)
Other liabilities 158  15,314 
Net cash provided from operating activities 130,154  117,955 
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale (19,312) (52,791)
Principal repayments and maturities of securities—available-for-sale 95,830  93,897 
Proceeds from sales of securities—available-for-sale 70,777  277,610 
Principal repayments and maturities of securities—held-to-maturity 36,078  18,915 
Loan originations, net of repayments (393,967) (327,402)
Purchases of loans and participating interest in loans (4,666) — 
Proceeds from sales of other loans 11,808  1,519 
Purchases of property and equipment (6,627) (5,505)
Proceeds from sale of real estate held for sale and sale of other property 4,025  358 
Proceeds from FHLB stock repurchase program 83,657  79,040 
Purchase of FHLB stock (86,940) (87,840)
Proceeds from maturity of securities purchased under agreements to resell —  300,000 
Investment in bank-owned life insurance (34) (41)
Other 52  517 
Net cash (used by) provided from investing activities (209,319) 298,277 
Continued on next page

8

BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited) (In thousands)
For the Six Months Ended June 30, 2024 and 2023

Six Months Ended June 30,
2024 2023
FINANCING ACTIVITIES:
Increase (decrease) in deposits, net $ 49,766  $ (521,003)
Advances of overnight and short term FHLB advances, net 75,000  220,000 
Decrease in other borrowings, net (16,921) (39,780)
Cash dividends paid (33,620) (33,768)
Taxes paid related to net share settlement of equity awards (2,066) (3,418)
Net cash provided from (used by) financing activities 72,159  (377,969)
NET CHANGE IN CASH AND CASH EQUIVALENTS (7,006) 38,263 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 254,464  243,062 
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 247,458  $ 281,325 
Six Months Ended June 30,
2024 2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash $ 107,158  $ 34,698 
Tax paid 8,781  20,735 
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets
2,386  — 
   Dividends accrued but not paid until after period end 914  751 
Loans, held-for-sale, transferred from portfolio
(55,693) (3,964)

See Selected Notes to the Consolidated Financial Statements
9

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 June 30, 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. The 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 for 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.

The ASU requires 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.

10

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 June 30, 2024 and December 31, 2023 are summarized as follows (in thousands):
  June 30, 2024
  Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Available-for-Sale:
U.S. Government and agency obligations $ 9,228  $ —  $ (674) $ 8,554 
Municipal bonds 154,076  579  (29,866) 124,789 
Corporate bonds 131,333  —  (10,606) 120,727 
Mortgage-backed or related securities 2,069,774  57  (334,966) 1,734,865 
Asset-backed securities 208,133  625  —  208,758 
  $ 2,572,544  $ 1,261  $ (376,112) $ 2,197,693 
  June 30, 2024
  Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations $ 305  $ —  $ (6) $ 299  $ — 
Municipal bonds 444,104  72  (61,565) 382,461  (150)
Corporate bonds 2,719  —  (18) 2,537  (164)
Mortgage-backed or related securities 576,214  —  (108,802) 467,412  — 
$ 1,023,342  $ 72  $ (170,391) $ 852,709  $ (314)
11



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 $4.2 million and $4.5 million at June 30, 2024 and December 31, 2023, and was $10.0 million and $10.8 million on available-for-sale debt securities at June 30, 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 June 30, 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):
June 30, 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
$ —  $ —  $ 8,554  $ (674) $ 8,554  $ (674)
Municipal bonds
17,622  (282) 96,848  (29,584) 114,470  (29,866)
Corporate bonds
12,265  (109) 108,461  (10,497) 120,726  (10,606)
Mortgage-backed or related securities
64,326  (347) 1,650,482  (334,619) 1,714,808  (334,966)
$ 94,213  $ (738) $ 1,864,345  $ (375,374) $ 1,958,558  $ (376,112)

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)

12

At June 30, 2024, there were 212 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 June 30, 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 June 30, 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 June 30, Six Months Ended June 30,
  2024 2023 2024 2023
Available-for-Sale:
Gross Gains $ —  $ 145  $ 36  $ 377 
Gross Losses (562) (4,672) (5,501) (12,156)
Balance, end of the period $ (562) $ (4,527) $ (5,465) $ (11,779)

The following table presents the amortized cost and estimated fair value of securities at June 30, 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.
  June 30, 2024
Available-for-Sale Held-to-Maturity
  Amortized Cost Fair Value Amortized Cost Fair Value
Maturing within one year $ 5,774  $ 5,632  $ 2,818  $ 2,615 
Maturing after one year through five years 106,035  99,921  17,199  16,842 
Maturing after five years through ten years 350,404  308,011  30,763  28,942 
Maturing after ten years 2,110,331  1,784,129  972,562  804,310 
  $ 2,572,544  $ 2,197,693  $ 1,023,342  $ 852,709 

The following table presents, as of June 30, 2024, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
June 30, 2024
Carrying Value Amortized Cost Fair Value
Purpose or beneficiary:
State and local governments public deposits $ 275,068  $ 289,122  $ 244,194 
Federal Reserve —  —  — 
Interest rate swap counterparties 965  965  788 
Repurchase transaction accounts 259,976  259,976  208,962 
Other 2,312  2,312  2,097 
Total pledged securities $ 538,321  $ 552,375  $ 456,041 

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 June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
AAA/AA/A $ —  $ 435,378  $ 500  $ 16,340  $ 452,218 
Not Rated 305  8,726  2,219  559,874  571,124 
$ 305  $ 444,104  $ 2,719  $ 576,214  $ 1,023,342 

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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 

We had no allowance for credit losses for securities available-for-sale during three and six months ended June 30, 2024. The following tables present the activity in the allowance for credit losses for securities available-for-sale by major type for the three and six months ended June 30, 2023 (in thousands).
For the Three Months Ended June 30, 2023
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
Allowance for credit losses – securities available-for-sale
Beginning balance $ —  $ —  $ —  $ —  $ — 
Provision for credit losses —  —  2,000  —  2,000 
Ending balance $ —  $ —  $ 2,000  $ —  $ 2,000 
For the Six Months Ended June 30, 2023
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
Allowance for credit losses – securities available-for-sale
Beginning balance $ —  $ —  $ —  $ —  $ — 
Provision for credit losses —  —  2,000  —  2,000 
Ending balance $ —  $ —  $ 2,000  $ —  $ 2,000 
14

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

The following table presents the loans receivable at June 30, 2024 and December 31, 2023 by class (dollars in thousands).
  June 30, 2024 December 31, 2023
  Amount Percent of Total Amount Percent of Total
Commercial real estate:        
Owner-occupied $ 950,922  % $ 915,897  %
Investment properties 1,536,142  14  1,541,344  14 
Small balance CRE 1,234,302  11  1,178,500  11 
Multifamily real estate 717,089  811,232 
Construction, land and land development:
Commercial construction 173,296  170,011 
Multifamily construction 663,989  503,993 
One- to four-family construction 490,237  526,432 
Land and land development 352,184  336,639 
Commercial business:
Commercial business
1,298,134  12  1,255,734  12 
Small business scored 1,074,465  10  1,022,154 
Agricultural business, including secured by farmland 334,583  331,089 
One- to four-family residential 1,603,266  14  1,518,046  14 
Consumer:
Consumer—home equity revolving lines of credit
611,739  588,703 
Consumer—other 103,500  110,681 
Total loans 11,143,848  100  % 10,810,455  100  %
Less allowance for credit losses – loans (152,848)   (149,643)  
Net loans $ 10,991,000    $ 10,660,812   

Loan amounts are net of unearned loan fees in excess of unamortized costs of $14.9 million as of June 30, 2024, and $12.1 million as of December 31, 2023. Net loans include net discounts on acquired loans of $4.1 million and $4.6 million as of June 30, 2024 and December 31, 2023, respectively. Net loans does not include accrued interest receivable. Accrued interest receivable on loans was $53.3 million as of June 30, 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 $8.0 billion and $7.6 billion of loans as collateral for FHLB and other borrowings at June 30, 2024 and December 31, 2023, respectively.

Purchased credit-deteriorated and purchased non-credit-deteriorated loans. Loans purchased or 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 six months ended June 30, 2024 or June 30, 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 similar 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 six months ended June 30, 2024. The following table presents the amortized cost basis and financial effect of loans at June 30, 2023, that were both experiencing financial difficulty and modified during the six months ended June 30, 2023 (in thousands):
  June 30, 2023
Term Extension Total
One- to four-family construction $ 6,361  $ 6,361 
Total $ 6,361  $ 6,361 

The Company had committed to lend additional amounts totaling $250,000 to the borrowers included in the previous table as of June 30, 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 June 30, 2024 of loans that had been modified in the previous 12 months (in thousands). There were no loans past due at June 30, 2023 that had been modified in the previous 12 months.
 
June 30, 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 —  —  1,586  1,586 
One- to four-family residential —  —  1,060  1,060 
Total $ —  $ —  $ 2,767  $ 2,767