バナーの四半期報告

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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 September 30, 2024

☐ 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

☒

☐

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

☒

☐

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

☐

☒

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 October 31, 2024

Common Stock, $.01 par value per share

34,459,043 shares

BANNER CORPORATION AND SUBSIDIARIES

Table of Contents


PART I – FINANCIAL INFORMATION

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:

Consolidated Statements of Financial Condition			4

Consolidated Statements of Operations			5

Consolidated Statements of Comprehensive Income			6

Consolidated Statements of Changes in Shareholders’ Equity			7

Consolidated Statements of Cash Flows			8

Selected Notes to the Consolidated Financial Statements			10

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview			47

Comparison of Financial Condition			50

Comparison of Results of Operations			54

Asset Quality			61

Liquidity and Capital Resources			63

Capital Requirements			64

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

Market Risk and Asset/Liability Management			64

Sensitivity Analysis			65

Item 4 – Controls and Procedures			68

PART II – OTHER INFORMATION

Item 1 – Legal Proceedings			69

Item 1A – Risk Factors			69

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds			70

Item 3 – Defaults upon Senior Securities			70

Item 4 – Mine Safety Disclosures			70

Item 5 – Other Information			70

Item 6 – Exhibits			71

SIGNATURES			73

Table of Contents

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, a recession, or slowed economic growth.

•Changes in the interest rate environment, including past increases or decreases 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, civil unrest 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.

Table of Contents

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)

September 30, 2024 and December 31, 2023


ASSETS	September 30, 2024		December 31, 2023
Cash and due from banks	$	226,568	$	209,634
Interest-bearing deposits	252,227		44,830
Total cash and cash equivalents	478,795		254,464

Securities—available-for-sale, amortized cost $2,523,968 and $2,729,980, respectively	2,237,939		2,373,783
Securities—held-to-maturity, net of allowance for credit losses of $307 and $332, respectively	1,013,903		1,059,055
Total securities	3,251,842		3,432,838

Federal Home Loan Bank (FHLB) stock	19,751		24,028

Loans held for sale (includes $21,984 and $9,105, at fair value, respectively)	78,841		11,170
Loans receivable	11,224,606		10,810,455
Allowance for credit losses – loans	(154,585)		(149,643)
Net loans receivable	11,070,021		10,660,812
Accrued interest receivable	66,981		63,100
Property and equipment, net	125,256		132,231
Goodwill	373,121		373,121
Other intangibles, net	3,647		5,684
Bank-owned life insurance (BOLI)	310,400		304,366
Deferred tax assets, net	130,310		153,365
Operating lease right-of-use assets	38,192		43,731
Other assets	241,519		211,481
Total assets	$	16,188,676	$	15,670,391
LIABILITIES
Deposits:
Non-interest-bearing	$	4,688,244	$	4,792,369
Interest-bearing transaction and savings accounts	7,328,051		6,759,661
Interest-bearing certificates	1,521,853		1,477,467
Total deposits	13,538,148		13,029,497
Advances from FHLB	230,000		323,000
Other borrowings	154,533		182,877
Subordinated notes, net	80,170		92,851
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)	66,257		66,413
Operating lease liabilities	42,318		48,659
Accrued expenses and other liabilities	237,128		228,428
Deferred compensation	46,401		45,975
Total liabilities	14,394,955		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 September 30, 2024 and December 31, 2023	—		—
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,456,688 shares issued and outstanding at September 30, 2024; 34,348,369 shares issued and outstanding at December 31, 2023	1,304,792		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 September 30, 2024; no shares issued and outstanding at December 31, 2023	—		—
Retained earnings	714,472		642,175
Carrying value of shares held in trust for stock-based compensation plans	(6,195)		(6,563)
Liability for common stock issued to stock related compensation plans	6,195		6,563
Accumulated other comprehensive loss	(225,543)		(289,135)

Total shareholders’ equity	1,793,721		1,652,691
Total liabilities and shareholders’ equity	$	16,188,676	$	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 and Nine Months Ended September 30, 2024 and 2023


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
INTEREST INCOME:
Loans receivable	$	168,338	$	149,254	$	486,004	$	423,359
Mortgage-backed securities	16,357		17,691		49,999		54,954
Securities and cash equivalents	11,146		12,119		33,664		39,521
Total interest income	195,841		179,064		569,667		517,834
INTEREST EXPENSE:
Deposits	53,785		31,001		147,248		60,784
FHLB advances	2,263		2,233		8,856		8,654
Other borrowings	1,147		1,099		3,482		2,251
Subordinated debt	2,971		2,965		8,901		8,549
Total interest expense	60,166		37,298		168,487		80,238
Net interest income	135,675		141,766		401,180		437,596
PROVISION FOR CREDIT LOSSES	1,692		2,027		4,581		8,267
Net interest income after provision for credit losses	133,983		139,739		396,599		429,329
NON-INTEREST INCOME:
Deposit fees and other service charges	10,741		10,916		32,353		32,078
Mortgage banking operations	3,180		2,049		8,521		6,426
BOLI	2,445		2,062		7,049		6,636
Miscellaneous	1,658		942		5,538		4,010
	18,024		15,969		53,461		49,150
Net loss on sale of securities	—		(2,657)		(5,465)		(14,436)

Net change in valuation of financial instruments carried at fair value	39		(654)		(1,143)		(4,357)


Total non-interest income	18,063		12,658		46,853		30,357
NON-INTEREST EXPENSE:
Salary and employee benefits	61,832		61,091		188,032		184,452
Less capitalized loan origination costs	(4,354)		(4,498)		(12,669)		(12,386)
Occupancy and equipment	12,040		11,722		36,630		35,686
Information and computer data services	7,134		7,118		21,694		21,347
Payment and card processing services	5,346		5,172		16,747		14,459
Professional and legal expenses	2,102		3,042		4,833		7,563
Advertising and marketing	1,161		1,362		3,438		3,108
Deposit insurance	2,874		2,874		8,541		7,603
State and municipal business and use taxes	1,432		1,359		4,130		3,888
Real estate operations, net	103		(383)		180		(585)
Amortization of core deposit intangibles	590		857		2,037		2,898

Miscellaneous	6,031		6,175		18,467		17,884



Total non-interest expense	96,291		95,891		292,060		285,917
Income before provision for income taxes	55,755		56,506		151,392		173,769
PROVISION FOR INCOME TAXES	10,602		10,652		28,885		32,769
NET INCOME	$	45,153	$	45,854	$	122,507	$	141,000





Earnings per common share:
Basic	$	1.31	$	1.33	$	3.56	$	4.11
Diluted	$	1.30	$	1.33	$	3.54	$	4.09
Cumulative dividends declared per common share	$	0.48	$	0.48	$	1.44	$	1.44
Weighted average number of common shares outstanding:
Basic	34,498,830		34,379,865		34,459,662		34,331,458
Diluted	34,650,322		34,429,726		34,575,498		34,439,214

See Selected Notes to the Consolidated Financial Statements

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BANNER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited) (In thousands)

For the Three and Nine Months Ended September 30, 2024 and 2023


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
NET INCOME	$	45,153	$	45,854	$	122,507	$	141,000
OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAXES:
Unrealized holding gain (loss) on securities—available-for-sale arising during the period	88,822		(76,417)		64,703		(71,669)
Income tax (expense) benefit related to securities—available-for-sale unrealized holding losses	(21,318)		18,341		(15,529)		17,201
Reclassification for net loss on securities—available-for-sale realized in earnings	—		2,657		5,465		14,436
Income tax benefit related to securities—available-for-sale realized in earnings	—		(638)		(1,312)		(3,465)
Reclassification of (recapture of) provision for credit losses on securities—available-for-sale realized in earnings	—		(1,250)		—		750
Income tax benefit (expense) related to the reclassification of (recapture) provision for credit losses on securities—available-for-sale realized in earnings	—		300		—		(180)


Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity	603		617		1,717		1,773
Income tax expense related to amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity	(145)		(150)		(412)		(426)
Net unrealized gain on interest rate swaps used in cash flow hedges	4,746		3,090		11,633		6,472
Income tax expense related to interest rate swaps used in cash flow hedges	(1,139)		(741)		(2,792)		(1,553)
Changes in fair value of junior subordinated debentures related to instrument specific credit risk	574		953		156		8,573
Income tax expense related to junior subordinated debentures	(137)		(229)		(37)		(2,058)


Other comprehensive income (loss)	72,006		(53,467)		63,592		(30,146)
COMPREHENSIVE INCOME (LOSS)	$	117,159	$	(7,613)	$	186,099	$	110,854

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 Nine Months Ended September 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
Net income				45,153				45,153
Other comprehensive income, net of income tax						72,006		72,006
Accrual of dividends on common stock ($0.48/share)				(16,760)				(16,760)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered	936	2,556						2,556

Balance, September 30, 2024	34,456,688	$	1,304,792	$	714,472	$	(225,543)	$	1,793,721

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 Nine Months Ended September 30, 2024 and 2023


	Nine Months Ended September 30,
	2024		2023
OPERATING ACTIVITIES:
Net income	$	122,507	$	141,000
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation	13,615		13,314
Deferred income and expense, net of amortization	(5,834)		(2,490)
Capitalized loan servicing rights, net of amortization	1,211		1,520
Amortization of core deposit intangibles	2,037		2,898
Loss on sale of securities, net	5,465		14,436

Net change in valuation of financial instruments carried at fair value	1,143		4,357





Decrease in deferred taxes	2,973		877
Increase (decrease) in current taxes payable/receivable, net	4,967		(3,370)
Stock-based compensation	7,234		6,785
Net change in cash surrender value of BOLI	(6,888)		(6,357)
Gain on sale of loans, excluding capitalized servicing rights	(4,212)		(2,277)
Gain on disposal of real estate held for sale and property and equipment, net	(319)		(442)
Provision for credit losses	4,581		8,267


Origination of loans held for sale	(197,741)		(187,077)
Proceeds from sales of loans held for sale	260,192		200,525
Net change in:
Other assets	(14,137)		(21,602)
Other liabilities	(2,887)		19,188
Net cash provided from operating activities	193,907		189,552
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale	(53,170)		(54,192)
Principal repayments and maturities of securities—available-for-sale	168,360		138,402
Proceeds from sales of securities—available-for-sale	70,777		334,937

Principal repayments and maturities of securities—held-to-maturity	45,280		35,329


Loan originations, net of repayments	(547,162)		(479,482)
Purchases of loans and participating interest in loans	(4,666)		—
Proceeds from sales of other loans	16,622		11,519


Purchases of property and equipment	(9,953)		(11,626)
Proceeds from sale of real estate held for sale and sale of other property	4,323		1,019
Proceeds from FHLB stock repurchase program	129,062		119,840
Purchase of FHLB stock	(124,785)		(123,440)

Proceeds from maturity of securities purchased under agreements to resell	—		300,000
Investment in bank-owned life insurance	(41)		(66)
Other	732		419
Net cash (used by) provided from investing activities	(304,621)		272,659

Continued on next page

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BANNER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(Unaudited) (In thousands)

For the Nine Months Ended September 30, 2024 and 2023


	Nine Months Ended September 30,
	2024		2023
FINANCING ACTIVITIES:
Increase (decrease) in deposits, net	$	508,651	$	(445,507)


(Repayment) advances of overnight and short term FHLB advances, net	(93,000)		90,000
Decrease in other borrowings, net	(28,344)		(44,360)



Cash dividends paid	(50,169)		(50,263)

Taxes paid related to net share settlement of equity awards	(2,093)		(3,437)
Net cash provided from (used by) financing activities	335,045		(453,567)
NET CHANGE IN CASH AND CASH EQUIVALENTS	224,331		8,644
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	254,464		243,062
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	478,795	$	251,706


	Nine Months Ended September 30,
	2024		2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash	$	166,843	$	66,461
Tax paid	13,376		29,931
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets	2,386		205
Dividends accrued but not paid until after period end	1,125		921
Loans, held-for-sale, transferred from portfolio	(125,909)		(8,472)

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 September 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.

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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 September 30, 2024 and December 31, 2023 are summarized as follows (in thousands):


	September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale:
U.S. Government and agency obligations	$	8,897	$	—	$	(412)	$	8,485
Municipal bonds	154,029		1,266		(25,159)		130,136
Corporate bonds	131,354		—		(8,073)		123,281
Mortgage-backed or related securities	2,030,089		1,872		(255,764)		1,776,197
Asset-backed securities	199,599		242		(1)		199,840

	$	2,523,968	$	3,380	$	(289,409)	$	2,237,939


	September 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	$	304	$	1	$	(4)	$	301	$	—
Municipal bonds	443,074		126		(49,814)		393,238		(148)
Corporate bonds	2,689		—		(8)		2,522		(159)
Mortgage-backed or related securities	568,143		—		(84,926)		483,217		—
	$	1,014,210	$	127	$	(134,752)	$	879,278	$	(307)

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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 $3.8 million and $4.5 million at September 30, 2024 and December 31, 2023, and was $10.1 million and $10.8 million on available-for-sale debt securities at September 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 September 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):


	September 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	$	—	$	—	$	8,485	$	(412)	$	8,485	$	(412)
Municipal bonds	—		—		96,234		(25,159)		96,234		(25,159)
Corporate bonds	12,227		(178)		111,053		(7,895)		123,280		(8,073)
Mortgage-backed or related securities	—		—		1,647,906		(255,764)		1,647,906		(255,764)
Asset-backed securities	20,000		(1)		—		—		20,000		(1)

	$	32,227	$	(179)	$	1,863,678	$	(289,230)	$	1,895,905	$	(289,409)

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	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 September 30, 2024, there were 194 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 September 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 September 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Available-for-Sale:
Gross Gains	$	—	$	—	$	37	$	377
Gross Losses	—		(2,657)		(5,502)		(14,813)
Balance, end of the period	$	—	$	(2,657)	$	(5,465)	$	(14,436)

The following table presents the amortized cost and estimated fair value of securities at September 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.


		September 30, 2024
	Available-for-Sale			Held-to-Maturity
		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within one year		$	6,144	$	6,059	$	5,511	$	5,310
Maturing after one year through five years		124,382		120,485		15,271		15,186
Maturing after five years through ten years		437,813		405,679		29,559		28,651
Maturing after ten years		1,955,629		1,705,716		963,869		830,131



		$	2,523,968	$	2,237,939	$	1,014,210	$	879,278

The following table presents, as of September 30, 2024, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):


	September 30, 2024
	Carrying Value		Amortized Cost		Fair Value
Purpose or beneficiary:
State and local governments public deposits	$	276,380	$	288,392	$	252,146

Interest rate swap counterparties	962		962		827
Repurchase transaction accounts	218,747		218,747		184,864
Other	2,301		2,301		2,173
Total pledged securities	$	498,390	$	510,402	$	440,010

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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 September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
AAA/AA/A	$	—	$	434,476	$	500	$	16,280	$	451,256

Not Rated	304		8,598		2,189		551,863		562,954


	$	304	$	443,074	$	2,689	$	568,143	$	1,014,210


	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 nine months ended September 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 nine months ended September 30, 2023 (in thousands).



	For the Three Months Ended September 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	$	—	$	—	$	2,000	$	—	$	2,000

Recapture of provision for credit losses	—		—		(1,250)		—		(1,250)


Ending balance	$	—	$	—	$	750	$	—	$	750

	For the Nine Months Ended September 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	—		—		750		—		750


Ending balance	$	—	$	—	$	750	$	—	$	750

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

The following table presents the loans receivable at September 30, 2024 and December 31, 2023 by class (dollars in thousands).


	September 30, 2024				December 31, 2023
	Amount		Percent of Total		Amount		Percent of Total
Commercial real estate:
Owner-occupied	$	990,516	9	%	$	915,897	8	%
Investment properties	1,583,863		14		1,541,344		14
Small balance CRE	1,218,822		11		1,178,500		11
Multifamily real estate	889,866		8		811,232		8
Construction, land and land development:
Commercial construction	124,051		1		170,011		2
Multifamily construction	524,108		5		503,993		5
One- to four-family construction	507,350		5		526,432		5
Land and land development	370,690		3		336,639		3
Commercial business:
Commercial business	1,281,615		11		1,255,734		12
Small business scored	1,087,714		10		1,022,154		9
Agricultural business, including secured by farmland	346,686		3		331,089		3
One- to four-family residential	1,575,164		14		1,518,046		14
Consumer:
Consumer—home equity revolving lines of credit	622,615		5		588,703		5
Consumer—other	101,546		1		110,681		1
Total loans	11,224,606		100	%	10,810,455		100	%
Less allowance for credit losses – loans	(154,585)				(149,643)
Net loans	$	11,070,021			$	10,660,812

Loan amounts are net of unearned loan fees in excess of unamortized costs of $15.0 million as of September 30, 2024, and $12.1 million as of December 31, 2023. Net loans include net discounts on acquired loans of $3.8 million and $4.6 million as of September 30, 2024 and December 31, 2023, respectively. Net loans does not include accrued interest receivable. Accrued interest receivable on loans was $53.1 million as of September 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 September 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 nine months ended September 30, 2024 or September 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.

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The following tables present the amortized cost basis and financial effect of loans at September 30, 2024 and September 30, 2023, that were both experiencing financial difficulty and modified during the nine months ended September 30, 2024 and September 30, 2023, respectively (in thousands):


	September 30, 2024
	Payment Delay		Total











Commercial business	$	5,322	$	5,322






Total	$	5,322	$	5,322

September 30, 2023

Payment Delay

Term Extension

Total