BANNER CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Banner Corp filed its Q1 2024 10-Q report, detailing financial performance and corporate structure.</b>

AI Summary

BANNER CORP (BANR) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Banner Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is commercial banking. Banner Corp is incorporated in Washington state. The filing includes data on common stock and retained earnings as of various dates in 2023 and 2024.

Why It Matters

For investors and stakeholders tracking BANNER CORP, this filing contains several important signals. This filing provides investors with the latest quarterly financial data for Banner Corp, crucial for assessing its performance and stability. Understanding the details within this 10-Q allows for informed investment decisions regarding Banner Corp's stock.

Risk Assessment

Risk Level: low — BANNER CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Banner Corp's current financial health and operational landscape.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of fiscal year 2024)
• 2024-03-31 — Quarter End Date (First quarter of fiscal year 2024)

Key Players & Entities

• BANNER CORP (company) — Filer name
• 0000946673 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• WA (company) — State of incorporation
• WALLA WALLA (company) — Business address city
• 5095273636 (company) — Business phone
• FIRST WASHINGTON BANCORP INC /WA/ (company) — Former company name
• FIRST SAVINGS BANK OF WASHINGTON BANCORP INC (company) — Former company name

FAQ

Industry Context

Banner Corp operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, Banner Corp is subject to regulations from various financial authorities, including the SEC.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending March 31, 2024.
2. Examine any disclosures related to loans and deposits.
3. Review management's discussion and analysis for insights into operational performance and outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Filing Documents

• banr-20240331.htm (10-Q) — 4404KB
• banr-03312024xex311.htm (EX-31.1) — 11KB
• banr-03312024xex312.htm (EX-31.2) — 11KB
• banr-03312024xex32.htm (EX-32) — 8KB
• 0000946673-24-000015.txt (&nbsp;) — 20641KB
• banr-20240331.xsd (EX-101.SCH) — 66KB
• banr-20240331_cal.xml (EX-101.CAL) — 123KB
• banr-20240331_def.xml (EX-101.DEF) — 422KB
• banr-20240331_lab.xml (EX-101.LAB) — 800KB
• banr-20240331_pre.xml (EX-101.PRE) — 622KB
• banr-20240331_htm.xml (XML) — 5713KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1 – Financial Statements ( u naudited) . 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

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview 45 Comparison of Financial Condition 47 Comparison of Results of Operations 51 Asset Quality 57 Liquidity and Capital Resources 59 Capital Requirements 60

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk Market Risk and Asset/Liability Management 60 Sensitivity Analysis 61

– Controls and Procedures

Item 4 – Controls and Procedures 64

– OTHER INFORMATION

PART II – OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 65

– Risk Factors

Item 1A – Risk Factors 65

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 66

– Defaults upon Senior Securities

Item 3 – Defaults upon Senior Securities 66

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 66

– Other Information

Item 5 – Other Information 66

– Exhibits

Item 6 – Exhibits 67

SIGNATURES

SIGNATURES 69 2 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 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 Fe

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

- Financial Statements (unaudited)

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 (

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