Banner Corp. Assets Near $7.3B in Q2 2024

TL;DR

Banner Corp. assets hit $7.3B, loans up slightly. Steady growth.

AI Summary

Banner Corp. reported its financial results for the period ending June 30, 2024. The company's total assets stood at $7.3 billion as of June 30, 2024, a slight increase from $7.2 billion at the end of 2023. Net loans also saw a modest rise to $5.2 billion from $5.1 billion over the same period. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides insight into the financial health and growth trajectory of Banner Corp., a regional bank, which can influence investor confidence and market perception.

Risk Assessment

Risk Level: low — The filing indicates stable financial performance with modest growth, suggesting low immediate risk.

Key Numbers

• $7.3B — Total Assets (As of June 30, 2024, showing slight growth from year-end 2023.)
• $5.2B — Net Loans (As of June 30, 2024, indicating a modest increase in lending activity.)
• $7.2B — Total Assets (As of December 31, 2023, providing a comparison point for Q2 2024.)
• $5.1B — Net Loans (As of December 31, 2023, for comparison with current loan figures.)

Key Players & Entities

• BANNER CORP (company) — Filer
• 20240630 (date) — Period of report
• 20240806 (date) — Filing date
• 7.3 billion (dollar_amount) — Total assets as of June 30, 2024
• 7.2 billion (dollar_amount) — Total assets as of December 31, 2023
• 5.2 billion (dollar_amount) — Net loans as of June 30, 2024
• 5.1 billion (dollar_amount) — Net loans as of December 31, 2023

FAQ

Filing Documents

• banr-20240630.htm (10-Q) — 4870KB
• banr-06302024xex311.htm (EX-31.1) — 11KB
• banr-06302024xex312.htm (EX-31.2) — 11KB
• banr-06302024xex32.htm (EX-32) — 8KB
• 0000946673-24-000025.txt ( ) — 22293KB
• banr-20240630.xsd (EX-101.SCH) — 70KB
• banr-20240630_cal.xml (EX-101.CAL) — 123KB
• banr-20240630_def.xml (EX-101.DEF) — 443KB
• banr-20240630_lab.xml (EX-101.LAB) — 823KB
• banr-20240630_pre.xml (EX-101.PRE) — 644KB
• banr-20240630_htm.xml (XML) — 6184KB

– FINANCIAL INFORMATION

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

– 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 47 Comparison of Financial Condition 49 Comparison of Results of Operations 53 Asset Quality 60 Liquidity and Capital Resources 61 Capital Requirements 63

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk Market Risk and Asset/Liability Management 63 Sensitivity Analysis 64

– Controls and Procedures

Item 4 – Controls and Procedures 67

– OTHER INFORMATION

PART II – OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 68

– Risk Factors

Item 1A – Risk Factors 68

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 69

– Defaults upon Senior Securities

Item 3 – Defaults upon Senior Securities 69

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 69

– Other Information

Item 5 – Other Information 69

– Exhibits

Item 6 – Exhibits 70

SIGNATURES

SIGNATURES 72 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, 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 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) 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

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View this 10-Q filing on SEC EDGAR