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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 
(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2024
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________
 Commission File Number 000-26584
BANNER CORPORATION
(Exact name of registrant as specified in its charter)
Washington91-1691604
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareBANRThe 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.
 YesNo
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).
 YesNo
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 filerAccelerated 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).YesNo
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of class:As of April 30, 2024
Common Stock, $.01 par value per share
34,449,548 shares
1


BANNER CORPORATION AND SUBSIDIARIES

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

Special Note Regarding Forward-Looking Statements

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

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

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PART I. FINANCIAL INFORMATION
ITEM 1 - Financial Statements (unaudited)
BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (In thousands, except shares and per share amounts)
March 31, 2024 and December 31, 2023
ASSETSMarch 31,
2024
December 31,
2023
Cash and due from banks$168,427 $209,634 
Interest bearing deposits40,849 44,830 
Total cash and cash equivalents209,276 254,464 
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 securities3,283,251 3,432,838 
Federal Home Loan Bank (FHLB) stock11,741 24,028 
Loans held for sale (includes $7,208 and $9,105, at fair value, respectively)
9,357 11,170 
Loans receivable10,869,096 10,810,455 
Allowance for credit losses – loans(151,140)(149,643)
Net loans receivable
10,717,956 10,660,812 
Accrued interest receivable66,124 63,100 
Property and equipment, net129,889 132,231 
Goodwill373,121 373,121 
Other intangibles, net4,961 5,684 
Bank-owned life insurance (BOLI)306,600 304,366 
Deferred tax assets, net156,571 153,365 
Operating lease right-of-use assets40,834 43,731 
Other assets208,598 211,481 
Total assets
$15,518,279 $15,670,391 
LIABILITIES
Deposits:
Non-interest-bearing$4,699,553 $4,792,369 
Interest-bearing transaction and savings accounts6,973,338 6,759,661 
Interest-bearing certificates1,485,880 1,477,467 
Total deposits13,158,771 13,029,497 
Advances from FHLB52,000 323,000 
Other borrowings183,341 182,877 
Subordinated notes, net89,456 92,851 
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)66,586 66,413 
Operating lease liabilities45,524 48,659 
Accrued expenses and other liabilities211,578 228,428 
Deferred compensation46,515 45,975 
Total liabilities
13,853,771 14,017,700 
COMMITMENTS AND CONTINGENCIES (Note 11)
SHAREHOLDERS’ EQUITY
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at March 31, 2024 and December 31, 2023
  
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,395,221 shares issued and outstanding at March 31, 2024; 34,348,369 shares issued and outstanding at December 31, 2023
1,300,969 1,299,651 
Common stock (non-voting) and paid in capital - $0.01 par value per share, 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2024; no shares issued and outstanding at December 31, 2023
  
Retained earnings663,021 642,175 
Carrying value of shares held in trust for stock-based compensation plans(6,607)(6,563)
Liability for common stock issued to stock related compensation plans6,607 6,563 
Accumulated other comprehensive loss(299,482)(289,135)
Total shareholders’ equity1,664,508 1,652,691 
Total liabilities and shareholders’ equity$15,518,279 $15,670,391 
See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended
March 31,
20242023
INTEREST INCOME:
Loans receivable$156,475 $133,257 
Mortgage-backed securities16,934 18,978 
Securities and cash equivalents11,279 14,726 
Total interest income
184,688 166,961 
INTEREST EXPENSE:
Deposits44,613 9,244 
FHLB advances2,972 1,264 
Other borrowings1,175 381 
Subordinated debt2,969 2,760 
Total interest expense
51,729 13,649 
Net interest income132,959 153,312 
PROVISION (RECAPTURE) FOR CREDIT LOSSES520 (524)
Net interest income after provision (recapture) for credit losses132,439 153,836 
NON-INTEREST INCOME:
Deposit fees and other service charges11,022 10,562 
Mortgage banking operations2,335 2,691 
BOLI2,237 2,188 
Miscellaneous1,892 1,640 
17,486 17,081 
Net loss on sale of securities(4,903)(7,252)
Net change in valuation of financial instruments carried at fair value(992)(552)
Total non-interest income
11,591 9,277 
NON-INTEREST EXPENSE:
Salary and employee benefits62,369 61,389 
Less capitalized loan origination costs(3,676)(3,431)
Occupancy and equipment12,462 11,970 
Information and computer data services7,320 7,147 
Payment and card processing services5,710 4,618 
Professional and legal expenses1,530 2,121 
Advertising and marketing1,079 806 
Deposit insurance2,809 1,890 
State and municipal business and use taxes1,304 1,300 
Real estate operations, net(220)(277)
Amortization of core deposit intangibles723 1,050 
Miscellaneous6,231 6,038 
Total non-interest expense
97,641 94,621 
Income before provision for income taxes46,389 68,492 
PROVISION FOR INCOME TAXES8,830 12,937 
NET INCOME$37,559 $55,555 
Earnings per common share:
Basic$1.09 $1.62 
Diluted$1.09 $1.61 
Cumulative dividends declared per common share$0.48 $0.48 
Weighted average number of common shares outstanding:
Basic
34,391,564 34,239,533 
Diluted
34,521,105 34,457,869 
See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2024 and 2023

Three Months Ended
March 31,
20242023
NET INCOME$37,559 $55,555 
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF INCOME TAXES:
Unrealized holding (loss) gain on securities—available-for-sale arising during the period(21,753)36,143 
Income tax benefit (expense) related to securities—available-for-sale unrealized holding losses5,221 (8,675)
Reclassification for net loss on securities—available-for-sale realized in earnings4,903 7,252 
Income tax benefit related to securities—available-for-sale realized in earnings(1,177)(1,740)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity527 572 
Income tax expense related to amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity(126)(137)
Net unrealized gain on interest rate swaps used in cash flow hedges2,880 4,738 
Income tax expense related to interest rate swaps used in cash flow hedges(691)(1,137)
Changes in fair value of junior subordinated debentures related to instrument specific credit risk(173)154 
Income tax benefit (expense) related to junior subordinated debentures42 (37)
Other comprehensive (loss) income(10,347)37,133 
COMPREHENSIVE INCOME$27,212 $92,688 

See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands, except shares and per share amounts)
For the Three Months Ended March 31, 2024 and the Year Ended December 31, 2023
Common Stock
and Paid in Capital
Retained EarningsAccumulated Other Comprehensive (Loss) IncomeTotal Shareholders’ Equity
SharesAmount
Balance, January 1, 202334,194,018 $1,293,959 $525,242 $(362,769)$1,456,432 
Net income55,555 55,555 
Other comprehensive income, net of income tax37,133 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, 202334,308,540 $1,293,225 $564,106 $(325,636)$1,531,695 
Net income39,591 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, 202334,344,627 $1,294,934 $587,027 $(339,448)$1,542,513 
Net income45,854 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, 202334,345,949 $1,297,307 $616,215 $(392,915)$1,520,607 
Net income42,624 42,624 
Other comprehensive income, net of income tax103,780 103,780 
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, 202334,348,369 $1,299,651 $642,175 $(289,135)$1,652,691 
Balance, January 1, 202434,348,369 $1,299,651 $642,175 $(289,135)$1,652,691 
Net income37,559 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, 202434,395,221 $1,300,969 $663,021 $(299,482)$1,664,508 


See Selected Notes to the Consolidated Financial Statements
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BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended March 31,
20242023
OPERATING ACTIVITIES:
Net income$37,559 $55,555 
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation4,569 4,364 
Deferred income and expense, net of amortization(1,594)(608)
Capitalized loan servicing rights, net of amortization391 592 
Amortization of core deposit intangibles723 1,050 
Loss on sale of securities, net4,903 7,252 
Net change in valuation of financial instruments carried at fair value992 552 
Decrease in deferred taxes61 1,158 
Increase in current taxes payable/receivable, net6,273 10,014 
Stock-based compensation2,225 2,053 
Net change in cash surrender value of BOLI(2,234)(2,188)
Gain on sale of loans, excluding capitalized servicing rights(1,013)(1,445)
Gain on disposal of real estate held for sale and property and equipment, net(261)(331)
Provision (recapture) for credit losses520 (524)
Origination of loans held for sale(48,424)(39,585)
Proceeds from sales of loans held for sale66,932 48,871 
Net change in:
Other assets1,771 8,837 
Other liabilities(21,927)(20,880)
Net cash provided from operating activities51,466 74,737 
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale(10,477)(26,426)
Principal repayments and maturities of securities—available-for-sale42,740 45,774 
Proceeds from sales of securities—available-for-sale70,777 150,170 
Principal repayments and maturities of securities—held-to-maturity20,724 7,937 
Loan originations, net of repayments(72,019)(13,681)
Purchases of loans and participating interest in loans(4,666) 
Proceeds from sales of other loans4,522 1,519 
Purchases of property and equipment(2,227)(1,984)
Proceeds from sale of real estate held for sale and sale of other property581 343 
Proceeds from FHLB stock repurchase program47,747 37,920 
Purchase of FHLB stock(35,460)(42,720)
Proceeds from maturity of securities purchased under agreements to resell 150,000 
Investment in bank-owned life insurance (2)
Other(35)(39)
Net cash provided from investing activities62,207 308,811 
Continued on next page

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

Three Months Ended March 31,
20242023
FINANCING ACTIVITIES:
Increase (decrease) in deposits, net$129,274 $(465,857)
(Repayment) advances of overnight and short term FHLB advances, net(271,000)120,000 
Increase (decrease) in other borrowings, net464 (18,235)
Cash dividends paid(16,692)(16,739)
Taxes paid related to net share settlement of equity awards(907)(2,787)
Net cash used by financing activities(158,861)(383,618)
NET CHANGE IN CASH AND CASH EQUIVALENTS(45,188)(70)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD254,464 243,062 
CASH AND CASH EQUIVALENTS, END OF PERIOD$209,276 $242,992 
Three Months Ended March 31,
20242023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash$53,278 $10,574 
Tax paid5 43 
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets
242  
   Dividends accrued but not paid until after period end1,106 1,110 
Loans, held-for-sale, transferred from portfolio
(15,682) 

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

Note 1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Note 2: ACCOUNTING STANDARDS RECENTLY ISSUED OR ADOPTED

Compensation—Stock Compensation (Topic 718)

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

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

Income Taxes (Topic 740)

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

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

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

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Segment Reporting (Topic 280)

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

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

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

Note 3: SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):
 March 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-Sale:
U.S. Government and agency obligations$9,569 $ $(676)$8,893 
Municipal bonds155,850 600 (29,441)127,009 
Corporate bonds131,311 120 (11,990)119,441 
Mortgage-backed or related securities2,108,139 118 (331,872)1,776,385 
Asset-backed securities213,117 235 (141)213,211 
 $2,617,986 $1,073 $(374,120)$2,244,939 
 March 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations$306 $ $(6)$300 $ 
Municipal bonds451,091 81 (59,467)391,553 (152)
Corporate bonds2,749  (19)2,560 (170)
Mortgage-backed or related securities584,488  (109,804)474,684  
$1,038,634 $81 $(169,296)$869,097 $(322)
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December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-Sale:
U.S. Government and agency obligations$34,929 $ $(740)$34,189 
Municipal bonds161,264 832 (29,191)132,905 
Corporate bonds131,291  (12,168)119,123 
Mortgage-backed or related securities2,179,947 942 (314,175)1,866,714 
Asset-backed securities222,549 300 (1,997)220,852 
$2,729,980 $2,074 $(358,271)$2,373,783 

December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations$307 $ $(5)$302 $ 
Municipal bonds466,032 687 (53,563)412,999 (157)
Corporate bonds2,781  (20)2,586 (175)
Mortgage-backed or related securities590,267  (98,640)491,627  
$1,059,387 $687 $(152,228)$907,514 $(332)

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

At March 31, 2024 and December 31, 2023, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
March 31, 2024
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-Sale:
U.S. Government and agency obligations
$ $ $8,893 $(676)$8,893 $(676)
Municipal bonds
2,913 (62)102,683 (29,379)105,596 (29,441)
Corporate bonds
12,186 (160)107,135 (11,830)119,321 (11,990)
Mortgage-backed or related securities
110,003 (1,132)1,630,030 (330,740)1,740,033 (331,872)
Asset-backed securities
52,387 (113)71,972 (28)124,359 (141)
$177,489 $(1,467)$1,920,713 $(372,653)$2,098,202 $(374,120)

12

December 31, 2023
Less Than 12 Months12 Months or MoreTotal
Fair Value Unrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-Sale:
U.S. Government and agency obligations
$ $ $34,189 $(740)$34,189 $(740)
Municipal bonds
6,049 (7)103,511 (29,184)109,560 (29,191)
Corporate bonds
15,720 (46)106,852 (12,122)122,572 (12,168)
Mortgage-backed or related securities
71,150 (212)1,712,125 (313,963)1,783,275 (314,175)
Asset-backed securities
115,162 (1,212)85,840 (785)201,002 (1,997)
$208,081 $(1,477)$2,042,517 $(356,794)$2,250,598 $(358,271)

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

The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):
 Three Months Ended March 31,
 20242023
Available-for-Sale:
Gross Gains$36 $232 
Gross Losses(4,939)(7,484)
Balance, end of the period$(4,903)$(7,252)

The following table presents the amortized cost and estimated fair value of securities at March 31, 2024, by contractual maturity and does not reflect any required periodic payments (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
 March 31, 2024
Available-for-SaleHeld-to-Maturity
 Amortized CostFair ValueAmortized Cost