Company Quick10K Filing
Banner
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 35 $1,832
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-08-02 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-26 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-27 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-16 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-03-04 Annual: 2013-12-31
10-Q 2013-11-04 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-03-14 Annual: 2012-12-31
10-Q 2012-11-06 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-13 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-03-11 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-03-16 Annual: 2009-12-31
8-K 2020-01-23 Earnings, Regulation FD, Exhibits
8-K 2019-11-01 Other Events, Exhibits
8-K 2019-10-23 Regulation FD, Exhibits
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-07-24 Other Events, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-04-25 Shareholder Vote, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-04-24 Regulation FD, Exhibits
8-K 2019-03-27 Other Events, Exhibits
8-K 2019-01-24 Regulation FD, Exhibits
8-K 2019-01-23 Earnings, Exhibits
8-K 2018-11-08 Regulation FD, Exhibits
8-K 2018-11-01 Officers, Other Events, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-10-16 Other Events, Exhibits
8-K 2018-10-02 Other Events, Exhibits
8-K 2018-08-06 Regulation FD, Exhibits
8-K 2018-07-25 Other Events, Exhibits
8-K 2018-07-25 Enter Agreement, Exhibits, Enter Agreement
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-07-19 Code of Ethics
8-K 2018-05-09 Regulation FD, Exhibits
8-K 2018-04-24 Shareholder Vote, Exhibits
8-K 2018-04-23 Earnings, Exhibits
8-K 2018-03-28 Other Events, Exhibits
8-K 2018-02-26 Officers, Exhibits
8-K 2018-02-01 Regulation FD, Exhibits
8-K 2018-01-24 Earnings, Exhibits
8-K 2018-01-04 Earnings, Regulation FD, Exhibits
BANR 2019-09-30
Note 1: Basis of Presentation and Significant Accounting Policies
Note 2: Accounting Standards Recently Issued or Adopted
Note 3: Business Combinations
Note 4: Securities
Note 5: Loans Receivable and The Allowance for Loan Losses
Note 6: Real Estate Owned, Net
Note 7: Goodwill, Other Intangible Assets and Mortgage Servicing Rights
Note 8: Deposits
Note 9: Fair Value of Financial Instruments
Note 10: Income Taxes and Deferred Taxes
Note 11: Calculation of Weighted Average Shares Outstanding for Earnings per Share (Eps)
Note 12: Stock-Based Compensation Plans
Note 13: Commitments and Contingencies
Note 14: Derivatives and Hedging
Note 15: Revenue From Contracts with Customers
Note 16: Leases
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 banr-9302019xex311.htm
EX-31.2 banr-9302019xex312.htm
EX-32 banr-9302019xex32.htm

Banner Earnings 2019-09-30

BANR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
GWB 1,951 12,955 11,074 41 0 159 334 1,835 0% 5.5 1%
HTH 1,901 14,266 12,214 0 0 166 374 1,407 3.8 1%
BANF 1,863 7,642 6,686 0 0 132 231 158 0.7 2%
ABCB 1,846 11,889 10,352 0 0 164 332 1,507 4.5 1%
BANR 1,832 11,847 10,326 0 0 148 260 1,586 6.1 1%
SFBS 1,830 8,740 7,961 0 0 141 275 944 3.4 2%
FRME 1,798 10,738 9,236 0 0 163 295 1,670 5.7 2%
NWBI 1,796 10,505 9,172 0 0 0 79 1,689 21.4 0%
EGBN 1,754 8,388 7,240 0 0 156 315 1,850 5.9 2%
HOPE 1,713 15,339 13,344 0 0 176 455 1,300 2.9 1%

Document
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iso4217:USD xbrli:shares banr:contract banr:office

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, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________
 Commission File Number 000-26584
BANNER CORPORATION
(Exact name of registrant as specified in its charter)
 
 
 
 
 
Washington
91-1691604
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
10 South First Avenue, Walla Walla, Washington 99362
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code:  (509) 527-3636
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $.01 per share
BANR
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
 
 
 
 
 
 
 
Yes
[x]
 
No
[  ]
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Yes
[x]
 
No
[  ]
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
 
 
 
Large accelerated filer
[x]
Accelerated filer    [ ]
Non-accelerated filer   [  ]
Smaller reporting company
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
 
No
[x]
 
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, 2019
Common Stock, $.01 par value per share
 
 
 
 
 
34,134,162 shares
Non-voting Common Stock, $.01 par value per share
 
 
 
 
 
39,192 shares
 
 
 

1


BANNER CORPORATION AND SUBSIDIARIES

Table of Contents
PART I – FINANCIAL INFORMATION
 
 
 
Item 1 – Financial Statements.  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 as of September 30, 2019 and December 31, 2018
 
 
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September, 2019 and the Year Ended December 31, 2018
 
 
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018
 
 
Selected Notes to the Consolidated Financial Statements
 
 
Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Executive Overview
 
 
Comparison of Financial Condition at September 30, 2019 and December 31, 2018
 
 
Comparison of Results of Operations for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
Asset Quality
 
 
Liquidity and Capital Resources
 
 
Capital Requirements
 
 
Item 3 – Quantitative and Qualitative Disclosures About Market Risk
 
 
 
Market Risk and Asset/Liability Management
 
 
Sensitivity Analysis
 
 
Item 4 – Controls and Procedures
 
 
PART II – OTHER INFORMATION
 
 
 
Item 1 – Legal Proceedings
 
 
Item 1A – Risk Factors
 
 
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
 
 
Item 3 – Defaults upon Senior Securities
 
 
Item 4 – Mine Safety Disclosures
 
 
Item 5 – Other Information
 
 
Item 6 – Exhibits
 
 
SIGNATURES

2


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.  These statements relate to our financial condition, liquidity, results of operations, plans, objectives, future performance or business.  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.”  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.  These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: expected revenues, cost savings, synergies and other benefits from the merger of Banner and AltaPacific Bancorp (AltaPacific) might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; business disruption may occur following or in connection with the merger of Banner and AltaPacific; Banner's or AltaPacific's businesses may experience disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; the possibility that the merger is more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of managements' attention from ongoing business operations and opportunities as a result of the merger or otherwise; 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 loan losses and provisions for loan losses that may be impacted by deterioration in the housing and commercial real estate markets and may lead to increased losses and non-performing assets, and may result in the allowance for loan losses not being adequate to cover actual losses and require a material increase in reserves; results of examinations by regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the writing down of assets or increases in the allowance for loan 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 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 customers’ needs and developments in the marketplace; the ability to access cost-effective funding; increases in premiums for deposit insurance; 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 or reforms, including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, including changes related to Basel III; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the implementing regulations; results of safety and soundness and compliance examinations by the Board of Governors of the Federal Reserve System, 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 loan 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; 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 economic impact of war or any terrorist activities; other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products and services; future acquisitions by Banner of other depository institutions or lines of business; and future goodwill impairment due to changes in Banner’s business, changes in market conditions, or other factors; and other risks detailed from time to time in our filings with 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.  These risks could cause our actual results to differ materially from those expressed in any forward-looking statements by, or on behalf of, us.  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.

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.  All references to “Banner” refer to Banner Corporation and those to “the Banks” refer to its wholly-owned subsidiaries, Banner Bank and Islanders Bank, collectively.



3


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (In thousands, except shares)
September 30, 2019 and December 31, 2018
ASSETS
September 30,
2019

 
December 31,
2018

Cash and due from banks
$
250,671

 
$
231,029

Interest bearing deposits
73,785

 
41,167

Total cash and cash equivalents
324,456

 
272,196

Securities—trading
25,672

 
25,896

Securities—available-for-sale, amortized cost $1,508,810 and $1,648,421, respectively
1,539,908

 
1,636,223

Securities—held-to-maturity, fair value $233,721 and $232,537, respectively
230,056

 
234,220

     Total securities
1,795,636

 
1,896,339

Federal Home Loan Bank (FHLB) stock
25,623

 
31,955

Loans held for sale (includes $225.6 million and $164.8 million, at fair value, respectively)
244,889

 
171,031

Loans receivable
8,835,368

 
8,684,595

Allowance for loan losses
(97,801
)
 
(96,485
)
Net loans receivable
8,737,567

 
8,588,110

Accrued interest receivable
40,033

 
38,593

Real estate owned (REO), held for sale, net
228

 
2,611

Property and equipment, net
171,279

 
171,809

Goodwill
339,154

 
339,154

Other intangibles, net
26,610

 
32,924

Bank-owned life insurance (BOLI)
179,076

 
177,467

Deferred tax assets, net
58,884

 
75,020

Other assets
154,407

 
74,108

Total assets
$
12,097,842

 
$
11,871,317

LIABILITIES
 
 
 
Deposits:
 
 
 
Non-interest-bearing
$
3,885,210

 
$
3,657,817

Interest-bearing transaction and savings accounts
4,624,970

 
4,498,966

Interest-bearing certificates
1,218,591

 
1,320,265

Total deposits
9,728,771

 
9,477,048

Advances from FHLB
382,000

 
540,189

Other borrowings
120,014

 
118,995

Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)
113,417

 
114,091

Accrued expenses and other liabilities
181,351

 
102,061

Deferred compensation
41,354

 
40,338

Total liabilities
10,566,907

 
10,392,722

COMMITMENTS AND CONTINGENCIES (Note 13)

 

SHAREHOLDERS’ EQUITY
 
 
 
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at September 30, 2019 and December 31, 2018

 

Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,134,165 shares issued and outstanding at September 30, 2019; 35,107,839 shares issued and outstanding at December 31, 2018
1,286,022

 
1,336,030

Common stock (non-voting) and paid in capital - $0.01 par value per share, 5,000,000 shares authorized; 39,192 shares issued and outstanding at September 30, 2019; 74,933 shares issued and outstanding at December 31, 2018
689

 
1,406

Retained earnings
203,704

 
134,055

Carrying value of shares held in trust for stock-based compensation plans
(7,387
)
 
(7,289
)
Liability for common stock issued to stock related compensation plans
7,387

 
7,289

Accumulated other comprehensive income
40,520

 
7,104

Total shareholders' equity
1,530,935

 
1,478,595

Total liabilities and shareholders' equity
$
12,097,842

 
$
11,871,317

See Selected Notes to the Consolidated Financial Statements

4


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three and Nine Months Ended September 30, 2019 and 2018
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019

 
2018

 
2019

 
2018

INTEREST INCOME:
 
 
 
 
 
 
 
Loans receivable
$
118,096

 
$
104,868

 
$
350,558

 
$
298,743

Mortgage-backed securities
9,415

 
8,915

 
29,716

 
25,145

Securities and cash equivalents
3,925

 
3,865

 
11,996

 
11,003

Total interest income
131,436

 
117,648

 
392,270

 
334,891

INTEREST EXPENSE:
 
 
 
 
 
 
 
Deposits
10,014

 
5,517

 
27,680

 
13,139

FHLB advances
3,107

 
1,388

 
9,953

 
3,564

Other borrowings
82

 
60

 
209

 
179

Junior subordinated debentures
1,612

 
1,605

 
5,008

 
4,495

Total interest expense
14,815

 
8,570

 
42,850

 
21,377

Net interest income
116,621

 
109,078

 
349,420

 
313,514

PROVISION FOR LOAN LOSSES
2,000

 
2,000

 
6,000

 
6,000

Net interest income after provision for loan losses
114,621

 
107,078

 
343,420

 
307,514

NON-INTEREST INCOME:
 
 
 
 
 
 
 
Deposit fees and other service charges
10,331

 
12,255

 
36,995

 
35,535

Mortgage banking operations
6,616

 
5,816

 
15,967

 
15,324

Bank-owned life insurance (BOLI)
1,076

 
1,726

 
3,475

 
3,511

Miscellaneous
2,914

 
569

 
5,431

 
4,995

 
20,937

 
20,366

 
61,868

 
59,365

Net (loss) gain on sale of securities
(2
)
 

 
(29
)
 
48

Net change in valuation of financial instruments carried at fair value
(69
)
 
45

 
(172
)
 
3,577

Total non-interest income
20,866

 
20,411

 
61,667

 
62,990

NON-INTEREST EXPENSE:
 
 
 
 
 
 
 
Salary and employee benefits
59,090

 
48,930

 
169,359

 
150,491

Less capitalized loan origination costs
(7,889
)
 
(4,318
)
 
(20,137
)
 
(13,062
)
Occupancy and equipment
12,566

 
12,385

 
39,013

 
35,725

Information/computer data services
5,657

 
4,766

 
16,256

 
13,711

Payment and card processing expenses
4,330

 
3,748

 
12,355

 
11,179

Professional and legal expenses
2,704

 
3,010

 
7,474

 
11,276

Advertising and marketing
2,221

 
1,786

 
5,815

 
5,758

Deposit insurance (benefit) expense
(1,604
)
 
991

 
1,232

 
3,353

State/municipal business and use taxes
1,011

 
902

 
2,963

 
2,430

REO operations, net
126

 
433

 
263

 
553

Amortization of core deposit intangibles
1,985

 
1,348

 
6,090

 
4,112

Miscellaneous
6,435

 
6,646

 
20,230

 
19,444

 
86,632

 
80,627

 
260,913

 
244,970

Acquisition-related expenses
676

 
1,005

 
3,125

 
1,005

Total non-interest expense
87,308

 
81,632

 
264,038

 
245,975

Income before provision for income taxes
48,179

 
45,857

 
141,049

 
124,529

PROVISION FOR INCOME TAXES
8,602

 
8,084

 
28,426

 
25,542

NET INCOME
$
39,577

 
$
37,773

 
$
112,623

 
$
98,987

Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.15

 
$
1.17

 
$
3.24

 
$
3.06

Diluted
$
1.15

 
$
1.17

 
$
3.23

 
$
3.05

Cumulative dividends declared per common share
$
0.41

 
$
0.38

 
$
1.23

 
$
1.58

Weighted average number of common shares outstanding:
 
 
 
 
 
 
 
Basic
34,407,462

 
32,256,789

 
34,760,607

 
32,300,688

Diluted
34,497,994

 
32,376,623

 
34,850,006

 
32,406,414

See Selected Notes to the Consolidated Financial Statements

5


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
For the Three and Nine Months Ended September 30, 2019 and 2018

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019

 
2018

 
2019

 
2018

NET INCOME
$
39,577

 
$
37,773

 
$
112,623

 
$
98,987

OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAXES:
 
 
 
 
 
 
 
Unrealized holding gain (loss) on available-for-sale securities arising during the period
5,861

 
(10,010
)
 
43,268

 
(33,083
)
Reclassification for net loss (gain) on available-for-sale securities realized in earnings
2

 

 
28

 
(51
)
Changes in fair value of junior subordinated debentures related to instrument specific credit risk
204

 
(336
)
 
674

 
(14,403
)
Income tax (expense) benefit related to other comprehensive income (loss)
(1,457
)
 
2,483

 
(10,554
)
 
11,376

Other comprehensive income (loss)
4,610

 
(7,863
)
 
33,416

 
(36,161
)
COMPREHENSIVE INCOME
$
44,187

 
$
29,910

 
$
146,039

 
$
62,826


See Selected Notes to the Consolidated Financial Statements

6


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands, except shares)
For the Nine Months Ended September 30, 2019 and the Year Ended December 31, 2018

 
Common Stock
and Paid in Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive (Loss) Income
 
Shareholders’
Equity
 
Shares
 
Amount
 
 
 
Balance, January 1, 2018
32,726,485

 
$
1,187,127

 
$
90,535

 
$
(5,036
)
 
$
1,272,626

 
 
 
 
 
 
 
 
 
 
Cumulative effect of reclassification of the instrument-specific credit risk portion of junior subordinated debentures fair value adjustments and reclassification of equity securities from available-for-sale
 
 
 
 
(28,203
)
 
28,203

 

Net income
 
 
 
 
28,790

 
 
 
28,790

Other comprehensive loss, net of income tax
 
 
 
 
 
 
(21,777
)
 
(21,777
)
Repurchase of common stock
(269,711
)
 
(15,359
)
 
 
 
 
 
(15,359
)
Accrual of dividends on common stock ($0.35/share)
 
 
 
 
(11,349
)
 
 
 
(11,349
)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
(33,101
)
 
1,192

 
 
 
 
 
1,192

 
 
 
 
 
 
 
 
 
 
Balance, March 31, 2018
32,423,673

 
$
1,172,960

 
$
79,773

 
$
1,390

 
$
1,254,123


Balance, April 1, 2018
32,423,673

 
$
1,172,960

 
$
79,773

 
$
1,390

 
$
1,254,123

 
 
 
 
 
 
 
 
 
 
Net income