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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Banner Corporation | NASDAQ:BANR | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 46.82 | 18.73 | 74.44 | 0 | 09:09:33 |
From May 2019 to May 2024
“Banner’s second quarter financial results demonstrate the effectiveness of our strategic plan and the success of our super community bank model,” stated Mark J. Grescovich, President and Chief Executive Officer. “Our operating performance generated solid revenue growth with increases in both net interest income and non-interest income compared to both the preceding quarter and the same quarter last year. The ongoing benefits of the Skagit Bank acquisition also contributed to profitability, as expenses declined through the realization of synergies from the transaction.”
At June 30, 2019, Banner Corporation had $11.85 billion in assets, $8.65 billion in net loans and $9.29 billion in deposits. Banner operates 176 branch offices, including branch offices located in eight of the top 20 largest western Metropolitan Statistical Areas by population. The acquisition of Skagit Bancorp, Inc. and its wholly-owned subsidiary, Skagit Bank, (collectively "Skagit") on November 1, 2018, added $916 million in assets and, after consolidation, six banking locations along the I-5 corridor from Seattle to the Canadian border.
Second Quarter 2019 Highlights
*Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets (both of which exclude goodwill and other intangible assets, net), and references to revenue from core operations (which excludes fair value adjustments and net gain (loss) on the sale of securities from the total of net interest income before provision for loan losses and non-interest income) and the adjusted efficiency ratio (which excludes acquisition- related expenses, amortization of core deposit intangibles, real estate owned gain (loss) and state/municipal taxes from non-interest expense divided by revenues from core operations) represent non-GAAP (Generally Accepted Accounting Principles) financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. Where applicable, comparable earnings information using GAAP financial measures is also presented. See also Non-GAAP Financial Measures reconciliation tables on the last two pages of this press release.
Certain reclassifications have been made to the 2018 Consolidated Financial Statements and/or schedules to conform to the 2019 presentation. These reclassifications have affected certain line items and ratios for the prior periods but have not changed net income or shareholders’ equity for those periods. The effect of these reclassifications is considered immaterial.
Income Statement Review
Banner's net interest margin was 4.38% for the second quarter of 2019, a one basis-point increase compared to 4.37% in the preceding quarter and a one basis-point decrease compared to 4.39% in the second quarter a year ago. Acquisition accounting adjustments added seven basis points to the net interest margin in both the current quarter and the preceding quarter compared to six basis points in the second quarter a year ago. The total purchase discount for acquired loans was $22.6 million at June 30, 2019, compared to $24.2 million at March 31, 2019 and $18.1 million at June 30, 2018. In the first six months of the year, Banner’s net interest margin was 4.38% compared to 4.37% in the first six months of 2018.
Average interest-earning asset yields increased two basis points to 4.91% compared to 4.89% for the preceding quarter and increased 21 basis points compared to 4.70% in the second quarter a year ago. Average loan yields increased two basis points to 5.33% compared to 5.31% in the preceding quarter and increased 18 basis points compared to 5.15% in the second quarter a year ago. Loan discount accretion added nine basis points to loan yields in both the second quarter of 2019 and the preceding quarter, compared to eight basis points in the second quarter a year ago. Deposit costs were 0.39% in the second quarter of 2019, a two basis-point increase compared to the preceding quarter and a 19 basis-point increase compared to the second quarter a year ago. The total cost of funds was 0.56% during the second quarter of 2019, unchanged compared to the preceding quarter and a 23 basis-point increase compared to the second quarter a year ago, largely reflecting an increase in the cost of deposits and in FHLB advances.
Banner recorded a $2.0 million provision for loan losses in the current quarter, the same as in the prior quarter and the year ago quarter. The provision is primarily a result of new loan originations, the renewal of acquired loans out of the discounted acquired loan portfolio and net charge-offs.
Total non-interest income was $22.7 million in the second quarter of 2019, compared to $18.1 million in the first quarter of 2019 and $21.2 million in the second quarter a year ago. Deposit fees and other service charges were $14.0 million in the second quarter of 2019, compared to $12.6 million in the preceding quarter and $12.0 million in the second quarter a year ago. The increase in deposit fees and other service charges during the current quarter compared to the prior quarter was primarily due to seasonal increases in interchange fee income; the increase over the prior year period reflects an overall increase in deposit accounts including those acquired from the Skagit acquisition. Mortgage banking revenues, including gains on one- to four-family and multifamily loan sales and loan servicing fees, increased to $5.9 million in the second quarter, compared to $3.4 million in the preceding quarter and $4.6 million in the second quarter of 2018. The higher mortgage banking revenue reflected an increase in residential and multifamily mortgage held-for-sale loan production. Home purchase activity accounted for 81% of one- to four-family mortgage loan originations in the second quarter of 2019, compared to 80% in the prior quarter and 81% in the second quarter of 2018. In the first six months of 2019, total non-interest income was $40.8 million, compared to $42.6 million in the first six months of 2018.
Banner’s second quarter 2019 results included a $114,000 net loss for fair value adjustments as a result of changes in the valuation of financial instruments carried at fair value, principally comprised of certain investment securities held for trading and a $28,000 net loss on the sale of securities. In the preceding quarter, results included an $11,000 net gain for fair value adjustments and a $1,000 net gain on the sale of securities. In the second quarter a year ago, results included a $224,000 net gain for fair value adjustments and a $44,000 net gain on the sale of securities.
Total revenues increased 4% to $139.4 million for the second quarter of 2019, compared to $134.2 million in the preceding quarter and increased 10% compared to $126.3 million in the second quarter a year ago. Year-to-date, total revenues increased 11% to $273.6 million compared to $247.0 million for the same period one year earlier. Revenues from core operations* (revenues excluding the net gain and loss on the sale of securities and the net change in valuation of financial instruments) were $139.5 million in the second quarter of 2019, compared to $134.2 million in the preceding quarter and $126.0 million in the second quarter of 2018. In the first six months of the year, revenues from core operations* were $273.7 million, compared to $243.4 million in the first six months of 2018.
Banner’s total non-interest expense was $86.7 million in the second quarter of 2019, compared to $90.0 million in the preceding quarter and $82.6 million in the second quarter of 2018. The decrease in non-interest expense during the current quarter reflects the first full quarter of synergies from the integration and consolidation of the Skagit systems and operations. In addition, the decrease in acquisition-related expenses, which were $301,000 for the second quarter of 2019, compared to $2.1 million for the preceding quarter, contributed to the decrease in non-interest expense for the quarter. There were no acquisition-related expenses for the year ago quarter. Higher loan originations and annual updates to our loan deferred origination cost models resulted in a $2.6 million increase in capitalized loan origination costs, offsetting increases in salary and benefits driven by increased commissions on loan originations. Year-to-date, total non-interest expense was $176.7 million, compared to $164.3 million in the same period a year earlier. Banner’s efficiency ratio improved to 62.22% for the current quarter, compared to 67.06% in the preceding quarter and 65.44% in the year ago quarter. Banner’s adjusted efficiency ratio* was 59.56% for the current quarter, compared to 63.32% in the preceding quarter and 64.09% in the year ago quarter.
For the second quarter of 2019, Banner recorded $11.0 million in state and federal income tax expense for an effective tax rate of 21.6%, reflecting in part the benefits from tax exempt income sources. Banner’s normal, expected statutory income tax rate is 23.7%, representing a blend of the statutory federal income tax rate of 21.0% and apportioned effects of the state income tax rates.
Balance Sheet Review
Total assets increased to $11.85 billion at June 30, 2019, compared to $11.74 billion at March 31, 2019 and $10.38 billion at June 30, 2018. The total of securities and interest-bearing deposits held at other banks was $1.85 billion at June 30, 2019, compared to $1.89 billion at March 31, 2019 and $1.74 billion at June 30, 2018. The average effective duration of Banner's securities portfolio was approximately 2.6 years at June 30, 2019, compared to 4.0 years at June 30, 2018.
Net loans receivable increased modestly to $8.65 billion at June 30, 2019, compared to $8.60 billion at March 31, 2019 and increased 14% when compared to $7.59 billion at June 30, 2018. The year-over-year increase in net loans included $631.7 million of portfolio loans acquired in the Skagit acquisition during the fourth quarter of 2018. Commercial real estate and multifamily real estate loans were $3.95 billion at June 30, 2019, unchanged from March 31, 2019, and increased 13% compared to $3.51 billion a year ago. Commercial business loans increased 5% to $1.60 billion at June 30, 2019, compared to $1.52 billion at March 31, 2019, and increased 22% compared to $1.31 billion a year ago. Agricultural business loans increased by 2% to $380.8 million at June 30, 2019, compared to $373.3 million three months earlier and increased by 13% compared to $336.7 million a year ago. Total construction, land and land development loans decreased slightly to $1.08 billion at June 30, 2019, compared to $1.10 billion at March 31, 2019 and increased 10% compared to $980.4 million a year earlier. Consumer loans increased 2% to $790.0 million at June 30, 2019, compared to $777.4 million at March 31, 2019 and increased 12% compared to $706.8 million a year ago. One- to four-family loans declined modestly to $944.6 million at June 30, 2019, compared to $967.6 million at March 31, 2019 and increased 12% compared to $840.5 million a year ago.
Loans held for sale increased substantially to $170.7 million at June 30, 2019, compared to $45.9 million at March 31, 2019 and $78.8 million at June 30, 2018. The volume of one- to four- family residential mortgage loans sold was $139.0 million in the current quarter, compared to $107.2 million in the preceding quarter and $124.1 million in the second quarter a year ago. During the second quarter of 2019, Banner did not sell any multifamily loans, compared to $149.9 million in the preceding quarter and $135.7 million in the second quarter a year ago.
Total deposits decreased slightly to $9.29 billion at June 30, 2019, compared to $9.38 billion at March 31, 2019 and increased 9% when compared to $8.53 billion a year ago, as the addition of deposits from the Skagit acquisition was partially offset by a $101.0 million decline in the use of brokered certificates of deposit from March 31, 2019 and a $141.7 million decline from a year ago. Non-interest-bearing account balances decreased slightly to $3.67 billion at June 30, 2019, compared to $3.68 billion at March 31, 2019 and increased 10% compared to $3.35 billion a year ago. Core deposits (non-interest-bearing and interest-bearing transaction and savings accounts) increased slightly from the prior quarter and increased 11% compared to a year ago. Core deposits represented 88% of total deposits at June 30, 2019, the same as the prior period and 87% of total deposits a year earlier. Certificates of deposit decreased 8% to $1.07 billion at June 30, 2019, compared to $1.16 billion at March 31, 2019 and decreased 7% compared to $1.15 billion a year earlier. The decrease in certificates of deposit primarily reflects the decrease in brokered deposits to $138.4 million at June 30, 2019, compared to $239.4 million at March 31, 2019 and $280.1 million a year earlier.
At June 30, 2019, total common shareholders' equity was $1.52 billion, or 12.84% of assets, compared to $1.51 billion or 12.87% of assets at March 31, 2019 and $1.25 billion or 12.07% of assets a year ago. At June 30, 2019, tangible common shareholders' equity*, which excludes goodwill and other intangible assets, net, was $1.15 billion, or 10.05% of tangible assets*, compared to $1.14 billion, or 10.04% of tangible assets, at March 31, 2019 and $990.5 million, or 9.79% of tangible assets, a year ago. Banner's tangible book value per share* increased to $33.36 at June 30, 2019, compared to $30.57 per share a year ago.
Banner repurchased 600,000 shares of its common stock in the second quarter of 2019 at an average cost of $53.46 per share. During the first quarter there were no repurchases of common stock. Banner and its subsidiary banks continue to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” under the Basel III and Dodd Frank Act regulatory standards. At June 30, 2019, Banner's common equity Tier 1 capital ratio was 10.98%, its Tier 1 leverage capital to average assets ratio was 10.83%, and its total capital to risk-weighted assets ratio was 13.37%.
Credit Quality
The allowance for loan losses was $98.3 million at June 30, 2019, or 1.12% of total loans receivable outstanding and 534% of non-performing loans compared to $97.3 million at March 31, 2019, or 1.12% of total loans receivable outstanding and 504% of non-performing loans, and $93.9 million at June 30, 2018, or 1.22% of total loans receivable outstanding and 613% of non-performing loans. Net loan charge-offs totaled $1.1 million in the second quarter, compared to net loan charge-offs of $1.2 million in the preceding quarter and net loan charge-offs of $332,000 in the second quarter a year ago. Primarily as a result of the origination of new loans, the renewal of acquired loans out of the discounted acquired loan portfolio and net charge-offs, Banner recorded a $2.0 million provision for loan losses in the current quarter, which was the same amount as recorded in the prior quarter and in the year ago quarter. Non-performing loans were $18.4 million at June 30, 2019, compared to $19.3 million at March 31, 2019 and $15.3 million a year ago. Real estate owned and other repossessed assets were $2.6 million at June 30, 2019, compared to $2.7 million at March 31, 2019 and $1.2 million a year ago. The increase compared to a year ago primarily reflects $2.6 million of real estate owned acquired in the Skagit acquisition.
In accordance with acquisition accounting, loans acquired from acquisitions were recorded at their estimated fair value, which resulted in a net discount to the loans’ contractual amounts, a portion of which reflects a discount for possible credit losses. Credit discounts are included in the determination of fair value, and as a result, no allowance for loan losses is recorded for acquired loans at the acquisition date. At June 30, 2019, the total purchase discount for acquired loans was $22.6 million.
Banner's total non-performing assets were $21.0 million, or 0.18% of total assets, at June 30, 2019, compared to $22.0 million, or 0.19% of total assets, at March 31, 2019, and $16.5 million, or 0.16% of total assets, a year ago. In addition to non-performing assets, there were $12.9 million purchased credit-impaired loans at June 30, 2019, compared to $13.3 million at March 31, 2019, and $18.1 million at June 30, 2018.
Conference Call
Banner will host a conference call on Thursday, July 25, 2019, at 8:00 a.m. PDT, to discuss its second quarter results. To listen to the call on-line, go to www.bannerbank.com. Investment professionals are invited to dial (866) 235-9915 to participate in the call. A replay will be available for one week at (877) 344-7529 using access code 10132624, or at www.bannerbank.com.
About the Company
Banner Corporation is an $11.85 billion bank holding company operating two commercial banks in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com.
Forward-Looking Statements
When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "may," “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” "potential," or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made and based only on information then actually known to Banner. Banner does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These statements may relate to future financial performance, strategic plans or objectives, revenues or earnings projections, or other financial information. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements and could negatively affect Banner's operating and stock price performance.
Important factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (1) expected revenues, cost savings, synergies and other benefits from the Skagit acquisition 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; (2) the credit risks of lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses, which could necessitate additional provisions for loan losses, resulting both from loans originated and loans acquired from other financial institutions; (3) results of examinations by regulatory authorities, including the possibility that any such regulatory authority may, among other things, require increases in the allowance for loan losses or writing down of assets or impose restrictions or penalties with respect to Banner's activities; (4) competitive pressures among depository institutions; (5) interest rate movements and their impact on customer behavior and net interest margin; (6) the impact of repricing and competitors' pricing initiatives on loan and deposit products; (7) fluctuations in real estate values; (8) the ability to adapt successfully to technological changes to meet customers' needs and developments in the market place; (9) the ability to access cost-effective funding; (10) changes in financial markets; (11) changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular; (12) the costs, effects and outcomes of litigation; (13) legislation or regulatory changes, including but not limited to the impact of the Dodd-Frank Act and regulations adopted thereunder, changes in regulatory capital requirements pursuant to the implementation of the Basel III capital standards, other governmental initiatives affecting the financial services industry and changes in federal and/or state tax laws or interpretations thereof by taxing authorities; (14) changes in accounting principles, policies or guidelines; (15) future acquisitions by Banner of other depository institutions or lines of business; (16) future goodwill impairment due to changes in Banner's business, changes in market conditions, or other factors and (17) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks detailed from time to time in our filings with the Securities and Exchange Commission including our Quarterly Reports on Form 10-Q and our Annual Reports on Form 10-K.
| RESULTS OF OPERATIONS | Quarters Ended | Six months ended | ||||||||||||||||||
| (in thousands except shares and per share data) | Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2018 | |||||||||||||||
| INTEREST INCOME: | ||||||||||||||||||||
| Loans receivable | $ | 117,007 | $ | 115,455 | $ | 99,853 | $ | 232,462 | $ | 193,875 | ||||||||||
| Mortgage-backed securities | 9,794 | 10,507 | 8,899 | 20,301 | 16,230 | |||||||||||||||
| Securities and cash equivalents | 4,037 | 4,034 | 3,671 | 8,071 | 7,138 | |||||||||||||||
| 130,838 | 129,996 | 112,423 | 260,834 | 217,243 | ||||||||||||||||
| INTEREST EXPENSE: | ||||||||||||||||||||
| Deposits | 9,023 | 8,643 | 4,264 | 17,666 | 7,622 | |||||||||||||||
| Federal Home Loan Bank advances | 3,370 | 3,476 | 1,499 | 6,846 | 2,177 | |||||||||||||||
| Other borrowings | 67 | 60 | 49 | 127 | 119 | |||||||||||||||
| Junior subordinated debentures | 1,683 | 1,713 | 1,548 | 3,396 | 2,889 | |||||||||||||||
| 14,143 | 13,892 | 7,360 | 28,035 | 12,807 | ||||||||||||||||
| Net interest income before provision for loan losses | 116,695 | 116,104 | 105,063 | 232,799 | 204,436 | |||||||||||||||
| PROVISION FOR LOAN LOSSES | 2,000 | 2,000 | 2,000 | 4,000 | 4,000 | |||||||||||||||
| Net interest income | 114,695 | 114,104 | 103,063 | 228,799 | 200,436 | |||||||||||||||
| NON-INTEREST INCOME: | ||||||||||||||||||||
| Deposit fees and other service charges | 14,046 | 12,618 | 11,985 | 26,664 | 23,281 | |||||||||||||||
| Mortgage banking operations | 5,936 | 3,415 | 4,643 | 9,351 | 9,507 | |||||||||||||||
| Bank-owned life insurance | 1,123 | 1,276 | 933 | 2,399 | 1,785 | |||||||||||||||
| Miscellaneous | 1,713 | 804 | 3,388 | 2,517 | 4,426 | |||||||||||||||
| 22,818 | 18,113 | 20,949 | 40,931 | 38,999 | ||||||||||||||||
| Net (loss) gain on sale of securities | (28 | ) | 1 | 44 | (27 | ) | 48 | |||||||||||||
| Net change in valuation of financial instruments carried at fair value | (114 | ) | 11 | 224 | (103 | ) | 3,532 | |||||||||||||
| Total non-interest income | 22,676 | 18,125 | 21,217 | 40,801 | 42,579 | |||||||||||||||
| NON-INTEREST EXPENSE: | ||||||||||||||||||||
| Salary and employee benefits | 55,629 | 54,640 | 51,494 | 110,269 | 101,561 | |||||||||||||||
| Less capitalized loan origination costs | (7,399 | ) | (4,849 | ) | (4,733 | ) | (12,248 | ) | (8,744 | ) | ||||||||||
| Occupancy and equipment | 12,681 | 13,766 | 11,574 | 26,447 | 23,340 | |||||||||||||||
| Information / computer data services | 5,273 | 5,326 | 4,564 | 10,599 | 8,945 | |||||||||||||||
| Payment and card processing services | 4,041 | 3,984 | 3,731 | 8,025 | 7,431 | |||||||||||||||
| Professional and legal expenses | 2,336 | 2,434 | 3,838 | 4,770 | 8,266 | |||||||||||||||
| Advertising and marketing | 2,065 | 1,529 | 2,141 | 3,594 | 3,971 | |||||||||||||||
| Deposit insurance | 1,418 | 1,418 | 1,021 | 2,836 | 2,362 | |||||||||||||||
| State/municipal business and use taxes | 1,007 | 945 | 816 | 1,952 | 1,529 | |||||||||||||||
| Real estate operations | 260 | (123 | ) | (319 | ) | 137 | 121 | |||||||||||||
| Amortization of core deposit intangibles | 2,053 | 2,052 | 1,382 | 4,105 | 2,764 | |||||||||||||||
| Miscellaneous | 7,051 | 6,744 | 7,128 | 13,795 | 12,797 | |||||||||||||||
| 86,415 | 87,866 | 82,637 | 174,281 | 164,343 | ||||||||||||||||
| Acquisition-related expenses | 301 | 2,148 | — | 2,449 | — | |||||||||||||||
| Total non-interest expense | 86,716 | 90,014 | 82,637 | 176,730 | 164,343 | |||||||||||||||
| Income before provision for income taxes | 50,655 | 42,215 | 41,643 | 92,870 | 78,672 | |||||||||||||||
| PROVISION FOR INCOME TAXES | 10,955 | 8,869 | 9,219 | 19,824 | 17,458 | |||||||||||||||
| NET INCOME | $ | 39,700 | $ | 33,346 | $ | 32,424 | $ | 73,046 | $ | 61,214 | ||||||||||
| Earnings per share available to common shareholders: | ||||||||||||||||||||
| Basic | $ | 1.14 | $ | 0.95 | $ | 1.01 | $ | 2.09 | $ | 1.89 | ||||||||||
| Diluted | $ | 1.14 | $ | 0.95 | $ | 1.00 | $ | 2.09 | $ | 1.89 | ||||||||||
| Cumulative dividends declared per common share | $ | 0.41 | $ | 0.41 | $ | 0.85 | $ | 0.82 | $ | 1.20 | ||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||
| Basic | 34,831,047 | 35,050,376 | 32,250,514 | 34,940,106 | 32,323,635 | |||||||||||||||
| Diluted | 34,882,359 | 35,172,056 | 32,331,609 | 35,028,881 | 32,422,287 | |||||||||||||||
| Decrease in common shares outstanding | (579,103 | ) | (30,026 | ) | (17,977 | ) | (609,129 | ) | (320,789 | ) | ||||||||||
| FINANCIAL CONDITION | Percentage Change | |||||||||||||||||||||
| (in thousands except shares and per share data) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Prior Qtr | Prior Yr Qtr | ||||||||||||||||
| ASSETS | ||||||||||||||||||||||
| Cash and due from banks | $ | 187,043 | $ | 218,458 | $ | 231,029 | $ | 195,652 | (14.4 | )% | (4.4 | )% | ||||||||||
| Interest-bearing deposits | 59,753 | 43,080 | 41,167 | 53,773 | 38.7 | % | 11.1 | % | ||||||||||||||
| Total cash and cash equivalents | 246,796 | 261,538 | 272,196 | 249,425 | (5.6 | )% | (1.1 | )% | ||||||||||||||
| Securities - trading | 25,741 | 25,838 | 25,896 | 25,640 | (0.4 | )% | 0.4 | % | ||||||||||||||
| Securities - available for sale | 1,561,009 | 1,603,804 | 1,636,223 | 1,400,312 | (2.7 | )% | 11.5 | % | ||||||||||||||
| Securities - held to maturity | 203,222 | 218,993 | 234,220 | 263,176 | (7.2 | )% | (22.8 | )% | ||||||||||||||
| Total securities | 1,789,972 | 1,848,635 | 1,896,339 | 1,689,128 | (3.2 | )% | 6.0 | % | ||||||||||||||
| Federal Home Loan Bank stock | 34,583 | 27,063 | 31,955 | 19,916 | 27.8 | % | 73.6 | % | ||||||||||||||
| Loans held for sale | 170,744 | 45,865 | 171,031 | 78,833 | 272.3 | % | 116.6 | % | ||||||||||||||
| Loans receivable | 8,746,550 | 8,692,657 | 8,684,595 | 7,684,732 | 0.6 | % | 13.8 | % | ||||||||||||||
| Allowance for loan losses | (98,254 | ) | (97,308 | ) | (96,485 | ) | (93,875 | ) | 1.0 | % | 4.7 | % | ||||||||||
| Net loans receivable | 8,648,296 | 8,595,349 | 8,588,110 | 7,590,857 | 0.6 | % | 13.9 | % | ||||||||||||||
| Accrued interest receivable | 40,238 | 41,220 | 38,593 | 34,004 | (2.4 | )% | 18.3 | % | ||||||||||||||
| Real estate owned held for sale, net | 2,513 | 2,611 | 2,611 | 473 | (3.8 | )% | 431.3 | % | ||||||||||||||
| Property and equipment, net | 171,233 | 171,057 | 171,809 | 153,224 | 0.1 | % | 11.8 | % | ||||||||||||||
| Goodwill | 339,154 | 339,154 | 339,154 | 242,659 | — | % | 39.8 | % | ||||||||||||||
| Other intangibles, net | 28,595 | 30,647 | 32,924 | 19,858 | (6.7 | )% | 44.0 | % | ||||||||||||||
| Bank-owned life insurance | 178,922 | 178,202 | 177,467 | 164,225 | 0.4 | % | 8.9 | % | ||||||||||||||
| Other assets | 196,328 | 198,944 | 149,128 | 136,592 | (1.3 | )% | 43.7 | % | ||||||||||||||
| Total assets | $ | 11,847,374 | $ | 11,740,285 | $ | 11,871,317 | $ | 10,379,194 | 0.9 | % | 14.1 | % | ||||||||||
| LIABILITIES | ||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||
| Non-interest-bearing | $ | 3,671,995 | $ | 3,676,984 | $ | 3,657,817 | $ | 3,346,777 | (0.1 | )% | 9.7 | % | ||||||||||
| Interest-bearing transaction and savings accounts | 4,546,202 | 4,535,969 | 4,498,966 | 4,032,283 | 0.2 | % | 12.7 | % | ||||||||||||||
| Interest-bearing certificates | 1,070,770 | 1,163,276 | 1,320,265 | 1,148,607 | (8.0 | )% | (6.8 | )% | ||||||||||||||
| Total deposits | 9,288,967 | 9,376,229 | 9,477,048 | 8,527,667 | (0.9 | )% | 8.9 | % | ||||||||||||||
| Advances from Federal Home Loan Bank | 606,000 | 418,000 | 540,189 | 239,190 | 45.0 | % | 153.4 | % | ||||||||||||||
| Customer repurchase agreements and other borrowings | 118,370 | 121,719 | 118,995 | 112,458 | (2.8 | )% | 5.3 | % | ||||||||||||||
| Junior subordinated debentures at fair value | 113,621 | 113,917 | 114,091 | 112,774 | (0.3 | )% | 0.8 | % | ||||||||||||||
| Accrued expenses and other liabilities | 159,131 | 158,669 | 102,061 | 93,281 | 0.3 | % | 70.6 | % | ||||||||||||||
| Deferred compensation | 40,230 | 40,560 | 40,338 | 40,814 | (0.8 | )% | (1.4 | )% | ||||||||||||||
| Total liabilities | 10,326,319 | 10,229,094 | 10,392,722 | 9,126,184 | 1.0 | % | 13.2 | % | ||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
| Common stock | 1,306,888 | 1,338,386 | 1,337,436 | 1,173,656 | (2.4 | )% | 11.4 | % | ||||||||||||||
| Retained earnings | 178,257 | 152,911 | 134,055 | 84,485 | 16.6 | % | 111.0 | % | ||||||||||||||
| Other components of shareholders' equity | 35,910 | 19,894 | 7,104 | (5,131 | ) | 80.5 | % | nm | ||||||||||||||
| Total shareholders' equity | 1,521,055 | 1,511,191 | 1,478,595 | 1,253,010 | 0.7 | % | 21.4 | % | ||||||||||||||
| Total liabilities and shareholders' equity | $ | 11,847,374 | $ | 11,740,285 | $ | 11,871,317 | $ | 10,379,194 | 0.9 | % | 14.1 | % | ||||||||||
| Common Shares Issued: | ||||||||||||||||||||||
| Shares outstanding at end of period | 34,573,643 | 35,152,746 | 35,182,772 | 32,405,696 | ||||||||||||||||||
| Common shareholders' equity per share (1) | $ | 43.99 | $ | 42.99 | $ | 42.03 | $ | 38.67 | ||||||||||||||
| Common shareholders' tangible equity per share (1) (2) | $ | 33.36 | $ | 32.47 | $ | 31.45 | $ | 30.57 | ||||||||||||||
| Common shareholders' tangible equity to tangible assets (2) | 10.05 | % | 10.04 | % | 9.62 | % | 9.79 | % | ||||||||||||||
| Consolidated Tier 1 leverage capital ratio | 10.83 | % | 10.73 | % | 10.98 | % | 10.80 | % | ||||||||||||||
| (1 | ) | Calculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding. |
| (2 | ) | Common shareholders' tangible equity excludes goodwill and other intangible assets. Tangible assets exclude goodwill and other intangible assets. These ratios represent non-GAAP financial measures. See also Non-GAAP Financial Measures reconciliation tables on the last two pages of the press release tables. |
| ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||
| Percentage Change | ||||||||||||||||||||||
| LOANS | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Prior Qtr | Prior Yr Qtr | ||||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||
| Owner occupied | $ | 1,433,995 | $ | 1,442,724 | $ | 1,430,097 | $ | 1,256,730 | (0.6 | )% | 14.1 | % | ||||||||||
| Investment properties | 2,116,306 | 2,124,049 | 2,131,059 | 1,920,790 | (0.4 | )% | 10.2 | % | ||||||||||||||
| Multifamily real estate | 402,241 | 387,142 | 368,836 | 330,384 | 3.9 | % | 21.7 | % | ||||||||||||||
| Commercial construction | 172,931 | 181,888 | 172,410 | 166,089 | (4.9 | )% | 4.1 | % | ||||||||||||||
| Multifamily construction | 189,160 | 183,203 | 184,630 | 147,576 | 3.3 | % | 28.2 | % | ||||||||||||||
| One- to four-family construction | 503,061 | 514,468 | 534,678 | 480,591 | (2.2 | )% | 4.7 | % | ||||||||||||||
| Land and land development: | ||||||||||||||||||||||
| Residential | 187,180 | 187,660 | 188,508 | 163,335 | (0.3 | )% | 14.6 | % | ||||||||||||||
| Commercial | 27,470 | 28,928 | 27,278 | 22,849 | (5.0 | )% | 20.2 | % | ||||||||||||||
| Commercial business | 1,598,788 | 1,524,298 | 1,483,614 | 1,312,424 | 4.9 | % | 21.8 | % | ||||||||||||||
| Agricultural business including secured by farmland | 380,805 | 373,322 | 404,873 | 336,709 | 2.0 | % | 13.1 | % | ||||||||||||||
| One- to four-family real estate | 944,617 | 967,581 | 973,616 | 840,470 | (2.4 | )% | 12.4 | % | ||||||||||||||
| Consumer: | ||||||||||||||||||||||
| Consumer secured by one- to four-family real estate | 575,658 | 564,872 | 568,979 | 536,007 | 1.9 | % | 7.4 | % | ||||||||||||||
| Consumer-other | 214,338 | 212,522 | 216,017 | 170,778 | 0.9 | % | 25.5 | % | ||||||||||||||
| Total loans receivable | $ | 8,746,550 | $ | 8,692,657 | $ | 8,684,595 | $ | 7,684,732 | 0.6 | % | 13.8 | % | ||||||||||
| Restructured loans performing under their restructured terms | $ | 6,594 | $ | 13,036 | $ | 13,422 | $ | 13,793 | ||||||||||||||
| Loans 30 - 89 days past due and on accrual (1) | $ | 17,923 | $ | 28,972 | $ | 25,108 | $ | 8,040 | ||||||||||||||
| Total delinquent loans (including loans on non-accrual), net (2) | $ | 34,749 | $ | 46,616 | $ | 38,721 | $ | 22,620 | ||||||||||||||
| Total delinquent loans / Total loans receivable | 0.40 | % | 0.54 | % | 0.45 | % | 0.29 | % | ||||||||||||||
(1) Includes $21,000 of purchased credit-impaired loans at June 30, 2019 compared to $3,000 at December 31, 2018 and $6,000 at June 30, 2018. (2) Delinquent loans include $330,000 of delinquent purchased credit-impaired loans at June 30, 2019 compared to $519,000 at December 31, 2018 and $1.0 million at June 30, 2018.
| LOANS BY GEOGRAPHIC LOCATION | Percentage Change | ||||||||||||||||||||||||
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Prior Qtr | Prior Yr Qtr | ||||||||||||||||||||
| Amount | Percentage | Amount | Amount | Amount | |||||||||||||||||||||
| Washington | $ | 4,293,854 | 49.1 | % | $ | 4,329,759 | $ | 4,324,588 | $ | 3,550,945 | (0.8 | )% | 20.9 | % | |||||||||||
| Oregon | 1,628,102 | 18.6 | % | 1,639,427 | 1,636,152 | 1,601,939 | (0.7 | )% | 1.6 | % | |||||||||||||||
| California | 1,659,326 | 19.0 | % | 1,581,654 | 1,596,604 | 1,477,293 | 4.9 | % | 12.3 | % | |||||||||||||||
| Idaho | 548,189 | 6.3 | % | 524,705 | 521,026 | 500,201 | 4.5 | % | 9.6 | % | |||||||||||||||
| Utah | 62,944 | 0.7 | % | 59,940 | 57,318 | 76,414 | 5.0 | % | (17.6 | )% | |||||||||||||||
| Other | 554,135 | 6.3 | % | 557,172 | 548,907 | 477,940 | (0.5 | )% | 15.9 | % | |||||||||||||||
| Total loans receivable | $ | 8,746,550 | 100.0 | % | $ | 8,692,657 | $ | 8,684,595 | $ | 7,684,732 | 0.6 | % | 13.8 | % | |||||||||||
ADDITIONAL FINANCIAL INFORMATION(dollars in thousands)
The following table shows loan originations (excluding loans held for sale) activity for the quarters ending June 30, 2019, March 31, 2019, and June 30, 2018 and the six months ending June 30, 2019 and June 30, 2018 (in thousands):
| LOAN ORIGINATIONS | Quarters Ended | Six Months Ended | |||||||||||||||||
| Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2018 | |||||||||||||||
| Commercial real estate | $ | 81,361 | $ | 94,196 | $ | 155,781 | $ | 175,557 | $ | 221,506 | |||||||||
| Multifamily real estate | 21,651 | 7,617 | 6,090 | 29,267 | 6,825 | ||||||||||||||
| Construction and land | 368,224 | 233,494 | 361,427 | 601,718 | 692,350 | ||||||||||||||
| Commercial business | 241,134 | 125,912 | 195,909 | 367,046 | 328,896 | ||||||||||||||
| Agricultural business | 20,702 | 32,059 | 41,480 | 52,761 | 68,054 | ||||||||||||||
| One-to four-family residential | 26,210 | 31,789 | 26,416 | 57,999 | 44,351 | ||||||||||||||
| Consumer | 119,970 | 63,774 | 114,289 | 183,743 | 184,822 | ||||||||||||||
| Total loan originations (excluding loans held for sale) | $ | 879,252 | $ | 588,841 | $ | 901,392 | $ | 1,468,091 | $ | 1,546,804 | |||||||||
| ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Quarters Ended | Six months ended | |||||||||||||||||||
| CHANGE IN THE | Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2018 | |||||||||||||||
| ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
| Balance, beginning of period | $ | 97,308 | $ | 96,485 | $ | 92,207 | $ | 96,485 | $ | 89,028 | ||||||||||
| Provision for loan losses | 2,000 | 2,000 | 2,000 | 4,000 | 4,000 | |||||||||||||||
| Recoveries of loans previously charged off: | ||||||||||||||||||||
| Commercial real estate | 149 | 21 | 216 | 170 | 1,568 | |||||||||||||||
| Construction and land | 30 | 22 | 11 | 52 | 185 | |||||||||||||||
| One- to four-family real estate | 230 | 43 | 356 | 273 | 646 | |||||||||||||||
| Commercial business | 215 | 23 | 100 | 238 | 270 | |||||||||||||||
| Agricultural business, including secured by farmland | 35 | — | 41 | 35 | 41 | |||||||||||||||
| Consumer | 223 | 110 | 106 | 333 | 218 | |||||||||||||||
| 882 | 219 | 830 | 1,101 | 2,928 | ||||||||||||||||
| Loans charged off: | ||||||||||||||||||||
| Commercial real estate | (393 | ) | (431 | ) | (299 | ) | (824 | ) | (299 | ) | ||||||||||
| One- to four-family real estate | — | — | — | — | (16 | ) | ||||||||||||||
| Commercial business | (802 | ) | (590 | ) | (375 | ) | (1,392 | ) | (894 | ) | ||||||||||
| Agricultural business, including secured by farmland | (162 | ) | (4 | ) | (329 | ) | (166 | ) | (336 | ) | ||||||||||
| Consumer | (579 | ) | (371 | ) | (159 | ) | (950 | ) | (536 | ) | ||||||||||
| (1,936 | ) | (1,396 | ) | (1,162 | ) | (3,332 | ) | (2,081 | ) | |||||||||||
| Net (charge-offs) recoveries | (1,054 | ) | (1,177 | ) | (332 | ) | (2,231 | ) | 847 | |||||||||||
| Balance, end of period | $ | 98,254 | $ | 97,308 | $ | 93,875 | $ | 98,254 | $ | 93,875 | ||||||||||
| Net (charge-offs) recoveries / Average loans receivable | (0.012 | )% | (0.013 | )% | (0.004 | )% | (0.025 | )% | 0.011 | % | ||||||||||
| ALLOCATION OF | ||||||||||||||||
| ALLOWANCE FOR LOAN LOSSES | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | ||||||||||||
| Specific or allocated loss allowance: | ||||||||||||||||
| Commercial real estate | $ | 26,730 | $ | 27,091 | $ | 27,132 | $ | 24,413 | ||||||||
| Multifamily real estate | 4,344 | 4,020 | 3,818 | 3,718 | ||||||||||||
| Construction and land | 23,554 | 23,713 | 24,442 | 27,034 | ||||||||||||
| One- to four-family real estate | 4,701 | 4,711 | 4,714 | 3,932 | ||||||||||||
| Commercial business | 19,557 | 18,662 | 19,438 | 19,141 | ||||||||||||
| Agricultural business, including secured by farmland | 3,691 | 3,596 | 3,778 | 3,162 | ||||||||||||
| Consumer | 8,452 | 7,980 | 7,972 | 5,725 | ||||||||||||
| Total allocated | 91,029 | 89,773 | 91,294 | 87,125 | ||||||||||||
| Unallocated | 7,225 | 7,535 | 5,191 | 6,750 | ||||||||||||
| Total allowance for loan losses | $ | 98,254 | $ | 97,308 | $ | 96,485 | $ | 93,875 | ||||||||
| Allowance for loan losses / Total loans receivable | 1.12 | % | 1.12 | % | 1.11 | % | 1.22 | % | ||||||||
| Allowance for loan losses / Non-performing loans | 534 | % | 504 | % | 616 | % | 613 | % | ||||||||
| ADDITIONAL FINANCIAL INFORMATION | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | ||||||||||||
| NON-PERFORMING ASSETS | |||||||||||||||
| Loans on non-accrual status: | |||||||||||||||
| Secured by real estate: | |||||||||||||||
| Commercial | $ | 4,603 | $ | 5,734 | $ | 4,088 | $ | 4,341 | |||||||
| Construction and land | 2,214 | 3,036 | 3,188 | 1,176 | |||||||||||
| One- to four-family | 2,665 | 1,538 | 1,544 | 2,281 | |||||||||||
| Commercial business | 2,983 | 3,614 | 2,936 | 2,673 | |||||||||||
| Agricultural business, including secured by farmland | 1,359 | 2,507 | 1,751 | 1,712 | |||||||||||
| Consumer | 3,230 | 2,181 | 1,241 | 1,176 | |||||||||||
| 17,054 | 18,610 | 14,748 | 13,359 | ||||||||||||
| Loans more than 90 days delinquent, still on accrual: | |||||||||||||||
| Secured by real estate: | |||||||||||||||
| Construction and land | 262 | — | — | 784 | |||||||||||
| One- to four-family | 995 | 640 | 658 | 905 | |||||||||||
| Commercial business | 1 | 1 | 1 | 1 | |||||||||||
| Consumer | 97 | 42 | 247 | 253 | |||||||||||
| 1,355 | 683 | 906 | 1,943 | ||||||||||||
| Total non-performing loans | 18,409 | 19,293 | 15,654 | 15,302 | |||||||||||
| Real estate owned (REO) | 2,513 | 2,611 | 2,611 | 473 | |||||||||||
| Other repossessed assets | 112 | 50 | 592 | 733 | |||||||||||
| Total non-performing assets | $ | 21,034 | $ | 21,954 | $ | 18,857 | $ | 16,508 | |||||||
| Total non-performing assets to total assets | 0.18 | % | 0.19 | % | 0.16 | % | 0.16 | % | |||||||
| Purchased credit-impaired loans, net | $ | 12,945 | $ | 13,330 | $ | 14,413 | $ | 18,063 | |||||||
| Quarters Ended | Six months ended | ||||||||||||||||||
| REAL ESTATE OWNED | Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2018 | ||||||||||||||
| Balance, beginning of period | $ | 2,611 | $ | 2,611 | $ | 328 | $ | 2,611 | $ | 360 | |||||||||
| Additions from loan foreclosures | 61 | — | 393 | 61 | 521 | ||||||||||||||
| Proceeds from dispositions of REO | (150 | ) | — | (314 | ) | (150 | ) | (314 | ) | ||||||||||
| Gain on sale of REO | (9 | ) | — | 66 | (9 | ) | 66 | ||||||||||||
| Valuation adjustments in the period | — | — | — | — | (160 | ) | |||||||||||||
| Balance, end of period | $ | 2,513 | $ | 2,611 | $ | 473 | $ | 2,513 | $ | 473 | |||||||||
| ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||
| DEPOSIT COMPOSITION | Percentage Change | |||||||||||||||||||||
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Prior Qtr | Prior Yr Qtr | |||||||||||||||||
| Non-interest-bearing | $ | 3,671,995 | $ | 3,676,984 | $ | 3,657,817 | $ | 3,346,777 | (0.1 | )% | 9.7 | % | ||||||||||
| Interest-bearing checking | 1,187,035 | 1,174,169 | 1,191,016 | 1,012,519 | 1.1 | % | 17.2 | % | ||||||||||||||
| Regular savings accounts | 1,848,048 | 1,865,852 | 1,842,581 | 1,635,080 | (1.0 | )% | 13.0 | % | ||||||||||||||
| Money market accounts | 1,511,119 | 1,495,948 | 1,465,369 | 1,384,684 | 1.0 | % | 9.1 | % | ||||||||||||||
| Total interest-bearing transaction and savings accounts | 4,546,202 | 4,535,969 | 4,498,966 | 4,032,283 | 0.2 | % | 12.7 | % | ||||||||||||||
| Total core deposits | 8,218,197 | 8,212,953 | 8,156,783 | 7,379,060 | 0.1 | % | 11.4 | % | ||||||||||||||
| Interest-bearing certificates | 1,070,770 | 1,163,276 | 1,320,265 | 1,148,607 | (8.0 | )% | (6.8 | )% | ||||||||||||||
| Total deposits | $ | 9,288,967 | $ | 9,376,229 | $ | 9,477,048 | $ | 8,527,667 | (0.9 | )% | 8.9 | % | ||||||||||
| GEOGRAPHIC CONCENTRATION OF DEPOSITS | Percentage Change | ||||||||||||||||||||||||
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Prior Qtr | Prior Yr Qtr | ||||||||||||||||||||
| Amount | Percentage | Amount | Amount | Amount | |||||||||||||||||||||
| Washington | $ | 5,503,280 | 59.2 | % | $ | 5,604,567 | $ | 5,674,328 | $ | 4,735,357 | (1.8 | )% | 16.2 | % | |||||||||||
| Oregon | 1,919,051 | 20.7 | % | 1,906,132 | 1,891,145 | 1,886,435 | 0.7 | % | 1.7 | % | |||||||||||||||
| California | 1,399,137 | 15.1 | % | 1,402,213 | 1,434,033 | 1,444,413 | (0.2 | )% | (3.1 | )% | |||||||||||||||
| Idaho | 467,499 | 5.0 | % | 463,317 | 477,542 | 461,462 | 0.9 | % | 1.3 | % | |||||||||||||||
| Total deposits | $ | 9,288,967 | 100.0 | % | $ | 9,376,229 | $ | 9,477,048 | $ | 8,527,667 | (0.9 | )% | 8.9 | % | |||||||||||
| INCLUDED IN TOTAL DEPOSITS | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | ||||||||||||
| Public non-interest-bearing accounts | $ | 102,348 | $ | 92,122 | $ | 96,009 | $ | 86,040 | ||||||||
| Public interest-bearing transaction & savings accounts | 121,262 | 118,033 | 121,392 | 114,457 | ||||||||||||
| Public interest-bearing certificates | 28,656 | 29,572 | 30,089 | 24,390 | ||||||||||||
| Total public deposits | $ | 252,266 | $ | 239,727 | $ | 247,490 | $ | 224,887 | ||||||||
| Total brokered deposits | $ | 138,395 | $ | 239,444 | $ | 377,347 | $ | 280,055 | ||||||||
| ADDITIONAL FINANCIAL INFORMATION | |||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| Actual | Minimum to be categorized as "Adequately Capitalized" | Minimum to becategorized as"Well Capitalized" | |||||||||||||||||||
| REGULATORY CAPITAL RATIOS AS OF JUNE 30, 2019 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
| Banner Corporation-consolidated: | |||||||||||||||||||||
| Total capital to risk-weighted assets | $ | 1,327,875 | 13.37 | % | $ | 794,575 | 8.00 | % | $ | 993,218 | 10.00 | % | |||||||||
| Tier 1 capital to risk-weighted assets | 1,227,022 | 12.35 | % | 595,931 | 6.00 | % | 595,931 | 6.00 | % | ||||||||||||
| Tier 1 leverage capital to average assets | 1,227,022 | 10.83 | % | 453,256 | 4.00 | % | n/a | n/a | |||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 1,091,022 | 10.98 | % | 446,948 | 4.50 | % | n/a | n/a | |||||||||||||
| Banner Bank: | |||||||||||||||||||||
| Total capital to risk-weighted assets | 1,236,298 | 12.69 | % | 779,191 | 8.00 | % | 973,989 | 10.00 | % | ||||||||||||
| Tier 1 capital to risk-weighted assets | 1,137,866 | 11.68 | % | 584,393 | 6.00 | % | 779,191 | 8.00 | % | ||||||||||||
| Tier 1 leverage capital to average assets | 1,137,866 | 10.30 | % | 442,043 | 4.00 | % | 552,553 | 5.00 | % | ||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 1,137,866 | 11.68 | % | 438,295 | 4.50 | % | 633,093 | 6.50 | % | ||||||||||||
| Islanders Bank: | |||||||||||||||||||||
| Total capital to risk-weighted assets | 35,804 | 18.80 | % | 15,239 | 8.00 | % | 19,049 | 10.00 | % | ||||||||||||
| Tier 1 capital to risk-weighted assets | 33,422 | 17.54 | % | 11,430 | 6.00 | % | 15,239 | 8.00 | % | ||||||||||||
| Tier 1 leverage capital to average assets | 33,422 | 12.00 | % | 11,143 | 4.00 | % | 13,929 | 5.00 | % | ||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 33,422 | 17.54 | % | 8,572 | 4.50 | % | 12,382 | 6.50 | % | ||||||||||||
| ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||
| (rates / ratios annualized) | ||||||||||||||||||||||||||
| ANALYSIS OF NET INTEREST SPREAD | Quarters Ended | |||||||||||||||||||||||||
| June 30, 2019 | March 31, 2019 | June 30, 2018 | ||||||||||||||||||||||||
| Average Balance | Interest and Dividends | Yield / Cost(3) | Average Balance | Interest and Dividends | Yield / Cost(3) | Average Balance | Interest and Dividends | Yield / Cost(3) | ||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||
| Held for sale loans | $ | 47,663 | $ | 567 | 4.77 | % | $ | 98,005 | $ | 1,121 | 4.64 | % | $ | 112,664 | $ | 1,295 | 4.61 | % | ||||||||
| Mortgage loans | 6,800,802 | 89,682 | 5.29 | % | 6,833,933 | 88,602 | 5.26 | % | 6,050,560 | 76,908 | 5.10 | % | ||||||||||||||
| Commercial/agricultural loans | 1,769,603 | 23,924 | 5.42 | % | 1,703,503 | 22,812 | 5.43 | % | 1,479,148 | 19,381 | 5.26 | % | ||||||||||||||
| Consumer and other loans | 179,693 | 2,834 | 6.33 | % | 183,451 | 2,920 | 6.46 | % | 141,401 | 2,269 | 6.44 | % | ||||||||||||||
| Total loans(1) | 8,797,761 | 117,007 | 5.33 | % | 8,818,892 | 115,455 | 5.31 | % | 7,783,773 | 99,853 | 5.15 | % | ||||||||||||||
| Mortgage-backed securities | 1,354,048 | 9,794 | 2.90 | % | 1,392,118 | 10,507 | 3.06 | % | 1,261,809 | 8,899 | 2.83 | % | ||||||||||||||
| Other securities | 448,721 | 3,310 | 2.96 | % | 484,134 | 3,479 | 2.91 | % | 473,953 | 3,331 | 2.82 | % | ||||||||||||||
| Interest-bearing deposits with banks | 53,955 | 340 | 2.53 | % | 44,757 | 289 | 2.62 | % | 51,886 | 211 | 1.63 | % | ||||||||||||||
| FHLB stock | 30,902 | 387 | 5.02 | % | 31,761 | 266 | 3.40 | % | 22,231 | 129 | 2.33 | % | ||||||||||||||
| Total investment securities | 1,887,626 | 13,831 | 2.94 | % | 1,952,770 | 14,541 | 3.02 | % | 1,809,879 | 12,570 | 2.79 | % | ||||||||||||||
| Total interest-earning assets | 10,685,387 | 130,838 | 4.91 | % | 10,771,662 | 129,996 | 4.89 | % | 9,593,652 | 112,423 | 4.70 | % | ||||||||||||||
| Non-interest-earning assets | 1,048,811 | 1,031,591 | 804,229 | |||||||||||||||||||||||
| Total assets | $ | 11,734,198 | $ | 11,803,253 | $ | 10,397,881 | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||
| Interest-bearing checking accounts | $ | 1,177,534 | 564 | 0.19 | % | $ | 1,153,949 | 475 | 0.17 | % | $ | 1,051,409 | 281 | 0.11 | % | |||||||||||
| Savings accounts | 1,851,913 | 2,119 | 0.46 | % | 1,854,123 | 1,920 | 0.42 | % | 1,648,739 | 811 | 0.20 | % | ||||||||||||||
| Money market accounts | 1,497,717 | 2,656 | 0.71 | % | 1,490,326 | 2,251 | 0.61 | % | 1,419,578 | 792 | 0.22 | % | ||||||||||||||
| Certificates of deposit | 1,105,844 | 3,684 | 1.34 | % | 1,253,613 | 3,997 | 1.29 | % | 1,067,742 | 2,380 | 0.89 | % | ||||||||||||||
| Total interest-bearing deposits | 5,633,008 | 9,023 | 0.64 | % | 5,752,011 | 8,643 | 0.61 | % | 5,187,468 | 4,264 | 0.33 | % | ||||||||||||||
| Non-interest-bearing deposits | 3,652,096 | — | — | % | 3,605,922 | — | — | % | 3,324,104 | — | — | % | ||||||||||||||
| Total deposits | 9,285,104 | 9,023 | 0.39 | % | 9,357,933 | 8,643 | 0.37 | % | 8,511,572 | 4,264 | 0.20 | % | ||||||||||||||
| Other interest-bearing liabilities: | ||||||||||||||||||||||||||
| FHLB advances | 514,703 | 3,370 | 2.63 | % | 534,238 | 3,476 | 2.64 | % | 296,495 | 1,499 | 2.03 | % | ||||||||||||||
| Other borrowings | 122,455 | 67 | 0.22 | % | 118,008 | 60 | 0.21 | % | 105,013 | 49 | 0.19 | % | ||||||||||||||
| Junior subordinated debentures | 140,212 | 1,683 | 4.81 | % | 140,212 | 1,713 | 4.95 | % | 140,212 | 1,548 | 4.43 | % | ||||||||||||||
| Total borrowings | 777,370 | 5,120 | 2.64 | % | 792,458 | 5,249 | 2.69 | % | 541,720 | 3,096 | 2.29 | % | ||||||||||||||
| Total funding liabilities | 10,062,474 | 14,143 | 0.56 | % | 10,150,391 | 13,892 | 0.56 | % | 9,053,292 | 7,360 | 0.33 | % | ||||||||||||||
| Other non-interest-bearing liabilities(2) | 151,436 | 151,937 | 75,784 | |||||||||||||||||||||||
| Total liabilities | 10,213,910 | 10,302,328 | 9,129,076 | |||||||||||||||||||||||
| Shareholders' equity | 1,520,288 | 1,500,925 | 1,268,805 | |||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 11,734,198 | $ | 11,803,253 | $ | 10,397,881 | ||||||||||||||||||||
| Net interest income/rate spread | $ | 116,695 | 4.35 | % | $ | 116,104 | 4.33 | % | $ | 105,063 | 4.37 | % | ||||||||||||||
| Net interest margin | 4.38 | % | 4.37 | % | 4.39 | % | ||||||||||||||||||||
| Additional Key Financial Ratios: | ||||||||||||||||||||||||||
| Return on average assets | 1.36 | % | 1.15 | % | 1.25 | % | ||||||||||||||||||||
| Return on average equity | 10.47 | % | 9.01 | % | 10.25 | % | ||||||||||||||||||||
| Average equity/average assets | 12.96 | % | 12.72 | % | 12.20 | % | ||||||||||||||||||||
| Average interest-earning assets/average interest-bearing liabilities | 166.69 | % | 164.59 | % | 167.45 | % | ||||||||||||||||||||
| Average interest-earning assets/average funding liabilities | 106.19 | % | 106.12 | % | 105.97 | % | ||||||||||||||||||||
| Non-interest income/average assets | 0.78 | % | 0.62 | % | 0.82 | % | ||||||||||||||||||||
| Non-interest expense/average assets | 2.96 | % | 3.09 | % | 3.19 | % | ||||||||||||||||||||
| Efficiency ratio(4) | 62.22 | % | 67.06 | % | 65.44 | % | ||||||||||||||||||||
| Adjusted efficiency ratio(5) | 59.56 | % | 63.32 | % | 64.09 | % | ||||||||||||||||||||
| (1 | ) | Average balances include loans accounted for on a nonaccrual basis and loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans. |
| (2 | ) | Average other non-interest-bearing liabilities include fair value adjustments related to FHLB advances and junior subordinated debentures. |
| (3 | ) | Yields and costs have not been adjusted for the effect of tax-exempt interest. |
| (4 | ) | Non-interest expense divided by the total of net interest income (before provision for loan losses) and non-interest income. |
| (5 | ) | Adjusted non-interest expense divided by adjusted revenue. Adjusted revenue excludes net gain (loss) on sale of securities and fair value adjustments. Adjusted non-interest expense excludes acquisition-related expenses, amortization of core deposit intangibles (CDI), REO gain (loss), and state/municipal business and use taxes. These represent non-GAAP financial measures. See also Non-GAAP Financial Measures reconciliation tables on the last two pages of this press release. |
| ADDITIONAL FINANCIAL INFORMATION | |||||||||||||||||
| (dollars in thousands) | |||||||||||||||||
| (rates / ratios annualized) | |||||||||||||||||
| ANALYSIS OF NET INTEREST SPREAD | Six months ended | ||||||||||||||||
| June 30, 2019 | June 30, 2018 | ||||||||||||||||
| Average Balance | Interest and Dividends | Yield/Cost(3) | Average Balance | Interest and Dividends | Yield/Cost(3) | ||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Held for sale loans | $ | 72,694 | $ | 1,688 | 4.68 | % | $ | 85,815 | $ | 1,976 | 4.64 | % | |||||
| Mortgage loans | 6,817,276 | 178,284 | 5.27 | % | 6,028,667 | 150,573 | 5.04 | % | |||||||||
| Commercial/agricultural loans | 1,736,735 | 46,736 | 5.43 | % | 1,467,789 | 36,803 | 5.06 | % | |||||||||
| Consumer and other loans | 181,562 | 5,754 | 6.39 | % | 141,016 | 4,523 | 6.47 | % | |||||||||
| Total loans(1) | 8,808,267 | 232,462 | 5.32 | % | 7,723,287 | 193,875 | 5.06 | % | |||||||||
| Mortgage-backed securities | 1,372,978 | 20,301 | 2.98 | % | 1,160,407 | 16,230 | 2.82 | % | |||||||||
| Other securities | 466,330 | 6,789 | 2.94 | % | 468,480 | 6,420 | 2.76 | % | |||||||||
| Interest-bearing deposits with banks | 49,382 | 629 | 2.57 | % | 58,164 | 442 | 1.53 | % | |||||||||
| FHLB stock | 31,329 | 653 | 4.20 | % | 19,406 | 276 | 2.87 | % | |||||||||
| Total investment securities | 1,920,019 | 28,372 | 2.98 | % | 1,706,457 | 23,368 | 2.76 | % | |||||||||
| Total interest-earning assets | 10,728,286 | 260,834 | 4.90 | % | 9,429,744 | 217,243 | 4.65 | % | |||||||||
| Non-interest-earning assets | 1,040,248 | 804,862 | |||||||||||||||
| Total assets | $ | 11,768,534 | $ | 10,234,606 | |||||||||||||
| Deposits: | |||||||||||||||||
| Interest-bearing checking accounts | $ | 1,165,807 | 1,039 | 0.18 | % | $ | 1,027,800 | 527 | 0.10 | % | |||||||
| Savings accounts | 1,853,012 | 4,039 | 0.44 | % | 1,625,335 | 1,438 | 0.18 | % | |||||||||
| Money market accounts | 1,494,042 | 4,907 | 0.66 | % | 1,431,068 | 1,458 | 0.21 | % | |||||||||
| Certificates of deposit | 1,179,320 | 7,681 | 1.31 | % | 1,033,431 | 4,199 | 0.82 | % | |||||||||
| Total interest-bearing deposits | 5,692,181 | 17,666 | 0.63 | % | 5,117,634 | 7,622 | 0.30 | % | |||||||||
| Non-interest-bearing deposits | 3,629,136 | — | — | % | 3,303,509 | — | — | % | |||||||||
| Total deposits | 9,321,317 | 17,666 | 0.38 | % | 8,421,143 | 7,622 | 0.18 | % | |||||||||
| Other interest-bearing liabilities: | |||||||||||||||||
| FHLB advances | 524,417 | 6,846 | 2.63 | % | 226,407 | 2,177 | 1.94 | % | |||||||||
| Other borrowings | 120,243 | 127 | 0.21 | % | 103,073 | 119 | 0.23 | % | |||||||||
| Junior subordinated debentures | 140,212 | 3,396 | 4.88 | % | 140,212 | 2,889 | 4.16 | % | |||||||||
| Total borrowings | 784,872 | 10,369 | 2.66 | % | 469,692 | 5,185 | 2.23 | % | |||||||||
| Total funding liabilities | 10,106,189 | 28,035 | 0.56 | % | 8,890,835 | 12,807 | 0.29 | % | |||||||||
| Other non-interest-bearing liabilities(2) | 151,685 | 70,908 | |||||||||||||||
| Total liabilities | 10,257,874 | 8,961,743 | |||||||||||||||
| Shareholders' equity | 1,510,660 | 1,272,863 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 11,768,534 | $ | 10,234,606 | |||||||||||||
| Net interest income/rate spread | $ | 232,799 | 4.34 | % | $ | 204,436 | 4.36 | % | |||||||||
| Net interest margin | 4.38 | % | 4.37 | % | |||||||||||||
| Additional Key Financial Ratios: | |||||||||||||||||
| Return on average assets | 1.25 | % | 1.21 | % | |||||||||||||
| Return on average equity | 9.75 | % | 9.70 | % | |||||||||||||
| Average equity/average assets | 12.84 | % | 12.44 | % | |||||||||||||
| Average interest-earning assets/average interest-bearing liabilities | 165.64 | % | 168.77 | % | |||||||||||||
| Average interest-earning assets/average funding liabilities | 106.16 | % | 106.06 | % | |||||||||||||
| Non-interest income/average assets | 0.70 | % | 0.84 | % | |||||||||||||
| Non-interest expense/average assets | 3.03 | % | 3.24 | % | |||||||||||||
| Efficiency ratio(4) | 64.59 | % | 66.53 | % | |||||||||||||
| Adjusted efficiency ratio(5) | 61.41 | % | 65.70 | % | |||||||||||||
| (1) | Average balances include loans accounted for on a nonaccrual basis and loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans. | |
| (2) | Average other non-interest-bearing liabilities include fair value adjustments related to FHLB advances and junior subordinated debentures. | |
| (3) | Yields and costs have not been adjusted for the effect of tax-exempt interest. | |
| (4) | Non-interest expense divided by the total of net interest income (before provision for loan losses) and non-interest income. | |
| (5) | Adjusted non-interest expense divided by adjusted revenue. Adjusted revenue excludes net gain (loss) on sale of securities and fair value adjustments. Adjusted non-interest expense excludes acquisition-related expenses, amortization of CDI, REO gain (loss), and state/municipal business and use taxes. These represent non-GAAP financial measures. See also Non-GAAP Financial Measures reconciliation tables on the last two pages of this press release. |
| ADDITIONAL FINANCIAL INFORMATION | |||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||
| * Non-GAAP Financial Measures | |||||||||||||||||||
| In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below: | |||||||||||||||||||
| REVENUE FROM CORE OPERATIONS | Quarters Ended | Six months ended | |||||||||||||||||
| Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2018 | |||||||||||||||
| Net interest income before provision for loan losses | $ | 116,695 | $ | 116,104 | $ | 105,063 | $ | 232,799 | $ | 204,436 | |||||||||
| Total non-interest income | 22,676 | 18,125 | 21,217 | 40,801 | 42,579 | ||||||||||||||
| Total GAAP revenue | 139,371 | 134,229 | 126,280 | 273,600 | 247,015 | ||||||||||||||
| Exclude net loss (gain) on sale of securities | 28 | (1 | ) | (44 | ) | 27 | (48 | ) | |||||||||||
| Exclude net change in valuation of financial instruments carried at fair value | 114 | (11 | ) | (224 | ) | 103 | (3,532 | ) | |||||||||||
| Revenue from core operations (non-GAAP) | $ | 139,513 | $ | 134,217 | $ | 126,012 | $ | 273,730 | $ | 243,435 | |||||||||
| EARNINGS FROM CORE OPERATIONS | Quarters Ended | Six months ended | ||||||||||||||||||
| Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2018 | ||||||||||||||||
| Net income (GAAP) | $ | 39,700 | $ | 33,346 | $ | 32,424 | $ | 73,046 | $ | 61,214 | ||||||||||
| Exclude net loss (gain) on sale of securities | 28 | (1 | ) | (44 | ) | 27 | (48 | ) | ||||||||||||
| Exclude net change in valuation of financial instruments carried at fair value | 114 | (11 | ) | (224 | ) | 103 | (3,532 | ) | ||||||||||||
| Exclude acquisition-related expenses | 301 | 2,148 | — | 2,449 | — | |||||||||||||||
| Exclude related tax (benefit) expense | (106 | ) | (513 | ) | 64 | (619 | ) | 859 | ||||||||||||
| Total earnings from core operations (non-GAAP) | $ | 40,037 | $ | 34,969 | $ | 32,220 | $ | 75,006 | $ | 58,493 | ||||||||||
| Diluted earnings per share (GAAP) | $ | 1.14 | $ | 0.95 | $ | 1.00 | $ | 2.09 | $ | 1.89 | ||||||||||
| Diluted core earnings per share (non-GAAP) | $ | 1.15 | $ | 0.99 | $ | 1.00 | $ | 2.14 | $ | 1.80 | ||||||||||
| ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| ADJUSTED EFFICIENCY RATIO | Quarters Ended | Six months ended | ||||||||||||||||||
| Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2018 | ||||||||||||||||
| Non-interest expense (GAAP) | $ | 86,716 | $ | 90,014 | $ | 82,637 | $ | 176,730 | $ | 164,343 | ||||||||||
| Exclude acquisition-related expenses | (301 | ) | (2,148 | ) | — | (2,449 | ) | — | ||||||||||||
| Exclude CDI amortization | (2,053 | ) | (2,052 | ) | (1,382 | ) | (4,105 | ) | (2,764 | ) | ||||||||||
| Exclude state/municipal tax expense | (1,007 | ) | (945 | ) | (816 | ) | (1,952 | ) | (1,529 | ) | ||||||||||
| Exclude REO (loss) gain | (260 | ) | 123 | 319 | (137 | ) | (121 | ) | ||||||||||||
| Adjusted non-interest expense (non-GAAP) | $ | 83,095 | $ | 84,992 | $ | 80,758 | $ | 168,087 | $ | 159,929 | ||||||||||
| Net interest income before provision for loan losses (GAAP) | $ | 116,695 | $ | 116,104 | $ | 105,063 | $ | 232,799 | $ | 204,436 | ||||||||||
| Non-interest income (GAAP) | 22,676 | 18,125 | 21,217 | 40,801 | 42,579 | |||||||||||||||
| Total revenue | 139,371 | 134,229 | 126,280 | 273,600 | 247,015 | |||||||||||||||
| Exclude net loss (gain) on sale of securities | 28 | (1 | ) | (44 | ) | 27 | (48 | ) | ||||||||||||
| Exclude net change in valuation of financial instruments carried at fair value | 114 | (11 | ) | (224 | ) | 103 | (3,532 | ) | ||||||||||||
| Revenue from core operations (non-GAAP) | $ | 139,513 | $ | 134,217 | $ | 126,012 | $ | 273,730 | $ | 243,435 | ||||||||||
| Efficiency ratio (GAAP) | 62.22 | % | 67.06 | % | 65.44 | % | 64.59 | % | 66.53 | % | ||||||||||
| Adjusted efficiency ratio (non-GAAP) | 59.56 | % | 63.32 | % | 64.09 | % | 61.41 | % | 65.70 | % | ||||||||||
| TANGIBLE COMMON SHAREHOLDERS' EQUITY TO TANGIBLE ASSETS | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | ||||||||||||
| Shareholders' equity (GAAP) | $ | 1,521,055 | $ | 1,511,191 | $ | 1,478,595 | $ | 1,253,010 | ||||||||
| Exclude goodwill and other intangible assets, net | 367,749 | 369,801 | 372,078 | 262,517 | ||||||||||||
| Tangible common shareholders' equity (non-GAAP) | $ | 1,153,306 | $ | 1,141,390 | $ | 1,106,517 | $ | 990,493 | ||||||||
| Total assets (GAAP) | $ | 11,847,374 | $ | 11,740,285 | $ | 11,871,317 | $ | 10,379,194 | ||||||||
| Exclude goodwill and other intangible assets, net | 367,749 | 369,801 | 372,078 | 262,517 | ||||||||||||
| Total tangible assets (non-GAAP) | $ | 11,479,625 | $ | 11,370,484 | $ | 11,499,239 | $ | 10,116,677 | ||||||||
| Common shareholders' equity to total assets (GAAP) | 12.84 | % | 12.87 | % | 12.46 | % | 12.07 | % | ||||||||
| Tangible common shareholders' equity to tangible assets (non-GAAP) | 10.05 | % | 10.04 | % | 9.62 | % | 9.79 | % | ||||||||
| TANGIBLE COMMON SHAREHOLDERS' EQUITY PER SHARE | ||||||||||||||||
| Tangible common shareholders' equity (non-GAAP) | $ | 1,153,306 | $ | 1,141,390 | $ | 1,106,517 | $ | 990,493 | ||||||||
| Common shares outstanding at end of period | 34,573,643 | 35,152,746 | 35,182,772 | 32,405,696 | ||||||||||||
| Common shareholders' equity (book value) per share (GAAP) | $ | 43.99 | $ | 42.99 | $ | 42.03 | $ | 38.67 | ||||||||
| Tangible common shareholders' equity (tangible book value) per share (non-GAAP) | $ | 33.36 | $ | 32.47 | $ | 31.45 | $ | 30.57 | ||||||||
CONTACT: MARK J. GRESCOVICH,PRESIDENT & CEOPETER J. CONNER, CFO(509) 527-3636
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