0000939057-15-000066.txt : 20150203 0000939057-15-000066.hdr.sgml : 20150203 20150203090946 ACCESSION NUMBER: 0000939057-15-000066 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20150202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150203 DATE AS OF CHANGE: 20150203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANNER CORP CENTRAL INDEX KEY: 0000946673 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 911691604 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26584 FILM NUMBER: 15569204 BUSINESS ADDRESS: STREET 1: 10 S FIRST AVENUE CITY: WALLA WALLA STATE: WA ZIP: 99362 BUSINESS PHONE: 5095273636 MAIL ADDRESS: STREET 1: 10 S FIRST AVENUE CITY: WALLA WALLA STATE: WA ZIP: 99362 FORMER COMPANY: FORMER CONFORMED NAME: FIRST WASHINGTON BANCORP INC /WA/ DATE OF NAME CHANGE: 19980727 FORMER COMPANY: FORMER CONFORMED NAME: FIRST SAVINGS BANK OF WASHINGTON BANCORP INC DATE OF NAME CHANGE: 19950614 8-K 1 k82215er.htm BANNER CORPORATION FORM 8-K FOR THE EVENT ON FEBRUARY 2, 2015 k82215er.htm
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
 
PURSUANT TO SECTION 13 OR 15 (d) OF THE
 
SECURITIES EXCHANGE ACT OF 1934
 
 
Date of Report (Date of earliest event reported): February 2, 2015
 
 
Banner Corporation
(Exact name of registrant as specified in its charter)
 
   Washington
    0-26584
  91-1691604 
(State or other jurisdiction
 (Commission
(I.R.S. Employer
of incorporation)
 File Number)
Identification No.)
 
10 S. First Avenue, Walla Walla, Washington                                                                                    
  99362
(Address of principal executive offices)
(Zip Code)
 
Registrant's telephone number (including area code)  (509) 527-3636
 
Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

[ ] 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 
 
Item 2.02  Results of Operations and Financial Condition

On January 21, 2015, Banner Corporation issued its earnings release for the quarter and year ended December 31, 2014.  A copy of the earnings release was furnished as Exhibit 99.1 to the Form 8-K filed on January 21, 2015.  On February 2, 2015 Banner issued a press release revising the previously reported earnings.  The revised press release is furnished with this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01  Financial Statements and Exhibits

(d)           Exhibits

The following exhibit is being furnished herewith and this list shall constitute the exhibit index:

99.1           Press Release of Banner Corporation dated February 2, 2015.




 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 
BANNER CORPORATION
   
   
   
Date: February 2, 2015
By:/s/Lloyd W. Baker                                            
 
     Lloyd W. Baker
 
     Executive Vice President and
       Chief Financial Officer
   



EX-99 2 ex9912215.htm EXHIBIT 99.1 FOR THE FORM 8-K FOR THE EVENT ON FEBRUARY 2, 2015 ex9912215.htm
Exhibit 99.1
 
 
     
Contact: Mark J. grescovich,
President & CEO
Lloyd W. Baker, CFO
(509) 527-3636
 
 
 
News Release
     

 
 
Banner Corporation Revises 2014 Earnings Downward by $0.03 per Diluted Share to Reflect
Adjusted Tax Expense

Walla Walla, WA – February 2, 2015 – Banner Corporation(NASDAQ GSM: BANR), the parent company of Banner Bank and Islanders Bank, today announced a downward adjustment of $482,000, or $0.03 per diluted share, to its previously reported fourth quarter and full year 2014 net income available to common shareholders.  The revision relates entirely to an adjustment to Banner’s provision for income taxes for the fourth quarter and has no effect on previously reported periods.  The Company’s earlier disclosure of fourth quarter and 2014 net income included a provision for income taxes which incorrectly reflected certain non-deductible merger and acquisition expenses as deductible for tax purposes.  As a result, the provision for income taxes for the quarter and full year ended December 31, 2014 was understated by $482,000.
 
Banner’s revised earnings of $11.7 million, or $0.60 per diluted share, for the quarter ended December 31, 2014, compares to $11.6 million or $0.60 per diluted share for the fourth quarter a year ago.  The current quarter’s results included $2.8 million of acquisition-related expenses which, net of the corrected amount of related tax benefit, reduced net income by $0.12 per diluted share compared to a previously reported amount of $0.09 per diluted share.  For the year ended December 31, 2014, Banner’s net income increased 16% to $54.2 million, or $2.79 per diluted share, compared to $46.6 million, or $2.40 per diluted share, in 2013.
 
The attached financial statements and related disclosures have been revised to reflect the changed provision for income taxes and related effects on net income, earnings per share, liabilities, stockholders equity, and book value and tangible book value per share, as well as the return on assets, return on equity and capital ratios.  There are no changes to any revenue or non-tax related expense items, nor to any earning assets or costing liabilities included in the revised amounts.
 
About the Company
 
Banner Corporation is a $4.72 billion bank holding company operating two commercial banks in Washington, Oregon and Idaho.  Banner serves the Pacific Northwest region with 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 “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” 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.  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.  Statements about the expected timing, completion and effects of the proposed mergers and all other statements in this release other than historical facts constitute forward-looking statements.
 
 
 
 
 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 2
 
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 proposed mergers of Banner Bank and Siuslaw Bank and of Banner Bank and AmericanWest Bank (“AmericanWest”) 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 requisite shareholder and regulatory approvals for the transactions might not be obtained; (3) 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; (4) 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; (5) competitive pressures among depository institutions; (6) interest rate movements and their impact on customer behavior and net interest margin; (7) the impact of repricing and competitors' pricing initiatives on loan and deposit products; (8) fluctuations in real estate values; (9) the ability to adapt successfully to technological changes to meet customers' needs and developments in the market place; (10) the ability to access cost-effective funding; (11) changes in financial markets; (12) changes in economic conditions in general and in Washington, Idaho, Oregon, Utah and California in particular; (13) the costs, effects and outcomes of litigation; (14) new legislation or regulatory changes, including but not limited to the Dodd-Frank Act and regulations adopted thereunder, changes in capital requirements pursuant to the Dodd-Frank Act and 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; (15) changes in accounting principles, policies or guidelines; (16) future acquisitions by Banner or AmericanWest of other depository institutions or lines of business; (17) Banner’s pending acquisition of Siuslaw Financial Group, Inc. or AmericanWest’s pending acquisition of Greater Sacramento Bancorp may fail to be consummated; and (18) future goodwill impairment due to changes in Banner's business, changes in market conditions, or other factors.

Banner does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date on which the forward-looking statement is made except where expressly required by law.

Additional Information

This communication is being made in respect of the proposed merger transactions involving Banner Corporation ("Banner"), Siuslaw Financial Group, Inc. and Starbuck Bancshares, Inc. ("Starbuck"), the parent company of AmericanWest Bank.  This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities.  Banner has filed a proxy statement on Schedule 14A with the SEC in connection with the proposed transaction to acquire Starbuck, which after becoming effective will be sent to the Banner shareholders. Shareholders are advised to read the proxy statement when it becomes available because it will contain important information about Banner, Starbuck, and the proposed transaction.  Banner also plans to file other documents with the SEC regarding the proposed transaction with Starbuck and the pending proposed merger transaction with Siuslaw Financial Group, Inc.  When filed, these documents relating to the proposed transactions can be obtained free of charge from the SEC’s website at www.sec.gov.  These documents also can be obtained free of charge by accessing Banner’s website at http://www.bannerbank.com/AboutUs/InvestorRelations/SecuritiesandExchangeCommission(SEC)Filings/Pages/default.aspx. Alternatively, these documents, when available, can be obtained free of charge from Banner upon written request to Banner Corporation, Attn: Investor Relations, 10 South First Avenue, Walla Walla, Washington 99362 or by calling (509) 527-3636.

Banner Corporation and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the Banner shareholders in connection with the proposed transaction with Starbuck.  Information about these participants may be found in the definitive proxy statement of Banner relating to its 2014 Annual Meeting of Stockholders filed with the SEC by Banner on March 24, 2014.  The definitive proxy statement can be obtained free of charge from the sources indicated above.  Additional information regarding the interests of such participants will be included in the proxy statement and
 
 
 
 
 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 3
 
other relevant documents regarding the proposed merger transaction filed with the SEC when they become available, copies of which may also be obtained free of charge from the sources indicated above.

Banner has filed a registration statement on Form S-4 with the SEC in connection with the merger transaction with Siuslaw Financial Group, Inc.  The registration statement includes a proxy statement of Siuslaw that also constitutes a prospectus of Banner, which has been sent to the shareholders of Siuslaw.  INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN, OR WILL CONTAIN, IMPORTANT INFORMATION ABOUT BANNER, SIUSLAW AND THE PROPOSED TRANSACTION. This document and other documents relating to the merger can be obtained free of charge from the SEC’s website at www.sec.gov.  These documents also can be obtained free of charge by accessing Banner’s website at:

 http://www.bannerbank.com/AboutUs/InvestorRelations/SecuritiesandExchangeCommission(SEC)Filings/Pages/default.aspx
 or by accessing Siuslaw’s website at http://www.siuslawbank.com/Investor-Relations.aspx.

Alternatively, these documents can be obtained free of charge from Banner upon written request to Banner Corporation, Attn: Investor Relations, 10 South First Avenue, Walla Walla, Washington 99362 or by calling (509) 527-3636, or from Siuslaw, upon written request to Siuslaw Financial Group, Inc., Attn: Investor Relations, P.O. Box 280, Florence, Oregon 97439 or by calling (541) 997-3486.

Banner Corporation and Siuslaw Financial Group, Inc., and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the Siuslaw shareholders in connection with the merger.  Information about the directors and executive officers of Siuslaw and the interests of these participants may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available.


 
 
 
 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 4


RESULTS OF OPERATIONS
  
Quarters Ended
  
Twelve Months Ended
(in thousands except shares and per share data)
  
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
  
Dec 31, 2014
  
Dec 31, 2013
   
REVISED
          
REVISED
    
INTEREST INCOME:
                    
Loans receivable
  
$
46,102
    
$
46,496
    
$
41,470
    
$
177,541
    
$
167,204
  
Mortgage-backed securities
  
1,403
    
1,459
    
1,321
    
5,779
    
5,168
  
Securities and cash equivalents
  
1,746
    
1,809
    
1,804
    
7,341
    
7,340
  
   
49,251
    
49,764
    
44,595
    
190,661
    
179,712
  
INTEREST EXPENSE:
                    
Deposits
  
1,801
    
1,903
    
2,198
    
7,578
    
9,737
  
Federal Home Loan Bank advances
  
16
    
20
    
7
    
125
    
99
  
Other borrowings
  
40
    
43
    
41
    
172
    
192
  
Junior subordinated debentures
  
734
    
734
    
742
    
2,914
    
2,968
  
   
2,591
    
2,700
    
2,988
    
10,789
    
12,996
  
Net interest income before provision for loan losses
  
46,660
    
47,064
    
41,607
    
179,872
    
166,716
  
PROVISION FOR LOAN LOSSES
  
—
    
—
    
—
    
—
    
—
  
Net interest income
  
46,660
    
47,064
    
41,607
    
179,872
    
166,716
  
OTHER OPERATING INCOME:
                    
Deposit fees and other service charges
  
8,317
    
8,289
    
6,670
    
30,553
    
26,581
  
Mortgage banking operations
  
2,966
    
2,842
    
2,168
    
10,249
    
11,170
  
Miscellaneous
  
916
    
761
    
1,110
    
2,957
    
3,484
  
   
12,199
    
11,892
    
9,948
    
43,759
    
41,235
  
Net gain on sale of securities
  
1
    
6
    
2
    
42
    
1,022
  
Other-than-temporary impairment recovery
  
—
    
—
    
—
    
—
    
409
  
Net change in valuation of financial instruments carried at fair value
  
(287
)
  
1,452
    
(324
)
  
1,374
    
(2,278
)
Proposed acquisition termination fee
  
—
    
—
    
2,954
    
—
    
2,954
  
Acquisition bargain purchase gain
  
—
    
—
    
—
    
9,079
    
—
  
Total other operating income
  
11,913
    
13,350
    
12,580
    
54,254
    
43,342
  
OTHER OPERATING EXPENSE:
                    
Salary and employee benefits
  
23,321
    
22,971
    
21,191
    
89,778
    
84,388
  
Less capitalized loan origination costs
  
(3,050
)
  
(3,204
)
  
(2,371
)
  
(11,730
)
  
(11,227
)
Occupancy and equipment
  
5,689
    
5,819
    
5,362
    
22,743
    
21,423
  
Information / computer data services
  
2,147
    
2,131
    
1,956
    
8,131
    
7,309
  
Payment and card processing services
  
2,998
    
3,201
    
2,586
    
11,460
    
9,870
  
Professional services
  
863
    
784
    
1,531
    
3,753
    
4,331
  
Advertising and marketing
  
1,387
    
2,454
    
2,033
    
6,266
    
6,885
  
Deposit insurance
  
595
    
607
    
502
    
2,415
    
2,329
  
State/municipal business and use taxes
  
415
    
475
    
478
    
1,437
    
1,941
  
Real estate operations
  
(187
)
  
(190
)
  
357
    
(446
)
  
(689
)
Amortization of core deposit intangibles
  
531
    
531
    
488
    
1,990
    
1,941
  
Miscellaneous
  
3,735
    
3,410
    
2,266
    
13,619
    
11,924
  
   
38,444
    
38,989
    
36,379
    
149,416
    
140,425
  
Acquisition related costs
  
2,785
    
(494
)
  
550
    
4,325
    
550
  
Total other operating expense
  
41,229
    
38,495
    
36,929
    
153,741
    
140,975
  
Income before provision for income taxes
  
17,344
    
21,919
    
17,258
    
80,385
    
69,083
  
PROVISION FOR INCOME TAXES
  
5,600
    
7,076
    
5,704
    
26,220
    
22,528
  
NET INCOME
  
$
11,744
    
$
14,843
    
$
11,554
    
$
54,165
    
$
46,555
  
Earnings per share available to common shareholders:
                    
Basic
  
$
0.61
    
$
0.77
    
$
0.60
    
$
2.80
    
$
2.40
  
Diluted
  
$
0.60
    
$
0.76
    
$
0.60
    
$
2.79
    
$
2.40
  
Cumulative dividends declared per common share
  
$
0.18
    
$
0.18
    
$
0.15
    
$
0.72
    
$
0.54
  
Weighted average common shares outstanding:
                    
Basic
  
19,374,228
    
19,372,740
    
19,344,174
    
19,359,409
    
19,361,411
  
Diluted
  
19,441,712
    
19,419,344
    
19,398,213
    
19,402,656
    
19,397,360
  
Change in common shares outstanding
  
43
    
2,801
    
719
    
27,779
    
88,804
  

 
 
 

 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 5

FINANCIAL  CONDITION
            
(in thousands except shares and per share data)
  
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
   
REVISED
        
ASSETS
            
Cash and due from banks
  
$
71,077
    
$
69,023
    
$
69,711
  
Federal funds and interest-bearing deposits
  
54,995
    
82,702
    
67,638
  
Securities - trading
  
40,258
    
51,076
    
62,472
  
Securities - available for sale
  
411,021
    
433,745
    
470,280
  
Securities - held to maturity
  
131,258
    
133,069
    
102,513
  
Federal Home Loan Bank stock
  
27,036
    
29,106
    
35,390
  
Loans receivable:
            
Held for sale
  
2,786
    
6,949
    
2,734
  
Held for portfolio
  
3,831,034
    
3,799,746
    
3,415,711
  
Allowance for loan losses
  
(75,907
)
  
(74,331
)
  
(74,258
)
   
3,757,913
    
3,732,364
    
3,344,187
  
Accrued interest receivable
  
15,279
    
17,062
    
13,996
  
Real estate owned held for sale, net
  
3,352
    
3,928
    
4,044
  
Property and equipment, net
  
91,185
    
91,291
    
90,267
  
Other intangibles, net
  
2,831
    
3,362
    
2,449
  
Bank-owned life insurance
  
63,759
    
63,293
    
61,945
  
Other assets
  
53,935
    
49,368
    
64,006
  
   
$
4,723,899
    
$
4,759,389
    
$
4,388,898
  
LIABILITIES
            
Deposits:
            
Non-interest-bearing
  
$
1,298,866
    
$
1,304,720
    
$
1,115,346
  
Interest-bearing transaction and savings accounts
  
1,829,568
    
1,833,404
    
1,629,885
  
Interest-bearing certificates
  
770,516
    
852,994
    
872,695
  
   
3,898,950
    
3,991,118
    
3,617,926
  
Advances from Federal Home Loan Bank at fair value
  
32,250
    
250
    
27,250
  
Customer repurchase agreements
  
77,185
    
67,605
    
83,056
  
Junior subordinated debentures at fair value
  
78,001
    
77,624
    
73,928
  
Accrued expenses and other liabilities
  
37,082
    
32,375
    
31,324
  
Deferred compensation
  
16,807
    
16,359
    
16,442
  
   
4,140,275
    
4,185,331
    
3,849,926
  
STOCKHOLDERS' EQUITY
            
Common stock
  
568,882
    
568,255
    
569,028
  
Retained earnings (accumulated deficit)
  
15,000
    
6,780
    
(25,073
)
Other components of stockholders' equity
  
(258
)
  
(977
)
  
(4,983
)
   
583,624
    
574,058
    
538,972
  
   
$
4,723,899
    
$
4,759,389
    
$
4,388,898
  
Common Shares Issued:
            
Shares outstanding at end of period
  
19,571,548
    
19,571,505
    
19,543,769
  
Less unearned ESOP shares at end of period
  
—
    
—
    
34,340
  
Shares outstanding at end of period excluding unearned ESOP shares
  
19,571,548
    
19,571,505
    
19,509,429
  
Common stockholders' equity per share (1)
  
$
29.82
    
$
29.33
    
$
27.63
  
Common stockholders' tangible equity per share (1) (2)
  
$
29.68
    
$
29.16
    
$
27.50
  
Common stockholders' tangible equity to tangible assets (2)
  
12.30
%
  
12.00
%
  
12.23
%
Consolidated Tier 1 leverage capital ratio
  
13.41
%
  
13.14
%
  
13.64
%

(1)
Calculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding and excludes unallocated shares in the ESOP.
(2)
Common stockholders' tangible equity excludes other intangibles.  Tangible assets exclude other intangible assets.  These ratios represent non-GAAP financial measures.  See also Non-GAAP Financial Measures reconciliation tables on the final page of the press release tables.

 
 
 

 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 6

ADDITIONAL FINANCIAL INFORMATION
            
(dollars in thousands)
            
   
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
LOANS (including loans held for sale):
            
Commercial real estate:
            
Owner occupied
  
$
546,783
    
$
546,333
    
$
502,601
  
Investment properties
  
856,942
    
854,284
    
692,457
  
Multifamily real estate
  
167,524
    
183,944
    
137,153
  
Commercial construction
  
17,337
    
18,606
    
12,168
  
Multifamily construction
  
60,193
    
48,606
    
52,081
  
One- to four-family construction
  
219,889
    
214,141
    
200,864
  
Land and land development:
            
Residential
  
102,435
    
89,649
    
75,695
  
Commercial
  
11,152
    
10,505
    
10,450
  
Commercial business
  
723,964
    
728,088
    
682,169
  
Agricultural business including secured by farmland
  
238,499
    
240,048
    
228,291
  
One- to four-family real estate
  
539,894
    
527,271
    
529,494
  
Consumer:
            
Consumer secured by one- to four-family real estate
  
222,205
    
215,385
    
173,188
  
Consumer-other
  
127,003
    
129,835
    
121,834
  
                         
Total loans outstanding
  
$
3,833,820
    
$
3,806,695
    
$
3,418,445
  
                         
Restructured loans performing under their restructured terms
  
$
29,154
    
$
30,387
    
$
47,428
  
                         
Loans 30 - 89 days past due and on accrual
  
$
8,387
    
$
6,925
    
$
8,784
  
                         
Total delinquent loans (including loans on non-accrual)
  
$
25,124
    
$
26,703
    
$
22,010
  
                   
Total delinquent loans  /  Total loans outstanding
  
0.66
%
  
0.70
%
  
0.64
%



GEOGRAPHIC CONCENTRATION
                    
OF LOANS AT DECEMBER 31, 2014
  
Washington
  
Oregon
  
Idaho
  
Other
  
Total
Commercial real estate:
                    
Owner occupied
  
$
383,950
    
$
86,937
    
$
56,348
    
$
19,548
    
$
546,783
  
Investment properties
  
523,806
    
124,604
    
60,053
    
148,479
    
856,942
  
Multifamily real estate
  
116,793
    
35,527
    
14,759
    
445
    
167,524
  
Commercial construction
  
15,599
    
—
    
1,738
    
—
    
17,337
  
Multifamily construction
  
50,931
    
8,850
    
412
    
—
    
60,193
  
One- to four-family construction
  
129,499
    
88,468
    
1,922
    
—
    
219,889
  
Land and land development:
                    
Residential
  
56,675
    
44,707
    
1,053
    
—
    
102,435
  
Commercial
  
5,781
    
2,529
    
2,842
    
—
    
11,152
  
Commercial business
  
397,103
    
125,235
    
85,580
    
116,046
    
723,964
  
Agricultural business including secured by farmland
  
119,617
    
69,843
    
48,997
    
42
    
238,499
  
One- to four-family real estate
  
341,944
    
172,974
    
24,223
    
753
    
539,894
  
Consumer:
                    
Consumer secured by one- to four-family real estate
  
136,888
    
69,172
    
14,984
    
1,161
    
222,205
  
Consumer-other
  
79,520
    
40,803
    
6,243
    
437
    
127,003
  
                                         
Total loans outstanding
  
$
2,358,106
    
$
869,649
    
$
319,154
    
$
286,911
    
$
3,833,820
  
                               
Percent of total loans
  
61.5
%
  
22.7
%
  
8.3
%
  
7.5
%
  
100.0
%


 
 
 

 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 7

 
 
ADDITIONAL FINANCIAL INFORMATION
                    
(dollars in thousands)
                    
   
Quarters Ended
  
Twelve Months Ended
CHANGE IN THE
  
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
  
Dec 31, 2014
  
Dec 31, 2013
ALLOWANCE FOR LOAN LOSSES
                    
                                         
Balance, beginning of period
  
$
74,331
    
$
74,310
    
$
75,925
    
$
74,258
    
$
76,759
  
                               
Provision
  
—
    
—
    
—
    
—
    
—
  
                     
Recoveries of loans previously charged off:
                    
Commercial real estate
  
843
    
94
    
72
    
1,507
    
2,367
  
Construction and land
  
988
    
84
    
1,330
    
1,776
    
2,275
  
One- to four-family real estate
  
83
    
143
    
7
    
618
    
145
  
Commercial business
  
153
    
256
    
282
    
988
    
1,673
  
Agricultural business, including secured by farmland
  
328
    
587
    
85
    
1,576
    
697
  
Consumer
  
135
    
53
    
53
    
528
    
340
  
   
2,530
    
1,217
    
1,829
    
6,993
    
7,497
  
Loans charged off:
                    
Commercial real estate
  
—
    
—
    
(953
)
  
(1,239
)
  
(2,569
)
Multifamily real estate
  
—
    
(20
)
  
—
    
(20
)
  
—
  
Construction and land
  
—
    
—
    
(967
)
  
(207
)
  
(1,821
)
One- to four-family real estate
  
(253
)
  
(239
)
  
(879
)
  
(885
)
  
(2,139
)
Commercial business
  
(263
)
  
(83
)
  
(209
)
  
(1,344
)
  
(1,782
)
Agricultural business, including secured by farmland
  
(54
)
  
(125
)
  
—
    
(179
)
  
(248
)
Consumer
  
(384
)
  
(729
)
  
(488
)
  
(1,470
)
  
(1,439
)
   
(954
)
  
(1,196
)
  
(3,496
)
  
(5,344
)
  
(9,998
)
Net (charge-offs) recoveries
  
1,576
    
21
    
(1,667
)
  
1,649
    
(2,501
)
                                         
Balance, end of period
  
$
75,907
    
$
74,331
    
$
74,258
    
$
75,907
    
$
74,258
  
                               
Net (charge-offs) recoveries / Average loans outstanding
  
0.041
%
  
0.001
%
  
(0.050
)%
  
0.045
%
  
(0.076
)%



ALLOCATION OF
            
ALLOWANCE FOR LOAN LOSSES
  
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
Specific or allocated loss allowance:
            
Commercial real estate
  
$
18,784
    
$
19,505
    
$
16,759
  
Multifamily real estate
  
4,562
    
4,892
    
5,306
  
Construction and land
  
23,545
    
20,779
    
17,640
  
One- to four-family real estate
  
8,447
    
9,136
    
11,486
  
Commercial business
  
12,043
    
12,677
    
11,773
  
Agricultural business, including secured by farmland
  
2,821
    
2,947
    
2,841
  
Consumer
  
483
    
675
    
1,335
  
Total allocated
  
70,685
    
70,611
    
67,140
  
Unallocated
  
5,222
    
3,720
    
7,118
  
                         
Total allowance for loan losses
  
$
75,907
    
$
74,331
    
$
74,258
  
                   
Allowance for loan losses / Total loans outstanding
  
1.98
%
  
1.95
%
  
2.17
%
                   
Allowance for loan losses / Non-performing loans
  
454
%
  
376
%
  
300
%


 
 
 

 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 8

ADDITIONAL FINANCIAL INFORMATION
          
(dollars in thousands)
          
 
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
NON-PERFORMING ASSETS
          
Loans on non-accrual status:
          
Secured by real estate:
          
Commercial
$
1,132
    
$
2,701
    
$
6,287
  
Multifamily
—
    
397
    
—
  
Construction and land
1,275
    
1,285
    
1,193
  
One- to four-family
8,834
    
8,615
    
12,532
  
Commercial business
537
    
1,037
    
723
  
Agricultural business, including secured by farmland
1,597
    
229
    
—
  
Consumer
1,187
    
1,138
    
1,173
  
 
14,562
    
15,402
    
21,908
  
Loans more than 90 days delinquent, still on accrual:
          
Secured by real estate:
          
Commercial
—
    
993
    
—
  
One- to four-family
2,095
    
2,777
    
2,611
  
Commercial business
—
    
301
    
—
  
Agricultural business, including secured by farmland
—
    
—
    
105
  
Consumer
79
    
306
    
144
  
 
2,174
    
4,377
    
2,860
  
Total non-performing loans
16,736
    
19,779
    
24,768
  
Real estate owned (REO)
3,352
    
3,928
    
4,044
  
Other repossessed assets
76
    
69
    
115
  
Total non-performing assets
$
20,164
    
$
23,776
    
$
28,927
  
Total non-performing assets  /  Total assets
0.43
%
  
0.50
%
  
0.66
%


DETAIL & GEOGRAPHIC CONCENTRATION OF
              
NON-PERFORMING ASSETS AT DECEMBER 31, 2014
Washington
  
Oregon
  
Idaho
  
Total
               
Secured by real estate:
              
Commercial
$
1,095
    
$
—
    
$
36
    
$
1,131
  
Construction and land:
              
Residential land acquisition & development
—
    
750
    
—
    
750
  
Residential land improved lots
—
    
525
    
—
    
525
  
Total construction and land
—
    
1,275
    
—
    
1,275
  
One- to four-family
8,888
    
1,506
    
535
    
10,929
  
Commercial business
500
    
37
    
—
    
537
  
Agricultural business, including secured by farmland
604
    
993
    
—
    
1,597
  
Consumer
1,015
    
46
    
206
    
1,267
  
                       
Total non-performing loans
12,102
    
3,857
    
777
    
16,736
  
Real estate owned (REO)
1,693
    
1,626
    
33
    
3,352
  
Other repossessed assets
76
    
—
    
—
    
76
  
Total  non-performing assets at end of the period
$
13,871
    
$
5,483
    
$
810
    
$
20,164
  
 
 
 
 
 

BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 9

ADDITIONAL FINANCIAL INFORMATION
                
(dollars in thousands) 
                
   
Quarters Ended
  
Twelve Months Ended
REAL ESTATE OWNED
  
Dec 31, 2014
  
Dec 31, 2013
  
Dec 31, 2014
  
Dec 31, 2013
                                 
Balance, beginning of period
  
$
3,928
    
$
4,818
    
$
4,044
    
$
15,778
  
Additions from loan foreclosures
  
427
    
700
    
3,264
    
3,166
  
Additions from capitalized costs
  
(5
)
  
4
    
30
    
348
  
Proceeds from dispositions of REO
  
(1,291
)
  
(1,186
)
  
(4,923
)
  
(16,944
)
Gain on sale of REO
  
293
    
3
    
973
    
2,481
  
Valuation adjustments in the period
  
—
    
(295
)
  
(36
)
  
(785
)
Balance, end of period
  
$
3,352
    
$
4,044
    
$
3,352
    
$
4,044
  
                 


DEPOSIT COMPOSITION
  
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
                         
Non-interest-bearing
  
$
1,298,866
    
$
1,304,720
    
$
1,115,346
  
                   
Interest-bearing checking
  
439,480
    
429,876
    
422,910
  
Regular savings accounts
  
901,142
    
899,868
    
798,764
  
Money market accounts
  
488,946
    
503,660
    
408,211
  
Interest-bearing transaction & savings accounts
  
1,829,568
    
1,833,404
    
1,629,885
  
Interest-bearing certificates
  
770,516
    
852,994
    
872,695
  
Total deposits
  
$
3,898,950
    
$
3,991,118
    
$
3,617,926
  


GEOGRAPHIC CONCENTRATION
                
OF DEPOSITS AT DECEMBER 31, 2014
  
Washington
  
Oregon
  
Idaho
  
Total
                                 
Total deposits
  
$
2,789,542
    
$
865,937
    
$
243,471
    
$
3,898,950
  
Percent of total deposits
  
71.6
%
  
22.2
%
  
6.2
%
  
100.0
%

INCLUDED IN TOTAL DEPOSITS
  
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
                         
Public non-interest-bearing accounts
  
$
39,381
    
$
34,535
    
$
21,699
  
Public interest-bearing transaction & savings accounts
  
63,473
    
64,984
    
65,822
  
Public interest-bearing certificates
  
35,346
    
48,508
    
51,465
  
Total public deposits
  
$
138,200
    
$
148,027
    
$
138,986
  
Total brokered deposits
  
$
4,799
    
$
41,249
    
$
4,291
  


OTHER BORROWINGS
  
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
                         
Customer repurchase agreements / "Sweep accounts"
  
$
77,185
    
$
67,605
    
$
83,056
  


 
 
 

 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 10

ADDITIONAL FINANCIAL INFORMATION
                
(dollars in thousands)
                
   
Actual
    
Minimum for Capital Adequacy
or "Well Capitalized"
  
REGULATORY CAPITAL RATIOS AS OF DECEMBER 31, 2014
  
Amount
  
Ratio
  
Amount
  
Ratio
   
REVISED
  
REVISED
        
Banner Corporation-consolidated:
                
Total capital to risk-weighted assets
  
$
684,583
    
16.80
%
  
$
326,071
    
8.00
%
Tier 1 capital to risk-weighted assets
  
633,317
    
15.54
%
  
163,036
    
4.00
%
Tier 1 leverage capital to average assets
  
633,317
    
13.41
%
  
188,885
    
4.00
%
                 
Banner Bank:
                
Total capital to risk-weighted assets
  
605,136
    
15.51
%
  
390,274
    
10.00
%
Tier 1 capital to risk-weighted assets
  
556,036
    
14.25
%
  
234,165
    
6.00
%
Tier 1 leverage capital to average assets
  
556,036
    
12.40
%
  
224,130
    
5.00
%
                 
Islanders Bank:
                
Total capital to risk-weighted assets
  
36,590
    
19.92
%
  
18,367
    
10.00
%
Tier 1 capital to risk-weighted assets
  
34,332
    
18.69
%
  
11,020
    
6.00
%
Tier 1 leverage capital to average assets
  
34,332
    
13.68
%
  
12,550
    
5.00
%


 
 
 

 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 11

ADDITIONAL FINANCIAL INFORMATION
                    
(dollars in thousands)
                    
(rates / ratios annualized)
                    
   
Quarters Ended
  
Twelve Months Ended
OPERATING PERFORMANCE
  
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
  
Dec 31, 2014
  
Dec 31, 2013
   
REVISED
          
REVISED
    
Average loans
  
$
3,813,606
    
$
3,834,007
    
$
3,343,494
    
$
3,679,264
    
$
3,275,767
  
Average securities
  
643,665
    
666,362
    
686,845
    
671,634
    
692,117
  
Average interest earning cash
  
76,082
    
85,090
    
85,335
    
68,696
    
85,178
  
Average non-interest-earning assets
  
212,071
    
213,045
    
196,034
    
205,378
    
204,077
  
Total average assets
  
$
4,745,424
    
$
4,798,504
    
$
4,311,708
    
$
4,624,972
    
$
4,257,139
  
Average deposits
  
$
3,942,903
    
$
3,995,451
    
$
3,573,607
    
$
3,815,979
    
$
3,515,493
  
Average borrowings
  
218,170
    
228,724
    
209,155
    
246,963
    
227,612
  
Average non-interest-bearing other liabilities (1)
  
2,039
    
2,026
    
(9,117
)
  
(1,991
)
  
(11,970
)
Total average liabilities
  
4,163,112
    
4,226,201
    
3,773,645
    
4,060,951
    
3,731,135
  
Total average stockholders' equity
  
582,312
    
572,303
    
538,063
    
564,021
    
526,004
  
Total average liabilities and equity
  
$
4,745,424
    
$
4,798,504
    
$
4,311,708
    
$
4,624,972
    
$
4,257,139
  
Interest rate yield on loans
  
4.80
%
  
4.81
%
  
4.92
%
  
4.83
%
  
5.10
%
Interest rate yield on securities
  
1.91
%
  
1.91
%
  
1.77
%
  
1.92
%
  
1.78
%
Interest rate yield on cash
  
0.29
%
  
0.28
%
  
0.26
%
  
0.30
%
  
0.25
%
Interest rate yield on interest-earning assets
  
4.31
%
  
4.31
%
  
4.30
%
  
4.31
%
  
4.43
%
Interest rate expense on deposits
  
0.18
%
  
0.19
%
  
0.24
%
  
0.20
%
  
0.28
%
Interest rate expense on borrowings
  
1.44
%
  
1.38
%
  
1.50
%
  
1.30
%
  
1.43
%
Interest rate expense on interest-bearing liabilities
  
0.25
%
  
0.25
%
  
0.31
%
  
0.27
%
  
0.35
%
Interest rate spread
  
4.06
%
  
4.06
%
  
3.99
%
  
4.04
%
  
4.08
%
Net interest margin
  
4.08
%
  
4.07
%
  
4.01
%
  
4.07
%
  
4.11
%
Other operating income / Average assets
  
1.00
%
  
1.10
%
  
1.16
%
  
1.17
%
  
1.02
%
Core operating income / Average assets (2)
  
1.02
%
  
0.98
%
  
0.92
%
  
0.95
%
  
0.97
%
Other operating expense / Average assets
  
3.45
%
  
3.18
%
  
3.40
%
  
3.32
%
  
3.31
%
Efficiency ratio (other operating expense / revenue)
  
70.39
%
  
63.72
%
  
68.15
%
  
65.67
%
  
67.11
%
Efficiency ratio (core other operating expense / core operating revenue)(2)
  
65.32
%
  
66.13
%
  
70.56
%
  
66.81
%
  
67.53
%
Return on average assets
  
0.98
%
  
1.23
%
  
1.06
%
  
1.17
%
  
1.09
%
Return on average equity
  
8.00
%
  
10.29
%
  
8.52
%
  
9.60
%
  
8.85
%
Return on average tangible equity (3)
  
8.04
%
  
10.36
%
  
8.56
%
  
9.65
%
  
8.91
%
Average equity  /  Average assets
  
12.27
%
  
11.93
%
  
12.48
%
  
12.20
%
  
12.36
%


(1)
Average non-interest-bearing liabilities include fair value adjustments related to FHLB advances and Junior Subordinated Debentures.
(2)
Core operating income (or core operating revenue) excludes net gain on sale of securities, fair value and other-than-temporary impairment (OTTI) adjustments and, an acquisition bargain purchase gain in the current year and proposed acquisition termination fee in the prior year..  Core other operating expense excludes acquisition related costs.  These represent non-GAAP financial measures.  See also Non-GAAP Financial Measures reconciliation tables on the final page of these press release tables.
(3)
Average tangible equity excludes other intangible assets and represents a non-GAAP financial measure.  See also Non-GAAP Financial Measures reconciliation tables on the final page of these press release tables.


 
 
 
BANR-Fourth Quarter 2014 Results
February 2, 2015
Page 12

ADDITIONAL FINANCIAL INFORMATION
                  
(in thousands except shares and per share data)
                  
                   
* Non-GAAP Financial Measures (unaudited)
                  
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.  Where applicable, comparable earnings information using GAAP financial measures is also presented.
                   
REVENUE FROM CORE OPERATIONS
Quarters Ended
  
Twelve Months Ended
 
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
  
Dec 31, 2014
  
Dec 31, 2013
Net interest income before provision for loan losses
$
46,660
    
$
47,064
    
$
41,607
    
$
179,872
    
$
166,716
  
Total other operating income
11,913
    
13,350
    
12,580
    
54,254
    
43,342
  
Total GAAP revenue
58,573
    
60,414
    
54,187
    
234,126
    
210,058
  
Exclude net gain on sale of securities
(1
)
  
(6
)
  
(2
)
  
(42
)
  
(1,022
)
Exclude other-than-temporary-impairment recovery
—
    
—
    
—
    
—
    
(409
)
Exclude change in valuation of financial instruments carried at fair value
287
    
(1,452
)
  
324
    
(1,374
)
  
2,278
  
Exclude proposed acquisition termination fee
—
    
—
    
(2,954
)
  
—
    
(2,954
)
Exclude acquisition bargain purchase gain
—
    
—
    
—
    
(9,079
)
  
—
  
Revenue from core operations (non-GAAP)
$
58,859
    
$
58,956
    
$
51,555
    
$
223,631
    
$
207,951
  


OTHER OPERATING INCOME/EXPENSE FROM CORE OPERATIONS
Quarters Ended
  
Twelve Months Ended
 
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
  
Dec 31, 2014
  
Dec 31, 2013
Total other operating income (GAAP)
$
11,913
    
$
13,350
    
$
12,580
    
$
54,254
    
$
43,342
  
Exclude net gain on sale of securities
(1
)
  
(6
)
  
(2
)
  
(42
)
  
(1,022
)
Exclude other-than-temporary-impairment recovery
—
    
—
    
—
    
—
    
(409
)
Exclude change in valuation of financial instruments carried at fair value
287
    
(1,452
)
  
324
    
(1,374
)
  
2,278
  
Exclude proposed acquisition termination fee
—
    
—
    
(2,954
)
  
—
    
(2,954
)
Exclude acquisition bargain purchase gain
—
    
—
    
—
    
(9,079
)
  
—
  
Other operating income from core operations (non-GAAP)
$
12,199
    
$
11,892
    
$
9,948
    
$
43,759
    
$
41,235
  
                   
Total other operating expense (GAAP)
$
41,229
    
$
38,495
    
$
36,929
    
$
153,741
    
$
140,975
  
Exclude acquisition related costs
(2,785
)
  
494
    
(550
)
  
(4,325
)
  
(550
)
Other operating expense from core operations (non-GAAP)
$
38,444
    
$
38,989
    
$
36,379
    
$
149,416
    
$
140,425
  


TANGIBLE COMMON STOCKHOLDERS' EQUITY TO TANGIBLE ASSETS
Dec 31, 2014
  
Sep 30, 2014
  
Dec 31, 2013
 
REVISED
        
Stockholders' equity (GAAP)
$
583,624
    
$
574,058
    
$
538,972
  
Exclude other intangible assets, net
2,831
    
3,362
    
2,449
  
Tangible common stockholders' equity (non-GAAP)
$
580,793
    
$
570,696
    
$
536,523
  
           
Total assets (GAAP)
$
4,723,899
    
$
4,759,389
    
$
4,388,898
  
Exclude other intangible assets, net
2,831
    
3,362
    
2,449
  
Total tangible assets (non-GAAP)
$
4,721,068
    
$
4,756,027
    
$
4,386,449
  
Tangible common stockholders' equity to tangible assets (non-GAAP)
12.30
%
  
12.00
%
  
12.23
%
           
TANGIBLE COMMON STOCKHOLDERS' EQUITY PER SHARE
          
Tangible common stockholders' equity
$
580,793
    
$
570,696
    
$
536,523
  
Common shares outstanding at end of period
19,571,548
    
19,571,505
    
19,509,429
  
Common stockholders' equity (book value) per share (GAAP)
$
29.82
    
$
29.33
    
$
27.63
  
Tangible common stockholders' equity (tangible book value) per share (non-GAAP)
$
29.68
    
$
29.16
    
$
27.50
  
 
 
 
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