SUBSEQUENT EVENT (Notes)

9 Months Ended

Sep. 30, 2017

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENT

On October 6, 2017, Banner Bank completed the sale of its Utah branches and related assets and liabilities to People’s Intermountain Bank, a banking subsidiary of People’s Utah Bancorp (NASDAQ: PUB).

Under the terms of the purchase and assumption agreement, the sale included approximately $255 million in loans, $160 million in deposits and all of Banner Bank’s seven Utah branches located in Provo, Orem, Salem, Springville, South Jordan, Salt Lake City and Woods Cross. The sale also included $3.9 million of property and equipment and $581,000 of accrued interest. In addition, Banner wrote off an associated $1.8 million of goodwill and $1.1 million of other intangibles. The deposit premium paid to Banner was $13.8 million based on average deposits at closing. The net gain recorded on the sale was approximately $12 million.