JUNIOR SUBORDINATED DEBENTURES AND MANDATORILY REDEEMABLE TRUST PREFERRED SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

The following table is a summary of TPS at December 31, 2023 (dollars in thousands):


Name of Trust	Aggregate Liquidation Amount of Trust Preferred Securities		Aggregate Liquidation Amount of Common Capital Securities		Aggregate Principal Amount of Junior Subordinated Debentures		Stated Maturity (1)	Current Interest Rate		Reset Period	Interest Rate Spread (3)
Banner Capital Trust V	$	25,000	$	774	$	25,774	2035	7.21		Quarterly	Three-month SOFR + 1.83%
Banner Capital Trust VI	25,000		774		25,774		2037	7.26		Quarterly	Three-month SOFR + 1.88%
Banner Capital Trust VII	25,000		774		25,774		2037	7.04		Quarterly	Three-month SOFR + 1.64%
Greater Sacramento Bancorp Statutory Trust II	4,000		124		4,124		2035	7.33		Quarterly	Three-month SOFR + 1.94%
Mission Oaks Statutory Trust I	7,500		232		7,732		2036	7.30		Quarterly	Three-month SOFR + 1.91%
Total TPS liability at par	$	86,500	$	2,678	89,178			7.19	%
Fair value adjustment (2)					(22,765)
Total TPS liability at fair value (2)					$	66,413

(1) All of the Company’s TPS are eligible for redemption.

(2) The Company has elected to use fair value accounting on its TPS.

(3) The interest rate spread includes a 0.26% upward adjustment for the transition from LIBOR to SOFR.

- Definition

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

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