Banner Corporation (BANR) Announces Third Quarter Results
WALLA WALLA, Wash., Oct. 20, 2009 (GLOBE NEWSWIRE) — Banner Corporation (Nasdaq:BANR), the parent company of Banner Bank and Islanders Bank, today reported that it had a net loss of $6.4 million for the third quarter ended September 30, 2009, compared to a net loss of $991,000 for the third quarter of 2008. The current quarter’s results include a $25.0 million provision for loan losses and a $4.6 million net gain from the valuation of financial instruments carried at fair value. For the nine-month period ended September 30, 2009, Banner reported a net loss of $32.2 million compared to a net loss of $49.5 million for the nine months ended September 30, 2008. The nine month results for 2008 included a $50.0 million goodwill impairment charge.
In the fourth quarter a year ago, Banner issued $124 million of senior preferred stock to the U.S. Treasury as a participant in the Treasury’s Capital Purchase Program. In the quarter ended September 30, 2009, Banner paid a $1.6 million dividend on this preferred stock and accrued $373,000 for related discount accretion. Including the preferred stock dividend and related accretion, the net loss to common shareholders was $8.4 million, or $0.44 per diluted share, for the third quarter, compared to a net loss of $991,000, or $0.06 per diluted share, for the third quarter a year ago. Year-to-date, the net loss to common shareholders was $38.0 million, or $2.11 per diluted share, compared to a net loss of $49.5 million, or $3.09 per diluted share for the first nine months of 2008.
“Similar to recent quarters, our provision for loan losses during the third quarter reflects continued material levels of non-performing loans and net charge-offs, particularly for loans for the construction of one-to-four family homes and for acquisition and development of land for residential properties,” said D. Michael Jones, President and CEO. “However, while there is still much work to be accomplished, we are encouraged by the further reduction in our exposure to residential construction loans during the quarter and the slowdown in the surfacing of new problem assets. By contrast to construction and development loans, the non-housing related segments of our loan portfolio have continued to perform as expected with only normal levels of credit problems given the serious economic slowdown.”
“Retail deposit growth was a highlight again in the third quarter as we continued to replace public and brokered funds with attractively priced core deposits which will continue to strengthen our commercial banking franchise,” Jones continued. “Also notable in the quarter was strong mortgage banking revenues as exceptionally low interest rates resulted in continued refinancing opportunities for many of our customers, and lower home prices and first-time buyer incentives led to solid purchase financing activities. Continuing its earlier success, our Great Northwest Home Rush promotion contributed to additional home sales. Through the date of this announcement our builders have accepted purchase offers on 361 of the 617 homes listed under this program, with 289 of those sales having closed through September 30, 2009.”
Credit Quality
“In addition to the weakness in the residential construction market, property values exhibited further declines, particularly for land and developed building lots, resulting in additional charge-offs and impairment reserves,” said Jones. “As a result, our provision for loan losses for the quarter ended September 30, 2009, while significantly less than in the immediately preceding quarter, was in excess of our normal expectations. Although property values have declined, sales of finished homes have improved, our reserve levels are substantial, and both our impairment analysis and charge-off actions reflect current appraisals and valuation estimates as well as recent regulatory examination results. Unfortunately, with respect to land and lot loans, those appraisals generally reflect a very limited number of sales which frequently involve distressed transactions and assume in many cases that market recoveries will be protracted, resulting in disappointingly low and uncertain valuation estimates which required further loss provisioning. We remain hopeful that the final resolution of many of these loans will reflect better than currently recognized values and we are confident that we have the capital and human resources necessary to manage the collection of problem assets in the current economic environment.”
Banner recorded a $25.0 million provision for loan losses in the third quarter, compared to $45.0 million in the preceding quarter and $8.0 million in the third quarter of 2008. For the first nine months of the year, the provision for loan losses was $92.0 million compared to $29.5 million for the first nine months of 2008. The allowance for loan losses at September 30, 2009 was $95.2 million, representing 2.44% of total loans outstanding. Non-performing loans totaled $243.3 million at September 30, 2009, compared to $225.1 million in the preceding quarter and $119.4 million at September 30, 2008. In addition, Banner’s real estate owned and repossessed assets totaled $53.8 million at September 30, 2009, compared to $57.2 million three months earlier and $10.2 million at September 30, 2008. Banner’s net charge-offs in the quarter ended September 30, 2009 totaled $20.5 million, or 0.53% of average loans outstanding and year-to-date net charge-offs were $72.0 million, or 1.83% of average loans outstanding.
At September 30, 2009, the geographic distribution of our construction and land development loans, including residential and commercial properties, is approximately 33% in the greater Puget Sound market, 37% in the greater Portland, Oregon market, and 8% in the greater Boise, Idaho market, with the remaining 22% distributed in various eastern Washington, eastern Oregon and northern Idaho markets served by Banner Bank. One-to-four family residential construction and related lot and land loans represent 16% of the total loan portfolio and 73% of non-performing assets. The geographic distribution of non-performing construction, land and land development loans and real estate owned included approximately $110 million, or 44%, in the Puget Sound region, $84 million, or 34%, in the greater Portland market area and $27 million, or 11%, in the greater Boise market area.
Income Statement Review
Banner’s net interest margin was 3.30% for the third quarter, compared to 3.24% in the preceding quarter and 3.45% for the third quarter a year ago. Funding costs decreased 18 basis points compared to the previous quarter and decreased 67 basis points from the same quarter a year earlier, while asset yields decreased eight basis points from the prior linked quarter and 82 basis points from the third quarter a year ago, all reflecting the much lower interest rate environment. For the first nine months of 2009, the net interest margin was 3.27% compared to 3.52% for the first nine months of 2008.
“Funding costs continued to decline, which allowed our net interest margin to expand modestly despite the drag on earnings from the still high level of non-performing assets,” said Jones. Non-accruing loans reduced the margin by approximately 42 basis points in this year’s third quarter compared to approximately 45 basis points in the immediately preceding quarter of 2009 and approximately 24 basis points in the third quarter of 2008.
For the third quarter of 2009, net interest income before the provision for loan losses was $36.4 million, compared to $34.9 million in the preceding quarter and $37.6 million in the third quarter a year ago. In the first nine months of 2009, net interest income before the provision for loan losses was $106.2 million compared to $112.0 million in the first nine months of 2008. Revenues from core operations* (net interest income before the provision for loan losses plus total other operating income excluding fair value adjustments) were $45.2 million in the third quarter of 2009, compared to $43.9 million in the second quarter of 2009 and $45.7 million for the third quarter a year ago. Revenues from core operations for the first nine months of 2009 were $131.9 million, compared to $135.4 million for the same period of 2008.
Banner’s results for the quarter included a net gain of $4.6 million ($3.0 million after tax), compared to a net loss of $6.1 million ($3.9 million after tax) in the third quarter a year ago, for fair value adjustments as a result of changes in the valuation of financial instruments carried at fair value in accordance with the adoption of Statement of Financial Accounting Standards (SFAS) Nos. 157 and 159. The fair value adjustments in the current quarter predominantly reflect changes in the valuation of trust preferred securities, including pooled trust preferred securities, and junior subordinated debentures, both owned and issued by the Company.
Total other operating income, which includes the changes in the valuation of financial instruments noted above, was $13.4 million in the third quarter, compared to $20.0 million in the preceding quarter and $2.0 million for the same quarter a year ago. For the first nine months of 2009, total other operating income was $38.1 million, compared to $18.9 million in the same period in 2008. Total other operating income from core operations* (excluding fair value adjustments) for the current quarter was $8.8 million, compared to $8.9 million in the preceding quarter and $8.1 million for the same quarter a year ago. For the first nine months of 2009, total other operating income from core operations increased 9% to $25.6 million, compared to $23.4 million in the first nine months of 2008. Income from deposit fees and other service charges increased to $5.7 million in the third quarter of 2009, compared to $5.4 million for the preceding quarter; however, reflecting the reduction in customer transaction volumes in the current economic environment, fees were slightly less than the $5.8 million recorded in the third quarter a year ago despite growth in the number of accounts. Income from mortgage banking operations decreased to $2.1 million in the third quarter compared to $2.9 million in the preceding quarter, but was up substantially from the $1.5 million recorded in the third quarter a year ago.
“The soft economy continued to adversely affect our payment processing business compared to a year ago as activity levels for deposit customers, cardholders and merchants remained subdued; however, we are pleased with the year-over-year growth in our customer base and encouraged by the continuing improvement in activity compared to the very low levels we experienced earlier this year,” said Jones. “We are also pleased that our mortgage banking revenues remained strong and substantially above the levels reported a year ago. Although not as significant as in the first two quarters of the year, the high level of refinancing activity again resulted in accelerated termination of mortgage servicing rights as reflected in the impairment of loan servicing revenues in the third quarter. Amortization and write-off of mortgage servicing rights totaled $415,000 for the third quarter of 2009, compared to $912,000 and $559,000, respectively, in the first and second quarters of this year and $176,000 in the third quarter a year ago.”
“We had another good quarter of managing controllable operating expenses; however, collection and legal costs, including charges related to acquired real estate, remained high,” said Jones. “Compensation, occupancy and other manageable operating expenses have shown steady reductions over the past twelve months as we have made significant progress in improving our core operating efficiency. Unfortunately, compared to a year ago FDIC insurance expense has increased substantially and offset much of this improvement. FDIC insurance charges were $2.2 million and $7.8 million, respectively, for the quarter and nine months ended September 30, 2009, compared to $701,000 and $1.7 million, respectively, for the quarter and nine months ended September 30, 2008. In addition, expenses associated with acquired real estate increased to $2.8 million for the quarter and $5.2 million for the nine months ended September 30, 2009, compared to $758,000 and $1.6 million, respectively, for the same quarter and nine-month period a year earlier. We anticipate collection costs and FDIC insurance premiums will continue to be above historical levels for a number of future quarters.”
Total other operating expenses from core operations* (non-interest expenses excluding the goodwill write-off that occurred during the quarter ended June 30, 2008) were $36.6 million in the third quarter, compared to $36.9 million in the preceding quarter and $34.0 million in the third quarter a year ago. For the first nine months of the year, other operating expenses from core operations were $107.3 million compared to $102.9 million in the first nine months of 2008. Operating expenses from core operations as a percentage of average assets was 3.17% in the third quarter of 2009, compared to 3.27% in the preceding quarter and 2.91% in the third quarter a year ago.
*Earnings information excluding the goodwill impairment charge and fair value adjustments (alternately referred to as total other operating income from core operations, total other operating expenses from core operations, revenues from core operations, or operating expenses 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 the Company’s core operations reflected in the current quarter’s and year-to-date’s results. Where applicable, the Company has also presented comparable earnings information using GAAP financial measures.
Balance Sheet Review
Net loans were $3.80 billion at September 30, 2009, compared to $3.94 billion a year earlier. Total assets were $4.79 billion at September 30, 2009, compared to $4.65 billion a year earlier.
“In the third quarter of 2009, commercial and multifamily real estate loan balances increased by $19.6 million while commercial business loans were essentially unchanged compared to the prior quarter end. In addition, agricultural loans experienced an expected seasonal increase of $10.3 million and one-to-four family residential loans increased by $23.4 million,” said Jones. “However, the continued reductions in construction and land development loans resulted in a modest decrease in total loan balances compared to the prior quarter end. Although still slower than historical levels, home sales have improved, contributing to a $205 million reduction in our portfolio of one-to-four family construction loans over the past twelve months, including a $60.0 million decrease in the most recent quarter. As a result, at September 30, 2009 our one-to-four family construction loans totaled $277 million, a decline of $378 million from their peak quarter-end balance of $655 million at June 30, 2007.
Total deposits were $3.86 billion at September 30, 2009, compared to $3.75 billion at the end of the preceding quarter and $3.79 billion a year ago. Non-interest-bearing accounts increased by nearly $39 million during the quarter to $546 million at September 30, 2009, compared to $508 million at June 30, 2009 and $522 million a year ago. Interest-bearing accounts increased by $73 million in the third quarter of 2009 and at quarter end exceeded the year earlier balances by $45 million despite the substantial decrease in public funds and brokered deposits.
“Our retail deposit franchise had another strong quarter and we have now more than replaced all of the public funds and brokered deposits that we have chosen to run off,” said Jones. “Over the past twelve months, we have allowed $253 million in public funds to run off as the new higher collateralization requirements and the shared risk exposure under the Washington and Oregon State requirements have made retaining those deposits less desirable than in the past. In addition, although brokered deposits have never been an important component of our funding, we have reduced brokered deposits by $58 million over the same twelve-month period. We are pleased that we were able to produce this retail deposit growth while also significantly reducing our overall cost of deposits, including another 20 basis point decrease during the third quarter. This strong retail deposit growth, especially in the third quarter, has allowed us to steadily build our short-term liquidity, a key operating goal, and lower our loan-to-deposits ratio towards our long-term goal of 95%.”
“Despite the challenging operating environment, Banner Corporation and its subsidiary banks continue to maintain capital levels significantly in excess of the requirements to be categorized as ‘well-capitalized’ under applicable regulatory standards,” said Jones. Banner Corporation’s Tier 1 leverage capital to average assets ratio was 9.66% and its total capital to risk-weighted assets ratio was 12.54% at September 30, 2009.
Tangible stockholders’ equity at September 30, 2009 was $395.2 million, including $117.0 million attributable to preferred stock, compared to $301.4 million a year ago. Tangible common stockholders’ equity was $278.2 million at September 30, 2009, or 5.82% of tangible assets, compared to $301.4 million, or 6.60% of tangible assets a year earlier. Tangible book value per common share was $14.13 at quarter-end, compared to $18.01 a year earlier. At September 30, 2009, Banner had 19.7 million shares outstanding, while it had 16.7 million shares outstanding a year ago.
“A frequently asked question about us is the date of our bank regulatory examinations. A regularly scheduled regulatory examination of Banner Bank, our lead bank, was conducted in the late third quarter of 2009. We have not yet received a written report of that examination but have had the normal field examiner exit conference and have incorporated the financial-related results of that conference in our third quarter financial results,” concluded Jones.
Conference Call
Banner will host a conference call on Wednesday, October 21, 2009, at 8:00 a.m. PDT, to discuss third quarter 2009 results. The conference call can be accessed live by telephone at 480-629-9723 using access code 4171247 to participate in the call. To listen to the call online, go to the Company’s website at www.bannerbank.com. A replay will be available for a week at (303) 590-3030, using access code 4171247.
About the Company
Banner Corporation is a $4.8 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.
This press release contains statements that the Company believes are “forward-looking statements.” These statements relate to the Company’s financial condition, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially include, but are not limited to, the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes and other properties and fluctuations in real estate values in our market areas; results of examinations of us by the Board of Governors of the Federal Reserve System and our bank subsidiaries by the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses or to write-down assets; fluctuations in agricultural commodity prices, crop yields and weather conditions; our ability to control operating costs and expenses; our ability to implement our branch expansion strategy; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; our ability to manage loan delinquency rates; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; legislative or regulatory changes that adversely affect our business; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; our ability to pay dividends; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board; war or terrorist activities; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and other risks detailed in Banner’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008.
BANR - Third Quarter 2009 Results
RESULTS OF OPERATIONS
(in thousands except shares and per share data)
Quarters Ended Nine Months Ended
---------------------------------- ----------------------
Sep 30, Jun 30, Sep 30, Sep 30, Sep 30,
2009 2009 2008 2009 2008
---------- ---------- ---------- ---------- ----------
INTEREST
INCOME:
Loans
receiv-
able $ 56,175 $ 55,500 $ 64,181 $ 168,022 $ 196,348
Mortgage-
backed
securi-
ties 1,422 1,569 1,040 4,792 3,280
Securi-
ties and
cash
equi-
valents 1,976 2,089 2,786 6,248 8,374
---------- ---------- ---------- ---------- ----------
59,573 59,158 68,007 179,062 208,002
INTEREST
EXPENSE:
Deposits 20,818 21,638 26,818 65,548 84,446
Federal
Home
Loan Bank
advances 630 675 1,160 2,025 4,310
Other
borrow-
ings 655 671 734 1,553 1,874
Junior
subord-
inated
deben-
tures 1,118 1,249 1,669 3,700 5,399
---------- ---------- ---------- ---------- ----------
23,221 24,233 30,381 72,826 96,029
---------- ---------- ---------- ---------- ----------
Net
interest
income
before
provision
for loan
losses 36,352 34,925 37,626 106,236 111,973
PROVISION
FOR LOAN
LOSSES 25,000 45,000 8,000 92,000 29,500
---------- ---------- ---------- ---------- ----------
Net
interest
income
(loss) 11,352 (10,075) 29,626 14,236 82,473
OTHER
OPERATING
INCOME:
Deposit
fees and
other
service
charges 5,705 5,408 5,770 16,049 16,277
Mortgage
banking
opera-
tions 2,065 2,860 1,500 7,640 4,694
Loan
servicing
fees 282 248 536 260 1,485
Miscell-
aneous 768 412 286 1,700 980
---------- ---------- ---------- ---------- ----------
8,820 8,928 8,092 25,649 23,436
Increase
(Decrease)
in
valuation
of fin-
ancial
instru-
ments
carried
at fair
value 4,633 11,049 (6,056) 12,429 (4,584)
---------- ---------- ---------- ---------- ----------
Total
other
operating
income 13,453 19,977 2,036 38,078 18,852
OTHER
OPERATING
EXPENSE:
Salary
and
employee
benefits 17,379 17,528 18,241 52,508 57,623
Less
capital-
ized
loan
origi-
nation
costs (2,060) (2,834) (2,040) (7,010) (7,009)
Occupancy
and
equipment 5,715 5,928 5,956 17,697 17,813
Informa-
tion/
computer
data
services 1,551 1,599 1,560 4,684 5,389
Payment
and card
process-
ing
services 1,778 1,555 1,913 4,786 5,212
Profess-
ional
services 1,456 1,183 1,117 3,833 3,203
Adver-
tising
and
market-
ing 1,899 2,207 1,572 5,938 4,667
Deposit
insurance 2,219 4,102 701 7,818 1,661
State/
municipal
business
and use
taxes 558 532 572 1,630 1,712
Real
estate
opera-
tions 2,799 1,805 758 5,227 1,592
Miscell-
aneous 3,335 3,286 3,650 10,202 11,067
---------- ---------- ---------- ---------- ----------
36,629 36,891 34,000 107,313 102,930
Goodwill
write-
off -- -- -- -- 50,000
---------- ---------- ---------- ---------- ----------
Total
other
operat-
ing
expense 36,629 36,891 34,000 107,313 152,930
---------- ---------- ---------- ---------- ----------
Income
(Loss)
before
pro-
vision
(benefit)
for
income
taxes (11,824) (26,989) (2,338) (54,999) (51,605)
PROVISION
FOR
(BENEFIT
FROM)
INCOME
TAXES (5,376) (10,478) (1,347) (22,777) (2,143)
---------- ---------- ---------- ---------- ----------
NET
INCOME
(LOSS) $ (6,448) $ (16,511) $ (991) $ (32,222) $ (49,462)
========== ========== ========== ========== ==========
PREFERRED
STOCK
DIVIDEND
AND
DISCOUNT
ACCRETION
Preferred
stock
dividend 1,550 1,550 -- 4,650 --
Preferred
stock
discount
accre-
tion 373 373 -- 1,119 --
---------- ---------- ---------- ---------- ----------
NET INCOME
(LOSS)
AVAILABLE
TO
COMMON
SHARE-
HOLDERS $ (8,371) $ (18,434) $ (991) $ (37,991) $ (49,462)
========== ========== ========== ========== ==========
Earnings
(Loss)
per
share
available
to
common
share-
holder
Basic $ (0.44) $ (1.04) $ (0.06) $ (2.11) $ (3.09)
Diluted $ (0.44) $ (1.04) $ (0.06) $ (2.11) $ (3.09)
Cumulative
dividends
declared
per
common
share $ 0.01 $ 0.01 $ 0.05 $ 0.03 $ 0.45
Weighted
average
common
shares
out-
standing
Basic 19,022,522 17,746,051 16,402,607 17,982,945 16,025,403
Diluted 19,022,522 17,746,051 16,402,607 17,982,945 16,025,403
Common
shares
repur-
chased
during
the
period -- -- -- -- 613,903
Common
shares
issued
in conn-
ection
with
exercise
of stock
options
or DRIP 1,507,485 780,906 675,186 2,781,905 653,036
BANR - Third Quarter 2009 Results
FINANCIAL CONDITION
(in thousands except shares and per share data)
Sep 30, Jun 30, Sep 30, Dec 31,
2009 2009 2008 2008
----------- ----------- ----------- -----------
ASSETS
Cash and due
from banks $ 60,531 $ 67,339 $ 80,508 $ 89,964
Federal funds and
interest-bearing
deposits 270,623 16,919 403 12,786
Securities -
at fair value 167,944 167,476 239,009 203,902
Securities -
available for sale 74,527 50,980 -- 53,272
Securities - held
to maturity 76,630 77,321 55,389 59,794
Federal Home
Loan Bank stock 37,371 37,371 37,371 37,371
Loans receivable:
Held for sale 4,781 8,377 6,085 7,413
Held for
portfolio 3,891,413 3,904,704 3,993,094 3,953,995
Allowance for
loan losses (95,183) (90,694) (58,846) (75,197)
----------- ----------- ----------- -----------
3,801,011 3,822,387 3,940,333 3,886,211
Accrued interest
receivable 20,912 18,892 22,799 21,219
Real estate owned
held for sale, net 53,576 56,967 10,147 21,782
Property and
equipment, net 104,469 103,709 97,958 97,647
Goodwill and other
intangibles, net 11,718 12,365 85,513 13,716
Bank-owned
life insurance 54,037 53,341 52,500 52,680
Other assets 54,659 47,475 28,329 34,024
----------- ----------- ----------- -----------
$ 4,788,008 $ 4,532,542 $ 4,650,259 $ 4,584,368
=========== =========== =========== ===========
LIABILITIES
Deposits:
Non-interest-
bearing $ 546,956 $ 508,284 $ 521,927 $ 509,105
Interest-bearing
transaction and
savings
accounts 1,305,546 1,131,093 1,086,621 1,137,878
Interest-bearing
certificates 2,008,673 2,110,466 2,182,318 2,131,867
----------- ----------- ----------- -----------
3,861,175 3,749,843 3,790,866 3,778,850
Advances from
Federal Home Loan
Bank at fair value 255,806 115,946 209,243 111,415
Customer
repurchase
agreements and
other borrowings 174,770 158,249 104,496 145,230
Junior
subordinated
debentures at
fair value 47,859 49,563 101,358 61,776
Accrued expenses
and other
liabilities 28,715 36,652 44,486 40,600
Deferred
compensation 12,960 12,815 12,880 13,149
----------- ----------- ----------- -----------
4,381,285 4,123,068 4,263,329 4,151,020
STOCKHOLDERS'
EQUITY
Preferred stock -
Series A 117,034 116,661 -- 115,915
Common stock 327,385 322,582 306,741 316,740
Retained earnings
(accumulated
deficit) (36,402) (27,826) 82,377 2,150
Other components
of stockholders'
equity (1,294) (1,943) (2,188) (1,457)
----------- ----------- ----------- -----------
406,723 409,474 386,930 433,348
----------- ----------- ----------- -----------
$ 4,788,008 $ 4,532,542 $ 4,650,259 $ 4,584,368
=========== =========== =========== ===========
Common Shares
Issued:
Shares outstanding
at end of period 19,933,943 18,426,458 16,980,468 17,152,038
Less unearned
ESOP shares at
end of period 240,381 240,381 240,381 240,381
----------- ----------- ----------- -----------
Shares outstanding
at end of period
excluding
unearned
ESOP shares 19,693,562 18,186,077 16,740,087 16,911,657
=========== =========== =========== ===========
Common
stockholders'
equity per
share(1) $ 14.72 $ 16.10 $ 23.11 $ 18.77
Common
stockholders'
tangible equity
per share(1)(2) $ 14.13 $ 15.42 $ 18.01 $ 17.96
Tangible common
stockholders'
equity to
tangible
assets 5.82% 6.20% 6.60% 6.64%
Consolidated
Tier 1
leverage capital
ratio 9.66% 9.90% 8.86% 10.32%
(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) Tangible common equity excludes preferred stock, goodwill, core
deposit and other intangibles.
BANR - Third Quarter 2009 Results
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
Sep 30, Jun 30, Sep 30, Dec 31,
2009 2009 2008 2008
---------- ---------- ---------- ----------
LOANS (including
loans held for sale):
Commercial real
estate
Owner occupied $ 481,698 $ 476,922 $ 448,972 $ 459,446
Investment
properties 585,206 572,999 564,947 554,263
Multifamily real
estate 152,832 150,168 141,787 151,274
Commercial
construction 83,937 90,762 113,342 104,495
Multifamily
construction 62,614 56,968 22,236 33,661
One- to
four-family
construction 277,419 337,368 482,443 420,673
Land and land
development
Residential 346,308 359,994 417,041 424,002
Commercial 47,182 43,703 64,480 62,128
Commercial
business 678,187 678,273 694,688 679,867
Agricultural
business
including secured
by farmland 225,603 215,339 213,753 204,142
One- to
four-family real
estate 676,928 653,513 561,043 599,169
Consumer 278,280 277,072 274,447 268,288
---------- ---------- ---------- ----------
Total loans
outstanding $3,896,194 $3,913,081 $3,999,179 $3,961,408
========== ========== ========== ==========
Restructured loans
performing under
their restructured
terms $ 55,161 $ 55,031 $ 15,514 $ 23,635
========== ========== ========== ==========
Loans 30 - 89 days
past due and on
accrual $ 21,243 $ 34,038 $ 18,587 $ 61,124
========== ========== ========== ==========
Total delinquent
loans (including
loans on
non-accrual) $ 264,531 $ 259,107 $ 137,953 $ 248,469
========== ========== ========== ==========
Total delinquent
loans / Total
loans outstanding 6.79% 6.62% 3.45% 6.27%
GEOGRAPHIC CONCENTRATION OF LOANS AT
September 30, 2009
Washington Oregon Idaho Other Total
---------- ---------- ---------- ---------- ----------
Commercial
real
estate
Owner
occupied $ 380,170 $ 59,793 $ 41,735 $ -- $ 481,698
Invest-
ment
proper-
ties 423,431 107,090 44,243 10,442 585,206
Multi-
family
real
estate 127,882 12,823 8,800 3,327 152,832
Commercial
construc-
tion 62,827 13,390 7,720 -- 83,937
Multi-
family
construc-
tion 33,837 28,777 -- -- 62,614
One- to
four-
family
construc-
tion 133,319 129,552 14,548 -- 277,419
Land and
land
develop-
ment
Resi-
dential 170,345 132,624 43,339 -- 346,308
Commercial 30,400 12,127 4,655 -- 47,182
Commercial
business 483,451 94,828 74,621 25,287 678,187
Agri-
cultural
business
including
secured
by
farmland 105,119 55,488 64,963 33 225,603
One- to
four-
family
real
estate 470,912 169,564 33,205 3,247 676,928
Consumer 196,305 64,056 17,418 501 278,280
---------- ---------- ---------- ---------- ----------
Total
loans
outstand-
ing $2,617,998 $ 880,112 $ 355,247 $ 42,837 $3,896,194
========== ========== ========== ========== ==========
Percent
of
total
loans 67.2% 22.6% 9.1% 1.1% 100.0%
DETAIL OF LAND AND LAND DEVELOPMENT LOANS AT
September 30, 2009
Washington Oregon Idaho Other Total
---------- ---------- ---------- ---------- ----------
Residential
Acqui-
sition &
develop-
ment $ 93,883 $ 91,781 $ 20,236 $ -- $ 205,900
Improved
lots 53,187 33,431 2,754 -- 89,372
Unimproved
land 23,275 7,412 20,349 -- 51,036
---------- ---------- ---------- ---------- ----------
Total
resi-
dential
land and
develop-
ment $ 170,345 $ 132,624 $ 43,339 $ -- $ 346,308
========== ========== ========== ========== ==========
Commercial
& indus-
trial
Acqui-
sition &
develop-
ment $ 8,975 $ -- $ 200 $ -- $ 9,175
Improved
land 9,906 10,643 -- -- 20,549
Unimproved
land 11,519 1,484 4,455 -- 17,458
---------- ---------- ---------- ---------- ----------
Total
commer-
cial
land and
develop-
ment $ 30,400 $ 12,127 $ 4,655 $ -- $ 47,182
========== ========== ========== ========== ==========
BANR - Third Quarter 2009 Results
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
Quarters Ended Nine Months Ended
---------------------------- ------------------
Sep 30, Jun 30, Sep 30, Sep 30, Sep 30,
2009 2009 2008 2009 2008
-------- -------- -------- -------- --------
CHANGE IN THE
ALLOWANCE FOR
LOAN LOSSES
Balance, beginning
of period $ 90,694 $ 79,724 $ 58,570 $ 75,197 $ 45,827
Provision 25,000 45,000 8,000 92,000 29,500
Recoveries of loans
previously
charged off:
Commercial real
estate -- -- 1,530 -- 1,530
Multifamily real
estate -- -- -- -- --
Construction
and land 299 266 39 617 48
One- to
four-family
real estate 21 89 4 112 44
Commercial
business 120 249 130 439 390
Agricultural
business,
including
secured by
farmland 6 22 610 28 618
Consumer 152 32 44 215 126
-------- -------- -------- -------- --------
598 658 2,357 1,411 2,756
Loans charged-off:
Commercial real
estate -- -- -- -- (7)
Multifamily real
estate -- -- -- -- --
Construction and
land (16,614) (27,290) (7,567) (56,321) (13,616)
One- to
four-family
real estate (856) (1,181) (220) (3,128) (411)
Commercial
business (3,060) (2,438) (1,889) (9,292) (4,439)
Agricultural
business,
including
secured by
farmland -- (3,186) (60) (3,186) (60)
Consumer (579) (593) (345) (1,498) (704)
-------- -------- -------- -------- --------
(21,109) (34,688) (10,081) (73,425) (19,237)
-------- -------- -------- -------- --------
Net charge-offs (20,511) (34,030) (7,724) (72,014) (16,481)
-------- -------- -------- -------- --------
Balance, end
of period $ 95,183 $ 90,694 $ 58,846 $ 95,183 $ 58,846
======== ======== ======== ======== ========
Net charge-offs /
Average loans
outstanding 0.53% 0.87% 0.19% 1.83% 0.42%
Sep 30, Jun 30, Sep 30, Dec 31,
2009 2009 2008 2008
------- ------- ------- -------
ALLOCATION OF
ALLOWANCE FOR
LOAN LOSSES
Specific or allocated
loss allowance
Commercial real estate $ 7,580 $ 5,333 $ 2,789 $ 4,199
Multifamily real estate 89 83 103 87
Construction and land 49,829 55,585 21,932 38,253
One- to four-family
real estate 2,304 1,333 511 752
Commercial business 20,906 19,474 23,085 16,533
Agricultural business,
including secured
by farmland 1,540 1,323 1,097 530
Consumer 1,758 1,540 2,935 1,730
------- ------- ------- -------
Total allocated 84,006 84,671 52,452 62,084
Estimated allowance for
undisbursed commitments 2,202 1,976 1,060 1,108
Unallocated 8,975 4,047 5,334 12,005
------- ------- ------- -------
Total allowance for
loan losses $95,183 $90,694 $58,846 $75,197
======= ======= ======= =======
Allowance for loan losses /
Total loans outstanding 2.44% 2.32% 1.47% 1.90%
BANR - Third Quarter 2009 Results
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
Sep 30, Jun 30, Sep 30, Dec 31,
2009 2009 2008 2008
--------- --------- --------- ---------
NON-PERFORMING ASSETS
Loans on non-accrual status
Secured by real estate:
Commercial $ 8,073 $ 7,244 $ 6,368 $ 12,879
Multifamily -- -- -- --
Construction and land 193,281 180,989 98,108 154,823
One- to four-family 18,107 15,167 6,583 8,649
Commercial business 15,070 12,339 6,905 8,617
Agricultural business,
including secured by
farmland 5,868 7,478 265 1,880
Consumer -- 227 427 130
--------- --------- --------- ---------
240,399 223,444 118,656 186,978
Loans more than 90 days
delinquent, still on
accrual Secured by
real estate:
Commercial -- -- -- --
Multifamily -- -- -- --
Construction and land 2,090 603 -- --
One- to four-family 690 624 635 124
Commercial business -- 209 -- --
Agricultural business,
including secured by
farmland -- -- -- --
Consumer 109 189 75 243
--------- --------- --------- ---------
2,889 1,625 710 367
--------- --------- --------- ---------
Total non-performing
loans 243,288 225,069 119,366 187,345
Securities on
non-accrual at fair
value 1,236 -- -- --
Real estate owned (REO)
/ Repossessed assets 53,765 57,197 10,153 21,886
--------- --------- --------- ---------
Total non-performing
assets $ 298,289 $ 282,266 $ 129,519 $ 209,231
========= ========= ========= =========
Total non-performing
assets / Total assets 6.23% 6.23% 2.79% 4.56%
DETAIL & GEOGRAPHIC CONCENTRATION OF
NON-PERFORMING ASSETS AT
September 30, 2009
Washington Oregon Idaho Other Total
---------- ---------- ---------- ---------- ----------
Secured
by real
estate:
Commer-
cial $ 7,136 $ 787 $ 150 $ -- $ 8,073
Multi-
family -- -- -- -- --
Construc-
tion and
land
One- to
four-
family
con-
struc-
tion 29,562 29,816 9,186 -- 68,564
Resi-
dential
land
acqui-
sition
& devel-
opment 31,480 36,222 10,097 -- 77,799
Resi-
dential
land
improved
lots 12,068 6,549 1,423 -- 20,040
Resi-
dential
land
unim-
proved 9,188 421 2,221 -- 11,830
Commer-
cial
land
acqui-
sition
& devel-
opment -- -- -- -- --
Commer-
cial
land
improved -- 10,656 -- -- 10,656
Commer-
cial
land
unim-
proved 4,382 -- 2,100 -- 6,482
---------- ---------- ---------- ---------- ----------
Total
con-
struc-
tion
and
land 86,680 83,664 25,027 -- 195,371
One- to
four-
family 9,750 3,055 4,816 1,176 18,797
Commercial
business 13,000 631 1,439 -- 15,070
Agri-
cultural
business,
including
secured
by
farmland -- 253 5,615 -- 5,868
Consumer 109 -- -- -- 109
---------- ---------- ---------- ---------- ----------
Total non-
performing
loans 116,675 88,390 37,047 1,176 243,288
Securities
on non-
accrual -- -- -- 1,236 1,236
Real
estate
owned
(REO) and
reposs-
essed
assets 40,312 9,025 4,428 -- 53,765
---------- ---------- ---------- ---------- ----------
Total
non-
per-
forming
assets
at end
of the
period $ 156,987 $ 97,415 $ 41,475 $ 2,412 $ 298,289
========== ========== ========== ========== ==========
BANR - Third Quarter 2009 Results
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
DEPOSITS & OTHER
BORROWINGS
Sep 30, Jun 30, Sep 30, Dec 31,
2009 2009 2008 2008
---------- ---------- ---------- ----------
BREAKDOWN OF
DEPOSITS
Non-interest-
bearing $ 546,956 $ 508,284 $ 521,927 $ 509,105
---------- ---------- ---------- ----------
Interest-bearing
checking 329,820 312,024 373,496 378,952
Regular savings
accounts 521,663 499,447 519,285 474,885
Money market
accounts 454,063 319,622 193,840 284,041
---------- ---------- ---------- ----------
Interest-bearing
transaction &
savings
accounts 1,305,546 1,131,093 1,086,621 1,137,878
---------- ---------- ---------- ----------
Interest-bearing
certificates 2,008,673 2,110,466 2,182,318 2,131,867
---------- ---------- ---------- ----------
Total deposits $3,861,175 $3,749,843 $3,790,866 $3,778,850
========== ========== ========== ==========
INCLUDED IN
TOTAL DEPOSITS
Public
transaction
accounts $ 44,645 $ 48,644 $ 100,776 $ 117,402
Public interest-
bearing
certificates 98,906 134,213 295,432 221,915
---------- ---------- ---------- ----------
Total public
deposits $ 143,551 $ 182,857 $ 396,208 $ 339,317
========== ========== ========== ==========
Total brokered
deposits $ 186,087 $ 247,514 $ 243,723 $ 268,458
========== ========== ========== ==========
INCLUDED IN OTHER
BORROWINGS
Customer
repurchase
agreements /
"Sweep accounts" $ 124,795 $ 108,277 $ 103,496 $ 145,230
========== ========== ========== ==========
GEOGRAPHIC CONCENTRATION OF DEPOSITS AT
September 30, 2009
Washington Oregon Idaho Total
---------- ---------- ---------- ----------
$2,998,259 $ 599,166 $ 263,750 $3,861,175
========== ========== ========== ==========
REGULATORY CAPITAL RATIO AT Minimum for
September 30, 2009 Capital Adequacy
Actual or "Well Capitalized"
----------------------- -----------------------
Amount Ratio Amount Ratio
---------- ---------- ---------- ----------
Banner Corporation-
consolidated
Total capital to
risk-weighted
assets $ 491,587 12.54% $ 313,651 8.00%
Tier 1 capital to
risk-weighted
assets 442,009 11.27% 156,826 4.00%
Tier 1 leverage
capital to
average assets 442,009 9.66% 183,122 4.00%
Banner Bank
Total capital to
risk-weighted
assets 449,907 12.02% 374,243 10.00%
Tier 1 capital to
risk-weighted
assets 402,549 10.76% 224,546 6.00%
Tier 1 leverage
capital to
average assets 402,549 9.18% 219,310 5.00%
Islanders Bank
Total capital to
risk-weighted
assets 25,899 12.93% 20,028 10.00%
Tier 1 capital to
risk-weighted
assets 24,259 12.11% 12,017 6.00%
Tier 1 leverage
capital to
average assets 24,259 11.31% 10,727 5.00%
BANR - Third Quarter 2009 Results
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
(rates / ratios annualized)
Nine
Quarters Ended Months Ended
--------------------------------- ----------------------
OPERATING
PERFORMANCE
Sep 30, Jun 30, Sep 30, Sep 30, Sep 30,
2009 2009 2008 2009 2008
---------- --------- ---------- ---------- ----------
Average
loans $3,905,763 3,925,196 $4,001,999 $3,924,487 $3,917,155
Average
securities
and
deposits 461,360 394,244 342,153 419,924 330,474
Average
non-
interest-
earning
assets 219,780 199,981 296,572 204,414 334,733
---------- --------- ---------- ---------- ----------
Total
average
assets $4,586,903 4,519,421 $4,640,724 $4,548,825 $4,582,362
========== ========= ========== ========== ==========
Average
deposits $3,821,065 3,679,653 $3,810,718 $3,731,782 $3,712,530
Average
borrow-
ings 377,976 429,708 415,517 408,111 415,453
Average
non-
interest-
bearing
lia-
bilities (25,527) (18,421) 25,506 (17,357) 31,967
---------- --------- ---------- ---------- ----------
Total
average
lia-
bilities 4,173,514 4,090,940 4,251,741 4,122,536 4,159,950
Total
average
stock-
holders'
equity 413,389 428,481 388,983 426,289 422,412
---------- --------- ---------- ---------- ----------
Total
average
lia-
bilities
and
equity
$4,586,903 4,519,421 $4,640,724 $4,548,825 $4,582,362
========== ========= ========== ========== ==========
Interest
rate
yield on
loans 5.71% 5.67% 6.38% 5.72% 6.70%
Interest
rate
yield on
securities
and
deposits 2.92% 3.72% 4.45% 3.52% 4.71%
---------- --------- ---------- ---------- ----------
Interest
rate
yield
on
interest-
earning
assets 5.41% 5.49% 6.23% 5.51% 6.54%
---------- --------- ---------- ---------- ----------
Interest
rate
expense
on
deposits 2.16% 2.36% 2.80% 2.35% 3.04%
Interest
rate
expense
on
borrowings 2.52% 2.42% 3.41% 2.38% 3.72%
---------- --------- ---------- ---------- ----------
Interest
rate
expense
on
interest-
bearing
lia-
bilities 2.19% 2.37% 2.86% 2.35% 3.11%
---------- --------- ---------- ---------- ----------
Interest
rate
spread 3.22% 3.12% 3.37% 3.16% 3.43%
========== ========= ========== ========== ==========
Net
interest
margin 3.30% 3.24% 3.45% 3.27% 3.52%
========== ========= ========== ========== ==========
Other
operating
income /
Average
assets 1.16% 1.77% 0.17% 1.12% 0.55%
Other
operating
income
(loss)
EXCLUDING
change
in
valuation
of
financial
instruments
carried
at fair
value /
Average
assets(1) 0.76% 0.79% 0.69% 0.75% 0.68%
Other
operating
expense /
Average
assets 3.17% 3.27% 2.91% 3.15% 4.46%
Other
operating
expense
EXCLUDING
goodwill
write-
off /
Average
assets(1) 3.17% 3.27% 2.91% 3.15% 3.00%
Efficiency
ratio
(other
operating
expense /
revenue) 73.54% 67.19% 85.72% 74.36% 116.90%
Return
(Loss)
on
average
assets (0.56%) (1.47%) (0.08%) (0.95%) (1.44%)
Return
(Loss)
on
average
equity (6.19%) (15.46%) (1.01%) (10.11%) (15.64%)
Return
(Loss)
on
average
tangible
equity(2) (6.37%) (15.93%) (1.30%) (10.42%) (21.82%)
Average
equity /
Average
assets 9.01% 9.48% 8.38% 9.37% 9.22%
(1) Earnings information excluding the fair value adjustments and
goodwill impairment charge (alternately referred to as operating
income (loss) from core operations and expenses from core
operations) represent non-GAAP (Generally Accepted Accounting
Principles) financial measures.
(2) Average tangible equity excludes goodwill, core deposit and other
intangibles.
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