SECURITIES
AND EXCHANGE COMMISSION
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WASHINGTON,
D.C. 20549
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FORM
8-K
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CURRENT
REPORT
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PURSUANT
TO SECTION 13 OR 15 (d) OF THE
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SECURITIES
EXCHANGE ACT OF 1934
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Date
of Report (Date of earliest event reported): April 30,
2008
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Banner
Corporation
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(Exact
name of registrant as specified in its charter)
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Washington
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0-26584
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91-1691604
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State
or other jurisdiction
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Commission
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(I.R.S.
Employer
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of
incorporation
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File
Number
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Identification
No.)
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10 S. First Avenue,
Walla Walla, Washington
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99362
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number (including area code) (509)
527-3636
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Not
Applicable
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(Former
name or former address, if changed since last
report)
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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.
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 2.02 Results
of Operations and Financial Condition
On April 30, 2008, Banner Corporation
issued its earnings release for the quarter ended March 31, 2008. A
copy of the earnings release is attached hereto as Exhibit 99.1, which is
incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits
(c) Exhibits
99.1 Press
Release of Banner Corporation dated April 30, 2008.
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.
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BANNER
CORPORATION
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Date:
April 30, 2008
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By:
/s/ D. Michael
Jones
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D.
Michael Jones
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President
and Chief Executive Officer
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Exhibit
99.1
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Contact:
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D. Michael Jones,
President
and CEO
Lloyd W. Baker, CFO
(509) 527-3636
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News Release
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Banner Corporation Earns
$3.8 Million, or $0.24 per diluted share, in First Quarter;
Includes Provision for Loan
Losses of $6.5 Million
Walla
Walla, WA – April 30, 2008 – Banner Corporation (NASDAQ GMS: BANR), the parent
company of Banner Bank and Islanders Bank, today reported that net income for
the first quarter of 2008 was $3.8 million, or $0.24 per diluted share, compared
to $7.8 million, or $0.62 per diluted share, in the first quarter of
2007. Banner’s net income for the quarter was significantly reduced
by a $6.5 million ($4.2 million after tax) provision for loan losses as a result
of increasing concerns relating to construction and land development
lending.
“Similar
to the second half of 2007, the first quarter of 2008 presented a difficult
operating environment for Banner Corporation, as stressed housing markets and
unprecedented interest rate changes by the Federal Reserve resulted in higher
credit costs and compression of our net interest margin,” stated D. Michael
Jones, President and Chief Executive Officer. “While our net
charge-offs have been reasonable and our impairment analysis on non-performing
loans to date has not been alarming, delinquencies have increased and we are
concerned that the increasing number of distressed sellers and lender
foreclosures may further disrupt certain markets and adversely affect home
prices and the demand for building lots over the near term. We are
particularly concerned that the higher levels of delinquencies and loan loss
provisioning announced by a number of lenders in our markets could lead to
significant discounting of property values in efforts to expedite problem loan
resolutions. As a result, we significantly increased our loan loss
provision over what we initially believed would be appropriate in order to build
our unallocated reserves. Further, although we remain optimistic
about the Northwest economy, we expect the level of nonperforming assets to
remain above historical levels for the balance of this year.
“While
the operating environment has been challenging, we are pleased with the efforts
of our staff which have allowed us to complete three acquisitions and two data
processing conversions, as well as to open ten new branches, over the past
fifteen months, Jones continued. “These efforts have resulted in an
additional 26 locations to serve our customers and contributed significantly to
our loan and deposit growth. In addition to growth resulting from
these new locations, we have been particularly encouraged by increases in our
commercial business loan balances in recent quarters. We are
also pleased by the continuing growth in deposit fees and service charges as our
customer base has expanded, as well as by stronger results from our mortgage
banking operations.”
Banner’s
net income included net gains of $823,000 ($527,000 after tax) in the first
quarter of 2008, versus a gain of $1.2 million ($755,000 after tax) in the first
quarter of 2007 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) No. 159 and SFAS
No. 157. Excluding fair value adjustments, net income from recurring
operations was $3.3 million, or $0.21 per diluted share, in the first quarter of
2008, compared to $7.1 million, or $0.56 per diluted share, in the first quarter
a year ago.
1Q08 Summary
(compared to 1Q07
except as noted)
·
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Net
income, excluding fair value adjustments, was $3.3 million, or $0.21 per
diluted share.
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·
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Net
interest income before provision for loan losses grew 16% to $37.4
million.
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·
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The
net interest margin declined to 3.63%, compared to 3.82% in the preceding
quarter and 3.94% for the first quarter of
2007.
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·
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Nonperforming
assets increased to 1.36% of total assets, while net charge-offs remained
modest at 0.05% of average loans.
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·
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The
provision for loan losses was $6.5 million compared to $1.0 million a year
ago.
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·
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Revenues
(net interest income before the provision for loan losses plus other
operating income) excluding fair value adjustments increased 20% to $44.7
million.
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·
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Operating
expenses declined 4.4% from the fourth quarter of
2007.
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·
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Staffing
levels were reduced 2.3% in the first quarter versus the preceding
quarter.
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·
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Total
deposits increased 26% to $3.69
billion.
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·
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Loans
increased 27% to $3.79 billion.
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*Earnings information excluding the
fair value adjustments (net income from recurring 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 more useful and
comparative information to assess trends in the Company’s core operations
reflected in the current quarter and year-to-date results. Where
applicable, the Company has also presented comparable earnings information using
GAAP financial measures.
BANR - First
Quarter 2008 Results
April 30, 2008
Page 2
Credit Quality
“The
strains on housing and financial markets resulted in increasing delinquencies
and non-performing assets, primarily construction and land development loans,”
said Jones. “While our net charge-offs remain reasonable and in line
with our expectations, we have chosen to increase our reserves through a higher
level of provisioning, as the level of uncertainty with respect to property
values has clearly increased. As well as covering known issues, the
first quarter’s provision increased the unallocated portion of our allowance for
loan losses to approximately $10 million at quarter end to address this
uncertainty.” Banner added $6.5 million to its provision for loan
losses in the first quarter of 2008, compared to $2.0 million in the fourth
quarter of 2007 and $1.0 million in the first quarter of 2007. The
allowance for loan losses at quarter-end totaled $50.4 million, representing
1.31% of total loans outstanding. Non-performing assets were $62.0
million, or 1.36% of total assets, at March 31, 2008, compared to $44.3 million,
or 0.99%, in the previous quarter, and $14.1 million or 0.39% at March 31,
2007. Banner’s net charge-offs in the current quarter totaled $1.9
million, or 0.05% of average loans.
“We
shared others’ concerns about the downturn in the national housing market and
initially backed away from construction lending in the Boise, Idaho market in
early 2007. We also became more cautious in our approach to
construction and land development lending in other markets as the year
progressed,” continued Jones. “As a result, our total construction
and land development loan originations in 2007 were approximately 35% lower than
in the previous year and this trend continued as construction and land
development loan originations in the first quarter of 2008 were approximately
60% lower than in the first quarter of 2007.
“While
construction and land development loans represent 31% of our portfolio and
approximately 82% of our nonperforming assets, they are significantly
diversified with respect to geography and sub-markets, price ranges and
borrowers,” added Jones. “Of course, the vast majority of these
construction and development loans are performing as agreed and we are
experiencing continuing loan payoffs and portfolio turnover. Still,
we are investing significant efforts in proactively monitoring and managing this
portion of our portfolio and, although we anticipate sales activity will improve
through the spring and summer, we are increasingly concerned about the
possibility of further deterioration in property values in some
locations.” The geographic distribution of construction and land
developments loans is approximately 80% in the greater Puget Sound and greater
Portland, Oregon markets, and 9% in the greater Boise, Idaho market, with the
remaining 11% distributed in various eastern Washington, eastern Oregon and
northern Idaho markets served by Banner Bank. While nonperforming
assets are similarly geographically disbursed, they are concentrated largely in
land and land development loans. The geographic distribution of
nonperforming construction and land developments loans and real estate owned
included approximately $22 million, or 42%, in the western Oregon (Salem and
Portland)/southwestern Washington (Vancouver) market area, $16 million, or 30%,
in the Puget Sound region and $12 million, or 24%, in the greater Boise market
area.
Income
Statement Review
Banner’s
net interest margin was 3.63% for the first quarter of 2008, compared to 3.82%
in the preceding quarter and 3.94% for the first quarter of
2007. Funding costs decreased 38 basis points compared to the
previous quarter and decreased 77 basis points from the first quarter a year
earlier, while asset yields decreased 55 basis points from the prior linked
quarter and 104 basis points from the first quarter a year ago.
“During
the first quarter we realized sharply lower asset yields which significantly
reduced our net interest margin. We expect further compression to our
margin in the next quarter as a result of rate adjustments that did not fully
impact the current quarter’s margin because of the timing of the Federal
Reserve’s rate cuts,” said Jones. “While deposit costs also moved
significantly lower in the first quarter of 2008, the more immediate impact of
lower prime rates on a substantial portion of our loan portfolio resulted in
compression of our net interest margin. In addition, the higher level
of delinquencies is also reflected in our lower net interest margin, as
non-accruing loans reduced the margin by approximately twelve basis points in
the first quarter of 2008.”
In the
first quarter of 2008, net interest income before the provision for loan losses
increased 16% to $37.4 million, compared to $32.2 million in the same quarter a
year ago, reflecting Banner’s much larger earning asset
base. However, net interest income declined compared to the fourth
quarter of 2007 as the net interest margin contracted 19 basis points compared
to that period. Revenues excluding fair value adjustments increased
20% to $44.7 million in the first quarter of 2008, from $37.3 million in the
first quarter a year ago.
Total
other operating income, excluding fair value adjustments, for the first quarter
increased 43% to $7.4 million, compared to $5.2 million for the same quarter a
year ago. Income from deposit fees and other service charges
increased 69% to $5.0 million in the first quarter of 2008, compared to $3.0
million in the first quarter a year ago. Income from mortgage banking
operations increased 19% in the first quarter compared to the same period a year
ago.
“Our
expense ratios are improving as we are beginning to experience some of the
anticipated efficiencies following last year’s acquisitions. And,
while we are opening two new offices, one in Bellevue, Washington, and one in
the Pearl District of Portland, Oregon, during the second quarter, we expect
further improvement this year as these two branches are the only two de novo
branches scheduled to open in 2008,” said Jones. “Although higher
than the same period a year ago as a result of the acquisitions and new
BANR - First
Quarter 2008 Results
April 30, 2008
Page 3
branches
opened last year, total non-interest operating expenses for the first quarter
were lower than each of the last two quarters.” Other operating
expenses were $33.7 million in the first quarter of 2008, compared to $26.1
million in the first quarter a year ago, reflecting both new branches and
acquisition activity. Other operating expenses declined by 4.4%
compared to the $35.3 million recorded in the preceding quarter ended December
31, 2007. Operating expenses as a percentage of average assets
declined to 3.01% in the first quarter of 2008, compared to 3.20% in the fourth
quarter of 2007.
Balance
Sheet Review
“Loan
growth was strongest in the commercial business and consumer sectors, reflecting
the still active Northwest economy and diligent efforts on the part of our
lenders,” said Jones. “However, we have significantly slowed our
production of construction and land development loans as we remain very cautious
in our underwriting. As a result, our construction and development
loan balances declined by $33 million during the most recent quarter compared to
December 31, 2007 balances, including a decrease of $42 million for one-to-four
family construction loans.” Net loans increased 27% (20% from
acquisitions) to $3.79 billion at March 31, 2008, compared to $2.98 billion a
year earlier. Assets increased 28% to $4.58 billion at March 31,
2008, compared to $3.57 billion a year earlier.
Total
deposits increased 26% (19% from acquisitions) to $3.69 billion at March 31,
2008, compared to $2.92 billion at March 31,
2007. Non-interest-bearing accounts increased 39% and total
transaction and savings accounts increased 36% during the twelve months ending
March 31, 2008, while certificates of deposit increased
18%. “Although we have seen a decline in average deposit balances for
certain real estate-related customers as their business activity has slowed, our
retail growth has been encouraging,” said Jones. “We are optimistic
that our expanded branch network will deliver continued deposit growth and
related fee income as we have experienced excellent growth in the number of
transaction deposit accounts throughout the system and further believe that this
branch network is now well-positioned to produce core deposit growth at levels
sufficient to fund loan growth.”
Shareholders’
equity for the quarter ended March 31, 2008, increased 52% year over
year. At March 31, 2008, shareholders’ equity was $429.5 million
compared to $281.9 million at March 31, 2007. The $147.7 million
increase in equity primarily reflects the issuance of stock associated with
three acquisitions in 2007. During the fourth quarter of 2007, the
Company issued 340,000 shares of common stock in connection with the acquisition
of NCW Community Bank, resulting in $11.8 million of additional
equity. During the quarter ended June 30, 2007, the Company issued
2.6 million shares of common stock in connection with the acquisitions of
F&M Bank and San Juan Financial Holding Company (Islanders Bank), resulting
in $113.1 million of additional equity. The three acquisitions also
resulted in a combined increase of $103.3 million of goodwill and other
intangibles. The Company has also issued shares through its Dividend
Reinvestment and Stock Purchase Plan and in connection with the exercise of
vested stock options. Further, during the quarter ended March 31,
2008 the Company repurchased 613,000 shares in open market
transactions. At March 31, 2007, Banner had 13.0 million shares
outstanding, while it had 15.9 million shares outstanding at March 31,
2008.
Book
value per share increased 24% to $27.42 at quarter-end, from $22.12 a year
earlier, while tangible book value per share was $18.68 at quarter-end, compared
to $19.28 a year earlier and $18.73 at December 31, 2007.
Accounting
Treatments
Banner
Corporation elected early adoption of SFAS No. 159,
The Fair Value Option for Financial
Assets and Financial Liabilities
, and SFAS No. 157,
Fair Value Measurements
,
effective January 1, 2007. SFAS No. 159, which was issued in February
2007, generally permits the measurement of selected eligible financial
instruments at fair value at specified election dates. SFAS No. 157
defines fair value, establishes a framework for measuring fair value under
generally accepted accounting principles (GAAP), and expands disclosures about
fair value measurement. The Company made this election to allow it
more flexibility with respect to the management of its investment securities,
wholesale borrowings and interest rate risk position.
Restatement
and Reclassification
The
Statement of Financial Condition for the quarter ended March 31, 2007 has been
restated to reflect non-material cumulative adjustments to the common stock and
retained earnings components of stockholders’ equity related to the tax
treatment of certain elements of stock-based compensation for periods prior to
January 1, 2007. The effects of these adjustments are reductions of
$380,000 in income taxes payable and $2.4 million in retained earnings and
increases of $2.8 million and $380,000, respectively, in common stock (paid-in
capital) and total stockholders’ equity as of December 31,
2006. These adjustments have immaterially affected certain previously
reported ratios for the quarter ended March 31, 2007.
In
addition, certain reclassifications have been made to the prior periods’
consolidated financial statements and/or schedules to conform to the current
period’s presentation. These reclassifications may have slightly
affected certain ratios for the prior periods. These
reclassifications had no effect on retained earnings or net income as previously
presented and the effect of these reclassifications is considered
immaterial.
BANR - First
Quarter 2008 Results
April 30, 2008
Page 4
Conference
Call
Banner
will host a conference call on Thursday, May 1, 2008, at 8:00 a.m. PDT, to
discuss fourth quarter and year end results. The conference call can
be accessed live by telephone at 303-205-0044. To listen to the call
online, go to the Company’s website at
www.bannerbank.com
. An
archived recording of the call can be accessed by dialing 303-590-3000, passcode
11111719# until Thursday, May 8, 2008, or via the Internet at
www.bannerbank.com
.
About
the Company
Banner
Corporation is a $4.6 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
.
Statements
concerning future performance, developments or events, expectations for
earnings, growth and market forecasts, and any other guidance on future periods,
constitute forward-looking statements, which are subject to a number of risks
and uncertainties that are beyond Banner’s control and might cause actual
results to differ materially from the expectations and stated
objectives. Factors which could cause actual results to differ
materially include, but are not limited to, regional and general economic
conditions, management’s ability to generate improvement in asset quality and
profitability, changes in interest rates, deposit flows, demand for housing,
mortgages and other loans, real estate values, competition, loan delinquency
rates, the successful operation of the newly-opened branches and loan offices,
the ability to successfully complete consolidation and conversion activities,
incorporate acquisitions into operations, retain key employees and achieve cost
savings, changes in accounting principles, practices, policies or guidelines,
changes in legislation or regulation, other economic, competitive, governmental,
regulatory and technological factors affecting operations, pricing, products and
services, Banner’s ability to successfully resolve outstanding credit issues 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, 2007. Accordingly, these factors should be considered in
evaluating the forward-looking statements, and undue reliance should not be
placed on such statements. Banner undertakes no responsibility to
update or revise any forward-looking statements.
BANR - First
Quarter 2008 Results
April 30, 2008
Page 5
RESULTS OF OPERATIONS
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|
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Quarters
Ended
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|
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(
In thousands except share and per share data )
|
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|
Mar
31, 2008
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Dec
31, 2007
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|
Mar
31, 2007
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|
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INTEREST
INCOME:
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Loans
receivable
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|
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$
|
68,073
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$
|
72,592
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$
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61,828
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Mortgage-backed
securities
|
|
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|
1,153
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|
1,179
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|
1,775
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Securities
and cash equivalents
|
|
|
|
2,727
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|
2,471
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|
1,843
|
|
|
|
|
|
|
71,953
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|
76,242
|
|
65,446
|
|
|
|
|
|
|
|
|
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INTEREST
EXPENSE:
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|
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|
|
|
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Deposits
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|
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30,063
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|
34,091
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|
27,610
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Federal
Home Loan Bank advances
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1,849
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|
435
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|
2,277
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Other
borrowings
|
|
|
|
610
|
|
766
|
|
928
|
|
Junior
subordinated debentures
|
|
|
|
2,064
|
|
2,288
|
|
2,454
|
|
|
|
|
|
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34,586
|
|
37,580
|
|
33,269
|
|
Net
interest income before provision for loan losses
|
|
|
37,367
|
|
38,662
|
|
32,177
|
|
|
|
|
|
|
|
|
|
|
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PROVISION
FOR LOAN LOSSES
|
|
|
|
6,500
|
|
2,000
|
|
1,000
|
|
Net
interest income
|
|
|
|
30,867
|
|
36,662
|
|
31,177
|
|
|
|
|
|
|
|
|
|
|
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OTHER
OPERATING INCOME:
|
|
|
|
|
|
|
|
|
|
Deposit
fees and other service charges
|
|
|
5,013
|
|
4,770
|
|
2,963
|
|
Mortgage
banking operations
|
|
|
|
1,615
|
|
1,325
|
|
1,355
|
|
Loan
servicing fees
|
|
|
|
402
|
|
625
|
|
375
|
|
Miscellaneous
|
|
|
|
331
|
|
800
|
|
461
|
|
|
|
|
|
|
7,361
|
|
7,520
|
|
5,154
|
|
Increase
in valuation of financial instruments carried at fair
value
|
|
|
823
|
|
9,209
|
|
1,180
|
|
Total
other operating income
|
|
|
|
8,184
|
|
16,729
|
|
6,334
|
|
|
|
|
|
|
|
|
|
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|
OTHER
OPERATING EXPENSE:
|
|
|
|
|
|
|
|
|
Salary
and employee benefits
|
|
|
|
19,638
|
|
19,441
|
|
16,468
|
|
Less
capitalized loan origination costs
|
|
|
(2,241)
|
|
(2,459)
|
|
(2,594)
|
|
Occupancy
and equipment
|
|
|
|
5,868
|
|
6,011
|
|
4,352
|
|
Information
/ computer data services
|
|
|
1,989
|
|
2,130
|
|
1,369
|
|
Payment
and card processing services
|
|
|
1,531
|
|
1,663
|
|
988
|
|
Professional
services
|
|
|
|
755
|
|
932
|
|
559
|
|
Advertising
and marketing
|
|
|
|
1,418
|
|
2,163
|
|
1,857
|
|
State/municipal
business and use taxes
|
|
|
564
|
|
566
|
|
408
|
|
Amortization
of core deposit intangibles
|
|
|
736
|
|
736
|
|
-
-
|
|
Miscellaneous
|
|
|
|
3,450
|
|
4,090
|
|
2,664
|
|
Total
other operating expense
|
|
|
|
33,708
|
|
35,273
|
|
26,071
|
|
Income
before provision for income taxes
|
|
|
5,343
|
|
18,118
|
|
11,440
|
PROVISION
FOR INCOME TAXES
|
|
|
1,509
|
|
6,106
|
|
3,627
|
NET
INCOME
|
|
|
$
|
3,834
|
$
|
12,012
|
$
|
7,813
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.24
|
$
|
0.75
|
$
|
0.63
|
|
|
Diluted
|
|
|
$
|
0.24
|
$
|
0.74
|
$
|
0.62
|
Cumulative
dividends declared per common share
|
|
$
|
0.20
|
$
|
0.20
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
15,847,921
|
|
15,936,430
|
|
12,322,067
|
|
|
Diluted
|
|
|
|
15,965,032
|
|
16,141,941
|
|
12,652,459
|
|
|
|
|
|
|
|
|
|
|
|
Shares
repurchased during the period
|
|
|
613,903
|
|
58,157
|
|
7,986
|
Shares
issued in connection with acquisitions
|
|
|
-
-
|
|
339,860
|
|
-
-
|
Shares
issued in connection with exercise of stock options or
DRIP
|
|
|
251,391
|
|
163,379
|
|
673,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRO
FORMA DISCLOSURES EXCLUDING THE EFFECTS OF THE CHANGE IN THE VALUATION
OF
|
|
|
FINANCIAL
INSTRUMENTS CARRIED AT FAIR VALUE
|
|
|
|
|
|
|
|
NET
INCOME from above
|
|
|
$
|
3,834
|
$
|
12,012
|
$
|
7,813
|
|
ADJUSTMENTS
FOR CHANGE IN VALUATION OF FINANCIAL
|
|
|
|
|
|
|
|
|
INSTRUMENTS
|
|
|
|
|
|
|
|
|
|
Change
in valuation of financial instruments carried at fair
value
|
|
|
(823)
|
|
(9,209)
|
|
(1,180)
|
|
Income
tax provision related to above item
|
|
|
296
|
|
3,315
|
|
425
|
|
|
Above
item, net of income tax provision
|
|
|
(527)
|
|
(5,894)
|
|
(755)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME FROM RECURRING OPERATIONS
|
|
$
|
3,307
|
$
|
6,118
|
$
|
7,058
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share EXCLUDING the effects of change in valuation of
financial
|
|
|
|
|
|
|
|
instruments
carried at fair value
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.21
|
$
|
0.38
|
$
|
0.57
|
|
|
Diluted
|
|
|
$
|
0.21
|
$
|
0.38
|
$
|
0.56
|
BANR - First
Quarter 2008 Results
April 30, 2008
Page 6
FINANCIAL CONDITION
|
|
|
|
|
|
|
|
(
In thousands except share and per share data )
|
|
Mar
31, 2008
|
|
Dec
31, 2007
|
|
Mar
31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restated(1)
|
ASSETS
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
93,634
|
$
|
98,120
|
$
|
59,521
|
Federal
funds and interest-bearing deposits
|
|
28,760
|
|
310
|
|
46,122
|
Securities
-at fair value
|
|
|
226,910
|
|
202,863
|
|
218,477
|
Securities
-held to maturity
|
|
|
55,647
|
|
53,516
|
|
47,831
|
Federal
Home Loan Bank stock
|
|
|
37,371
|
|
37,371
|
|
35,844
|
|
|
|
|
|
|
|
|
|
Loans
receivable:
|
|
|
|
|
|
|
|
|
Held
for sale
|
|
|
6,118
|
|
4,596
|
|
5,340
|
|
Held
for portfolio
|
|
|
3,833,875
|
|
3,805,021
|
|
3,006,481
|
|
Allowance
for loan losses
|
|
|
(50,446)
|
|
(45,827)
|
|
(36,299)
|
|
|
|
|
3,789,547
|
|
3,763,790
|
|
2,975,522
|
|
|
|
|
|
|
|
|
|
Accrued
interest receivable
|
|
|
23,795
|
|
24,980
|
|
22,064
|
Real
estate owned held for sale, net
|
|
7,572
|
|
1,867
|
|
918
|
Property
and equipment, net
|
|
|
98,808
|
|
98,098
|
|
63,091
|
Goodwill
and other intangibles, net
|
|
136,918
|
|
137,654
|
|
36,248
|
Bank-owned
life insurance
|
|
|
51,725
|
|
51,483
|
|
38,935
|
Other
assets
|
|
|
21,538
|
|
22,606
|
|
25,202
|
|
|
|
$
|
4,572,225
|
$
|
4,492,658
|
$
|
3,569,775
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
486,201
|
$
|
484,251
|
$
|
348,890
|
|
Interest-bearing
transaction and savings accounts
|
|
1,297,215
|
|
1,288,112
|
|
959,593
|
|
Interest-bearing
certificates
|
|
1,909,894
|
|
1,848,230
|
|
1,612,665
|
|
|
|
|
3,693,310
|
|
3,620,593
|
|
2,921,148
|
|
|
|
|
|
|
|
|
|
Advances
from Federal Home Loan Bank at fair value
|
|
155,405
|
|
167,045
|
|
93,431
|
Customer
repurchase agreements and other borrowings
|
|
135,032
|
|
91,724
|
|
94,369
|
|
|
|
|
|
|
|
|
|
Junior
subordinated debentures at fair value
|
|
105,516
|
|
113,270
|
|
124,119
|
|
|
|
|
|
|
|
|
|
Accrued
expenses and other liabilities
|
|
39,263
|
|
47,989
|
|
42,105
|
Deferred
compensation
|
|
|
12,224
|
|
11,596
|
|
7,588
|
Deferred
income tax liability, net
|
|
38
|
|
2,595
|
|
-
-
|
Income
taxes payable
(1)
|
|
|
1,899
|
|
-
-
|
|
5,165
|
|
|
|
|
4,142,687
|
|
4,054,812
|
|
3,287,925
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Common
stock
(1)
|
|
|
292,061
|
|
300,486
|
|
164,677
|
Retained
earnings
(1)
|
|
|
139,722
|
|
139,636
|
|
119,618
|
Other
components of stockholders' equity
|
|
(2,245)
|
|
(2,276)
|
|
(2,445)
|
|
|
|
|
429,538
|
|
437,846
|
|
281,850
|
|
|
|
$
|
4,572,225
|
$
|
4,492,658
|
$
|
3,569,775
|
|
|
|
|
|
|
|
|
|
Shares
Issued:
|
|
|
|
|
|
|
|
Shares
outstanding at end of period
|
|
15,903,637
|
|
16,266,149
|
|
12,979,679
|
|
Less
unearned ESOP shares at end of period
|
|
240,381
|
|
240,381
|
|
240,381
|
Shares
outstanding at end of period excluding unearned ESOP
shares
|
|
15,663,256
|
|
16,025,768
|
|
12,739,298
|
|
|
|
|
|
|
|
|
|
Book
value per share
(1)
(2)
|
|
$
|
27.42
|
$
|
27.32
|
$
|
22.12
|
Tangible
book value per share
(1)
(2) (3)
|
$
|
18.68
|
$
|
18.73
|
$
|
19.28
|
|
|
|
|
|
|
|
|
|
Consolidated
Tier 1 leverage capital ratio
|
|
9.57%
|
|
10.04%
|
|
9.78%
|
|
|
|
|
|
|
|
|
|
(1)
|
-
Income taxes payable, common stock and retained earnings have been
restated to reflect adjustments related to the tax
treatment
|
|
of
certain elements of stock-based compensation.
|
|
|
|
|
|
|
(2)
|
-
Calculation is based on number of shares outstanding at the end of the
period rather than weighted average shares
|
|
|
|
outstanding
and excludes unallocated shares in the ESOP.
|
|
|
|
|
|
|
(3)
|
-
Tangible book value excludes goodwill, core deposit and other
intangibles.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANR - First
Quarter 2008 Results
April 30, 2008
Page 7
ADDITIONAL
FINANCIAL INFORMATION
|
|
|
|
|
|
|
(
Dollars in thousands )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar
31, 2008
|
|
Dec
31, 2007
|
|
Mar
31, 2007
|
LOANS ( including loans held for sale
):
|
|
|
|
|
|
|
Commercial
real estate
|
|
|
$
|
899,333
|
$
|
882,523
|
$
|
583,478
|
Multifamily
real estate
|
|
|
|
163,110
|
|
165,886
|
|
150,488
|
Commercial
construction
|
|
|
75,849
|
|
74,123
|
|
97,007
|
Multifamily
construction
|
|
|
|
38,434
|
|
35,318
|
|
45,897
|
One-
to four-family construction
|
|
|
571,720
|
|
613,779
|
|
587,290
|
Land
and land development
|
|
|
502,077
|
|
497,962
|
|
421,407
|
Commercial
business
|
|
|
|
735,802
|
|
696,350
|
|
480,730
|
Agricultural
business including secured by farmland
|
|
181,403
|
|
186,305
|
|
159,652
|
One-
to four-family real estate
|
|
|
456,199
|
|
445,222
|
|
364,986
|
Consumer
|
|
|
|
216,066
|
|
212,149
|
|
120,886
|
|
|
Total
loans outstanding
|
|
$
|
3,839,993
|
$
|
3,809,617
|
$
|
3,011,821
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
loans performing under their restructured terms
|
$
|
2,026
|
$
|
2,750
|
$
|
-
-
|
|
|
|
|
|
|
|
|
|
|
|
Total
delinquent loans
|
|
|
$
|
85,927
|
$
|
69,031
|
$
|
14,655
|
|
|
|
|
|
|
|
|
|
|
|
Total
delinquent loans / Total loans
outstanding
|
|
2.24%
|
|
1.81%
|
|
0.49%
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS:
|
|
|
Mar
31, 2008
|
|
Dec
31, 2007
|
|
Mar
31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
Loans
on non-accrual status
|
|
$
|
53,874
|
$
|
42,068
|
$
|
13,059
|
Loans
more than 90 days delinquent, still on accrual
|
|
561
|
|
315
|
|
55
|
Total
non-performing loans
|
|
|
54,435
|
|
42,383
|
|
13,114
|
Real
estate owned ( REO ) / Repossessed assets
|
|
7,579
|
|
1,885
|
|
958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing assets
|
|
$
|
62,014
|
$
|
44,268
|
$
|
14,072
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing assets / Total assets
|
|
|
1.36%
|
|
0.99%
|
|
0.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters
Ended
|
|
|
CHANGE
IN THE
|
|
|
|
Mar
31, 2008
|
|
Dec
31, 2007
|
|
Mar
31, 2007
|
ALLOWANCE FOR LOAN LOSSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
beginning of period
|
|
$
|
45,827
|
$
|
44,212
|
$
|
35,535
|
Acquisitions
/ ( divestitures )
|
|
|
-
-
|
|
1,319
|
|
-
-
|
Provision
|
|
|
|
6,500
|
|
2,000
|
|
1,000
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
of loans previously charged off
|
|
144
|
|
127
|
|
664
|
Loans
charged-off
|
|
|
|
(2,025)
|
|
(1,831)
|
|
(900)
|
|
|
Net
( charge-offs ) recoveries
|
|
|
(1,881)
|
|
(1,704)
|
|
(236)
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
end of period
|
|
|
$
|
50,446
|
$
|
45,827
|
$
|
36,299
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) / Average loans outstanding
|
|
0.05%
|
|
0.05%
|
|
0.01%
|
Allowance
for loan losses / Total loans
outstanding
|
|
1.31%
|
|
1.20%
|
|
1.21%
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS
|
|
|
|
Mar
31, 2008
|
|
Dec
31, 2007
|
|
Mar
31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
|
$
|
486,201
|
$
|
484,251
|
$
|
348,890
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking
|
|
|
452,531
|
|
430,636
|
|
345,805
|
Regular
savings accounts
|
|
|
|
610,085
|
|
609,073
|
|
432,823
|
Money
market accounts
|
|
|
|
234,599
|
|
248,403
|
|
180,965
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction & savings accounts
|
|
1,297,215
|
|
1,288,112
|
|
959,593
|
|
|
|
|
|
|
|
|
|
|
|
Three-month
maturity money market certificates
|
|
174,957
|
|
165,693
|
|
187,382
|
Other
certificates
|
|
|
|
1,734,937
|
|
1,682,537
|
|
1,425,283
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
certificates
|
|
|
1,909,894
|
|
1,848,230
|
|
1,612,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
|
|
$
|
3,693,310
|
$
|
3,620,593
|
$
|
2,921,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in other
borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
repurchase agreements / "Sweep accounts"
|
$
|
85,032
|
$
|
91,724
|
$
|
69,023
|
|
|
|
|
|
|
|
|
|
|
|
BANR - First
Quarter 2008 Results
April 30, 2008
Page 8
ADDITIONAL
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
(
Dollars in thousands )
|
|
|
|
|
|
|
|
|
(
Rates / Ratios Annualized )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters
Ended
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING PERFORMANCE:
|
|
|
Mar
31, 2008
|
|
Dec
31, 2007
|
|
Mar
31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restated(1)
|
Average
loans
|
|
|
$
|
3,830,992
|
$
|
3,716,512
|
$
|
2,985,248
|
Average
securities and deposits
|
|
|
312,596
|
|
301,071
|
|
324,403
|
Average
non-interest-earning assets
|
|
|
359,474
|
|
356,752
|
|
192,422
|
|
|
|
|
|
|
|
|
|
|
|
Total
average assets
|
|
|
$
|
4,503,062
|
$
|
4,374,335
|
$
|
3,502,073
|
|
|
|
|
|
|
|
|
|
|
Average
deposits
|
|
|
$
|
3,606,121
|
$
|
3,628,581
|
$
|
2,795,532
|
Average
borrowings
|
|
|
|
411,560
|
|
258,431
|
|
393,136
|
Average
non-interest-earning liabilities
|
|
|
42,997
|
|
62,415
|
|
49,020
|
|
|
|
|
|
|
|
|
|
|
|
Total
average liabilities
|
|
|
|
4,060,678
|
|
3,949,427
|
|
3,237,688
|
|
|
|
|
|
|
|
|
|
|
Total
average stockholders' equity
|
|
|
442,384
|
|
424,908
|
|
264,385
|
|
|
|
|
|
`
|
|
|
|
|
|
Total
average liabilities and equity
|
|
$
|
4,503,062
|
$
|
4,374,335
|
$
|
3,502,073
|
|
|
|
|
|
|
|
|
|
|
Interest
rate yield on loans
|
|
|
|
7.15%
|
|
7.75%
|
|
8.40%
|
Interest
rate yield on securities and deposits
|
|
|
4.99%
|
|
4.81%
|
|
4.52%
|
|
|
|
|
|
|
|
|
|
|
|
Interest
rate yield on interest-earning assets
|
|
|
6.98%
|
|
7.53%
|
|
8.02%
|
|
|
|
|
|
|
|
|
|
|
Interest
rate expense on deposits
|
|
|
3.35%
|
|
3.73%
|
|
4.01%
|
Interest
rate expense on borrowings
|
|
|
4.42%
|
|
5.36%
|
|
5.84%
|
|
|
|
|
|
|
|
|
|
|
|
Interest
rate expense on interest-bearing liabilities
|
|
|
3.46%
|
|
3.84%
|
|
4.23%
|
|
|
|
|
|
|
|
|
|
|
Interest
rate spread
|
|
|
|
3.52%
|
|
3.69%
|
|
3.79%
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
|
3.63%
|
|
3.82%
|
|
3.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
operating income / Average assets
|
|
|
0.73%
|
|
1.52%
|
|
0.73%
|
|
|
|
|
|
|
|
|
|
|
Other
operating expense / Average assets
|
|
|
3.01%
|
|
3.20%
|
|
3.02%
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio ( other operating expense / revenue )
|
|
|
74.00%
|
|
63.68%
|
|
67.70%
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
|
0.34%
|
|
1.09%
|
|
0.90%
|
|
|
|
|
|
|
|
|
|
|
Return
on average equity
|
|
|
|
3.49%
|
|
11.22%
|
|
11.98%
|
|
|
|
|
|
|
|
|
|
|
Return
on average tangible equity (2)
|
|
|
4.80%
|
|
15.28%
|
|
13.89%
|
|
|
|
|
|
|
|
|
|
|
Average
equity / Average assets
|
|
|
9.82%
|
|
9.71%
|
|
7.55%
|
|
|
|
|
|
|
|
|
|
|
(1)
|
-
Average non-interest-earning liabilities and average stockholders' equity
have been restated to reflect adjustments related
|
|
to
the tax treatment of certain elements of stock-based
compensation.
|
|
|
|
|
|
|
(2)
|
-
Average tangible equity excludes goodwill, core deposit and other
intangibles.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
performance for the periods presented excluding the effects of change in
valuation
|
|
|
|
|
|
of
financial instruments carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
operating income (loss) EXCLUDING change in valuation
of
|
|
|
|
|
|
|
|
financial
instruments carried at fair value / Average assets
|
|
0.66%
|
|
0.68%
|
|
0.60%
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio ( other operating expense / revenue ) EXCLUDING change in
valuation
|
|
|
|
|
|
of
financial instruments carried at fair value
|
|
|
75.36%
|
|
76.38%
|
|
69.84%
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets EXCLUDING change in valuation of
financial
|
|
|
|
|
|
|
|
instruments
carried at fair value
|
|
|
0.30%
|
|
0.55%
|
|
0.82%
|
|
|
|
|
|
|
|
|
|
|
Return
on average equity EXCLUDING change in valuation of
financial
|
|
|
|
|
|
|
|
instruments
carried at fair value
|
|
|
3.01%
|
|
5.71%
|
|
10.83%
|
|
|
|
|
|
|
|
|
|
|
Return
on average tangible equity EXCLUDING change in valuation
of
|
|
|
|
|
|
|
|
financial
instruments carried at fair value
|
|
|
4.14%
|
|
7.78%
|
|
12.55%
|
|
|
|
|
|
|
|
|
|
|
BANR - First
Quarter 2008 Results
April 30, 2008
Page 9
ADDITIONAL
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
(
Dollars in thousands )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar
31, 2008
|
|
Dec
31, 2007
|
|
Mar
31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
on non-accrual status
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured
by real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-
to four-family
|
|
|
$
|
2,869
|
$
|
3,371
|
$
|
1,536
|
|
|
|
|
|
|
Commercial
|
|
|
|
3,273
|
|
1,357
|
|
3,329
|
|
|
|
|
|
|
Multifamily
|
|
|
|
-
-
|
|
1,222
|
|
792
|
|
|
|
|
|
|
Construction
and land
|
|
|
44,192
|
|
33,432
|
|
1,842
|
|
|
|
|
|
Commercial
business
|
|
|
|
3,114
|
|
2,250
|
|
4,529
|
|
|
|
|
|
Agricultural
business, including secured by farmland
|
|
386
|
|
436
|
|
1,031
|
|
|
|
|
|
Consumer
|
|
|
|
40
|
|
-
-
|
|
-
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,874
|
|
42,068
|
|
13,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
more than 90 days delinquent, still on accrual
|
|
|
|
|
|
|
|
|
|
|
|
Secured
by real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-
to four-family
|
|
|
|
488
|
|
221
|
|
55
|
|
|
|
|
|
|
Commercial
|
|
|
|
-
-
|
|
-
-
|
|
-
-
|
|
|
|
|
|
|
Multifamily
|
|
|
|
-
-
|
|
-
-
|
|
-
-
|
|
|
|
|
|
|
Construction
and land
|
|
|
-
-
|
|
-
-
|
|
-
-
|
|
|
|
|
|
Commercial
business
|
|
|
|
-
-
|
|
-
-
|
|
-
-
|
|
|
|
|
|
Agricultural
business, including secured by farmland
|
|
-
-
|
|
-
-
|
|
-
-
|
|
|
|
|
|
Consumer
|
|
|
|
73
|
|
94
|
|
-
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
561
|
|
315
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing loans
|
|
|
54,435
|
|
42,383
|
|
13,114
|
|
|
|
|
Real
estate owned ( REO ) / Repossessed assets
|
|
7,579
|
|
1,885
|
|
958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing assets
|
|
$
|
62,014
|
$
|
44,268
|
$
|
14,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
by geographic concentration at the end
|
|
|
|
|
|
|
|
|
|
|
of
the current period March 31, 2008
|
|
|
Washington
|
|
Oregon
|
|
Idaho
|
|
Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
|
|
$
|
706,235
|
$
|
116,326
|
$
|
45,792
|
$
|
30,980
|
$
|
899,333
|
Multifamily
real estate
|
|
|
|
119,646
|
|
20,332
|
|
4,747
|
|
18,385
|
|
163,110
|
Commercial
construction
|
|
|
|
53,488
|
|
11,492
|
|
10,703
|
|
166
|
|
75,849
|
Multifamily
construction
|
|
|
|
30,306
|
|
8,128
|
|
-
-
|
|
-
-
|
|
38,434
|
One-
to four-family construction
|
|
|
270,728
|
|
261,513
|
|
39,479
|
|
-
-
|
|
571,720
|
Land
and land development
|
|
|
209,607
|
|
204,158
|
|
88,312
|
|
-
-
|
|
502,077
|
Commercial
business
|
|
|
|
543,628
|
|
93,676
|
|
84,811
|
|
13,687
|
|
735,802
|
Agricultural
business including secured by farmland
|
|
73,783
|
|
45,999
|
|
61,535
|
|
86
|
|
181,403
|
One-
to four-family real estate
|
|
|
398,065
|
|
31,148
|
|
20,012
|
|
6,974
|
|
456,199
|
Consumer
|
|
|
|
163,274
|
|
36,141
|
|
11,308
|
|
5,343
|
|
216,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans outstanding
|
|
$
|
2,568,760
|
$
|
828,913
|
$
|
366,699
|
$
|
75,621
|
$
|
3,839,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
of total loans
|
|
|
66.89%
|
|
21.59%
|
|
9.55%
|
|
1.97%
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmitted
on Prime Newswire on Wednesday, April 30, 2008, at 1:00 p.m.
PDT.
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