Banner Corporation (NASDAQ GSM: BANR) ("Banner"), the parent
company of Banner Bank and Islanders Bank, today reported net
income in the first quarter of 2019 was $33.3 million, or $0.95 per
diluted share, compared to $37.5 million, or $1.09 per diluted
share, in the preceding quarter and $28.8 million, or $0.89 per
diluted share, in the first quarter of 2018. First quarter
results include a $676,000 write-down on a former administration
building as well as $2.1 million of acquisition related expenses,
compared to $4.6 million of acquisition related expenses in the
preceding quarter and no acquisition related expenses in the first
quarter a year ago. In addition, fourth quarter 2018 profits
included a $5.5 million benefit from the revaluation of the
Company’s deferred tax asset.
“Our first quarter operating performance
continued to reflect the success of our super community bank
strategy, which produced solid revenue and additional low-cost core
deposit growth,” stated Mark J. Grescovich, President and Chief
Executive Officer. “During the quarter, we also benefited
from the successful completion of the integration of the Skagit
Bank acquisition, which further expands our presence in the growing
communities of Northwest Washington. The acquisition of
Skagit Bank added $916 million in assets and, after consolidation,
six banking locations along the I-5 corridor from Seattle to the
Canadian border.”
At March 31, 2019, Banner Corporation had $11.73
billion in assets, $8.60 billion in net loans and $9.38 billion in
deposits. Banner operates 176 branch offices located in eight
of the top 20 largest western Metropolitan Statistical Areas by
population.
First Quarter 2019
Highlights
- Revenues were $134.2 million during the quarter ended March 31,
2019, compared to $138.5 million during the preceding quarter and
increased 11% compared to $120.7 million during the first quarter a
year ago.
- Net interest income, before the provision for loan losses, was
$116.1 million, compared to $117.5 million in the preceding quarter
and increased 17% from $99.4 million in the first quarter a year
ago.
- Net interest margin was 4.37% for the current quarter, compared
to 4.47% in the preceding quarter and 4.35% in the first quarter a
year ago.
- Net loans receivable increased modestly to $8.60 billion at
March 31, 2019, compared to $8.59 billion at December 31, 2018 and
increased 15% when compared to $7.46 billion at March 31,
2018.
- Provision for loan losses was $2.0 million for the quarter,
increasing the allowance for loan losses to $97.3 million, or 1.12%
of total loans, as of March 31, 2019.
- Core deposits increased 1% to $8.21 billion compared to the
preceding quarter and increased 9% compared to a year ago.
Core deposits represented 88% of total deposits at March 31,
2019.
- Quarterly dividends to shareholders for the current quarter
were $0.41 per share, an increase of 17% from the quarterly
dividend for the first quarter a year ago.
- Common shareholders’ equity per share increased to $42.99 at
March 31, 2019, an increase of 2% from $42.03 at the preceding
quarter end and an increase of 11% from $38.68 a year ago.
- Tangible common shareholders' equity per share* increased to
$32.47 at March 31, 2019, an increase of 3% from $31.45 at the
preceding quarter end and an increase of 6% from $30.54 a year
ago.
- Non-performing assets increased to $22.0 million, or 0.19% of
total assets, at March 31, 2019, compared to $18.9 million, or
0.16% of total assets three months earlier, but decreased when
compared to $23.5 million, or 0.23% of total assets, at March 31,
2018.
*Tangible common shareholders' equity per share
and the ratio of tangible common equity to tangible assets (both of
which exclude goodwill and other intangible assets, net), and
references to revenue from core operations (which excludes fair
value adjustments and gain (loss) on the sale of securities from
the total of net interest income before provision for loan losses
and non-interest income) and the adjusted efficiency ratio (which
excludes acquisition related expenses, amortization of core deposit
intangibles, real estate owned gain (loss) and state/municipal
taxes from non-interest expense divided by revenues 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 Banner's core operations reflected in the current
quarter's results and facilitate the comparison of our performance
with the performance of our peers. Where applicable,
comparable earnings information using GAAP financial measures is
also presented. See also Non-GAAP Financial Measures
reconciliation tables on the last two pages of this press
release.
Certain reclassifications have been made to the
2018 Consolidated Financial Statements and/or schedules to conform
to the 2019 presentation. These reclassifications have
affected certain line items and ratios for the prior periods but
have not changed net income or shareholders’ equity for those
periods. The effect of these reclassifications is considered
immaterial.
Recent Events
On November 1, 2018, Banner completed its
acquisition of Skagit Bancorp, Inc. ("Skagit") and its wholly-owned
subsidiary, Skagit Bank, of Burlington, Washington. As of the
closing of the transaction, Skagit Bank had eleven retail branches
along the I-5 corridor from Seattle to the Canadian border.
Pursuant to the previously announced terms of the acquisition,
Skagit shareholders received 5.6664 shares of Banner common stock
in exchange for each share of Skagit common stock, plus cash in
lieu of any fractional shares and to cancel Skagit stock options
for a total consideration paid of $180.0 million.
The Skagit merger was accounted for using the
acquisition method of accounting. Accordingly, the assets
(including identifiable intangible assets) and the liabilities of
Skagit were measured at their respective estimated fair values as
of the merger date. The excess of the purchase price over the fair
value of the net assets acquired was attributed to goodwill.
The fair value on the merger date represents management's best
estimates based on available information and facts and
circumstances in existence on the merger date. The
acquisition accounting is subject to adjustment within a
measurement period of one year from the acquisition date. The
acquisition provided $915.8 million of assets, $632.4 million of
loans, and $810.2 million of deposits to Banner.
Income Statement Review
“Our net interest margin increased slightly from
a year ago and contracted during the quarter reflecting rising
deposit costs and variability in the discount accretion on acquired
loans,” said Grescovich. Banner's net interest margin was
4.37% for the first quarter of 2019, a ten basis-point decrease
compared to 4.47% in the preceding quarter and a two basis-point
improvement compared to 4.35% in the first quarter a year
ago. Acquisition accounting adjustments added seven basis
points to the net interest margin in the current quarter, compared
to 12 basis points in the preceding quarter and eight basis points
in the first quarter a year ago. The total purchase discount
for acquired loans was $24.2 million at March 31, 2019, compared to
$25.7 million at December 31, 2018 and $19.4 million at March 31,
2018.
Average interest-earning asset yields decreased
one basis point to 4.89% compared to 4.90% for the preceding
quarter and increased 30 basis points compared to 4.59% in the
first quarter a year ago. Average loan yields decreased six
basis points to 5.31% compared to 5.37% in the preceding quarter
and increased 33 basis points compared to 4.98% in the first
quarter a year ago. Loan discount accretion added nine basis
points to loan yields in the first quarter of 2019, compared to 16
basis points in the preceding quarter and ten basis points in the
first quarter a year ago. Deposit costs were 0.37% in the
first quarter of 2019, a five basis-point increase compared to the
preceding quarter and a 21 basis-point increase compared to the
first quarter a year ago. The total cost of funds was 0.56%
during the first quarter of 2019, a ten basis-point increase
compared to the preceding quarter and a 31 basis-point increase
compared to the first quarter a year ago, largely reflecting an
increase in the cost of deposits and in FHLB advances.
Primarily as a result of the origination of new
loans, the renewal of acquired loans out of the discounted acquired
loan portfolio and net charge-offs, Banner recorded a $2.0 million
provision for loan losses in the current quarter, compared to $2.5
million recorded in the prior quarter and $2.0 million in the same
quarter a year ago.
Deposit fees and other service charges were
$12.6 million in the first quarter of 2019, compared to $12.5
million in the preceding quarter and $11.3 million in the first
quarter a year ago. Mortgage banking revenues, including
gains on one- to four-family and multifamily loan sales and loan
servicing fees, were $3.4 million in the first quarter, compared to
$6.0 million in the preceding quarter and $4.9 million in the first
quarter of 2018. The lower fees reflected seasonal declines
in multifamily and residential mortgage loan production combined
with a compression in gain-on-sale spreads. Home purchase
activity accounted for 80% of one- to four-family mortgage loan
originations in the first quarter of 2019, compared to 78% in the
prior quarter and 72% in the first quarter of 2018.
Banner’s first quarter 2019 results included an
$11,000 net gain for fair value adjustments as a result of changes
in the valuation of financial instruments carried at fair value,
principally comprised of certain investment securities held for
trading and a $1,000 net gain on the sale of securities. In
the preceding quarter, results included a $198,000 net gain for
fair value adjustments and an $885,000 net loss on the sale of
securities. In the first quarter a year ago, results included
a $3.3 million net gain for fair value adjustments and a $4,000 net
gain on the partial calls of securities.
Total revenues declined 3% to $134.2 million for
the first quarter of 2019, compared to $138.5 million in the
preceding quarter and increased 11% compared to $120.7 million in
the first quarter a year ago. Revenues from core operations*
(revenues excluding gains and losses on the sale of securities and
the net change in valuation of financial instruments) were $134.2
million in the first quarter of 2019, compared to $139.2 million in
the preceding quarter and $117.4 million in the first quarter of
2018.
Total non-interest income was $18.1 million in
the first quarter of 2019, compared to $21.0 million in the fourth
quarter of 2018 and $21.4 million in the first quarter a year ago.
The decline in non-interest income was primarily attributed to
lower mortgage banking revenues, specifically lower gains on
multifamily loan sales, during the first quarter of 2019 compared
to prior periods. In addition, fourth quarter 2018
miscellaneous non-interest income included $834,000 of
non-recurring use tax refunds.
Banner’s total non-interest expense was $90.0
million in the first quarter of 2019, compared to $95.4 million in
the preceding quarter and $81.7 million in the first quarter of
2018. Acquisition related expenses were $2.1 million for the
first quarter of 2019, compared to $4.6 million for the preceding
quarter and no acquisition related expenses for the year ago
quarter. Banner’s efficiency ratio improved to 67.06% for the
current quarter, compared to 68.89% in the preceding quarter and
67.67% in the year ago quarter. Banner’s adjusted efficiency
ratio* was 63.32% for the current quarter, compared to 63.06% in
the preceding quarter and 67.42% in the year ago quarter.
For the first quarter of 2019, Banner recorded
$8.9 million in state and federal income tax expense for an
effective tax rate of 21.0%, reflecting in part the benefits from
tax exempt income sources. Banner’s normal, expected
statutory income tax rate is 23.7%, representing a blend of the
statutory federal income tax rate of 21.0% and apportioned effects
of the state income tax rates. Fourth quarter 2018 income tax
expense included a $5.5 million benefit from the revaluation of the
company’s deferred tax asset.
Balance Sheet Review
Total assets were $11.73 billion at March 31,
2019, compared to $11.87 billion at December 31, 2018 and $10.32
billion at March 31, 2018. The total of securities and
interest-bearing deposits held at other banks was $1.89 billion at
March 31, 2019, compared to $1.94 billion at December 31, 2018 and
$1.75 billion at March 31, 2018. The average effective
duration of Banner's securities portfolio was approximately 3.0
years at March 31, 2019, compared to 3.9 years at March 31,
2018.
Net loans receivable increased modestly to $8.60
billion at March 31, 2019, compared to $8.59 billion at December
31, 2018 and increased 15% when compared to $7.46 billion at March
31, 2018. The year-over-year increase in net loans included
$631.7 million of portfolio loans acquired in the Skagit
acquisition during the preceding quarter. Commercial real
estate and multifamily real estate loans increased modestly to
$3.95 billion at March 31, 2019, compared to $3.93 billion at
December 31, 2018, and increased 14% compared to $3.48 billion a
year ago. Commercial business loans increased 3% to $1.52
billion at March 31, 2019, compared to $1.48 billion at December
31, 2018, and increased 18% compared to $1.30 billion a year
ago. Agricultural business loans decreased by 8% to $373.3
million at March 31, 2019, compared to $404.9 million three months
earlier and increased by 22% compared to $307.2 million a year
ago. Total construction, land and land development loans
decreased slightly to $1.10 billion at March 31, 2019, compared to
$1.11 billion at December 31, 2018 and increased 16% compared to
$948.7 million a year earlier. Consumer loans decreased
slightly to $777.4 million at March 31, 2019, compared to $785.0
million at December 31, 2018 and increased 12% compared to $693.0
million a year ago. One- to four-family loans were $967.6
million at March 31, 2019, compared to $973.6 million at December
31, 2018 and increased 16% compared to $833.6 million a year
ago.
Loans held for sale decreased substantially to
$45.9 million at March 31, 2019, compared to $171.0 million at
December 31, 2018 and $141.8 million at March 31, 2018. The
volume of one- to four- family residential mortgage loans sold was
$107.2 million in the current quarter, compared to $130.1 million
in the preceding quarter and $124.5 million in the first quarter a
year ago. During the first quarter of 2019, Banner sold
$149.9 million in multifamily loans, compared to $26.8 million in
the preceding quarter and no sales of multifamily loans in the
first quarter a year ago.
Total deposits decreased slightly to $9.38
billion at March 31, 2019, compared to $9.48 billion at December
31, 2018 and increased 10% when compared to $8.54 billion a year
ago, as the addition of both deposits from the Skagit acquisition
and brokered certificates of deposit was partially offset by
continuing declines in retail, or non-brokered, certificates of
deposit. Non-interest-bearing account balances increased 1%
to $3.68 billion at March 31, 2019, compared to $3.66 billion
at December 31, 2018 and increased 9% compared to $3.38 billion a
year ago. Core deposits (non-interest-bearing and
interest-bearing transaction and savings accounts) increased 1%
from the prior quarter and increased 9% compared to a year
ago. The core deposit balance at December 31, 2018 was
positively impacted by $696.3 million of core deposits acquired in
the Skagit acquisition. Core deposits represented 88% of
total deposits at March 31, 2019, compared to 86% of total deposits
three months earlier and 88% of total deposits a year
earlier. Certificates of deposit decreased 12% to $1.16
billion at March 31, 2019, compared to $1.32 billion at December
31, 2018 and increased 14% compared to $1.02 billion a year
earlier. Brokered deposits decreased to $239.4 million at
March 31, 2019, compared to $377.3 million at December 31, 2018 and
increased 41% when compared to $169.5 million a year earlier.
On January 1, 2019, Banner adopted Accounting
Standard Update (ASU) No. 2016-02, Leases (Topic 842). In
connection with the adoption of this ASU, Banner recorded a $51
million lease right of use asset and a $53 million lease
liability. These amounts are presented in the Statement of
Financial Condition in other assets and other liabilities.
At March 31, 2019, total common shareholders'
equity was $1.51 billion, or 12.88% of assets, compared to $1.48
billion or 12.46% of assets at December 31, 2018 and $1.25 billion
or 12.16% of assets a year ago. At March 31, 2018, tangible
common shareholders' equity*, which excludes goodwill and other
intangible assets, was $1.14 billion, or 10.05% of tangible
assets*, compared to $1.11 billion, or 9.62% of tangible assets, at
December 31, 2018 and $990.2 million, or 9.85% of tangible assets,
a year ago. Banner's tangible book value per share* increased
to $32.47 at March 31, 2019, compared to $30.54 per share a year
ago.
There were no repurchases of common stock during
the first quarter of 2019. During the fourth quarter of 2018,
Banner repurchased 325,000 shares of its common stock and during
the first quarter of 2018, Banner repurchased 269,711 shares of its
common stock . Banner and its subsidiary banks continue to
maintain capital levels in excess of the requirements to be
categorized as “well-capitalized” under the Basel III and Dodd
Frank Act regulatory standards. At March 31, 2019, Banner's
common equity Tier 1 capital ratio was 12.53%, its Tier 1 leverage
capital to average assets ratio was 10.73%, and its total capital
to risk-weighted assets ratio was 13.55%.
Credit Quality
The allowance for loan losses was $97.3 million
at March 31, 2019, or 1.12% of total loans outstanding and 504% of
non-performing loans compared to $96.5 million at December 31,
2018, or 1.11% of total loans outstanding and 616% of
non-performing loans, and $92.2 million at March 31, 2018, or 1.22%
of total loans outstanding and 410% of non-performing loans.
Net loan charge-offs totaled $1.2 million in the first quarter,
compared to net loan charge-offs of $1.3 million in the preceding
quarter and net loan recoveries of $1.2 million in the first
quarter a year ago. Primarily as a result of the origination
of new loans, the renewal of acquired loans out of the discounted
acquired loan portfolio and net charge-offs, Banner recorded a $2.0
million provision for loan losses in the current quarter, compared
to $2.5 million recorded in the prior quarter and $2.0 million in
the year ago quarter. Non-performing loans were $19.3 million
at March 31, 2019, compared to $15.7 million at December 31, 2018
and $22.5 million a year ago. Real estate owned and other
repossessed assets were $2.7 million at March 31, 2019, compared to
$3.2 million at December 31, 2018 and $1.0 million a year
ago. The increase compared to a year ago primarily reflects
$2.6 million of real estate owned acquired in the Skagit
acquisition.
In accordance with acquisition accounting, loans
acquired from acquisitions were recorded at their estimated fair
value, which resulted in a net discount to the loans’ contractual
amounts, a portion of which reflects a discount for possible credit
losses. Credit discounts are included in the determination of
fair value, and as a result, no allowance for loan and lease losses
is recorded for acquired loans at the acquisition date. At
March 31, 2019, the total purchase discount for acquired loans was
$24.2 million.
Banner's non-performing assets were $22.0
million, or 0.19% of total assets, at March 31, 2019, compared to
$18.9 million, or 0.16% of total assets, at December 31, 2018, and
$23.5 million, or 0.23% of total assets, a year ago. In
addition to non-performing assets, purchased credit-impaired loans
decreased to $13.3 million at March 31, 2019, when compared to
$14.4 million at December 31, 2018, and $19.3 million at March 31,
2018.
Conference Call
Banner will host a conference call on Thursday,
April 25, 2019, at 8:00 a.m. PDT, to discuss its first quarter
results. To listen to the call on-line, go to
www.bannerbank.com. Investment professionals are invited to
dial (866) 235-9915 to participate in the call. A replay will
be available for one week at (877) 344-7529 using access code
10129817, or at www.bannerbank.com.
About the Company
Banner Corporation is an $11.73 billion bank
holding company operating two commercial banks in four Western
states through a network of branches offering a full range of
deposit services and business, commercial real estate,
construction, residential, agricultural and consumer loans.
Visit Banner Bank on the Web at www.bannerbank.com.
Forward-Looking Statements
When used in this press release and in other
documents filed with or furnished to the Securities and Exchange
Commission (the “SEC”), in press releases or other public
stockholder communications, or in oral statements made with the
approval of an authorized executive officer, the words or phrases
"may," “believe,” “will,” “will likely result,” “are expected to,”
“will continue,” “is anticipated,” “estimate,” “project,” “plans,”
"potential," or similar expressions are intended to identify
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. You are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date such statements are made and based
only on information then actually known to Banner. Banner
does not undertake and specifically disclaims any obligation to
revise any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements. These statements may relate to future
financial performance, strategic plans or objectives, revenues or
earnings projections, or other financial information. By
their nature, these statements are subject to numerous
uncertainties that could cause actual results to differ materially
from those anticipated in the statements and could negatively
affect Banner's operating and stock price performance.
Important factors that could cause actual
results to differ materially from the results anticipated or
projected include, but are not limited to, the following: (1)
expected revenues, cost savings, synergies and other benefits from
the Skagit acquisition might not be realized within the expected
time frames or at all and costs or difficulties relating to
integration matters, including but not limited to customer and
employee retention, might be greater than expected; (2) the credit
risks of lending activities, including changes in the level and
direction of loan delinquencies and write-offs and changes in
estimates of the adequacy of the allowance for loan losses, which
could necessitate additional provisions for loan losses, resulting
both from loans originated and loans acquired from other financial
institutions; (3) results of examinations by regulatory
authorities, including the possibility that any such regulatory
authority may, among other things, require increases in the
allowance for loan losses or writing down of assets or impose
restrictions or penalties with respect to Banner's activities; (4)
competitive pressures among depository institutions; (5) interest
rate movements and their impact on customer behavior and net
interest margin; (6) the impact of repricing and competitors'
pricing initiatives on loan and deposit products; (7) fluctuations
in real estate values; (8) the ability to adapt successfully to
technological changes to meet customers' needs and developments in
the market place; (9) the ability to access cost-effective funding;
(10) changes in financial markets; (11) changes in economic
conditions in general and in Washington, Idaho, Oregon and
California in particular; (12) the costs, effects and outcomes of
litigation; (13) legislation or regulatory changes, including but
not limited to the impact of the Dodd-Frank Act and regulations
adopted thereunder, changes in regulatory capital requirements
pursuant to the implementation of the Basel III capital standards,
other governmental initiatives affecting the financial services
industry and changes in federal and/or state tax laws or
interpretations thereof by taxing authorities; (14) changes in
accounting principles, policies or guidelines; (15) future
acquisitions by Banner of other depository institutions or lines of
business; (16) future goodwill impairment due to changes in
Banner's business, changes in market conditions, or other factors
and (17) other economic, competitive, governmental, regulatory, and
technological factors affecting our operations, pricing, products
and services; and other risks detailed from time to time in our
filings with the Securities and Exchange Commission including our
Quarterly Reports on Form 10-Q and our Annual Reports on Form
10-K.
|
|
|
|
|
|
|
RESULTS OF
OPERATIONS |
Quarters Ended |
(in thousands except
shares and per share data) |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
|
|
|
|
|
|
INTEREST
INCOME: |
|
|
|
|
|
|
Loans
receivable |
|
$ |
115,455 |
|
|
$ |
114,627 |
|
|
$ |
94,022 |
|
Mortgage-backed securities |
|
10,507 |
|
|
9,931 |
|
|
7,331 |
|
Securities and cash equivalents |
|
4,034 |
|
|
4,183 |
|
|
3,467 |
|
|
|
129,996 |
|
|
128,741 |
|
|
104,820 |
|
INTEREST
EXPENSE: |
|
|
|
|
|
|
Deposits |
|
8,643 |
|
|
7,503 |
|
|
3,358 |
|
Federal
Home Loan Bank advances |
|
3,476 |
|
|
2,072 |
|
|
677 |
|
Other
borrowings |
|
60 |
|
|
66 |
|
|
70 |
|
Junior
subordinated debentures |
|
1,713 |
|
|
1,641 |
|
|
1,342 |
|
|
|
13,892 |
|
|
11,282 |
|
|
5,447 |
|
Net
interest income before provision for loan losses |
|
116,104 |
|
|
117,459 |
|
|
99,373 |
|
PROVISION FOR
LOAN LOSSES |
|
2,000 |
|
|
2,500 |
|
|
2,000 |
|
Net
interest income |
|
114,104 |
|
|
114,959 |
|
|
97,373 |
|
NON-INTEREST
INCOME: |
|
|
|
|
|
|
Deposit
fees and other service charges |
|
12,618 |
|
|
12,539 |
|
|
11,296 |
|
Mortgage
banking operations |
|
3,415 |
|
|
6,019 |
|
|
4,864 |
|
Bank-owned life insurance |
|
1,276 |
|
|
994 |
|
|
853 |
|
Miscellaneous |
|
804 |
|
|
2,153 |
|
|
1,037 |
|
|
|
18,113 |
|
|
21,705 |
|
|
18,050 |
|
Net gain
(loss) on sale of securities |
|
1 |
|
|
(885 |
) |
|
4 |
|
Net
change in valuation of financial instruments carried at fair
value |
|
11 |
|
|
198 |
|
|
3,308 |
|
Total
non-interest income |
|
18,125 |
|
|
21,018 |
|
|
21,362 |
|
NON-INTEREST
EXPENSE: |
|
|
|
|
|
|
Salary
and employee benefits |
|
54,640 |
|
|
52,122 |
|
|
50,067 |
|
Less
capitalized loan origination costs |
|
(4,849 |
) |
|
(4,863 |
) |
|
(4,011 |
) |
Occupancy
and equipment |
|
13,766 |
|
|
13,490 |
|
|
11,766 |
|
Information / computer data services |
|
5,326 |
|
|
5,112 |
|
|
4,381 |
|
Payment
and card processing services |
|
3,984 |
|
|
4,233 |
|
|
3,700 |
|
Professional and legal expenses |
|
2,434 |
|
|
6,669 |
|
|
4,428 |
|
Advertising and marketing |
|
1,529 |
|
|
2,588 |
|
|
1,830 |
|
Deposit
insurance |
|
1,418 |
|
|
1,093 |
|
|
1,341 |
|
State/municipal business and use taxes |
|
945 |
|
|
854 |
|
|
713 |
|
Real
estate operations |
|
(123 |
) |
|
251 |
|
|
439 |
|
Amortization of core deposit intangibles |
|
2,052 |
|
|
1,935 |
|
|
1,382 |
|
Miscellaneous |
|
6,744 |
|
|
7,310 |
|
|
5,670 |
|
|
|
87,866 |
|
|
90,794 |
|
|
81,706 |
|
Acquisition related expenses |
|
2,148 |
|
|
4,602 |
|
|
— |
|
Total
non-interest expense |
|
90,014 |
|
|
95,396 |
|
|
81,706 |
|
Income
before provision for income taxes |
|
42,215 |
|
|
40,581 |
|
|
37,029 |
|
PROVISION
FOR INCOME TAXES |
|
8,869 |
|
|
3,053 |
|
|
8,239 |
|
NET
INCOME |
|
$ |
33,346 |
|
|
$ |
37,528 |
|
|
$ |
28,790 |
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders: |
|
|
|
|
|
|
Basic |
|
$ |
0.95 |
|
|
$ |
1.10 |
|
|
$ |
0.89 |
|
Diluted |
|
$ |
0.95 |
|
|
$ |
1.09 |
|
|
$ |
0.89 |
|
Cumulative dividends
declared per common share |
|
$ |
0.41 |
|
|
$ |
0.38 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
Basic |
|
35,050,376 |
|
|
34,221,048 |
|
|
32,397,568 |
|
Diluted |
|
35,172,056 |
|
|
34,342,641 |
|
|
32,516,456 |
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in
common shares outstanding |
|
(30,026 |
) |
|
2,780,015 |
|
|
(302,812 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL CONDITION |
|
|
|
|
|
|
|
Percentage Change |
(in thousands except
shares and per share data) |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Prior Qtr |
|
Prior Yr Qtr |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
218,458 |
|
|
$ |
231,029 |
|
|
$ |
188,418 |
|
|
(5.4 |
)% |
|
15.9 |
% |
Interest-bearing
deposits |
|
43,080 |
|
|
41,167 |
|
|
53,630 |
|
|
4.6 |
% |
|
(19.7 |
)% |
Total
cash and cash equivalents |
|
261,538 |
|
|
272,196 |
|
|
242,048 |
|
|
(3.9 |
)% |
|
8.1 |
% |
Securities -
trading |
|
25,838 |
|
|
25,896 |
|
|
25,574 |
|
|
(0.2 |
)% |
|
1.0 |
% |
Securities - available
for sale |
|
1,603,804 |
|
|
1,636,223 |
|
|
1,406,505 |
|
|
(2.0 |
)% |
|
14.0 |
% |
Securities - held to
maturity |
|
218,993 |
|
|
234,220 |
|
|
262,645 |
|
|
(6.5 |
)% |
|
(16.6 |
)% |
Total
securities |
|
1,848,635 |
|
|
1,896,339 |
|
|
1,694,724 |
|
|
(2.5 |
)% |
|
9.1 |
% |
Federal Home Loan Bank
stock |
|
27,063 |
|
|
31,955 |
|
|
18,036 |
|
|
(15.3 |
)% |
|
50.0 |
% |
Loans held for
sale |
|
45,865 |
|
|
171,031 |
|
|
141,808 |
|
|
(73.2 |
)% |
|
(67.7 |
)% |
Loans receivable |
|
8,692,657 |
|
|
8,684,595 |
|
|
7,556,046 |
|
|
0.1 |
% |
|
15.0 |
% |
Allowance for loan
losses |
|
(97,308 |
) |
|
(96,485 |
) |
|
(92,207 |
) |
|
0.9 |
% |
|
5.5 |
% |
Net loans
receivable |
|
8,595,349 |
|
|
8,588,110 |
|
|
7,463,839 |
|
|
0.1 |
% |
|
15.2 |
% |
Accrued interest
receivable |
|
41,220 |
|
|
38,593 |
|
|
32,824 |
|
|
6.8 |
% |
|
25.6 |
% |
Real estate owned held
for sale, net |
|
2,611 |
|
|
2,611 |
|
|
328 |
|
|
— |
% |
|
696.0 |
% |
Property and equipment,
net |
|
171,057 |
|
|
171,809 |
|
|
156,005 |
|
|
(0.4 |
)% |
|
9.6 |
% |
Goodwill |
|
339,154 |
|
|
339,154 |
|
|
242,659 |
|
|
— |
% |
|
39.8 |
% |
Other intangibles,
net |
|
30,647 |
|
|
32,924 |
|
|
21,251 |
|
|
(6.9 |
)% |
|
44.2 |
% |
Bank-owned life
insurance |
|
178,202 |
|
|
177,467 |
|
|
163,519 |
|
|
0.4 |
% |
|
9.0 |
% |
Other assets |
|
188,302 |
|
|
149,128 |
|
|
140,223 |
|
|
26.3 |
% |
|
34.3 |
% |
Total
assets |
|
$ |
11,729,643 |
|
|
$ |
11,871,317 |
|
|
$ |
10,317,264 |
|
|
(1.2 |
)% |
|
13.7 |
% |
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing |
|
$ |
3,676,984 |
|
|
$ |
3,657,817 |
|
|
$ |
3,383,439 |
|
|
0.5 |
% |
|
8.7 |
% |
Interest-bearing transaction and savings accounts |
|
4,535,969 |
|
|
4,498,966 |
|
|
4,141,268 |
|
|
0.8 |
% |
|
9.5 |
% |
Interest-bearing certificates |
|
1,163,276 |
|
|
1,320,265 |
|
|
1,018,355 |
|
|
(11.9 |
)% |
|
14.2 |
% |
Total
deposits |
|
9,376,229 |
|
|
9,477,048 |
|
|
8,543,062 |
|
|
(1.1 |
)% |
|
9.8 |
% |
Advances from Federal
Home Loan Bank |
|
418,000 |
|
|
540,189 |
|
|
192,195 |
|
|
(22.6 |
)% |
|
117.5 |
% |
Customer repurchase
agreements and other borrowings |
|
121,719 |
|
|
118,995 |
|
|
101,844 |
|
|
2.3 |
% |
|
19.5 |
% |
Junior subordinated
debentures at fair value |
|
113,917 |
|
|
114,091 |
|
|
112,516 |
|
|
(0.2 |
)% |
|
1.2 |
% |
Accrued expenses and
other liabilities |
|
148,027 |
|
|
102,061 |
|
|
72,497 |
|
|
45.0 |
% |
|
104.2 |
% |
Deferred
compensation |
|
40,560 |
|
|
40,338 |
|
|
41,027 |
|
|
0.6 |
% |
|
(1.1 |
)% |
Total
liabilities |
|
10,218,452 |
|
|
10,392,722 |
|
|
9,063,141 |
|
|
(1.7 |
)% |
|
12.7 |
% |
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,338,386 |
|
|
1,337,436 |
|
|
1,172,960 |
|
|
0.1 |
% |
|
14.1 |
% |
Retained earnings |
|
152,911 |
|
|
134,055 |
|
|
79,773 |
|
|
14.1 |
% |
|
91.7 |
% |
Other components of
shareholders' equity |
|
19,894 |
|
|
7,104 |
|
|
1,390 |
|
|
180.0 |
% |
|
nm |
Total
shareholders' equity |
|
1,511,191 |
|
|
1,478,595 |
|
|
1,254,123 |
|
|
2.2 |
% |
|
20.5 |
% |
Total
liabilities and shareholders' equity |
|
$ |
11,729,643 |
|
|
$ |
11,871,317 |
|
|
$ |
10,317,264 |
|
|
(1.2 |
)% |
|
13.7 |
% |
Common Shares
Issued: |
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
end of period |
|
35,152,746 |
|
|
35,182,772 |
|
|
32,423,673 |
|
|
|
|
|
Common shareholders'
equity per share (1) |
|
$ |
42.99 |
|
|
$ |
42.03 |
|
|
$ |
38.68 |
|
|
|
|
|
Common shareholders'
tangible equity per share (1) (2) |
|
$ |
32.47 |
|
|
$ |
31.45 |
|
|
$ |
30.54 |
|
|
|
|
|
Common shareholders'
tangible equity to tangible assets (2) |
|
10.05 |
% |
|
9.62 |
% |
|
9.85 |
% |
|
|
|
|
Consolidated Tier 1
leverage capital ratio |
|
10.73 |
% |
|
10.98 |
% |
|
11.09 |
% |
|
|
|
|
(1) |
Calculation is based on
number of common shares outstanding at the end of the period rather
than weighted average shares outstanding. |
(2) |
Common shareholders'
tangible equity excludes goodwill and other intangible
assets. Tangible assets exclude goodwill and other intangible
assets. These ratios represent non-GAAP financial
measures. See also Non-GAAP Financial Measures reconciliation
tables on the last two pages of the press release tables. |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change |
LOANS |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Prior Qtr |
|
Prior Yr Qtr |
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate: |
|
|
|
|
|
|
|
|
|
|
Owner
occupied |
|
$ |
1,442,724 |
|
|
$ |
1,430,097 |
|
|
$ |
1,278,814 |
|
|
0.9 |
% |
|
12.8 |
% |
Investment properties |
|
2,124,049 |
|
|
2,131,059 |
|
|
1,876,937 |
|
|
(0.3 |
)% |
|
13.2 |
% |
Multifamily real
estate |
|
387,142 |
|
|
368,836 |
|
|
321,039 |
|
|
5.0 |
% |
|
20.6 |
% |
Commercial
construction |
|
181,888 |
|
|
172,410 |
|
|
163,314 |
|
|
5.5 |
% |
|
11.4 |
% |
Multifamily
construction |
|
183,203 |
|
|
184,630 |
|
|
159,108 |
|
|
(0.8 |
)% |
|
15.1 |
% |
One- to four-family
construction |
|
514,468 |
|
|
534,678 |
|
|
434,204 |
|
|
(3.8 |
)% |
|
18.5 |
% |
Land and land
development: |
|
|
|
|
|
|
|
|
|
|
Residential |
|
187,660 |
|
|
188,508 |
|
|
167,783 |
|
|
(0.4 |
)% |
|
11.8 |
% |
Commercial |
|
28,928 |
|
|
27,278 |
|
|
24,331 |
|
|
6.0 |
% |
|
18.9 |
% |
Commercial
business |
|
1,524,298 |
|
|
1,483,614 |
|
|
1,296,691 |
|
|
2.7 |
% |
|
17.6 |
% |
Agricultural business
including secured by farmland |
|
373,322 |
|
|
404,873 |
|
|
307,243 |
|
|
(7.8 |
)% |
|
21.5 |
% |
One- to four-family
real estate |
|
967,581 |
|
|
973,616 |
|
|
833,598 |
|
|
(0.6 |
)% |
|
16.1 |
% |
Consumer: |
|
|
|
|
|
|
|
|
|
|
Consumer
secured by one- to four-family real estate |
|
564,872 |
|
|
568,979 |
|
|
522,826 |
|
|
(0.7 |
)% |
|
8.0 |
% |
Consumer-other |
|
212,522 |
|
|
216,017 |
|
|
170,158 |
|
|
(1.6 |
)% |
|
24.9 |
% |
Total
loans receivable |
|
$ |
8,692,657 |
|
|
$ |
8,684,595 |
|
|
$ |
7,556,046 |
|
|
0.1 |
% |
|
15.0 |
% |
Restructured loans
performing under their restructured terms |
|
$ |
13,036 |
|
|
$ |
13,422 |
|
|
$ |
14,264 |
|
|
|
|
|
Loans 30 - 89 days past
due and on accrual (1) |
|
$ |
28,972 |
|
|
$ |
25,108 |
|
|
$ |
23,557 |
|
|
|
|
|
Total delinquent loans
(including loans on non-accrual), net (2) |
|
$ |
46,616 |
|
|
$ |
38,721 |
|
|
$ |
42,186 |
|
|
|
|
|
Total delinquent
loans / Total loans receivable |
|
0.54 |
% |
|
0.45 |
% |
|
0.56 |
% |
|
|
|
|
(1) |
Includes no purchased
credit-impaired loans at March 31, 2019 compared to $3,000 at
December 31, 2018 and $1.5 million at March 31, 2018. |
(2) |
Delinquent loans include
$480,000 of delinquent purchased credit-impaired loans at March 31,
2019 compared to $519,000 at December 31, 2018 and $2.3 million at
March 31, 2018. |
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS BY
GEOGRAPHIC LOCATION |
|
|
|
|
|
|
|
|
|
Percentage Change |
|
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Prior Qtr |
|
Prior Yr Qtr |
|
|
Amount |
|
Percentage |
|
Amount |
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington |
|
$ |
4,329,759 |
|
|
49.8 |
% |
|
$ |
4,324,588 |
|
|
$ |
3,490,646 |
|
|
0.1 |
% |
|
24.0 |
% |
Oregon |
|
1,639,427 |
|
|
18.9 |
% |
|
1,636,152 |
|
|
1,580,278 |
|
|
0.2 |
% |
|
3.7 |
% |
California |
|
1,581,654 |
|
|
18.2 |
% |
|
1,596,604 |
|
|
1,405,411 |
|
|
(0.9 |
)% |
|
12.5 |
% |
Idaho |
|
524,705 |
|
|
6.0 |
% |
|
521,026 |
|
|
481,972 |
|
|
0.7 |
% |
|
8.9 |
% |
Utah |
|
59,940 |
|
|
0.7 |
% |
|
57,318 |
|
|
83,637 |
|
|
4.6 |
% |
|
(28.3 |
)% |
Other |
|
557,172 |
|
|
6.4 |
% |
|
548,907 |
|
|
514,102 |
|
|
1.5 |
% |
|
8.4 |
% |
Total loans
receivable |
|
$ |
8,692,657 |
|
|
100.0 |
% |
|
$ |
8,684,595 |
|
|
$ |
7,556,046 |
|
|
0.1 |
% |
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL FINANCIAL INFORMATION(dollars in
thousands)
The following table shows loan originations (excluding loans
held for sale) activity for the three months ending March 31, 2019,
December 31, 2018, and March 31, 2018 (in thousands):
|
|
|
|
|
|
LOAN
ORIGINATIONS |
Three Months Ended |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Commercial real
estate |
$ |
94,196 |
|
$ |
172,885 |
|
$ |
65,725 |
Multifamily real
estate |
7,617 |
|
16,731 |
|
735 |
Construction and
land |
233,494 |
|
397,702 |
|
330,923 |
Commercial
business |
125,912 |
|
206,922 |
|
132,987 |
Agricultural
business |
32,059 |
|
18,901 |
|
26,574 |
One-to four-family
residential |
31,789 |
|
81,522 |
|
17,935 |
Consumer |
63,774 |
|
72,500 |
|
70,533 |
Total loan originations
(excluding loans held for sale) |
$ |
588,841 |
|
$ |
967,163 |
|
$ |
645,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
CHANGE IN
THE |
|
|
Mar 31, 2019 |
|
|
|
Dec 31, 2018 |
|
|
|
Mar 31, 2018 |
|
ALLOWANCE FOR
LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
|
$ |
96,485 |
|
|
$ |
95,263 |
|
|
$ |
89,028 |
|
Provision for loan
losses |
|
2,000 |
|
|
2,500 |
|
|
2,000 |
|
Recoveries of loans
previously charged off: |
|
|
|
|
|
|
Commercial real estate |
|
21 |
|
|
66 |
|
|
1,352 |
|
Construction and land |
|
22 |
|
|
23 |
|
|
174 |
|
One- to
four-family real estate |
|
43 |
|
|
18 |
|
|
290 |
|
Commercial business |
|
23 |
|
|
193 |
|
|
170 |
|
Agricultural business, including secured by farmland |
|
— |
|
|
23 |
|
|
— |
|
Consumer |
|
110 |
|
|
102 |
|
|
112 |
|
|
|
219 |
|
|
425 |
|
|
2,098 |
|
Loans charged off: |
|
|
|
|
|
|
Commercial real estate |
|
(431 |
) |
|
— |
|
|
— |
|
One- to
four-family real estate |
|
— |
|
|
— |
|
|
(16 |
) |
Commercial business |
|
(590 |
) |
|
(684 |
) |
|
(519 |
) |
Agricultural business, including secured by farmland |
|
(4 |
) |
|
(415 |
) |
|
(7 |
) |
Consumer |
|
(371 |
) |
|
(604 |
) |
|
(377 |
) |
|
|
(1,396 |
) |
|
(1,703 |
) |
|
(919 |
) |
Net
(charge-offs) recoveries |
|
(1,177 |
) |
|
(1,278 |
) |
|
1,179 |
|
Balance, end of
period |
|
$ |
97,308 |
|
|
$ |
96,485 |
|
|
$ |
92,207 |
|
Net (charge-offs)
recoveries / Average loans receivable |
|
(0.013 |
)% |
|
(0.015 |
)% |
|
0.015 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOCATION
OF |
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR
LOAN LOSSES |
|
|
Mar 31, 2019 |
|
|
|
Dec 31, 2018 |
|
|
|
Mar 31, 2018 |
|
Specific or allocated
loss allowance: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
27,091 |
|
|
$ |
27,132 |
|
|
$ |
23,461 |
|
Multifamily real estate |
|
4,020 |
|
|
3,818 |
|
|
2,592 |
|
Construction and land |
|
23,713 |
|
|
24,442 |
|
|
28,766 |
|
One- to
four-family real estate |
|
4,711 |
|
|
4,714 |
|
|
3,779 |
|
Commercial business |
|
18,662 |
|
|
19,438 |
|
|
19,885 |
|
Agricultural business, including secured by farmland |
|
3,596 |
|
|
3,778 |
|
|
2,999 |
|
Consumer |
|
7,980 |
|
|
7,972 |
|
|
5,514 |
|
Total
allocated |
|
89,773 |
|
|
91,294 |
|
|
86,996 |
|
Unallocated |
|
7,535 |
|
|
5,191 |
|
|
5,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance for loan losses |
|
$ |
97,308 |
|
|
$ |
96,485 |
|
|
$ |
92,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses / Total loans receivable |
|
1.12 |
% |
|
1.11 |
% |
|
1.22 |
% |
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses / Non-performing loans |
|
504 |
% |
|
616 |
% |
|
410 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
FINANCIAL INFORMATION |
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
NON-PERFORMING
ASSETS |
|
|
|
|
|
Loans on non-accrual
status: |
|
|
|
|
|
Secured
by real estate: |
|
|
|
|
|
Commercial |
$ |
5,734 |
|
|
$ |
4,088 |
|
|
$ |
6,877 |
|
Construction and land |
3,036 |
|
|
3,188 |
|
|
984 |
|
One- to
four-family |
1,538 |
|
|
1,544 |
|
|
2,815 |
|
Commercial business |
3,614 |
|
|
2,936 |
|
|
3,037 |
|
Agricultural business, including secured by farmland |
2,507 |
|
|
1,751 |
|
|
6,120 |
|
Consumer |
2,181 |
|
|
1,241 |
|
|
1,237 |
|
|
18,610 |
|
|
14,748 |
|
|
21,070 |
|
Loans more than 90 days
delinquent, still on accrual: |
|
|
|
|
|
Secured
by real estate: |
|
|
|
|
|
One- to
four-family |
640 |
|
|
658 |
|
|
591 |
|
Commercial business |
1 |
|
|
1 |
|
|
1 |
|
Agricultural business, including secured by farmland |
— |
|
|
— |
|
|
820 |
|
Consumer |
42 |
|
|
247 |
|
|
7 |
|
|
683 |
|
|
906 |
|
|
1,419 |
|
Total non-performing
loans |
19,293 |
|
|
15,654 |
|
|
22,489 |
|
Real estate owned
(REO) |
2,611 |
|
|
2,611 |
|
|
328 |
|
Other repossessed
assets |
50 |
|
|
592 |
|
|
694 |
|
Total
non-performing assets |
$ |
21,954 |
|
|
$ |
18,857 |
|
|
$ |
23,511 |
|
Total non-performing
assets to total assets |
0.19 |
% |
|
0.16 |
% |
|
0.23 |
% |
Purchased
credit-impaired loans, net |
$ |
13,330 |
|
|
$ |
14,413 |
|
|
$ |
19,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
REAL ESTATE
OWNED |
Mar 31, 2019 |
|
|
Dec 31, 2018 |
|
|
Mar 31, 2018 |
|
Balance, beginning of
period |
$ |
2,611 |
|
|
$ |
364 |
|
|
|
|
Additions
from loan foreclosures |
— |
|
|
139 |
|
|
128 |
|
Additions
from acquisitions |
— |
|
|
2,593 |
|
|
— |
|
Proceeds
from dispositions of REO |
— |
|
|
(453 |
) |
|
— |
|
Gain on
sale of REO |
— |
|
|
168 |
|
|
— |
|
Valuation
adjustments in the period |
— |
|
|
(200 |
) |
|
(160 |
) |
Balance, end of
period |
$ |
2,611 |
|
|
$ |
2,611 |
|
|
$ |
328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT
COMPOSITION |
|
|
|
|
|
|
|
Percentage Change |
|
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Prior Qtr |
|
Prior Yr Qtr |
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing |
|
$ |
3,676,984 |
|
$ |
3,657,817 |
|
$ |
3,383,439 |
|
0.5% |
|
8.7% |
Interest-bearing
checking |
|
1,174,169 |
|
1,191,016 |
|
1,043,840 |
|
(1.4)% |
|
12.5% |
Regular savings
accounts |
|
1,865,852 |
|
1,842,581 |
|
1,637,814 |
|
1.3% |
|
13.9% |
Money market
accounts |
|
1,495,948 |
|
1,465,369 |
|
1,459,614 |
|
2.1% |
|
2.5% |
Total
interest-bearing transaction and savings accounts |
|
4,535,969 |
|
4,498,966 |
|
4,141,268 |
|
0.8% |
|
9.5% |
Total core deposits |
|
8,212,953 |
|
8,156,783 |
|
7,524,707 |
|
0.7% |
|
9.1% |
Interest-bearing
certificates |
|
1,163,276 |
|
1,320,265 |
|
1,018,355 |
|
(11.9)% |
|
14.2% |
Total
deposits |
|
$ |
9,376,229 |
|
$ |
9,477,048 |
|
$ |
8,543,062 |
|
(1.1)% |
|
9.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEOGRAPHIC
CONCENTRATION OF DEPOSITS |
|
|
|
|
|
|
|
|
|
Percentage Change |
|
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Prior Qtr |
|
Prior Yr Qtr |
|
|
Amount |
|
Percentage |
|
Amount |
|
Amount |
|
|
|
|
Washington |
|
$ |
5,604,567 |
|
|
59.8 |
% |
|
$ |
5,674,328 |
|
|
$ |
4,766,646 |
|
|
(1.2)% |
|
17.6% |
Oregon |
|
1,906,132 |
|
|
20.3 |
% |
|
1,891,145 |
|
|
1,868,043 |
|
|
0.8% |
|
2.0% |
California |
|
1,402,213 |
|
|
15.0 |
% |
|
1,434,033 |
|
|
1,454,421 |
|
|
(2.2)% |
|
(3.6)% |
Idaho |
|
463,317 |
|
|
4.9 |
% |
|
477,542 |
|
|
453,952 |
|
|
(3.0)% |
|
2.1% |
Total deposits |
|
$ |
9,376,229 |
|
|
100.0 |
% |
|
$ |
9,477,048 |
|
|
$ |
8,543,062 |
|
|
(1.1)% |
|
9.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCLUDED IN
TOTAL DEPOSITS |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Public
non-interest-bearing accounts |
$ |
92,122 |
|
$ |
96,009 |
|
$ |
78,714 |
Public interest-bearing
transaction & savings accounts |
118,033 |
|
121,392 |
|
111,597 |
Public interest-bearing
certificates |
29,572 |
|
30,089 |
|
24,928 |
|
|
|
|
|
|
Total
public deposits |
$ |
239,727 |
|
$ |
247,490 |
|
$ |
215,239 |
|
|
|
|
|
|
Total brokered
deposits |
$ |
239,444 |
|
$ |
377,347 |
|
$ |
169,523 |
|
|
|
|
|
|
|
|
|
ADDITIONAL FINANCIAL INFORMATION |
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
ACQUISITION OF SKAGIT BANCORP, INC. |
|
|
The
following table* provides the estimated fair value of the assets
acquired and liabilities assumed in the Skagit acquisition at
November 1, 2018 (in thousands): |
|
|
|
November 1, 2018 |
|
|
|
Cash paid |
|
$ |
329 |
|
Fair value
of common shares issued |
|
179,709 |
|
Total consideration |
|
180,038 |
|
|
|
|
Fair value
of assets acquired: |
|
|
Cash and cash equivalents |
19,167 |
|
Securities |
210,326 |
|
Loans receivable |
632,374 |
|
Real estate owned held for sale |
2,593 |
|
Property and equipment |
15,788 |
|
Core deposit intangible |
16,368 |
|
Deferred tax asset |
95 |
|
Other assets |
19,110 |
|
Total assets acquired |
915,821 |
|
|
|
|
Fair value
of liabilities assumed: |
|
|
Deposits |
810,209 |
|
Other liabilities |
22,069 |
|
Total liabilities assumed |
832,278 |
|
|
|
|
Net assets acquired |
|
83,543 |
|
|
|
|
Goodwill |
|
$ |
96,495 |
|
|
|
|
* Amounts
recorded in this table are preliminary estimates of fair
value. Additional adjustments to the acquisition accounting
may be required with a measurement period of one-year from the
acquisition date. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
Minimum to be categorized as "Adequately
Capitalized" |
|
Minimum to be categorized as "Well
Capitalized" |
REGULATORY
CAPITAL RATIOS AS OF MARCH 31, 2019 |
|
Amount |
|
Ratio |
|
Amount |
|
Ratio |
|
Amount |
|
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Banner
Corporation-consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to
risk-weighted assets |
|
$ |
1,323,711 |
|
13.55% |
|
$ |
781,580 |
|
8.00% |
|
$ |
976,975 |
|
10.00% |
Tier 1 capital
to risk-weighted assets |
|
1,223,804 |
|
12.53% |
|
586,185 |
|
6.00% |
|
586,185 |
|
6.00% |
Tier 1 leverage
capital to average assets |
|
1,223,804 |
|
10.73% |
|
456,375 |
|
4.00% |
|
n/a |
|
n/a |
Common equity
tier 1 capital to risk-weighted assets |
|
1,087,804 |
|
11.13% |
|
439,639 |
|
4.50% |
|
n/a |
|
n/a |
Banner Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to
risk-weighted assets |
|
1,236,021 |
|
12.91% |
|
766,195 |
|
8.00% |
|
957,744 |
|
10.00% |
Tier 1 capital
to risk-weighted assets |
|
1,138,596 |
|
11.89% |
|
574,646 |
|
6.00% |
|
766,195 |
|
8.00% |
Tier 1 leverage
capital to average assets |
|
1,138,596 |
|
10.23% |
|
445,258 |
|
4.00% |
|
556,572 |
|
5.00% |
Common equity
tier 1 capital to risk-weighted assets |
|
1,138,596 |
|
11.89% |
|
430,985 |
|
4.50% |
|
622,534 |
|
6.50% |
Islanders Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to
risk-weighted assets |
|
35,180 |
|
18.44% |
|
15,262 |
|
8.00% |
|
19,077 |
|
10.00% |
Tier 1 capital
to risk-weighted assets |
|
32,794 |
|
17.19% |
|
11,446 |
|
6.00% |
|
15,262 |
|
8.00% |
Tier 1 leverage
capital to average assets |
|
32,794 |
|
11.86% |
|
11,065 |
|
4.00% |
|
13,831 |
|
5.00% |
Common equity
tier 1 capital to risk-weighted assets |
|
32,794 |
|
17.19% |
|
8,585 |
|
4.50% |
|
12,400 |
|
6.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(rates / ratios
annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF NET
INTEREST SPREAD |
Quarters Ended |
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
Average Balance |
Interest and Dividends |
Yield / Cost(3) |
|
Average Balance |
Interest and Dividends |
Yield / Cost(3) |
|
Average Balance |
Interest and Dividends |
Yield / Cost(3) |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held for
sale loans |
$ |
98,005 |
|
$ |
1,121 |
4.64% |
|
$ |
83,741 |
$ |
1,056 |
5.00% |
|
$ |
58,669 |
$ |
681 |
4.71% |
Mortgage
loans |
6,833,933 |
|
88,602 |
5.26% |
|
6,573,278 |
88,560 |
5.35% |
|
6,006,530 |
73,665 |
4.97% |
Commercial/agricultural loans |
1,703,503 |
|
22,812 |
5.43% |
|
1,631,133 |
22,257 |
5.41% |
|
1,456,303 |
17,423 |
4.85% |
Consumer
and other loans |
183,451 |
|
2,920 |
6.46% |
|
172,934 |
2,754 |
6.32% |
|
140,627 |
2,253 |
6.50% |
Total
loans(1) |
8,818,892 |
|
115,455 |
5.31% |
|
8,461,086 |
114,627 |
5.37% |
|
7,662,129 |
94,022 |
4.98% |
Mortgage-backed securities |
1,392,118 |
|
10,507 |
3.06% |
|
1,400,508 |
9,931 |
2.81% |
|
1,057,878 |
7,331 |
2.81% |
Other
securities |
484,134 |
|
3,479 |
2.91% |
|
474,659 |
3,633 |
3.04% |
|
462,947 |
3,090 |
2.71% |
Interest-bearing deposits with banks |
44,757 |
|
289 |
2.62% |
|
54,577 |
305 |
2.22% |
|
64,512 |
231 |
1.45% |
FHLB
stock |
31,761 |
|
266 |
3.40% |
|
22,791 |
245 |
4.26% |
|
16,549 |
146 |
3.58% |
Total
investment securities |
1,952,770 |
|
14,541 |
3.02% |
|
1,952,535 |
14,114 |
2.87% |
|
1,601,886 |
10,798 |
2.73% |
Total
interest-earning assets |
10,771,662 |
|
129,996 |
4.89% |
|
10,413,621 |
128,741 |
4.90% |
|
9,264,015 |
104,820 |
4.59% |
Non-interest-earning
assets |
1,031,591 |
|
|
|
|
903,165 |
|
|
|
805,503 |
|
|
Total
assets |
$ |
11,803,253 |
|
|
|
|
$ |
11,316,786 |
|
|
|
$ |
10,069,518 |
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
1,153,949 |
|
475 |
0.17% |
|
$ |
1,131,030 |
403 |
0.14% |
|
$ |
1,003,929 |
246 |
0.10% |
Savings
accounts |
1,854,123 |
|
1,920 |
0.42% |
|
1,779,288 |
1,505 |
0.34% |
|
1,601,671 |
627 |
0.16% |
Money
market accounts |
1,490,326 |
|
2,251 |
0.61% |
|
1,440,889 |
1,638 |
0.45% |
|
1,442,685 |
666 |
0.19% |
Certificates of deposit |
1,253,613 |
|
3,997 |
1.29% |
|
1,287,114 |
3,957 |
1.22% |
|
998,738 |
1,819 |
0.74% |
Total
interest-bearing deposits |
5,752,011 |
|
8,643 |
0.61% |
|
5,638,321 |
7,503 |
0.53% |
|
5,047,023 |
3,358 |
0.27% |
Non-interest-bearing deposits |
3,605,922 |
|
— |
—% |
|
3,608,930 |
— |
—% |
|
3,282,686 |
— |
—% |
Total
deposits |
9,357,933 |
|
8,643 |
0.37% |
|
9,247,251 |
7,503 |
0.32% |
|
8,329,709 |
3,358 |
0.16% |
Other interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances |
534,238 |
|
3,476 |
2.64% |
|
311,046 |
2,072 |
2.64% |
|
155,540 |
677 |
1.77% |
Other
borrowings |
118,008 |
|
60 |
0.21% |
|
117,724 |
66 |
0.22% |
|
101,111 |
70 |
0.28% |
Junior
subordinated debentures |
140,212 |
|
1,713 |
4.95% |
|
140,212 |
1,641 |
4.64% |
|
140,212 |
1,342 |
3.88% |
Total
borrowings |
792,458 |
|
5,249 |
2.69% |
|
568,982 |
3,779 |
2.64% |
|
396,863 |
2,089 |
2.13% |
Total
funding liabilities |
10,150,391 |
|
13,892 |
0.56% |
|
9,816,233 |
11,282 |
0.46% |
|
8,726,572 |
5,447 |
0.25% |
Other
non-interest-bearing liabilities(2) |
151,937 |
|
|
|
|
92,003 |
|
|
|
65,978 |
|
|
Total
liabilities |
10,302,328 |
|
|
|
|
9,908,236 |
|
|
|
8,792,550 |
|
|
Shareholders'
equity |
1,500,925 |
|
|
|
|
1,408,550 |
|
|
|
1,276,968 |
|
|
Total
liabilities and shareholders' equity |
$ |
11,803,253 |
|
|
|
|
$ |
11,316,786 |
|
|
|
$ |
10,069,518 |
|
|
Net interest
income/rate spread |
|
$ |
116,104 |
4.33% |
|
|
$ |
117,459 |
4.44% |
|
|
$ |
99,373 |
4.34% |
Net interest
margin |
|
|
4.37% |
|
|
|
4.47% |
|
|
|
4.35% |
Additional Key
Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
|
1.15% |
|
|
|
1.32% |
|
|
|
1.16% |
Return on average
equity |
|
|
9.01% |
|
|
|
10.57% |
|
|
|
9.14% |
Average equity/average
assets |
|
|
12.72% |
|
|
|
12.45% |
|
|
|
12.68% |
Average
interest-earning assets/average interest-bearing liabilities |
|
|
164.59% |
|
|
|
167.76% |
|
|
|
170.17% |
Average
interest-earning assets/average funding liabilities |
|
|
106.12% |
|
|
|
106.09% |
|
|
|
106.16% |
Non-interest
income/average assets |
|
|
0.62% |
|
|
|
0.74% |
|
|
|
0.86% |
Non-interest
expense/average assets |
|
|
3.09% |
|
|
|
3.34% |
|
|
|
3.29% |
Efficiency
ratio(4) |
|
|
67.06% |
|
|
|
68.89% |
|
|
|
67.67% |
Adjusted efficiency
ratio(5) |
|
|
63.32% |
|
|
|
63.06% |
|
|
|
67.42% |
(1 |
) |
Average balances
include loans accounted for on a nonaccrual basis and loans 90 days
or more past due. Amortization of net deferred loan
fees/costs is included with interest on loans. |
(2 |
) |
Average other
non-interest-bearing liabilities include fair value adjustments
related to FHLB advances and junior subordinated debentures. |
(3 |
) |
Yields and costs have
not been adjusted for the effect of tax-exempt interest. |
(4 |
) |
Non-interest expense
divided by the total of net interest income (before provision for
loan losses) and non-interest income. |
(5 |
) |
Adjusted non-interest
expense divided by adjusted revenue. Adjusted revenue
excludes net gain (loss) on sale of securities and fair value
adjustments. Adjusted non-interest expense excludes
acquisition related expense, amortization of core deposit
intangibles (CDI), REO gain (loss), and state/municipal business
and use taxes. These represent non-GAAP financial
measures. See also Non-GAAP Financial Measures reconciliation
tables on the last two pages of this press release. |
|
|
|
|
|
|
|
|
|
ADDITIONAL FINANCIAL INFORMATION |
|
|
|
|
|
(dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
*
Non-GAAP Financial Measures |
|
|
|
|
|
In addition to results presented in accordance with generally
accepted accounting principles in the United States of America
(GAAP), this press release contains certain non-GAAP financial
measures. Management has presented these non-GAAP financial
measures in this earnings release because it believes that they
provide useful and comparative information to assess trends in
Banner's core operations reflected in the current quarter's results
and facilitate the comparison of our performance with the
performance of our peers. However, these non-GAAP financial
measures are supplemental and are not a substitute for any analysis
based on GAAP. Where applicable, comparable earnings
information using GAAP financial measures is also presented.
Because not all companies use the same calculations, our
presentation may not be comparable to other similarly titled
measures as calculated by other companies. For a reconciliation of
these non-GAAP financial measures, see the tables below: |
|
|
|
|
|
|
|
|
|
REVENUE FROM CORE OPERATIONS |
Quarters Ended |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Net
interest income before provision for loan losses |
$ |
116,104 |
|
|
$ |
117,459 |
|
|
$ |
99,373 |
|
Total
non-interest income |
18,125 |
|
|
21,018 |
|
|
21,362 |
|
Total GAAP
revenue |
134,229 |
|
|
138,477 |
|
|
120,735 |
|
Exclude net (gain) loss on sale of securities |
(1 |
) |
|
885 |
|
|
(4 |
) |
Exclude change in valuation of financial instruments carried
at fair value |
(11 |
) |
|
(198 |
) |
|
(3,308 |
) |
Revenue
from core operations (non-GAAP) |
$ |
134,217 |
|
|
$ |
139,164 |
|
|
$ |
117,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM CORE
OPERATIONS |
|
Quarters Ended |
|
|
Mar 31, 2019 |
|
|
Dec 31, 2018 |
|
|
Mar 31, 2018 |
|
Net income (GAAP) |
|
$ |
33,346 |
|
|
$ |
37,528 |
|
|
$ |
28,790 |
|
Exclude
net (gain) loss on sale of securities |
|
(1 |
) |
|
885 |
|
|
(4 |
) |
Exclude
change in valuation of financial instruments carried at fair
value |
|
(11 |
) |
|
(198 |
) |
|
(3,308 |
) |
Exclude
acquisition related expenses |
|
2,148 |
|
|
4,602 |
|
|
— |
|
Exclude
related tax (benefit) expense |
|
(513 |
) |
|
(1,159 |
) |
|
795 |
|
Exclude
tax adjustments related to tax reform and valuation reserves |
|
— |
|
|
(4,207 |
) |
|
— |
|
Total earnings from
core operations (non-GAAP) |
|
$ |
34,969 |
|
|
$ |
37,451 |
|
|
$ |
26,273 |
|
|
|
|
|
|
|
|
Diluted earnings per
share (GAAP) |
|
$ |
0.95 |
|
|
$ |
1.09 |
|
|
$ |
0.89 |
|
Diluted core earnings
per share (non-GAAP) |
|
$ |
0.99 |
|
|
$ |
1.09 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL FINANCIAL
INFORMATION |
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EFFICIENCY RATIO |
|
Quarters Ended |
|
|
Mar 31, 2019 |
|
|
Dec 31, 2018 |
|
|
Mar 31, 2018 |
|
Non-interest expense (GAAP) |
|
$ |
90,014 |
|
|
$ |
95,396 |
|
|
$ |
81,706 |
|
Exclude
acquisition related expenses |
|
(2,148 |
) |
|
(4,602 |
) |
|
— |
|
Exclude
CDI amortization |
|
(2,052 |
) |
|
(1,935 |
) |
|
(1,382 |
) |
Exclude
state/municipal tax expense |
|
(945 |
) |
|
(854 |
) |
|
(713 |
) |
Exclude
REO gain (loss) |
|
123 |
|
|
(251 |
) |
|
(439 |
) |
Adjusted non-interest
expense (non-GAAP) |
|
$ |
84,992 |
|
|
$ |
87,754 |
|
|
$ |
79,172 |
|
|
|
|
|
|
|
|
Net interest income
before provision for loan losses (GAAP) |
|
$ |
116,104 |
|
|
$ |
117,459 |
|
|
$ |
99,373 |
|
Non-interest income
(GAAP) |
|
18,125 |
|
|
21,018 |
|
|
21,362 |
|
Total revenue |
|
134,229 |
|
|
138,477 |
|
|
120,735 |
|
Exclude
net (gain) loss on sale of securities |
|
(1 |
) |
|
885 |
|
|
(4 |
) |
Exclude
net change in valuation of financial instruments carried at fair
value |
|
(11 |
) |
|
(198 |
) |
|
(3,308 |
) |
Revenue from core
operations (non-GAAP) |
|
$ |
134,217 |
|
|
$ |
139,164 |
|
|
$ |
117,423 |
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP) |
|
67.06 |
% |
|
68.89 |
% |
|
67.67 |
% |
Adjusted efficiency
ratio (non-GAAP) |
|
63.32 |
% |
|
63.06 |
% |
|
67.42 |
% |
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON SHAREHOLDERS' EQUITY TO
TANGIBLE ASSETS |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Shareholders' equity (GAAP) |
|
1,511,191 |
|
|
1,478,595 |
|
|
1,254,123 |
|
Exclude
goodwill and other intangible assets, net |
|
369,801 |
|
|
372,078 |
|
|
263,910 |
|
Tangible common
shareholders' equity (non-GAAP) |
|
$ |
1,141,390 |
|
|
$ |
1,106,517 |
|
|
$ |
990,213 |
|
|
|
|
|
|
|
|
Total assets
(GAAP) |
|
$ |
11,729,643 |
|
|
$ |
11,871,317 |
|
|
$ |
10,317,264 |
|
Exclude
goodwill and other intangible assets, net |
|
369,801 |
|
|
372,078 |
|
|
263,910 |
|
Total tangible assets
(non-GAAP) |
|
$ |
11,359,842 |
|
|
$ |
11,499,239 |
|
|
$ |
10,053,354 |
|
Common shareholders'
equity to total assets (GAAP) |
|
12.88 |
% |
|
12.46 |
% |
|
12.16 |
% |
Tangible common
shareholders' equity to tangible assets (non-GAAP) |
|
10.05 |
% |
|
9.62 |
% |
|
9.85 |
% |
|
|
|
|
|
|
|
TANGIBLE COMMON
SHAREHOLDERS' EQUITY PER SHARE |
|
|
|
|
|
|
Tangible common
shareholders' equity |
|
$ |
1,141,390 |
|
|
$ |
1,106,517 |
|
|
$ |
990,213 |
|
Common shares
outstanding at end of period |
|
35,152,746 |
|
|
35,182,772 |
|
|
32,423,673 |
|
Common shareholders'
equity (book value) per share (GAAP) |
|
$ |
42.99 |
|
|
$ |
42.03 |
|
|
$ |
38.68 |
|
Tangible common
shareholders' equity (tangible book value) per share
(non-GAAP) |
|
$ |
32.47 |
|
|
$ |
31.45 |
|
|
$ |
30.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT: MARK J. GRESCOVICH, PRESIDENT & CEO
PETER J. CONNER, CFO (509) 527-3636
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