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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 
(Mark One)

x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2021
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________
 Commission File Number 000-26584
BANNER CORPORATION
(Exact name of registrant as specified in its charter)
Washington 91-1691604
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
10 South First Avenue, Walla Walla, Washington 99362
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code:  (509) 527-3636
Securities registered pursuant to Section 12(b) of the Act
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $.01 per share BANR The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
  Yes [x] No [  ]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
  Yes [x] No [  ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [x] Accelerated filer    [ ] Non-accelerated filer   [  ] Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No [x]
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of class: As of April 30, 2021
Common Stock, $.01 par value per share
34,797,764 shares
 
1


BANNER CORPORATION AND SUBSIDIARIES

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements.  The Unaudited Condensed Consolidated Financial Statements of Banner Corporation and Subsidiaries filed as a part of the report are as follows:
Consolidated Statements of Financial Condition as of March 31, 2021 and December 31, 2020
4
Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020
5
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020
6
Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2021 and the Year Ended December 31, 2020
7
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020
Selected Notes to the Consolidated Financial Statements
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations  
Executive Overview
Comparison of Financial Condition at March 31, 2021 and December 31, 2020
Comparison of Results of Operations for the Three Months Ended March 31, 2021 and 2020
Asset Quality
Liquidity and Capital Resources
Capital Requirements
Item 3 – Quantitative and Qualitative Disclosures About Market Risk  
Market Risk and Asset/Liability Management
Sensitivity Analysis
Item 4 – Controls and Procedures
PART II – OTHER INFORMATION  
Item 1 – Legal Proceedings
Item 1A – Risk Factors
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 – Defaults upon Senior Securities
Item 4 – Mine Safety Disclosures
Item 5 – Other Information
Item 6 – Exhibits
SIGNATURES
2


Special Note Regarding Forward-Looking Statements

Certain matters in this Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements relate to our financial condition, liquidity, results of operations, plans, objectives, future performance or business.  Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by use of the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”  Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items.  These forward looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements. The novel coronavirus (COVID-19) pandemic, is adversely affecting us, our clients, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Deterioration in general business and economic conditions, including increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways. Other factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses and provisions for credit losses; the ability to manage loan delinquency rates; competitive pressures among financial services companies; changes in consumer spending or borrowing and spending habits; interest rate movements generally and the relative differences between short and long-term interest rates, loan and deposit interest rates, net interest margin and funding sources; uncertainty regarding the future of the London Interbank Offered Rate (LIBOR), and the potential transition away from LIBOR toward new interest rate benchmarks; the impact of repricing and competitors’ pricing initiatives on loan and deposit products; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values; the ability to adapt successfully to technological changes to meet clients’ needs and developments in the marketplace; the ability to access cost-effective funding; the ability to control operating costs and expenses; the use of estimates in determining fair value of certain assets and liabilities, which estimates may prove to be incorrect and result in significant changes in valuation; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect employees, and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in, or attacks on, information technology systems or on the third-party vendors who perform critical processing functions; changes in financial markets; changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular; secondary market conditions for loans and the ability to sell loans in the secondary market; the costs, effects and outcomes of litigation; legislation or regulatory changes or reforms, including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, results of safety and soundness and compliance examinations by the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (the FDIC), the Washington State Department of Financial Institutions, Division of Banks, (the Washington DFI) or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require restitution or institute an informal or formal enforcement action which could require an increase in reserves for loan losses, write-downs of assets or changes in regulatory capital position, or affect the ability to borrow funds, or maintain or increase deposits, or impose additional requirements and restrictions, any of which could adversely affect liquidity and earnings; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; the inability of key third-party providers to perform their obligations; changes in accounting principles, policies or guidelines, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of war or any terrorist activities; other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products and services; including the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the CARES Act) and the Consolidated Appropriations Act, 2021 the (CAA); future acquisitions by Banner of other depository institutions or lines of business; and future goodwill impairment due to changes in Banner’s business, changes in market conditions, including as a result of the COVID-19 pandemic, including recent vaccination efforts, or other factors; and other risks detailed from time to time in our filings with the U.S. Securities and Exchange Commission (SEC), including this report on Form 10-Q.  Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made.  We do not undertake and specifically disclaim any obligation to update any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise.  These risks could cause our actual results to differ materially from those expressed in any forward-looking statements by, or on behalf of, us. Further, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the COVID-19 pandemic.  In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur, and you should not put undue reliance on any forward-looking statements.

As used throughout this report, the terms “we,” “our,” “us,” or the “Company” refer to Banner Corporation and its consolidated subsidiaries, unless the context otherwise requires.  All references to “Banner” refer to Banner Corporation and those to “the Bank” refer to its wholly-owned subsidiary, Banner Bank.


3


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (In thousands, except shares)
March 31, 2021 and December 31, 2020
ASSETS March 31,
2021
December 31,
2020
Cash and due from banks $ 296,184  $ 311,899 
Interest bearing deposits 1,353,743  922,284 
Total cash and cash equivalents 1,649,927  1,234,183 
Securities—trading 25,039  24,980 
Securities—available-for-sale, amortized cost $2,996,902 and $2,256,189, respectively
2,989,760  2,322,593 
Securities—held-to-maturity, net of allowance for credit losses of $98 and $94, respectively, fair value $459,595 and $448,681, respectively
441,857  421,713 
     Total securities 3,456,656  2,769,286 
Federal Home Loan Bank (FHLB) stock 14,001  16,358 
Loans held for sale (includes $60.0 million and $133.6 million, at fair value, respectively)
135,263  243,795 
Loans receivable 9,947,697  9,870,982 
Allowance for credit losses - loans (156,054) (167,279)
Net loans receivable
9,791,643  9,703,703 
Accrued interest receivable 49,214  46,617 
Real estate owned (REO), held for sale, net 340  816 
Property and equipment, net 161,268  164,556 
Goodwill 373,121  373,121 
Other intangibles, net 19,715  21,426 
Bank-owned life insurance (BOLI) 191,388  191,830 
Deferred tax assets, net 83,178  65,742 
Operating lease right-of-use assets 56,217  55,367 
Other assets 137,861  144,823 
Total assets
$ 16,119,792  $ 15,031,623 
LIABILITIES
Deposits:
Non-interest-bearing $ 5,994,693  $ 5,492,924 
Interest-bearing transaction and savings accounts 6,647,196  6,159,052 
Interest-bearing certificates 906,978  915,320 
Total deposits
13,548,867  12,567,296 
Advances from FHLB 100,000  150,000 
Other borrowings 216,260  184,785 
Subordinated notes, net 98,290  98,201 
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities) 117,248  116,974 
Operating lease liabilities 59,884  59,343 
Accrued expenses and other liabilities 313,801  143,300 
Deferred compensation 46,625  45,460 
Total liabilities
14,500,975  13,365,359 
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS’ EQUITY
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at March 31, 2021 and December 31, 2020
—  — 
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,735,343 shares issued and outstanding at March 31, 2021; 35,159,200 shares issued and outstanding at December 31, 2020
1,326,269  1,349,879 
Common stock (non-voting) and paid in capital - $0.01 par value per share, 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2021; no shares issued and outstanding at December 31, 2020
—  — 
Retained earnings 279,582  247,316 
Carrying value of shares held in trust for stock-based compensation plans (7,614) (7,636)
Liability for common stock issued to stock related compensation plans 7,614  7,636 
Accumulated other comprehensive income 12,966  69,069 
Total shareholders’ equity 1,618,817  1,666,264 
Total liabilities and shareholders’ equity $ 16,119,792  $ 15,031,623 
See Selected Notes to the Consolidated Financial Statements
4


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three Months Ended March 31, 2021 and 2020
Three Months Ended
March 31,
2021 2020
INTEREST INCOME:
Loans receivable $ 108,924  $ 118,926 
Mortgage-backed securities 9,371  9,137 
Securities and cash equivalents 6,226  3,602 
Total interest income
124,521  131,665 
INTEREST EXPENSE:
Deposits 3,609  8,750 
FHLB advances 934  2,064 
Other borrowings 109  116 
Subordinated debt 2,208  1,477 
Total interest expense
6,860  12,407 
Net interest income 117,661  119,258 
(RECAPTURE)/PROVISION FOR CREDIT LOSSES (9,251) 23,470 
Net interest income after (recapture)/provision for credit losses 126,912  95,788 
NON-INTEREST INCOME:
Deposit fees and other service charges 8,939  9,803 
Mortgage banking operations 11,440  10,191 
Bank-owned life insurance (BOLI) 1,307  1,050 
Miscellaneous 2,042  2,639 
23,728  23,683 
Net gain on sale of securities 485  78 
Net change in valuation of financial instruments carried at fair value 59  (4,596)
Total non-interest income
24,272  19,165 
NON-INTEREST EXPENSE:
Salary and employee benefits 64,819  59,908 
Less capitalized loan origination costs (9,696) (5,806)
Occupancy and equipment 12,989  13,107 
Information/computer data services 6,203  5,810 
Payment and card processing expenses 4,326  4,240 
Professional and legal expenses 3,328  1,919 
Advertising and marketing 1,263  1,827 
Deposit insurance expense 1,533  1,635 
State/municipal business and use taxes 1,065  984 
REO operations, net (242) 100 
Amortization of core deposit intangibles 1,711  2,001 
Miscellaneous 5,509  6,357 
 
92,808  92,082 
COVID-19 expenses 148  239 
Merger and acquisition related expenses 571  1,142 
Total non-interest expense
93,527  93,463 
Income before provision for income taxes 57,657  21,490 
PROVISION FOR INCOME TAXES 10,802  4,608 
NET INCOME $ 46,855  $ 16,882 
Earnings per common share:
Basic $ 1.34  $ 0.48 
Diluted $ 1.33  $ 0.47 
Cumulative dividends declared per common share $ 0.41  $ 0.41 
Weighted average number of common shares outstanding:
Basic
34,973,383  35,463,541 
Diluted
35,303,483  35,640,463 
See Selected Notes to the Consolidated Financial Statements
5


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2021 and 2020
Three Months Ended
March 31,
2021 2020
NET INCOME $ 46,855  $ 16,882 
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAXES:
Unrealized holding (loss) gain on available-for-sale securities arising during the period (73,107) 42,178 
Income tax benefit (expense) related to available-for-sale securities unrealized holding (loss) gain 17,546  (10,123)
Reclassification for net gain on available-for-sale securities realized in earnings (439) (78)
Income tax expense related to available-for-sale securities realized in earnings 105  19 
Changes in fair value of junior subordinated debentures related to instrument specific credit risk
(274) 19,509 
Income tax benefit (expense) related to junior subordinated debentures 66  (4,682)
Other comprehensive (loss) income (56,103) 46,823 
COMPREHENSIVE (LOSS) INCOME $ (9,248) $ 63,705 

See Selected Notes to the Consolidated Financial Statements
6


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands, except shares)
For the Three Months Ended March 31, 2021 and the Year Ended December 31, 2020
Common Stock
and Paid in Capital
Retained Earnings Accumulated
Other Comprehensive Income
Shareholders’
Equity
Shares Amount
Balance, January 1, 2020 35,751,576  $ 1,373,940  $ 186,838  $ 33,256  $ 1,594,034 
New credit standard (Accounting Standards Codification (ASC) 326) - impact in year of adoption (11,215) (11,215)
Net income 16,882  16,882 
Other comprehensive income, net of income tax
46,823  46,823 
Accrual of dividends on common stock ($0.41/share)
(14,583) (14,583)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
(24,337) 1,534  1,534 
Repurchase of common stock
(624,780) (31,775) (31,775)
Balance, March 31, 2020 35,102,459  $ 1,343,699  $ 177,922  $ 80,079  $ 1,601,700 

Common Stock
and Paid in Capital
Retained Earnings Accumulated
Other Comprehensive Income
Shareholders’
Equity
Shares Amount
Balance, April 1, 2020 35,102,459  $ 1,343,699  $ 177,922  $ 80,079  $ 1,601,700 
Net income 23,541  23,541 
Other comprehensive loss, net of income tax (1,520) (1,520)
Adjustment to previously accrued dividends (15) (15)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
55,440  1,397  1,397 
Balance, June 30, 2020 35,157,899  $ 1,345,096  $ 201,448  $ 78,559  $ 1,625,103 

Continued on next page



7






Common Stock
and Paid in Capital
Retained Earnings Accumulated
Other Comprehensive Income
Shareholders’
Equity
Shares Amounts
Balance, July 1, 2020 35,157,899  $ 1,345,096  $ 201,448  $ 78,559  $ 1,625,103 
Net income 36,548  36,548 
Other comprehensive loss, net of income tax (2,601) (2,601)
Accrual of dividends on common stock ($0.41/share)
(15,037) (15,037)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
669  2,516  2,516 
Balance, September 30, 2020 35,158,568  $ 1,347,612  $ 222,959  $ 75,958  $ 1,646,529 
Common Stock
and Paid in Capital
Retained Earnings Accumulated
Other Comprehensive Income
Shareholders’
Equity
Shares Amounts
Balance, October 1, 2020 35,158,568  $ 1,347,612  $ 222,959  $ 75,958  $ 1,646,529 
Net income 38,957  38,957 
Other comprehensive loss, net of income tax
(6,889) (6,889)
Accrual of dividends on common stock ($0.41/share)
(14,600) (14,600)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
632  2,267  2,267 
Balance, December 31, 2020 35,159,200  $ 1,349,879  $ 247,316  $ 69,069  $ 1,666,264 

Continued on next page
8


Common Stock
and Paid in Capital
Retained Earnings Accumulated
Other Comprehensive Income
Shareholders’
Equity
Shares Amount
Balance, January 1, 2021 35,159,200  $ 1,349,879  $ 247,316  $ 69,069  $ 1,666,264 
Net income 46,855  46,855 
Other comprehensive loss, net of income tax (56,103) (56,103)
Accrual of dividends on common stock ($0.41/share)
(14,589) (14,589)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
76,143  1,714  1,714 
Repurchase of common stock
(500,000) (25,324) (25,324)
Balance, March 31, 2021 34,735,343  $ 1,326,269  $ 279,582  $ 12,966  $ 1,618,817 



See Selected Notes to the Consolidated Financial Statements
9


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2021 and 2020
Three Months Ended March 31,
2021 2020
OPERATING ACTIVITIES:
Net income $ 46,855  $ 16,882 
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation 4,411  4,614 
Deferred income/expense and capitalized servicing rights, net of amortization (7,203) (1,129)
Amortization of core deposit intangibles 1,711  2,001 
Gain on sale of securities, net (485) (78)
Net change in valuation of financial instruments carried at fair value (59) 4,596 
(Increase) decrease in deferred taxes (17,436) 16,507 
Increase in current taxes payable 9,506  2,067 
Stock-based compensation 2,152  1,872 
Net change in cash surrender value of BOLI (1,002) (1,041)
Gain on sale of loans, excluding capitalized servicing rights (9,487) (8,363)
(Gain) loss on disposal of real estate held for sale and property and equipment, net (298) 444 
(Recapture) provision for credit losses (9,251) 23,470 
Origination of loans held for sale (301,393) (296,712)
Proceeds from sales of loans held for sale 419,412  333,094 
Net change in:
Other assets 20,319  (51,061)
Other liabilities 164,729  5,400 
Net cash provided from operating activities 322,481  52,563 
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale (1,225,723) (143,973)
Principal repayments and maturities of securities—available-for-sale 434,651  82,760 
Proceeds from sales of securities—available-for-sale 48,784  44,509 
Purchases of securitiesheld-to-maturity
(31,170) (206,155)
Principal repayments and maturities of securities—held-to-maturity 9,982  3,786 
Purchases of equity securities (4,750) — 
Proceeds from sales of equity securities 4,796  — 
Loan originations, net of principal repayments (77,834) 16,646 
Proceeds from sales of other loans 8,367  5,751 
Purchases of property and equipment (2,334) (3,086)
Proceeds from sale of real estate held for sale and sale of other property 1,999  877 
Proceeds from FHLB stock repurchase program 2,358  47,840 
Purchase of FHLB stock —  (39,745)
Other 1,418  (72)
Net cash used in investing activities (829,456) (190,862)
FINANCING ACTIVITIES:
Increase in deposits, net 981,571  400,895 
Repayment of long term FHLB advances (50,000) — 
Repayment of overnight and short term FHLB advances, net —  (203,000)
Increase in other borrowings, net 31,474  10,289 
Cash dividends paid (14,565) (50,505)
Taxes paid related to net share settlement of equity awards (437) (339)
Cash paid for the repurchase of common stock (25,324) (31,775)
Net cash provided from financing activities 922,719  125,565 
NET CHANGE IN CASH AND CASH EQUIVALENTS 415,744  (12,734)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,234,183  307,735 
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,649,927  $ 295,001 
Continued on next page

10


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2021 and 2020
Three Months Ended March 31,
2021 2020
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash $ 5,829  $ 13,014 
Tax refunds received (paid) 100  (29)
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Loans, net of discounts, specific loss allowances and unearned income,
transferred to real estate owned and other repossessed assets
—  1,588 
   Dividends accrued but not paid until after period end 1,381  15,277 

See Selected Notes to the Consolidated Financial Statements
11


BANNER CORPORATION AND SUBSIDIARIES
SELECTED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1:  BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements include the accounts of Banner Corporation (the Company or Banner), a bank holding company incorporated in the State of Washington and its wholly-owned subsidiary, Banner Bank (the Bank).

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2021 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. Certain reclassifications have been made to the 2020 Consolidated Financial Statements and/or schedules to conform to the 2021 presentation. Prior to the first quarter of 2021, the (recapture) provision for credit losses - unfunded loan commitment was recorded as non-interest expense, beginning in the first quarter of 2021 the (recapture) provision for credit losses - unfunded loan commitment is recorded as a component of the provision for credit losses. These reclassifications may have affected certain ratios for the prior periods. The effect of these reclassifications is considered immaterial. All significant intercompany transactions and balances have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are significant to an understanding of Banner’s financial statements. These policies relate to (i) the methodology for the recognition of interest income, (ii) determination of the provision and allowance for credit losses, (iii) the valuation of financial assets and liabilities recorded at fair value (iv) the valuation of intangibles, such as goodwill, core deposit intangibles (CDI) and mortgage servicing rights, (v) the valuation of real estate held for sale, (vi) the valuation of assets acquired and liabilities assumed in business combinations and subsequent recognition of related income and expense, and (vii) the valuation or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC (2020 Form 10-K).  There have been no significant changes in our application of these accounting policies during the first three months of 2021.

The information included in this Form 10-Q should be read in conjunction with our 2020 Form 10-K.  Interim results are not necessarily indicative of results for a full year or any other interim period.
12


Note 2:  ACCOUNTING STANDARDS RECENTLY ISSUED OR ADOPTED

Reference Rate Reform (Topic 848)

In March 2020, the Financial Accounting Standards Board (FASB) issued guidance within Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, in response to the scheduled discontinuation of LIBOR on December 31, 2021. The amendments in this ASU provide optional guidance designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, borrowings) necessitated by reference rate reform. Since the issuance of this guidance, the publication cessation of U.S. dollar LIBOR has been extended to June 30, 2023.

The following optional expedients for applying the requirements of certain Topics or Industry Subtopics in the Codification are permitted for contracts that are modified because of reference rate reform and that meet certain scope guidance: 1) modifications of contracts within the scope of Topics 310, Receivables, and 470, Debt, should be accounted for by prospectively adjusting the effective interest rate; 2) modifications of contracts within the scope of Topic 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required under this Topic for modifications not accounted for as separate contracts; 3) modifications of contracts do not require an entity to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Subtopic 815-15, Derivatives and Hedging- Embedded Derivatives; and 4) for other Topics or Industry Subtopics in the Codification, the amendments in this ASU also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. Upon adoption, an entity may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020.

In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition.

The amendments in these ASUs are effective upon the issuance date of March 12, 2020 and once adopted will apply to contract modifications made and new hedging relationships entered into through December 31, 2022. The Company will be able to use the expedients in this guidance to manage through the transition away from LIBOR, specifically as they relate to loans and leases. The adoption of this accounting guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.





13


Note 3:  SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2021 and December 31, 2020 are summarized as follows (in thousands):
  March 31, 2021
  Amortized Cost Fair
Value
Trading:
Corporate bonds $ 27,203  $ 25,039 
$ 27,203  $ 25,039 
  March 31, 2021
  Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair
Value
Available-for-Sale:
U.S. Government and agency obligations $ 62,922  $ 740  $ (816) $ —  $ 62,846 
Municipal bonds 287,685  14,378  (1,328) —  300,735 
Corporate bonds 243,428  2,290  (290) —  245,428 
Mortgage-backed or related securities 2,399,117  28,710  (50,824) —  2,377,003 
Asset-backed securities 3,750  —  (2) —  3,748 
  $ 2,996,902  $ 46,118  $ (53,260) $ —  $ 2,989,760 
  March 31, 2021
  Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair
Value
Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations $ 339  $ $ —  $ 345  $ — 
Municipal bonds 381,136  17,740  (1,481) 397,395  (61)
Corporate bonds 3,190  —  (7) 3,183  (37)
Mortgage-backed or related securities 57,290  1,668  (286) 58,672  — 
$ 441,955  $ 19,414  $ (1,774) $ 459,595  $ (98)

December 31, 2020
Amortized Cost Fair
Value
Trading:
Corporate bonds $ 27,203  $ 24,980 
$ 27,203  $ 24,980 

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December 31, 2020
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value
Available-for-Sale:
U.S. Government and agency obligations $ 141,668  $ 1,002  $ (935) $ —  $ 141,735 
Municipal bonds 283,997  19,523  (2) —  303,518 
Corporate bonds 219,086  2,762  (79) —  221,769 
Mortgage-backed or related securities 1,602,033  45,179  (1,060) —  1,646,152 
Asset-backed securities 9,405  77  (63) —  9,419 
$ 2,256,189  $ 68,543  $ (2,139) $ —  $ 2,322,593 

December 31, 2020
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations $ 340  $ $ —  $ 347  $ — 
Municipal bonds 370,998  24,130  (94) 395,034  (59)
Corporate bonds 3,222  —  (12) 3,210  (35)
Mortgage-backed or related securities 47,247  2,843  —  50,090  — 
$ 421,807  $ 26,980  $ (106) $ 448,681  $ (94)

Accrued interest receivable on held-to-maturity debt securities was $2.7 million and $3.0 million as of March 31, 2021 and December 31, 2020, respectively, and was $8.2 million and $6.9 million on available-for-sale debt securities as of March 31, 2021 and December 31, 2020, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses.

At March 31, 2021 and December 31, 2020, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
March 31, 2021
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized Losses Fair
Value
Unrealized Losses Fair
Value
Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations
$ 3,090  $ (10) $ 43,952  $ (806) $ 47,042  $ (816)
Municipal bonds
50,710  (1,232) 8,403  (96) 59,113  (1,328)
Corporate bonds
24,406  (286) 996  (4) 25,402  (290)
Mortgage-backed or related securities
863,848  (34,608) 501,048  (16,216) 1,364,896  (50,824)
Asset-backed securities
3,748  (2) —  —  3,748  (2)
$ 945,802  $ (36,138) $ 554,399  $ (17,122) $ 1,500,201  $ (53,260)

15


December 31, 2020
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized Losses Fair
Value
Unrealized Losses Fair
Value
Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations
$ 3,126  $ (8) $ 50,603  $ (927) $ 53,729  $ (935)
Municipal bonds
495  (2) —  —  495  (2)
Corporate bonds
3,586  (79) —  —  3,586  (79)
Mortgage-backed or related securities
181,871  (1,046) 2,337  (14) 184,208  (1,060)
Asset-backed securities
—  —  5,676  (63) 5,676  (63)
$ 189,078  $ (1,135) $ 58,616  $ (1,004) $ 247,694  $ (2,139)

At March 31, 2021, there were 81 securities—available-for-sale with unrealized losses, compared to 54 at December 31, 2020.  Management does not believe that any individual unrealized loss as of March 31, 2021 or December 31, 2020 resulted from credit loss.  The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase.

There were no sales of securities—trading during the three months ended March 31, 2021 or 2020. There were no securities—trading in a nonaccrual status at March 31, 2021 or December 31, 2020.  Net unrealized holding gains of $59,000 were recognized during the three months ended March 31, 2021 compared to $4.6 million of net unrealized holding losses recognized during the three months ended March 31, 2020.

The following table presents gross gains and losses on sales of securities available-for-sale (in thousands):

  Three Months Ended
March 31,
  2021 2020
Available-for-Sale:
Gross Gains $ 595  $ 78 
Gross Losses (110) — 
Balance, end of the period $ 485  $ 78 

There were no securities—available-for-sale in a nonaccrual status at March 31, 2021 or December 31, 2020.

There were no sales of securities—held-to-maturity during the three months ended March 31, 2021 or 2020. There were no securities—held-to-maturity in a nonaccrual status or 30 days or more past due at March 31, 2021 or December 31, 2020.

There was one sale of equity securities totaling $4.8 million during the three months ended March 31, 2021 with a resulting net gain of $46,000 and no sales of equity securities during the three months ended March 31, 2020.

The amortized cost and estimated fair value of securities at March 31, 2021, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
  March 31, 2021
Trading Available-for-Sale Held-to-Maturity
  Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Maturing in one year or less $ —  $ —  $ 158,605  $ 158,816  $ 5,609  $ 5,671 
Maturing after one year through five years —  —  178,983  187,427  54,888  57,069 
Maturing after five years through ten years —  —  680,138  675,201  33,435  35,387 
Maturing after ten years through twenty years 27,203  25,039  276,682  285,450  152,353  155,651 
Maturing after twenty years —  —  1,702,494  1,682,866  195,670  205,817 
  $ 27,203  $ 25,039  $ 2,996,902  $ 2,989,760  $ 441,955  $ 459,595 

16


The following table presents, as of March 31, 2021, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
March 31, 2021
Carrying Value Amortized Cost Fair
Value
Purpose or beneficiary:
State and local governments public deposits $ 206,699  $ 205,752  $ 218,842 
Interest rate swap counterparties 28,385  27,749  28,550 
Repurchase agreements 245,018  250,440  245,018 
Other 2,588  2,588  2,648 
Total pledged securities $ 482,690  $ 486,529  $ 495,058 

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit rating. Credit ratings are reviewed and updated quarterly. The following table summarizes the amortized cost of held-to-maturity debt securities by credit rating at March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
AAA/AA/A $ —  $ 349,687  $ 500  $ —  $ 350,187 
Not Rated 339  31,449  2,690  57,290  91,768 
$ 339  $ 381,136  $ 3,190  $ 57,290  $ 441,955 

December 31, 2020
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
AAA/AA/A $ —  $ 349,123  $ 500  $ —  $ 349,623 
Not Rated 340  21,875  2,722  47,247  72,184 
$ 340  $ 370,998  $ 3,222  $ 47,247  $ 421,807 

The following table presents the activity in the allowance for credit losses for held-to-maturity debt securities by major type for the three months ended March 31, 2021 and March 31, 2020 (in thousands):
For the Three Months Ended March 31, 2021
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
Allowance for credit losses - securities
Beginning Balance $ —  $ 59  $ 35  $ —  $ 94 
Provision for credit losses —  — 
Ending Balance $ —  $ 61  $ 37  $ —  $ 98 

For the Three Months Ended March 31, 2020
U.S. Government and agency obligations Municipal bonds Corporate bonds Mortgage-backed or related securities Total
Allowance for credit losses - securities
Beginning Balance $ —  $ —  $ —  $ —  $ — 
Impact of adopting ASC 326 —  28  35  —  63 
Provision for credit losses —  33  —  35 
Ending Balance $ —  $ 61  $ 37  $ —  $ 98 
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Note 4: LOANS RECEIVABLE AND THE ALLOWANCE FOR CREDIT LOSSES - LOANS

The following table presents the loans receivable at March 31, 2021 and December 31, 2020 by class (dollars in thousands).
  March 31, 2021 December 31, 2020
  Amount Percent of Total Amount Percent of Total
Commercial real estate:        
Owner-occupied $ 1,045,656  10.5  % $ 1,076,467  10.9  %
Investment properties 1,931,805  19.4  1,955,684  19.8 
Small balance CRE 639,330  6.4  573,849  5.8 
Multifamily real estate 433,775  4.3  428,223  4.4 
Construction, land and land development:
Commercial construction 199,037  2.0  228,937  2.3 
Multifamily construction 305,694  3.1  305,527  3.1 
One- to four-family construction 542,840  5.5  507,810  5.1 
Land and land development 266,730  2.7  248,915  2.5 
Commercial business:
Commercial business (1)
2,376,594  23.9  2,178,461  22.1 
Small business scored 717,502  7.2  743,451  7.5 
Agricultural business, including secured by farmland (2)
262,410  2.6  299,949  3.0 
One- to four-family residential 655,627  6.6  717,939  7.3 
Consumer:
Consumer—home equity revolving lines of credit
466,132  4.7  491,812  5.0 
Consumer—other 104,565  1.1  113,958  1.2 
Total loans 9,947,697  100.0  % 9,870,982  100.0  %
Less allowance for credit losses - loans (156,054)   (167,279)  
Net loans $ 9,791,643    $ 9,703,703   

(1)    Includes $1.28 billion and $1.04 billion of U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loans as of March 31, 2021 and December 31, 2020, respectively.
(2)    Includes $36.3 million of PPP loans as of March 31, 2021 and none as of December 31, 2020.


Loan amounts are net of unearned loan fees in excess of unamortized costs of $35.5 million as of March 31, 2021 and $25.6 million as of December 31, 2020. Net loans include net discounts on acquired loans of $13.9 million and $16.1 million as of March 31, 2021 and December 31, 2020, respectively. Net loans does not include accrued interest receivable. Accrued interest receivable on loans was $38.2 million as of March 31, 2021 and $36.6 million as of December 31, 2020 and was reported in accrued interest receivable on the Consolidated Statements of Financial Condition.

Purchased credit-deteriorated and purchased non-credit-deteriorated loans. Loans acquired in business combinations are recorded at their fair value at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-deteriorated (PCD) or purchased non-credit-deteriorated. There were no PCD loans acquired for the three months ended March 31, 2021.
Troubled Debt Restructurings. Loans are reported as TDRs when the bank grants one or more concessions to a borrower experiencing financial difficulties that it would not otherwise consider.  Our TDRs have generally not involved forgiveness of amounts due, but almost always include a modification of multiple factors; the most common combination includes interest rate, payment amount and maturity date.

18


As of March 31, 2021 and December 31, 2020, the Company had TDRs of $7.6 million and $7.9 million, respectively, and no commitments to advance additional funds related to TDRs.

There were no new TDRs that occurred during the three months ended March 31, 2021. The following table presents new TDRs that occurred during the three months ended March 31, 2020 (dollars in thousands):
  Three months ended March 31, 2020
  Number of
Contracts
Pre-
modification Outstanding
Recorded
Investment
Post-
modification Outstanding
Recorded
Investment
Recorded Investment      
Commercial business:
Commercial business 4,796  4,796 
Total $ 4,796  $ 4,796 

There were no TDRs which incurred a payment default within twelve months of the restructure date during the three-month periods ended March 31, 2021 and 2020. A default on a TDR results in either a transfer to nonaccrual status or a partial charge-off, or both.

Credit Quality Indicators:  To appropriately and effectively manage the ongoing credit quality of the Company’s loan portfolio, management has implemented a risk-rating or loan grading system for its loans.  The system is a tool to evaluate portfolio asset quality throughout each applicable loan’s life as an asset of the Company.  Generally, loans are risk rated on an aggregate borrower/relationship basis with individual loans sharing similar ratings.  There are some instances when specific situations relating to individual loans will provide the basis for different risk ratings within the aggregate relationship.  Loans are graded on a scale of 1 to 9.  A description of the general characteristics of these categories is shown below:

Overall Risk Rating Definitions:  Risk-ratings contain both qualitative and quantitative measurements and take into account the financial strength of a borrower and the structure of the loan or lease.  Consequently, the definitions are to be applied in the context of each lending transaction and judgment must also be used to determine the appropriate risk rating, as it is not unusual for a loan or lease to exhibit characteristics of more than one risk-rating category.  Consideration for the final rating is centered in the borrower’s ability to repay, in a timely fashion, both principal and interest.  The Company’s risk-rating and loan grading policies are reviewed and approved annually. There were no material changes in the risk-rating or loan grading system for the periods presented.

Risk Ratings 1-5: Pass
Credits with risk ratings of 1 to 5 meet the definition of a pass risk rating. The strength of credits vary within the pass risk ratings, ranging from a risk rated 1 being an exceptional credit to a risk rated 5 being an acceptable credit that requires a more than normal level of supervision.

Risk Rating 6: Special Mention
A credit with potential weaknesses that deserves management’s close attention is risk rated a 6.  If left uncorrected, these potential weaknesses will result in deterioration in the capacity to repay debt.  A key distinction between Special Mention and Substandard is that in a Special Mention credit, there are identified weaknesses that pose potential risk(s) to the repayment sources, versus well defined weaknesses that pose risk(s) to the repayment sources.  Assets in this category are expected to be in this category no more than 9-12 months as the potential weaknesses in the credit are resolved.

Risk Rating 7: Substandard
A credit with well-defined weaknesses that jeopardize the ability to repay in full is risk rated a 7.  These credits are inadequately protected by either the sound net worth and payment capacity of the borrower or the value of pledged collateral.  These are credits with a distinct possibility of loss.  Loans headed for foreclosure and/or legal action due to deterioration are rated 7 or worse.

Risk Rating 8: Doubtful
A credit with an extremely high probability of loss is risk rated 8.  These credits have all the same critical weaknesses that are found in a substandard loan; however, the weaknesses are elevated to the point that based upon current information, collection or liquidation in full is improbable.  While some loss on doubtful credits is expected, pending events may make the amount and timing of any loss indeterminable.  In these situations taking the loss is inappropriate until the outcome of the pending event is clear.

Risk Rating 9: Loss
A credit that is considered to be currently uncollectible or of such little value that it is no longer a viable bank asset is risk rated 9.  Losses should be taken in the accounting period in which the credit is determined to be uncollectible.  Taking a loss does not mean that a credit has absolutely no recovery or salvage value but, rather, it is not practical or desirable to defer writing off the credit, even though partial recovery may occur in the future.

19


The following tables present the Company’s portfolio of risk-rated loans by class and by grade as of March 31, 2021 and December 31, 2020 (in thousands). Revolving loans that are converted to term loans are treated as new originations in the table below and are presented by year of origination. Term loans that are renewed or extended for periods longer than 90 days are presented as a new origination in the year of the most recent renewal or extension.
March 31, 2021
Term Loans by Year of Origination Revolving Loans Total Loans
By class: 2021 2020 2019 2018 2017 Prior
Commercial real estate - owner occupied
Risk Rating
Pass $ 39,192  $ 236,836  $ 158,294  $ 147,397  $ 98,352  $ 266,316  $ 5,455  $ 951,842 
Special Mention —  —  16,835  —  2,217  87  —  19,139 
Substandard 45  7,096  24,526  2,329  2,311  38,368  —  74,675 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Commercial real estate - owner occupied $ 39,237  $ 243,932  $ 199,655  $ 149,726  $ 102,880  $ 304,771  $ 5,455  $ 1,045,656 
Commercial real estate - investment properties
Risk Rating
Pass $ 41,181  $ 238,095  $ 260,934  $ 284,975  $ 226,762  $ 711,557  $ 20,001  $ 1,783,505 
Special Mention —  —  —  —  —  11,079  —  11,079 
Substandard 422  28,529  11,383  20,864  36,212  39,811  —  137,221 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Commercial real estate - investment properties $ 41,603  $ 266,624  $ 272,317  $ 305,839  $ 262,974  $ 762,447  $ 20,001  $ 1,931,805 
Multifamily real estate
Risk Rating
Pass $ 16,005  $ 76,245  $ 71,073  $ 37,683  $ 93,037  $ 133,912  $ 2,080  $ 430,035 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  2,312  1,428  —  —  —  —  3,740 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Multifamily real estate $ 16,005  $ 78,557  $ 72,501  $ 37,683  $ 93,037  $ 133,912  $ 2,080  $ 433,775 
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March 31, 2021
Term Loans by Year of Origination Revolving Loans Total Loans
By class: 2021 2020 2019 2018 2017 Prior
Commercial construction
Risk Rating
Pass $ 4,182  $ 94,483  $ 42,572  $ 38,566  $ 332  $ 527  $ —  $ 180,662 
Special Mention —  —  5,967  —  —  —  —  5,967 
Substandard 3,507  —  3,938  4,865  —  98  —  12,408 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Commercial construction $ 7,689  $ 94,483  $ 52,477  $ 43,431  $ 332  $ 625  $ —  $ 199,037 
Multifamily construction
Risk Rating
Pass $ 26,801  $ 84,144  $ 128,336  $ 51,514  $ 14,899  $ —  $ —  $ 305,694 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Multifamily construction $ 26,801  $ 84,144  $ 128,336  $ 51,514  $ 14,899  $ —  $ —  $ 305,694 
One- to four- family construction
Risk Rating
Pass $ 204,174  $ 324,068  $ 10,374  $ —  $ —  $ —  $ 3,537  $ 542,153 
Special Mention —  —  —  —  —  —  —  — 
Substandard 356  —  331  —  —  —  —  687 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total One- to four- family construction $ 204,530  $ 324,068  $ 10,705  $ —  $ —  $ —  $ 3,537  $ 542,840 
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March 31, 2021
Term Loans by Year of Origination Revolving Loans Total Loans
By class: 2021 2020 2019 2018 2017 Prior
Land and land development
Risk Rating
Pass $ 50,665  $ 141,075  $ 26,180  $ 12,004  $ 6,567  $ 10,249  $ 16,751  $ 263,491 
Special Mention —  —  —  —  —  —  —  — 
Substandard 2,869  14  28  141  187  —  —  3,239 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Land and land development $ 53,534  $ 141,089  $ 26,208  $ 12,145  $ 6,754  $ 10,249  $ 16,751  $ 266,730 
Commercial business
Risk Rating
Pass $ 440,419  $ 1,103,935  $ 211,237  $ 191,647  $ 62,188  $ 100,296  $ 211,777  $ 2,321,499 
Special Mention 75  96  3,184  —  752  104  10,487  14,698 
Substandard 2,235  3,620  4,912  18,140  4,860  1,583  5,047  40,397 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Commercial business $ 442,729  $ 1,107,651  $ 219,333  $ 209,787  $ 67,800  $ 101,983  $ 227,311  $ 2,376,594 
Agricultural business including secured by farmland
Risk Rating
Pass $ 12,322  $ 31,316  $ 55,503  $ 29,215  $ 20,206  $ 44,027  $ 61,005  $ 253,594 
Special Mention —  —  —  —  810  —  —  810 
Substandard —  445  2,548  803  144  2,175  1,891  8,006 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total Agricultural business including secured by farmland $ 12,322  $ 31,761  $ 58,051  $ 30,018  $ 21,160  $ 46,202  $ 62,896  $ 262,410 

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December 31, 2020
Term Loans by Year of Origination Revolving Loans Total Loans
By class: 2020 2019 2018 2017 2016 Prior
Commercial real estate - owner occupied
Risk Rating
Pass $ 243,100  $ 156,838  $ 156,817  $ 122,484  $ 92,312  $ 212,792  $ 3,379  $ 987,722 
Special Mention —  4,560  —  2,251  —  1,869  149  8,829 
Substandard 7,923  26,914  3,040  2,516  11,731  27,792  —  79,916 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —