Banner Corporation Reports Net Income of $45.1 Million, or $1.30 Per Diluted Share, for First Quarter 2025; Declares Quarterly Cash Dividend of $0.48 Per Share

About this update from Banner Corporation

[{"type":"text","content":" WALLA WALLA, Wash. --(BUSINESS WIRE)--\n Banner Corporation (NASDAQ: BANR) (“Banner”), the parent company of Banner Bank , today reported net income of $45.1 million , or $1.30 per diluted share, for the first quarter of 2025, compared to $46.4 million , or $1.34 per diluted share, for the preceding quarter and $37.6 million , or $1.09 per diluted share, for the first quarter of 2024. Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. The increase in net interest income compared to the preceding quarter reflects an overall increase in the yield on interest-earning assets and a decrease in funding costs, partially offset by a decrease in the average balance of interest-earning assets. The increase in net interest income compared to the prior year quarter reflects an increase in both the yield and average balance of interest-earning assets, partially offset by an increase in funding costs. First quarter 2025 results included a $3.1 million provision for credit losses, compared to $3.0 million in the preceding quarter and $520,000 in the first quarter of 2024.\n \nBanner announced that its Board of Directors declared a regular quarterly cash dividend of $0.48 per share payable May 9, 2025 , to common shareholders of record on April 29, 2025 .\n \n“Banner’s first quarter operating results reflect the continued successful execution of our super community bank strategy, which emphasizes growing new client relationships, maintaining our core funding position, promoting client loyalty and advocacy through our responsive service model, and sustaining a moderate risk profile,” said Mark Grescovich , President and CEO. “Our earnings for the first quarter of 2025 benefited from our solid year over year loan growth as well as net interest margin expansion during the first quarter as a result of higher yields on interest-earning assets and lower funding costs. This benefit was partially offset by lower non-interest income and increased non-interest expense. The investments we have made and continue to make to improve our operating performance have positioned Banner well for the future. Additionally, Banner’s credit metrics continue to be strong, our reserve for loan losses remained solid, and our capital base continues to be robust. We continue to benefit from a strong core deposit base that has been resilient in a highly competitive environment, with core deposits representing 89% of total deposits at quarter end. Banner has upheld its core values for the past 134 years, which are to do the right thing for our clients, communities, colleagues, company and shareholders; and to provide consistent and reliable strength through all economic cycles and change events.”\n \nAt March 31, 2025 , Banner, on a consolidated basis, had $16.17 billion in assets, $11.28 billion in net loans and $13.59 billion in deposits. Banner operates 135 full-service branch offices, including branches located in eight of the top 20 largest western Metropolitan Statistical Areas by population.\n \n First Quarter 2025 Highlights \n \n \nNet interest margin, on a tax equivalent basis, was 3.92%, compared to 3.82% in the preceding quarter and 3.74% in the first quarter a year ago.\n \n \nRevenue was $160.2 million for the first quarter of 2025, compared to $160.6 million in the preceding quarter and increased 11% from $144.6 million in the first quarter a year ago.\n \n \nAdjusted revenue* (the total of net interest income and total non-interest income adjusted for the net gain or loss on the sale of securities and the net change in valuation of financial instruments) was $159.9 million in the first quarter of 2025, compared to $160.1 million in the preceding quarter and increased 6% from $150.4 million in the first quarter a year ago.\n \n \nNet interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and increased 6% from $133.0 million in the first quarter a year ago.\n \n \nMortgage banking operations revenue was $3.1 million for the first quarter of 2025, compared to $3.7 million in the preceding quarter and $2.3 million in the first quarter a year ago.\n \n \nReturn on average assets was 1.15% for both the current and preceding quarter and 0.97% in the first quarter a year ago.\n \n \nNet loans receivable increased to $11.28 billion at March 31, 2025 , compared to $11.20 billion at December 31, 2024 , and increased 5% compared to $10.72 billion at March 31, 2024 .\n \n \nNon-performing assets were $42.7 million , or 0.26% of total assets, at March 31, 2025 , compared to $39.6 million , or 0.24% of total assets, at December 31, 2024 and $29.9 million , or 0.19% of total assets, at March 31, 2024 .\n \n \nThe allowance for credit losses - loans was $157.3 million , or 1.38% of total loans receivable, as of March 31, 2025 , compared to $155.5 million , or 1.37% of total loans receivable, as of December 31, 2024 and $151.1 million , or 1.39% of total loans receivable, as of March 31, 2024 .\n \n \nTotal deposits increased to $13.59 billion at March 31, 2025 , compared to $13.51 billion at December 31, 2024 , and increased 3% compared to $13.16 billion at March 31, 2024 .\n \n \nCore deposits represented 89% of total deposits at March 31, 2025 .\n \n \nDividends paid to shareholders were $0.48 per share in the quarter ended March 31, 2025 .\n \n \nCommon shareholders’ equity per share increased 3% to $53.16 at March 31, 2025 , compared to $51.49 at the preceding quarter end, and increased 10% from $48.39 at March 31, 2024 .\n \n \nTangible common shareholders’ equity per share* increased 4% to $42.27 at March 31, 2025 , compared to $40.57 at the preceding quarter end, and increased 13% from $37.40 at March 31, 2024 .\n \n \n*Non-GAAP (Generally Accepted Accounting Principles) financial measure; See, “Additional Financial Information - Non-GAAP Financial Measures” on the final two pages of this press release for a reconciliation of non-GAAP financial measures.\n \n Income Statement Review \n \nNet interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. Net interest margin, on a tax equivalent basis, increased 10 basis points to 3.92% for the first quarter of 2025, compared to 3.82% in the preceding quarter, and increased 18 basis points compared to 3.74% in the first quarter a year ago. Net interest margin for the current quarter, compared to the preceding quarter, benefited from decreased funding costs and higher yields on interest earning assets.\n \nAverage yields on interest-earning assets increased four basis points to 5.35% for the first quarter of 2025, compared to 5.31% for the preceding quarter, and increased 19 basis points compared to 5.16% in the first quarter a year ago, primarily due to increases in average loan yields. Average loan yields increased five basis points to 6.07%, compared to 6.02% in the preceding quarter, and increased 20 basis points compared to 5.87% in the first quarter a year ago. The increase in average loan yields during the current quarter primarily reflects new loans being originated at higher interest rates and adjustable rate loans repricing higher.\n \nTotal deposit costs decreased six basis points to 1.47% in the first quarter of 2025, compared to 1.53% in the preceding quarter, and increased 10 basis points compared to 1.37% in the first quarter a year ago. The decrease in deposit costs in the current quarter compared to the prior quarter was primarily due to the lagging effect of interest rate declines in the prior quarter, partially offset by a decrease in the average balance of non-interest bearing deposits. In 2024, the Federal Open Market Committee (“FOMC”) of the Federal Reserve lowered the target range for the federal funds rate three times, resulting in a target range of 4.25% to 4.50% at March 31, 2025 . The average rate paid on borrowings decreased 25 basis points to 4.32% in the first quarter of 2025, compared to 4.57% in the preceding quarter, and decreased compared to 4.98% in the first quarter a year ago, primarily due to the decreases in market interest rates. The total cost of funding liabilities decreased five basis points to 1.55% in the first quarter of 2025, compared to 1.60% in the preceding quarter, and increased slightly compared to 1.53% in the first quarter a year ago, due to fluctuations in the deposit costs and a continued decrease in the cost of other borrowings.\n \nA $3.1 million provision for credit losses was recorded in the current quarter (comprised of a $4.5 million provision for credit losses - loans, a $1.4 million recapture of provision for credit losses - unfunded loan commitments and a $10,000 recapture of provision for credit losses - held-to-maturity debt securities). This compares to a $3.0 million provision for credit losses in the prior quarter (comprised of a $3.2 million provision for credit losses - loans, a $203,000 recapture of provision for credit losses - unfunded loan commitments and a $16,000 recapture of provision for credit losses - held-to-maturity debt securities) and a $520,000 provision for credit losses in the first quarter a year ago (comprised of a $1.4 million provision for credit losses - loans, an $887,000 recapture of provision for credit losses - unfunded loan commitments and a $17,000 recapture of provision for credit losses - held-to-maturity debt securities). The provision for credit losses for the current quarter primarily reflected loan growth in the construction portfolio and to a lesser extent risk rating migration and qualitative adjustments applied to address economic uncertainty.\n \nTotal non-interest income was $19.1 million in the first quarter of 2025, compared to $20.0 million in the preceding quarter and $11.6 million in the first quarter a year ago. The decrease in non-interest income during the current quarter compared to the preceding quarter was primarily due to a $583,000 decrease in mortgage banking operations revenue and a $405,000 decrease in miscellaneous income, primarily due to a gain recognized on the sale of a non-performing loan during the fourth quarter of 2024, partially offset by a $431,000 increase in bank owned life insurance income due to the receipt of death benefit proceeds during the current quarter. The increase in non-interest income during the current quarter compared to the prior year quarter was primarily due to a $4.9 million decrease in the net loss recognized on the sale of securities and a $1.3 million increase in the fair value adjustments on financial instruments carried at fair value during the current quarter.\n \nMortgage banking operations revenue was $3.1 million in the first quarter of 2025, compared to $3.7 million in the preceding quarter and $2.3 million in the first quarter a year ago. The volume of one- to four-family loans sold during the current quarter decreased compared to the preceding quarter and increased compared to the prior year quarter. While the volume of one- to four-family loans sold increased compared to the prior year quarter, volumes remained low due to reduced refinancing and purchase activity in the current rate environment. The decrease in mortgage banking operations revenue from the preceding quarter reflects a $508,000 gain related to the pooled loan sale of $34.8 million of one- to four-family loans during the fourth quarter of 2024 and a decrease in the market value of our hedge, partially offset by an increase in the pricing of one- to four-family loans sold during the current quarter. Home purchase activity accounted for 84% of one- to four-family mortgage loan originations in the first quarter of 2025, 79% in the preceding quarter and 89% in the first quarter of 2024.\n \nTotal non-interest expense was $101.3 million in the first quarter of 2025, compared to $99.5 million in the preceding quarter and $97.6 million in the first quarter of 2024. The increase in non-interest expense for the current quarter compared to the prior quarter reflects a $2.3 million increase in salary and employee benefits, primarily resulting from increased medical premiums expense and payroll tax expense, and an $858,000 decrease in capitalized loan costs, partially offset by a $1.1 million decrease in advertising and marketing expenses, primarily due to decreases in printed media marketing and community development expenses. The increase in non-interest expense for the current quarter compared to the same quarter a year ago primarily reflects increases in salary and employee benefits and professional and legal expenses. Banner’s efficiency ratio was 63.21% for the first quarter of 2025, compared to 61.95% in the preceding quarter and 67.55% in the same quarter a year ago. Banner’s adjusted efficiency ratio, a non-GAAP financial measure, was 62.18% for the first quarter of 2025, compared to 60.74% in the preceding quarter and 63.70% in the year ago quarter. See, “Additional Financial Information - Non-GAAP Financial Measures” on the final two pages of this press release for a discussion and reconciliation of non-GAAP financial measures.\n \n Balance Sheet Review \n \nTotal assets were $16.17 billion at March 31, 2025 , down from $16.20 billion at December 31, 2024 and up from $15.52 billion at March 31, 2024 . The decrease compared to the prior quarter was primarily due to a decrease in securities and interest-bearing deposits. Securities and interest-bearing deposits held at other banks totaled $3.33 billion at March 31, 2025 , compared to $3.40 billion at December 31, 2024 and $3.32 billion at March 31, 2024 . The average effective duration of the securities portfolio was approximately 6.5 years at March 31, 2025 , compared to 6.6 years at March 31, 2024 .\n \nTotal loans receivable were $11.44 billion at March 31, 2025 , up from $11.35 billion at December 31, 2024 and $10.87 billion at March 31, 2024 . Construction, land and land development loans increased 10% to $1.67 billion at March 31, 2025 , compared to $1.52 billion at December 31, 2024 , and increased 6% compared to $1.57 billion at March 31, 2024 . The increase was primarily the result of new loan production and advances, mostly related to multifamily construction projects, which included growth in affordable housing project loans, partially offset by payoffs and transfers to the portfolio upon completion of the construction phase. Commercial real estate loans decreased 1% to $3.84 billion at March 31, 2025 , compared to $3.86 billion at December 31, 2024 , and increased 6% compared to $3.61 billion at March 31, 2024 . The increase from March 31, 2024 was primarily the result of new loan production and the conversion of commercial construction loans to the commercial real estate portfolio upon the completion of the construction phase. Multifamily real estate loans decreased 2% to $877.7 million at March 31, 2025 , compared to $894.4 million at December 31, 2024 , and increased 8% compared to $809.1 million at March 31, 2024 . The increase from March 31, 2024 was primarily the result of the conversion of multifamily construction loans to the multifamily portfolio upon the completion of the construction phase. Commercial business loans decreased 1% to $2.41 billion at March 31, 2025 , compared to $2.42 billion at December 31, 2024 and increased 5% compared to $2.29 billion at March 31, 2024 , primarily due to new loan production.\n \nLoans held for sale were $24.5 million at March 31, 2025 , compared to $32.0 million at December 31, 2024 and $9.4 million at March 31, 2024 . One- to four- family residential mortgage held for sale loans sold in the current quarter totaled $108.1 million , compared to $153.2 million in the preceding quarter and $65.9 million in the first quarter a year ago. The decrease in loans held for sale compared to the preceding quarter was primarily the result of loan sales exceeding new originations of one- to four- family residential mortgage held for sale loans during the quarter. The increase in loans held for sale compared to the prior year quarter was primarily the result of an increase in the origination of one- to four- family residential mortgage held for sale loans.\n \nTotal deposits were $13.59 billion at March 31, 2025 , compared to $13.51 billion at December 31, 2024 and $13.16 billion a year ago. Core deposits increased 1% to $12.09 billion at March 31, 2025 , compared to $12.01 billion at December 31, 2024 , and increased 4% compared to $11.67 billion at March 31, 2024 . The increase compared to the preceding and prior year quarters primarily reflects increases in interest-bearing transaction and savings accounts. Core deposits were 89% of total deposits at March 31, 2025 , December 31, 2024 and March 31, 2024 . Certificates of deposit were $1.50 billion at both March 31, 2025 and December 31, 2024 , and increased 1% from $1.49 billion a year earlier. The increase during the current quarter compared to the first quarter a year ago was principally due to clients seeking higher yields moving funds from core deposit accounts to higher yielding certificates of deposit, partially offset by a $32.2 million decrease in brokered deposits.\n \nFHLB advances were $168.0 million at March 31, 2025 , compared to $290.0 million at December 31, 2024 and $52.0 million a year ago. At March 31, 2025 , off-balance sheet liquidity included additional borrowing capacity of $3.14 billion at the FHLB and $1.65 billion at the Federal Reserve as well as federal funds line of credit agreements with other financial institutions of $125.0 million .\n \nAt March 31, 2025 , total common shareholders’ equity was $1.83 billion or 11.34% of total assets, compared to $1.77 billion or 10.95% of total assets at December 31, 2024 , and $1.66 billion or 10.73% of total assets at March 31, 2024 . The increase at March 31, 2025 compared to December 31, 2024 was due to a decrease in accumulated other comprehensive loss of $29.3 million as the result of an increase in the fair value of the security portfolio and a $28.3 million increase in retained earnings as a result of $45.1 million in net income, partially offset by the accrual of $16.8 million of cash dividends during the first quarter of 2025. At March 31, 2025 , tangible common shareholders’ equity, a non-GAAP financial measure, was $1.46 billion , or 9.23% of tangible assets, compared to $1.40 billion , or 8.84% of tangible assets, at December 31, 2024 , and $1.29 billion , or 8.50% of tangible assets, a year ago. See, “Additional Financial Information - Non-GAAP Financial Measures” on the final two pages of this press release for a reconciliation of non-GAAP financial measures.\n \n Banner and Banner Bank continue to maintain capital levels in excess of the requirements to be categorized as “well-capitalized.” At March 31, 2025 , Banner’s estimated common equity Tier 1 capital ratio was 12.60%, its estimated Tier 1 leverage capital to average assets ratio was 11.22%, and its estimated total capital to risk-weighted assets ratio was 15.23%. These regulatory capital ratios are estimates, pending completion and filing of Banner’s regulatory reports.\n \n Credit Quality \n \nThe allowance for credit losses - loans was $157.3 million , or 1.38% of total loans receivable and 404% of non-performing loans, at March 31, 2025 , compared to $155.5 million , or 1.37% of total loans receivable and 421% of non-performing loans, at December 31, 2024 , and $151.1 million , or 1.39% of total loans receivable and 513% of non-performing loans, at March 31, 2024 . In addition to the allowance for credit losses - loans, Banner maintains an allowance for credit losses - unfunded loan commitments, which was $12.2 million at March 31, 2025 , compared to $13.6 million at December 31, 2024 , and $13.6 million at March 31, 2024 . Net loan charge-offs totaled $2.7 million in the first quarter of 2025, compared to net loan charge-offs of $2.3 million in the preceding quarter and net loan recoveries of $73,000 in the first quarter a year ago. Non-performing loans were $39.0 million at March 31, 2025 , compared to $37.0 million at December 31, 2024 , and $29.5 million a year ago. Substandard loans were $197.8 million as of March 31, 2025 , compared to $192.5 million as of December 31, 2024 and $116.1 million a year ago. Total non-performing assets were $42.7 million , or 0.26% of total assets, at March 31, 2025 , compared to $39.6 million , or 0.24% of total assets, at December 31, 2024 , and $29.9 million , or 0.19% of total assets, a year ago.\n \n Conference Call \n \nBanner will host a conference call on Thursday April 17, 2025 , at 8:00 a.m. PDT , to discuss its first quarter results. Interested investors may listen to the call live at www.bannerbank.com . Investment professionals are invited to dial (833) 470-1428 using access code 881889 to participate in the call. A replay of the call will be available at www.bannerbank.com .\n \n About the Company \n \n Banner Corporation is a $16.17 billion bank holding company operating a commercial bank 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 .\n \n Forward-Looking Statements \n \nWhen 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.\n \nFactors that could cause Banner’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: (1) adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth, or increased political instability; (2) changes in the interest rate environment, including increases or decreases in the Board of Governors of the Federal Reserve System (the “Federal Reserve”) benchmark rate and duration at which such interest rate levels are maintained, which could affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; (3) the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; (4) the effects of any federal government shutdown; (5) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (6) expectations regarding key growth initiatives and strategic priorities; (7) 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 credit losses, which could necessitate additional provisions for credit losses, resulting both from loans originated and loans acquired from other financial institutions; (8) results of examinations by regulatory authorities, including the possibility that any such regulatory authority may, among other things, require increases in the allowance for credit losses or writing down of assets or impose restrictions or penalties with respect to Banner’s activities; (9) competitive pressures among depository institutions, including repricing and competitors’ pricing initiatives, and their impact on Banner’s market position, loan, and deposit products; (10) the effect of inflation on interest rate movements and their impact on client behavior and net interest margin; (11) fluctuations in real estate values; (12) the ability to adapt successfully to technological changes to meet clients’ needs and developments in the market place; (13) the ability to access cost-effective funding; (14) 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; (15) changes in financial markets; (16) the costs, effects and outcomes of litigation; (17) legislation or regulatory changes, including but not limited to changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, other governmental initiatives affecting the financial services industry and changes in federal and/or state tax laws or interpretations thereof by taxing authorities; (18) the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors including, but not limited to, our agriculture based lending; (19) changes in accounting principles, policies or guidelines; (20) future acquisitions by Banner of other depository institutions or lines of business, and associated risks of goodwill impairment due to changes in Banner’s business or market conditions; (21) effects of critical accounting policies and judgments, including the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; (22) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and (23) other risks detailed from time to time in Banner’s other reports filed with and furnished to the Securities and Exchange Commission including Banner’s Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.\n \n \n \n RESULTS OF OPERATIONS \n \n \n \n \n \n \n \n Quarters Ended \n \n \n \n \n \n(in thousands except shares and per share data)\n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \n INTEREST INCOME: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nLoans receivable\n \n \n \n \n \n \n \n$\n \n \n \n168,677\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n169,586\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n156,475\n \n \n \n \n \n \n \n \n \nMortgage-backed securities\n \n \n \n \n \n \n \n \n \n \n \n15,744\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n16,086\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n16,934\n \n \n \n \n \n \n \n \n \nSecurities and cash equivalents\n \n \n \n \n \n \n \n \n \n \n \n9,447\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10,764\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,279\n \n \n \n \n \n \n \n \n \nTotal interest income\n \n \n \n \n \n \n \n \n \n \n \n193,868\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n196,436\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n184,688\n \n \n \n \n \n \n \n \n \n INTEREST EXPENSE: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDeposits\n \n \n \n \n \n \n \n \n \n \n \n48,737\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n52,217\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n44,613\n \n \n \n \n \n \n \n \n \n Federal Home Loan Bank (FHLB) advances\n \n \n \n \n \n \n \n \n \n \n \n860\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n85\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,972\n \n \n \n \n \n \n \n \n \nOther borrowings\n \n \n \n \n \n \n \n \n \n \n \n694\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n817\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,175\n \n \n \n \n \n \n \n \n \nSubordinated debt\n \n \n \n \n \n \n \n \n \n \n \n2,494\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,781\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,969\n \n \n \n \n \n \n \n \n \nTotal interest expense\n \n \n \n \n \n \n \n \n \n \n \n52,785\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n55,900\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n51,729\n \n \n \n \n \n \n \n \n \nNet interest income\n \n \n \n \n \n \n \n \n \n \n \n141,083\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n140,536\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n132,959\n \n \n \n \n \n \n \n \n \n PROVISION FOR CREDIT LOSSES \n \n \n \n \n \n \n \n \n \n \n \n3,139\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,000\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n520\n \n \n \n \n \n \n \n \n \nNet interest income after provision for credit losses\n \n \n \n \n \n \n \n \n \n \n \n137,944\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n137,536\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n132,439\n \n \n \n \n \n \n \n \n \n NON-INTEREST INCOME: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDeposit fees and other service charges\n \n \n \n \n \n \n \n \n \n \n \n10,769\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,018\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,022\n \n \n \n \n \n \n \n \n \nMortgage banking operations\n \n \n \n \n \n \n \n \n \n \n \n3,103\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,686\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,335\n \n \n \n \n \n \n \n \n \nBank-owned life insurance\n \n \n \n \n \n \n \n \n \n \n \n2,575\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,144\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,237\n \n \n \n \n \n \n \n \n \nMiscellaneous\n \n \n \n \n \n \n \n \n \n \n \n2,346\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,751\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,892\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n18,793\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n19,599\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n17,486\n \n \n \n \n \n \n \n \n \nNet gain (loss) on sale of securities\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n275\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(4,903\n \n \n \n)\n \n \n \n \n \nNet change in valuation of financial instruments carried at fair value\n \n \n \n \n \n \n \n \n \n \n \n315\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n161\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(992\n \n \n \n)\n \n \n \n \n \nTotal non-interest income\n \n \n \n \n \n \n \n \n \n \n \n19,108\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n20,035\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,591\n \n \n \n \n \n \n \n \n \n NON-INTEREST EXPENSE: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSalary and employee benefits\n \n \n \n \n \n \n \n \n \n \n \n64,857\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n62,523\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n62,369\n \n \n \n \n \n \n \n \n \nLess capitalized loan origination costs\n \n \n \n \n \n \n \n \n \n \n \n(3,330\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(4,188\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(3,676\n \n \n \n)\n \n \n \n \n \nOccupancy and equipment\n \n \n \n \n \n \n \n \n \n \n \n12,097\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n12,141\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n12,462\n \n \n \n \n \n \n \n \n \nInformation and computer data services\n \n \n \n \n \n \n \n \n \n \n \n7,628\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,471\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,320\n \n \n \n \n \n \n \n \n \nPayment and card processing services\n \n \n \n \n \n \n \n \n \n \n \n5,750\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5,771\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5,710\n \n \n \n \n \n \n \n \n \nProfessional and legal expenses\n \n \n \n \n \n \n \n \n \n \n \n2,430\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,530\n \n \n \n \n \n \n \n \n \nAdvertising and marketing\n \n \n \n \n \n \n \n \n \n \n \n590\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,711\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,079\n \n \n \n \n \n \n \n \n \nDeposit insurance\n \n \n \n \n \n \n \n \n \n \n \n2,797\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,857\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,809\n \n \n \n \n \n \n \n \n \nState and municipal business and use taxes\n \n \n \n \n \n \n \n \n \n \n \n1,454\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,518\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,304\n \n \n \n \n \n \n \n \n \nReal estate operations, net\n \n \n \n \n \n \n \n \n \n \n \n(61\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n113\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(220\n \n \n \n)\n \n \n \n \n \nAmortization of core deposit intangibles\n \n \n \n \n \n \n \n \n \n \n \n456\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n589\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n723\n \n \n \n \n \n \n \n \n \nMiscellaneous\n \n \n \n \n \n \n \n \n \n \n \n6,591\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5,947\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n6,231\n \n \n \n \n \n \n \n \n \nTotal non-interest expense\n \n \n \n \n \n \n \n \n \n \n \n101,259\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n99,478\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n97,641\n \n \n \n \n \n \n \n \n \nIncome before provision for income taxes\n \n \n \n \n \n \n \n \n \n \n \n55,793\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n58,093\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n46,389\n \n \n \n \n \n \n \n \n \n PROVISION FOR INCOME TAXES \n \n \n \n \n \n \n \n \n \n \n \n10,658\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,702\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n8,830\n \n \n \n \n \n \n \n \n \n NET INCOME \n \n \n \n \n \n \n \n$\n \n \n \n45,135\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n46,391\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n37,559\n \n \n \n \n \n \n \n \n \nEarnings per common share:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nBasic\n \n \n \n \n \n \n \n$\n \n \n \n1.31\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1.34\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1.09\n \n \n \n \n \n \n \n \n \nDiluted\n \n \n \n \n \n \n \n$\n \n \n \n1.30\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1.34\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1.09\n \n \n \n \n \n \n \n \n \nCumulative dividends declared per common share\n \n \n \n \n \n \n \n$\n \n \n \n0.48\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n0.48\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n0.48\n \n \n \n \n \n \n \n \n \nWeighted average number of common shares outstanding:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nBasic\n \n \n \n \n \n \n \n \n \n \n \n34,509,815\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n34,501,016\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n34,391,564\n \n \n \n \n \n \n \n \n \nDiluted\n \n \n \n \n \n \n \n \n \n \n \n34,778,687\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n34,743,024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n34,521,105\n \n \n \n \n \n \n \n \n \nIncrease in common shares outstanding\n \n \n \n \n \n \n \n \n \n \n \n30,140\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,144\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n46,852\n \n \n \n \n \n \n \n \n \n \n FINANCIAL CONDITION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage Change \n \n \n \n \n \n(in thousands except shares and per share data)\n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \n \n \n Prior Qtr \n \n \n \n \n \n \n \n Prior Yr Qtr \n \n \n \n \n \n ASSETS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCash and due from banks\n \n \n \n \n \n \n \n$\n \n \n \n213,574\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n203,402\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n168,427\n \n \n \n \n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \n \n \n27\n \n \n \n%\n \n \n \n \n \nInterest-bearing deposits\n \n \n \n \n \n \n \n \n \n \n \n228,371\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n298,456\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n40,849\n \n \n \n \n \n \n \n \n \n \n \n(23\n \n \n \n)%\n \n \n \n \n \n \n \n459\n \n \n \n%\n \n \n \n \n \nTotal cash and cash equivalents\n \n \n \n \n \n \n \n \n \n \n \n441,945\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n501,858\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n209,276\n \n \n \n \n \n \n \n \n \n \n \n(12\n \n \n \n)%\n \n \n \n \n \n \n \n111\n \n \n \n%\n \n \n \n \n \nSecurities - available for sale, amortized cost $2,426,395 , $2,460,262 , and $2,617,986 , respectively\n \n \n \n \n \n \n \n \n \n \n \n2,108,945\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,104,511\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,244,939\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n(6\n \n \n \n)%\n \n \n \n \n \nSecurities - held to maturity, fair value $819,261 , $825,528 , and $869,097 , respectively\n \n \n \n \n \n \n \n \n \n \n \n991,796\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,001,564\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,038,312\n \n \n \n \n \n \n \n \n \n \n \n(1\n \n \n \n)%\n \n \n \n \n \n \n \n(4\n \n \n \n)%\n \n \n \n \n \nTotal securities\n \n \n \n \n \n \n \n \n \n \n \n3,100,741\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,106,075\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,283,251\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n(6\n \n \n \n)%\n \n \n \n \n \nFHLB stock\n \n \n \n \n \n \n \n \n \n \n \n17,286\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n22,451\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,741\n \n \n \n \n \n \n \n \n \n \n \n(23\n \n \n \n)%\n \n \n \n \n \n \n \n47\n \n \n \n%\n \n \n \n \n \nLoans held for sale\n \n \n \n \n \n \n \n \n \n \n \n24,536\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n32,021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n9,357\n \n \n \n \n \n \n \n \n \n \n \n(23\n \n \n \n)%\n \n \n \n \n \n \n \n162\n \n \n \n%\n \n \n \n \n \nLoans receivable\n \n \n \n \n \n \n \n \n \n \n \n11,438,796\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,354,656\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10,869,096\n \n \n \n \n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \nAllowance for credit losses – loans\n \n \n \n \n \n \n \n \n \n \n \n(157,323\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(155,521\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(151,140\n \n \n \n)\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n4\n \n \n \n%\n \n \n \n \n \nNet loans receivable\n \n \n \n \n \n \n \n \n \n \n \n11,281,473\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n11,199,135\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10,717,956\n \n \n \n \n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \nAccrued interest receivable\n \n \n \n \n \n \n \n \n \n \n \n63,987\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n60,885\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n66,124\n \n \n \n \n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \n \n \n(3\n \n \n \n)%\n \n \n \n \n \nProperty and equipment, net\n \n \n \n \n \n \n \n \n \n \n \n119,649\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n124,589\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n129,889\n \n \n \n \n \n \n \n \n \n \n \n(4\n \n \n \n)%\n \n \n \n \n \n \n \n(8\n \n \n \n)%\n \n \n \n \n \n Goodwill \n \n \n \n \n \n \n \n \n \n \n \n373,121\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n373,121\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n373,121\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \nOther intangibles, net\n \n \n \n \n \n \n \n \n \n \n \n2,602\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,058\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n4,961\n \n \n \n \n \n \n \n \n \n \n \n(15\n \n \n \n)%\n \n \n \n \n \n \n \n(48\n \n \n \n)%\n \n \n \n \n \nBank-owned life insurance\n \n \n \n \n \n \n \n \n \n \n \n313,942\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n312,549\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n306,600\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \nOperating lease right-of-use assets\n \n \n \n \n \n \n \n \n \n \n \n37,134\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n39,998\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n40,834\n \n \n \n \n \n \n \n \n \n \n \n(7\n \n \n \n)%\n \n \n \n \n \n \n \n(9\n \n \n \n)%\n \n \n \n \n \nOther assets\n \n \n \n \n \n \n \n \n \n \n \n394,396\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n424,297\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n365,169\n \n \n \n \n \n \n \n \n \n \n \n(7\n \n \n \n)%\n \n \n \n \n \n \n \n8\n \n \n \n%\n \n \n \n \n \nTotal assets\n \n \n \n \n \n \n \n$\n \n \n \n16,170,812\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n16,200,037\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n15,518,279\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n4\n \n \n \n%\n \n \n \n \n \n LIABILITIES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDeposits:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNon-interest-bearing\n \n \n \n \n \n \n \n$\n \n \n \n4,571,598\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n4,591,543\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n4,699,553\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n(3\n \n \n \n)%\n \n \n \n \n \nInterest-bearing transaction and savings accounts\n \n \n \n \n \n \n \n \n \n \n \n7,517,617\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,423,183\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n6,973,338\n \n \n \n \n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n8\n \n \n \n%\n \n \n \n \n \nInterest-bearing certificates\n \n \n \n \n \n \n \n \n \n \n \n1,504,050\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,499,672\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,485,880\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \nTotal deposits\n \n \n \n \n \n \n \n \n \n \n \n13,593,265\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n13,514,398\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n13,158,771\n \n \n \n \n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \nAdvances from FHLB\n \n \n \n \n \n \n \n \n \n \n \n168,000\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n290,000\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n52,000\n \n \n \n \n \n \n \n \n \n \n \n(42\n \n \n \n)%\n \n \n \n \n \n \n \n223\n \n \n \n%\n \n \n \n \n \nOther borrowings\n \n \n \n \n \n \n \n \n \n \n \n130,588\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n125,257\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n183,341\n \n \n \n \n \n \n \n \n \n \n \n4\n \n \n \n%\n \n \n \n \n \n \n \n(29\n \n \n \n)%\n \n \n \n \n \nSubordinated notes, net\n \n \n \n \n \n \n \n \n \n \n \n80,389\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n80,278\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n89,456\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n(10\n \n \n \n)%\n \n \n \n \n \nJunior subordinated debentures at fair value\n \n \n \n \n \n \n \n \n \n \n \n67,711\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n67,477\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n66,586\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \nOperating lease liabilities\n \n \n \n \n \n \n \n \n \n \n \n40,466\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n43,472\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n45,524\n \n \n \n \n \n \n \n \n \n \n \n(7\n \n \n \n)%\n \n \n \n \n \n \n \n(11\n \n \n \n)%\n \n \n \n \n \nAccrued expenses and other liabilities\n \n \n \n \n \n \n \n \n \n \n \n210,771\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n258,070\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n211,578\n \n \n \n \n \n \n \n \n \n \n \n(18\n \n \n \n)%\n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \nDeferred compensation\n \n \n \n \n \n \n \n \n \n \n \n46,169\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n46,759\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n46,515\n \n \n \n \n \n \n \n \n \n \n \n(1\n \n \n \n)%\n \n \n \n \n \n \n \n(1\n \n \n \n)%\n \n \n \n \n \nTotal liabilities\n \n \n \n \n \n \n \n \n \n \n \n14,337,359\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n14,425,711\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n13,853,771\n \n \n \n \n \n \n \n \n \n \n \n(1\n \n \n \n)%\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \n SHAREHOLDERS’ EQUITY \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommon stock\n \n \n \n \n \n \n \n \n \n \n \n1,308,967\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,307,509\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,300,969\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \nRetained earnings\n \n \n \n \n \n \n \n \n \n \n \n772,412\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n744,091\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n663,021\n \n \n \n \n \n \n \n \n \n \n \n4\n \n \n \n%\n \n \n \n \n \n \n \n16\n \n \n \n%\n \n \n \n \n \nAccumulated other comprehensive loss\n \n \n \n \n \n \n \n \n \n \n \n(247,926\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(277,274\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(299,482\n \n \n \n)\n \n \n \n \n \n \n \n(11\n \n \n \n)%\n \n \n \n \n \n \n \n(17\n \n \n \n)%\n \n \n \n \n \nTotal shareholders’ equity\n \n \n \n \n \n \n \n \n \n \n \n1,833,453\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,774,326\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,664,508\n \n \n \n \n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \n \n \n10\n \n \n \n%\n \n \n \n \n \nTotal liabilities and shareholders’ equity\n \n \n \n \n \n \n \n$\n \n \n \n16,170,812\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n16,200,037\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n15,518,279\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n4\n \n \n \n%\n \n \n \n \n \n Common Shares Issued: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nShares outstanding at end of period\n \n \n \n \n \n \n \n \n \n \n \n34,489,972\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n34,459,832\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n34,395,221\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommon shareholders’ equity per share (1) \n \n \n \n \n \n \n \n$\n \n \n \n53.16\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n51.49\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n48.39\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommon shareholders’ tangible equity per share (1) (2) \n \n \n \n \n \n \n \n$\n \n \n \n42.27\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n40.57\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n37.40\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommon shareholders’ equity to total assets\n \n \n \n \n \n \n \n \n \n \n \n11.34\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n10.95\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n10.73\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommon shareholders’ tangible equity to tangible assets (2) \n \n \n \n \n \n \n \n \n \n \n \n9.23\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n8.84\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n8.50\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nConsolidated Tier 1 leverage capital ratio\n \n \n \n \n \n \n \n \n \n \n \n11.22\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n11.05\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n10.71\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1) \n \n \n \n \nCalculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding.\n \n \n \n \n \n (2) \n \n \n \n \nCommon shareholders’ tangible equity and tangible assets exclude goodwill and other intangible assets. These ratios represent non-GAAP financial measures. See, “Additional Financial Information - Non-GAAP Financial Measures” on the final two pages of this press release for a reconciliation of non-GAAP financial measures.\n \n \n \n \n \n \n ADDITIONAL FINANCIAL INFORMATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(dollars in thousands)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LOANS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage Change \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \n \n \n Prior Qtr \n \n \n \n \n \n \n \n Prior Yr Qtr \n \n \n \n \n \nCommercial real estate (CRE):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nOwner-occupied\n \n \n \n \n \n \n \n$\n \n \n \n1,020,829\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n1,027,426\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n905,063\n \n \n \n \n \n \n \n \n \n \n \n(1\n \n \n \n)%\n \n \n \n \n \n \n \n13\n \n \n \n%\n \n \n \n \n \nInvestment properties\n \n \n \n \n \n \n \n \n \n \n \n1,598,387\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,623,672\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,544,885\n \n \n \n \n \n \n \n \n \n \n \n(2\n \n \n \n)%\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \nSmall balance CRE\n \n \n \n \n \n \n \n \n \n \n \n1,217,458\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,213,792\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,159,355\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \nMultifamily real estate\n \n \n \n \n \n \n \n \n \n \n \n877,716\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n894,425\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n809,101\n \n \n \n \n \n \n \n \n \n \n \n(2\n \n \n \n)%\n \n \n \n \n \n \n \n8\n \n \n \n%\n \n \n \n \n \nConstruction, land and land development:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommercial construction\n \n \n \n \n \n \n \n \n \n \n \n146,467\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n122,362\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n158,011\n \n \n \n \n \n \n \n \n \n \n \n20\n \n \n \n%\n \n \n \n \n \n \n \n(7\n \n \n \n)%\n \n \n \n \n \nMultifamily construction\n \n \n \n \n \n \n \n \n \n \n \n618,942\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n513,706\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n573,014\n \n \n \n \n \n \n \n \n \n \n \n20\n \n \n \n%\n \n \n \n \n \n \n \n8\n \n \n \n%\n \n \n \n \n \nOne- to four-family construction\n \n \n \n \n \n \n \n \n \n \n \n504,265\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n514,220\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n495,931\n \n \n \n \n \n \n \n \n \n \n \n(2\n \n \n \n)%\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \nLand and land development\n \n \n \n \n \n \n \n \n \n \n \n396,009\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n369,663\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n344,563\n \n \n \n \n \n \n \n \n \n \n \n7\n \n \n \n%\n \n \n \n \n \n \n \n15\n \n \n \n%\n \n \n \n \n \nCommercial business:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommercial business\n \n \n \n \n \n \n \n \n \n \n \n1,283,754\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,318,333\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,262,716\n \n \n \n \n \n \n \n \n \n \n \n(3\n \n \n \n)%\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \nSmall business scored\n \n \n \n \n \n \n \n \n \n \n \n1,122,550\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,104,117\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,028,067\n \n \n \n \n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \n \n \n9\n \n \n \n%\n \n \n \n \n \nAgricultural business, including secured by farmland:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAgricultural business, including secured by farmland\n \n \n \n \n \n \n \n \n \n \n \n334,899\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n340,280\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n317,958\n \n \n \n \n \n \n \n \n \n \n \n(2\n \n \n \n)%\n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \nOne- to four-family residential\n \n \n \n \n \n \n \n \n \n \n \n1,600,283\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,591,260\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,566,834\n \n \n \n \n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \nConsumer:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nConsumer—home equity revolving lines of credit\n \n \n \n \n \n \n \n \n \n \n \n620,483\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n625,680\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n597,060\n \n \n \n \n \n \n \n \n \n \n \n(1\n \n \n \n)%\n \n \n \n \n \n \n \n4\n \n \n \n%\n \n \n \n \n \nConsumer—other\n \n \n \n \n \n \n \n \n \n \n \n96,754\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n95,720\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n106,538\n \n \n \n \n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n(9\n \n \n \n)%\n \n \n \n \n \nTotal loans receivable\n \n \n \n \n \n \n \n$\n \n \n \n11,438,796\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n11,354,656\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n10,869,096\n \n \n \n \n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \nLoans 30 - 89 days past due and on accrual\n \n \n \n \n \n \n \n$\n \n \n \n37,339\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n26,824\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n19,649\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal delinquent loans (including loans on non-accrual), net\n \n \n \n \n \n \n \n$\n \n \n \n71,927\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n55,432\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n39,429\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal delinquent loans / Total loans receivable\n \n \n \n \n \n \n \n \n \n \n \n0.63\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n0.49\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n0.36\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LOANS BY GEOGRAPHIC LOCATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage Change \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \n \n \n Prior Qtr \n \n \n \n \n \n \n \n Prior Yr Qtr \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n Percentage \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Washington \n \n \n \n \n \n \n \n$\n \n \n \n5,260,906\n \n \n \n \n \n \n \n46\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n5,245,886\n \n \n \n \n \n \n \n$\n \n \n \n5,091,912\n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \n California \n \n \n \n \n \n \n \n \n \n \n \n2,927,835\n \n \n \n \n \n \n \n26\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n2,861,435\n \n \n \n \n \n \n \n \n \n \n \n2,687,114\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \n \n \n9\n \n \n \n%\n \n \n \n \n \n Oregon \n \n \n \n \n \n \n \n \n \n \n \n2,122,953\n \n \n \n \n \n \n \n18\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n2,113,229\n \n \n \n \n \n \n \n \n \n \n \n2,013,453\n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \n Idaho \n \n \n \n \n \n \n \n \n \n \n \n665,625\n \n \n \n \n \n \n \n6\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n665,158\n \n \n \n \n \n \n \n \n \n \n \n613,155\n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n9\n \n \n \n%\n \n \n \n \n \n Utah \n \n \n \n \n \n \n \n \n \n \n \n88,858\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n82,459\n \n \n \n \n \n \n \n \n \n \n \n72,652\n \n \n \n \n \n \n \n8\n \n \n \n%\n \n \n \n \n \n \n \n22\n \n \n \n%\n \n \n \n \n \nOther\n \n \n \n \n \n \n \n \n \n \n \n372,619\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n386,489\n \n \n \n \n \n \n \n \n \n \n \n390,810\n \n \n \n \n \n \n \n(4\n \n \n \n)%\n \n \n \n \n \n \n \n(5\n \n \n \n)%\n \n \n \n \n \nTotal loans receivable\n \n \n \n \n \n \n \n$\n \n \n \n11,438,796\n \n \n \n \n \n \n \n100\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n11,354,656\n \n \n \n \n \n \n \n$\n \n \n \n10,869,096\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \n \n ADDITIONAL FINANCIAL INFORMATION \n \n \n(dollars in thousands)\n \n \n \n \n \n \n \n \n \n \n \n \n LOAN ORIGINATIONS \n \n \n \n \n Quarters Ended \n \n \n \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \nCommercial real estate\n \n \n \n \n$\n \n \n \n37,041\n \n \n \n \n \n \n \n$\n \n \n \n124,554\n \n \n \n \n \n \n \n$\n \n \n \n67,362\n \n \n \n \n \nMultifamily real estate\n \n \n \n \n \n \n \n \n9,555\n \n \n \n \n \n \n \n \n \n \n \n3,120\n \n \n \n \n \n \n \n \n \n \n \n385\n \n \n \n \n \nConstruction and land\n \n \n \n \n \n \n \n \n287,565\n \n \n \n \n \n \n \n \n \n \n \n303,345\n \n \n \n \n \n \n \n \n \n \n \n437,273\n \n \n \n \n \nCommercial business\n \n \n \n \n \n \n \n \n103,739\n \n \n \n \n \n \n \n \n \n \n \n250,515\n \n \n \n \n \n \n \n \n \n \n \n154,715\n \n \n \n \n \nAgricultural business\n \n \n \n \n \n \n \n \n12,765\n \n \n \n \n \n \n \n \n \n \n \n17,177\n \n \n \n \n \n \n \n \n \n \n \n34,406\n \n \n \n \n \nOne-to four-family residential\n \n \n \n \n \n \n \n \n5,139\n \n \n \n \n \n \n \n \n \n \n \n29,531\n \n \n \n \n \n \n \n \n \n \n \n17,568\n \n \n \n \n \nConsumer\n \n \n \n \n \n \n \n \n80,030\n \n \n \n \n \n \n \n \n \n \n \n73,791\n \n \n \n \n \n \n \n \n \n \n \n66,145\n \n \n \n \n \nTotal loan originations (excluding loans held for sale)\n \n \n \n \n$\n \n \n \n535,834\n \n \n \n \n \n \n \n$\n \n \n \n802,033\n \n \n \n \n \n \n \n$\n \n \n \n777,854\n \n \n \n \n \n \n ADDITIONAL FINANCIAL INFORMATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(dollars in thousands)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS \n \n \n \n \n \n \n \n Quarters Ended \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \nBalance, beginning of period\n \n \n \n \n \n \n \n$\n \n \n \n155,521\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n154,585\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n149,643\n \n \n \n \n \n \n \n \n \nProvision for credit losses – loans\n \n \n \n \n \n \n \n \n \n \n \n4,549\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,219\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,424\n \n \n \n \n \n \n \n \n \nRecoveries of loans previously charged off:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommercial real estate\n \n \n \n \n \n \n \n \n \n \n \n57\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,215\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,389\n \n \n \n \n \n \n \n \n \nOne- to four-family real estate\n \n \n \n \n \n \n \n \n \n \n \n188\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n124\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n16\n \n \n \n \n \n \n \n \n \nCommercial business\n \n \n \n \n \n \n \n \n \n \n \n557\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n245\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n781\n \n \n \n \n \n \n \n \n \nAgricultural business, including secured by farmland\n \n \n \n \n \n \n \n \n \n \n \n10\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n106\n \n \n \n \n \n \n \n \n \nConsumer\n \n \n \n \n \n \n \n \n \n \n \n119\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n164\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n159\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n931\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,750\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,451\n \n \n \n \n \n \n \n \n \nLoans charged off:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommercial real estate\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(4\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nConstruction and land\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(5\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nOne- to four-family real estate\n \n \n \n \n \n \n \n \n \n \n \n(13\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nCommercial business\n \n \n \n \n \n \n \n \n \n \n \n(3,301\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(3,595\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(1,809\n \n \n \n)\n \n \n \n \n \nConsumer\n \n \n \n \n \n \n \n \n \n \n \n(364\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(429\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(569\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(3,678\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(4,033\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(2,378\n \n \n \n)\n \n \n \n \n \nNet charge-offs\n \n \n \n \n \n \n \n \n \n \n \n(2,747\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(2,283\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n73\n \n \n \n \n \n \n \n \n \nBalance, end of period\n \n \n \n \n \n \n \n$\n \n \n \n157,323\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n155,521\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n151,140\n \n \n \n \n \n \n \n \n \nNet (charge-offs) recoveries / Average loans receivable\n \n \n \n \n \n \n \n \n \n \n \n(0.024\n \n \n \n)%\n \n \n \n \n \n \n \n \n \n \n \n(0.020\n \n \n \n)%\n \n \n \n \n \n \n \n \n \n \n \n0.001\n \n \n \n%\n \n \n \n \n \n \n ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANS \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \nCommercial real estate\n \n \n \n \n \n \n \n$\n \n \n \n40,076\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n40,830\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n43,555\n \n \n \n \n \n \n \n \n \nMultifamily real estate\n \n \n \n \n \n \n \n \n \n \n \n10,109\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10,308\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n9,293\n \n \n \n \n \n \n \n \n \nConstruction and land\n \n \n \n \n \n \n \n \n \n \n \n32,042\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n29,038\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n28,908\n \n \n \n \n \n \n \n \n \nOne- to four-family real estate\n \n \n \n \n \n \n \n \n \n \n \n20,752\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n20,807\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n20,432\n \n \n \n \n \n \n \n \n \nCommercial business\n \n \n \n \n \n \n \n \n \n \n \n38,665\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n38,611\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n35,544\n \n \n \n \n \n \n \n \n \nAgricultural business, including secured by farmland\n \n \n \n \n \n \n \n \n \n \n \n5,641\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5,727\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,890\n \n \n \n \n \n \n \n \n \nConsumer\n \n \n \n \n \n \n \n \n \n \n \n10,038\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10,200\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n9,518\n \n \n \n \n \n \n \n \n \nTotal allowance for credit losses – loans\n \n \n \n \n \n \n \n$\n \n \n \n157,323\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n155,521\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n151,140\n \n \n \n \n \n \n \n \n \nAllowance for credit losses - loans / Total loans receivable\n \n \n \n \n \n \n \n \n \n \n \n1.38\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1.37\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1.39\n \n \n \n%\n \n \n \n \n \nAllowance for credit losses - loans / Non-performing loans\n \n \n \n \n \n \n \n \n \n \n \n404\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n421\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n513\n \n \n \n%\n \n \n \n \n \n \n CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS \n \n \n \n \n \n \n \n Quarters Ended \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \nBalance, beginning of period\n \n \n \n \n \n \n \n$\n \n \n \n13,562\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n13,765\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n14,484\n \n \n \n \n \n \n \n \n \nRecapture of provision for credit losses - unfunded loan commitments\n \n \n \n \n \n \n \n \n \n \n \n(1,400\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(203\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n(887\n \n \n \n)\n \n \n \n \n \nBalance, end of period\n \n \n \n \n \n \n \n$\n \n \n \n12,162\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n13,562\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n13,597\n \n \n \n \n \n \n \n \n \n \n ADDITIONAL FINANCIAL INFORMATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(dollars in thousands)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NON-PERFORMING ASSETS \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \nLoans on non-accrual status:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSecured by real estate:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommercial\n \n \n \n \n$\n \n \n \n2,182\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n2,186\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n2,753\n \n \n \n \n \n \n \n \n \nConstruction and land\n \n \n \n \n \n \n \n \n4,359\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,963\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n5,029\n \n \n \n \n \n \n \n \n \nOne- to four-family\n \n \n \n \n \n \n \n \n10,448\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10,016\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,750\n \n \n \n \n \n \n \n \n \nCommercial business\n \n \n \n \n \n \n \n \n6,425\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,067\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n7,355\n \n \n \n \n \n \n \n \n \nAgricultural business, including secured by farmland\n \n \n \n \n \n \n \n \n10,301\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n8,485\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,496\n \n \n \n \n \n \n \n \n \nConsumer\n \n \n \n \n \n \n \n \n4,874\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n4,835\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3,411\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n38,589\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n36,552\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n28,794\n \n \n \n \n \n \n \n \n \nLoans more than 90 days delinquent, still on accrual:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSecured by real estate:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nConstruction and land\n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n286\n \n \n \n \n \n \n \n \n \nOne- to four-family\n \n \n \n \n \n \n \n \n9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n369\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n409\n \n \n \n \n \n \n \n \n \nCommercial business\n \n \n \n \n \n \n \n \n206\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nConsumer\n \n \n \n \n \n \n \n \n155\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n35\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n370\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n404\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n695\n \n \n \n \n \n \n \n \n \nTotal non-performing loans\n \n \n \n \n \n \n \n \n38,959\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n36,956\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n29,489\n \n \n \n \n \n \n \n \n \nREO\n \n \n \n \n \n \n \n \n3,468\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2,367\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n448\n \n \n \n \n \n \n \n \n \nOther repossessed assets\n \n \n \n \n \n \n \n \n300\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n300\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \nTotal non-performing assets\n \n \n \n \n$\n \n \n \n42,727\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n39,623\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n29,937\n \n \n \n \n \n \n \n \n \nTotal non-performing assets to total assets\n \n \n \n \n \n \n \n \n0.26\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n0.24\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n0.19\n \n \n \n%\n \n \n \n \n \n \n LOANS BY CREDIT RISK RATING \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \nPass\n \n \n \n \n$\n \n \n \n11,207,852\n \n \n \n \n \n \n \n$\n \n \n \n11,118,744\n \n \n \n \n \n \n \n$\n \n \n \n10,731,015\n \n \n \n \n \nSpecial Mention\n \n \n \n \n \n \n \n \n33,133\n \n \n \n \n \n \n \n \n \n \n \n43,451\n \n \n \n \n \n \n \n \n \n \n \n22,029\n \n \n \n \n \nSubstandard\n \n \n \n \n \n \n \n \n197,811\n \n \n \n \n \n \n \n \n \n \n \n192,461\n \n \n \n \n \n \n \n \n \n \n \n116,052\n \n \n \n \n \nTotal\n \n \n \n \n$\n \n \n \n11,438,796\n \n \n \n \n \n \n \n$\n \n \n \n11,354,656\n \n \n \n \n \n \n \n$\n \n \n \n10,869,096\n \n \n \n \n \n \n ADDITIONAL FINANCIAL INFORMATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(dollars in thousands)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n DEPOSIT COMPOSITION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage Change \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \n \n \n Prior Qtr \n \n \n \n \n \n \n \n Prior Yr Qtr \n \n \n \n \n \nNon-interest-bearing\n \n \n \n \n \n \n \n$\n \n \n \n4,571,598\n \n \n \n \n \n \n \n$\n \n \n \n4,591,543\n \n \n \n \n \n \n \n$\n \n \n \n4,699,553\n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n(3\n \n \n \n)%\n \n \n \n \n \nInterest-bearing checking\n \n \n \n \n \n \n \n \n \n \n \n2,431,279\n \n \n \n \n \n \n \n \n \n \n \n2,393,864\n \n \n \n \n \n \n \n \n \n \n \n2,112,799\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \n \n \n15\n \n \n \n%\n \n \n \n \n \nRegular savings accounts\n \n \n \n \n \n \n \n \n \n \n \n3,542,005\n \n \n \n \n \n \n \n \n \n \n \n3,478,423\n \n \n \n \n \n \n \n \n \n \n \n3,171,933\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \n \n \n12\n \n \n \n%\n \n \n \n \n \nMoney market accounts\n \n \n \n \n \n \n \n \n \n \n \n1,544,333\n \n \n \n \n \n \n \n \n \n \n \n1,550,896\n \n \n \n \n \n \n \n \n \n \n \n1,688,606\n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n(9\n \n \n \n)%\n \n \n \n \n \nTotal interest-bearing transaction and savings accounts\n \n \n \n \n \n \n \n \n \n \n \n7,517,617\n \n \n \n \n \n \n \n \n \n \n \n7,423,183\n \n \n \n \n \n \n \n \n \n \n \n6,973,338\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n8\n \n \n \n%\n \n \n \n \n \nTotal core deposits\n \n \n \n \n \n \n \n \n \n \n \n12,089,215\n \n \n \n \n \n \n \n \n \n \n \n12,014,726\n \n \n \n \n \n \n \n \n \n \n \n11,672,891\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n4\n \n \n \n%\n \n \n \n \n \nInterest-bearing certificates\n \n \n \n \n \n \n \n \n \n \n \n1,504,050\n \n \n \n \n \n \n \n \n \n \n \n1,499,672\n \n \n \n \n \n \n \n \n \n \n \n1,485,880\n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \nTotal deposits\n \n \n \n \n \n \n \n$\n \n \n \n13,593,265\n \n \n \n \n \n \n \n$\n \n \n \n13,514,398\n \n \n \n \n \n \n \n$\n \n \n \n13,158,771\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \n \n GEOGRAPHIC CONCENTRATION OF DEPOSITS \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \n \n \n Percentage Change \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n Percentage \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n Prior Qtr \n \n \n \n \n \n \n \n Prior Yr Qtr \n \n \n \n \n \n Washington \n \n \n \n \n \n \n \n$\n \n \n \n7,394,201\n \n \n \n \n \n \n \n54\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n7,441,413\n \n \n \n \n \n \n \n$\n \n \n \n7,258,785\n \n \n \n \n \n \n \n(1\n \n \n \n)%\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \n Oregon \n \n \n \n \n \n \n \n \n \n \n \n3,045,078\n \n \n \n \n \n \n \n22\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n2,981,327\n \n \n \n \n \n \n \n \n \n \n \n2,914,605\n \n \n \n \n \n \n \n2\n \n \n \n%\n \n \n \n \n \n \n \n4\n \n \n \n%\n \n \n \n \n \n California \n \n \n \n \n \n \n \n \n \n \n \n2,463,012\n \n \n \n \n \n \n \n18\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n2,392,573\n \n \n \n \n \n \n \n \n \n \n \n2,316,515\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \n \n \n6\n \n \n \n%\n \n \n \n \n \n Idaho \n \n \n \n \n \n \n \n \n \n \n \n690,974\n \n \n \n \n \n \n \n5\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n699,085\n \n \n \n \n \n \n \n \n \n \n \n668,866\n \n \n \n \n \n \n \n(1\n \n \n \n)%\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \nTotal deposits\n \n \n \n \n \n \n \n$\n \n \n \n13,593,265\n \n \n \n \n \n \n \n100\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n13,514,398\n \n \n \n \n \n \n \n$\n \n \n \n13,158,771\n \n \n \n \n \n \n \n1\n \n \n \n%\n \n \n \n \n \n \n \n3\n \n \n \n%\n \n \n \n \n \n \n INCLUDED IN TOTAL DEPOSITS \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \nPublic non-interest-bearing accounts\n \n \n \n \n \n \n \n$\n \n \n \n146,390\n \n \n \n \n \n \n \n$\n \n \n \n165,667\n \n \n \n \n \n \n \n$\n \n \n \n140,477\n \n \n \n \n \nPublic interest-bearing transaction & savings accounts\n \n \n \n \n \n \n \n \n \n \n \n239,707\n \n \n \n \n \n \n \n \n \n \n \n248,746\n \n \n \n \n \n \n \n \n \n \n \n251,161\n \n \n \n \n \nPublic interest-bearing certificates\n \n \n \n \n \n \n \n \n \n \n \n24,226\n \n \n \n \n \n \n \n \n \n \n \n25,423\n \n \n \n \n \n \n \n \n \n \n \n28,821\n \n \n \n \n \nTotal public deposits\n \n \n \n \n \n \n \n$\n \n \n \n410,323\n \n \n \n \n \n \n \n$\n \n \n \n439,836\n \n \n \n \n \n \n \n$\n \n \n \n420,459\n \n \n \n \n \nCollateralized public deposits\n \n \n \n \n \n \n \n$\n \n \n \n313,445\n \n \n \n \n \n \n \n$\n \n \n \n336,376\n \n \n \n \n \n \n \n$\n \n \n \n316,554\n \n \n \n \n \nTotal brokered deposits\n \n \n \n \n \n \n \n$\n \n \n \n75,321\n \n \n \n \n \n \n \n$\n \n \n \n50,346\n \n \n \n \n \n \n \n$\n \n \n \n107,527\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \nNumber of deposit accounts\n \n \n \n \n \n \n \n \n \n \n \n453,808\n \n \n \n \n \n \n \n \n \n \n \n460,004\n \n \n \n \n \n \n \n \n \n \n \n461,399\n \n \n \n \n \nAverage account balance per account\n \n \n \n \n \n \n \n$\n \n \n \n30\n \n \n \n \n \n \n \n$\n \n \n \n30\n \n \n \n \n \n \n \n$\n \n \n \n29\n \n \n \n \n \n \n ADDITIONAL FINANCIAL INFORMATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(dollars in thousands)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ESTIMATED REGULATORY CAPITAL RATIOS AS OF MARCH 31, 2025 \n \n \n \n \n \n \n \n Actual \n \n \n \n \n \n \n \n Minimum to be categorized as \"Adequately Capitalized\" \n \n \n \n \n \n \n \n Minimum to be \n \n \n categorized as \n \n \n \"Well Capitalized\" \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n Ratio \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n Ratio \n \n \n \n \n \n \n \n Amount \n \n \n \n \n \n \n \n Ratio \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Banner Corporation -consolidated:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal capital to risk-weighted assets\n \n \n \n \n \n \n \n$\n \n \n \n2,052,497\n \n \n \n \n \n \n \n15.23\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n1,078,147\n \n \n \n \n \n \n \n8.00\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n1,347,684\n \n \n \n \n \n \n \n10.00\n \n \n \n%\n \n \n \n \n \nTier 1 capital to risk-weighted assets\n \n \n \n \n \n \n \n \n \n \n \n1,784,020\n \n \n \n \n \n \n \n13.24\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n808,610\n \n \n \n \n \n \n \n6.00\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n808,610\n \n \n \n \n \n \n \n6.00\n \n \n \n%\n \n \n \n \n \nTier 1 leverage capital to average assets\n \n \n \n \n \n \n \n \n \n \n \n1,784,020\n \n \n \n \n \n \n \n11.22\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n636,113\n \n \n \n \n \n \n \n4.00\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \nn/a\n \n \n \n \n \n \n \nn/a\n \n \n \n \n \n \n \n \n \nCommon equity tier 1 capital to risk-weighted assets\n \n \n \n \n \n \n \n \n \n \n \n1,697,520\n \n \n \n \n \n \n \n12.60\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n606,458\n \n \n \n \n \n \n \n4.50\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \nn/a\n \n \n \n \n \n \n \nn/a\n \n \n \n \n \n \n \n \n \n Banner Bank :\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal capital to risk-weighted assets\n \n \n \n \n \n \n \n \n \n \n \n1,911,810\n \n \n \n \n \n \n \n14.16\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,079,945\n \n \n \n \n \n \n \n8.00\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,349,932\n \n \n \n \n \n \n \n10.00\n \n \n \n%\n \n \n \n \n \nTier 1 capital to risk-weighted assets\n \n \n \n \n \n \n \n \n \n \n \n1,743,056\n \n \n \n \n \n \n \n12.91\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n809,959\n \n \n \n \n \n \n \n6.00\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,079,945\n \n \n \n \n \n \n \n8.00\n \n \n \n%\n \n \n \n \n \nTier 1 leverage capital to average assets\n \n \n \n \n \n \n \n \n \n \n \n1,743,056\n \n \n \n \n \n \n \n10.95\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n636,570\n \n \n \n \n \n \n \n4.00\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n795,713\n \n \n \n \n \n \n \n5.00\n \n \n \n%\n \n \n \n \n \nCommon equity tier 1 capital to risk-weighted assets\n \n \n \n \n \n \n \n \n \n \n \n1,743,056\n \n \n \n \n \n \n \n12.91\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n607,469\n \n \n \n \n \n \n \n4.50\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n877,456\n \n \n \n \n \n \n \n6.50\n \n \n \n%\n \n \n \n \nThese regulatory capital ratios are estimates, pending completion and filing of Banner’s regulatory reports.\n \n \n \n ADDITIONAL FINANCIAL INFORMATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(dollars in thousands)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(rates / ratios annualized)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ANALYSIS OF NET INTEREST SPREAD \n \n \n \n Quarters Ended \n \n \n \n \n \n \n \n \n \n Mar 31, 2025 \n \n \n \n \n \n \n \n Dec 31, 2024 \n \n \n \n \n \n \n \n Mar 31, 2024 \n \n \n \n \n \n \n \n \n \nAverage Balance\n \n \n \n \n \n \n \nInterest and Dividends\n \n \n \n \n \n \n \nYield / Cost (3)\n \n \n \n \n \n \n \nAverage Balance\n \n \n \n \n \n \n \nInterest and Dividends\n \n \n \n \n \n \n \nYield / Cost (3)\n \n \n \n \n \n \n \nAverage Balance\n \n \n \n \n \n \n \nInterest and Dividends\n \n \n \n \n \n \n \nYield / Cost (3)\n \n \n \n \n \nInterest-earning assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nHeld for sale loans\n \n \n \n$\n \n \n \n22,457\n \n \n \n \n \n \n \n$\n \n \n \n357\n \n \n \n \n \n \n \n \n \n \n \n6.45\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n61,585\n \n \n \n \n \n \n \n$\n \n \n \n1,049\n \n \n \n \n \n \n \n \n \n \n \n6.78\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n9,939\n \n \n \n \n \n \n \n$\n \n \n \n167\n \n \n \n \n \n \n \n \n \n \n \n6.76\n \n \n \n%\n \n \n \n \n \nMortgage loans\n \n \n \n \n \n \n \n9,366,213\n \n \n \n \n \n \n \n \n \n \n \n137,724\n \n \n \n \n \n \n \n \n \n \n \n5.96\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n9,267,076\n \n \n \n \n \n \n \n \n \n \n \n136,831\n \n \n \n \n \n \n \n \n \n \n \n5.87\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n8,892,561\n \n \n \n \n \n \n \n \n \n \n \n125,284\n \n \n \n \n \n \n \n \n \n \n \n5.67\n \n \n \n%\n \n \n \n \n \nCommercial/agricultural loans\n \n \n \n \n \n \n \n1,907,212\n \n \n \n \n \n \n \n \n \n \n \n30,752\n \n \n \n \n \n \n \n \n \n \n \n6.54\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,900,337\n \n \n \n \n \n \n \n \n \n \n \n31,873\n \n \n \n \n \n \n \n \n \n \n \n6.67\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,830,095\n \n \n \n \n \n \n \n \n \n \n \n30,847\n \n \n \n \n \n \n \n \n \n \n \n6.78\n \n \n \n%\n \n \n \n \n \nConsumer and other loans\n \n \n \n \n \n \n \n121,492\n \n \n \n \n \n \n \n \n \n \n \n2,092\n \n \n \n \n \n \n \n \n \n \n \n6.98\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n124,726\n \n \n \n \n \n \n \n \n \n \n \n2,078\n \n \n \n \n \n \n \n \n \n \n \n6.63\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n133,854\n \n \n \n \n \n \n \n \n \n \n \n2,196\n \n \n \n \n \n \n \n \n \n \n \n6.60\n \n \n \n%\n \n \n \n \n \nTotal loans (1)\n \n \n \n \n \n \n \n11,417,374\n \n \n \n \n \n \n \n \n \n \n \n170,925\n \n \n \n \n \n \n \n \n \n \n \n6.07\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n11,353,724\n \n \n \n \n \n \n \n \n \n \n \n171,831\n \n \n \n \n \n \n \n \n \n \n \n6.02\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n10,866,449\n \n \n \n \n \n \n \n \n \n \n \n158,494\n \n \n \n \n \n \n \n \n \n \n \n5.87\n \n \n \n%\n \n \n \n \n \nMortgage-backed securities\n \n \n \n \n \n \n \n2,542,983\n \n \n \n \n \n \n \n \n \n \n \n15,895\n \n \n \n \n \n \n \n \n \n \n \n2.53\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n2,576,908\n \n \n \n \n \n \n \n \n \n \n \n16,228\n \n \n \n \n \n \n \n \n \n \n \n2.51\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n2,728,640\n \n \n \n \n \n \n \n \n \n \n \n17,076\n \n \n \n \n \n \n \n \n \n \n \n2.52\n \n \n \n%\n \n \n \n \n \nOther securities\n \n \n \n \n \n \n \n902,732\n \n \n \n \n \n \n \n \n \n \n \n9,687\n \n \n \n \n \n \n \n \n \n \n \n4.35\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n919,742\n \n \n \n \n \n \n \n \n \n \n \n10,281\n \n \n \n \n \n \n \n \n \n \n \n4.45\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n984,639\n \n \n \n \n \n \n \n \n \n \n \n11,501\n \n \n \n \n \n \n \n \n \n \n \n4.70\n \n \n \n%\n \n \n \n \n \nInterest-bearing deposits with banks\n \n \n \n \n \n \n \n65,758\n \n \n \n \n \n \n \n \n \n \n \n484\n \n \n \n \n \n \n \n \n \n \n \n2.99\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n107,404\n \n \n \n \n \n \n \n \n \n \n \n1,043\n \n \n \n \n \n \n \n \n \n \n \n3.86\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n45,264\n \n \n \n \n \n \n \n \n \n \n \n459\n \n \n \n \n \n \n \n \n \n \n \n4.08\n \n \n \n%\n \n \n \n \n \nFHLB stock\n \n \n \n \n \n \n \n12,804\n \n \n \n \n \n \n \n \n \n \n \n149\n \n \n \n \n \n \n \n \n \n \n \n4.72\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n9,887\n \n \n \n \n \n \n \n \n \n \n \n316\n \n \n \n \n \n \n \n \n \n \n \n12.71\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n19,073\n \n \n \n \n \n \n \n \n \n \n \n209\n \n \n \n \n \n \n \n \n \n \n \n4.41\n \n \n \n%\n \n \n \n \n \nTotal investment securities\n \n \n \n \n \n \n \n3,524,277\n \n \n \n \n \n \n \n \n \n \n \n26,215\n \n \n \n \n \n \n \n \n \n \n \n3.02\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n3,613,941\n \n \n \n \n \n \n \n \n \n \n \n27,868\n \n \n \n \n \n \n \n \n \n \n \n3.07\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n3,777,616\n \n \n \n \n \n \n \n \n \n \n \n29,245\n \n \n \n \n \n \n \n \n \n \n \n3.11\n \n \n \n%\n \n \n \n \n \nTotal interest-earning assets\n \n \n \n \n \n \n \n14,941,651\n \n \n \n \n \n \n \n \n \n \n \n197,140\n \n \n \n \n \n \n \n \n \n \n \n5.35\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n14,967,665\n \n \n \n \n \n \n \n \n \n \n \n199,699\n \n \n \n \n \n \n \n \n \n \n \n5.31\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n14,644,065\n \n \n \n \n \n \n \n \n \n \n \n187,739\n \n \n \n \n \n \n \n \n \n \n \n5.16\n \n \n \n%\n \n \n \n \n \nNon-interest-earning assets\n \n \n \n \n \n \n \n1,006,497\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,016,366\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n943,725\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal assets\n \n \n \n$\n \n \n \n15,948,148\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n15,984,031\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n15,587,790\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDeposits:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nInterest-bearing checking accounts\n \n \n \n$\n \n \n \n2,381,106\n \n \n \n \n \n \n \n \n \n \n \n8,537\n \n \n \n \n \n \n \n \n \n \n \n1.45\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n2,377,179\n \n \n \n \n \n \n \n \n \n \n \n9,279\n \n \n \n \n \n \n \n \n \n \n \n1.55\n \n \n \n%\n \n \n \n \n \n \n \n$\n \n \n \n2,104,242\n \n \n \n \n \n \n \n \n \n \n \n6,716\n \n \n \n \n \n \n \n \n \n \n \n1.28\n \n \n \n%\n \n \n \n \n \nSavings accounts\n \n \n \n \n \n \n \n3,450,908\n \n \n \n \n \n \n \n \n \n \n \n18,103\n \n \n \n \n \n \n \n \n \n \n \n2.13\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n3,441,196\n \n \n \n \n \n \n \n \n \n \n \n19,447\n \n \n \n \n \n \n \n \n \n \n \n2.25\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n3,066,448\n \n \n \n \n \n \n \n \n \n \n \n15,279\n \n \n \n \n \n \n \n \n \n \n \n2.00\n \n \n \n%\n \n \n \n \n \nMoney market accounts\n \n \n \n \n \n \n \n1,555,262\n \n \n \n \n \n \n \n \n \n \n \n7,860\n \n \n \n \n \n \n \n \n \n \n \n2.05\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,584,092\n \n \n \n \n \n \n \n \n \n \n \n8,510\n \n \n \n \n \n \n \n \n \n \n \n2.14\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,674,159\n \n \n \n \n \n \n \n \n \n \n \n8,388\n \n \n \n \n \n \n \n \n \n \n \n2.02\n \n \n \n%\n \n \n \n \n \nCertificates of deposit\n \n \n \n \n \n \n \n1,531,428\n \n \n \n \n \n \n \n \n \n \n \n14,237\n \n \n \n \n \n \n \n \n \n \n \n3.77\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,513,966\n \n \n \n \n \n \n \n \n \n \n \n14,981\n \n \n \n \n \n \n \n \n \n \n \n3.94\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n1,500,429\n \n \n \n \n \n \n \n \n \n \n \n14,230\n \n \n \n \n \n \n \n \n \n \n \n3.81\n \n \n \n%\n \n \n \n \n \nTotal interest-bearing deposits\n \n \n \n \n \n \n \n8,918,704\n \n \n \n \n \n \n \n \n \n \n \n48,737\n \n \n \n \n \n \n \n \n \n \n \n2.22\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n8,916,433\n \n \n \n \n \n \n \n \n \n \n \n52,217\n \n \n \n \n \n \n \n \n \n \n \n2.33\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n8,345,278\n \n \n \n \n \n \n \n \n \n \n \n44,613\n \n \n \n \n \n \n \n \n \n \n \n2.15\n \n \n \n%\n \n \n \n \n \nNon-interest-bearing deposits\n \n \n \n \n \n \n \n4,526,596\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n4,640,557\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n4,711,922\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n \n \n \n \n \n \n \n \n—\n \n \n \n%\n \n \n \n \n \nTotal deposits\n \n \n \n \n \n \n \n13,445,300\n \n \n \n \n \n \n \n \n \n \n \n48,737\n \n \n \n \n \n \n \n \n \n \n \n1.47\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n13,556,990\n \n \n \n \n \n \n \n \n \n \n \n52,217\n \n \n \n \n \n \n \n \n \n \n \n1.53\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n13,057,200\n \n \n \n \n \n \n \n \n \n \n \n44,613\n \n \n \n \n \n \n \n \n \n \n \n1.37\n \n \n \n%\n \n \n \n \n \nOther interest-bearing liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFHLB advances\n \n \n \n \n \n \n \n75,300\n \n \n \n \n \n \n \n \n \n \n \n860\n \n \n \n \n \n \n \n \n \n \n \n4.63\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n7,522\n \n \n \n \n \n \n \n \n \n \n \n85\n \n \n \n \n \n \n \n \n \n \n \n4.50\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n212,989\n \n \n \n \n \n \n \n \n \n \n \n2,972\n \n \n \n \n \n \n \n \n \n \n \n5.61\n \n \n \n%\n \n \n \n \n \nOther borrowings\n \n \n \n \n \n \n \n134,761\n \n \n \n \n \n \n \n \n \n \n \n694\n \n \n \n \n \n \n \n \n \n \n \n2.09\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n143,097\n \n \n \n \n \n \n \n \n \n \n \n817\n \n \n \n \n \n \n \n \n \n \n \n2.27\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n180,692\n \n \n \n \n \n \n \n \n \n \n \n1,175\n \n \n \n \n \n \n \n \n \n \n \n2.62\n \n \n \n%\n \n \n \n \n \nJunior subordinated debentures and subordinated notes\n \n \n \n \n \n \n \n169,678\n \n \n \n \n \n \n \n \n \n \n \n2,494\n \n \n \n \n \n \n \n \n \n \n \n5.96\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n169,678\n \n \n \n \n \n \n \n \n \n \n \n2,781\n \n \n \n \n \n \n \n \n \n \n \n6.52\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n181,579\n \n \n \n \n \n \n \n \n \n \n \n2,969\n \n \n \n \n \n \n \n \n \n \n \n6.58\n \n \n \n%\n \n \n \n \n \nTotal borrowings\n \n \n \n \n \n \n \n379,739\n \n \n \n \n \n \n \n \n \n \n \n4,048\n \n \n \n \n \n \n \n \n \n \n \n4.32\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n320,297\n \n \n \n \n \n \n \n \n \n \n \n3,683\n \n \n \n \n \n \n \n \n \n \n \n4.57\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n575,260\n \n \n \n \n \n \n \n \n \n \n \n7,116\n \n \n \n \n \n \n \n \n \n \n \n4.98\n \n \n \n%\n \n \n \n \n \nTotal funding liabilities\n \n \n \n \n \n \n \n13,825,039\n \n \n \n \n \n \n \n \n \n \n \n52,785\n \n \n \n \n \n \n \n \n \n \n \n1.55\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n13,877,287\n \n \n \n \n \n \n \n \n \n \n \n55,900\n \n \n \n \n \n \n \n \n \n \n \n1.60\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n13,632,460\n \n \n \n \n \n \n \n \n \n \n \n51,729\n \n \n \n \n \n \n \n \n \n \n \n1.53\n \n \n \n%\n \n \n \n \n \nOther non-interest-bearing liabilities (2)\n \n \n \n \n \n \n \n324,031\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n324,447\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n303,412\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal liabilities\n \n \n \n \n \n \n \n14,149,070\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n14,201,734\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n13,935,872\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nShareholders’ equity\n \n \n \n \n \n \n \n1,799,078\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,782,297\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,651,918\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal liabilities and shareholders’ equity\n \n \n \n$\n \n \n \n15,948,148\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n15,984,031\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n15,587,790\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNet interest income/rate spread (tax equivalent)\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n144,355\n \n \n \n \n \n \n \n \n \n \n \n3.80\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n143,799\n \n \n \n \n \n \n \n \n \n \n \n3.71\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n136,010\n \n \n \n \n \n \n \n \n \n \n \n3.63\n \n \n \n%\n \n \n \n \n \nNet interest margin (tax equivalent)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3.92\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3.82\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3.74\n \n \n \n%\n \n \n \n \n \n Reconciliation to reported net interest income: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nAdjustments for taxable equivalent basis\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(3,272\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(3,263\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(3,051\n \n \n \n)\n \n \n \n \n \n \n \n \n \n \n \n \n \nNet interest income and margin, as reported\n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n141,083\n \n \n \n \n \n \n \n \n \n \n \n3.83\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n140,536\n \n \n \n \n \n \n \n \n \n \n \n3.74\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n$\n \n \n \n132,959\n \n \n \n \n \n \n \n \n \n \n \n3.65\n \n \n \n%\n \n \n \n \n \n Additional Key Financial Ratios: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nReturn on average assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.15\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.15\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n0.97\n \n \n \n%\n \n \n \n \n \nAdjusted return on average assets (4)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.14\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.15\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1.08\n \n \n \n%\n \n \n \n \n \nReturn on average equity\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10.17\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10.35\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n9.14\n \n \n \n%\n \n \n \n \n \nAdjusted return on average equity (4)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10.12\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n10.28\n \n \n \n%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \...

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