EX-99.1 2 banr-03312025xex991earning.htm EX-99.1 Document

Exhibit 99.1

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CONTACT:MARK J. GRESCOVICH,
PRESIDENT & CEO
ROBERT G. BUTTERFIELD, CFO
(509) 527-3636
NEWS RELEASE

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

Walla Walla, WA - April 16, 2025 - Banner Corporation (NASDAQ GSM: 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.
Banner 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.
“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.”
At 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.

BANR - First Quarter 2025 Results
April 16, 2025
Page 2
First Quarter 2025 Highlights
•Net 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.
•Revenue 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.
•Adjusted 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.
•Net 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.
•Mortgage 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.
•Return on average assets was 1.15% for both the current and preceding quarter and 0.97% in the first quarter a year ago.
•Net 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.
•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, at March 31, 2024.
•The 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.
•Total 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.
•Core deposits represented 89% of total deposits at March 31, 2025.
•Dividends paid to shareholders were $0.48 per share in the quarter ended March 31, 2025.
•Common 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.
•Tangible 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.

*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.

Income Statement Review
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. 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.
Average 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.
Total 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.
A $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.

BANR - First Quarter 2025 Results
April 16, 2025
Page 3
Total 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.
Mortgage 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.
Total 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.
Balance Sheet Review
Total 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.
Total 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.
Loans 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.
Total 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.
FHLB 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.

BANR - First Quarter 2025 Results
April 16, 2025
Page 4
At 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.
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.
Credit Quality
The 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.

Conference Call
Banner 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.
About the Company
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.

BANR - First Quarter 2025 Results
April 16, 2025
Page 5
Forward-Looking Statements
When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” “potential,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made and based only on information then actually known to Banner. Banner does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These statements may relate to future financial performance, strategic plans or objectives, revenues or earnings projections, or other financial information. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements and could negatively affect Banner’s operating and stock price performance.
Factors 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.

BANR - First Quarter 2025 Results
April 16, 2025
Page 6
RESULTS OF OPERATIONSQuarters Ended
(in thousands except shares and per share data)Mar 31, 2025Dec 31, 2024Mar 31, 2024
INTEREST INCOME:  
Loans receivable$168,677 $169,586 $156,475 
Mortgage-backed securities15,744 16,086 16,934 
Securities and cash equivalents9,447 10,764 11,279 
Total interest income193,868 196,436 184,688 
INTEREST EXPENSE:  
Deposits48,737 52,217 44,613 
Federal Home Loan Bank (FHLB) advances860 85 2,972 
Other borrowings694 817 1,175 
Subordinated debt
2,494 2,781 2,969 
Total interest expense52,785 55,900 51,729 
Net interest income141,083 140,536 132,959 
PROVISION FOR CREDIT LOSSES3,139 3,000 520 
Net interest income after provision for credit losses137,944 137,536 132,439 
NON-INTEREST INCOME:  
Deposit fees and other service charges10,769 11,018 11,022 
Mortgage banking operations3,103 3,686 2,335 
Bank-owned life insurance2,575 2,144 2,237 
Miscellaneous2,346 2,751 1,892 
 18,793 19,599 17,486 
Net gain (loss) on sale of securities— 275 (4,903)
Net change in valuation of financial instruments carried at fair value315 161 (992)
Total non-interest income19,108 20,035 11,591 
NON-INTEREST EXPENSE:  
Salary and employee benefits64,857 62,523 62,369 
Less capitalized loan origination costs(3,330)(4,188)(3,676)
Occupancy and equipment12,097 12,141 12,462 
Information and computer data services7,628 7,471 7,320 
Payment and card processing services5,750 5,771 5,710 
Professional and legal expenses2,430 3,025 1,530 
Advertising and marketing590 1,711 1,079 
Deposit insurance2,797 2,857 2,809 
State and municipal business and use taxes1,454 1,518 1,304 
Real estate operations, net(61)113 (220)
Amortization of core deposit intangibles456 589 723 
Miscellaneous6,591 5,947 6,231 
Total non-interest expense101,259 99,478 97,641 
Income before provision for income taxes55,793 58,093 46,389 
PROVISION FOR INCOME TAXES10,658 11,702 8,830 
NET INCOME$45,135 $46,391 $37,559 
Earnings per common share:  
Basic$1.31 $1.34 $1.09 
Diluted$1.30 $1.34 $1.09 
Cumulative dividends declared per common share$0.48 $0.48 $0.48 
Weighted average number of common shares outstanding:  
Basic34,509,815 34,501,016 34,391,564 
Diluted34,778,687 34,743,024 34,521,105 
Increase in common shares outstanding30,140 3,144 46,852 

BANR - First Quarter 2025 Results
April 16, 2025
Page 7
FINANCIAL CONDITION  Percentage Change
(in thousands except shares and per share data)Mar 31, 2025Dec 31, 2024Mar 31, 2024Prior QtrPrior Yr Qtr
ASSETS  
Cash and due from banks$213,574 $203,402 $168,427 5 %27 %
Interest-bearing deposits228,371 298,456 40,849 (23)%459 %
Total cash and cash equivalents
441,945 501,858 209,276 (12)%111 %
Securities - available for sale, amortized cost $2,426,395, $2,460,262, and $2,617,986, respectively
2,108,945 2,104,511 2,244,939 — %(6)%
Securities - held to maturity, fair value $819,261, $825,528, and $869,097, respectively
991,796 1,001,564 1,038,312 (1)%(4)%
Total securities
3,100,741 3,106,075 3,283,251 — %(6)%
FHLB stock17,286 22,451 11,741 (23)%47 %
Loans held for sale24,536 32,021 9,357 (23)%162 %
Loans receivable11,438,796 11,354,656 10,869,096 1 %5 %
Allowance for credit losses – loans(157,323)(155,521)(151,140)1 %4 %
Net loans receivable
11,281,473 11,199,135 10,717,956 1 %5 %
Accrued interest receivable63,987 60,885 66,124 5 %(3)%
Property and equipment, net119,649 124,589 129,889 (4)%(8)%
Goodwill373,121 373,121 373,121 — %— %
Other intangibles, net2,602 3,058 4,961 (15)%(48)%
Bank-owned life insurance313,942 312,549 306,600 — %2 %
Operating lease right-of-use assets37,134 39,998 40,834 (7)%(9)%
Other assets394,396 424,297 365,169 (7)%8 %
Total assets
$16,170,812 $16,200,037 $15,518,279 — %4 %
LIABILITIES  
Deposits:  
Non-interest-bearing$4,571,598 $4,591,543 $4,699,553 — %(3)%
Interest-bearing transaction and savings accounts7,517,617 7,423,183 6,973,338 1 %8 %
Interest-bearing certificates1,504,050 1,499,672 1,485,880 — %1 %
Total deposits13,593,265 13,514,398 13,158,771 1 %3 %
Advances from FHLB168,000 290,000 52,000 (42)%223 %
Other borrowings130,588 125,257 183,341 4 %(29)%
Subordinated notes, net80,389 80,278 89,456 — %(10)%
Junior subordinated debentures at fair value67,711 67,477 66,586 — %2 %
Operating lease liabilities40,466 43,472 45,524 (7)%(11)%
Accrued expenses and other liabilities210,771 258,070 211,578 (18)%— %
Deferred compensation46,169 46,759 46,515 (1)%(1)%
Total liabilities14,337,359 14,425,711 13,853,771 (1)%3 %
SHAREHOLDERS’ EQUITY  
Common stock1,308,967 1,307,509 1,300,969 — %1 %
Retained earnings772,412 744,091 663,021 4 %16 %
Accumulated other comprehensive loss
(247,926)(277,274)(299,482)(11)%(17)%
Total shareholders’ equity1,833,453 1,774,326 1,664,508 3 %10 %
Total liabilities and shareholders’ equity$16,170,812 $16,200,037 $15,518,279 — %4 %
Common Shares Issued:  
Shares outstanding at end of period34,489,972 34,459,832 34,395,221 
Common shareholders’ equity per share (1)
$53.16 $51.49 $48.39 
Common shareholders’ tangible equity per share (1) (2)
$42.27 $40.57 $37.40 
Common shareholders’ equity to total assets11.34 %10.95 %10.73 %
Common shareholders’ tangible equity to tangible assets (2)
9.23 %8.84 %8.50 %
Consolidated Tier 1 leverage capital ratio11.22 %11.05 %10.71 %
(1)Calculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding.
(2)Common shareholders’ tangible equity 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.

BANR - First Quarter 2025 Results
April 16, 2025
Page 8
ADDITIONAL FINANCIAL INFORMATION  
(dollars in thousands)  
LOANSPercentage Change
Mar 31, 2025Dec 31, 2024Mar 31, 2024Prior QtrPrior Yr Qtr
Commercial real estate (CRE):  
Owner-occupied$1,020,829 $1,027,426 $905,063 (1)%13 %
Investment properties1,598,387 1,623,672 1,544,885 (2)%3 %
Small balance CRE1,217,458 1,213,792 1,159,355 — %5 %
Multifamily real estate877,716 894,425 809,101 (2)%8 %
Construction, land and land development:
Commercial construction146,467 122,362 158,011 20 %(7)%
Multifamily construction618,942 513,706 573,014 20 %8 %
One- to four-family construction504,265 514,220 495,931 (2)%2 %
Land and land development396,009 369,663 344,563 7 %15 %
Commercial business:
Commercial business1,283,754 1,318,333 1,262,716 (3)%2 %
Small business scored1,122,550 1,104,117 1,028,067 2 %9 %
Agricultural business, including secured by farmland:
Agricultural business, including secured by farmland334,899 340,280 317,958 (2)%5 %
One- to four-family residential1,600,283 1,591,260 1,566,834 1 %2 %
Consumer:
Consumer—home equity revolving lines of credit620,483 625,680 597,060 (1)%4 %
Consumer—other96,754 95,720 106,538 1 %(9)%
Total loans receivable$11,438,796 $11,354,656 $10,869,096 1 %5 %
Loans 30 - 89 days past due and on accrual$37,339 $26,824 $19,649 
Total delinquent loans (including loans on non-accrual), net$71,927 $55,432 $39,429 
Total delinquent loans / Total loans receivable0.63 %0.49 %0.36 %

LOANS BY GEOGRAPHIC LOCATIONPercentage Change
Mar 31, 2025Dec 31, 2024Mar 31, 2024Prior QtrPrior Yr Qtr
AmountPercentageAmountAmount
Washington$5,260,906 46 %$5,245,886 $5,091,912 — %3 %
California2,927,835 26 %2,861,435 2,687,114 2 %9 %
Oregon2,122,953 18 %2,113,229 2,013,453 — %5 %
Idaho665,625 6 %665,158 613,155 — %9 %
Utah88,858 1 %82,459 72,652 8 %22 %
Other372,619 3 %386,489 390,810 (4)%(5)%
Total loans receivable$11,438,796 100 %$11,354,656 $10,869,096 1 %5 %

BANR - First Quarter 2025 Results
April 16, 2025
Page 9
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

LOAN ORIGINATIONSQuarters Ended
Mar 31, 2025Dec 31, 2024Mar 31, 2024
Commercial real estate$37,041 $124,554 $67,362 
Multifamily real estate9,555 3,120 385 
Construction and land287,565 303,345 437,273 
Commercial business103,739 250,515 154,715 
Agricultural business12,765 17,177 34,406 
One-to four-family residential 5,139 29,531 17,568 
Consumer80,030 73,791 66,145 
Total loan originations (excluding loans held for sale)$535,834 $802,033 $777,854 



BANR - First Quarter 2025 Results
April 16, 2025
Page 10
ADDITIONAL FINANCIAL INFORMATION   
(dollars in thousands)   
CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS
  Quarters Ended
Mar 31, 2025Dec 31, 2024Mar 31, 2024
Balance, beginning of period$155,521 $154,585 $149,643 
Provision for credit losses – loans4,549 3,219 1,424 
Recoveries of loans previously charged off:
Commercial real estate57 1,215 1,389 
One- to four-family real estate188 124 16 
Commercial business557 245 781 
Agricultural business, including secured by farmland10 2 106 
Consumer119 164 159 
 931 1,750 2,451 
Loans charged off:
Commercial real estate— (4)— 
Construction and land— (5)— 
One- to four-family real estate(13)— — 
Commercial business(3,301)(3,595)(1,809)
Consumer(364)(429)(569)
 (3,678)(4,033)(2,378)
Net charge-offs(2,747)(2,283)73 
Balance, end of period$157,323 $155,521 $151,140 
Net (charge-offs) recoveries / Average loans receivable(0.024)%(0.020)%0.001 %

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANSMar 31, 2025Dec 31, 2024Mar 31, 2024
Commercial real estate$40,076 $40,830 $43,555 
Multifamily real estate10,109 10,308 9,293 
Construction and land32,042 29,038 28,908 
One- to four-family real estate20,752 20,807 20,432 
Commercial business38,665 38,611 35,544 
Agricultural business, including secured by farmland5,641 5,727 3,890 
Consumer10,038 10,200 9,518 
Total allowance for credit losses – loans$157,323 $155,521 $151,140 
Allowance for credit losses - loans / Total loans receivable1.38 %1.37 %1.39 %
Allowance for credit losses - loans / Non-performing loans404 %421 %513 %

CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS
  Quarters Ended
Mar 31, 2025Dec 31, 2024Mar 31, 2024
Balance, beginning of period$13,562 $13,765 $14,484 
Recapture of provision for credit losses - unfunded loan commitments(1,400)(203)(887)
Balance, end of period$12,162 $13,562 $13,597 


BANR - First Quarter 2025 Results
April 16, 2025
Page 11
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
NON-PERFORMING ASSETSMar 31, 2025Dec 31, 2024Mar 31, 2024
Loans on non-accrual status:  
Secured by real estate:  
Commercial$2,182 $2,186 $2,753 
Construction and land4,359 3,963 5,029 
One- to four-family10,448 10,016 7,750 
Commercial business6,425 7,067 7,355 
Agricultural business, including secured by farmland10,301 8,485 2,496 
Consumer4,874 4,835 3,411 
 38,589 36,552 28,794 
Loans more than 90 days delinquent, still on accrual:  
Secured by real estate:  
Construction and land— — 286 
One- to four-family9 369 409 
Commercial business206 — — 
Consumer155 35 — 
 370 404 695 
Total non-performing loans38,959 36,956 29,489 
REO3,468 2,367 448 
Other repossessed assets300 300 — 
Total non-performing assets$42,727 $39,623 $29,937 
Total non-performing assets to total assets0.26 %0.24 %0.19 %

LOANS BY CREDIT RISK RATINGMar 31, 2025Dec 31, 2024Mar 31, 2024
Pass$11,207,852 $11,118,744 $10,731,015 
Special Mention33,133 43,451 22,029 
Substandard197,811 192,461 116,052 
Total$11,438,796 $11,354,656 $10,869,096 


BANR - First Quarter 2025 Results
April 16, 2025
Page 12

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands) 
DEPOSIT COMPOSITIONPercentage Change
Mar 31, 2025Dec 31, 2024Mar 31, 2024Prior QtrPrior Yr Qtr
Non-interest-bearing$4,571,598 $4,591,543 $4,699,553 — %(3)%
Interest-bearing checking2,431,279 2,393,864 2,112,799 2 %15 %
Regular savings accounts3,542,005 3,478,423 3,171,933 2 %12 %
Money market accounts1,544,333 1,550,896 1,688,606 — %(9)%
Total interest-bearing transaction and savings accounts7,517,617 7,423,183 6,973,338 1 %8 %
Total core deposits12,089,215 12,014,726 11,672,891 1 %4 %
Interest-bearing certificates1,504,050 1,499,672 1,485,880 — %1 %
Total deposits$13,593,265 $13,514,398 $13,158,771 1 %3 %

GEOGRAPHIC CONCENTRATION OF DEPOSITSMar 31, 2025Dec 31, 2024Mar 31, 2024Percentage Change
AmountPercentageAmountAmountPrior QtrPrior Yr Qtr
Washington$7,394,201 54 %$7,441,413 $7,258,785 (1)%2 %
Oregon3,045,078 22 %2,981,327 2,914,605 2 %4 %
California2,463,012 18 %2,392,573 2,316,515 3 %6 %
Idaho690,974 5 %699,085 668,866 (1)%3 %
Total deposits$13,593,265 100 %$13,514,398 $13,158,771 1 %3 %

INCLUDED IN TOTAL DEPOSITSMar 31, 2025Dec 31, 2024Mar 31, 2024
Public non-interest-bearing accounts$146,390 $165,667 $140,477 
Public interest-bearing transaction & savings accounts239,707 248,746 251,161 
Public interest-bearing certificates24,226 25,423 28,821 
Total public deposits$410,323 $439,836 $420,459 
Collateralized public deposits$313,445 $336,376 $316,554 
Total brokered deposits$75,321 $50,346 $107,527 
AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNTMar 31, 2025Dec 31, 2024Mar 31, 2024
Number of deposit accounts453,808 460,004 461,399 
Average account balance per account$30 $30 $29 




BANR - First Quarter 2025 Results
April 16, 2025
Page 13
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
ESTIMATED REGULATORY CAPITAL RATIOS AS OF MARCH 31, 2025ActualMinimum to be categorized as "Adequately Capitalized"Minimum to be
categorized as
"Well Capitalized"
AmountRatioAmountRatioAmountRatio
Banner Corporation-consolidated:    
      Total capital to risk-weighted assets$2,052,497 15.23 %$1,078,147 8.00 %$1,347,684 10.00 %
      Tier 1 capital to risk-weighted assets1,784,020 13.24 %808,610 6.00 %808,610 6.00 %
      Tier 1 leverage capital to average assets1,784,020 11.22 %636,113 4.00 % n/a  n/a
      Common equity tier 1 capital to risk-weighted assets1,697,520 12.60 %606,458 4.50 % n/a  n/a
Banner Bank:    
      Total capital to risk-weighted assets1,911,810 14.16 %1,079,945 8.00 %1,349,932 10.00 %
      Tier 1 capital to risk-weighted assets1,743,056 12.91 %809,959 6.00 %1,079,945 8.00 %
      Tier 1 leverage capital to average assets1,743,056 10.95 %636,570 4.00 %795,713 5.00 %
      Common equity tier 1 capital to risk-weighted assets1,743,056 12.91 %607,469 4.50 %877,456 6.50 %

These regulatory capital ratios are estimates, pending completion and filing of Banner’s regulatory reports.

BANR - First Quarter 2025 Results
April 16, 2025
Page 14
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
(rates / ratios annualized)
ANALYSIS OF NET INTEREST SPREADQuarters Ended
Mar 31, 2025Dec 31, 2024Mar 31, 2024
Average BalanceInterest and Dividends
Yield / Cost (3)
Average BalanceInterest and Dividends
Yield / Cost (3)
Average BalanceInterest and Dividends
Yield / Cost (3)
Interest-earning assets:
Held for sale loans
$22,457 $357 6.45 %$61,585 $1,049 6.78 %$9,939 $167 6.76 %
Mortgage loans
9,366,213 137,724 5.96 %9,267,076 136,831 5.87 %8,892,561 125,284 5.67 %
Commercial/agricultural loans
1,907,212 30,752 6.54 %1,900,337 31,873 6.67 %1,830,095 30,847 6.78 %
Consumer and other loans
121,492 2,092 6.98 %124,726 2,078 6.63 %133,854 2,196 6.60 %
Total loans (1)
11,417,374 170,925 6.07 %11,353,724 171,831 6.02 %10,866,449 158,494 5.87 %
Mortgage-backed securities
2,542,983 15,895 2.53 %2,576,908 16,228 2.51 %2,728,640 17,076 2.52 %
Other securities
902,732 9,687 4.35 %919,742 10,281 4.45 %984,639 11,501 4.70 %
Interest-bearing deposits with banks
65,758 484 2.99 %107,404 1,043 3.86 %45,264 459 4.08 %
FHLB stock
12,804 149 4.72 %9,887 316 12.71 %19,073 209 4.41 %
Total investment securities3,524,277 26,215 3.02 %3,613,941 27,868 3.07 %3,777,616 29,245 3.11 %
Total interest-earning assets
14,941,651 197,140 5.35 %14,967,665 199,699 5.31 %14,644,065 187,739 5.16 %
Non-interest-earning assets1,006,497   1,016,366 943,725   
Total assets
$15,948,148   $15,984,031 $15,587,790   
Deposits:      
Interest-bearing checking accounts
$2,381,106 8,537 1.45 %$2,377,179 9,279 1.55 %$2,104,242 6,716 1.28 %
Savings accounts
3,450,908 18,103 2.13 %3,441,196 19,447 2.25 %3,066,448 15,279 2.00 %
Money market accounts
1,555,262 7,860 2.05 %1,584,092 8,510 2.14 %1,674,159 8,388 2.02 %
Certificates of deposit
1,531,428 14,237 3.77 %1,513,966 14,981 3.94 %1,500,429 14,230 3.81 %
Total interest-bearing deposits
8,918,704 48,737 2.22 %8,916,433 52,217 2.33 %8,345,278 44,613 2.15 %
Non-interest-bearing deposits
4,526,596 — — %4,640,557 — — %4,711,922 — — %
Total deposits
13,445,300 48,737 1.47 %13,556,990 52,217 1.53 %13,057,200 44,613 1.37 %
Other interest-bearing liabilities:       
FHLB advances
75,300 860 4.63 %7,522 85 4.50 %212,989 2,972 5.61 %
Other borrowings
134,761 694 2.09 %143,097 817 2.27 %180,692 1,175 2.62 %
Junior subordinated debentures and subordinated notes
169,678 2,494 5.96 %169,678 2,781 6.52 %181,579 2,969 6.58 %
Total borrowings
379,739 4,048 4.32 %320,297 3,683 4.57 %575,260 7,116 4.98 %
Total funding liabilities
13,825,039 52,785 1.55 %13,877,287 55,900 1.60 %13,632,460 51,729 1.53 %
Other non-interest-bearing liabilities (2)
324,031   324,447 303,412   
Total liabilities
14,149,070   14,201,734 13,935,872   
Shareholders’ equity1,799,078   1,782,297 1,651,918   
Total liabilities and shareholders’ equity$15,948,148   $15,984,031 $15,587,790   
Net interest income/rate spread (tax equivalent)$144,355 3.80 %$143,799 3.71 %$136,010 3.63 %
Net interest margin (tax equivalent)3.92 %3.82 %3.74 %
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis(3,272)(3,263)(3,051)
Net interest income and margin, as reported$141,083 3.83 %$140,536 3.74 %$132,959 3.65 %
Additional Key Financial Ratios:
Return on average assets1.15 %1.15 %0.97 %
Adjusted return on average assets (4)
1.14 %1.15 %1.08 %
Return on average equity10.17 %10.35 %9.14 %
Adjusted return on average equity (4)
10.12 %10.28 %10.24 %
Average equity/average assets11.28 %11.15 %10.60 %
Average interest-earning assets/average interest-bearing liabilities160.69 %162.05 %164.16 %
Average interest-earning assets/average funding liabilities108.08 %107.86 %107.42 %
Non-interest income/average assets0.49 %0.50 %0.30 %
Non-interest expense/average assets2.57 %2.48 %2.52 %
Efficiency ratio63.21 %61.95 %67.55 %
Adjusted efficiency ratio (4)
62.18 %60.74 %63.70 %

(1)Average balances include loans accounted for on a nonaccrual basis and accruing loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans.
(2)Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures.
(3)Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $2.2 million for both the quarters ended March 31, 2025 and December 31, 2024, and $2.0 million for the quarter ended March 31, 2024. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.0 million for each of the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024.
(4)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.

BANR - First Quarter 2025 Results
April 16, 2025
Page 15
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
* Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders’ equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:
ADJUSTED REVENUEQuarters Ended
Mar 31, 2025Dec 31, 2024Mar 31, 2024
Net interest income (GAAP)$141,083 $140,536 $132,959 
Non-interest income (GAAP)19,108 20,035 11,591 
Total revenue (GAAP)160,191 160,571 144,550 
Exclude: Net (gain) loss on sale of securities— (275)4,903 
Net change in valuation of financial instruments carried at fair value(315)(161)992 
Adjusted revenue (non-GAAP)$159,876 $160,135 $150,445 

ADJUSTED EARNINGSQuarters Ended
Mar 31, 2025Dec 31, 2024Mar 31, 2024
Net income (GAAP)$45,135 $46,391 $37,559 
Exclude: Net (gain) loss on sale of securities— (275)4,903 
Net change in valuation of financial instruments carried at fair value(315)(161)992 
Related net tax expense (benefit)76 105 (1,415)
Total adjusted earnings (non-GAAP)$44,896 $46,060 $42,039 
Diluted earnings per share (GAAP)$1.30 $1.34 $1.09 
Diluted adjusted earnings per share (non-GAAP)$1.29 $1.33 $1.22 
Return on average assets1.15 %1.15 %0.97 %
Adjusted return on average assets (1)
1.14 %1.15 %1.08 %
Return on average equity10.17 %10.35 %9.14 %
Adjusted return on average equity (2)
10.12 %10.28 %10.24 %

(1)Adjusted earnings (non-GAAP) divided by average assets.
(2)Adjusted earnings (non-GAAP) divided by average equity.


BANR - First Quarter 2025 Results
April 16, 2025
Page 16
ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
ADJUSTED EFFICIENCY RATIOQuarters Ended
Mar 31, 2025Dec 31, 2024Mar 31, 2024
Non-interest expense (GAAP)$101,259 $99,478 $97,641 
Exclude: CDI amortization(456)(589)(723)
State/municipal tax expense(1,454)(1,518)(1,304)
REO operations61 (113)220 
Adjusted non-interest expense (non-GAAP)$99,410 $97,258 $95,834 
Net interest income (GAAP)$141,083 $140,536 $132,959 
Non-interest income (GAAP)19,108 20,035 11,591 
Total revenue (GAAP)160,191 160,571 144,550 
Exclude: Net (gain) loss on sale of securities— (275)4,903 
Net change in valuation of financial instruments carried at fair value(315)(161)992 
Adjusted revenue (non-GAAP)$159,876 $160,135 $150,445 
Efficiency ratio (GAAP)63.21 %61.95 %67.55 %
Adjusted efficiency ratio (non-GAAP) (1)
62.18 %60.74 %63.70 %

(1)Adjusted non-interest expense (non-GAAP) divided by adjusted revenue.

TANGIBLE COMMON SHAREHOLDERS’ EQUITY TO TANGIBLE ASSETS
Mar 31, 2025Dec 31, 2024Mar 31, 2024
Shareholders’ equity (GAAP)$1,833,453 $1,774,326 $1,664,508 
Exclude goodwill and other intangible assets, net375,723 376,179 378,082 
Tangible common shareholders’ equity (non-GAAP)$1,457,730 $1,398,147 $1,286,426 
Total assets (GAAP)$16,170,812 $16,200,037 $15,518,279 
Exclude goodwill and other intangible assets, net375,723 376,179 378,082 
Total tangible assets (non-GAAP)$15,795,089 $15,823,858 $15,140,197 
Common shareholders’ equity to total assets (GAAP)11.34 %10.95 %10.73 %
Tangible common shareholders’ equity to tangible assets (non-GAAP)9.23 %8.84 %8.50 %
TANGIBLE COMMON SHAREHOLDERS’ EQUITY PER SHARE
Shareholders’ equity (GAAP)$1,833,453 $1,774,326 $1,664,508 
Tangible common shareholders’ equity (non-GAAP)$1,457,730 $1,398,147 $1,286,426 
Common shares outstanding at end of period34,489,972 34,459,832 34,395,221 
Common shareholders’ equity (book value) per share (GAAP)$53.16 $51.49 $48.39 
Tangible common shareholders’ equity (tangible book value) per share (non-GAAP)$42.27 $40.57 $37.40