Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Entity Incorporation, State or Country Code | WA | ||
Entity Registrant Name | BANNER CORPORATION | ||
Entity Address, Address Line One | 10 South First Avenue | ||
Entity Address, City or Town | Walla Walla | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 99362 | ||
City Area Code | 509 | ||
Local Phone Number | 527-3636 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 0-26584 | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000946673 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 35,155,818 | ||
Entity Public Float | $ 1,320,288,340 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Tax Identification Number | 91-1691604 | ||
Trading Symbol | BANR | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Cash and due from banks | $ 311,899 | $ 234,359 | |
Interest-bearing Deposits in Banks and Other Financial Institutions | 922,284 | 73,376 | |
Cash and Cash Equivalents, at Carrying Value | 1,234,183 | 307,735 | |
Securities—trading | 24,980 | 25,636 | |
Securities—available-for-sale, amortized cost $2,256,189 and $1,529,946, respectively | 2,322,593 | 1,551,557 | |
Securities—held-to-maturity, net of allowance for credit losses of $94 and none, respectively, fair value $448,681 and $237,805, respectively | 421,713 | 236,094 | |
Debt Securities | 2,769,286 | 1,813,287 | |
Federal Home Loan Bank Stock | 16,358 | 28,342 | |
Financing Receivable, Held-for-Sale | 243,795 | 210,447 | |
Total loans | 9,870,982 | 9,305,357 | |
Allowance for credit losses - loans | (167,279) | (100,559) | |
Total loans, net | 9,703,703 | 9,204,798 | |
Accrued interest receivable | 46,617 | 37,962 | |
Real estate owned (REO), held for sale, net | 816 | 814 | |
Property and equipment, net | 164,556 | 178,008 | |
Goodwill | 373,121 | 373,121 | |
Other intangibles, net | 21,426 | 29,158 | |
Bank-owned life insurance (BOLI) | 191,830 | 192,088 | |
Deferred tax assets, net | 65,742 | 59,639 | |
Other assets | 200,190 | 168,632 | |
Total assets | 15,031,623 | 12,604,031 | |
Deposits: | |||
Non-interest-bearing | 5,492,924 | 3,945,000 | |
Interest-bearing transaction and savings accounts | 6,159,052 | 4,983,238 | |
Interest-bearing certificates | [1] | 915,320 | 1,120,403 |
Total deposits | 12,567,296 | 10,048,641 | |
Advances from FHLB | 150,000 | 450,000 | |
Other borrowings | 184,785 | 118,474 | |
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities) | 116,974 | 119,304 | |
Accrued expenses and other liabilities | 202,643 | 227,889 | |
Deferred compensation | 45,460 | 45,689 | |
Total liabilities | 13,365,359 | 11,009,997 | |
COMMITMENTS AND CONTINGENCIES (Note 22) | |||
SHAREHOLDERS’ EQUITY | |||
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at December 31, 2020 and December 31, 2019 | 0 | 0 | |
Retained earnings | 247,316 | 186,838 | |
Carrying value of shares held in trust for stock-based compensation plans | (7,636) | (7,507) | |
Liability for common stock issued to stock related compensation plans | 7,636 | 7,507 | |
Accumulated other comprehensive income | 69,069 | 33,256 | |
Shareholders’ equity | 1,666,264 | 1,594,034 | |
Total liabilities and stockholders' equity | 15,031,623 | 12,604,031 | |
Voting Common Stock [Member] | |||
SHAREHOLDERS’ EQUITY | |||
Common stock and paid in capital | 1,349,879 | 1,373,198 | |
Nonvoting Common Stock [Member] | |||
SHAREHOLDERS’ EQUITY | |||
Common stock and paid in capital | $ 0 | $ 742 | |
[1] | ) Certificates of deposit included $58,000 of acquisition discounts at December 31, 2020 and $269,000 of acquisition discounts at December 31, 2019. |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Securities—available-for-sale, amortized cost basis | $ 2,256,189 | $ 1,529,946 |
Debt Securities, Held-to-maturity, Fair Value | 448,681 | 237,805 |
Loans Held-for-sale, Fair Value | $ 133,600 | $ 199,400 |
SHAREHOLDERS’ EQUITY | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Voting Common Stock [Member] | ||
SHAREHOLDERS’ EQUITY | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 35,159,200 | 35,712,384 |
Common Stock, Shares, Outstanding | 35,159,200 | 35,712,384 |
Nonvoting Common Stock [Member] | ||
SHAREHOLDERS’ EQUITY | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares, Issued | 0 | 39,192 |
Common Stock, Shares, Outstanding | 0 | 39,192 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST INCOME: | |||
Loans receivable | $ 466,360 | $ 471,473 | $ 413,370 |
Mortgage-backed securities | 31,792 | 38,640 | 35,076 |
Securities and cash equivalents | 20,994 | 15,574 | 15,201 |
Total interest income | 519,146 | 525,687 | 463,647 |
INTEREST EXPENSE: | |||
Deposits | 25,015 | 37,630 | 20,642 |
FHLB advances | 5,023 | 12,234 | 5,636 |
Other borrowings | 603 | 330 | 245 |
Subordinated debt | 7,204 | 6,574 | 6,136 |
Total interest expense | 37,845 | 56,768 | 32,659 |
Net interest income before provision for credit losses | 481,301 | 468,919 | 430,988 |
PROVISION FOR CREDIT LOSSES | 64,316 | 10,000 | 8,500 |
Net interest income | 416,985 | 458,919 | 422,488 |
NON-INTEREST INCOME | |||
Total Deposit Fees and Other Service Charges | 34,384 | 46,632 | 48,074 |
Fees and Commissions, Mortgage Banking and Servicing | 51,581 | 22,215 | 21,343 |
Bank Owned Life Insurance Income | 5,972 | 4,645 | 4,505 |
Miscellaneous | 6,323 | 8,624 | 7,133 |
Other operating income | 98,260 | 82,116 | 81,055 |
Net gain (loss) on sale of securities | 1,012 | 33 | (837) |
Net change in valuation of financial instruments carried at fair value | (656) | (208) | 3,775 |
Total non-interest income | 98,616 | 81,941 | 83,993 |
NON-INTEREST EXPENSE: | |||
Salary and employee benefits | 245,400 | 226,409 | 202,613 |
Less capitalized loan origination costs | (34,848) | (28,934) | (17,925) |
Occupancy and equipment | 53,362 | 52,390 | 49,215 |
Information/computer data services | 24,386 | 22,458 | 18,823 |
Payment and card processing expenses | 16,095 | 16,993 | 15,412 |
Professional and legal expenses | 12,093 | 9,736 | 17,945 |
Advertising and marketing | 6,412 | 7,836 | 8,346 |
Deposit insurance | 6,516 | 2,840 | 4,446 |
State/municipal business and use taxes | 4,355 | 3,880 | 3,284 |
REO operations | (190) | 303 | 804 |
Amortization of core deposit intangibles | 7,732 | 8,151 | 6,047 |
Provision for Other Credit Losses | 3,559 | 0 | 0 |
Miscellaneous | 22,712 | 28,122 | 26,754 |
Total other operating expense, before acquisition related costs | 367,584 | 350,184 | 335,764 |
COVID-19 | 3,502 | 0 | 0 |
Merger and acquisition related costs | 2,062 | 7,544 | 5,607 |
Total non-interest expense | 373,148 | 357,728 | 341,371 |
Income before provision for income taxes | 142,453 | 183,132 | 165,110 |
PROVISION FOR INCOME TAXES | 26,525 | 36,854 | 28,595 |
NET INCOME | $ 115,928 | $ 146,278 | $ 136,515 |
Earnings per common share | |||
Basic (in dollars per share) | $ 3.29 | $ 4.20 | $ 4.16 |
Diluted (in dollars per share) | 3.26 | 4.18 | 4.15 |
Cumulative dividends declared per common share (in dollars per share) | $ 1.23 | $ 2.64 | $ 1.96 |
Weighted average number of common shares outstanding: | |||
Basic | 35,264,252 | 34,868,434 | 32,784,724 |
Diluted | 35,528,848 | 34,967,684 | 32,894,425 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 115,928 | $ 146,278 | $ 136,515 |
Unrealized holding gain (loss) on securities—available-for-sale arising during the period | (45,247) | (33,843) | 6,547 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 10,860 | 8,122 | (1,538) |
Reclassification for net (gain) loss on securities—available-for-sale realized in earnings | (454) | (34) | 839 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 109 | 8 | (201) |
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, before Tax, after Reclassification Adjustment | 2,330 | 601 | (15,384) |
Other comprehensive income (loss), change in fair value of junior subordinated debentures,tax | (559) | (144) | 3,691 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAXES: | |||
Other comprehensive income (loss) | 35,813 | 26,152 | (16,064) |
COMPREHENSIVE INCOME | $ 151,741 | $ 172,430 | $ 120,451 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance, beginning of the period, shares at Dec. 31, 2017 | 32,726,485 | ||||
Balance, beginning of the period at Dec. 31, 2017 | $ 1,272,626,000 | $ 1,187,127,000 | $ 90,535,000 | $ (5,036,000) | |
Net income | 136,515,000 | 136,515,000 | |||
Other comprehensive income (loss) | (16,064,000) | (16,064,000) | |||
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax | (28,204,000) | 28,204,000 | |||
Accrual of dividends on common stock | (64,791,000) | (64,791,000) | |||
Stock Repurchased and Retired During Period, Shares | 594,711 | ||||
Cash paid for repurchase of common stock | (34,401,000) | (34,401,000) | |||
Issuance of unvested restricted common stock, net, shares | (57,073) | ||||
Amortization of share-based compensation related to restricted stock grants, net of shares surrendered | 5,001,000 | 5,001,000 | |||
Balance, end of the period, shares at Dec. 31, 2018 | 35,182,772 | ||||
Balance, end of the period at Dec. 31, 2018 | $ 1,478,595,000 | 1,337,436,000 | 134,055,000 | 7,104,000 | |
Cumulative dividends declared per common share (in dollars per share) | $ 1.96 | ||||
Net income | $ 146,278,000 | 146,278,000 | |||
Other comprehensive income (loss) | 26,152,000 | 26,152,000 | |||
Accrual of dividends on common stock | (93,495,000) | 93,495,000 | |||
Stock Repurchased and Retired During Period, Shares | 1,000,000 | ||||
Cash paid for repurchase of common stock | (53,922,000) | (53,922,000) | |||
Issuance of unvested restricted common stock, net, shares | (9,547) | ||||
Amortization of share-based compensation related to restricted stock grants, net of shares surrendered | 5,226,000 | 5,226,000 | |||
Stock Issued During Period, Shares, Acquisitions | 1,578,351 | ||||
Stock Issued During Period, Value, Acquisitions | 85,200,000 | ||||
Balance, end of the period, shares at Dec. 31, 2019 | 35,751,576 | ||||
Balance, end of the period at Dec. 31, 2019 | 1,594,034,000 | 1,373,940,000 | 186,838,000 | 33,256,000 | |
Cumulative effect, Accounting Standard Update Adopted | $ 225,000 | ||||
Cumulative dividends declared per common share (in dollars per share) | $ 2.64 | ||||
Net income | $ 115,928,000 | 115,928,000 | |||
Other comprehensive income (loss) | 35,813,000 | 35,813,000 | |||
Accrual of dividends on common stock | (44,235,000) | 44,235,000 | |||
Stock Repurchased and Retired During Period, Shares | 624,780 | ||||
Cash paid for repurchase of common stock | (31,775,000) | (31,775,000) | |||
Issuance of unvested restricted common stock, net, shares | 32,404 | ||||
Amortization of share-based compensation related to restricted stock grants, net of shares surrendered | 7,714,000 | 7,714,000 | |||
Balance, end of the period, shares at Dec. 31, 2020 | 35,159,200 | ||||
Balance, end of the period at Dec. 31, 2020 | 1,666,264,000 | $ 1,349,879,000 | 247,316,000 | $ 69,069,000 | |
Cumulative effect, Accounting Standard Update Adopted | $ (11,215,000) | $ (11,215,000) | |||
Cumulative dividends declared per common share (in dollars per share) | $ 1.23 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||
Accrual of dividends on common share (dollars per share) | $ 0.41 | $ 0.41 | $ 0 | $ 0.41 | $ 1.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.38 | $ 0.38 | $ 0.85 | $ 0.35 | $ 1.23 | $ 2.64 | $ 1.96 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES: | |||
Net income | $ 115,928 | $ 146,278 | $ 136,515 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Depreciation | 18,130 | 17,282 | 15,232 |
Deferred income/expense and capitalized servicing rights, net of amortization | (15,934) | (881) | (6,571) |
Amortization of core deposit intangibles | 7,732 | 8,151 | 6,047 |
(Gain) loss on sale of securities, net | (1,012) | (33) | 837 |
Net change in valuation of financial instruments carried at fair value | 656 | 208 | (3,775) |
Dividend Income, Equity Securities, Operating | (353) | 0 | 0 |
Principal repayments and maturities of securities—trading | 0 | 0 | |
(Increase) decrease in deferred taxes | (2,654) | 15,548 | (3,498) |
(Decrease) increase in current taxes payable | (2,193) | 607 | 3,938 |
Stock-based compensation | 7,142 | 6,554 | |
Net change in cash surrender value of BOLI | (5,030) | (4,246) | (4,471) |
Gain on sale of loans, excluding capitalized servicing rights | (43,304) | (15,993) | (15,066) |
Loss (gain) on disposal of real estate held for sale and property and equipment, net | 859 | 1,075 | (833) |
PROVISION FOR CREDIT LOSSES | 64,316 | 10,000 | 8,500 |
Provision for Other Credit Losses | 3,559 | 0 | 0 |
provision for losses on real estate held for sale | 45 | 0 | 387 |
Origination of loans held for sale | (1,461,872) | (1,094,237) | (896,461) |
Proceeds from sales of loans held for sale | 1,471,828 | 1,070,814 | 781,879 |
Net change in: | |||
Other assets | (38,868) | (18,429) | (15,861) |
Other liabilities | 4,385 | 5,588 | 17,322 |
Net cash provided from operating activities | 125,386 | 148,874 | 30,775 |
INVESTING ACTIVITIES: | |||
Purchases of securities—available-for-sale | (1,361,132) | (277,503) | (913,951) |
Principal repayments and maturities of securities—available-for-sale | 474,876 | 321,510 | 173,454 |
Proceeds from sales of securities—available-for-sale | 150,374 | 86,083 | 214,609 |
Purchases of securities—held-to-maturity | (222,094) | (54,850) | (9,612) |
Principal repayments and maturities of securities—held-to-maturity | 33,848 | 50,962 | 33,152 |
Payments to Acquire Other Investments | (1,060,000) | 0 | 0 |
Proceeds from the sale of equity securities | 1,060,695 | 0 | 0 |
Loan originations, net of principal repayments | (561,338) | (304,191) | (416,218) |
Purchases of loans and participating interest in loans | (2,510) | (9,798) | (33,680) |
Proceeds from sales of other loans | 19,469 | 27,560 | 9,853 |
Net cash received (paid) related to branch divestitures | 0 | 26,944 | (1,574) |
Purchases of property and equipment | (12,803) | (24,700) | (23,094) |
Proceeds from Sale of Property, Plant, and Equipment | 8,893 | 7,815 | 7,768 |
Proceeds from FHLB stock repurchase program | 52,169 | 175,998 | 143,175 |
Purchase of FHLB stock | (40,185) | (170,380) | (163,683) |
Other | 5,114 | 1,436 | 3,583 |
Net cash used by investing activities | (1,454,624) | (143,114) | (976,218) |
FINANCING ACTIVITIES: | |||
Increase in deposits, net | 2,518,654 | 272,625 | 503,814 |
Proceeds from FHLBank Advance, Investing Activities | 0 | 450,000 | 0 |
Repayment of long term FHLB borrowing | 0 | (280,415) | (10) |
(Repayments) advances of overnight and short-term FHLB borrowings, net | (300,000) | (300,000) | 540,000 |
Increase (decrease) in other borrowings, net | 66,311 | (520) | 7,870 |
Proceeds from Issuance of Subordinated Long-term Debt | 98,027 | 0 | 0 |
Cash dividends paid | (94,078) | (56,074) | (59,280) |
Cash paid for repurchase of common stock | (31,775) | (53,922) | (34,401) |
Payment, Tax Withholding, Share-based Payment Arrangement | 1,915 | 1,554 | |
Net cash provided from financing activities | 2,255,686 | 29,779 | 956,439 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 926,448 | 35,539 | 10,996 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 307,735 | 272,196 | 261,200 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 1,234,183 | 307,735 | 272,196 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest paid in cash | 40,942 | 58,239 | 28,098 |
Taxes paid in cash | 39,672 | 27,329 | 21,664 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Loans, net of discounts, specific loss allowances and unearned income, transferred to real estate owned and other repossessed assets | 1,602 | 303 | 1,645 |
Dividends accrued but not paid until after period end | 1,357 | 51,199 | 13,778 |
ACQUISITIONS (DISPOSITIONS): | |||
Assets acquired | 0 | 426,609 | |
Assets Disposed | 915,821 | ||
Liabilities assumed | $ 0 | $ 373,016 | |
Liabilities Transfered | $ 832,278 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business: Banner Corporation (Banner or the Company) is a bank holding company incorporated in the State of Washington. The Company is primarily engaged in the business of planning, directing and coordinating the business activities of two wholly-owned subsidiaries, Banner Bank and, at December 31, 2020, Islanders Bank. Subsequent to December 31, 2020, Islanders Bank was merged into Banner Bank. Banner Bank is a Washington-chartered commercial bank that conducts business from its headquarters in Walla Walla, Washington and, as of December 31, 2020, its 152 branch offices located in Washington, Oregon, California and Idaho. Banner Bank also has 18 loan production offices located in Washington, Oregon, California, Idaho and Utah. Islanders Bank is also a Washington-chartered commercial bank that conducts business from three locations in San Juan County, Washington. Banner Corporation is subject to regulation by the Board of Governors of the Federal Reserve System (Federal Reserve Board). Banner Bank and Islanders Bank (the Banks) are subject to regulation by the Washington State Department of Financial Institutions, Division of Banks (DFI) and the Federal Deposit Insurance Corporation (the FDIC). The Company’s operating results depend primarily on its net interest income, which is the difference between interest income on interest-earning assets, consisting of loans and investment securities, and interest expense on interest-bearing liabilities, composed primarily of client deposits, FHLB advances, other borrowings, subordinated notes and junior subordinated debentures. Net income also is affected by the level of the Company’s non-interest income, including deposit fees and other service charges, gains and losses on the sale of securities, results of mortgage banking operations, which includes loan origination and servicing fees and gains and losses on the sale of loans, as well as non-interest expense, provisions for loan losses and income tax provisions. In addition, net income is affected by the net change in the value of certain financial instruments carried at fair value. Basis of Presentation and Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany transactions, profits and balances have been eliminated. The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and under the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). At December 31, 2020, the Company had ten wholly-owned subsidiary grantor trusts (the Trusts), each of which issued trust preferred securities (TPS) and common securities. The Trusts are not included in the Company’s consolidated financial statements. Subsequent Events: The Company has evaluated events and transactions subsequent to December 31, 2020 for potential recognition or disclosure. Cash and Cash Equivalents: Cash and cash equivalents include cash and due from banks and temporary investments which are federal funds sold and interest bearing balances due from other banks. Cash and cash equivalents generally have maturities of three months or less at the date of purchase. Business Combinations: Business combinations are accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed, both tangible and intangible, and consideration exchanged are recorded at acquisition date fair values. The excess purchase consideration over fair value of net assets acquired is recorded as goodwill. In the event that the fair value of net assets acquired exceeds the purchase price, including fair value of liabilities assumed, a bargain purchase gain is recorded on that acquisition. Expenses incurred in connection with a business combination are expensed as incurred, except for those items permitted to be capitalized. Changes in deferred tax asset valuation allowances related to acquired tax uncertainties are recognized in net income after the measurement period. A transaction between common controlled entities is not considered a business combination and the receiving entity records the net assets received in the transaction at their historical carrying amounts, as reflected in the parent’s financial statements. Use of Estimates: In the opinion of management, the accompanying Consolidated Statements of Financial Condition and related Consolidated Statements of Operations, Comprehensive Income, Changes in Shareholders’ Equity and Cash Flows reflect all adjustments (which include reclassification and normal recurring adjustments) that are necessary for a fair presentation in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of Banner’s consolidated financial statements. These policies relate to (i) the methodology for the recognition of interest income, (ii) determination of the provision and allowance for credit losses, (iii) the valuation of financial assets and liabilities measured at fair value, (iv) the valuation of intangible assets, such as goodwill, core deposit intangibles (CDI) and mortgage servicing rights, (v) the valuation of real estate held for sale, (vi) the valuation or recognition of deferred tax assets and liabilities and (vii) the valuation of assets and liabilities acquired in business combinations and subsequent recognition of related income and expense. These policies and judgments, estimates and assumptions are described in greater detail in subsequent Notes to the Consolidated Financial Statements. Management believes that the judgments, estimates and assumptions used in the preparation of the consolidated financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the consolidated financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company’s results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company’s financial condition and operating results in future periods. Securities: Debt securities are classified as held-to-maturity when the Company has the ability and positive intent to hold them to maturity. Debt securities classified as available-for-sale are available for future liquidity requirements and may be sold prior to maturity. Debt securities classified as trading are also available for future liquidity requirements and may be sold prior to maturity. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Debt securities classified as held-to-maturity are carried at cost, net of the allowance for credit losses- securities, adjusted for amortization of premiums to the earliest callable date and accretion of discounts to maturity. Debt securities classified as available-for-sale are measured at fair value. Unrealized holding gains and losses on debt securities classified as available-for-sale are excluded from earnings and are reported net of tax as accumulated other comprehensive income (AOCI), a component of shareholders’ equity, until realized. Debt securities classified as trading are also measured at fair value. Unrealized holding gains and losses on securities classified as trading are included in earnings. (See Note 17 for a more complete discussion of accounting for the fair value of financial instruments.) Realized gains and losses on sale are computed on the specific identification method and are included in earnings on the trade date sold. Equity securities are measured at fair value with changes in the fair value recognized through net income. Allowance for Credit Losses - Securities: Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. The Company’s held-to maturity portfolio contains mortgage-backed securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The Company’s held-to-maturity portfolio also contains municipal bonds that are typically rated by major rating agencies as Aa or better. The Company has never incurred a loss on a municipal bond, therefore the expectation of credit losses on these securities is insignificant. The Company uses industry historical credit loss information adjusted for current conditions to establish the allowance for credit losses on the municipal bond portfolio. Less than 2% of the Company’s held-to-maturity portfolio are community development bonds representing pools of one- to four-family loans. The expected credit losses on these bonds is similar to Banner’s one- to four-family residential loan portfolio. Therefore, the Company uses the one- to four-family residential loan portfolio loss rates to establish the allowance for credit losses on these bonds. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. Projected cash flows are discounted by the current effective interest rate. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to AOCI. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the non-collectability of an available-for-sale or held-to-maturity security is confirmed or when either of the criteria regarding intent of requirement to sell is met. Investment in FHLB Stock: At December 31, 2020, the Banks had $16.4 million in FHLB of Des Moines stock (FHLB stock), compared to $28.3 million at December 31, 2019. FHLB stock does not have a readily determinable fair value. The Banks’ investments in FHLB stock is carried at cost or par value ($100 per share) and evaluated for impairment based on the Banks' expectations of the ultimate recoverability of the stock's par value. Ownership of FHLB stock is restricted to the FHLB and member institutions and can only be purchased and redeemed at par, therefore there has been no observable changes in market prices. As members of the FHLB system, the Banks are required to maintain a minimum level of investment in FHLB stock based on specific percentages of their outstanding FHLB advances. Management periodically evaluates FHLB stock for impairment. Management’s determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the client base of the FHLB, and (4) the liquidity position of the FHLB. The Company has determined there is no impairment on the FHLB stock investment as of December 31, 2020 and 2019. Loans Receivable : The Banks originate residential one- to four-family and multifamily mortgage loans for both portfolio investment and sale in the secondary market. The Banks also originate construction and land development, commercial real estate, commercial business, agricultural and consumer loans for portfolio investment. Loans receivable not designated as held for sale are recorded at amortized cost, net of the allowance for credit losses. Amortized cost is the principal amount outstanding, net of deferred fees, discounts and premiums. Accrued interest on loans is reported in accrued interest receivable on the consolidated statements of financial condition. Premiums, discounts and deferred loan fees are amortized to maturity using the level-yield methodology. Loans Held for Sale: Residential one- to four-family and multifamily mortgage loans originated with the intent to be sold in the secondary market are considered held for sale. Residential one- to four-family loans under best effort delivery commitments are carried at the lower of aggregate cost or estimated market value. Residential one- to four-family loans expected to be delivered under mandatory commitments are carried at fair value in order to match changes in the value of the loans with the value of the related economic hedges on the loans. Fair values for residential mortgage loans held for sale are determined by comparing actual loan rates to current secondary market prices for similar loans. The multifamily held for sale loans originated prior to April 1, 2020 are carried at fair value in order to match changes in the value of the loans with the value of the related economic hedges on the loans. Fair values for multifamily loans held for sale are calculated based on discounted cash flows using a discount rate that is a combination of market spreads for similar loan types added to selected index rates. The multifamily held for sale loans originated subsequent to March 31, 2020 are carried at the lower of cost or market. Net unrealized losses on loans held for sale that are carried at lower of cost or market are recognized through the valuation allowance by charges to income. Non-refundable fees and direct loan origination costs related to loans held for sale carried at the lower of cost or market are recognized as part of the cost basis of the loan. Gains and losses on sales of loans held for sale are determined using the aggregate method and are recorded in the mortgage banking operations component of non-interest income. For the years ended December 31, 2020 and 2019, we recorded net gains on loans sold of $51.9 million and $20.4 million, respectively. Loans Acquired in Business Combinations : Loans acquired in business combinations are recorded at their fair value at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-deteriorated or purchased non-credit-deteriorated. Purchased credit-deteriorated (PCD) loans have experienced more than insignificant credit deterioration since origination. For PCD loans, an allowance for credit losses is determined at the acquisition date using the same measurement methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The loan’s fair value is grossed up for the allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan or fully amortized into interest income when the loan is paid off. Subsequent changes to the allowance for credit losses are recorded through a provision for credit losses. For purchased non-credit-deteriorated loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the life of the loan or fully amortized into interest income when the loan is paid off. While credit discounts are included in the determination of the fair value for non-credit-deteriorated loans, since these discounts are expected to be accreted over the life of the loans, they cannot be used to offset the allowance for credit losses that must be recorded at the acquisition date. As a result, an allowance for credit losses is determined at the acquisition date using the same methodology as other loans held for investment and is recognized as a provision for credit losses in the consolidated statement of operations. Any subsequent deterioration (improvement) in credit quality is recognized by recording (recapturing) a provision for credit losses. Income Recognition on Nonaccrual Loans and Securities : Interest on loans and securities is accrued as earned unless management doubts the collectability of the asset or the unpaid interest. Interest accruals on loans are generally discontinued when loans become 90 days past due for payment of interest or principal and the loans are then placed on nonaccrual status. Loans are reported as past due when installment payments, interest payments, or maturity payments are past due based on contractual terms. All previously accrued but uncollected interest is written off by reversing interest income upon transfer to nonaccrual status. For any future payments collected, interest income is recognized only upon management’s assessment that there is a strong likelihood that the full amount of a loan will be repaid or recovered. A loan may be put on nonaccrual status sooner than this policy would dictate if, in management’s judgment, the interest may be uncollectable. While less common, similar interest reversal and nonaccrual treatment is applied to investment securities if their ultimate collectability becomes questionable. Loans modified due to the COVID-19 pandemic are considered current if they are less than 30 days past due on the contractual payments at the time the loan modification was put in place and therefore continue to accrue interest unless the interest is being waived. Provision and Allowance for Credit Losses - Loans : The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. The Banks have elected to exclude accrued interest receivable from the amortized cost basis in their estimate of the allowance for credit losses. The provision for credit losses reflects the amount required to maintain the allowance for credit losses at an appropriate level based upon management’s evaluation of the adequacy of collective and individual loss reserves. The Company has established systematic methodologies for the determination of the adequacy of the Company’s allowance for credit losses. The methodologies are set forth in a formal policy and take into consideration the need for a valuation allowance for loans evaluated on a collective (pool) basis which have similar risk characteristics as well as allowances that are tied to individual loans that do not share risk characteristics. The Company increases its allowance for credit losses by charging provisions for credit losses on its consolidated statement of operations. Losses related to specific assets are applied as a reduction of the carrying value of the assets and charged against the allowance for credit loss reserve when management believes the non-collectability of a loan balance is confirmed. Recoveries on previously charged off loans are credited to the allowance for credit losses. Management estimates the allowance for credit losses using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is maintained at a level sufficient to provide for expected credit losses over the life of the loan based on evaluating historical credit loss experience and making adjustments to historical loss information for differences in the specific risk characteristics in the current loan portfolio. These factors include, among others, changes in the size and composition of the loan portfolio, differences in underwriting standards, delinquency rates, actual loss experience and current economic conditions. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. In estimating the component of the allowance for credit losses for loans that share common risk characteristics, loans are pooled based on loan type and areas of risk concentration. For loans evaluated collectively, the allowance for credit losses is calculated using life of loan historical losses adjusted for economic forecasts and current conditions. For commercial real estate, multifamily real estate, construction and land, commercial business and agricultural loans with risk rating segmentation, historical credit loss assumptions are estimated using a model that categorizes loan pools based on loan type and risk rating. For one- to four- family residential loans, historical credit loss assumptions are estimated using a model that categorizes loan pools based on loan type and delinquency status. These models calculate an expected life-of-loan loss percentage for each loan category by calculating the probability of default, based on the migration of loans from performing to loss by risk rating or delinquency categories using historical life-of-loan analysis and the severity of loss, based on the aggregate net lifetime losses incurred for each loan pool. For commercial real estate, commercial business, and consumer loans without risk rating segmentation, historical credit loss assumptions are estimated using a model that calculates an expected life-of-loan loss percentage for each loan category by considering the historical cumulative losses based on the aggregate net lifetime losses incurred for each loan pool. The model captures historical loss data beginning with the first quarter of 2008. For loans evaluated collectively, management uses economic indicators to adjust the historical loss rates so that they better reflect management’s expectations of future conditions over the remaining lives of the loans in the portfolio based on reasonable and supportable forecasts. These economic indicators are selected based on correlation to the Company’s historical credit loss experience and are evaluated for each loan category. The economic indicators evaluated include unemployment, gross domestic product, real estate price indices and growth, yield curve spreads, treasury yields, the corporate yield, the market volatility index, the Dow Jones index, the consumer confidence index, and the prime rate. Management considers various economic scenarios and forecasts when evaluating the economic indicators and probability weights the various scenarios to arrive at the forecast that most reflects management’s expectations of future conditions. The allowance for credit losses is then adjusted for the period in which those forecasts are considered to be reasonable and supportable. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the adjustments discontinue to be applied so that the model reverts back to the historical loss rates using a straight line reversion method. Management selected an initial reasonable and supportable forecast period of 12 months with a reversion period of 12 months. Both the reasonable and supportable forecast period and the reversion period are periodically reviewed by management. Further, for loans evaluated collectively, management also considers qualitative and environmental factors for each loan category to adjust for differences between the historical periods used to calculate historical loss rates and expected conditions over the remaining lives of the loans in the portfolio. In determining the aggregate adjustment needed management considers the financial condition of the borrowers, the nature and volume of the loans, the remaining terms and the extent of prepayments on the loans, the volume and severity of past due and classified loans as well as the value of the underlying collateral on loans in which the collateral dependent practical expedient has not been used. Management also considers the Company’s lending policies, the quality of the Company’s credit review system, the quality of the Company’s management and lending staff, and the regulatory and economic environments in the areas in which the Company’s lending activities are concentrated. Loans that do not share risk characteristics with other loans in the portfolio that are individually evaluated for impairment are not included in the collective evaluation. Factors involved in determining whether a loan should be individually evaluated include, but are not limited to, the financial condition of the borrower and the value of the underlying collateral. Expected credit losses for loans evaluated individually are measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or when the Banks determine that foreclosure is probable, the expected credit loss is measured based on the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. As a practical expedient, the Banks measure the expected credit loss for a loan using the fair value of the collateral, if repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Banks’ assessment as of the reporting date. In both cases, if the fair value of the collateral is less than the amortized cost basis of the loan, the Banks will recognize an allowance as the difference between the fair value of the collateral, less costs to sell (if applicable), at the reporting date and the amortized cost basis of the loan. If the fair value of the collateral exceeds the amortized cost basis of the loan, any expected recovery added to the amortized cost basis will be limited to the amount previously charged-off. Subsequent changes in the expected credit losses for loans evaluated individually are included within the provision for credit losses in the same manner in which the expected credit loss initially was recognized or as a reduction in the provision that would otherwise be reported. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Banks. Some of the Banks’ loans are reported as troubled debt restructures (TDRs). Loans are reported as TDRs when the Banks grant a concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include forgiveness of principal or accrued interest, extending the maturity date(s) or providing a lower interest rate than would be normally available for a transaction of similar risk. The allowance for credit losses on a TDR is determined using the same method as all other loans held for investment, except when the value of the concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method the allowance for credit losses is determined by discounting the expected future cash flows at the effective interest rate of the loan. The Coronavirus Aid, Relief, and Economic Security Act of 2020 (the CARES Act) and the Consolidated Appropriations Act 2021 (the CAA) provided guidance around the modification of loans as a result of the COVID-19 pandemic, which provides, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. To qualify as an eligible loan under the CARES Act, a loan modification must be (1) related to COVID-19; (2) involve a loan that was not more than 30 days past due as of December 31, 2019; and (3) occur between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the national emergency by the President or (b) December 31, 2020. The CAA extended the relief offered under the CARES Act related to TDRs as a result of COVID-19 through January 1, 2022 or 60 days after the end of the end of the national emergency declared by the President, whichever is earlier. Loan Origination and Commitment Fees: Loan origination fees, net of certain specifically defined direct loan origination costs, are deferred and recognized as an adjustment of the loans’ interest yield using the level-yield method over the contractual term of each loan adjusted for actual loan prepayment experience. Loan commitment fees are deferred until the expiration of the commitment period unless management believes there is a remote likelihood that the underlying commitment will be exercised, in which case the fees are amortized to fee income using the straight-line method over the commitment period. If a loan commitment is exercised, the deferred commitment fee is accounted for in the same manner as a loan origination fee. Deferred commitment fees associated with expired commitments are recognized as fee income. Allowance for Credit Losses - unfunded loan commitments: An allowance for credit losses - unfunded loan commitments is maintained at a level that, in the opinion of management, is adequate to absorb expected credit losses associated with the contractual life of the Banks’ commitments to lend funds under existing agreements such as letters or lines of credit. The Banks use a methodology for determining the allowance for credit losses - unfunded loan commitments that applies the same segmentation and loss rate to each pool as the funded exposure adjusted for probability of funding. Draws on unfunded loan commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for credit losses on off-balance sheet exposures. Provisions for credit losses - unfunded loan commitments are recognized in non-interest expense and added to the allowance for credit losses - unfunded loan commitments, which is included in other liabilities in the consolidated statements of financial condition. Real Estate Owned, Held for Sale: Property acquired by foreclosure or deed in lieu of foreclosure is initial |
ACCOUNTING STANDARDS RECENTLY A
ACCOUNTING STANDARDS RECENTLY ADOPTED OR ISSUED | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
ACCOUNTING STANDARDS RECENTLY ADOPTED OR ISSUED | ACCOUNTING STANDARDS RECENTLY ISSUED OR ADOPTED Financial Instruments—Credit Losses (ASC 326) On January 1, 2020, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, as amended, which replaced the incurred loss methodology that delays recognition until it is probable a loss has been incurred with an expected loss methodology that is referred to as CECL. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The ASU affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial asset not excluded from the scope that have the contractual right to receive cash. The ASU replaced the incurred loss impairment methodology in previous GAAP with CECL, a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This ASU broadens the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. The following table illustrates the pre-tax impact of the adoption of this ASU (in thousands): January 1, 2020 As Reported Under ASC 326 January 1, 2020 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets Held-to-maturity debt securities U.S. Government and agency obligations $ — $ — $ — Municipal bonds 28 — 28 Corporate bonds 35 — 35 Mortgage-backed or related securities — — — Allowance for credit losses on held-to-maturity debt securities $ 63 $ — $ 63 Loans Commercial real estate $ 27,727 $ 30,591 $ (2,864) Multifamily real estate 2,550 4,754 (2,204) Construction and land 25,509 22,994 2,515 Commercial business 26,380 23,370 3,010 Agricultural business 3,769 4,120 (351) One-to four-family residential 11,261 4,136 7,125 Consumer 11,175 8,202 2,973 Unallocated — 2,392 (2,392) Allowance for credit losses on loans $ 108,371 $ 100,559 $ 7,812 Liabilities Allowance for credit losses on unfunded loan commitments $ 9,738 $ 2,716 $ 7,022 Total $ 14,897 |
BUSINESS COMBINATION AND BRANCH
BUSINESS COMBINATION AND BRANCH DIVESTITURE (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination and Branch Divestiture Disclosure [Text Block] | BUSINESS COMBINATIONS Acquisition of AltaPacific Bancorp On November 1, 2019, the Company completed the acquisition of 100% of the outstanding common shares of AltaPacific Bancorp (AltaPacific), the holding company for AltaPacific Bank, a California state-chartered commercial bank. AltaPacific was merged into Banner and AltaPacific Bank was merged into Banner Bank. Pursuant to the previously announced terms of the acquisition, AltaPacific shareholders received 0.2712 shares of Banner common stock in exchange for each share of AltaPacific common stock, plus cash in lieu of any fractional shares and to buy out AltaPacific stock options. The merged banks operate as Banner Bank. The primary reason for the acquisition was to expand the Company’s presence in California by adding density within our existing geographic footprint. The acquisition provided $425.7 million in assets, $313.4 million in deposits and $332.4 million in loans to Banner. The application of the acquisition method of accounting resulted in recognition of a CDI asset of $4.6 million and goodwill of $34.0 million. The acquired CDI has been determined to have a useful life of approximately ten years and will be amortized on an accelerated basis. Goodwill is not amortized but will be evaluated for impairment on an annual basis or more often if circumstances dictate to determine if the carrying value remains appropriate. Goodwill will not be deductible for income tax purposes as the acquisition is accounted for as a tax-free exchange for tax purposes. The following table presents a summary of the consideration paid and the estimated fair values as of the acquisition date for each major class of assets acquired and liabilities assumed (in thousands): AltaPacific November 1, 2019 Consideration to AltaPacific equity holders: Cash paid $ 2,360 Fair value of common shares issued 85,200 Total consideration 87,560 Fair value of assets acquired: Cash and cash equivalents 39,686 Securities 20,348 Federal Home Loan Bank stock 2,005 Loans receivable (contractual amount of $338.2 million) 332,355 Real estate owned held for sale 650 Property and equipment 3,809 Core deposit intangible 4,610 Bank-owned life insurance 11,890 Deferred tax asset 166 Other assets 10,150 Total assets acquired 425,669 Fair value of liabilities assumed: Deposits 313,374 Advances from FHLB 40,226 Junior subordinated debentures 5,814 Deferred compensation 4,508 Other liabilities 8,154 Total liabilities assumed 372,076 Net assets acquired 53,593 Goodwill $ 33,967 Acquired goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The Company paid this premium for a number of reasons, including growing the Company’s client base, acquiring assembled work forces, and expanding its presence in existing markets. See Note 16, Goodwill, Other Intangible Assets and Mortgage Servicing Rights for the accounting for goodwill and other intangible assets. As of November 1, 2019, the unpaid principal balance on purchased non-credit-impaired loans was $333.5 million. The fair value of the purchased non-credit-impaired loans was $328.2 million, resulting in a discount of $5.3 million recorded on these loans, which includes $5.8 million of a credit related discount. This discount is being accreted into income over the life of the loans on an effective yield basis. The following table presents the acquired AltaPacific purchased credit-impaired (PCI) loans as of the acquisition date (in thousands): AltaPacific November 1, 2019 Acquired PCI loans: Contractually required principal and interest payments $ 5,881 Nonaccretable difference (1,046) Cash flows expected to be collected 4,835 Accretable yield (683) Fair value of PCI loans $ 4,152 The financial results of the Company include the revenues and expenses produced by the acquired assets and assumed liabilities of AltaPacific since November 1, 2019. Disclosure of the amount of AltaPacific’s revenue and net income (excluding integration costs) included in the Company’s Consolidated Statements of Operations is impracticable due to the integration of the operations and accounting for this acquisition. The pro forma impact of the AltaPacific acquisition to the historical financial results was determined to not be significant. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost, gross unrealized gains and losses and estimated fair value of securities at December 31, 2020 and December 31, 2019 are summarized as follows (in thousands): December 31, 2020 Amortized Cost Fair Trading: Corporate bonds $ 27,203 $ 24,980 $ 27,203 $ 24,980 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Available-for-Sale: U.S. Government and agency obligations $ 141,668 $ 1,002 $ (935) $ — $ 141,735 Municipal bonds 283,997 19,523 (2) — 303,518 Corporate bonds 219,086 2,762 (79) — 221,769 Mortgage-backed or related securities 1,602,033 45,179 (1,060) — 1,646,152 Asset-backed securities 9,405 77 (63) — 9,419 $ 2,256,189 $ 68,543 $ (2,139) $ — $ 2,322,593 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Allowance for Credit Losses Held-to-Maturity: U.S. Government and agency obligations $ 340 $ 7 $ — $ 347 $ — Municipal bonds 370,998 24,130 (94) 395,034 (59) Corporate bonds 3,222 — (12) 3,210 (35) Mortgage-backed or related securities 47,247 2,843 — 50,090 — $ 421,807 $ 26,980 $ (106) $ 448,681 $ (94) December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Trading: Corporate bonds $ 27,203 $ 25,636 Available-for-Sale: U.S. Government and agency obligations $ 90,468 $ 286 $ (1,156) $ 89,598 Municipal bonds 101,927 5,233 (3) 107,157 Corporate bonds 4,357 14 (6) 4,365 Mortgage-backed or related securities 1,324,999 20,325 (3,013) 1,342,311 Asset-backed securities 8,195 — (69) 8,126 $ 1,529,946 $ 25,858 $ (4,247) $ 1,551,557 Held-to-Maturity: U.S. Government and agency obligations $ 385 $ 4 $ — $ 389 Municipal bonds 177,208 3,733 (2,213) 178,728 Corporate bonds 3,353 — (11) 3,342 Mortgage-backed or related securities 55,148 921 (723) 55,346 $ 236,094 $ 4,658 $ (2,947) $ 237,805 Accrued interest receivable on held-to-maturity debt securities was $3.0 million and $1.1 million as of December 31, 2020 and December 31, 2019, respectively, and was $6.9 million and $4.8 million on available-for-sale debt securities as of December 31, 2020 and December 31, 2019, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the consolidated statements of financial condition and is excluded from the calculation of the allowance for credit losses. At December 31, 2020, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands): December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-Sale: U.S. Government and agency obligations $ 3,126 $ (8) $ 50,603 $ (927) $ 53,729 $ (935) Municipal bonds 495 (2) — — 495 (2) Corporate bonds 3,586 (79) — — 3,586 (79) Mortgage-backed or related securities 181,871 (1,046) 2,337 (14) 184,208 (1,060) Asset-backed securities — — 5,676 (63) 5,676 (63) $ 189,078 $ (1,135) $ 58,616 $ (1,004) $ 247,694 $ (2,139) At December 31, 2019, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands): December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-Sale: U.S. Government and agency obligations $ 2,747 $ (20) $ 60,979 $ (1,136) $ 63,726 $ (1,156) Municipal bonds 1,902 — 494 (3) 2,396 (3) Corporate bonds 594 (6) — — 594 (6) Mortgage-backed or related securities 300,852 (2,829) 33,360 (184) 334,212 (3,013) Asset-backed securities 1,204 (17) 5,989 (52) 7,193 (69) $ 307,299 $ (2,872) $ 100,822 $ (1,375) $ 408,121 $ (4,247) Held-to-Maturity: U.S. Government and agency obligations $ — $ — $ — $ — $ — $ — Municipal bonds 44,605 (1,889) 19,017 (324) 63,622 (2,213) Corporate bonds — — 489 (11) 489 (11) Mortgage-backed or related securities 11,117 (723) — — 11,117 (723) $ 55,722 $ (2,612) $ 19,506 $ (335) $ 75,228 $ (2,947) At December 31, 2020, there were 54 securities—available-for-sale with unrealized losses, compared to 90 at December 31, 2019. At December 31, 2020, there were two securities—held-to-maturity with unrealized losses, compared to 17 at December 31, 2019. Management does not believe that any individual unrealized loss as of December 31, 2020 resulted from credit loss or that any individual unrealized loss represented other-than-temporary impairment (OTTI) as of December 31, 2019. The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase. There were no sales of securities—trading for the years ended December 31, 2020, 2019 or 2018. There were no securities—trading in a nonaccrual status at December 31, 2020 or December 31, 2019. Net unrealized holding losses of $656,000 and $208,000 were recognized in 2020 and 2019, respectively. Sales of securities—available-for-sale totaled $150.4 million with a resulting net gain of $464,000 for the year ended December 31, 2020. Sales of securities—available-for-sale totaled $66.3 million with a resulting net gain of $46,000 for the year ended December 31, 2019. In addition, partial calls of securities resulted in net losses of $10,000 and $12,000 for the years ended December 31, 2020 and December 31, 2019, respectively. Sales of securities—available-for-sale totaled $214.6 million with a resulting net loss of $839,000 for the year ended December 31, 2018. There were no securities—available-for-sale in a nonaccrual status at December 31, 2020 and 2019. There were no sales of securities—held-to-maturity during the years ended December 31, 2020, 2019 or 2018 although there were partial calls of securities that resulted in a net gain of $216,000 for the year ended December 31, 2020, a net loss of $1,000 for the year ended December 31, 2019 and a net gain of $2,000 for the year ended December 31, 2018. There were no securities—held-to-maturity in a nonaccrual status at December 31, 2020 and 2019. There were two sales of equity securities totaling $1.06 billion for the year ended December 31, 2020 with a resulting net loss of $177,000 and no sales of equity securities for the years ended December 31, 2019 or 2018. The Company also sold Visa Class B stock during the year ended December 31, 2020, with a net gain of $519,000. The stock was previously carried at a zero-cost basis due to transfer restrictions and uncertainty of litigation. The amortized cost and estimated fair value of securities at December 31, 2020, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. December 31, 2020 Trading Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Maturing in one year or less $ — $ — $ 135,129 $ 135,161 $ 4,644 $ 4,704 Maturing after one year through five years — — 243,448 253,585 62,091 64,900 Maturing after five years through ten years — — 618,608 630,855 34,072 36,966 Maturing after ten years through twenty years 27,203 24,980 264,414 281,913 137,015 143,756 Maturing after twenty years — — 994,590 1,021,079 183,985 198,355 $ 27,203 $ 24,980 $ 2,256,189 $ 2,322,593 $ 421,807 $ 448,681 The following table presents, as of December 31, 2020, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands): Carrying Value Amortized Cost Fair Value Purpose or beneficiary: State and local governments public deposits $ 184,837 $ 184,134 $ 198,351 Interest rate swap counterparties 28,729 27,846 28,935 Repurchase transaction accounts 207,586 200,195 207,586 Other 2,609 2,608 2,686 Total pledged securities $ 423,761 $ 414,783 $ 437,558 |
LOANS RECEIVABLE AND THE ALLOWA
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES | The following tables present the Company’s portfolio of risk-rated loans by grade as of December 31, 2020 (in thousands). Revolving loans that are converted to term loans are treated as new originations in the table below and are presented by year of origination. December 31, 2020 Term Loans by Year of Origination Revolving Loans Total Loans By class: 2020 2019 2018 2017 2016 Prior Commercial real estate - owner occupied Risk Rating Pass $ 243,100 $ 156,838 $ 156,817 $ 122,484 $ 92,312 $ 212,792 $ 3,379 $ 987,722 Special Mention — 4,560 — 2,251 — 1,869 149 8,829 Substandard 7,923 26,914 3,040 2,516 11,731 27,792 — 79,916 Doubtful — — — — — — — — Loss — — — — — — — — Total Commercial real estate - owner occupied $ 251,023 $ 188,312 $ 159,857 $ 127,251 $ 104,043 $ 242,453 $ 3,528 $ 1,076,467 Commercial real estate - investment properties Risk Rating Pass $ 237,553 $ 262,543 $ 299,452 $ 218,018 $ 278,348 $ 502,914 $ 20,062 $ 1,818,890 Special Mention — 2,712 — — 2,730 1,856 — 7,298 Substandard 19,812 11,418 20,352 36,310 23,027 18,577 — 129,496 Doubtful — — — — — — — — Loss — — — — — — — — Total Commercial real estate - investment properties $ 257,365 $ 276,673 $ 319,804 $ 254,328 $ 304,105 $ 523,347 $ 20,062 $ 1,955,684 Multifamily real estate Risk Rating Pass $ 78,632 $ 69,825 $ 39,343 $ 93,442 $ 44,395 $ 96,863 $ 1,983 $ 424,483 Special Mention — — — — — — — — Substandard 2,312 1,428 — — — — — 3,740 Doubtful — — — — — — — — Loss — — — — — — — — Total Multifamily real estate $ 80,944 $ 71,253 $ 39,343 $ 93,442 $ 44,395 $ 96,863 $ 1,983 $ 428,223 December 31, 2020 Term Loans by Year of Origination Revolving Loans Total Loans By class: 2020 2019 2018 2017 2016 Prior Commercial construction Risk Rating Pass $ 83,506 $ 67,152 $ 41,299 $ 6,038 $ 2,158 $ 1,129 $ — $ 201,282 Special Mention — 5,963 — — — — — 5,963 Substandard 12,913 3,808 4,873 — 98 — — 21,692 Doubtful — — — — — — — — Loss — — — — — — — — Total Commercial construction $ 96,419 $ 76,923 $ 46,172 $ 6,038 $ 2,256 $ 1,129 $ — $ 228,937 Multifamily construction Risk Rating Pass $ 79,710 $ 151,141 $ 59,744 $ 14,932 $ — $ — $ — $ 305,527 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Multifamily construction $ 79,710 $ 151,141 $ 59,744 $ 14,932 $ — $ — $ — $ 305,527 One- to four- family construction Risk Rating Pass $ 461,294 $ 35,910 $ — $ — $ — $ — $ 7,581 $ 504,785 Special Mention 1,563 — — — — — 630 2,193 Substandard 501 331 — — — — — 832 Doubtful — — — — — — — — Loss — — — — — — — — Total One- to four- family construction $ 463,358 $ 36,241 $ — $ — $ — $ — $ 8,211 $ 507,810 December 31, 2020 Term Loans by Year of Origination Revolving Loans Total Loans By class: 2020 2019 2018 2017 2016 Prior Land and land development Risk Rating Pass $ 156,450 $ 37,397 $ 16,560 $ 6,801 $ 6,264 $ 4,840 $ 17,020 $ 245,332 Special Mention — — — — — — — — Substandard 14 30 3,047 190 — 302 — 3,583 Doubtful — — — — — — — — Loss — — — — — — — — Total Land and land development $ 156,464 $ 37,427 $ 19,607 $ 6,991 $ 6,264 $ 5,142 $ 17,020 $ 248,915 Commercial business Risk Rating Pass $ 1,243,276 $ 230,845 $ 203,051 $ 65,524 $ 38,757 $ 66,206 $ 264,741 $ 2,112,400 Special Mention 103 412 — 829 — 115 9,507 10,966 Substandard 6,624 14,413 18,569 5,224 1,320 453 8,492 55,095 Doubtful — — — — — — — — Loss — — — — — — — — Total Commercial business $ 1,250,003 $ 245,670 $ 221,620 $ 71,577 $ 40,077 $ 66,774 $ 282,740 $ 2,178,461 Agricultural business including secured by farmland Risk Rating Pass $ 32,032 $ 62,058 $ 31,381 $ 22,635 $ 22,394 $ 24,950 $ 91,660 $ 287,110 Special Mention — — — 810 — 537 — 1,347 Substandard 1,542 2,652 1,076 163 675 3,049 2,335 11,492 Doubtful — — — — — — — — Loss — — — — — — — — Total Agricultural business including secured by farmland $ 33,574 $ 64,710 $ 32,457 $ 23,608 $ 23,069 $ 28,536 $ 93,995 $ 299,949 The following table presents the Company’s portfolio of non-risk-rated loans by delinquency status as of December 31, 2020 (in thousands). Revolving loans that are converted to term loans are treated as new originations in the table below and are presented by year of origination. December 31, 2020 Term Loans by Year of Origination Revolving Loans Total Loans By class: 2020 2019 2018 2017 2016 Prior Small balance CRE Past Due Category Current $ 56,544 $ 80,090 $ 84,749 $ 77,637 $ 68,791 $ 202,653 $ 2,550 $ 573,014 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — 45 — — — 45 90 Days + Past Due — — — 567 — 223 — 790 Total Small balance CRE $ 56,544 $ 80,090 $ 84,749 $ 78,249 $ 68,791 $ 202,876 $ 2,550 $ 573,849 Small business scored Past Due Category Current $ 157,161 $ 145,037 $ 126,578 $ 89,734 $ 47,909 $ 63,347 $ 109,287 $ 739,053 30-59 Days Past Due 129 62 310 723 4 1 230 1,459 60-89 Days Past Due 98 147 3 140 — 352 151 891 90 Days + Past Due 73 228 800 484 169 248 46 2,048 Total Small business scored $ 157,461 $ 145,474 $ 127,691 $ 91,081 $ 48,082 $ 63,948 $ 109,714 $ 743,451 One- to four- family residential Past Due Category Current $ 105,411 $ 90,425 $ 92,232 $ 101,491 $ 60,738 $ 254,850 $ 3,164 $ 708,311 30-59 Days Past Due 1,051 — 1,302 829 — 1,438 — 4,620 60-89 Days Past Due — — 19 — — 936 — 955 90 Days + Past Due — 114 1,185 456 169 2,129 — 4,053 Total One- to four- family residential $ 106,462 $ 90,539 $ 94,738 $ 102,776 $ 60,907 $ 259,353 $ 3,164 $ 717,939 December 31, 2020 Term Loans by Year of Origination Revolving Loans Total Loans By class: 2020 2019 2018 2017 2016 Prior Consumer—home equity revolving lines of credit Past Due Category Current $ 10,522 $ 2,617 $ 2,553 $ 3,359 $ 1,372 $ 2,154 $ 466,490 $ 489,067 30-59 Days Past Due — — — — — 50 409 459 60-89 Days Past Due — 202 — — — 237 — 439 90 Days + Past Due — 312 198 564 286 255 232 1,847 Total Consumer—home equity revolving lines of credit $ 10,522 $ 3,131 $ 2,751 $ 3,923 $ 1,658 $ 2,696 $ 467,131 $ 491,812 Consumer-other Past Due Category Current $ 21,811 $ 13,377 $ 13,936 $ 11,433 $ 8,575 $ 18,802 $ 25,460 $ 113,394 30-59 Days Past Due 48 35 15 22 46 26 44 236 60-89 Days Past Due 242 — — 33 21 14 18 328 90 Days + Past Due — — — — — — — — Total Consumer-other $ 22,101 $ 13,412 $ 13,951 $ 11,488 $ 8,642 $ 18,842 $ 25,522 $ 113,958 The following table presents the Company’s portfolio of risk-rated loans and non-risk-rated loans by grade or other characteristics as of December 31, 2019 (in thousands): December 31, 2019 By class: Pass (Risk Ratings 1-5) (1) Special Mention Substandard Doubtful Loss Total Loans Commercial real estate: Owner-occupied $ 1,546,649 $ 4,198 $ 29,803 $ — $ — $ 1,580,650 Investment properties 2,288,785 2,193 18,243 — — 2,309,221 Multifamily real estate 472,856 — 296 — — 473,152 Commercial construction 198,986 — 11,682 — — 210,668 Multifamily construction 233,610 — — — — 233,610 One- to four-family construction 530,307 12,534 1,467 — — 544,308 Land and land development: Residential 154,348 — 340 — — 154,688 Commercial 26,256 — 34 — — 26,290 Commercial business 1,627,170 31,012 35,584 58 — 1,693,824 Agricultural business, including secured by farmland 352,408 10,840 7,301 — — 370,549 One- to four-family residential 940,424 409 4,789 — — 945,622 Consumer: Consumer secured by one- to four-family 547,388 — 3,572 — — 550,960 Consumer—other 211,475 3 337 — — 211,815 Total $ 9,130,662 $ 61,189 $ 113,448 $ 58 $ — $ 9,305,357 (1) The Pass category includes some performing loans that are part of homogeneous pools which are not individually risk-rated. This includes all consumer loans, all one- to four-family residential loans and, as of December 31, 2019, in the commercial business category, $764.6 million of credit-scored small business loans. As loans in these homogeneous pools become non-accrual, they are individually risk-rated. The following table provides the amortized cost basis of collateral-dependent loans as of December 31, 2020 (in thousands). Our collateral dependent loans presented in the table below have no significant concentrations by property type or location. December 31, 2020 Real Estate Accounts Receivable Equipment Inventory Total Commercial real estate: Owner-occupied $ 7,506 $ — $ — $ — $ 7,506 Investment properties 8,979 — — — 8,979 Small Balance CRE 567 — — — 567 Land and land development 302 — — — 302 Commercial business Commercial business 557 — — — 557 Small business Scored 44 — 47 — 91 Agricultural business, including secured by farmland 427 — 984 — 1,411 One- to four-family residential 196 — — — 196 Total $ 18,578 $ — $ 1,031 $ — $ 19,609 The following tables provide additional detail on the age analysis of Banner’s past due loans as of December 31, 2020 and 2019 (in thousands): December 31, 2020 30-59 Days 60-89 Days 90 Days or More Total Current Total Loans Non-accrual with no Allowance Total Non-accrual (1) Loans 90 Days or More Past Due and Accruing Commercial real estate: Owner-occupied $ — $ 182 $ 1,447 $ 1,629 $ 1,074,838 $ 1,076,467 $ 7,509 $ 8,429 $ — Investment properties — — 7,981 7,981 1,947,703 1,955,684 8,979 8,979 — Small Balance CRE — 45 790 835 573,014 573,849 567 791 — Multifamily real estate — — — — 428,223 428,223 — — — Construction, land and land development: Commercial construction — — 98 98 228,839 228,937 — 98 — Multifamily construction — — — — 305,527 305,527 — — — One- to four-family construction 356 — 331 687 507,123 507,810 — 331 — Land and land development — — 317 317 248,598 248,915 302 507 — Commercial business Commercial business 3,247 31 2,088 5,366 2,173,095 2,178,461 555 1,988 889 Small business scored 1,459 891 2,048 4,398 739,053 743,451 91 3,419 136 Agricultural business, including secured by farmland 298 37 1,548 1,883 298,066 299,949 1,412 1,743 — One- to four-family residential 4,620 955 4,053 9,628 708,311 717,939 171 3,556 1,899 Consumer: Consumer—home equity revolving lines of credit 459 439 1,847 2,745 489,067 491,812 — 2,697 130 Consumer—other 236 328 — 564 113,394 113,958 — 22 — Total $ 10,675 $ 2,908 $ 22,548 $ 36,131 $ 9,834,851 $ 9,870,982 $ 19,586 $ 32,560 $ 3,054 December 31, 2019 30–59 Days Past Due 60–89 Days Past Due 90 Days or More Past Due Total Past Due Purchased Credit-Impaired Current Total Loans Loans 90 Days or More Past Due and Accruing Non-accrual Commercial real estate: Owner-occupied $ 486 $ 1,246 $ 2,889 $ 4,621 $ 8,578 $ 1,567,451 $ 1,580,650 $ 89 $ 4,069 Investment properties — 260 1,883 2,143 6,345 2,300,733 2,309,221 — 1,883 Multifamily real estate 239 91 — 330 7 472,815 473,152 — 85 Commercial construction 1,397 — 98 1,495 — 209,173 210,668 — 98 Multifamily construction — — — — — 233,610 233,610 — — One- to four-family construction 3,212 — 1,799 5,011 — 539,297 544,308 332 1,467 Land and land development: Residential — — 340 340 — 154,348 154,688 — 340 Commercial — — — — — 26,290 26,290 — — Commercial business 2,343 1,583 3,412 7,338 368 1,686,118 1,693,824 401 23,015 Agricultural business/farmland 1,972 129 584 2,685 393 367,471 370,549 — 661 One- to four-family residential 3,777 1,088 2,876 7,741 74 937,807 945,622 877 3,410 Consumer: Consumer secured by one- to four-family 1,174 327 1,846 3,347 110 547,503 550,960 398 2,314 Consumer—other 350 161 — 511 63 211,241 211,815 — 159 Total $ 14,950 $ 4,885 $ 15,727 $ 35,562 $ 15,938 $ 9,253,857 $ 9,305,357 $ 2,097 $ 37,501 (1) The Company did not recognize any interest income on non-accrual loans during both the years ended December 31, 2020 and 2019. The following tables provide the activity in the allowance for credit losses by portfolio segment for the year ended December 31, 2020 (in thousands): For the Year Ended December 31, 2020 Commercial Multifamily Construction and Land Commercial Agricultural One- to Four-Family Residential Consumer Unallocated Total Allowance for credit losses: Beginning balance $ 30,591 $ 4,754 $ 22,994 $ 23,370 $ 4,120 $ 4,136 $ 8,202 $ 2,392 $ 100,559 Impact of Adopting ASC 326 (2,864) (2,204) 2,515 3,010 (351) 7,125 2,973 (2,392) 7,812 Provision/(recapture) for credit losses 31,643 1,409 15,781 12,615 (87) (1,679) 4,603 — 64,285 Recoveries 275 — 105 3,265 1,823 467 328 — 6,263 Charge-offs (1,854) (66) (100) (7,253) (591) (136) (1,640) — (11,640) Ending balance $ 57,791 $ 3,893 $ 41,295 $ 35,007 $ 4,914 $ 9,913 $ 14,466 $ — $ 167,279 The changes in the allowance for credit losses during the year ended December 31, 2020 was primarily the result of the $64.3 million provision recorded during the year ended December 31, 2020, mostly due to the deterioration in the economy during the year ended December 31, 2020 as a result of the COVID-19 pandemic, as well as forecasted additional economic deterioration based on the reasonable and supportable economic forecast as of December 31, 2020. The provision for credit losses also reflects risk rating downgrades on loans that are considered at heightened risk due to the COVID-19 pandemic. In addition, the change for the year ended December 31, 2020 included a $7.8 million increase related to the adoption of Financial Instruments - Credit Losses (ASC 326). The following tables provide additional information on the allowance for loan losses and loan balances individually and collectively evaluated for impairment at or for the year ended December 31, 2019 (in thousands): For the Year Ended December 31, 2019 Commercial Multifamily Construction Commercial Business Agricultural Business One- to Four-Family Residential Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 27,132 $ 3,818 $ 24,442 $ 19,438 $ 3,778 $ 4,714 $ 7,972 $ 5,191 $ 96,485 Provision/(recapture) for loan losses 4,121 936 (1,611) 7,478 1,206 (1,053) 1,722 (2,799) 10,000 Recoveries 476 — 208 625 47 561 548 — 2,465 Charge-offs (1,138) — (45) (4,171) (911) (86) (2,040) — (8,391) Ending balance $ 30,591 $ 4,754 $ 22,994 $ 23,370 $ 4,120 $ 4,136 $ 8,202 $ 2,392 $ 100,559 December 31, 2019 Commercial Multifamily Construction Commercial Business Agricultural Business One- to Four-Family Residential Consumer Unallocated Total Allowance individually evaluated for impairment $ 58 $ — $ — $ 4,128 $ 141 $ 41 $ 6 $ — $ 4,374 Allowance collectively evaluated for impairment 30,533 4,754 22,994 19,224 3,919 4,095 8,196 2,392 96,107 Allowance for purchased credit-impaired loans — — — 18 60 — — — 78 Total allowance for loan losses $ 30,591 $ 4,754 $ 22,994 $ 23,370 $ 4,120 $ 4,136 $ 8,202 $ 2,392 $ 100,559 December 31, 2019 Commercial Multifamily Construction Commercial Business Agricultural Business One- to Four-Family Residential Consumer Unallocated Total Loan balances: Loans individually evaluated for impairment $ 4,738 $ — $ 1,467 $ 19,331 $ 2,243 $ 4,390 $ 235 $ — $ 32,404 Loans collectively evaluated for impairment 3,870,210 473,145 1,168,097 1,674,125 367,913 941,158 762,367 — 9,257,015 Purchased credit-impaired loans 14,923 7 — 368 393 74 173 — 15,938 Total loans $ 3,889,871 $ 473,152 $ 1,169,564 $ 1,693,824 $ 370,549 $ 945,622 $ 762,775 $ — $ 9,305,357 The following table provides additional information on the allowance for loan losses for the year ended December 31, 2018 (in thousands): For the Year Ended December 31, 2018 Commercial Multifamily Construction Commercial Business Agricultural Business One- to Four-Family Residential Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 22,824 $ 1,633 $ 27,568 $ 18,311 $ 4,053 $ 2,055 $ 3,866 $ 8,718 $ 89,028 Provision/(recapture) for loan losses 3,063 2,185 (2,860) 2,129 417 1,952 5,141 (3,527) 8,500 Recoveries 1,646 — 213 1,049 64 750 366 — 4,088 Charge-offs (401) — (479) (2,051) (756) (43) (1,401) — (5,131) Ending balance $ 27,132 $ 3,818 $ 24,442 $ 19,438 $ 3,778 $ 4,714 $ 7,972 $ 5,191 $ 96,485 | LOANS RECEIVABLE AND THE ALLOWANCE FOR CREDIT LOSSES As a result of the adoption of Financial Instruments - Credit Losses (Topic 326), effective January 1, 2020, the Company changed the segmentation of its loan portfolio based on the common risk characteristics used to measure the allowance for credit losses. The following table presents the loans receivable at December 31, 2020 and 2019 by class (dollars in thousands). The presentation of loans receivable at December 31, 2019 has been updated to conform to the loan portfolio segmentation that became effective on January 1, 2020. December 31, 2020 December 31, 2019 Amount Percent of Total Amount Percent of Total Commercial real estate: Owner-occupied $ 1,076,467 10.9 % $ 980,021 10.5 % Investment properties 1,955,684 19.8 2,024,988 21.8 Small balance CRE 573,849 5.8 613,484 6.6 Multifamily real estate 428,223 4.4 388,388 4.2 Construction, land and land development: Commercial construction 228,937 2.3 210,668 2.3 Multifamily construction 305,527 3.1 233,610 2.5 One- to four-family construction 507,810 5.1 544,308 5.8 Land and land development 248,915 2.5 245,530 2.6 Commercial business: Commercial business (1) 2,178,461 22.1 1,364,650 14.7 Small business scored 743,451 7.5 772,657 8.3 Agricultural business, including secured by farmland 299,949 3.0 337,271 3.6 One- to four-family residential 717,939 7.3 925,531 9.9 Consumer: Consumer—home equity revolving lines of credit 491,812 5.0 519,336 5.6 Consumer—other 113,958 1.2 144,915 1.6 Total loans 9,870,982 100.0 % 9,305,357 100.0 % Less allowance for credit losses - loans (167,279) (100,559) Net loans $ 9,703,703 $ 9,204,798 (1) Includes $1.04 billion of PPP loans as of December 31, 2020 and none as of December 31, 2019. The presentation of loans receivable at December 31, 2019 in the table below is based on loan segmentation as presented in the 2019 Form 10-K. December 31, 2019 Amount Percent of Total Commercial real estate: Owner-occupied $ 1,580,650 17.0 % Investment properties 2,309,221 24.8 Multifamily real estate 473,152 5.1 Commercial construction 210,668 2.3 Multifamily construction 233,610 2.5 One- to four-family construction 544,308 5.8 Land and land development: Residential 154,688 1.7 Commercial 26,290 0.3 Commercial business 1,693,824 18.2 Agricultural business, including secured by farmland 370,549 4.0 One- to four-family residential 945,622 10.2 Consumer: Consumer secured by one- to four-family 550,960 5.8 Consumer—other 211,815 2.3 Total loans 9,305,357 100.0 % Less allowance for loan losses (100,559) Net loans $ 9,204,798 Loan amounts are net of unearned loan fees in excess of unamortized costs of $25.6 million as of December 31, 2020 and $438,000 as of December 31, 2019. Net loans include net discounts on acquired loans of $16.1 million and $25.0 million as of December 31, 2020 and 2019, respectively. Net loans does not include accrued interest receivable. Accrued interest receivable on loans was $36.6 million as of December 31, 2020 and $31.8 million as of December 31, 2019 and was reported in accrued interest receivable on the Consolidated Statements of Financial Condition. The Company’s loans to directors, executive officers and related entities are on substantially the same terms and underwriting as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than normal risk of collectability. Such loans had balances of $1.5 million and $3.3 million at December 31, 2020 and 2019, respectively. Purchased credit-deteriorated and purchased non-credit-deteriorated loans. Loans acquired in business combinations are recorded at their fair value at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-deteriorated (PCD) or purchased non-credit-deteriorated. There were no PCD loans acquired for the year ended December 31, 2020. Purchased credit-impaired loans and purchased non-credit-impaired loans. Prior to the implementation of Financial Instruments—Credit Losses (Topic 326) on January 1, 2020, acquired loans were evaluated upon acquisition and classified as either PCI or purchased non-credit-impaired. PCI loans reflected credit deterioration since origination such that it was probable at acquisition that the Company would be unable to collect all contractually required payments. The outstanding contractual unpaid principal balance of PCI loans, excluding acquisition accounting adjustments, was $23.5 million at December 31, 2019. The carrying balance of PCI loans was $15.9 million at December 31, 2019. These loans were converted to PCD loans on January 1, 2020. The following table presents the changes in the accretable yield for PCI loans for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Balance, beginning of period $ 5,216 Additions 683 Accretion to interest income (1,891) Reclassifications from non-accretable difference 510 Balance, end of period $ 4,518 As of December 31, 2019, the non-accretable difference between the contractually required payments and cash flows expected to be collected was $7.4 million. Impaired Loans and the Allowance for Loan Losses. Prior to the implementation of Financial Instruments—Credit Losses (Topic 326) on January 1, 2020, a loan was considered impaired when, based on current information and circumstances, the Company determines it was probable that it would be unable to collect all amounts due according to the contractual terms of the loan agreement, including scheduled interest payments. Factors involved in determining impairment included, but were not limited to, the financial condition of the borrower, the value of the underlying collateral and the status of the economy. Impaired loans were comprised of loans on nonaccrual, TDRs that were performing under their restructured terms, and loans that were 90 days or more past due, but were still on accrual. PCI loans were considered performing within the scope of the purchased credit-impaired accounting guidance and were not included in the impaired loan tables. The following tables provide additional information on impaired loans, excluding PCI loans, with and without specific allowance reserves at December 31, 2019. Recorded investment includes the unpaid principal balance or the carrying amount of loans less charge-offs and net deferred loan fees (in thousands): December 31, 2019 Unpaid Principal Balance Recorded Investment Related Allowance Without Allowance (1) With Allowance (2) Commercial real estate: Owner-occupied $ 4,185 $ 3,816 $ 194 $ 18 Investment properties 3,536 1,883 690 40 Multifamily real estate 82 85 — — Multifamily construction 573 98 — — One- to four-family construction 1,799 1,799 — — Land and land development: Residential 676 340 — — Commercial business 25,117 4,614 19,330 4,128 Agricultural business/farmland 3,044 661 2,243 141 One- to four-family residential 7,290 5,613 1,648 41 Consumer: Consumer secured by one- to four-family 3,081 2,712 127 5 Consumer—other 222 159 52 1 $ 49,605 $ 21,780 $ 24,284 $ 4,374 (1) Includes loans without an allowance reserve that had been individually evaluated for impairment and that evaluation concluded that no reserve was needed, and $13.5 million of homogeneous and small balance loans, as of December 31, 2019, that were collectively evaluated for impairment for which a general reserve was established. (2) Loans with a specific allowance reserve were individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals less costs to sell to establish realizable value. The following table summarizes our average recorded investment and interest income recognized on impaired loans by loan class for the years ended December 31, 2019 and 2018 (in thousands): Year Ended December 31, 2019 Year Ended December 31, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate: Owner-occupied $ 3,366 $ 7 $ 3,806 $ 11 Investment properties 3,982 119 7,822 314 Multifamily real estate 36 — — — Commercial construction 779 — 115 — One- to four-family construction 1,319 18 778 6 Land and land development: Residential 657 — 994 10 Commercial — — 4 — Commercial business 5,510 26 3,443 21 Agricultural business/farmland 3,975 105 5,501 102 One- to four-family residential 6,589 249 7,845 302 Consumer: Consumer secured by one- to four-family 2,694 22 1,583 17 Consumer—other 355 4 142 4 $ 29,262 $ 550 $ 32,033 $ 787 Troubled Debt Restructurings. Loans are reported as TDRs when the bank grants one or more concessions to a borrower experiencing financial difficulties that it would not otherwise consider. The Company’s TDRs have generally not involved forgiveness of amounts due, but almost always include a modification of multiple factors; the most common combination includes interest rate, payment amount and maturity date. As of December 31, 2020 and 2019, the Company had TDRs of $7.9 million and $8.0 million, respectively. The Company had no commitments to advance additional funds related to TDRs as of both December 31, 2020 and 2019. The following tables present new TDRs that occurred during the years ended December 31, 2020 and 2019. No new TDRs occurred during the year ended December 31, 2018 (dollars in thousands): Number of Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Year Ended December 31, 2020 Recorded Investment (1) (2) Commercial business 3 $ 5,532 $ 5,532 Agricultural business/farmland 1 $ 169 $ 169 Total 4 $ 5,701 $ 5,701 Year Ended December 31, 2019 Recorded Investment (1) (2) Commercial real estate: Investment properties 1 $ 1,090 $ 1,090 Commercial business 1 $ 160 $ 160 Agricultural business/farmland 1 $ 596 $ 596 Total 3 $ 1,846 $ 1,846 (1) Since most loans were already considered classified and/or on non-accrual status prior to restructuring, the modifications did not have a material effect on the Company’s determination of the allowance for credit losses. (2) Generally, these modifications do not fit into one separate type, such as rate, term, amount, interest-only or payment, but instead are a combination of multiple types of modifications; therefore, they are disclosed in aggregate. There were no TDRs which incurred a payment default within the years ended December 31, 2020 and 2019 for which the payment default occurred within twelve months of the restructure date. A default on a restructured loan results in a transfer to nonaccrual status, a charge-off or a combination of both. Credit Quality Indicators : To appropriately and effectively manage the ongoing credit quality of the Company’s loan portfolio, management has implemented a risk-rating or loan grading system for its loans. The system is a tool to evaluate portfolio asset quality throughout each applicable loan’s life as an asset of the Company. Generally, loans are risk rated on an aggregate borrower/relationship basis with individual loans sharing similar ratings. There are some instances when specific situations relating to individual loans will provide the basis for different risk ratings within the aggregate relationship. Loans are graded on a scale of 1 to 9. A description of the general characteristics of these categories is shown below: Overall Risk Rating Definitions : Risk-ratings contain both qualitative and quantitative measurements and take into account the financial strength of a borrower and the structure of the loan or lease. Consequently, the definitions are to be applied in the context of each lending transaction and judgment must also be used to determine the appropriate risk rating, as it is not unusual for a loan or lease to exhibit characteristics of more than one risk-rating category. Consideration for the final rating is centered in the borrower’s ability to repay, in a timely fashion, both principal and interest. The Company’s risk-rating and loan grading policies are reviewed and approved annually. There were no material changes in the risk-rating or loan grading system for the periods presented. Risk Ratings 1-5: Pass Credits with risk ratings of 1 to 5 meet the definition of a pass risk rating. The strength of credits vary within the pass risk ratings, ranging from a risk rated 1 being an exceptional credit to a risk rated 5 being an acceptable credit that requires a more than normal level of supervision. Risk Rating 6: Special Mention A credit with potential weaknesses that deserves management’s close attention is risk rated a 6. If left uncorrected, these potential weaknesses will result in deterioration in the capacity to repay debt. A key distinction between Special Mention and Substandard is that in a Special Mention credit, there are identified weaknesses that pose potential risk(s) to the repayment sources, versus well defined weaknesses that pose risk(s) to the repayment sources. Assets in this category are expected to be in this category no more than 9-12 months as the potential weaknesses in the credit are resolved. Risk Rating 7: Substandard A credit with well-defined weaknesses that jeopardize the ability to repay in full is risk rated a 7. These credits are inadequately protected by either the sound net worth and payment capacity of the borrower or the value of pledged collateral. These are credits with a distinct possibility of loss. Loans headed for foreclosure and/or legal action due to deterioration are rated 7 or worse. Risk Rating 8: Doubtful A credit with an extremely high probability of loss is risk rated 8. These credits have all the same critical weaknesses that are found in a substandard loan; however, the weaknesses are elevated to the point that based upon current information, collection or liquidation in full is improbable. While some loss on doubtful credits is expected, pending events may make the amount and timing of any loss indeterminable. In these situations taking the loss is inappropriate until the outcome of the pending event is clear. Risk Rating 9: Loss A credit that is considered to be currently uncollectible or of such little value that it is no longer a viable bank asset is risk rated 9. Losses should be taken in the accounting period in which the credit is determined to be uncollectible. Taking a loss does not mean that a credit has absolutely no recovery or salvage value but, rather, it is not practical or desirable to defer writing off the credit, even though partial recovery may occur in the future. |
REAL ESTATE OWNED, HELD FOR SAL
REAL ESTATE OWNED, HELD FOR SALE, NET | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
REAL ESTATE OWNED, HELD FOR SALE, NET | REAL ESTATE OWNED, HELD FOR SALE, NET The following table presents the changes in REO, net of valuation allowance, for the years ended December 31, 2020, 2019 and 2018 (in thousands): Years Ended December 31 2020 2019 2018 Balance, beginning of period $ 814 $ 2,611 $ 360 Additions from loan foreclosures 1,588 109 641 Additions from acquisitions — 650 2,593 Proceeds from dispositions of REO (2,360) (2,588) (838) Gain on sale of REO 819 32 242 Valuation adjustments in the period (45) — (387) Balance, end of period $ 816 $ 814 $ 2,611 The Company had no foreclosed residential real estate properties held as REO at December 31, 2020 and had $48,000 foreclosed residential real estate properties held as REO at December 31, 2019. The recorded investment in one- to four-family residential loans in the process of foreclosure was $609,000 at December 31, 2020 and $1.5 million at December 31, 2019. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | PROPERTY AND EQUIPMENT, NET Land, buildings and equipment owned by the Company and its subsidiaries at December 31, 2020 and 2019 are summarized as follows (in thousands): December 31 2020 2019 Land (1) $ 32,196 $ 34,841 Buildings and leasehold improvements (1) 153,934 169,272 Furniture and equipment 126,115 123,851 312,245 327,964 Less accumulated depreciation (147,689) (149,956) Property and equipment, net $ 164,556 $ 178,008 (1) The Company had $8.4 million and $1.5 million of properties held for sale that were included in land and buildings at December 31, 2020 and 2019, respectively. The Company’s depreciation expense related to property and equipment was $18.1 million, $17.3 million, and $15.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS Deposits consist of the following at December 31, 2020 and 2019 (in thousands): December 31 2020 2019 Non-interest-bearing checking $ 5,492,924 $ 3,945,000 Interest-bearing checking 1,569,435 1,280,003 Regular savings accounts 2,398,482 1,934,041 Money market accounts 2,191,135 1,769,194 Total interest-bearing transaction and savings accounts 6,159,052 4,983,238 Certificates of deposit: Certificates of deposit less than or equal to $250,000 718,256 936,940 Certificates of deposit greater than $250,000 197,064 183,463 Total certificates of deposit (1) 915,320 1,120,403 Total deposits $ 12,567,296 $ 10,048,641 Included in total deposits: Public fund transaction accounts $ 302,875 $ 244,418 Public fund interest-bearing certificates 59,127 35,184 Total public deposits $ 362,002 $ 279,602 Total brokered deposits $ — $ 202,884 (1) Certificates of deposit included $58,000 of acquisition discounts at December 31, 2020 and $269,000 of acquisition discounts at December 31, 2019. Deposits at December 31, 2020 and 2019 included deposits from the Company’s directors, executive officers and related entities totaling $11.2 million and $7.9 million, respectively. At December 31, 2020 and 2019, the Company had certificates of deposit of $203.6 million and $189.0 million, respectively, that were equal to or greater than $250,000. Scheduled maturities and weighted average interest rates of certificates of deposits at December 31, 2020 are as follows (dollars in thousands): December 31, 2020 Amount Weighted Maturing in one year or less $ 701,473 0.80 % Maturing after one year through two years 123,290 1.42 Maturing after two years through three years 65,094 0.95 Maturing after three years through four years 13,603 2.10 Maturing after four years through five years 9,852 1.04 Maturing after five years 2,008 1.01 Total certificates of deposit $ 915,320 0.92 % |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES | 12 Months Ended |
Dec. 31, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES | ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES Utilizing a blanket pledge, qualifying loans receivable at December 31, 2020 and 2019, were pledged as security for FHLB borrowings and there were no securities pledged as collateral as of December 31, 2020 or 2019. At December 31, 2020 and 2019, FHLB advances were scheduled to mature as follows (in thousands): At or for the Years Ended December 31 2020 2019 Amount Weighted Average Rate Amount Weighted Average Rate Maturing in one year or less $ 100,000 2.51 % $ 300,000 1.84 % Maturing after one year through three years 50,000 2.72 150,000 2.58 Maturing after three years through five years — — — — Maturing after five years — — — — Total FHLB advances $ 150,000 2.58 % $ 450,000 2.09 % |
OTHER BORROWINGS
OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | OTHER BORROWINGS Other borrowings consist of retail and wholesale repurchase agreements, other term borrowings and Federal Reserve Bank borrowings. Repurchase Agreements: At December 31, 2020, retail repurchase agreements carry interest rates ranging from 0.15% to 0.30%. These repurchase agreements are secured by the pledge of certain mortgage-backed and agency securities with a carrying value of $207.6 million. Banner Bank has the right to pledge or sell these securities, but it must replace them with substantially the same securities. Banner Bank had no borrowings under wholesale repurchase agreements at December 31, 2020 or December 31, 2019. Federal Reserve Bank of San Francisco and Other Borrowings: Banner Bank periodically borrows funds on an overnight basis from the Federal Reserve Bank through the Borrower-In-Custody program. Such borrowings are secured by a pledge of eligible loans. At December 31, 2020, based upon available unencumbered collateral, Banner Bank was eligible to borrow $958.7 million from the Federal Reserve Bank, although, at that date, as well as at December 31, 2019, Banner Bank had no funds borrowed under this or other borrowing arrangements. At December 31, 2020, Banner Bank had uncommitted federal funds lines of credit agreements with other financial institutions totaling $125.0 million, while Islanders Bank had an uncommitted federal funds line of credit agreement with another financial institution totaling $5.0 million. No balances were outstanding under these agreements as of December 31, 2020 and 2019. Availability of lines is subject to federal funds balances available for loan and continued borrower eligibility. These lines are intended to support short-term liquidity needs and the agreements may restrict consecutive day usage. A summary of all other borrowings at December 31, 2020 and 2019 by the period remaining to maturity is as follows (dollars in thousands): At or for the Years Ended December 31 2020 2019 Amount Weighted Amount Weighted Repurchase agreements: Maturing in one year or less $ 184,785 0.22 % $ 118,474 0.35 % Maturing after one year through two years — — — — Maturing after two years — — — — Total year-end outstanding $ 184,785 0.22 % $ 118,474 0.35 % Average outstanding $ 158,478 0.30 % $ 121,771 0.27 % Maximum outstanding at any month-end $ 189,937 n/a $ 124,415 n/a |
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES AND MANDATORILY REDEEMABLE TRUST PREFERRED SECURITIES | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
JUNIOR SUBORDINATED DEBENTURES AND MANDATORILY REDEEMABLE TRUST PREFERRED SECURITIES | SUBORDINATED DEBT AND MANDATORILY REDEEMABLE TRUST PREFERRED SECURITIES At December 31, 2020, the Company had ten wholly-owned subsidiary grantor trusts (the Trusts), which had issued $143.5 million of TPS to third parties, as well as $4.4 million of common capital securities, carried among other assets, which were issued to the Company. TPS and common capital securities accrue and pay distributions periodically at specified annual rates as provided in the indentures. The Trusts used the proceeds from the offerings to purchase a like amount of junior subordinated debentures (the Debentures) of the Company. The Debentures are the sole assets of the Trusts. The Company’s obligations under the debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the Trusts. The TPS are mandatorily redeemable upon the maturity of the Debentures, or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole on or after specific dates, at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. All of the TPS issued by the Trusts qualified as Tier 1 capital as of December 31, 2020. At December 31, 2020, the Trusts comprised $143.5 million, or 8.9% of the Company’s total risk-based capital. The following table is a summary of trust preferred securities at December 31, 2020 (dollars in thousands): Name of Trust Aggregate Liquidation Amount of Trust Preferred Securities Aggregate Liquidation Amount of Common Capital Securities Aggregate Principal Amount of Junior Subordinated Debentures Stated Maturity (1) Current Interest Rate Reset Period Interest Rate Spread Banner Capital Trust II $ 15,000 $ 464 $ 15,464 2033 3.59 % Quarterly Three-month LIBOR + 3.35% Banner Capital Trust III 15,000 465 15,465 2033 3.14 Quarterly Three-month LIBOR +2.90% Banner Capital Trust IV 15,000 465 15,465 2034 3.09 Quarterly Three-month LIBOR +2.85% Banner Capital Trust V 25,000 774 25,774 2035 1.78 Quarterly Three-month LIBOR + 1.57% Banner Capital Trust VI 25,000 774 25,774 2037 1.85 Quarterly Three-month LIBOR + 1.62% Banner Capital Trust VII 25,000 774 25,774 2037 1.61 Quarterly Three-month LIBOR + 1.38% Siuslaw Statutory Trust I 8,000 248 8,248 2034 2.93 Quarterly Three-month LIBOR + 2.70% Greater Sacramento Bancorp Statutory Trust I 4,000 124 4,124 2033 3.59 Quarterly Three-month LIBOR + 3.35% Greater Sacramento Bancorp Statutory Trust II 4,000 124 4,124 2035 1.90 Quarterly Three-month LIBOR + 1.68% Mission Oaks Statutory Trust I 7,500 232 7,732 2036 1.87 Quarterly Three-month LIBOR + 1.65% Total TPS liability at par $ 143,500 $ 4,444 147,944 2.35 % Fair value adjustment (2) (30,970) Total TPS liability at fair value (2) $ 116,974 (1) All of the Company’s trust preferred securities are eligible for redemption. (2) The Company has elected to use fair value accounting on its TPS. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following table presents the components of the provision for income taxes included in the Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): Years Ended December 31 2020 2019 2018 Current Federal $ 30,325 $ 25,278 $ 21,869 State 6,964 2,494 4,130 Total Current 37,289 27,772 25,999 Deferred Federal (8,134) 7,738 2,021 State (2,630) 1,344 575 Total Deferred (10,764) 9,082 2,596 Provision for income taxes $ 26,525 $ 36,854 $ 28,595 The following table presents the reconciliation of the federal statutory rate to the actual effective rate for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31 2020 2019 2018 Federal income tax statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in tax rate due to: Tax-exempt interest (4.4) (2.2) (2.0) Investment in life insurance (0.9) (0.5) (0.6) State income taxes, net of federal tax offset 2.5 2.0 2.3 Tax credits (2.6) (1.2) (0.8) Merger and acquisition costs — 0.1 0.1 Valuation reserve release — — (2.5) State audits and amended returns — (0.5) — Low income housing partnerships, net of amortization 1.6 0.7 0.4 Other 1.4 0.7 (0.6) Effective income tax rate 18.6 % 20.1 % 17.3 % The following table reflects the effect of temporary differences that gave rise to the components of the net deferred tax asset as of December 31, 2020 and 2019 (in thousands): December 31 2020 2019 Deferred tax assets: Loan loss and REO $ 43,158 $ 24,285 Deferred compensation 18,309 17,470 Net operating loss carryforward 26,126 32,093 Federal and state tax credits 7,517 7,517 State net operating losses 5,400 5,632 Loan discount 3,365 5,466 Lease liability 14,088 15,485 Other 9,177 2,556 Total deferred tax assets 127,140 110,504 Deferred tax liabilities: Depreciation (7,537) (5,373) Deferred loan fees, servicing rights and loan origination costs (11,646) (11,525) Intangibles (6,278) (7,756) Right of use asset (13,144) (14,531) Unrealized gain on securities - available-for-sale (21,662) (10,353) Financial instruments accounted for under fair value accounting (947) (1,143) Total deferred tax liabilities (61,214) (50,681) Deferred income tax asset 65,926 59,823 Valuation allowance (184) (184) Deferred tax asset, net $ 65,742 $ 59,639 Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recognized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period of enactment. In December 2017, the federal government enacted the Tax Cuts and Jobs Act (2017 Tax Act). Among other provisions, the 2017 Tax Act reduced the federal marginal corporate income tax rate from 35% to 21%. As a result of the passage of the 2017 Tax Act, the Company recorded a $42.6 million charge for the revaluation of its net deferred tax asset to account for the future impact of the decrease in the corporate income tax rate and other provisions of the legislation. The charge was recorded as an increase to tax expense and reduction of the net deferred tax asset for the year ended December 31, 2017. The $42.6 million charge recorded by the Company included $4.2 million of provisional income tax expense related to AMT credits that are limited under Section 382 of the Code, which resulted in a reduction in the AMT deferred tax asset. The adjustments to deferred tax assets and receivables related to the refundable nature of AMT credits were provisional amounts estimated based on information available as of December 31, 2017. During 2018, the Company determined the Section 382 alternative minimum tax credits carried forward indefinitely and therefore released the provisional $4.2 million valuation reserve recorded in 2017 against the tax credits. The release was recorded as a reduction to current tax expense and an increase to the net deferred tax assets. At December 31, 2020, the Company has federal net operating loss carryforwards of approximately $124.4 million. The Company also has $76.3 million of state net operating loss carryforwards, against which the Company has established a $184,000 valuation reserve. The federal and state net operating losses will expire, if unused, by the end of 2034. The Company has federal general business credit carryforwards at December 31, 2020 of $3.3 million, which will expire, if unused, by the end of 2031. The Company also has federal alternative minimum tax credit carryforwards of $4.2 million, which are available to reduce future federal regular income taxes, if any, over an indefinite period. At December 31, 2019, the Company had federal and state net operating loss carryforwards of approximately $152.8 million and $80.1 million, respectively, and federal general business credits carryforwards of $3.3 million. At that same date, the Company also had federal alternative minimum tax credit carryforwards of approximately $4.2 million. As a consequence of our 2015 acquisition of Starbuck Bancshares, Inc., the Company experienced a change in control within the meaning of Section 382 of the Code. In addition, the underlying Section 382 limitations at Starbuck Bancshares, Inc.’s level continue to apply to the Company. Section 382 limits the ability of a corporate taxpayer to use net operating loss carryforwards, general business credits, and recognized built-in-losses, on an annual basis, incurred prior to the change in control against income earned after the change in control. As a result of the Section 382 limitations, the Company is limited to utilizing $21.5 million on an annual basis (after the application of the Section 382 limitations carried over from Starbuck Bancshares, Inc.) of federal net operating loss carryforwards, general business credits, and recognized built-in losses. The applicable state Section 382 limitations range from $525,000 to $21.5 million. In 2017, the Company established a $184,000 valuation reserve against the portion of its various state net operating loss carryforwards and tax credits that it believed it is more likely than not that it would not realize the benefit because the application of the Section 382 limitations at the state level is based on future apportionment rates. In 2017, the Company established a valuation reserve against its federal Section 382 limited alternative minimum tax credit carryovers because of the uncertainty under the new tax law of the interplay of Section 382 and the revised carryover period. The valuation reserve was released in 2018 as the Company determined the Section 382 limited alternative minimum tax credits are not subject to the revised carryover period and will continue to carryover indefinitely until they are utilized. For non-Section 382 limited alternative minimum tax credits, the credits expired in 2019 due to the passage of the CARES Act in 2020. As a consequence of Banner’s capital raise in June 2010, the Company experienced a change in control within the meaning of Section 382 of the Code. As a result of the Section 382 limitations, the Company is limited to utilizing $6.9 million of net operating loss carryforwards which existed prior to the acquisition of Starbuck Bancshares, Inc., on an annual basis. Based on its analysis, the Company believes it is more likely than not that the June 2010 change in control will not impact its ability to utilize all of the related available net operating loss carryforwards, general business credits, and recognized built-in-losses. As a consequence of our 2019 acquisition of AltaPacific and AltaPacific Bank, the Company did not experience a change in control within the meaning of Section 382 of the Code. However, the underlying Section 382 limitations at AltaPacific and AltaPacific Bank level continue to apply to the Company. As a result of the Section 382 limitations, the Company is limited to utilizing $110,000 of the federal net operating loss carryovers and general business credits acquired from AltaPacific and AltaPacific Bank based on underlying limits carried over. Based on its analysis, the Company believes it is more likely than not that the Section 382 limitations will not impact its ability to utilize all of the related available net operating loss carryforwards and general business credits. Retained earnings at December 31, 2020 and 2019 included approximately $5.4 million in tax basis bad debt reserves for which no income tax liability has been recorded. In the future, if this tax bad debt reserve is used for purposes other than to absorb bad debts or the Company no longer qualifies as a bank or is completely liquidated, the Company will incur a federal tax liability at the then-prevailing corporate tax rate, established as $1.1 million at December 31, 2020. As of December 31, 2020 and December 31, 2019, the Company had $450,000 and $275,000, respectively, of unrecognized tax benefits for uncertain tax positions and an insignificant amount as of December 31, 2018, none of which if recognized would materially affect the effective tax rate. The Company does not anticipate that the amount of unrecognized tax benefits will significantly increase or decrease in the next twelve months. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense. The amount of interest and penalties accrued for the years ended December 31, 2020, 2019 and 2018 is immaterial. The Company files consolidated income tax returns in Oregon, California, Utah, Montana and Idaho and for federal purposes. The Company is no longer subject to tax examination for tax years before 2017. Tax credit investments: The Company invests in low income housing tax credit funds that are designed to generate a return primarily through the realization of federal tax credits. The Company accounts for these investments by amortizing the cost of tax credit investments over the life of the investment using a proportional amortization method and tax credit investment amortization expense is a component of the provision for income taxes. The following table presents the balances of the Company’s tax credit investments and related unfunded commitments at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Tax credit investments $ 33,528 $ 29,620 Unfunded commitments—tax credit investments 18,306 20,235 The following table presents other information related to the Company’s tax credit investments for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the years ended December 31, 2020 2019 2018 Tax credits and other tax benefits recognized $ 3,842 $ 1,916 $ 1,456 Tax credit amortization expense included in provision for income taxes 2,992 1,633 1,151 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Employee Retirement Plans: Substantially all of the Company’s and the Banks’ employees are eligible to participate in its 401(k)/Profit Sharing Plan, a defined contribution and profit sharing plan sponsored by the Company. Employees may elect to have a portion of their salary contributed to the plan in conformity with Section 401(k) of the Internal Revenue Code. At the discretion of the Company’s Board of Directors, the Company may elect to make matching and/or profit sharing contributions for the employees’ benefit. For the years ended December 31, 2020, 2019 and 2018 , $6.7 million, $6.2 million and $5.4 million, respectively, was expensed for 401(k) contributions. During 2020, the Board of Directors has elected to make a 4% of eligible compensation matching contribution. Supplemental Retirement and Salary Continuation Plans: Through the Banks, the Company is obligated under various non-qualified deferred compensation plans to help supplement the retirement income of certain executives, including certain retired executives, selected by resolution of the Banks’ Boards of Directors or in certain cases by the former directors of acquired banks. These plans are unfunded, include both defined benefit and defined contribution plans, and provide for payments after the executive’s retirement. In the event of a participant employee’s death prior to or during retirement, the Company is obligated to pay to the designated beneficiary the benefits set forth under the plan. For the years ended December 31, 2020, 2019 and 2018, expense recorded for supplemental retirement and salary continuation plan benefits totaled $2.1 million, $3.4 million, and $2.3 million, respectively. At December 31, 2020 and 2019, liabilities recorded for the various supplemental retirement and salary continuation plan benefits totaled $40.1 million and $41.8 million, respectively, and are recorded in a deferred compensation liability account. Deferred Compensation Plans and Rabbi Trusts: The Company and the Banks also offer non-qualified deferred compensation plans to members of their Boards of Directors and certain employees. The plans permit each participant to defer a portion of director fees, non-qualified retirement contributions, salary or bonuses for future receipt. Compensation is charged to expense in the period earned. In connection with its acquisitions, the Company also assumed liability for certain deferred compensation plans for key employees, retired employees and directors. In order to fund the plans’ future obligations, the Company has purchased life insurance policies or other investments, including Banner Corporation common stock, which in certain instances are held in irrevocable trusts commonly referred to as “Rabbi Trusts.” As the Company is the owner of the investments and the beneficiary of the insurance policies, and in order to reflect the Company’s policy to pay benefits equal to the accumulations, the assets and liabilities are reflected in the Consolidated Statements of Financial Condition. Banner Corporation common stock held for such plans is reported as a contra-equity account and was recorded at an original cost of $7.6 million at December 31, 2020 and $7.5 million at December 31, 2019. At December 31, 2020 and 2019, liabilities recorded in connection with deferred compensation plan benefits totaled $11.4 million ($7.6 million in contra-equity) and $10.9 million ($7.5 million in contra-equity), respectively, and are recorded in deferred compensation or equity as appropriate. The Banks have purchased, or acquired through mergers, life insurance policies in connection with the implementation of certain executive supplemental retirement, salary continuation and deferred compensation retirement plans, as well as additional policies not related to any specific plan. These policies provide protection against the adverse financial effects that could result from the death of a key employee and provide tax-exempt income to offset expenses associated with the plans. It is the Banks’ intent to hold these policies as a long-term investment. However, there will be an income tax impact if the Banks choose to surrender certain policies. Although the lives of individual current or former management-level employees are insured, the Banks are the owners and sole or partial beneficiaries. At December 31, 2020 and 2019, the cash surrender value of these policies was $191.8 million and $192.1 million, respectively. The Banks are exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. In order to mitigate this risk, the Banks use a variety of insurance companies and regularly monitor their financial condition. |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION PLANS | STOCK-BASED COMPENSATION PLANS The Company operates the following stock-based compensation plans as approved by its shareholders: • 2014 Omnibus Incentive Plan (the 2014 Plan). • 2018 Omnibus Incentive Plan (the 2018 Plan). The purpose of these plans is to promote the success and enhance the value of the Company by providing a means for attracting and retaining highly skilled employees, officers and directors of Banner Corporation and its affiliates and linking their personal interests with those of the Company’s shareholders. Under these plans the Company currently has outstanding restricted stock share grants and restricted stock unit grants. 2014 Omnibus Incentive Plan The 2014 Plan was approved by shareholders on April 22, 2014. The 2014 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, other stock-based awards and other cash awards, and provides for vesting requirements which may include time-based or performance-based conditions. The Company has reserved 900,000 shares of its common stock for issuance under the 2014 Plan in connection with the exercise of awards. As of December 31, 2020, 300,015 restricted stock shares and 401,662 restricted stock units have been granted under the 2014 Plan of which 3,382 restricted stock shares and 222,210 restricted stock units are unvested. 2018 Omnibus Incentive Plan The 2018 Plan was approved by shareholders on April 24, 2018. The 2018 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, other stock-based awards and other cash awards, and provides for vesting requirements which may include time-based or performance-based conditions. The Company reserved 900,000 shares of common stock for issuance under the 2018 Plan in connection with the exercise of awards. As of December 31, 2020, 352,544 restricted stock units have been granted under the 2018 Plan of which 352,544 restricted stock units are unvested. The expense associated with all restricted stock and unit grants was $9.2 million, $7.1 million and $6.6 million respectively, for the years ended December 31, 2020, 2019 and 2018. Unrecognized compensation expense for these awards as of December 31, 2020 was $12.6 million and will be amortized over the next 34 months. A summary of the Company’s Restricted Stock/Unit award activity during the years ended December 31, 2020, 2019 and 2018 follows: Shares/Units Weighted Average Unvested at January 1, 2018 302,077 $ 48.97 Granted (159,541 non-voting) 161,598 55.04 Vested (103,363) 48.60 Forfeited (42,215) 47.05 Unvested at December 31, 2018 318,097 52.43 Granted (224,210 non-voting) 227,262 53.50 Vested (120,675) 50.23 Forfeited (41,812) 46.25 Unvested at December 31, 2019 382,872 54.39 Granted (380,004 non-voting) 384,807 33.49 Vested (146,919) 55.18 Forfeited (42,624) 47.90 Unvested at December 31, 2020 578,136 40.76 |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS Banner Corporation is a bank holding company registered with the Federal Reserve. Bank holding companies are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, as amended (BHCA), and the regulations of the Federal Reserve. Banner Bank and Islanders Bank, as state-chartered federally insured commercial banks, are subject to the capital requirements established by the FDIC. The Federal Reserve requires Banner to maintain capital adequacy that generally parallels the FDIC requirements. The following table shows the regulatory capital ratios of the Company and the Banks and the minimum regulatory requirements (dollars in thousands): Actual Minimum for Capital Adequacy Purposes Minimum to be Categorized as “Well-Capitalized” Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020: The Company—consolidated: Total capital to risk-weighted assets $ 1,608,387 14.73 % $ 873,472 8.00 % $ 1,091,840 10.00 % Tier 1 capital to risk-weighted assets 1,371,736 12.56 655,104 6.00 655,104 6.00 Tier 1 capital to average leverage assets 1,371,736 9.50 577,331 4.00 n/a n/a Tier 1 common equity to risk-weighted assets 1,228,236 11.25 491,328 4.50 n/a n/a Banner Bank: Total capital to risk- weighted assets 1,438,012 13.39 859,260 8.00 1,074,075 10.00 Tier 1 capital to risk- weighted assets 1,303,590 12.14 644,445 6.00 859,260 8.00 Tier 1 capital to average leverage assets 1,303,590 9.22 565,620 4.00 707,025 5.00 Tier 1 common equity to risk-weighted assets 1,303,590 12.14 483,334 4.50 698,149 6.50 Islanders Bank: Total capital to risk- weighted assets 29,333 15.65 14,997 8.00 18,747 10.00 Tier 1 capital to risk- weighted assets 26,983 14.39 11,248 6.00 14,997 8.00 Tier 1 capital to average leverage assets 26,983 7.87 13,720 4.00 17,150 5.00 Tier 1 common equity to risk-weighted assets 26,983 14.39 8,436 4.50 12,185 6.50 December 31, 2019: The Company—consolidated: Total capital to risk-weighted assets $ 1,386,483 12.93 % $ 857,546 8.00 % $ 1,071,933 10.00 % Tier 1 capital to risk-weighted assets 1,283,208 11.97 643,160 6.00 643,160 6.00 Tier 1 capital to average leverage assets 1,283,208 10.71 479,458 4.00 n/a n/a Tier 1 common equity to risk-weighted assets 1,139,708 10.63 482,370 4.50 n/a n/a Banner Bank: Total capital to risk- weighted assets 1,321,580 12.55 842,219 8.00 1,052,773 10.00 Tier 1 capital to risk- weighted assets 1,220,811 11.60 631,664 6.00 842,219 8.00 Tier 1 capital to average leverage assets 1,220,811 10.45 467,330 4.00 584,163 5.00 Tier 1 common equity to risk-weighted assets 1,220,811 11.60 473,748 4.50 684,303 6.50 Islanders Bank: Total capital to risk- weighted assets 37,044 19.42 15,258 8.00 19,073 10.00 Tier 1 capital to risk- weighted assets 34,658 18.17 11,444 6.00 15,258 8.00 Tier 1 capital to average leverage assets 34,658 11.66 11,887 4.00 14,859 5.00 Tier 1 common equity to risk-weighted assets 34,658 18.17 8,583 4.50 12,397 6.50 At December 31, 2020, Banner Corporation and the Banks each exceeded the requirements to be “well capitalized” and the fully phased-in capital conservation buffer requirement. There have been no conditions or events since December 31, 2020 that have materially adversely changed the Tier 1 or Tier 2 capital of the Company or the Banks. However, events beyond the control of the Banks, such as weak or depressed economic conditions in areas where the Banks have most of their loans, could adversely affect future earnings and, consequently, the ability of the Banks to meet their respective capital requirements. The Company may not declare or pay cash dividends on, or repurchase, any of its shares of common stock if the effect thereof would cause equity to be reduced below applicable regulatory capital maintenance requirements or if such declaration and payment would otherwise violate regulatory requirements. Banner Corporation and the Banks are subject to minimum required ratios for common equity Tier 1 (“CET1”) capital, Tier 1 capital, total capital and the leverage ratio and a required capital conservation buffer over the required capital ratios. Under capital regulations, the minimum capital ratios are: (1) a CET1 capital ratio of 4.5% of risk-weighted assets; (2) a Tier 1 capital ratio of 6.0% of risk-weighted assets; (3) a total risk-based capital ratio of 8.0% of risk-weighted assets; and (4) a leverage ratio (the ratio of Tier 1 capital to average total consolidated assets) of 4.0%. CET1 generally consists of common stock; retained earnings; accumulated other comprehensive income (“AOCI”) unless an institution elects to exclude AOCI from regulatory capital; and certain minority interests; all subject to applicable regulatory adjustments and deductions. Tier 1 capital generally consists of CET1 and noncumulative perpetual preferred stock. Tier 2 capital generally consists of other preferred stock and subordinated debt meeting certain conditions plus an amount of the allowance for credit losses up to 1.25% of assets. Total capital is the sum of Tier 1 and Tier 2 capital. For purposes of determining risk-based capital, assets and certain off-balance sheet items are risk-weighted from 0% to 1,250%, depending on the risk characteristics of the asset or item. In addition to the minimum CET1, Tier 1, leverage ratio and total capital ratios, Banner and each of the Banks must maintain a capital conservation buffer consisting of additional CET1 capital greater than 2.5% of risk-weighted assets above the required minimum risk-based capital levels in order to avoid limitations on paying dividends, repurchasing shares, and paying discretionary bonuses. |
GOODWILL, OTHER INTANGIBLE ASSE
GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS | 12 Months Ended |
Dec. 31, 2020 | |
Other Intangible Assets and Mortgage Servicing Rights [Abstract] | |
OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS | GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS Goodwill and Other Intangible Assets: At December 31, 2020, intangible assets are comprised of goodwill and CDI acquired in business combinations. Goodwill represents the excess of the purchase consideration paid over the fair value of the assets acquired, net of the fair values of liabilities assumed in a business combination, and is not amortized but is reviewed at least annually for impairment. Banner has identified one reporting unit for purposes of evaluating goodwill for impairment. At December 31, 2020, the Company completed an assessment of qualitative factors and as a result of the economic impact of the COVID-19 pandemic concluded further analysis was required. The Company completed a quantitative goodwill impairment test and concluded the fair value of the reporting unit exceeded the carrying value of the reporting unit including goodwill and therefore no impairment existed. CDI represents the value of transaction-related deposits and the value of the client relationships associated with the deposits. At December 31, 2018 intangible assets also included favorable leasehold intangibles (LHI). LHI represented the value ascribed to leases assumed in an acquisition in which the lease terms are favorable compared to a market lease at the date of acquisition. LHI was reclassified to the right of use lease asset in connection with the adoption of Lease Topic 842 on January 1, 2019. The Company amortizes CDI assets over their estimated useful lives and reviews them at least annually for events or circumstances that could impair their value. The CDI assets shown in the table below represent the value ascribed to the long-term deposit relationships acquired in various bank acquisitions. These intangible assets are being amortized using an accelerated method over estimated useful lives of three years to ten years. The CDI assets are not estimated to have a significant residual value. The following table summarizes the changes in the Company’s goodwill, CDI and LHI for the years ended December 31, 2020, 2019 and 2018 (in thousands): Goodwill CDI LHI Total Balance, January 1, 2018 $ 242,659 $ 22,378 $ 277 $ 265,314 Additions through acquisition (1) 96,495 16,368 — 112,863 Amortization — (6,047) (52) (6,099) Balance, December 31, 2018 339,154 32,699 225 372,078 Additions through acquisition (2) 33,967 4,610 — 38,577 Amortization — (8,151) — (8,151) Adjustments (3) — — (225) (225) Balance, December 31, 2019 373,121 29,158 — 402,279 Amortization — (7,732) — (7,732) Balance, December 31, 2020 $ 373,121 $ 21,426 $ — $ 394,547 (1) The additions to Goodwill and CDI in 2018 relate to the acquisition of Skagit Bank. (2) The additions to Goodwill and CDI in 2019 relate to the acquisition of AltaPacific. (3) The adjustment to LHI represents a reclassification to the right-of-use lease asset in connection with the implementation of Lease Topic 842. Estimated amortization expense in future years with respect to CDI as of December 31, 2020 (in thousands): Year ended: Estimated Amortization 2021 $ 6,571 2022 5,317 2023 3,814 2024 2,659 2025 1,575 Thereafter 1,490 Net carrying amount $ 21,426 Mortgage servicing rights are reported in other assets. Mortgage servicing rights are initially recognized at fair value and are amortized in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Mortgage servicing rights are subsequently evaluated for impairment based upon the fair value of the rights compared to the amortized cost (remaining unamortized initial fair value). If the fair value is less than the amortized cost, a valuation allowance is created through an impairment charge to servicing fee income. However, if the fair value is greater than the amortized cost, the amount above the amortized cost is not recognized in the carrying value. In 2020 , 2019 and 2018, the Company did not record any impairment charges or recoveries against mortgage servicing rights. Unpaid principal balance of loans for which mortgage servicing rights have been recognized totaled $2.64 billion and $2.48 billion at December 31, 2020 and 2019, respectively. Custodial accounts maintained in connection with this servicing totaled $3.8 million and $12.0 million at December 31, 2020 and 2019, respectively. An analysis of the mortgage servicing rights for the years ended December 31, 2020, 2019 and 2018 is presented below (in thousands): Years Ended December 31 2020 2019 2018 Balance, beginning of the year $ 14,148 $ 14,638 $ 14,738 Amounts capitalized 8,572 4,392 3,623 Additions through purchase 175 168 166 Amortization (1) (7,672) (5,050) (3,889) Balance, end of the year (2) $ 15,223 $ 14,148 $ 14,638 (1) Amortization of mortgage servicing rights is recorded as a reduction of loan servicing income and any unamortized balance is fully written off if the loan repays in full. (2) There was no valuation allowance as of December 31, 2020 and 2019. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE The following table presents estimated fair values of the Company’s financial instruments as of December 31, 2020 and 2019, whether or not recognized or recorded in the Consolidated Statements of Financial Condition (in thousands): December 31, 2020 December 31, 2019 Level Carrying Estimated Carrying Estimated Assets: Cash and cash equivalents 1 $ 1,234,183 $ 1,234,183 $ 307,735 $ 307,735 Securities—trading 3 24,980 24,980 25,636 25,636 Securities—available-for-sale 2 2,322,593 2,322,593 1,551,557 1,551,557 Securities—held-to-maturity 2 410,038 436,882 222,589 224,193 Securities—held-to-maturity 3 11,769 11,799 13,505 13,612 Loans receivable held for sale 2 243,795 245,667 210,447 210,670 Loans receivable 3 9,870,982 9,810,293 9,305,357 9,304,340 FHLB stock 3 16,358 16,358 28,342 28,342 Bank-owned life insurance 1 191,830 191,830 192,088 192,088 Mortgage servicing rights 3 15,223 18,084 14,148 22,611 Derivatives: Interest rate swaps 2 39,066 39,066 15,202 15,202 Interest rate lock and forward sales commitments 2,3 5,641 5,641 1,108 1,108 Liabilities: Demand, interest-bearing checking and money market 2 9,253,494 9,253,494 6,994,197 6,994,197 Regular savings 2 2,398,482 2,398,482 1,934,041 1,934,041 Certificates of deposit 2 915,320 919,920 1,120,403 1,117,921 FHLB advances 2 150,000 152,779 450,000 452,720 Other borrowings 2 184,785 184,785 118,474 118,474 Subordinated notes, net 3 98,201 98,201 — — Junior subordinated debentures 3 116,974 116,974 119,304 119,304 Derivatives: Interest rate swaps 2 22,336 22,336 10,966 10,966 Interest rate lock and forward sales commitments 2 1,755 1,755 674 674 The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). GAAP establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the standard requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices in active markets for identical instruments. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. • Level 2 – Observable inputs other than Level 1 including quoted prices in active markets for similar instruments, quoted prices in less active markets for identical or similar instruments, or other observable inputs that can be corroborated by observable market data. • Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs from non-binding single dealer quotes not corroborated by observable market data. In developing Level 3 measurements, management incorporates whatever market data might be available and uses discounted cash flow models where appropriate. These calculations include projections of future cash flows, including appropriate default and loss assumptions, and market based discount rates. The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Transfers between levels of the fair value hierarchy are deemed to occur at the end of the reporting period. Items Measured at Fair Value on a Recurring Basis: The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets and liabilities as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Securities—trading Corporate Bonds (TPS securities) $ — $ — $ 24,980 $ 24,980 Securities—available-for-sale U.S. Government and agency — 141,735 — 141,735 Municipal bonds — 303,518 — 303,518 Corporate bonds — 221,769 — 221,769 Mortgage-backed securities — 1,646,152 — 1,646,152 Asset-backed securities — 9,419 — 9,419 — 2,322,593 — 2,322,593 Loans held for sale — 133,554 — 133,554 Derivatives Interest rate swaps — 39,066 — 39,066 Interest rate lock and forward sales commitments — 420 5,221 5,641 $ — $ 2,495,633 $ 30,201 $ 2,525,834 Liabilities Junior subordinated debentures $ — $ — $ 116,974 $ 116,974 Derivatives Interest rate swaps — 22,336 — 22,336 Interest rate lock and forward sales commitments — 1,755 — 1,755 $ — $ 24,091 $ 116,974 $ 141,065 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Securities—trading Corporate Bonds (TPS securities) $ — $ — $ 25,636 $ 25,636 Securities—available-for-sale U.S. Government and agency — 89,598 — 89,598 Municipal bonds — 107,157 — 107,157 Corporate bonds — 4,365 — 4,365 Mortgage-backed securities — 1,342,311 — 1,342,311 Asset-backed securities — 8,126 — 8,126 — 1,551,557 — 1,551,557 Loans held for sale — 199,397 — 199,397 Derivatives Interest rate swaps — 15,202 — 15,202 Interest rate lock and forward sales commitments — 317 791 1,108 $ — $ 1,766,473 $ 26,427 $ 1,792,900 Liabilities Junior subordinated debentures at fair value $ — $ — $ 119,304 $ 119,304 Derivatives Interest rate swaps — 10,966 — 10,966 Interest rate lock and forward sales commitments — 674 — 674 $ — $ 11,640 $ 119,304 $ 130,944 The following methods were used to estimate the fair value of each class of financial instruments: Securities: The estimated fair values of investment securities and mortgaged-backed securities are priced using current active market quotes, if available, which are considered Level 1 measurements. For most of the portfolio, matrix pricing based on the securities’ relationship to other benchmark quoted prices is used to establish the fair value. These measurements are considered Level 2. Due to the continued limited activity in the trust preferred markets that have limited the observability of market spreads for some of the Company’s TPS securities, management has classified these securities as a Level 3 fair value measure. Management periodically reviews the pricing information received from third-party pricing services and tests those prices against other sources to validate the reported fair values. Loans Held for Sale: Fair values for residential mortgage loans held for sale are determined by comparing actual loan rates to current secondary market prices for similar loans. Fair values for multifamily loans held for sale are calculated based on discounted cash flows using as a discount rate a combination of market spreads for similar loan types added to selected index rates. Mortgage Servicing Rights: Fair values are estimated based on an independent dealer analysis of discounted cash flows. The evaluation utilizes assumptions market participants would use in determining fair value including prepayment speeds, delinquency and foreclosure rates, the discount rate, servicing costs, and the timing of cash flows. The mortgage servicing portfolio is stratified by loan type and fair value estimates are adjusted up or down based on the serviced loan interest rates versus current rates on new loan originations since the most recent independent analysis. Junior Subordinated Debentures: The fair value of junior subordinated debentures is estimated using an income approach technique. The significant inputs included in the estimation of fair value are the credit risk adjusted spread and three month LIBOR. The credit risk adjusted spread represents the nonperformance risk of the liability. The Company utilizes an external valuation firm to validate the reasonableness of the credit risk adjusted spread used to determine the fair value. The junior subordinated debentures are carried at fair value which represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to inactivity in the trust preferred markets that have limited the observability of market spreads, management has classified this as a Level 3 fair value measure. Derivatives: Derivatives include interest rate swap agreements, interest rate lock commitments to originate loans held for sale and forward sales contracts to sell loans and securities related to mortgage banking activities. Fair values for these instruments, which generally change as a result of changes in the level of market interest rates, are estimated based on dealer quotes and secondary market sources. Off-Balance Sheet Items: Off-balance sheet financial instruments include unfunded commitments to extend credit, including standby letters of credit, and commitments to purchase investment securities. The fair value of these instruments is not considered to be material. Limitations: The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2020 and 2019. The factors used in the fair value estimates are subject to change subsequent to the dates the fair value estimates are completed, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The following table provides a description of the valuation technique, unobservable inputs, quantitative and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring and nonrecurring basis at December 31, 2020 and 2019: December 31 2020 2019 Financial Instruments Valuation Technique Unobservable Inputs Weighted Average Rate Weighted Average Rate Corporate bonds (TPS securities) Discounted cash flows Discount rate 4.24 % 5.91 % Junior subordinated debentures Discounted cash flows Discount rate 4.24 % 5.91 % Loans individually evaluated Collateral valuations Discount to appraised value 0.0% to 20.0% 0.0% to 20.0% REO Appraisals Discount to appraised value 51.9 % 58.5 % Interest rate lock commitments Pricing model Pull-through rate 86.35 % 89.61 % TPS Securities : Management believes that the credit risk-adjusted spread used to develop the discount rate utilized in the fair value measurement of TPS securities is indicative of the risk premium a willing market participant would require under current market conditions for instruments with similar contractual rates, terms and conditions and issuers with similar credit risk profiles and with similar expected probability of default. Management attributes the change in fair value of these instruments, compared to their par value, primarily to perceived general market adjustments to the risk premiums for these types of assets subsequent to their issuance. Junior subordinated debentures : Similar to the TPS securities discussed above, management believes that the credit risk-adjusted spread utilized in the fair value measurement of the junior subordinated debentures is indicative of the risk premium a willing market participant would require under current market conditions for an issuer with Banner’s credit risk profile. Management attributes the change in fair value of the junior subordinated debentures, compared to their par value, primarily to perceived general market adjustments to the risk premiums for these types of liabilities subsequent to their issuance. Future contractions in the risk adjusted spread relative to the spread currently utilized to measure the Company’s junior subordinated debentures at fair value as of December 31, 2020, or the passage of time, will result in negative fair value adjustments. At December 31, 2020, the discount rate utilized was based on a credit spread of 400 basis points and three month LIBOR of 24 basis points. Interest rate lock commitments: The fair value of the interest rate lock commitments is based on secondary market sources adjusted for an estimated pull-through rate. The pull-through rate is based on historical loan closing rates for similar interest rate lock commitments. An increase or decrease in the pull-through rate would have a corresponding, positive or negative fair value adjustment. The following table provides a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2020 and 2019 (in thousands): Level 3 Fair Value Inputs TPS Securities Borrowings— Interest rate lock and forward sales commitments Balance at January 1, 2019 $ 25,896 $ 114,091 $ 273 Total gains or losses recognized Assets gains (260) — 518 Liabilities losses — (601) — Purchases, issuances and settlements, including acquisitions — 5,814 Balance at December 31, 2019 25,636 119,304 791 Total gains or losses recognized Assets gains (656) — 4,430 Liabilities losses — (2,330) — Purchases, issuances and settlements — — — Balance at December 31, 2020 $ 24,980 $ 116,974 $ 5,221 Interest income and dividends from the TPS securities are recorded as a component of interest income. Interest expense related to the junior subordinated debentures is measured based on contractual interest rates and reported in interest expense. The change in fair value of the junior subordinated debentures, which represents changes in instrument specific credit risk, is recorded in other comprehensive income. Items Measured at Fair Value on a Non-recurring Basis The following table presents financial assets and liabilities measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets at December 31, 2020 and 2019 (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Loans individually evaluated $ — $ — $ 3,482 $ 3,482 REO $ — $ — $ 816 $ 816 December 31, 2019 Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 14,853 $ 14,853 REO — — 814 814 The following table presents the losses resulting from non-recurring fair value adjustments for the years ended December 31, 2020 , 2019 and 2018 (in thousands): For the years ended December 31, 2020 2019 2018 Loans individually evaluated $ (3,482) $ (425) $ (910) REO (45) — (387) Total loss from nonrecurring measurements $ (3,527) $ (425) $ (1,297) Loans individually evaluated : Expected credit losses for loans evaluated individually are measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or when the Bank determines that foreclosure is probable, the expected credit loss is measured based on the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. As a practical expedient, the Banks measure the expected credit loss for a loan using the fair value of the collateral, if repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Banks’ assessment as of the reporting date. In both cases, if the fair value of the collateral is less than the amortized cost basis of the loan, the Banks will recognize an allowance as the difference between the fair value of the collateral, less costs to sell (if applicable), at the reporting date and the amortized cost basis of the loan. If the fair value of the collateral exceeds the amortized cost basis of the loan, any expected recovery added to the amortized cost basis will be limited to the amount previously charged-off by the subsequent changes in the expected credit losses for loans evaluated individually are included within the provision for credit losses in the same manner in which the expected credit loss initially was recognized or as a reduction in the provision that would otherwise be reported. REO : The Company records REO (acquired through a lending relationship) at fair value on a non-recurring basis. Fair value adjustments on REO are based on updated real estate appraisals which are based on current market conditions. All REO properties are recorded at the estimated fair value of the real estate, less expected selling costs. From time to time, non-recurring fair value adjustments to REO are recorded to reflect partial write-downs based on an observable market price or current appraised value of property. Banner considers any valuation inputs related to REO to be Level 3 inputs. The individual carrying values of these assets are reviewed for impairment at least annually and any additional impairment charges are expensed to operations. |
BANNER CORPORATION (PARENT COMP
BANNER CORPORATION (PARENT COMPANY ONLY) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
BANNER CORPORATION (PARENT COMPANY ONLY) | BANNER CORPORATION (PARENT COMPANY ONLY) Summary financial information is as follows (in thousands): Statements of Financial Condition December 31 2020 2019 ASSETS Cash $ 131,594 $ 54,257 Investment in trust equities 4,444 4,444 Investment in subsidiaries 1,751,141 1,691,907 Other assets 2,852 19,471 Total assets $ 1,890,031 $ 1,770,079 LIABILITIES AND SHAREHOLDERS’ EQUITY Miscellaneous liabilities $ 2,170 $ 52,322 Deferred tax liability 6,422 4,419 Subordinated notes, net 98,201 — Junior subordinated debentures at fair value 116,974 119,304 Shareholders’ equity 1,666,264 1,594,034 Total liabilities and shareholders’ equity $ 1,890,031 $ 1,770,079 Statements of Operations Years Ended December 31 2020 2019 2018 INTEREST INCOME: Interest-bearing deposits $ 112 $ 98 $ 49 OTHER INCOME (EXPENSE): Dividend income from subsidiaries 87,748 119,333 72,604 Equity in undistributed income of subsidiaries 36,401 35,134 72,419 Other income 62 33 56 Interest on other borrowings (7,204) (6,574) (6,136) Other expenses (3,530) (4,045) (4,761) Net income before taxes 113,589 143,979 134,231 BENEFIT FROM INCOME TAXES (2,339) (2,299) (2,284) NET INCOME $ 115,928 $ 146,278 $ 136,515 Statements of Cash Flows Years Ended December 31 2020 2019 2018 OPERATING ACTIVITIES: Net income $ 115,928 $ 146,278 $ 136,515 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiaries (36,401) (35,134) (72,419) Decrease in deferred taxes 1,438 6,969 150 Share-based compensation 9,168 7,142 6,554 Net change in other assets 16,756 2,594 (19,268) Net change in other liabilities (235) (120) 201 Net cash provided from operating activities 106,654 127,729 51,733 INVESTING ACTIVITIES: Funds transferred to deferred compensation trust (38) (32) (27) Reduction in investment in subsidiaries — — 37,000 Acquisitions — 442 (329) Net cash (used by) provided from investing activities (38) 410 36,644 FINANCING ACTIVITIES: Net proceeds from issuance of subordinated notes 98,027 — — Withholding taxes paid on share-based compensation (1,453) (1,915) (1,554) Repurchase of common stock (31,775) (53,922) (34,401) Cash dividends paid (94,078) (56,074) (59,280) Net cash used by financing activities (29,279) (111,911) (95,235) NET CHANGE IN CASH 77,337 16,228 (6,858) CASH, BEGINNING OF PERIOD 54,257 38,029 44,887 CASH, END OF PERIOD $ 131,594 $ 54,257 $ 38,029 |
STOCK REPURCHASES
STOCK REPURCHASES | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
STOCK REPURCHASE | STOCK REPURCHASES On March 28, 2018 the Company announced that its Board of Directors had authorized the repurchase up to 5% of the Company’s common stock, or 1,621,549 of the Company’s outstanding shares. Under the authorization, shares could be repurchased by the Company in open market purchases. During the year ended December 31, 2018, the Company repurchased 594,711 common shares at an average price of $57.82 per share. Of the total shares repurchased, 269,711 shares were repurchased prior to March 28, 2018 and were therefore accounted for under the 2017 authorization. The remaining 325,000 shares were repurchased subsequent to March 28, 2018 and are accounted for under the 2018 authorization. In addition to the shares repurchased under the authorization, there were 27,653 shares surrendered during 2018 by employees to satisfy tax withholding obligations upon vesting of restricted stock grants. On March 27, 2019, the Company announced that its Board of Directors had authorized the repurchase up to 5% of the Company's common stock, or 1,757,637 of the Company's outstanding shares. Under the authorization, shares may be repurchased by the Company in open market purchases. During the year ended December 31, 2019, the Company repurchased 1,000,000 common shares at an average price of $53.90 per share. All repurchases of shares in 2019 occurred subsequent to March 27, 2019 and are accounted for under the 2019 authorization leaving 757,637 shares available for future repurchase. In addition to the shares repurchased under the 2019 authorization, there were 33,777 shares surrendered during 2019 by employees to satisfy tax withholding obligations upon vesting of restricted stock. There were 624,780 shares repurchased in the first quarter of 2020 under the 2019 authorization at an average price of $50.84 per share. This authorization expired in March 2020. On December 21, 2020, the Company announced that its Board of Directors had authorized the repurchase of up to 1,757,781 of the Company’s common stock (which was equivalent to 5% of the Company’s common stock). Under the authorization, shares may be repurchased by the Company in open market purchases. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations. During the year ended December 31, 2020 no shares were repurchased under the 2020 authorization. Additionally, there were 41,507 shares surrendered during 2020 by employees to satisfy tax withholding obligations upon vesting of restricted stock and settlement of restricted stock units. |
CALCULATION OF EARNINGS PER COM
CALCULATION OF EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
CALCULATION OF EARNINGS PER COMMON SHARE | CALCULATION OF EARNINGS PER COMMON SHARE The following tables show the calculation of earnings per common share (in thousands, except per share data): Years Ended December 31 2020 2019 2018 Net income $ 115,928 $ 146,278 $ 136,515 Weighted average number of common shares outstanding Basic 35,264,252 34,868,434 32,784,724 Diluted 35,528,848 34,967,684 32,894,425 Earnings per common share Basic $ 3.29 $ 4.20 $ 4.16 Diluted $ 3.26 $ 4.18 $ 4.15 At December 31, 2020, 2019 and 2018 there were 578,136, 367,230, and 315,301, respectively, of issued but unvested restricted stock shares and units that were included in the computation of diluted earnings per share. |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Results of operations on a quarterly basis for the years ended December 31, 2020, 2019 and 2018 were as follows (dollars in thousands except for per share data): Year Ended December 31, 2020 First Second Third Fourth Interest income $ 131,665 $ 128,747 $ 129,581 $ 129,153 Interest expense 12,407 9,167 8,555 7,716 Net interest income before provision for loan losses 119,258 119,580 121,026 121,437 Provision (recapture) for credit losses 21,748 29,528 13,641 (601) Net interest income 97,510 90,052 107,385 122,038 Non-interest income 19,165 27,720 28,222 23,509 Non-interest expense 95,185 89,637 91,567 96,759 Income before provision for income taxes 21,490 28,135 44,040 48,788 Provision for income taxes 4,608 4,594 7,492 9,831 Net income $ 16,882 $ 23,541 $ 36,548 $ 38,957 Basic earnings per share $ 0.48 $ 0.67 $ 1.04 $ 1.11 Diluted earnings per share 0.47 0.67 1.03 1.10 Dividends declared 0.41 — 0.41 0.41 Year Ended December 31, 2019 First Second Third Fourth Interest income $ 130,000 $ 130,840 $ 131,438 $ 133,409 Interest expense 13,892 14,143 14,815 13,918 Net interest income before provision for loan losses 116,108 116,697 116,623 119,491 Provision for loan losses 2,000 2,000 2,000 4,000 Net interest income 114,108 114,697 114,623 115,491 Non-interest income 18,121 22,674 20,864 20,282 Non-interest expense 90,014 86,716 87,308 93,690 Income before provision for income taxes 42,215 50,655 48,179 42,083 Provision for income taxes 8,869 10,955 8,602 8,428 Net income $ 33,346 $ 39,700 $ 39,577 $ 33,655 Basic earnings per share $ 0.95 $ 1.14 $ 1.15 $ 0.96 Diluted earnings per share 0.95 1.14 1.15 0.95 Dividends declared 0.41 0.41 0.41 1.41 Year Ended December 31, 2018 First Second Third Fourth Interest income $ 104,820 $ 112,423 $ 117,660 $ 128,744 Interest expense 5,447 7,360 8,570 11,282 Net interest income before provision for loan losses 99,373 105,063 109,090 117,462 Provision for loan losses 2,000 2,000 2,000 2,500 Net interest income 97,373 103,063 107,090 114,962 Non-interest income 21,362 21,217 20,399 21,015 Non-interest expense 81,706 82,637 81,632 95,396 Income before provision for income taxes 37,029 41,643 45,857 40,581 Provision for income taxes 8,239 9,219 8,084 3,053 Net income $ 28,790 $ 32,424 $ 37,773 $ 37,528 Basic earnings per share $ 0.89 $ 1.01 $ 1.17 $ 1.10 Diluted earnings per share 0.89 1.00 1.17 1.09 Dividends declared 0.35 0.85 0.38 0.38 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Financial Instruments with Off-Balance Sheet Risk —The Company has financial instruments with off-balance-sheet risk generated in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit, commitments related to standby letters of credit, commitments to originate loans, commitments to sell loans, and commitments to buy or sell securities. These instruments involve, to varying degrees, elements of credit and interest rate risk similar to the risk involved in on-balance sheet items recognized in our Consolidated Statements of Financial Condition. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument from commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as for on-balance sheet instruments. Outstanding commitments for which no asset or liability for the notional amount has been recorded consisted of the following at the dates indicated (in thousands): Contract or Notional Amount December 31, 2020 December 31, 2019 Commitments to extend credit $ 3,207,072 $ 3,051,681 Standby letters of credit and financial guarantees 18,415 14,298 Commitments to originate loans 101,426 39,676 Risk participation agreement 40,949 41,022 Derivatives also included in Note 23: Commitments to originate loans held for sale 169,653 66,196 Commitments to sell loans secured by one- to four-family residential properties 79,414 70,895 Commitments to sell securities related to mortgage banking activities 204,000 239,320 In addition to the commitments disclosed in the table above, the Company is committed to funding its unfunded tax credit investments (see Note 12, Income Taxes). During 2019, the Company entered into an agreement to invest $10.0 million in a limited partnership. At December 31, 2020, the Company had funded $2.8 million of the commitment, with $7.2 million of the commitment remaining to be funded, compared to $467,000 of the commitment funded, with $9.5 million to be funded at December 31, 2019. Commitments to extend credit are agreements to lend to a client, as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of the commitments may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. Each client’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the client. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income producing commercial properties. The Company’s allowance for credit losses - unfunded loan commitments was $13.3 million and $2.7 million, at December 31, 2020 and 2019, respectively. Standby letters of credit are conditional commitments issued to guarantee a client’s performance or payment to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to clients. Under a risk participation agreement, Banner Bank guarantees the financial performance of a borrower on the participated portion of an interest rate swap on a loan. Interest rates on residential one- to four-family mortgage loan applications are typically rate locked (committed) to clients during the application stage for periods ranging from 30 to 60 days, the most typical period being 45 days. Traditionally, these loan applications with rate lock commitments had the pricing for the sale of these loans locked with various qualified investors under a best-efforts delivery program at or near the time the interest rate is locked with the client. The Banner Bank then attempts to deliver these loans before their rate locks expired. This arrangement generally required delivery of the loans prior to the expiration of the rate lock. Delays in funding the loans would require a lock extension. The cost of a lock extension at times was borne by the client and at times by the Banner Bank. These lock extension costs have not had a material impact to our operations. For mandatory delivery commitments the Company enters into forward commitments at specific prices and settlement dates to deliver either: (1) residential mortgage loans for purchase by secondary market investors (i.e., Freddie Mac or Fannie Mae), or (2) mortgage-backed securities to broker/dealers. The purpose of these forward commitments is to offset the movement in interest rates between the execution of its residential mortgage rate lock commitments with borrowers and the sale of those loans to the secondary market investor. There were no counterparty default losses on forward contracts during 2020 or 2019. Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Company limits its exposure to market risk by monitoring differences between commitments to clients and forward contracts with market investors and securities broker/dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the transaction is completed by either paying or receiving a fee to or from the investor or broker/dealer equal to the increase or decrease in the market value of the forward contract. Changes in the value of rate lock commitments are recorded as assets and liabilities as explained in Note 1: “Derivative Instruments.” In the normal course of business, the Company and/or its subsidiaries have various legal proceedings and other contingent matters outstanding. These proceedings and the associated legal claims are often contested and the outcome of individual matters is not always predictable. These claims and counter-claims typically arise during the course of collection efforts on problem loans or with respect to action to enforce liens on properties in which the Banks hold a security interest. Based upon the information known to management at this time, the Company and the Banks are not a party to any legal proceedings that management believes would have a material adverse effect on the results of operations or consolidated financial position at December 31, 2020. In connection with certain asset sales, the Banks typically make representations and warranties about the underlying assets conforming to specified guidelines. If the underlying assets do not conform to the specifications, the Banks may have an obligation to repurchase the assets or indemnify the purchaser against any loss. The Banks believe that the potential for material loss under these arrangements is remote. Accordingly, the fair value of such obligations is not material. |
DERIVATIVES AND HEDGING DERIVAT
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING | DERIVATIVES AND HEDGING The Company, through its Banner Bank subsidiary, is party to various derivative instruments that are used for asset and liability management and client financing needs. Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require no net investment and allow for the net settlement of positions. The notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. The underlying variable represents a specified interest rate, index, or other component. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the market value of the derivative contract. The Company obtains dealer quotations to value its derivative contracts. The Company’s predominant derivative and hedging activities involve interest rate swaps related to certain term loans and forward sales contracts associated with mortgage banking activities. Generally, these instruments help the Company manage exposure to market risk and meet client financing needs. Market risk represents the possibility that economic value or net interest income will be adversely affected by fluctuations in external factors such as market-driven interest rates and prices or other economic factors. Derivatives Designated in Hedge Relationships The Company’s fixed-rate loans result in exposure to losses in value or net interest income as interest rates change. The risk management objective for hedging fixed-rate loans is to effectively convert the fixed-rate received to a floating rate. The Company has hedged exposure to changes in the fair value of certain fixed-rate loans through the use of interest rate swaps. For a qualifying fair value hedge, changes in the value of the derivatives are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. Under a prior program, clients received fixed interest rate commercial loans and Banner Bank subsequently hedged that fixed-rate loan by entering into an interest rate swap with a dealer counterparty. Banner Bank receives fixed-rate payments from the clients on the loans and makes similar fixed-rate payments to the dealer counterparty on the swaps in exchange for variable-rate payments based on the one-month LIBOR index. Some of these interest rate swaps are designated as fair value hedges. Through application of the “short cut method of accounting,” there is an assumption that the hedges are effective. Banner Bank discontinued originating interest rate swaps under this program in 2008. As of December 31, 2020 and December 31, 2019, the notional values or contractual amounts and fair values of the Company’s derivatives designated in hedge relationships were as follows (in thousands): Asset Derivatives Liability Derivatives December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Notional/ Fair Value (1) Notional/ Fair Value (1) Notional/ Fair Value (2) Notional/ Fair Value (2) Interest rate swaps $ 338 $ 9 $ 3,567 $ 220 $ 338 $ 9 $ 3,567 $ 220 (1) Included in Loans Receivable on the Consolidated Statements of Financial Condition. (2) Included in Other Liabilities on the Consolidated Statements of Financial Condition. Derivatives Not Designated in Hedge Relationships Interest Rate Swaps: Banner Bank uses an interest rate swap program for commercial loan clients, that provides the client with a variable-rate loan and enters into an interest rate swap in which the client receives a variable-rate payment in exchange for a fixed-rate payment. The Bank offsets its risk exposure by entering into an offsetting interest rate swap with a dealer counterparty for the same notional amount and length of term as the client interest rate swap providing the dealer counterparty with a fixed-rate payment in exchange for a variable-rate payment. These swaps do not qualify as designated hedges; therefore, each swap is accounted for as a free standing derivative. Mortgage Banking: The Company sells originated one- to four-family and multifamily mortgage loans into the secondary mortgage loan markets. During the period of loan origination and prior to the sale of the loans in the secondary market, the Company has exposure to movements in interest rates associated with written interest rate lock commitments with potential borrowers to originate one- to four-family loans that are intended to be sold and for closed one- to four-family and multifamily mortgage loans held for sale for which fair value accounting has been elected, that are awaiting sale and delivery into the secondary market. The Company economically hedges the risk of changing interest rates associated with these mortgage loan commitments by entering into forward sales contracts to sell one- to four-family and multifamily mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates. As of December 31, 2020 and December 31, 2019, the notional values or contractual amounts and fair values of the Company’s derivatives not designated in hedge relationships were as follows (in thousands): Asset Derivatives Liability Derivatives December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Notional/ Fair Value (1) Notional/ Fair Value (1) Notional/ Fair Value (2) Notional/ Fair Value (2) Interest rate swaps $ 451,760 $ 39,057 $ 371,957 $ 14,982 $ 451,760 $ 22,327 $ 371,957 $ 10,746 Mortgage loan commitments 140,390 5,221 50,755 791 72,511 199 65,855 190 Forward sales contracts 79,414 420 70,895 317 204,000 1,556 239,320 484 $ 671,564 $ 44,698 $ 493,607 $ 16,090 $ 728,271 $ 24,082 $ 677,132 $ 11,420 (1) Included in Other assets on the Consolidated Statements of Financial Condition, with the exception of certain interest swaps and mortgage loan commitments (with a fair value of $231,000 at December 31, 2020 and $347,000 at December 31, 2019), which are included in Loans Receivable. (2) Included in Other Liabilities on the Consolidated Statements of Financial Condition. Gains (losses) recognized in income on non-designated hedging instruments for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): For the Years Ended December 31 Location on Income Statement 2020 2019 2018 Mortgage loan commitments Mortgage banking operations $ 4,430 $ 518 $ 47 Forward sales contracts Mortgage banking operations (1,334) (693) (775) $ 3,096 $ (175) $ (728) The Company is exposed to credit-related losses in the event of nonperformance by the counterparty to these agreements. Credit risk of the financial contract is controlled through the credit approval, limits, and monitoring procedures and management does not expect the counterparties to fail their obligations. In connection with the interest rate swaps between Banner Bank and the dealer counterparties, the agreements contain a provision where if Banner Bank fails to maintain its status as a well/adequately capitalized institution, then the counterparty could terminate the derivative positions and Banner Bank would be required to settle its obligations. Similarly, Banner Bank could be required to settle its obligations under certain of its agreements if specific regulatory events occur, such as a publicly issued prompt corrective action directive, cease and desist order, or a capital maintenance agreement that required Banner Bank to maintain a specific capital level. If Banner Bank had breached any of these provisions at December 31, 2020 or December 31, 2019, it could have been required to settle its obligations under the agreements at the termination value. As of December 31, 2020 and 2019, the termination value of derivatives in a net liability position related to these agreements was $48.6 million and $15.2 million, respectively. The Company generally posts collateral against derivative liabilities in the form of cash, government agency-issued bonds, mortgage-backed securities, or commercial mortgage-backed securities. Collateral posted against derivative liabilities was $47.1 million and $28.1 million as of December 31, 2020 and 2019, respectively. Derivative assets and liabilities are recorded at fair value on the balance sheet. Master netting agreements allow the Company to settle all derivative contracts held with a single counterparty on a net basis and to offset net derivative positions with related collateral where applicable. In addition, some of interest rate swap derivatives between Banner Bank and the dealer counterparties are cleared through central clearing houses. These clearing houses characterize the variation margin payments as settlements of the derivative’s market exposure and not as collateral. The variation margin is treated as an adjustment to our cash collateral, as well as a corresponding adjustment to our derivative liability. As of December 31, 2020 and December 31, 2019, the variation margin adjustment was a negative adjustment of $16.9 million and $4.3 million, respectively. The following presents additional information related to the Company’s derivative contracts, by type of financial instrument, as of December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition Gross Amounts Recognized Amounts offset in the Statement Net Amounts Derivative Amount Fair Value Net Amount Derivative assets Interest rate swaps $ 39,066 $ — $ 39,066 $ — $ — $ 39,066 $ 39,066 $ — $ 39,066 $ — $ — $ 39,066 Derivative liabilities Interest rate swaps $ 39,204 $ (16,868) $ 22,336 $ — $ (22,220) $ 116 $ 39,204 $ (16,868) $ 22,336 $ — $ (22,220) $ 116 December 31, 2019 Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition Gross Amounts Recognized Amounts offset in the Statement Net Amounts Derivative Amount Fair Value Net Amount Derivative assets Interest rate swaps $ 15,242 $ (40) $ 15,202 $ — $ — $ 15,202 $ 15,242 $ (40) $ 15,202 $ — $ — $ 15,202 Derivative liabilities Interest rate swaps $ 15,242 $ (4,276) $ 10,966 $ — $ (15,209) $ (4,243) $ 15,242 $ (4,276) $ 10,966 $ — $ (15,209) $ (4,243) |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE FROM CONTRACTS WITH CLIENTS Disaggregation of Revenue: Deposit fees and other service charges for the years ended December 31, 2020, 2019 and 2018 are summarized as follows (in thousands): Years Ended 2020 2019 2018 Deposit service charges 16,428 19,236 18,089 Debit and credit interchange fees 20,052 27,752 31,713 Debit and credit card expense (9,098) (8,527) (8,511) Merchant services income 12,554 13,111 10,226 Merchant services expenses (10,042) (10,512) (7,767) Other service charges 4,490 5,572 4,324 Total deposit fees and other service charges 34,384 46,632 48,074 Deposit fees and other service charges Deposit fees and other service charges include transaction and non-transaction based deposit fees. Transaction based fees on deposit accounts are charged to deposit clients for specific services provided to the client. These fees include such items as wire fees, official check fees, and overdraft fees. These are contract specific to each individual transaction and do not extend beyond the individual transaction. The performance obligation is completed and the fees are recognized at the time the specific transactional service is provided to the client. Non-transactional deposit fees are typically monthly account maintenance fees charged on deposit accounts. These are day-to-day contracts that can be canceled by either party without notice. The performance obligation is satisfied and the fees are recognized on a monthly basis after the service period is completed. Debit and credit card interchange income and expenses Debit and credit card interchange income represent fees earned when a credit or debit card issued by the Banks is used to purchase goods or services at a merchant. The merchant’s bank pays the Banks a default interchange rate set by MasterCard on a transaction by transaction basis. The merchant acquiring bank can stop accepting the Banks’ cards at any time and the Banks can stop further use of cards issued by them at any time. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the Banks cardholders’ card. Direct expenses associated with the credit and debit card are recorded as a net reduction against the interchange income. Merchant services income Merchant services income represents fees earned by the Banks for card payment services provided to its merchant clients. The Banks have a contract with a third party to provide card payment services to the Banks’ merchants that contract for those services. The third party provider has contracts with the Banks’ merchants to provide the card payment services. The Banks do not have a direct contractual relationship with its merchants for these services. The Banks set the rates for the services provided by the third party. The third party provider passes the payments made by the Banks’ merchants through to the Banks. The Banks, in turn, pay the third party provider for the services it provides to the Banks’ merchants. These payments to the third party provider are recorded as expenses as a net reduction against fee income. In addition, a portion of the payment received by the Banks represents interchange fees which are passed through to the card issuing bank. Income is primarily earned based on the dollar volume and number of transactions processed. The performance obligation is satisfied and the related fee is earned when each payment is accepted by the processing network. |
LEASES (Notes)
LEASES (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company leases 103 buildings and offices under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. Lease Position The table below presents the lease right-of-use assets and lease liabilities recorded on the balance sheet at December 31, 2020 and December 31, 2019 (dollars in thousands): Classification on the Balance Sheet December 31, 2020 December 31, 2019 Assets Operating right-of-use lease assets Other assets $ 55,367 $ 61,766 Liabilities Operating lease liabilities Accrued expenses and other liabilities $ 59,343 $ 65,818 Weighted-average remaining lease term Operating leases 5.8 years 6.2 years Weighted-average discount rate Operating leases 3.3 % 3.7 % Lease Costs The table below presents certain information related to the lease costs for operating leases for the year ended December 31, 2020 and December 31, 2019 (in thousands): Year Ended 2020 2019 Operating lease cost (1) $ 17,337 $ 15,388 Short-term lease cost (1) 97 327 Variable lease cost (1) 2,778 2,396 Less sublease income (1) (946) (925) Total lease cost $ 19,266 $ 17,186 (1) Lease expenses and sublease income are classified within occupancy and equipment expense on the Consolidated Statements of Operations. Rental expense was $17.2 million for the year ended December 31, 2018. Supplemental Cash Flow Information Operating cash flows paid for operating lease amounts included in the measurement of lease liabilities were $17.1 million for the year ended December 31, 2020 and $15.4 million for the year ended December 31, 2019. The Company recorded $9.2 million of right-of-use lease assets in exchange for operating lease liabilities for the year ended December 31, 2020 and $78.8 million for the year ended December 31, 2019 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years beginning with 2021 and the total of the remaining years to the operating lease liabilities recorded on the Consolidated Statements of Financial Position (in thousands): Operating Leases 2021 $ 16,020 2022 13,058 2023 10,093 2024 8,068 2025 5,905 Thereafter 12,217 Total minimum lease payments 65,361 Less: amount of lease payments representing interest (6,018) Lease obligations $ 59,343 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020subsidiary | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany transactions, profits and balances have been eliminated. The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and under the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). At December 31, 2020, the Company had ten wholly-owned subsidiary grantor trusts (the Trusts), each of which issued trust preferred securities (TPS) and common securities. The Trusts are not included in the Company’s consolidated financial statements. |
Number of Wholly-owned Grantor Trusts | 10 |
Subsequent Events | Subsequent Events: The Company has evaluated events and transactions subsequent to December 31, 2020 for potential recognition or disclosure. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents: Cash and cash equivalents include cash and due from banks and temporary investments which are federal funds sold and interest bearing balances due from other banks. Cash and cash equivalents generally have maturities of three months or less at the date of purchase. |
Business Combinations | Business Combinations: Business combinations are accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed, both tangible and intangible, and consideration exchanged are recorded at acquisition date fair values. The excess purchase consideration over fair value of net assets acquired is recorded as goodwill. In the event that the fair value of net assets acquired exceeds the purchase price, including fair value of liabilities assumed, a bargain purchase gain is recorded on that acquisition. Expenses incurred in connection with a business combination are expensed as incurred, except for those items permitted to be capitalized. Changes in deferred tax asset valuation allowances related to acquired tax uncertainties are recognized in net income after the measurement period. A transaction between common controlled entities is not considered a business combination and the receiving entity records the net assets received in the transaction at their historical carrying amounts, as reflected in the parent’s financial statements. |
Use of Estimates | Use of Estimates: In the opinion of management, the accompanying Consolidated Statements of Financial Condition and related Consolidated Statements of Operations, Comprehensive Income, Changes in Shareholders’ Equity and Cash Flows reflect all adjustments (which include reclassification and normal recurring adjustments) that are necessary for a fair presentation in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of Banner’s consolidated financial statements. These policies relate to (i) the methodology for the recognition of interest income, (ii) determination of the provision and allowance for credit losses, (iii) the valuation of financial assets and liabilities measured at fair value, (iv) the valuation of intangible assets, such as goodwill, core deposit intangibles (CDI) and mortgage servicing rights, (v) the valuation of real estate held for sale, (vi) the valuation or recognition of deferred tax assets and liabilities and (vii) the valuation of assets and liabilities acquired in business combinations and subsequent recognition of related income and expense. These policies and judgments, estimates and assumptions are described in greater detail in subsequent Notes to the Consolidated Financial Statements. Management believes that the judgments, estimates and assumptions used in the preparation of the consolidated financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the consolidated financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company’s results of operations or financial condition. Further, subsequent changes in |
Securities | Securities: Debt securities are classified as held-to-maturity when the Company has the ability and positive intent to hold them to maturity. Debt securities classified as available-for-sale are available for future liquidity requirements and may be sold prior to maturity. Debt securities classified as trading are also available for future liquidity requirements and may be sold prior to maturity. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Debt securities classified as held-to-maturity are carried at cost, net of the allowance for credit losses- securities, adjusted for amortization of premiums to the earliest callable date and accretion of discounts to maturity. Debt securities classified as available-for-sale are measured at fair value. Unrealized holding gains and losses on debt securities classified as available-for-sale are excluded from earnings and are reported net of tax as accumulated other comprehensive income (AOCI), a component of shareholders’ equity, until realized. Debt securities classified as trading are also measured at fair value. Unrealized holding gains and losses on securities classified as trading are included in earnings. (See Note 17 for a more complete discussion of accounting for the fair value of financial instruments.) Realized gains and losses on sale are computed on the specific identification method and are included in earnings on the trade date sold. Equity securities are measured at fair value with changes in the fair value recognized through net income. Allowance for Credit Losses - Securities: Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. The Company’s held-to maturity portfolio contains mortgage-backed securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The Company’s held-to-maturity portfolio also contains municipal bonds that are typically rated by major rating agencies as Aa or better. The Company has never incurred a loss on a municipal bond, therefore the expectation of credit losses on these securities is insignificant. The Company uses industry historical credit loss information adjusted for current conditions to establish the allowance for credit losses on the municipal bond portfolio. Less than 2% of the Company’s held-to-maturity portfolio are community development bonds representing pools of one- to four-family loans. The expected credit losses on these bonds is similar to Banner’s one- to four-family residential loan portfolio. Therefore, the Company uses the one- to four-family residential loan portfolio loss rates to establish the allowance for credit losses on these bonds. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. Projected cash flows are discounted by the current effective interest rate. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to AOCI. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the non-collectability of an available-for-sale or held-to-maturity security is confirmed or when either of the criteria regarding intent of requirement to sell is met. |
Investment in FHLB Stock | Investment in FHLB Stock: At December 31, 2020, the Banks had $16.4 million in FHLB of Des Moines stock (FHLB stock), compared to $28.3 million at December 31, 2019. FHLB stock does not have a readily determinable fair value. The Banks’ investments in FHLB stock is carried at cost or par value ($100 per share) and evaluated for impairment based on the Banks' expectations of the ultimate recoverability of the stock's par value. Ownership of FHLB stock is restricted to the FHLB and member institutions and can only be purchased and redeemed at par, therefore there has been no observable changes in market prices. As members of the FHLB system, the Banks are required to maintain a minimum level of investment in FHLB stock based on specific percentages of their outstanding FHLB advances. Management periodically evaluates FHLB stock for impairment. Management’s determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the client base of the FHLB, and (4) the liquidity position of the FHLB. The Company has determined there is no impairment on the FHLB stock investment as of December 31, 2020 and 2019. |
Loans Receivable | Loans Receivable : The Banks originate residential one- to four-family and multifamily mortgage loans for both portfolio investment and sale in the secondary market. The Banks also originate construction and land development, commercial real estate, commercial business, agricultural and consumer loans for portfolio investment. Loans receivable not designated as held for sale are recorded at amortized cost, net of the allowance for credit losses. Amortized cost is the principal amount outstanding, net of deferred fees, discounts and |
Finance, Loan and Lease Receivables, Held-for-sale | Loans Held for Sale: Residential one- to four-family and multifamily mortgage loans originated with the intent to be sold in the secondary market are considered held for sale. Residential one- to four-family loans under best effort delivery commitments are carried at the lower of aggregate cost or estimated market value. Residential one- to four-family loans expected to be delivered under mandatory commitments are carried at fair value in order to match changes in the value of the loans with the value of the related economic hedges on the loans. Fair values for residential mortgage loans held for sale are determined by comparing actual loan rates to current secondary market prices for similar loans. The multifamily held for sale loans originated prior to April 1, 2020 are carried at fair value in order to match changes in the value of the loans with the value of the related economic hedges on the loans. Fair values for multifamily loans held for sale are calculated based on discounted cash flows using a discount rate that is a combination of market spreads for similar loan types added to selected index rates. The multifamily held for sale loans originated subsequent to March 31, 2020 are carried at the lower of cost or market. Net unrealized losses on loans held for sale that are carried at lower of cost or market are recognized through the valuation allowance by charges to income. Non-refundable fees and direct loan origination costs related to loans held for sale carried at the lower of cost or market are recognized as part of the cost basis of the loan. Gains and losses on sales of loans held for sale are determined using the aggregate method and are recorded in the mortgage banking operations component of non-interest income. For the years ended December 31, 2020 and 2019, we recorded net gains on loans sold of $51.9 million and $20.4 million, respectively. |
Acquired Loans Policy | Loans Acquired in Business Combinations : Loans acquired in business combinations are recorded at their fair value at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-deteriorated or purchased non-credit-deteriorated. Purchased credit-deteriorated (PCD) loans have experienced more than insignificant credit deterioration since origination. For PCD loans, an allowance for credit losses is determined at the acquisition date using the same measurement methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The loan’s fair value is grossed up for the allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan or fully amortized into interest income when the loan is paid off. Subsequent changes to the allowance for credit losses are recorded through a provision for credit losses. For purchased non-credit-deteriorated loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the life of the loan or fully amortized into interest income when the loan is paid off. While credit discounts are included in the determination of the fair value for non-credit-deteriorated loans, since these discounts are expected to be accreted over the life of the loans, they cannot be used to offset the allowance for credit losses that must be recorded at the acquisition date. As a result, an allowance for credit losses is determined at the acquisition date using the same methodology as other loans held for investment and is recognized as a provision for credit losses in the consolidated statement of operations. Any subsequent deterioration (improvement) in credit quality is recognized by recording (recapturing) a provision for credit losses. |
Income Recognition on Nonaccrual and Impaired Loans | Income Recognition on Nonaccrual Loans and Securities : Interest on loans and securities is accrued as earned unless management doubts the collectability of the asset or the unpaid interest. Interest accruals on loans are generally discontinued when loans become 90 days past due for payment of interest or principal and the loans are then placed on nonaccrual status. Loans are reported as past due when installment payments, interest payments, or maturity payments are past due based on contractual terms. All previously accrued but uncollected interest is written off by reversing interest income upon transfer to nonaccrual status. For any future payments collected, interest income is recognized only upon management’s assessment that there is a strong likelihood that the full amount of a loan will be repaid or recovered. A loan may be put on nonaccrual status sooner than this policy would dictate if, in management’s judgment, the interest may be uncollectable. While less common, similar interest reversal and nonaccrual treatment is applied to investment securities if their ultimate collectability becomes questionable. Loans modified due to the COVID-19 pandemic are considered current if they are less than 30 days past due on the contractual payments at the time the loan modification was put in place and therefore continue to accrue interest unless the interest is being waived. |
Provision and Allowance for Loan Losses | Provision and Allowance for Credit Losses - Loans : The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. The Banks have elected to exclude accrued interest receivable from the amortized cost basis in their estimate of the allowance for credit losses. The provision for credit losses reflects the amount required to maintain the allowance for credit losses at an appropriate level based upon management’s evaluation of the adequacy of collective and individual loss reserves. The Company has established systematic methodologies for the determination of the adequacy of the Company’s allowance for credit losses. The methodologies are set forth in a formal policy and take into consideration the need for a valuation allowance for loans evaluated on a collective (pool) basis which have similar risk characteristics as well as allowances that are tied to individual loans that do not share risk characteristics. The Company increases its allowance for credit losses by charging provisions for credit losses on its consolidated statement of operations. Losses related to specific assets are applied as a reduction of the carrying value of the assets and charged against the allowance for credit loss reserve when management believes the non-collectability of a loan balance is confirmed. Recoveries on previously charged off loans are credited to the allowance for credit losses. Management estimates the allowance for credit losses using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is maintained at a level sufficient to provide for expected credit losses over the life of the loan based on evaluating historical credit loss experience and making adjustments to historical loss information for differences in the specific risk characteristics in the current loan portfolio. These factors include, among others, changes in the size and composition of the loan portfolio, differences in underwriting standards, delinquency rates, actual loss experience and current economic conditions. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. In estimating the component of the allowance for credit losses for loans that share common risk characteristics, loans are pooled based on loan type and areas of risk concentration. For loans evaluated collectively, the allowance for credit losses is calculated using life of loan historical losses adjusted for economic forecasts and current conditions. For commercial real estate, multifamily real estate, construction and land, commercial business and agricultural loans with risk rating segmentation, historical credit loss assumptions are estimated using a model that categorizes loan pools based on loan type and risk rating. For one- to four- family residential loans, historical credit loss assumptions are estimated using a model that categorizes loan pools based on loan type and delinquency status. These models calculate an expected life-of-loan loss percentage for each loan category by calculating the probability of default, based on the migration of loans from performing to loss by risk rating or delinquency categories using historical life-of-loan analysis and the severity of loss, based on the aggregate net lifetime losses incurred for each loan pool. For commercial real estate, commercial business, and consumer loans without risk rating segmentation, historical credit loss assumptions are estimated using a model that calculates an expected life-of-loan loss percentage for each loan category by considering the historical cumulative losses based on the aggregate net lifetime losses incurred for each loan pool. The model captures historical loss data beginning with the first quarter of 2008. For loans evaluated collectively, management uses economic indicators to adjust the historical loss rates so that they better reflect management’s expectations of future conditions over the remaining lives of the loans in the portfolio based on reasonable and supportable forecasts. These economic indicators are selected based on correlation to the Company’s historical credit loss experience and are evaluated for each loan category. The economic indicators evaluated include unemployment, gross domestic product, real estate price indices and growth, yield curve spreads, treasury yields, the corporate yield, the market volatility index, the Dow Jones index, the consumer confidence index, and the prime rate. Management considers various economic scenarios and forecasts when evaluating the economic indicators and probability weights the various scenarios to arrive at the forecast that most reflects management’s expectations of future conditions. The allowance for credit losses is then adjusted for the period in which those forecasts are considered to be reasonable and supportable. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the adjustments discontinue to be applied so that the model reverts back to the historical loss rates using a straight line reversion method. Management selected an initial reasonable and supportable forecast period of 12 months with a reversion period of 12 months. Both the reasonable and supportable forecast period and the reversion period are periodically reviewed by management. Further, for loans evaluated collectively, management also considers qualitative and environmental factors for each loan category to adjust for differences between the historical periods used to calculate historical loss rates and expected conditions over the remaining lives of the loans in the portfolio. In determining the aggregate adjustment needed management considers the financial condition of the borrowers, the nature and volume of the loans, the remaining terms and the extent of prepayments on the loans, the volume and severity of past due and classified loans as well as the value of the underlying collateral on loans in which the collateral dependent practical expedient has not been used. Management also considers the Company’s lending policies, the quality of the Company’s credit review system, the quality of the Company’s management and lending staff, and the regulatory and economic environments in the areas in which the Company’s lending activities are concentrated. Loans that do not share risk characteristics with other loans in the portfolio that are individually evaluated for impairment are not included in the collective evaluation. Factors involved in determining whether a loan should be individually evaluated include, but are not limited to, the financial condition of the borrower and the value of the underlying collateral. Expected credit losses for loans evaluated individually are measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or when the Banks determine that foreclosure is probable, the expected credit loss is measured based on the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. As a practical expedient, the Banks measure the expected credit loss for a loan using the fair value of the collateral, if repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Banks’ assessment as of the reporting date. In both cases, if the fair value of the collateral is less than the amortized cost basis of the loan, the Banks will recognize an allowance as the difference between the fair value of the collateral, less costs to sell (if applicable), at the reporting date and the amortized cost basis of the loan. If the fair value of the collateral exceeds the amortized cost basis of the loan, any expected recovery added to the amortized cost basis will be limited to the amount previously charged-off. Subsequent changes in the expected credit losses for loans evaluated individually are included within the provision for credit losses in the same manner in which the expected credit loss initially was recognized or as a reduction in the provision that would otherwise be reported. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Banks. Some of the Banks’ loans are reported as troubled debt restructures (TDRs). Loans are reported as TDRs when the Banks grant a concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include forgiveness of principal or accrued interest, extending the maturity date(s) or providing a lower interest rate than would be normally available for a transaction of similar risk. The allowance for credit losses on a TDR is determined using the same method as all other loans held for investment, except when the value of the concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method the allowance for credit losses is determined by discounting the expected future cash flows at the effective interest rate of the loan. |
Loan Origination and Commitment Fees | Loan Origination and Commitment Fees: Loan origination fees, net of certain specifically defined direct loan origination costs, are deferred and recognized as an adjustment of the loans’ interest yield using the level-yield method over the contractual term of each loan adjusted for actual loan prepayment experience. Loan commitment fees are deferred until the expiration of the commitment period unless management believes there is a remote likelihood that the underlying commitment will be exercised, in which case the fees are amortized to fee income using the straight-line method over the commitment period. If a loan commitment is exercised, the deferred commitment fee is accounted for in the same manner as a loan origination fee. Deferred commitment fees associated with expired commitments are recognized as fee income. |
Reserve for Unfunded Commitments, Policy | Allowance for Credit Losses - unfunded loan commitments: An allowance for credit losses - unfunded loan commitments is maintained at a level that, in the opinion of management, is adequate to absorb expected credit losses associated with the contractual life of the Banks’ commitments to lend funds under existing agreements such as letters or lines of credit. The Banks use a methodology for determining the allowance for credit losses - unfunded loan commitments that applies the same segmentation and loss rate to each pool as the funded exposure adjusted for probability of funding. Draws on unfunded loan commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for credit losses on off-balance sheet exposures. Provisions for credit losses - unfunded loan commitments are recognized in non-interest expense and added to the allowance for credit losses - unfunded loan commitments, which is included in other liabilities in the consolidated statements of financial condition. |
Real Estate Held for Sale | Real Estate Owned, Held for Sale: Property acquired by foreclosure or deed in lieu of foreclosure is initially recorded at the estimated fair value of the property, less expected selling costs. Development and improvement costs relating to the property are capitalized while direct holding costs are expensed. The carrying value of the property is periodically evaluated by management and, if necessary, allowances are established to reduce the carrying value to net realizable value. Gains or losses at the time the property is sold are charged or credited to operations in the period in which they are realized. The amounts the Banks will ultimately recover from real estate held for sale may differ substantially from the carrying value of the assets because of market factors beyond the Banks’ control or because of changes in the Banks’ strategies for recovering the investment. Property is classified as held for sale when the Company commits to a plan to sell the property and is actively marketing the property for sale. Held for sale property is recorded at the lower of the estimated fair value of the property, less expected selling costs, or the book value at the date the property is transferred to held for sale. Depreciation is not recorded on held for sale property. |
Schedule of Property and Equipment Useful Lives | Depreciation is based upon the straight-line method applied to individual assets and groups of assets acquired in the same year over the lesser of their estimated useful lives or the related lease terms of the assets: Buildings and leased improvements 10–39 years Furniture and equipment 3 –10 years |
Property and Equipment | Property and Equipment: Property and equipment is carried at cost less accumulated depreciation. Depreciation is based upon the straight-line method applied to individual assets and groups of assets acquired in the same year over the lesser of their estimated useful lives or the related lease terms of the assets: Buildings and leased improvements 10–39 years Furniture and equipment 3 –10 years |
Lessee, Leases | Right of Use Lease Asset & Lease Liability: The Company leases retail space, office space, storage space, and equipment under operating leases. Most leases require the Company to pay real estate taxes, maintenance, insurance and other similar costs in addition to the base rent. Certain leases also contain lease incentives, such as tenant improvement allowances and rent abatement. Variable lease payments are recognized as lease expense as they are incurred. We record an operating lease right of use (ROU) asset and an operating lease liability (lease liability) for operating leases with a lease term greater than 12 months. The ROU asset and lease liability are recorded in other assets and other liabilities, respectively, in the consolidated statement of financial condition. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Accordingly, ROU assets are reduced by tenant improvement allowances from landlords plus any prepaid rent. We do not separate lease and non-lease components of contracts. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Many of our leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule, which are factored into our determination of lease payments when appropriate. |
Goodwill, Policy | Goodwill: |
Other Intangible Assets | Other Intangible Assets: Other intangible assets consist primarily of core deposit intangibles (CDI), which are amounts recorded in business combinations or deposit purchase transactions related to the value of transaction-related deposits and the value of the client relationships associated with the deposits. CDI is being amortized on an accelerated basis over a weighted average estimated useful life of three years to ten years. These assets are reviewed at least annually for events or circumstances that could impact their recoverability. These events could include loss of the underlying core deposits, increased competition or adverse changes in the economy. To the extent other identifiable intangible assets are deemed unrecoverable, impairment losses are recorded in other non-interest expense to reduce the carrying amount of the assets. |
Mortgage Servicing Rights | Mortgage Servicing Rights: Servicing assets are recognized as separate assets when rights are acquired through purchase or sale of loans. Generally, purchased servicing rights are capitalized at the cost to acquire the rights. For sales of mortgage loans, the fair value of the servicing right is estimated and capitalized. Fair values are estimated based on an independent dealer analysis of discounted cash flows. Capitalized servicing rights are reported in other assets and are amortized into mortgage banking operations in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics for the underlying loans, such as interest rate, balance outstanding, loan type, age and remaining term, and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. Servicing fee income is recorded for fees earned for servicing loans and is reflected in mortgage banking operations on the Consolidated Statements of Operations. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. |
Bank-Owned Life Insurance (BOLI) | Bank-Owned Life Insurance (BOLI): |
Derivative Instruments | Derivative Instruments: Derivatives include “off-balance-sheet” financial products, the value of which is dependent on the value of underlying financial assets, such as stock, bonds, foreign currency, or a reference rate or index. Such derivatives include “forwards,” “futures,” “options” or “swaps.” Banner Bank is a party to $338,000 (all of which is designated in a hedge relationship) in notional amounts of interest rate swaps at December 31, 2020. Some of these swaps serve as hedges to an equal amount of fixed rate loans which include market value prepayment penalties that mirror the provision of the specifically matched interest rate swaps. In addition, Banner Bank uses an interest rate swap program for commercial loan clients that provides the client with a variable rate loan and enters into an interest rate swap allowing them to effectively fix their loan interest rates. These client swaps are matched with third party swaps with qualified broker/dealer or banks to offset the risk. At December 31, 2020, Banner Bank had $451.8 million in notional amounts of these client interest rate swaps outstanding, with an equal amount of offsetting third party swaps also in place. The fair value adjustments for these swaps are reflected in other assets or other liabilities as appropriate. Further, as a part of its mortgage banking activities, the Company issues “rate lock” commitments to one- to four-family loan borrowers and obtains offsetting “best efforts” delivery commitments from purchasers of loans. The Company uses forward contracts for the sale of mortgage-backed securities and mandatory delivery commitments for the sale of loans to hedge one- to four-family loan “rate lock” commitments and one- to four-family loans held for sale. The commitments to originate mortgage loans held for sale and the related delivery contracts are considered derivatives. The Company recognizes all derivatives as either assets or liabilities in the balance sheet and requires |
Transfers of Financial Assets | Transfers of Financial Assets: Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Banks, (2) the transferee has the right to pledge or exchange the transferred assets, and (3) the Banks do not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Advertising Expenses | Advertising Expenses: Advertising costs are expensed as incurred. Costs related to production of advertising are considered incurred when the advertising is first used. |
Income Taxes | Income Taxes: The Company files a consolidated income tax return including all of its wholly-owned subsidiaries on a calendar year basis. Income taxes are accounted for using the asset and liability method. Under this method, a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company’s income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period of change. A valuation allowance is recognized as a reduction to deferred tax assets when management determines it is more likely than not that deferred tax assets will not be available to offset future income tax liabilities. Accounting standards for income taxes prescribe a recognition threshold and measurement process for financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return, and also provides guidance on the de-recognition of previously recorded benefits and their classification, as well as the proper recording of interest and penalties, accounting in interim periods, disclosures and transition. The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. |
Share-Based Compensation | Stock-Based Compensation: The Company maintains a number of stock-based incentive plans, which are discussed in more detail in Note 14, Stock-Based Compensation Plans. Under these plans, the Company compensates employees and directors with time-based restricted stock and restricted stock unit grants. Some restricted stock awards include performance-based and market-based goals that impact the number of shares that ultimately vest based on the level of goal achievement. The Company measures the cost of employee or director services received in exchange for an award of equity instruments based on the fair value of the award, which is the intrinsic value on the grant date. This cost is recognized as expense in the Consolidated Statements of Operations ratably over the vesting period of the award. Any tax benefit or deficiency is recorded as income tax benefit or expense in the period the shares vest. Excess tax benefits are classified along with other income tax cash flows as an operating activity. The Company issues restricted stock and restricted stock unit awards which vest over a one or three year period during which time the employee or director accrues or receives dividends and may have full voting rights depending on the terms of the grant. |
Earnings Per Share, Policy | Earnings Per Share: Earnings per common share is computed under the two-class method. Pursuant to the two-class method, non-vested stock-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Application of the two-class method resulted in the equivalent earnings per share to the treasury method. Basic earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. |
Comprehensive Income | Comprehensive Income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. In addition, certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and changes in fair value of junior subordinated debentures related to instrument specific credit risk, are reported as a separate component of the equity section of the Consolidated Statements of Financial Condition, and such items, along with net income, are components of comprehensive income which is reported in the Consolidated Statements of Comprehensive Income. |
Business Segments | Business Segments: The Company is managed by legal entity and not by lines of business. Each of the Banks is a community oriented commercial bank chartered in the State of Washington. The Banks’ primary business is that of a traditional banking institution, gathering deposits and originating loans for portfolio in its respective primary market areas. The Banks offer a wide variety of deposit products to their consumer and commercial clients. Lending activities include the origination of real estate, commercial/agriculture business and consumer loans. Banner Bank is also an active participant in the secondary market, originating residential loans for sale on both a servicing released and servicing retained basis. In addition to interest income on loans and investment securities, the Banks receive other income from deposit service charges, loan servicing fees and from the sale of loans and investments. The performance of the Banks is reviewed by the Company’s executive management and Board of Directors on a monthly basis. All of the executive officers of the Company are members of Banner Bank’s management team. Generally Accepted Accounting Principles establish standards to report information about operating segments in annual financial statements and require reporting of selected information about operating segments in interim reports to shareholders. The Company has determined that its current business and operations consist of a single business segment and a single reporting unit. |
Reclassification | Reclassification: Certain reclassifications have been made to the prior years’ consolidated financial statements and/or schedules to conform to the current year’s presentation. These reclassifications may have affected certain reported amounts and ratios for the prior periods. These reclassifications had no effect on retained earnings or net income as previously presented and the effect of these reclassifications is considered immaterial. |
BUSINESS COMBINATION AND BRAN_2
BUSINESS COMBINATION AND BRANCH DIVESTITURE (Tables) - AltaPacific Bank [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Acquisition Components [Line Items] | |
Business Combination Components [Table Text Block] | The following table presents a summary of the consideration paid and the estimated fair values as of the acquisition date for each major class of assets acquired and liabilities assumed (in thousands): AltaPacific November 1, 2019 Consideration to AltaPacific equity holders: Cash paid $ 2,360 Fair value of common shares issued 85,200 Total consideration 87,560 Fair value of assets acquired: Cash and cash equivalents 39,686 Securities 20,348 Federal Home Loan Bank stock 2,005 Loans receivable (contractual amount of $338.2 million) 332,355 Real estate owned held for sale 650 Property and equipment 3,809 Core deposit intangible 4,610 Bank-owned life insurance 11,890 Deferred tax asset 166 Other assets 10,150 Total assets acquired 425,669 Fair value of liabilities assumed: Deposits 313,374 Advances from FHLB 40,226 Junior subordinated debentures 5,814 Deferred compensation 4,508 Other liabilities 8,154 Total liabilities assumed 372,076 Net assets acquired 53,593 Goodwill $ 33,967 |
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Purchased-Credit-Impaired Loans | The following table presents the acquired AltaPacific purchased credit-impaired (PCI) loans as of the acquisition date (in thousands): AltaPacific November 1, 2019 Acquired PCI loans: Contractually required principal and interest payments $ 5,881 Nonaccretable difference (1,046) Cash flows expected to be collected 4,835 Accretable yield (683) Fair value of PCI loans $ 4,152 |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Securities | December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Trading: Corporate bonds $ 27,203 $ 25,636 Available-for-Sale: U.S. Government and agency obligations $ 90,468 $ 286 $ (1,156) $ 89,598 Municipal bonds 101,927 5,233 (3) 107,157 Corporate bonds 4,357 14 (6) 4,365 Mortgage-backed or related securities 1,324,999 20,325 (3,013) 1,342,311 Asset-backed securities 8,195 — (69) 8,126 $ 1,529,946 $ 25,858 $ (4,247) $ 1,551,557 Held-to-Maturity: U.S. Government and agency obligations $ 385 $ 4 $ — $ 389 Municipal bonds 177,208 3,733 (2,213) 178,728 Corporate bonds 3,353 — (11) 3,342 Mortgage-backed or related securities 55,148 921 (723) 55,346 $ 236,094 $ 4,658 $ (2,947) $ 237,805 |
Schedule of Securities with Continuous Loss Position | At December 31, 2020, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands): December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-Sale: U.S. Government and agency obligations $ 3,126 $ (8) $ 50,603 $ (927) $ 53,729 $ (935) Municipal bonds 495 (2) — — 495 (2) Corporate bonds 3,586 (79) — — 3,586 (79) Mortgage-backed or related securities 181,871 (1,046) 2,337 (14) 184,208 (1,060) Asset-backed securities — — 5,676 (63) 5,676 (63) $ 189,078 $ (1,135) $ 58,616 $ (1,004) $ 247,694 $ (2,139) At December 31, 2019, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands): December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-Sale: U.S. Government and agency obligations $ 2,747 $ (20) $ 60,979 $ (1,136) $ 63,726 $ (1,156) Municipal bonds 1,902 — 494 (3) 2,396 (3) Corporate bonds 594 (6) — — 594 (6) Mortgage-backed or related securities 300,852 (2,829) 33,360 (184) 334,212 (3,013) Asset-backed securities 1,204 (17) 5,989 (52) 7,193 (69) $ 307,299 $ (2,872) $ 100,822 $ (1,375) $ 408,121 $ (4,247) Held-to-Maturity: U.S. Government and agency obligations $ — $ — $ — $ — $ — $ — Municipal bonds 44,605 (1,889) 19,017 (324) 63,622 (2,213) Corporate bonds — — 489 (11) 489 (11) Mortgage-backed or related securities 11,117 (723) — — 11,117 (723) $ 55,722 $ (2,612) $ 19,506 $ (335) $ 75,228 $ (2,947) |
Schedule of Securities by Contractual Maturity Date | The amortized cost and estimated fair value of securities at December 31, 2020, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. December 31, 2020 Trading Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Maturing in one year or less $ — $ — $ 135,129 $ 135,161 $ 4,644 $ 4,704 Maturing after one year through five years — — 243,448 253,585 62,091 64,900 Maturing after five years through ten years — — 618,608 630,855 34,072 36,966 Maturing after ten years through twenty years 27,203 24,980 264,414 281,913 137,015 143,756 Maturing after twenty years — — 994,590 1,021,079 183,985 198,355 $ 27,203 $ 24,980 $ 2,256,189 $ 2,322,593 $ 421,807 $ 448,681 |
Schedule of Pledged Securities | The following table presents, as of December 31, 2020, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands): Carrying Value Amortized Cost Fair Value Purpose or beneficiary: State and local governments public deposits $ 184,837 $ 184,134 $ 198,351 Interest rate swap counterparties 28,729 27,846 28,935 Repurchase transaction accounts 207,586 200,195 207,586 Other 2,609 2,608 2,686 Total pledged securities $ 423,761 $ 414,783 $ 437,558 |
LOANS RECEIVABLE AND THE ALLO_2
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Impaired loans excluding purchased credit impaired loans [Table Text Block] | The following tables provide additional information on impaired loans, excluding PCI loans, with and without specific allowance reserves at December 31, 2019. Recorded investment includes the unpaid principal balance or the carrying amount of loans less charge-offs and net deferred loan fees (in thousands): December 31, 2019 Unpaid Principal Balance Recorded Investment Related Allowance Without Allowance (1) With Allowance (2) Commercial real estate: Owner-occupied $ 4,185 $ 3,816 $ 194 $ 18 Investment properties 3,536 1,883 690 40 Multifamily real estate 82 85 — — Multifamily construction 573 98 — — One- to four-family construction 1,799 1,799 — — Land and land development: Residential 676 340 — — Commercial business 25,117 4,614 19,330 4,128 Agricultural business/farmland 3,044 661 2,243 141 One- to four-family residential 7,290 5,613 1,648 41 Consumer: Consumer secured by one- to four-family 3,081 2,712 127 5 Consumer—other 222 159 52 1 $ 49,605 $ 21,780 $ 24,284 $ 4,374 (1) Includes loans without an allowance reserve that had been individually evaluated for impairment and that evaluation concluded that no reserve was needed, and $13.5 million of homogeneous and small balance loans, as of December 31, 2019, that were collectively evaluated for impairment for which a general reserve was established. (2) Loans with a specific allowance reserve were individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals less costs to sell to establish realizable value. |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following tables provide additional information on the allowance for loan losses and loan balances individually and collectively evaluated for impairment at or for the year ended December 31, 2019 (in thousands): For the Year Ended December 31, 2019 Commercial Multifamily Construction Commercial Business Agricultural Business One- to Four-Family Residential Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 27,132 $ 3,818 $ 24,442 $ 19,438 $ 3,778 $ 4,714 $ 7,972 $ 5,191 $ 96,485 Provision/(recapture) for loan losses 4,121 936 (1,611) 7,478 1,206 (1,053) 1,722 (2,799) 10,000 Recoveries 476 — 208 625 47 561 548 — 2,465 Charge-offs (1,138) — (45) (4,171) (911) (86) (2,040) — (8,391) Ending balance $ 30,591 $ 4,754 $ 22,994 $ 23,370 $ 4,120 $ 4,136 $ 8,202 $ 2,392 $ 100,559 December 31, 2019 Commercial Multifamily Construction Commercial Business Agricultural Business One- to Four-Family Residential Consumer Unallocated Total Allowance individually evaluated for impairment $ 58 $ — $ — $ 4,128 $ 141 $ 41 $ 6 $ — $ 4,374 Allowance collectively evaluated for impairment 30,533 4,754 22,994 19,224 3,919 4,095 8,196 2,392 96,107 Allowance for purchased credit-impaired loans — — — 18 60 — — — 78 Total allowance for loan losses $ 30,591 $ 4,754 $ 22,994 $ 23,370 $ 4,120 $ 4,136 $ 8,202 $ 2,392 $ 100,559 December 31, 2019 Commercial Multifamily Construction Commercial Business Agricultural Business One- to Four-Family Residential Consumer Unallocated Total Loan balances: Loans individually evaluated for impairment $ 4,738 $ — $ 1,467 $ 19,331 $ 2,243 $ 4,390 $ 235 $ — $ 32,404 Loans collectively evaluated for impairment 3,870,210 473,145 1,168,097 1,674,125 367,913 941,158 762,367 — 9,257,015 Purchased credit-impaired loans 14,923 7 — 368 393 74 173 — 15,938 Total loans $ 3,889,871 $ 473,152 $ 1,169,564 $ 1,693,824 $ 370,549 $ 945,622 $ 762,775 $ — $ 9,305,357 The following table provides additional information on the allowance for loan losses for the year ended December 31, 2018 (in thousands): For the Year Ended December 31, 2018 Commercial Multifamily Construction Commercial Business Agricultural Business One- to Four-Family Residential Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 22,824 $ 1,633 $ 27,568 $ 18,311 $ 4,053 $ 2,055 $ 3,866 $ 8,718 $ 89,028 Provision/(recapture) for loan losses 3,063 2,185 (2,860) 2,129 417 1,952 5,141 (3,527) 8,500 Recoveries 1,646 — 213 1,049 64 750 366 — 4,088 Charge-offs (401) — (479) (2,051) (756) (43) (1,401) — (5,131) Ending balance $ 27,132 $ 3,818 $ 24,442 $ 19,438 $ 3,778 $ 4,714 $ 7,972 $ 5,191 $ 96,485 |
Financing Receivable, Past Due [Table Text Block] | The following tables provide additional detail on the age analysis of Banner’s past due loans as of December 31, 2020 and 2019 (in thousands): December 31, 2020 30-59 Days 60-89 Days 90 Days or More Total Current Total Loans Non-accrual with no Allowance Total Non-accrual (1) Loans 90 Days or More Past Due and Accruing Commercial real estate: Owner-occupied $ — $ 182 $ 1,447 $ 1,629 $ 1,074,838 $ 1,076,467 $ 7,509 $ 8,429 $ — Investment properties — — 7,981 7,981 1,947,703 1,955,684 8,979 8,979 — Small Balance CRE — 45 790 835 573,014 573,849 567 791 — Multifamily real estate — — — — 428,223 428,223 — — — Construction, land and land development: Commercial construction — — 98 98 228,839 228,937 — 98 — Multifamily construction — — — — 305,527 305,527 — — — One- to four-family construction 356 — 331 687 507,123 507,810 — 331 — Land and land development — — 317 317 248,598 248,915 302 507 — Commercial business Commercial business 3,247 31 2,088 5,366 2,173,095 2,178,461 555 1,988 889 Small business scored 1,459 891 2,048 4,398 739,053 743,451 91 3,419 136 Agricultural business, including secured by farmland 298 37 1,548 1,883 298,066 299,949 1,412 1,743 — One- to four-family residential 4,620 955 4,053 9,628 708,311 717,939 171 3,556 1,899 Consumer: Consumer—home equity revolving lines of credit 459 439 1,847 2,745 489,067 491,812 — 2,697 130 Consumer—other 236 328 — 564 113,394 113,958 — 22 — Total $ 10,675 $ 2,908 $ 22,548 $ 36,131 $ 9,834,851 $ 9,870,982 $ 19,586 $ 32,560 $ 3,054 December 31, 2019 30–59 Days Past Due 60–89 Days Past Due 90 Days or More Past Due Total Past Due Purchased Credit-Impaired Current Total Loans Loans 90 Days or More Past Due and Accruing Non-accrual Commercial real estate: Owner-occupied $ 486 $ 1,246 $ 2,889 $ 4,621 $ 8,578 $ 1,567,451 $ 1,580,650 $ 89 $ 4,069 Investment properties — 260 1,883 2,143 6,345 2,300,733 2,309,221 — 1,883 Multifamily real estate 239 91 — 330 7 472,815 473,152 — 85 Commercial construction 1,397 — 98 1,495 — 209,173 210,668 — 98 Multifamily construction — — — — — 233,610 233,610 — — One- to four-family construction 3,212 — 1,799 5,011 — 539,297 544,308 332 1,467 Land and land development: Residential — — 340 340 — 154,348 154,688 — 340 Commercial — — — — — 26,290 26,290 — — Commercial business 2,343 1,583 3,412 7,338 368 1,686,118 1,693,824 401 23,015 Agricultural business/farmland 1,972 129 584 2,685 393 367,471 370,549 — 661 One- to four-family residential 3,777 1,088 2,876 7,741 74 937,807 945,622 877 3,410 Consumer: Consumer secured by one- to four-family 1,174 327 1,846 3,347 110 547,503 550,960 398 2,314 Consumer—other 350 161 — 511 63 211,241 211,815 — 159 Total $ 14,950 $ 4,885 $ 15,727 $ 35,562 $ 15,938 $ 9,253,857 $ 9,305,357 $ 2,097 $ 37,501 |
Schedule of Loans Receivable, Including Loans Held for Sale | December 31, 2020 and 2019 by class (dollars in thousands). The presentation of loans receivable at December 31, 2019 has been updated to conform to the loan portfolio segmentation that became effective on January 1, 2020. December 31, 2020 December 31, 2019 Amount Percent of Total Amount Percent of Total Commercial real estate: Owner-occupied $ 1,076,467 10.9 % $ 980,021 10.5 % Investment properties 1,955,684 19.8 2,024,988 21.8 Small balance CRE 573,849 5.8 613,484 6.6 Multifamily real estate 428,223 4.4 388,388 4.2 Construction, land and land development: Commercial construction 228,937 2.3 210,668 2.3 Multifamily construction 305,527 3.1 233,610 2.5 One- to four-family construction 507,810 5.1 544,308 5.8 Land and land development 248,915 2.5 245,530 2.6 Commercial business: Commercial business (1) 2,178,461 22.1 1,364,650 14.7 Small business scored 743,451 7.5 772,657 8.3 Agricultural business, including secured by farmland 299,949 3.0 337,271 3.6 One- to four-family residential 717,939 7.3 925,531 9.9 Consumer: Consumer—home equity revolving lines of credit 491,812 5.0 519,336 5.6 Consumer—other 113,958 1.2 144,915 1.6 Total loans 9,870,982 100.0 % 9,305,357 100.0 % Less allowance for credit losses - loans (167,279) (100,559) Net loans $ 9,703,703 $ 9,204,798 (1) Includes $1.04 billion of PPP loans as of December 31, 2020 and none as of December 31, 2019. The presentation of loans receivable at December 31, 2019 in the table below is based on loan segmentation as presented in the 2019 Form 10-K. December 31, 2019 Amount Percent of Total Commercial real estate: Owner-occupied $ 1,580,650 17.0 % Investment properties 2,309,221 24.8 Multifamily real estate 473,152 5.1 Commercial construction 210,668 2.3 Multifamily construction 233,610 2.5 One- to four-family construction 544,308 5.8 Land and land development: Residential 154,688 1.7 Commercial 26,290 0.3 Commercial business 1,693,824 18.2 Agricultural business, including secured by farmland 370,549 4.0 One- to four-family residential 945,622 10.2 Consumer: Consumer secured by one- to four-family 550,960 5.8 Consumer—other 211,815 2.3 Total loans 9,305,357 100.0 % Less allowance for loan losses (100,559) Net loans $ 9,204,798 |
Schedule of Purchased Credit-Impaired Loans, Changes in Accretable Yield | The following table presents the changes in the accretable yield for PCI loans for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Balance, beginning of period $ 5,216 Additions 683 Accretion to interest income (1,891) Reclassifications from non-accretable difference 510 Balance, end of period $ 4,518 |
Schedule of Impaired Loans With and Without Specific Reserves | The following tables provide additional information on impaired loans, excluding PCI loans, with and without specific allowance reserves at December 31, 2019. Recorded investment includes the unpaid principal balance or the carrying amount of loans less charge-offs and net deferred loan fees (in thousands): December 31, 2019 Unpaid Principal Balance Recorded Investment Related Allowance Without Allowance (1) With Allowance (2) Commercial real estate: Owner-occupied $ 4,185 $ 3,816 $ 194 $ 18 Investment properties 3,536 1,883 690 40 Multifamily real estate 82 85 — — Multifamily construction 573 98 — — One- to four-family construction 1,799 1,799 — — Land and land development: Residential 676 340 — — Commercial business 25,117 4,614 19,330 4,128 Agricultural business/farmland 3,044 661 2,243 141 One- to four-family residential 7,290 5,613 1,648 41 Consumer: Consumer secured by one- to four-family 3,081 2,712 127 5 Consumer—other 222 159 52 1 $ 49,605 $ 21,780 $ 24,284 $ 4,374 (1) Includes loans without an allowance reserve that had been individually evaluated for impairment and that evaluation concluded that no reserve was needed, and $13.5 million of homogeneous and small balance loans, as of December 31, 2019, that were collectively evaluated for impairment for which a general reserve was established. (2) Loans with a specific allowance reserve were individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals less costs to sell to establish realizable value. The following table summarizes our average recorded investment and interest income recognized on impaired loans by loan class for the years ended December 31, 2019 and 2018 (in thousands): Year Ended December 31, 2019 Year Ended December 31, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate: Owner-occupied $ 3,366 $ 7 $ 3,806 $ 11 Investment properties 3,982 119 7,822 314 Multifamily real estate 36 — — — Commercial construction 779 — 115 — One- to four-family construction 1,319 18 778 6 Land and land development: Residential 657 — 994 10 Commercial — — 4 — Commercial business 5,510 26 3,443 21 Agricultural business/farmland 3,975 105 5,501 102 One- to four-family residential 6,589 249 7,845 302 Consumer: Consumer secured by one- to four-family 2,694 22 1,583 17 Consumer—other 355 4 142 4 $ 29,262 $ 550 $ 32,033 $ 787 |
Schedule of Troubled Debt Restructurings | |
Schedule of Newly Restructured Loans | (dollars in thousands): Number of Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Year Ended December 31, 2020 Recorded Investment (1) (2) Commercial business 3 $ 5,532 $ 5,532 Agricultural business/farmland 1 $ 169 $ 169 Total 4 $ 5,701 $ 5,701 Year Ended December 31, 2019 Recorded Investment (1) (2) Commercial real estate: Investment properties 1 $ 1,090 $ 1,090 Commercial business 1 $ 160 $ 160 Agricultural business/farmland 1 $ 596 $ 596 Total 3 $ 1,846 $ 1,846 (1) Since most loans were already considered classified and/or on non-accrual status prior to restructuring, the modifications did not have a material effect on the Company’s determination of the allowance for credit losses. (2) Generally, these modifications do not fit into one separate type, such as rate, term, amount, interest-only or payment, but instead are a combination of multiple types of modifications; therefore, they are disclosed in aggregate. |
Schedule of Troubled Debt Restructurings Which Incurred A Payment Default | TDRs which incurred a payment default within the years ended December 31, 2020 and 2019 for which the payment default occurred within twelve months of the restructure date. A default on a restructured loan results in a transfer to nonaccrual status, a charge-off or a combination of both. |
Financing Receivable Credit Quality Indicators [Table Text Block] | : December 31, 2019 By class: Pass (Risk Ratings 1-5) (1) Special Mention Substandard Doubtful Loss Total Loans Commercial real estate: Owner-occupied $ 1,546,649 $ 4,198 $ 29,803 $ — $ — $ 1,580,650 Investment properties 2,288,785 2,193 18,243 — — 2,309,221 Multifamily real estate 472,856 — 296 — — 473,152 Commercial construction 198,986 — 11,682 — — 210,668 Multifamily construction 233,610 — — — — 233,610 One- to four-family construction 530,307 12,534 1,467 — — 544,308 Land and land development: Residential 154,348 — 340 — — 154,688 Commercial 26,256 — 34 — — 26,290 Commercial business 1,627,170 31,012 35,584 58 — 1,693,824 Agricultural business, including secured by farmland 352,408 10,840 7,301 — — 370,549 One- to four-family residential 940,424 409 4,789 — — 945,622 Consumer: Consumer secured by one- to four-family 547,388 — 3,572 — — 550,960 Consumer—other 211,475 3 337 — — 211,815 Total $ 9,130,662 $ 61,189 $ 113,448 $ 58 $ — $ 9,305,357 (1) The Pass category includes some performing loans that are part of homogeneous pools which are not individually risk-rated. This includes all consumer loans, all one- to four-family residential loans and, as of December 31, 2019, in the commercial business category, $764.6 million of credit-scored small business loans. As loans in these homogeneous pools become non-accrual, they are individually risk-rated. |
REAL ESTATE OWNED, HELD FOR S_2
REAL ESTATE OWNED, HELD FOR SALE, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Changes in Real Estate Owned, Net of Valuation Allowance | The following table presents the changes in REO, net of valuation allowance, for the years ended December 31, 2020, 2019 and 2018 (in thousands): Years Ended December 31 2020 2019 2018 Balance, beginning of period $ 814 $ 2,611 $ 360 Additions from loan foreclosures 1,588 109 641 Additions from acquisitions — 650 2,593 Proceeds from dispositions of REO (2,360) (2,588) (838) Gain on sale of REO 819 32 242 Valuation adjustments in the period (45) — (387) Balance, end of period $ 816 $ 814 $ 2,611 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Land, buildings and equipment owned by the Company and its subsidiaries at December 31, 2020 and 2019 are summarized as follows (in thousands): December 31 2020 2019 Land (1) $ 32,196 $ 34,841 Buildings and leasehold improvements (1) 153,934 169,272 Furniture and equipment 126,115 123,851 312,245 327,964 Less accumulated depreciation (147,689) (149,956) Property and equipment, net $ 164,556 $ 178,008 (1) The Company had $8.4 million and $1.5 million of properties held for sale that were included in land and buildings at December 31, 2020 and 2019, respectively. |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities | Deposits consist of the following at December 31, 2020 and 2019 (in thousands): December 31 2020 2019 Non-interest-bearing checking $ 5,492,924 $ 3,945,000 Interest-bearing checking 1,569,435 1,280,003 Regular savings accounts 2,398,482 1,934,041 Money market accounts 2,191,135 1,769,194 Total interest-bearing transaction and savings accounts 6,159,052 4,983,238 Certificates of deposit: Certificates of deposit less than or equal to $250,000 718,256 936,940 Certificates of deposit greater than $250,000 197,064 183,463 Total certificates of deposit (1) 915,320 1,120,403 Total deposits $ 12,567,296 $ 10,048,641 Included in total deposits: Public fund transaction accounts $ 302,875 $ 244,418 Public fund interest-bearing certificates 59,127 35,184 Total public deposits $ 362,002 $ 279,602 Total brokered deposits $ — $ 202,884 |
Schedule Maturities and Weighted Average Interest Rates of Certificates of Deposit | Scheduled maturities and weighted average interest rates of certificates of deposits at December 31, 2020 are as follows (dollars in thousands): December 31, 2020 Amount Weighted Maturing in one year or less $ 701,473 0.80 % Maturing after one year through two years 123,290 1.42 Maturing after two years through three years 65,094 0.95 Maturing after three years through four years 13,603 2.10 Maturing after four years through five years 9,852 1.04 Maturing after five years 2,008 1.01 Total certificates of deposit $ 915,320 0.92 % |
ADVANCES FROM FEDERAL HOME LO_2
ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of Federal Home Loan Bank Advances, Fiscal Year Maturity | At December 31, 2020 and 2019, FHLB advances were scheduled to mature as follows (in thousands): At or for the Years Ended December 31 2020 2019 Amount Weighted Average Rate Amount Weighted Average Rate Maturing in one year or less $ 100,000 2.51 % $ 300,000 1.84 % Maturing after one year through three years 50,000 2.72 150,000 2.58 Maturing after three years through five years — — — — Maturing after five years — — — — Total FHLB advances $ 150,000 2.58 % $ 450,000 2.09 % |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Other Borrowings, Maturity | A summary of all other borrowings at December 31, 2020 and 2019 by the period remaining to maturity is as follows (dollars in thousands): At or for the Years Ended December 31 2020 2019 Amount Weighted Amount Weighted Repurchase agreements: Maturing in one year or less $ 184,785 0.22 % $ 118,474 0.35 % Maturing after one year through two years — — — — Maturing after two years — — — — Total year-end outstanding $ 184,785 0.22 % $ 118,474 0.35 % Average outstanding $ 158,478 0.30 % $ 121,771 0.27 % Maximum outstanding at any month-end $ 189,937 n/a $ 124,415 n/a |
JUNIOR SUBORDINATED DEBENTURE_2
JUNIOR SUBORDINATED DEBENTURES AND MANDATORILY REDEEMABLE TRUST PREFERRED SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Trust Preferred Securities | The following table is a summary of trust preferred securities at December 31, 2020 (dollars in thousands): Name of Trust Aggregate Liquidation Amount of Trust Preferred Securities Aggregate Liquidation Amount of Common Capital Securities Aggregate Principal Amount of Junior Subordinated Debentures Stated Maturity (1) Current Interest Rate Reset Period Interest Rate Spread Banner Capital Trust II $ 15,000 $ 464 $ 15,464 2033 3.59 % Quarterly Three-month LIBOR + 3.35% Banner Capital Trust III 15,000 465 15,465 2033 3.14 Quarterly Three-month LIBOR +2.90% Banner Capital Trust IV 15,000 465 15,465 2034 3.09 Quarterly Three-month LIBOR +2.85% Banner Capital Trust V 25,000 774 25,774 2035 1.78 Quarterly Three-month LIBOR + 1.57% Banner Capital Trust VI 25,000 774 25,774 2037 1.85 Quarterly Three-month LIBOR + 1.62% Banner Capital Trust VII 25,000 774 25,774 2037 1.61 Quarterly Three-month LIBOR + 1.38% Siuslaw Statutory Trust I 8,000 248 8,248 2034 2.93 Quarterly Three-month LIBOR + 2.70% Greater Sacramento Bancorp Statutory Trust I 4,000 124 4,124 2033 3.59 Quarterly Three-month LIBOR + 3.35% Greater Sacramento Bancorp Statutory Trust II 4,000 124 4,124 2035 1.90 Quarterly Three-month LIBOR + 1.68% Mission Oaks Statutory Trust I 7,500 232 7,732 2036 1.87 Quarterly Three-month LIBOR + 1.65% Total TPS liability at par $ 143,500 $ 4,444 147,944 2.35 % Fair value adjustment (2) (30,970) Total TPS liability at fair value (2) $ 116,974 (1) All of the Company’s trust preferred securities are eligible for redemption. (2) The Company has elected to use fair value accounting on its TPS. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of the provision for income taxes included in the Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): Years Ended December 31 2020 2019 2018 Current Federal $ 30,325 $ 25,278 $ 21,869 State 6,964 2,494 4,130 Total Current 37,289 27,772 25,999 Deferred Federal (8,134) 7,738 2,021 State (2,630) 1,344 575 Total Deferred (10,764) 9,082 2,596 Provision for income taxes $ 26,525 $ 36,854 $ 28,595 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents the reconciliation of the federal statutory rate to the actual effective rate for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31 2020 2019 2018 Federal income tax statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in tax rate due to: Tax-exempt interest (4.4) (2.2) (2.0) Investment in life insurance (0.9) (0.5) (0.6) State income taxes, net of federal tax offset 2.5 2.0 2.3 Tax credits (2.6) (1.2) (0.8) Merger and acquisition costs — 0.1 0.1 Valuation reserve release — — (2.5) State audits and amended returns — (0.5) — Low income housing partnerships, net of amortization 1.6 0.7 0.4 Other 1.4 0.7 (0.6) Effective income tax rate 18.6 % 20.1 % 17.3 % |
Schedule of Net Deferred Tax Asset | The following table reflects the effect of temporary differences that gave rise to the components of the net deferred tax asset as of December 31, 2020 and 2019 (in thousands): December 31 2020 2019 Deferred tax assets: Loan loss and REO $ 43,158 $ 24,285 Deferred compensation 18,309 17,470 Net operating loss carryforward 26,126 32,093 Federal and state tax credits 7,517 7,517 State net operating losses 5,400 5,632 Loan discount 3,365 5,466 Lease liability 14,088 15,485 Other 9,177 2,556 Total deferred tax assets 127,140 110,504 Deferred tax liabilities: Depreciation (7,537) (5,373) Deferred loan fees, servicing rights and loan origination costs (11,646) (11,525) Intangibles (6,278) (7,756) Right of use asset (13,144) (14,531) Unrealized gain on securities - available-for-sale (21,662) (10,353) Financial instruments accounted for under fair value accounting (947) (1,143) Total deferred tax liabilities (61,214) (50,681) Deferred income tax asset 65,926 59,823 Valuation allowance (184) (184) Deferred tax asset, net $ 65,742 $ 59,639 |
Schedule of Affordable Housing Tax Credit Information | The following table presents the balances of the Company’s tax credit investments and related unfunded commitments at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Tax credit investments $ 33,528 $ 29,620 Unfunded commitments—tax credit investments 18,306 20,235 The following table presents other information related to the Company’s tax credit investments for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the years ended December 31, 2020 2019 2018 Tax credits and other tax benefits recognized $ 3,842 $ 1,916 $ 1,456 Tax credit amortization expense included in provision for income taxes 2,992 1,633 1,151 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company’s Restricted Stock/Unit award activity during the years ended December 31, 2020, 2019 and 2018 follows: Shares/Units Weighted Average Unvested at January 1, 2018 302,077 $ 48.97 Granted (159,541 non-voting) 161,598 55.04 Vested (103,363) 48.60 Forfeited (42,215) 47.05 Unvested at December 31, 2018 318,097 52.43 Granted (224,210 non-voting) 227,262 53.50 Vested (120,675) 50.23 Forfeited (41,812) 46.25 Unvested at December 31, 2019 382,872 54.39 Granted (380,004 non-voting) 384,807 33.49 Vested (146,919) 55.18 Forfeited (42,624) 47.90 Unvested at December 31, 2020 578,136 40.76 |
REGULATORY CAPITAL REQUIREMEN_2
REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of the Regulatory Capital Ratios and Minimum Regulatory Requirements | The following table shows the regulatory capital ratios of the Company and the Banks and the minimum regulatory requirements (dollars in thousands): Actual Minimum for Capital Adequacy Purposes Minimum to be Categorized as “Well-Capitalized” Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020: The Company—consolidated: Total capital to risk-weighted assets $ 1,608,387 14.73 % $ 873,472 8.00 % $ 1,091,840 10.00 % Tier 1 capital to risk-weighted assets 1,371,736 12.56 655,104 6.00 655,104 6.00 Tier 1 capital to average leverage assets 1,371,736 9.50 577,331 4.00 n/a n/a Tier 1 common equity to risk-weighted assets 1,228,236 11.25 491,328 4.50 n/a n/a Banner Bank: Total capital to risk- weighted assets 1,438,012 13.39 859,260 8.00 1,074,075 10.00 Tier 1 capital to risk- weighted assets 1,303,590 12.14 644,445 6.00 859,260 8.00 Tier 1 capital to average leverage assets 1,303,590 9.22 565,620 4.00 707,025 5.00 Tier 1 common equity to risk-weighted assets 1,303,590 12.14 483,334 4.50 698,149 6.50 Islanders Bank: Total capital to risk- weighted assets 29,333 15.65 14,997 8.00 18,747 10.00 Tier 1 capital to risk- weighted assets 26,983 14.39 11,248 6.00 14,997 8.00 Tier 1 capital to average leverage assets 26,983 7.87 13,720 4.00 17,150 5.00 Tier 1 common equity to risk-weighted assets 26,983 14.39 8,436 4.50 12,185 6.50 December 31, 2019: The Company—consolidated: Total capital to risk-weighted assets $ 1,386,483 12.93 % $ 857,546 8.00 % $ 1,071,933 10.00 % Tier 1 capital to risk-weighted assets 1,283,208 11.97 643,160 6.00 643,160 6.00 Tier 1 capital to average leverage assets 1,283,208 10.71 479,458 4.00 n/a n/a Tier 1 common equity to risk-weighted assets 1,139,708 10.63 482,370 4.50 n/a n/a Banner Bank: Total capital to risk- weighted assets 1,321,580 12.55 842,219 8.00 1,052,773 10.00 Tier 1 capital to risk- weighted assets 1,220,811 11.60 631,664 6.00 842,219 8.00 Tier 1 capital to average leverage assets 1,220,811 10.45 467,330 4.00 584,163 5.00 Tier 1 common equity to risk-weighted assets 1,220,811 11.60 473,748 4.50 684,303 6.50 Islanders Bank: Total capital to risk- weighted assets 37,044 19.42 15,258 8.00 19,073 10.00 Tier 1 capital to risk- weighted assets 34,658 18.17 11,444 6.00 15,258 8.00 Tier 1 capital to average leverage assets 34,658 11.66 11,887 4.00 14,859 5.00 Tier 1 common equity to risk-weighted assets 34,658 18.17 8,583 4.50 12,397 6.50 |
GOODWILL, OTHER INTANGIBLE AS_2
GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Intangible Assets and Mortgage Servicing Rights [Abstract] | |
Schedule of Changes in Goodwill and Intangible Assets | The following table summarizes the changes in the Company’s goodwill, CDI and LHI for the years ended December 31, 2020, 2019 and 2018 (in thousands): Goodwill CDI LHI Total Balance, January 1, 2018 $ 242,659 $ 22,378 $ 277 $ 265,314 Additions through acquisition (1) 96,495 16,368 — 112,863 Amortization — (6,047) (52) (6,099) Balance, December 31, 2018 339,154 32,699 225 372,078 Additions through acquisition (2) 33,967 4,610 — 38,577 Amortization — (8,151) — (8,151) Adjustments (3) — — (225) (225) Balance, December 31, 2019 373,121 29,158 — 402,279 Amortization — (7,732) — (7,732) Balance, December 31, 2020 $ 373,121 $ 21,426 $ — $ 394,547 |
Schedule of Estimated Annual Amortization Expense | Estimated amortization expense in future years with respect to CDI as of December 31, 2020 (in thousands): Year ended: Estimated Amortization 2021 $ 6,571 2022 5,317 2023 3,814 2024 2,659 2025 1,575 Thereafter 1,490 Net carrying amount $ 21,426 |
Schedule of Mortgage Servicing Rights at Amortized Value | An analysis of the mortgage servicing rights for the years ended December 31, 2020, 2019 and 2018 is presented below (in thousands): Years Ended December 31 2020 2019 2018 Balance, beginning of the year $ 14,148 $ 14,638 $ 14,738 Amounts capitalized 8,572 4,392 3,623 Additions through purchase 175 168 166 Amortization (1) (7,672) (5,050) (3,889) Balance, end of the year (2) $ 15,223 $ 14,148 $ 14,638 (1) Amortization of mortgage servicing rights is recorded as a reduction of loan servicing income and any unamortized balance is fully written off if the loan repays in full. (2) There was no valuation allowance as of December 31, 2020 and 2019. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments, by Balance Sheet Grouping | The following table presents estimated fair values of the Company’s financial instruments as of December 31, 2020 and 2019, whether or not recognized or recorded in the Consolidated Statements of Financial Condition (in thousands): December 31, 2020 December 31, 2019 Level Carrying Estimated Carrying Estimated Assets: Cash and cash equivalents 1 $ 1,234,183 $ 1,234,183 $ 307,735 $ 307,735 Securities—trading 3 24,980 24,980 25,636 25,636 Securities—available-for-sale 2 2,322,593 2,322,593 1,551,557 1,551,557 Securities—held-to-maturity 2 410,038 436,882 222,589 224,193 Securities—held-to-maturity 3 11,769 11,799 13,505 13,612 Loans receivable held for sale 2 243,795 245,667 210,447 210,670 Loans receivable 3 9,870,982 9,810,293 9,305,357 9,304,340 FHLB stock 3 16,358 16,358 28,342 28,342 Bank-owned life insurance 1 191,830 191,830 192,088 192,088 Mortgage servicing rights 3 15,223 18,084 14,148 22,611 Derivatives: Interest rate swaps 2 39,066 39,066 15,202 15,202 Interest rate lock and forward sales commitments 2,3 5,641 5,641 1,108 1,108 Liabilities: Demand, interest-bearing checking and money market 2 9,253,494 9,253,494 6,994,197 6,994,197 Regular savings 2 2,398,482 2,398,482 1,934,041 1,934,041 Certificates of deposit 2 915,320 919,920 1,120,403 1,117,921 FHLB advances 2 150,000 152,779 450,000 452,720 Other borrowings 2 184,785 184,785 118,474 118,474 Subordinated notes, net 3 98,201 98,201 — — Junior subordinated debentures 3 116,974 116,974 119,304 119,304 Derivatives: Interest rate swaps 2 22,336 22,336 10,966 10,966 Interest rate lock and forward sales commitments 2 1,755 1,755 674 674 |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets and liabilities as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Securities—trading Corporate Bonds (TPS securities) $ — $ — $ 24,980 $ 24,980 Securities—available-for-sale U.S. Government and agency — 141,735 — 141,735 Municipal bonds — 303,518 — 303,518 Corporate bonds — 221,769 — 221,769 Mortgage-backed securities — 1,646,152 — 1,646,152 Asset-backed securities — 9,419 — 9,419 — 2,322,593 — 2,322,593 Loans held for sale — 133,554 — 133,554 Derivatives Interest rate swaps — 39,066 — 39,066 Interest rate lock and forward sales commitments — 420 5,221 5,641 $ — $ 2,495,633 $ 30,201 $ 2,525,834 Liabilities Junior subordinated debentures $ — $ — $ 116,974 $ 116,974 Derivatives Interest rate swaps — 22,336 — 22,336 Interest rate lock and forward sales commitments — 1,755 — 1,755 $ — $ 24,091 $ 116,974 $ 141,065 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Securities—trading Corporate Bonds (TPS securities) $ — $ — $ 25,636 $ 25,636 Securities—available-for-sale U.S. Government and agency — 89,598 — 89,598 Municipal bonds — 107,157 — 107,157 Corporate bonds — 4,365 — 4,365 Mortgage-backed securities — 1,342,311 — 1,342,311 Asset-backed securities — 8,126 — 8,126 — 1,551,557 — 1,551,557 Loans held for sale — 199,397 — 199,397 Derivatives Interest rate swaps — 15,202 — 15,202 Interest rate lock and forward sales commitments — 317 791 1,108 $ — $ 1,766,473 $ 26,427 $ 1,792,900 Liabilities Junior subordinated debentures at fair value $ — $ — $ 119,304 $ 119,304 Derivatives Interest rate swaps — 10,966 — 10,966 Interest rate lock and forward sales commitments — 674 — 674 $ — $ 11,640 $ 119,304 $ 130,944 |
Schedule of Valuation Technique, Unobservable Input, and Qualitative Information for Unobservable Inputs | The following table provides a description of the valuation technique, unobservable inputs, quantitative and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring and nonrecurring basis at December 31, 2020 and 2019: December 31 2020 2019 Financial Instruments Valuation Technique Unobservable Inputs Weighted Average Rate Weighted Average Rate Corporate bonds (TPS securities) Discounted cash flows Discount rate 4.24 % 5.91 % Junior subordinated debentures Discounted cash flows Discount rate 4.24 % 5.91 % Loans individually evaluated Collateral valuations Discount to appraised value 0.0% to 20.0% 0.0% to 20.0% REO Appraisals Discount to appraised value 51.9 % 58.5 % Interest rate lock commitments Pricing model Pull-through rate 86.35 % 89.61 % |
Schedule of Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2020 and 2019 (in thousands): Level 3 Fair Value Inputs TPS Securities Borrowings— Interest rate lock and forward sales commitments Balance at January 1, 2019 $ 25,896 $ 114,091 $ 273 Total gains or losses recognized Assets gains (260) — 518 Liabilities losses — (601) — Purchases, issuances and settlements, including acquisitions — 5,814 Balance at December 31, 2019 25,636 119,304 791 Total gains or losses recognized Assets gains (656) — 4,430 Liabilities losses — (2,330) — Purchases, issuances and settlements — — — Balance at December 31, 2020 $ 24,980 $ 116,974 $ 5,221 |
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | The following table presents financial assets and liabilities measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets at December 31, 2020 and 2019 (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Loans individually evaluated $ — $ — $ 3,482 $ 3,482 REO $ — $ — $ 816 $ 816 December 31, 2019 Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 14,853 $ 14,853 REO — — 814 814 The following table presents the losses resulting from non-recurring fair value adjustments for the years ended December 31, 2020 , 2019 and 2018 (in thousands): For the years ended December 31, 2020 2019 2018 Loans individually evaluated $ (3,482) $ (425) $ (910) REO (45) — (387) Total loss from nonrecurring measurements $ (3,527) $ (425) $ (1,297) |
BANNER CORPORATION (PARENT CO_2
BANNER CORPORATION (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Financial Condition | Summary financial information is as follows (in thousands): Statements of Financial Condition December 31 2020 2019 ASSETS Cash $ 131,594 $ 54,257 Investment in trust equities 4,444 4,444 Investment in subsidiaries 1,751,141 1,691,907 Other assets 2,852 19,471 Total assets $ 1,890,031 $ 1,770,079 LIABILITIES AND SHAREHOLDERS’ EQUITY Miscellaneous liabilities $ 2,170 $ 52,322 Deferred tax liability 6,422 4,419 Subordinated notes, net 98,201 — Junior subordinated debentures at fair value 116,974 119,304 Shareholders’ equity 1,666,264 1,594,034 Total liabilities and shareholders’ equity $ 1,890,031 $ 1,770,079 |
Schedule of Condensed Statement of Operations | Statements of Operations Years Ended December 31 2020 2019 2018 INTEREST INCOME: Interest-bearing deposits $ 112 $ 98 $ 49 OTHER INCOME (EXPENSE): Dividend income from subsidiaries 87,748 119,333 72,604 Equity in undistributed income of subsidiaries 36,401 35,134 72,419 Other income 62 33 56 Interest on other borrowings (7,204) (6,574) (6,136) Other expenses (3,530) (4,045) (4,761) Net income before taxes 113,589 143,979 134,231 BENEFIT FROM INCOME TAXES (2,339) (2,299) (2,284) NET INCOME $ 115,928 $ 146,278 $ 136,515 |
Schedule of Condensed Statement of Cash Flows | Statements of Cash Flows Years Ended December 31 2020 2019 2018 OPERATING ACTIVITIES: Net income $ 115,928 $ 146,278 $ 136,515 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiaries (36,401) (35,134) (72,419) Decrease in deferred taxes 1,438 6,969 150 Share-based compensation 9,168 7,142 6,554 Net change in other assets 16,756 2,594 (19,268) Net change in other liabilities (235) (120) 201 Net cash provided from operating activities 106,654 127,729 51,733 INVESTING ACTIVITIES: Funds transferred to deferred compensation trust (38) (32) (27) Reduction in investment in subsidiaries — — 37,000 Acquisitions — 442 (329) Net cash (used by) provided from investing activities (38) 410 36,644 FINANCING ACTIVITIES: Net proceeds from issuance of subordinated notes 98,027 — — Withholding taxes paid on share-based compensation (1,453) (1,915) (1,554) Repurchase of common stock (31,775) (53,922) (34,401) Cash dividends paid (94,078) (56,074) (59,280) Net cash used by financing activities (29,279) (111,911) (95,235) NET CHANGE IN CASH 77,337 16,228 (6,858) CASH, BEGINNING OF PERIOD 54,257 38,029 44,887 CASH, END OF PERIOD $ 131,594 $ 54,257 $ 38,029 |
CALCULATION OF EARNINGS PER C_2
CALCULATION OF EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Weighted Shares Outstanding | The following tables show the calculation of earnings per common share (in thousands, except per share data): Years Ended December 31 2020 2019 2018 Net income $ 115,928 $ 146,278 $ 136,515 Weighted average number of common shares outstanding Basic 35,264,252 34,868,434 32,784,724 Diluted 35,528,848 34,967,684 32,894,425 Earnings per common share Basic $ 3.29 $ 4.20 $ 4.16 Diluted $ 3.26 $ 4.18 $ 4.15 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | Results of operations on a quarterly basis for the years ended December 31, 2020, 2019 and 2018 were as follows (dollars in thousands except for per share data): Year Ended December 31, 2020 First Second Third Fourth Interest income $ 131,665 $ 128,747 $ 129,581 $ 129,153 Interest expense 12,407 9,167 8,555 7,716 Net interest income before provision for loan losses 119,258 119,580 121,026 121,437 Provision (recapture) for credit losses 21,748 29,528 13,641 (601) Net interest income 97,510 90,052 107,385 122,038 Non-interest income 19,165 27,720 28,222 23,509 Non-interest expense 95,185 89,637 91,567 96,759 Income before provision for income taxes 21,490 28,135 44,040 48,788 Provision for income taxes 4,608 4,594 7,492 9,831 Net income $ 16,882 $ 23,541 $ 36,548 $ 38,957 Basic earnings per share $ 0.48 $ 0.67 $ 1.04 $ 1.11 Diluted earnings per share 0.47 0.67 1.03 1.10 Dividends declared 0.41 — 0.41 0.41 Year Ended December 31, 2019 First Second Third Fourth Interest income $ 130,000 $ 130,840 $ 131,438 $ 133,409 Interest expense 13,892 14,143 14,815 13,918 Net interest income before provision for loan losses 116,108 116,697 116,623 119,491 Provision for loan losses 2,000 2,000 2,000 4,000 Net interest income 114,108 114,697 114,623 115,491 Non-interest income 18,121 22,674 20,864 20,282 Non-interest expense 90,014 86,716 87,308 93,690 Income before provision for income taxes 42,215 50,655 48,179 42,083 Provision for income taxes 8,869 10,955 8,602 8,428 Net income $ 33,346 $ 39,700 $ 39,577 $ 33,655 Basic earnings per share $ 0.95 $ 1.14 $ 1.15 $ 0.96 Diluted earnings per share 0.95 1.14 1.15 0.95 Dividends declared 0.41 0.41 0.41 1.41 Year Ended December 31, 2018 First Second Third Fourth Interest income $ 104,820 $ 112,423 $ 117,660 $ 128,744 Interest expense 5,447 7,360 8,570 11,282 Net interest income before provision for loan losses 99,373 105,063 109,090 117,462 Provision for loan losses 2,000 2,000 2,000 2,500 Net interest income 97,373 103,063 107,090 114,962 Non-interest income 21,362 21,217 20,399 21,015 Non-interest expense 81,706 82,637 81,632 95,396 Income before provision for income taxes 37,029 41,643 45,857 40,581 Provision for income taxes 8,239 9,219 8,084 3,053 Net income $ 28,790 $ 32,424 $ 37,773 $ 37,528 Basic earnings per share $ 0.89 $ 1.01 $ 1.17 $ 1.10 Diluted earnings per share 0.89 1.00 1.17 1.09 Dividends declared 0.35 0.85 0.38 0.38 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Outstanding commitments for which no asset or liability for the notional amount has been recorded consisted of the following at the dates indicated (in thousands): Contract or Notional Amount December 31, 2020 December 31, 2019 Commitments to extend credit $ 3,207,072 $ 3,051,681 Standby letters of credit and financial guarantees 18,415 14,298 Commitments to originate loans 101,426 39,676 Risk participation agreement 40,949 41,022 Derivatives also included in Note 23: Commitments to originate loans held for sale 169,653 66,196 Commitments to sell loans secured by one- to four-family residential properties 79,414 70,895 Commitments to sell securities related to mortgage banking activities 204,000 239,320 |
DERIVATIVES AND HEDGING DERIV_2
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of December 31, 2020 and December 31, 2019, the notional values or contractual amounts and fair values of the Company’s derivatives designated in hedge relationships were as follows (in thousands): Asset Derivatives Liability Derivatives December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Notional/ Fair Value (1) Notional/ Fair Value (1) Notional/ Fair Value (2) Notional/ Fair Value (2) Interest rate swaps $ 338 $ 9 $ 3,567 $ 220 $ 338 $ 9 $ 3,567 $ 220 (1) Included in Loans Receivable on the Consolidated Statements of Financial Condition. (2) Included in Other Liabilities on the Consolidated Statements of Financial Condition. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | As of December 31, 2020 and December 31, 2019, the notional values or contractual amounts and fair values of the Company’s derivatives not designated in hedge relationships were as follows (in thousands): Asset Derivatives Liability Derivatives December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Notional/ Fair Value (1) Notional/ Fair Value (1) Notional/ Fair Value (2) Notional/ Fair Value (2) Interest rate swaps $ 451,760 $ 39,057 $ 371,957 $ 14,982 $ 451,760 $ 22,327 $ 371,957 $ 10,746 Mortgage loan commitments 140,390 5,221 50,755 791 72,511 199 65,855 190 Forward sales contracts 79,414 420 70,895 317 204,000 1,556 239,320 484 $ 671,564 $ 44,698 $ 493,607 $ 16,090 $ 728,271 $ 24,082 $ 677,132 $ 11,420 (1) Included in Other assets on the Consolidated Statements of Financial Condition, with the exception of certain interest swaps and mortgage loan commitments (with a fair value of $231,000 at December 31, 2020 and $347,000 at December 31, 2019), which are included in Loans Receivable. (2) Included in Other Liabilities on the Consolidated Statements of Financial Condition. Gains (losses) recognized in income on non-designated hedging instruments for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): For the Years Ended December 31 Location on Income Statement 2020 2019 2018 Mortgage loan commitments Mortgage banking operations $ 4,430 $ 518 $ 47 Forward sales contracts Mortgage banking operations (1,334) (693) (775) $ 3,096 $ (175) $ (728) |
Offsetting Assets and Liabilities | The following presents additional information related to the Company’s derivative contracts, by type of financial instrument, as of December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition Gross Amounts Recognized Amounts offset in the Statement Net Amounts Derivative Amount Fair Value Net Amount Derivative assets Interest rate swaps $ 39,066 $ — $ 39,066 $ — $ — $ 39,066 $ 39,066 $ — $ 39,066 $ — $ — $ 39,066 Derivative liabilities Interest rate swaps $ 39,204 $ (16,868) $ 22,336 $ — $ (22,220) $ 116 $ 39,204 $ (16,868) $ 22,336 $ — $ (22,220) $ 116 December 31, 2019 Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition Gross Amounts Recognized Amounts offset in the Statement Net Amounts Derivative Amount Fair Value Net Amount Derivative assets Interest rate swaps $ 15,242 $ (40) $ 15,202 $ — $ — $ 15,202 $ 15,242 $ (40) $ 15,202 $ — $ — $ 15,202 Derivative liabilities Interest rate swaps $ 15,242 $ (4,276) $ 10,966 $ — $ (15,209) $ (4,243) $ 15,242 $ (4,276) $ 10,966 $ — $ (15,209) $ (4,243) |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue: Deposit fees and other service charges for the years ended December 31, 2020, 2019 and 2018 are summarized as follows (in thousands): Years Ended 2020 2019 2018 Deposit service charges 16,428 19,236 18,089 Debit and credit interchange fees 20,052 27,752 31,713 Debit and credit card expense (9,098) (8,527) (8,511) Merchant services income 12,554 13,111 10,226 Merchant services expenses (10,042) (10,512) (7,767) Other service charges 4,490 5,572 4,324 Total deposit fees and other service charges 34,384 46,632 48,074 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Lease Position The table below presents the lease right-of-use assets and lease liabilities recorded on the balance sheet at December 31, 2020 and December 31, 2019 (dollars in thousands): Classification on the Balance Sheet December 31, 2020 December 31, 2019 Assets Operating right-of-use lease assets Other assets $ 55,367 $ 61,766 Liabilities Operating lease liabilities Accrued expenses and other liabilities $ 59,343 $ 65,818 Weighted-average remaining lease term Operating leases 5.8 years 6.2 years Weighted-average discount rate Operating leases 3.3 % 3.7 % Lease Costs The table below presents certain information related to the lease costs for operating leases for the year ended December 31, 2020 and December 31, 2019 (in thousands): Year Ended 2020 2019 Operating lease cost (1) $ 17,337 $ 15,388 Short-term lease cost (1) 97 327 Variable lease cost (1) 2,778 2,396 Less sublease income (1) (946) (925) Total lease cost $ 19,266 $ 17,186 (1) Lease expenses and sublease income are classified within occupancy and equipment expense on the Consolidated Statements of Operations. Rental expense was $17.2 million for the year ended December 31, 2018. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below reconciles the undiscounted cash flows for each of the first five years beginning with 2021 and the total of the remaining years to the operating lease liabilities recorded on the Consolidated Statements of Financial Position (in thousands): Operating Leases 2021 $ 16,020 2022 13,058 2023 10,093 2024 8,068 2025 5,905 Thereafter 12,217 Total minimum lease payments 65,361 Less: amount of lease payments representing interest (6,018) Lease obligations $ 59,343 |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investment in FHLB Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Federal Home Loan Bank Stock | $ 16,358 | $ 28,342 |
Federal Home Loan Bank Stock, Par Value Per Share | $ 100 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings and leased improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 10 years |
Buildings and leased improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 39 years |
Furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 10 years |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Textuals) (Details) | 12 Months Ended |
Dec. 31, 2020officesubsidiarylocation | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Number of wholly-owned subsidiaries | subsidiary | 2 |
Subsidiary, Banner Bank [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Number of offices | 152 |
Number of production offices | 18 |
Subsidiary, Islanders Bank [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Number of locations | location | 3 |
Minimum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Intangible asset, useful life | 3 years |
Minimum [Member] | Core Deposit Intangibles [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Intangible asset, useful life | 3 years |
Maximum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Intangible asset, useful life | 10 years |
Maximum [Member] | Core Deposit Intangibles [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Intangible asset, useful life | 10 years |
ACCOUNTING STANDARDS RECENTLY_2
ACCOUNTING STANDARDS RECENTLY ADOPTED OR ISSUED (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 94 | $ 0 | $ 0 |
Financing Receivable, Allowance for Credit Loss | 100,559 | ||
Off-Balance Sheet, Credit Loss, Liability | 2,716 | ||
Retained Earnings (Accumulated Deficit) [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Loss, Net of tax | (11,200) | ||
Commercial Real Estate [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 30,591 | ||
Multifamily real estate [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 4,754 | ||
Construction and Land [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 22,994 | ||
Commercial business [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 23,370 | ||
Agricultural Business [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 4,120 | ||
One- to four-family residential [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 4,136 | ||
Consumer Loan [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 8,202 | ||
Unallocated [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 2,392 | ||
U.S. Government and agency obligations | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | 0 |
Municipal bonds | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 59 | 0 | 0 |
Corporate bonds | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 35 | 0 | 0 |
Mortgage-backed or related securities | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | 0 | 0 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 63 | ||
Financing Receivable, Allowance for Credit Loss | 108,371 | ||
Off-Balance Sheet, Credit Loss, Liability | 9,738 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Real Estate [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 27,727 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Multifamily real estate [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 2,550 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Construction and Land [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 25,509 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial business [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 26,380 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Agricultural Business [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 3,769 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | One- to four-family residential [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 11,261 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer Loan [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 11,175 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Unallocated [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 0 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | U.S. Government and agency obligations | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Municipal bonds | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 28 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Corporate bonds | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 35 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Mortgage-backed or related securities | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 63 | 63 | |
Financing Receivable, Allowance for Credit Loss | 7,812 | ||
Off-Balance Sheet, Credit Loss, Liability | 7,022 | ||
Allowance For Credit Loss | 14,897 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | (2,864) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Multifamily real estate [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | (2,204) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction and Land [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 2,515 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial business [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 3,010 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Agricultural Business [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | (351) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | One- to four-family residential [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 7,125 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Loan [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 2,973 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | (2,392) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | U.S. Government and agency obligations | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Municipal bonds | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 28 | 28 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Corporate bonds | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 35 | 35 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Mortgage-backed or related securities | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | $ 0 |
BUSINESS COMBINATION AND BRAN_3
BUSINESS COMBINATION AND BRANCH DIVESTITURE (Details) - USD ($) $ in Thousands | Nov. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | $ 4,518 | $ 5,216 | |||
Goodwill | $ 373,121 | $ 373,121 | $ 339,154 | $ 242,659 | |
AltaPacific Bank [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 2,360 | ||||
Business Acquisition, Effective Date of Acquisition | Nov. 1, 2019 | ||||
Business Combination, Ratio of Shares Acquired to Shares Exchanged | 0.2712 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | $ 4,835 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | (683) | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 4,152 | ||||
Business Combination, Consideration Transfered, Equity Interests Issued and Issuable, Shares | 85,200 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 425,669 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 313,374 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Advances From FHLB | 40,226 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Junior Subordinated Debentures | 5,814 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Compensation | 4,508 | ||||
Business Combination, Acquired Receivable, Fair Value | 332,355 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,610 | ||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Bank Owned Life Insurance | 11,890 | ||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 166 | ||||
Goodwill | 33,967 | ||||
Business Combination, Acquired Receivables, Non-Credit-Impaired | 333,500 | ||||
Business Combination, consideration transfered | 87,560 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 39,686 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 20,348 | ||||
business combination, recognized identifiable assets acquired and liabilities assumed, federal home loan bank stock | 2,005 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Real Estate Held for Sale | 650 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,809 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 10,150 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liability, Other | 8,154 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 372,076 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 53,593 | ||||
Business Combination, Acquired Receivables, Non-Credit-Impaired, Fair Value | 328,200 | ||||
Business Combination, Acquired Receivables, Non-Credit-Impaired, Discount | 5,300 | ||||
Business Combination, Acquired Receivables, Non-Credit-Impaired, Credit Related Discount | 5,800 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 5,881 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Non-Accretable Difference | $ (1,046) | ||||
Business combination, CDI acquired useful life | 10 years |
SECURITIES (Schedule of Securit
SECURITIES (Schedule of Securities) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Schedule of Securities [Line Items] | |||
Trading Securities, Unrealized Holding Loss | $ 656,000 | ||
Trading Securities, Fair Value | 24,980,000 | $ 25,636,000 | |
Available-for-Sale: | |||
Available-for-sale Securities, Amortized Cost | 2,256,189,000 | 1,529,946,000 | |
Gross Unrealized Gains | 68,543,000 | 25,858,000 | |
Gross Unrealized Losses | (2,139,000) | (4,247,000) | |
Securities—available-for-sale | 2,322,593,000 | 1,551,557,000 | |
Held-to-Maturity: | |||
Held-to-maturity Securities, Amortized Cost | 421,807,000 | 236,094,000 | |
Gross Unrealized Gains | 26,980,000 | 4,658,000 | |
Gross Unrealized Losses | (106,000) | (2,947,000) | |
Debt Securities, Held-to-maturity, Fair Value | 448,681,000 | 237,805,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (94,000) | $ 0 | 0 |
debt securities, held-to-maturity, accrued interest receivable | 3,000,000 | 1,100,000 | |
Debt Securities, Available-for-Sale, Accrued Interest Receivable | 6,900,000 | 4,800,000 | |
U.S. Government and agency obligations | |||
Available-for-Sale: | |||
Available-for-sale Securities, Amortized Cost | 141,668,000 | 90,468,000 | |
Gross Unrealized Gains | 1,002,000 | 286,000 | |
Gross Unrealized Losses | (935,000) | (1,156,000) | |
Securities—available-for-sale | 141,735,000 | 89,598,000 | |
Held-to-Maturity: | |||
Held-to-maturity Securities, Amortized Cost | 340,000 | 385,000 | |
Gross Unrealized Gains | 7,000 | 4,000 | |
Gross Unrealized Losses | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 347,000 | 389,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | 0 |
Municipal bonds | |||
Available-for-Sale: | |||
Available-for-sale Securities, Amortized Cost | 283,997,000 | 101,927,000 | |
Gross Unrealized Gains | 19,523,000 | 5,233,000 | |
Gross Unrealized Losses | (2,000) | (3,000) | |
Securities—available-for-sale | 303,518,000 | 107,157,000 | |
Held-to-Maturity: | |||
Held-to-maturity Securities, Amortized Cost | 370,998,000 | 177,208,000 | |
Gross Unrealized Gains | 24,130,000 | 3,733,000 | |
Gross Unrealized Losses | (94,000) | (2,213,000) | |
Debt Securities, Held-to-maturity, Fair Value | 395,034,000 | 178,728,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (59,000) | 0 | 0 |
Corporate bonds | |||
Schedule of Securities [Line Items] | |||
Trading Securities, Amortized Cost | 27,203,000 | 27,203,000 | |
Trading Securities, Fair Value | 24,980,000 | 25,636,000 | |
Available-for-Sale: | |||
Available-for-sale Securities, Amortized Cost | 219,086,000 | 4,357,000 | |
Gross Unrealized Gains | 2,762,000 | 14,000 | |
Gross Unrealized Losses | (79,000) | (6,000) | |
Securities—available-for-sale | 221,769,000 | 4,365,000 | |
Held-to-Maturity: | |||
Held-to-maturity Securities, Amortized Cost | 3,222,000 | 3,353,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (12,000) | (11,000) | |
Debt Securities, Held-to-maturity, Fair Value | 3,210,000 | 3,342,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (35,000) | 0 | 0 |
Mortgage-backed or related securities | |||
Available-for-Sale: | |||
Available-for-sale Securities, Amortized Cost | 1,602,033,000 | 1,324,999,000 | |
Gross Unrealized Gains | 45,179,000 | 20,325,000 | |
Gross Unrealized Losses | (1,060,000) | (3,013,000) | |
Securities—available-for-sale | 1,646,152,000 | 1,342,311,000 | |
Held-to-Maturity: | |||
Held-to-maturity Securities, Amortized Cost | 47,247,000 | 55,148,000 | |
Gross Unrealized Gains | 2,843,000 | 921,000 | |
Gross Unrealized Losses | 0 | (723,000) | |
Debt Securities, Held-to-maturity, Fair Value | 50,090,000 | 55,346,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | $ 0 | 0 |
Asset-backed securities | |||
Available-for-Sale: | |||
Available-for-sale Securities, Amortized Cost | 9,405,000 | 8,195,000 | |
Gross Unrealized Gains | 77,000 | 0 | |
Gross Unrealized Losses | (63,000) | (69,000) | |
Securities—available-for-sale | 9,419,000 | $ 8,126,000 | |
Held-to-Maturity: | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 |
SECURITIES (Securities with Con
SECURITIES (Securities with Continuous Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-Sale: | ||
Less than 12 Months, Fair Value | $ 189,078 | $ 307,299 |
Less than 12 Months, Unrealized Losses | (1,135) | (2,872) |
12 Months or More, Fair Value | 58,616 | 100,822 |
12 Months or More, Unrealized Losses | (1,004) | (1,375) |
Total Fair Value | 247,694 | 408,121 |
Total Unrealized Losses | (2,139) | (4,247) |
Held-to-Maturity: | ||
Less Than 12 Months, Fair Value | 55,722 | |
Less Than 12 Months, Unrealized Losses | (2,612) | |
12 Months or More, Fair Value | 19,506 | |
12 Months or More, Unrealized Losses | (335) | |
Total Fair Value | 75,228 | |
Total Unrealized Losses | (2,947) | |
U.S. Government and agency obligations | ||
Available-for-Sale: | ||
Less than 12 Months, Fair Value | 3,126 | 2,747 |
Less than 12 Months, Unrealized Losses | (8) | (20) |
12 Months or More, Fair Value | 50,603 | 60,979 |
12 Months or More, Unrealized Losses | (927) | (1,136) |
Total Fair Value | 53,729 | 63,726 |
Total Unrealized Losses | (935) | (1,156) |
Held-to-Maturity: | ||
Less Than 12 Months, Fair Value | 0 | |
Less Than 12 Months, Unrealized Losses | 0 | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total Fair Value | 0 | |
Total Unrealized Losses | 0 | |
Municipal bonds | ||
Available-for-Sale: | ||
Less than 12 Months, Fair Value | 495 | 1,902 |
Less than 12 Months, Unrealized Losses | (2) | 0 |
12 Months or More, Fair Value | 0 | 494 |
12 Months or More, Unrealized Losses | 0 | (3) |
Total Fair Value | 495 | 2,396 |
Total Unrealized Losses | (2) | (3) |
Held-to-Maturity: | ||
Less Than 12 Months, Fair Value | 44,605 | |
Less Than 12 Months, Unrealized Losses | (1,889) | |
12 Months or More, Fair Value | 19,017 | |
12 Months or More, Unrealized Losses | (324) | |
Total Fair Value | 63,622 | |
Total Unrealized Losses | (2,213) | |
Corporate bonds | ||
Available-for-Sale: | ||
Less than 12 Months, Fair Value | 3,586 | 594 |
Less than 12 Months, Unrealized Losses | (79) | (6) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Total Fair Value | 3,586 | 594 |
Total Unrealized Losses | (79) | (6) |
Held-to-Maturity: | ||
Less Than 12 Months, Fair Value | 0 | |
Less Than 12 Months, Unrealized Losses | 0 | |
12 Months or More, Fair Value | 489 | |
12 Months or More, Unrealized Losses | (11) | |
Total Fair Value | 489 | |
Total Unrealized Losses | (11) | |
Mortgage-backed or related securities | ||
Available-for-Sale: | ||
Less than 12 Months, Fair Value | 181,871 | 300,852 |
Less than 12 Months, Unrealized Losses | (1,046) | (2,829) |
12 Months or More, Fair Value | 2,337 | 33,360 |
12 Months or More, Unrealized Losses | (14) | (184) |
Total Fair Value | 184,208 | 334,212 |
Total Unrealized Losses | (1,060) | (3,013) |
Held-to-Maturity: | ||
Less Than 12 Months, Fair Value | 11,117 | |
Less Than 12 Months, Unrealized Losses | (723) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total Fair Value | 11,117 | |
Total Unrealized Losses | (723) | |
Asset-backed securities | ||
Available-for-Sale: | ||
Less than 12 Months, Fair Value | 0 | 1,204 |
Less than 12 Months, Unrealized Losses | 0 | (17) |
12 Months or More, Fair Value | 5,676 | 5,989 |
12 Months or More, Unrealized Losses | (63) | (52) |
Total Fair Value | 5,676 | 7,193 |
Total Unrealized Losses | $ (63) | $ (69) |
SECURITIES (Securities Debt Mat
SECURITIES (Securities Debt Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Maturing in one year or less | $ 0 | |
Maturing after one year through five years | 0 | |
Maturing after five years through ten years | 0 | |
Maturing after ten years through twenty years | 27,203 | |
Maturing after twenty years | 0 | |
Total with Maturity Date | 27,203 | |
Fair Value | ||
Maturing in one year or less | 0 | |
Maturing after one year through five years | 0 | |
Maturing after five years through ten years | 0 | |
Maturing after ten years through twenty years | 24,980 | |
Maturing after twenty years | 0 | |
Total with Maturity Date | 24,980 | |
Amortized Cost | ||
Maturing in one year or less | 135,129 | |
Maturing after one year through five years | 243,448 | |
Maturing after five years through ten years | 618,608 | |
Maturing after ten years through twenty years | 264,414 | |
Maturing after twenty years | 994,590 | |
Total with Maturity Date | 2,256,189 | |
Available-for-sale Securities, Amortized Cost | 2,256,189 | $ 1,529,946 |
Fair Value | ||
Maturing in one year or less | 135,161 | |
Maturing after one year through five years | 253,585 | |
Maturing after five years through ten years | 630,855 | |
Maturing after ten years through twenty years | 281,913 | |
Maturing after twenty years | 1,021,079 | |
Total with Maturity Date | 2,322,593 | |
Fair Value | 2,322,593 | 1,551,557 |
Amortized Cost | ||
Maturing in one year or less | 4,644 | |
Maturing after one year through five years | 62,091 | |
Maturing after five years through ten years | 34,072 | |
Maturing after ten years through twenty years | 137,015 | |
Maturing after twenty years | 183,985 | |
Debt Securities, Held-to-maturity | 421,807 | |
Fair Value | ||
Maturing in one year or less | 4,704 | |
Maturing after one year through five years | 64,900 | |
Maturing after five years through ten years | 36,966 | |
Maturing after ten years through twenty years | 143,756 | |
Maturing after twenty years | 198,355 | |
Debt Securities, Held-to-maturity, Fair Value | $ 448,681 | $ 237,805 |
SECURITIES (Securities Pledged)
SECURITIES (Securities Pledged) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Pledged Financial Instruments, Not Separately Reported, Securities [Abstract] | |
State and local governments public deposits, carrying value | $ 184,837 |
Interest rate swap counterparties, carrying value | 28,729 |
Repurchase transaction accounts, carrying value | 207,586 |
Other, carrying value | 2,609 |
Total pledged securities, carrying value | 423,761 |
State and local governments public deposits, amortized cost | 184,134 |
Interest rate swap counterparties, amortized cost | 27,846 |
Repurchase transaction accounts, amortized cost | 200,195 |
Other, amortized cost | 2,608 |
Total pledged securities, amortized cost | 414,783 |
State and local governments public deposits, fair value | 198,351 |
Interest rate swap counterparties, fair value | 28,935 |
Repurchase transaction accounts, fair value | 207,586 |
Other, fair value | 2,686 |
Total pledged securities, fair value | $ 437,558 |
SECURITIES (Textuals) (Details)
SECURITIES (Textuals) (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018USD ($) | Dec. 31, 2020USD ($)numberOfSecurities | Dec. 31, 2019USD ($)numberOfSecurities | Dec. 31, 2018USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||||
Trading securites, proceeds from sale | $ 0 | |||
Trading securities, number of securities in nonaccrual status | numberOfSecurities | 0 | |||
Trading securities, unrealized holding gain | $ (208,000) | |||
Available-for-Sale: | ||||
Available-for-sale securities, unrealized loss position, number of securities | numberOfSecurities | 54 | 90 | ||
Available-for-sale securities, proceeds from sale | $ 214,600,000 | $ 150,400,000 | $ 66,300,000 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) | 464,000 | |||
Debt Securities, Available-For-Sale, Realized Gain (Loss), Partial Calls | $ (10,000) | (12,000) | ||
Available-for-sale securities, Realized Gain (Loss) | $ (839,000) | $ 46,000 | ||
Available-for-sale Securities, Number of Securities in Nonaccrual Status | numberOfSecurities | 0 | 0 | ||
Held-to-Maturity: | ||||
Held-to-maturity Securities, unrealized loss position, number of securities | numberOfSecurities | 2 | 17 | ||
Held-to-maturity Securities, proceeds from sale | $ 0 | |||
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss), Excluding Other-than-temporary Impairment | $ 216,000 | $ (1,000) | ||
Held-to-maturity securities, number of securities in nonaccrual status | numberOfSecurities | 0 | 0 | ||
Proceeds from the sale of equity securities | $ 1,060,695,000 | $ 0 | $ 0 |
SECURITIES (Schedule of Credit
SECURITIES (Schedule of Credit Ratings) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Securities, Held-to-maturity | $ 421,807 |
U.S. Government and agency obligations | |
Debt Securities, Held-to-maturity | 340 |
Municipal bonds | |
Debt Securities, Held-to-maturity | 370,998 |
Corporate bonds | |
Debt Securities, Held-to-maturity | 3,222 |
Mortgage-backed or related securities | |
Debt Securities, Held-to-maturity | 47,247 |
Standard & Poor's, AAA to A Rating [Member] | |
Debt Securities, Held-to-maturity | 349,623 |
Standard & Poor's, AAA to A Rating [Member] | U.S. Government and agency obligations | |
Debt Securities, Held-to-maturity | 0 |
Standard & Poor's, AAA to A Rating [Member] | Municipal bonds | |
Debt Securities, Held-to-maturity | 349,123 |
Standard & Poor's, AAA to A Rating [Member] | Corporate bonds | |
Debt Securities, Held-to-maturity | 500 |
Standard & Poor's, AAA to A Rating [Member] | Mortgage-backed or related securities | |
Debt Securities, Held-to-maturity | 0 |
Standard & Poor's, Not Rated [Member] | |
Debt Securities, Held-to-maturity | 72,184 |
Standard & Poor's, Not Rated [Member] | U.S. Government and agency obligations | |
Debt Securities, Held-to-maturity | 340 |
Standard & Poor's, Not Rated [Member] | Municipal bonds | |
Debt Securities, Held-to-maturity | 21,875 |
Standard & Poor's, Not Rated [Member] | Corporate bonds | |
Debt Securities, Held-to-maturity | 2,722 |
Standard & Poor's, Not Rated [Member] | Mortgage-backed or related securities | |
Debt Securities, Held-to-maturity | $ 47,247 |
SECURITIES (Schedule of allowan
SECURITIES (Schedule of allowance for credit losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 94 | $ 0 | $ 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | 31 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 63 | 63 | |
U.S. Government and agency obligations | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | 0 | ||
U.S. Government and agency obligations | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Municipal bonds | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 59 | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | 31 | ||
Municipal bonds | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 28 | 28 | |
Corporate bonds | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 35 | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | 0 | ||
Corporate bonds | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 35 | 35 | |
Mortgage-backed or related securities | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | $ 0 | ||
Mortgage-backed or related securities | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | $ 0 |
LOANS RECEIVABLE AND THE ALLO_3
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Loans by Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 9,870,982 | $ 9,305,357 | |||
Allowance for loan losses | 167,279 | $ 7,812 | 100,559 | $ 96,485 | $ 89,028 |
Total loans, net | 9,703,703 | $ 9,204,798 | |||
Percent of total loans | 100.00% | ||||
Unearned loan fees in excess of unamortized costs | (25,600) | $ (438) | |||
Discount on acquired loans, net | 16,100 | 25,000 | |||
Related party loans | 1,500 | 3,300 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | 9,870,982 | 9,305,357 | |||
Total loans, net | $ 9,703,703 | $ 9,204,798 | |||
Percent of total loans | 100.00% | 100.00% | |||
Commerical real estate - owner-occupied [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 1,076,467 | $ 1,580,650 | |||
Percent of total loans | 17.00% | ||||
Commerical real estate - owner-occupied [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 1,076,467 | $ 980,021 | |||
Percent of total loans | 10.90% | 10.50% | |||
Commercial real estate - investment properties [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 1,955,684 | $ 2,309,221 | |||
Percent of total loans | 24.80% | ||||
Commercial real estate - investment properties [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 1,955,684 | $ 2,024,988 | |||
Percent of total loans | 19.80% | 21.80% | |||
Multifamily real estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 428,223 | $ 473,152 | |||
Allowance for loan losses | 3,893 | (2,204) | $ 4,754 | 3,818 | 1,633 |
Percent of total loans | 5.10% | ||||
Multifamily real estate [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 428,223 | $ 388,388 | |||
Percent of total loans | 4.40% | 4.20% | |||
Commercial Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 228,937 | $ 210,668 | |||
Percent of total loans | 2.30% | ||||
Commercial Construction [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 228,937 | $ 210,668 | |||
Percent of total loans | 2.30% | 2.30% | |||
Multifamily construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 305,527 | $ 233,610 | |||
Percent of total loans | 2.50% | ||||
Multifamily construction [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 305,527 | $ 233,610 | |||
Percent of total loans | 3.10% | 2.50% | |||
One-to four-family construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 507,810 | $ 544,308 | |||
Percent of total loans | 5.80% | ||||
One-to four-family construction [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 507,810 | $ 544,308 | |||
Percent of total loans | 5.10% | 5.80% | |||
Land and land development - residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 248,915 | $ 154,688 | |||
Percent of total loans | 1.70% | ||||
Land and land development - commercial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 26,290 | ||||
Percent of total loans | 0.30% | ||||
Commercial business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | 2,178,461 | $ 1,693,824 | |||
Allowance for loan losses | 35,007 | 3,010 | $ 23,370 | 19,438 | 18,311 |
Percent of total loans | 18.20% | ||||
Commercial business [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 2,178,461 | $ 1,364,650 | |||
Percent of total loans | 22.10% | 14.70% | |||
Agricultural business, including secured by farmland [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 299,949 | $ 370,549 | |||
Allowance for loan losses | 4,914 | (351) | $ 4,120 | 3,778 | 4,053 |
Percent of total loans | 4.00% | ||||
Agricultural business, including secured by farmland [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 299,949 | $ 337,271 | |||
Percent of total loans | 3.00% | 3.60% | |||
One- to four-family residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 717,939 | $ 945,622 | |||
Allowance for loan losses | 9,913 | $ 7,125 | $ 4,136 | $ 4,714 | $ 2,055 |
Percent of total loans | 10.20% | ||||
One- to four-family residential [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 717,939 | $ 925,531 | |||
Percent of total loans | 7.30% | 9.90% | |||
Consumer secured by one- to four-family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 491,812 | $ 550,960 | |||
Percent of total loans | 5.80% | ||||
Consumer secured by one- to four-family [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 491,812 | $ 519,336 | |||
Percent of total loans | 5.00% | 5.60% | |||
Consumer Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 113,958 | $ 211,815 | |||
Percent of total loans | 2.30% | ||||
Consumer Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 113,958 | $ 144,915 | |||
Percent of total loans | 1.20% | 1.60% | |||
Small Balance Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 573,849 | $ 613,484 | |||
Percent of total loans | 5.80% | 6.60% | |||
Small Credit-Scored Business Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 743,451 | ||||
Small Credit-Scored Business Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 743,451 | $ 772,657 | |||
Percent of total loans | 7.50% | 8.30% | |||
Land and Land Development Type | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 248,915 | $ 245,530 | |||
Percent of total loans | 2.50% | 2.60% |
LOANS RECEIVABLE AND THE ALLO_4
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Purchased Credit-Impaired Loans, Changes in Accretable Yield) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Document Period End Date | Dec. 31, 2020 | |
Outstanding contractual unpaid balance of purchased credit-impaired loans | $ 23,500 | |
Carrying balance of purchased credit-impaired loans | 15,938 | |
Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | $ 4,518 | 5,216 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | 683 | |
Accretion to interest income | 1,891 | |
Reclassifications from non-accretable difference | 510 | |
Balance, end of period | 4,518 | |
Certain Loans Acquired in Transfer, Nonaccretable Difference | $ 7,400 |
LOANS RECEIVABLE AND THE ALLO_5
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Impaired Loans With and Without Specific Reserves) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
Document Period End Date | Dec. 31, 2020 | ||
Financing Receivable, Collectively Evaluated for Impairment | $ 9,257,015 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 49,605 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 21,780 | ||
Recorded Investment | 24,284 | ||
Related Allowance | 4,374 | ||
Impaired Financing Receivable, Average Recorded Investment | 29,262 | $ 32,033 | |
Interest Income Recognized | 550 | 787 | |
Commerical real estate - owner-occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance | 4,185 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,816 | ||
Recorded Investment | 194 | ||
Related Allowance | 18 | ||
Impaired Financing Receivable, Average Recorded Investment | 3,366 | 3,806 | |
Interest Income Recognized | 7 | 11 | |
Commercial real estate - investment properties [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance | 3,536 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,883 | ||
Recorded Investment | 690 | ||
Related Allowance | 40 | ||
Impaired Financing Receivable, Average Recorded Investment | 3,982 | 7,822 | |
Interest Income Recognized | 119 | 314 | |
Multifamily real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 473,145 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 82 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 85 | ||
Recorded Investment | 0 | ||
Related Allowance | 0 | ||
Impaired Financing Receivable, Average Recorded Investment | 36 | 0 | |
Interest Income Recognized | 0 | 0 | |
Commercial Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | 779 | 115 | |
Interest Income Recognized | 0 | 0 | |
Multifamily Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance | 573 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 98 | ||
Recorded Investment | 0 | ||
Related Allowance | 0 | ||
One-to four-family construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance | 1,799 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,799 | ||
Recorded Investment | 0 | ||
Related Allowance | 0 | ||
Impaired Financing Receivable, Average Recorded Investment | 1,319 | 778 | |
Interest Income Recognized | 18 | 6 | |
Land and land development - residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance | 676 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 340 | ||
Recorded Investment | 0 | ||
Related Allowance | 0 | ||
Impaired Financing Receivable, Average Recorded Investment | 657 | 994 | |
Interest Income Recognized | 0 | 10 | |
Land and land development - commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | 0 | 4 | |
Interest Income Recognized | 0 | 0 | |
Commercial business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,674,125 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 25,117 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,614 | ||
Recorded Investment | 19,330 | ||
Related Allowance | 4,128 | ||
Impaired Financing Receivable, Average Recorded Investment | 5,510 | 3,443 | |
Interest Income Recognized | 26 | 21 | |
Agricultural business, including secured by farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 367,913 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 3,044 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 661 | ||
Recorded Investment | 2,243 | ||
Related Allowance | 141 | ||
Impaired Financing Receivable, Average Recorded Investment | 3,975 | 5,501 | |
Interest Income Recognized | 105 | 102 | |
One- to four-family residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 941,158 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 7,290 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,613 | ||
Recorded Investment | 1,648 | ||
Related Allowance | 41 | ||
Impaired Financing Receivable, Average Recorded Investment | 6,589 | 7,845 | |
Interest Income Recognized | 249 | 302 | |
Consumer secured by one- to four-family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance | 3,081 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,712 | ||
Recorded Investment | 127 | ||
Related Allowance | 5 | ||
Impaired Financing Receivable, Average Recorded Investment | 2,694 | 1,583 | |
Interest Income Recognized | 22 | 17 | |
Consumer Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance | 222 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 159 | ||
Recorded Investment | 52 | ||
Related Allowance | 1 | ||
Impaired Financing Receivable, Average Recorded Investment | 355 | 142 | |
Interest Income Recognized | $ 4 | $ 4 |
LOANS RECEIVABLE AND THE ALLO_6
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructuring) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Document Period End Date | Dec. 31, 2020 | |
Total TDRs | $ 7.9 | $ 8 |
Financing Receivable, Modifications, Commitments to Advance Funds | $ 0 |
LOANS RECEIVABLE AND THE ALLO_7
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Newly Restructured Loans) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Number of Contracts | contract | 4 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 5,701 | $ 1,846 |
Post-Modification Outstanding Recorded Investment | $ 5,701 | $ 1,846 |
Commercial business [Member] | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Number of Contracts | contract | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 5,532 | $ 160 |
Post-Modification Outstanding Recorded Investment | $ 5,532 | $ 160 |
Agricultural business, including secured by farmland [Member] | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 169 | $ 596 |
Post-Modification Outstanding Recorded Investment | $ 169 | $ 596 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 1,090 | |
Post-Modification Outstanding Recorded Investment | $ 1,090 |
LOANS RECEIVABLE AND THE ALLO_8
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructuring Which Incurred Payment Default) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Document Period End Date | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 |
LOANS RECEIVABLE AND THE ALLO_9
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Risk-Rate and Non-Risk Rated Loans by Grade and Other Characteristic) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 9,870,982 | $ 9,305,357 |
Small Credit-Scored Business Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 743,451 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 157,461 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 145,474 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 127,691 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 91,081 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 48,082 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 63,948 | |
Financing Receivable, Revolving | 109,714 | |
Financing Receivable, before Allowance for Credit Loss | 743,451 | |
Owner-occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,076,467 | 1,580,650 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 251,023 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 188,312 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 159,857 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 127,251 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 104,043 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 242,453 | |
Financing Receivable, Revolving | 3,528 | |
Financing Receivable, before Allowance for Credit Loss | 1,076,467 | |
Commer[Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,955,684 | 2,309,221 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 257,365 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 276,673 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 319,804 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 254,328 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 304,105 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 523,347 | |
Financing Receivable, Revolving | 20,062 | |
Financing Receivable, before Allowance for Credit Loss | 1,955,684 | |
Multifamily Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 428,223 | 473,152 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 80,944 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 71,253 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 39,343 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 93,442 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 44,395 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 96,863 | |
Financing Receivable, Revolving | 1,983 | |
Financing Receivable, before Allowance for Credit Loss | 428,223 | |
Commercial Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 228,937 | 210,668 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 96,419 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 76,923 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 46,172 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,038 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,256 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,129 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 228,937 | |
Multifamily construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 305,527 | 233,610 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 79,710 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 151,141 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 59,744 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 14,932 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 305,527 | |
One-to four-family construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 507,810 | 544,308 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 463,358 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 36,241 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 8,211 | |
Financing Receivable, before Allowance for Credit Loss | 507,810 | |
Residential Land and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 248,915 | 154,688 |
Land and land development - commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 26,290 | |
Commercial business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,178,461 | 1,693,824 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,250,003 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 245,670 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 221,620 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 71,577 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 40,077 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 66,774 | |
Financing Receivable, Revolving | 282,740 | |
Financing Receivable, before Allowance for Credit Loss | 2,178,461 | |
Agricultural Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 299,949 | 370,549 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 33,574 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 64,710 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 32,457 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 23,608 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 23,069 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 28,536 | |
Financing Receivable, Revolving | 93,995 | |
Financing Receivable, before Allowance for Credit Loss | 299,949 | |
One- to four-family residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 717,939 | 945,622 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 106,462 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 90,539 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 94,738 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 102,776 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 60,907 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 259,353 | |
Financing Receivable, Revolving | 3,164 | |
Financing Receivable, before Allowance for Credit Loss | 717,939 | |
Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 491,812 | 550,960 |
Consumer Borrower [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 211,815 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 22,101 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 13,412 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,951 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11,488 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8,642 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,842 | |
Financing Receivable, Revolving | 25,522 | |
Financing Receivable, before Allowance for Credit Loss | 113,958 | |
Land and Land Improvements [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 156,464 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 37,427 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19,607 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,991 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,264 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,142 | |
Financing Receivable, Revolving | 17,020 | |
Financing Receivable, before Allowance for Credit Loss | 248,915 | |
Pass (Risk Ratings 1-5) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 9,130,662 | |
Pass (Risk Ratings 1-5) [Member] | Small Credit-Scored Business Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 764,600 | |
Pass (Risk Ratings 1-5) [Member] | Owner-occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,546,649 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 243,100 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 156,838 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 156,817 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 122,484 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 92,312 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 212,792 | |
Financing Receivable, Revolving | 3,379 | |
Financing Receivable, before Allowance for Credit Loss | 987,722 | |
Pass (Risk Ratings 1-5) [Member] | Commer[Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,288,785 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 237,553 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 262,543 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 299,452 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 218,018 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 278,348 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 502,914 | |
Financing Receivable, Revolving | 20,062 | |
Financing Receivable, before Allowance for Credit Loss | 1,818,890 | |
Pass (Risk Ratings 1-5) [Member] | Multifamily Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 472,856 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 78,632 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 69,825 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 39,343 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 93,442 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 44,395 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 96,863 | |
Financing Receivable, Revolving | 1,983 | |
Financing Receivable, before Allowance for Credit Loss | 424,483 | |
Pass (Risk Ratings 1-5) [Member] | Commercial Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 198,986 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 83,506 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 67,152 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 41,299 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,038 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,158 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,129 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 201,282 | |
Pass (Risk Ratings 1-5) [Member] | Multifamily construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 233,610 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 79,710 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 151,141 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 59,744 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 14,932 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 305,527 | |
Pass (Risk Ratings 1-5) [Member] | One-to four-family construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 530,307 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 461,294 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 35,910 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 7,581 | |
Financing Receivable, before Allowance for Credit Loss | 504,785 | |
Pass (Risk Ratings 1-5) [Member] | Residential Land and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 154,348 | |
Pass (Risk Ratings 1-5) [Member] | Land and land development - commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 26,256 | |
Pass (Risk Ratings 1-5) [Member] | Commercial business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,627,170 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,243,276 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 230,845 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 203,051 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 65,524 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 38,757 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 66,206 | |
Financing Receivable, Revolving | 264,741 | |
Financing Receivable, before Allowance for Credit Loss | 2,112,400 | |
Pass (Risk Ratings 1-5) [Member] | Agricultural Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 352,408 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 32,032 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 62,058 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 31,381 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 22,635 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 22,394 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 24,950 | |
Financing Receivable, Revolving | 91,660 | |
Financing Receivable, before Allowance for Credit Loss | 287,110 | |
Pass (Risk Ratings 1-5) [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 940,424 | |
Pass (Risk Ratings 1-5) [Member] | Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 547,388 | |
Pass (Risk Ratings 1-5) [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 211,475 | |
Pass (Risk Ratings 1-5) [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 156,450 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 37,397 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16,560 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,801 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,264 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,840 | |
Financing Receivable, Revolving | 17,020 | |
Financing Receivable, before Allowance for Credit Loss | 245,332 | |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 61,189 | |
Special Mention [Member] | Owner-occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,198 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,560 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,251 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,869 | |
Financing Receivable, Revolving | 149 | |
Financing Receivable, before Allowance for Credit Loss | 8,829 | |
Special Mention [Member] | Commer[Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,193 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,712 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,730 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,856 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 7,298 | |
Special Mention [Member] | Multifamily Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Special Mention [Member] | Commercial Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,963 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 5,963 | |
Special Mention [Member] | Multifamily construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Special Mention [Member] | One-to four-family construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 12,534 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,563 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 630 | |
Financing Receivable, before Allowance for Credit Loss | 2,193 | |
Special Mention [Member] | Residential Land and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Special Mention [Member] | Land and land development - commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Special Mention [Member] | Commercial business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 31,012 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 103 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 412 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 829 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 115 | |
Financing Receivable, Revolving | 9,507 | |
Financing Receivable, before Allowance for Credit Loss | 10,966 | |
Special Mention [Member] | Agricultural Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 10,840 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 810 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 537 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 1,347 | |
Special Mention [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 409 | |
Special Mention [Member] | Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Special Mention [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 3 | |
Special Mention [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 113,448 | |
Substandard [Member] | Owner-occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 29,803 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 7,923 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 26,914 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,040 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,516 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 11,731 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 27,792 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 79,916 | |
Substandard [Member] | Commer[Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 18,243 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 19,812 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11,418 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20,352 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 36,310 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 23,027 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,577 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 129,496 | |
Substandard [Member] | Multifamily Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 296 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,312 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,428 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 3,740 | |
Substandard [Member] | Commercial Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 11,682 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 12,913 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,808 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,873 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 98 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 21,692 | |
Substandard [Member] | Multifamily construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Substandard [Member] | One-to four-family construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,467 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 501 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 331 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 832 | |
Substandard [Member] | Residential Land and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 340 | |
Substandard [Member] | Land and land development - commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 34 | |
Substandard [Member] | Commercial business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 35,584 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,624 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 14,413 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 18,569 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,224 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,320 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 453 | |
Financing Receivable, Revolving | 8,492 | |
Financing Receivable, before Allowance for Credit Loss | 55,095 | |
Substandard [Member] | Agricultural Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 7,301 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,542 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,652 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,076 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 163 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 675 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,049 | |
Financing Receivable, Revolving | 2,335 | |
Financing Receivable, before Allowance for Credit Loss | 11,492 | |
Substandard [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 4,789 | |
Substandard [Member] | Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 3,572 | |
Substandard [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 337 | |
Substandard [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 14 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 30 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,047 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 190 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 302 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 3,583 | |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 58 | |
Doubtful [Member] | Owner-occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Doubtful [Member] | Commer[Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Doubtful [Member] | Multifamily Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Doubtful [Member] | Commercial Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Doubtful [Member] | Multifamily construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Doubtful [Member] | One-to four-family construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Doubtful [Member] | Residential Land and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | Land and land development - commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | Commercial business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 58 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Doubtful [Member] | Agricultural Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Doubtful [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Loss [Member] | Owner-occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | Commer[Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | Multifamily Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | Commercial Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | Multifamily construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | One-to four-family construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | Residential Land and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Loss [Member] | Land and land development - commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Loss [Member] | Commercial business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | Agricultural Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loss [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Loss [Member] | Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Loss [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 0 | |
Loss [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | $ 0 |
LOANS RECEIVABLE AND THE ALL_10
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Age Analysis of Company's Past Due Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 36,131 | $ 35,562 |
Carrying balance of purchased credit-impaired loans | 15,938 | |
Current | 9,834,851 | 9,253,857 |
Total loans | 9,870,982 | 9,305,357 |
Loans 90 Days or More Past Due and Accruing | 3,054 | 2,097 |
Financing Receivable, Nonaccrual | 32,560 | 37,501 |
Financing Receivable, Nonaccrual, No Allowance | 19,586 | |
Commerical real estate - owner-occupied [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,629 | 4,621 |
Carrying balance of purchased credit-impaired loans | 8,578 | |
Current | 1,074,838 | 1,567,451 |
Total loans | 1,076,467 | 1,580,650 |
Loans 90 Days or More Past Due and Accruing | 0 | 89 |
Financing Receivable, Nonaccrual | 8,429 | 4,069 |
Financing Receivable, Nonaccrual, No Allowance | 7,509 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 251,023 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 188,312 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 159,857 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 127,251 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 104,043 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 242,453 | |
Financing Receivable, Revolving | 3,528 | |
Financing Receivable, before Allowance for Credit Loss | 1,076,467 | |
Commercial real estate - investment properties [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 7,981 | 2,143 |
Carrying balance of purchased credit-impaired loans | 6,345 | |
Current | 1,947,703 | 2,300,733 |
Total loans | 1,955,684 | 2,309,221 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Financing Receivable, Nonaccrual | 8,979 | 1,883 |
Financing Receivable, Nonaccrual, No Allowance | 8,979 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 257,365 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 276,673 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 319,804 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 254,328 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 304,105 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 523,347 | |
Financing Receivable, Revolving | 20,062 | |
Financing Receivable, before Allowance for Credit Loss | 1,955,684 | |
Multifamily real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 330 |
Carrying balance of purchased credit-impaired loans | 7 | |
Current | 428,223 | 472,815 |
Total loans | 428,223 | 473,152 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Financing Receivable, Nonaccrual | 0 | 85 |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 80,944 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 71,253 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 39,343 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 93,442 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 44,395 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 96,863 | |
Financing Receivable, Revolving | 1,983 | |
Financing Receivable, before Allowance for Credit Loss | 428,223 | |
Commercial Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 98 | 1,495 |
Carrying balance of purchased credit-impaired loans | 0 | |
Current | 228,839 | 209,173 |
Total loans | 228,937 | 210,668 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Financing Receivable, Nonaccrual | 98 | 98 |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 96,419 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 76,923 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 46,172 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,038 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,256 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,129 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 228,937 | |
Multifamily construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Carrying balance of purchased credit-impaired loans | 0 | |
Current | 305,527 | 233,610 |
Total loans | 305,527 | 233,610 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Financing Receivable, Nonaccrual | 0 | 0 |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 79,710 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 151,141 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 59,744 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 14,932 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 305,527 | |
One-to four-family construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 687 | 5,011 |
Carrying balance of purchased credit-impaired loans | 0 | |
Current | 507,123 | 539,297 |
Total loans | 507,810 | 544,308 |
Loans 90 Days or More Past Due and Accruing | 0 | 332 |
Financing Receivable, Nonaccrual | 331 | 1,467 |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 463,358 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 36,241 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 8,211 | |
Financing Receivable, before Allowance for Credit Loss | 507,810 | |
Land and land development - residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 317 | 340 |
Carrying balance of purchased credit-impaired loans | 0 | |
Current | 248,598 | 154,348 |
Total loans | 248,915 | 154,688 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Financing Receivable, Nonaccrual | 507 | 340 |
Financing Receivable, Nonaccrual, No Allowance | 302 | |
Land and land development - commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Carrying balance of purchased credit-impaired loans | 0 | |
Current | 26,290 | |
Total loans | 26,290 | |
Loans 90 Days or More Past Due and Accruing | 0 | |
Financing Receivable, Nonaccrual | 0 | |
Commercial business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5,366 | 7,338 |
Carrying balance of purchased credit-impaired loans | 368 | |
Current | 2,173,095 | 1,686,118 |
Total loans | 2,178,461 | 1,693,824 |
Loans 90 Days or More Past Due and Accruing | 889 | 401 |
Financing Receivable, Nonaccrual | 1,988 | 23,015 |
Financing Receivable, Nonaccrual, No Allowance | 555 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,250,003 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 245,670 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 221,620 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 71,577 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 40,077 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 66,774 | |
Financing Receivable, Revolving | 282,740 | |
Financing Receivable, before Allowance for Credit Loss | 2,178,461 | |
Agricultural business, including secured by farmland [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,883 | 2,685 |
Carrying balance of purchased credit-impaired loans | 393 | |
Current | 298,066 | 367,471 |
Total loans | 299,949 | 370,549 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Financing Receivable, Nonaccrual | 1,743 | 661 |
Financing Receivable, Nonaccrual, No Allowance | 1,412 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 33,574 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 64,710 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 32,457 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 23,608 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 23,069 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 28,536 | |
Financing Receivable, Revolving | 93,995 | |
Financing Receivable, before Allowance for Credit Loss | 299,949 | |
One- to four-family residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 9,628 | 7,741 |
Carrying balance of purchased credit-impaired loans | 74 | |
Current | 708,311 | 937,807 |
Total loans | 717,939 | 945,622 |
Loans 90 Days or More Past Due and Accruing | 1,899 | 877 |
Financing Receivable, Nonaccrual | 3,556 | 3,410 |
Financing Receivable, Nonaccrual, No Allowance | 171 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 106,462 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 90,539 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 94,738 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 102,776 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 60,907 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 259,353 | |
Financing Receivable, Revolving | 3,164 | |
Financing Receivable, before Allowance for Credit Loss | 717,939 | |
Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,745 | 3,347 |
Carrying balance of purchased credit-impaired loans | 110 | |
Current | 489,067 | 547,503 |
Total loans | 491,812 | 550,960 |
Loans 90 Days or More Past Due and Accruing | 130 | 398 |
Financing Receivable, Nonaccrual | 2,697 | 2,314 |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 564 | 511 |
Carrying balance of purchased credit-impaired loans | 63 | |
Current | 113,394 | 211,241 |
Total loans | 113,958 | 211,815 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Financing Receivable, Nonaccrual | 22 | 159 |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Small Balance CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 835 | |
Current | 573,014 | |
Total loans | 573,849 | |
Loans 90 Days or More Past Due and Accruing | 0 | |
Financing Receivable, Nonaccrual | 791 | |
Financing Receivable, Nonaccrual, No Allowance | 567 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 56,544 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 80,090 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 84,749 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 78,249 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 68,791 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 202,876 | |
Financing Receivable, Revolving | 2,550 | |
Financing Receivable, before Allowance for Credit Loss | 573,849 | |
Small Credit-Scored Business Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4,398 | |
Current | 739,053 | |
Total loans | 743,451 | |
Loans 90 Days or More Past Due and Accruing | 136 | |
Financing Receivable, Nonaccrual | 3,419 | |
Financing Receivable, Nonaccrual, No Allowance | 91 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 157,461 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 145,474 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 127,691 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 91,081 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 48,082 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 63,948 | |
Financing Receivable, Revolving | 109,714 | |
Financing Receivable, before Allowance for Credit Loss | 743,451 | |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 10,522 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,131 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,751 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,923 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,658 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,696 | |
Financing Receivable, Revolving | 467,131 | |
Financing Receivable, before Allowance for Credit Loss | 491,812 | |
Consumer Borrower [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 211,815 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 22,101 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 13,412 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,951 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11,488 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8,642 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,842 | |
Financing Receivable, Revolving | 25,522 | |
Financing Receivable, before Allowance for Credit Loss | 113,958 | |
Consumer Loan in Effect Before Topic 326 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 211,815 | |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 10,675 | 14,950 |
30 to 59 Days Past Due [Member] | Commerical real estate - owner-occupied [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 486 |
30 to 59 Days Past Due [Member] | Commercial real estate - investment properties [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
30 to 59 Days Past Due [Member] | Multifamily real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 239 |
30 to 59 Days Past Due [Member] | Commercial Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 1,397 |
30 to 59 Days Past Due [Member] | Multifamily construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
30 to 59 Days Past Due [Member] | One-to four-family construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 356 | 3,212 |
30 to 59 Days Past Due [Member] | Land and land development - residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
30 to 59 Days Past Due [Member] | Land and land development - commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
30 to 59 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 3,247 | 2,343 |
30 to 59 Days Past Due [Member] | Agricultural business, including secured by farmland [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 298 | 1,972 |
30 to 59 Days Past Due [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4,620 | 3,777 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,051 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,302 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 829 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,438 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 4,620 | |
30 to 59 Days Past Due [Member] | Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 459 | 1,174 |
30 to 59 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 236 | 350 |
30 to 59 Days Past Due [Member] | Small Balance CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
30 to 59 Days Past Due [Member] | Small Credit-Scored Business Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,459 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 129 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 62 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 310 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 723 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1 | |
Financing Receivable, Revolving | 230 | |
Financing Receivable, before Allowance for Credit Loss | 1,459 | |
30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 50 | |
Financing Receivable, Revolving | 409 | |
Financing Receivable, before Allowance for Credit Loss | 459 | |
30 to 59 Days Past Due [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 48 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 35 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 15 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 22 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 46 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 26 | |
Financing Receivable, Revolving | 44 | |
Financing Receivable, before Allowance for Credit Loss | 236 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,908 | 4,885 |
60 to 89 Days Past Due [Member] | Commerical real estate - owner-occupied [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 182 | 1,246 |
60 to 89 Days Past Due [Member] | Commercial real estate - investment properties [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 260 |
60 to 89 Days Past Due [Member] | Multifamily real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 91 |
60 to 89 Days Past Due [Member] | Commercial Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
60 to 89 Days Past Due [Member] | Multifamily construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
60 to 89 Days Past Due [Member] | One-to four-family construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
60 to 89 Days Past Due [Member] | Land and land development - residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
60 to 89 Days Past Due [Member] | Land and land development - commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
60 to 89 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 31 | 1,583 |
60 to 89 Days Past Due [Member] | Agricultural business, including secured by farmland [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 37 | 129 |
60 to 89 Days Past Due [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 955 | 1,088 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 936 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 955 | |
60 to 89 Days Past Due [Member] | Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 439 | 327 |
60 to 89 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 328 | 161 |
60 to 89 Days Past Due [Member] | Small Balance CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 45 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 45 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 45 | |
60 to 89 Days Past Due [Member] | Small Credit-Scored Business Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 891 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 98 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 147 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 140 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 352 | |
Financing Receivable, Revolving | 151 | |
Financing Receivable, before Allowance for Credit Loss | 891 | |
60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 202 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 237 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 439 | |
60 to 89 Days Past Due [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 242 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 33 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 21 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14 | |
Financing Receivable, Revolving | 18 | |
Financing Receivable, before Allowance for Credit Loss | 328 | |
90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 22,548 | 15,727 |
90 Days or More Past Due [Member] | Commerical real estate - owner-occupied [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,447 | 2,889 |
90 Days or More Past Due [Member] | Commercial real estate - investment properties [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 7,981 | 1,883 |
90 Days or More Past Due [Member] | Multifamily real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
90 Days or More Past Due [Member] | Commercial Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 98 | 98 |
90 Days or More Past Due [Member] | Multifamily construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
90 Days or More Past Due [Member] | One-to four-family construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 331 | 1,799 |
90 Days or More Past Due [Member] | Land and land development - residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 317 | 340 |
90 Days or More Past Due [Member] | Land and land development - commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | |
90 Days or More Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,088 | 3,412 |
90 Days or More Past Due [Member] | Agricultural business, including secured by farmland [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,548 | 584 |
90 Days or More Past Due [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4,053 | 2,876 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 114 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,185 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 456 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 169 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,129 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 4,053 | |
90 Days or More Past Due [Member] | Consumer secured by one- to four-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,847 | 1,846 |
90 Days or More Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | $ 0 |
90 Days or More Past Due [Member] | Small Balance CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 790 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 567 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 223 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 790 | |
90 Days or More Past Due [Member] | Small Credit-Scored Business Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,048 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 73 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 228 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 800 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 484 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 169 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 248 | |
Financing Receivable, Revolving | 46 | |
Financing Receivable, before Allowance for Credit Loss | 2,048 | |
90 Days or More Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 312 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 198 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 564 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 286 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 255 | |
Financing Receivable, Revolving | 232 | |
Financing Receivable, before Allowance for Credit Loss | 1,847 | |
90 Days or More Past Due [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Finance Receivable, Not Past Due [Member] | One- to four-family residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 105,411 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 90,425 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 92,232 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 101,491 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 60,738 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 254,850 | |
Financing Receivable, Revolving | 3,164 | |
Financing Receivable, before Allowance for Credit Loss | 708,311 | |
Finance Receivable, Not Past Due [Member] | Small Balance CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 56,544 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 80,090 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 84,749 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 77,637 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 68,791 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 202,653 | |
Financing Receivable, Revolving | 2,550 | |
Financing Receivable, before Allowance for Credit Loss | 573,014 | |
Finance Receivable, Not Past Due [Member] | Small Credit-Scored Business Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 157,161 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 145,037 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 126,578 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 89,734 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 47,909 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 63,347 | |
Financing Receivable, Revolving | 109,287 | |
Financing Receivable, before Allowance for Credit Loss | 739,053 | |
Finance Receivable, Not Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 10,522 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,617 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,553 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,359 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,372 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,154 | |
Financing Receivable, Revolving | 466,490 | |
Financing Receivable, before Allowance for Credit Loss | 489,067 | |
Finance Receivable, Not Past Due [Member] | Consumer Borrower [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 21,811 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 13,377 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,936 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11,433 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8,575 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,802 | |
Financing Receivable, Revolving | 25,460 | |
Financing Receivable, before Allowance for Credit Loss | $ 113,394 |
LOANS RECEIVABLE AND THE ALL_11
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | $ 96,485 | $ 100,559 | $ 96,485 | |||||
Provision for loan losses | 64,285 | $ 10,000 | 8,500 | |||||
Recoveries | 4,088 | 6,263 | 2,465 | |||||
Charge-offs | (5,131) | (11,640) | (8,391) | |||||
Ending balance | 167,279 | 100,559 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | $ 4,374 | |||||||
Allowance collectively evaluated for impairment | 96,107 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 78 | |||||||
Allowance for loan losses | 96,485 | 167,279 | 100,559 | 96,485 | $ 167,279 | $ 7,812 | 100,559 | $ 89,028 |
Loans individually evaluated for impairment | 32,404 | |||||||
Loans collectively evaluated for impairment | 9,257,015 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 15,938 | |||||||
Total loans | 9,870,982 | 9,305,357 | ||||||
Commercial Real Estate [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | 27,132 | 30,591 | 27,132 | |||||
Provision for loan losses | 3,063 | 31,643 | 4,121 | |||||
Recoveries | 1,646 | 275 | 476 | |||||
Charge-offs | (401) | (1,854) | (1,138) | |||||
Ending balance | 57,791 | 30,591 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | 58 | |||||||
Allowance collectively evaluated for impairment | 30,533 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | |||||||
Allowance for loan losses | 27,132 | 30,591 | 30,591 | 27,132 | 57,791 | (2,864) | 30,591 | 22,824 |
Loans individually evaluated for impairment | 4,738 | |||||||
Loans collectively evaluated for impairment | 3,870,210 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 14,923 | |||||||
Total loans | 3,889,871 | |||||||
Multifamily Real Estate [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | 3,818 | 4,754 | 3,818 | |||||
Provision for loan losses | 2,185 | 1,409 | 936 | |||||
Recoveries | 0 | 0 | 0 | |||||
Charge-offs | 0 | (66) | 0 | |||||
Ending balance | 3,893 | 4,754 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | 0 | |||||||
Allowance collectively evaluated for impairment | 4,754 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | |||||||
Allowance for loan losses | 3,818 | 4,754 | 4,754 | 3,818 | 3,893 | (2,204) | 4,754 | 1,633 |
Loans individually evaluated for impairment | 0 | |||||||
Loans collectively evaluated for impairment | 473,145 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 7 | |||||||
Total loans | 428,223 | 473,152 | ||||||
Construction and Land [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | 24,442 | 22,994 | 24,442 | |||||
Provision for loan losses | (2,860) | 15,781 | (1,611) | |||||
Recoveries | 213 | 105 | 208 | |||||
Charge-offs | (479) | (100) | (45) | |||||
Ending balance | 41,295 | 22,994 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | 0 | |||||||
Allowance collectively evaluated for impairment | 22,994 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | |||||||
Allowance for loan losses | 24,442 | 41,295 | 22,994 | 24,442 | 41,295 | 2,515 | 22,994 | 27,568 |
Loans individually evaluated for impairment | 1,467 | |||||||
Loans collectively evaluated for impairment | 1,168,097 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | |||||||
Total loans | 1,169,564 | |||||||
Commercial business [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | 19,438 | 23,370 | 19,438 | |||||
Provision for loan losses | 2,129 | 12,615 | 7,478 | |||||
Recoveries | 1,049 | 3,265 | 625 | |||||
Charge-offs | (2,051) | (7,253) | (4,171) | |||||
Ending balance | 35,007 | 23,370 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | 4,128 | |||||||
Allowance collectively evaluated for impairment | 19,224 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 18 | |||||||
Allowance for loan losses | 19,438 | 23,370 | 23,370 | 19,438 | 35,007 | 3,010 | 23,370 | 18,311 |
Loans individually evaluated for impairment | 19,331 | |||||||
Loans collectively evaluated for impairment | 1,674,125 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 368 | |||||||
Total loans | 2,178,461 | 1,693,824 | ||||||
Agricultural Business [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | 3,778 | 4,120 | 3,778 | |||||
Provision for loan losses | 417 | (87) | 1,206 | |||||
Recoveries | 64 | 1,823 | 47 | |||||
Charge-offs | (756) | (591) | (911) | |||||
Ending balance | 4,914 | 4,120 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | 141 | |||||||
Allowance collectively evaluated for impairment | 3,919 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 60 | |||||||
Allowance for loan losses | 3,778 | 4,120 | 4,120 | 3,778 | 4,914 | (351) | 4,120 | 4,053 |
Loans individually evaluated for impairment | 2,243 | |||||||
Loans collectively evaluated for impairment | 367,913 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 393 | |||||||
Total loans | 299,949 | 370,549 | ||||||
One- to four-family residential [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | 4,714 | 4,136 | 4,714 | |||||
Provision for loan losses | 1,952 | (1,679) | (1,053) | |||||
Recoveries | 750 | 467 | 561 | |||||
Charge-offs | (43) | (136) | (86) | |||||
Ending balance | 9,913 | 4,136 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | 41 | |||||||
Allowance collectively evaluated for impairment | 4,095 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | |||||||
Allowance for loan losses | 4,714 | 9,913 | 4,136 | 4,714 | 9,913 | 7,125 | 4,136 | 2,055 |
Loans individually evaluated for impairment | 4,390 | |||||||
Loans collectively evaluated for impairment | 941,158 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 74 | |||||||
Total loans | 717,939 | 945,622 | ||||||
Consumer [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | 7,972 | 8,202 | 7,972 | |||||
Provision for loan losses | 5,141 | 4,603 | 1,722 | |||||
Recoveries | 366 | 328 | 548 | |||||
Charge-offs | (1,401) | (1,640) | (2,040) | |||||
Ending balance | 14,466 | 8,202 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | 6 | |||||||
Allowance collectively evaluated for impairment | 8,196 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | |||||||
Allowance for loan losses | 7,972 | 14,466 | 8,202 | 7,972 | 14,466 | 2,973 | 8,202 | 3,866 |
Loans individually evaluated for impairment | 235 | |||||||
Loans collectively evaluated for impairment | 762,367 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 173 | |||||||
Total loans | 762,775 | |||||||
Unallocated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | 5,191 | 2,392 | 5,191 | |||||
Provision for loan losses | (3,527) | 0 | (2,799) | |||||
Recoveries | 0 | 0 | 0 | |||||
Charge-offs | 0 | 0 | 0 | |||||
Ending balance | 0 | 2,392 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance individually evaluated for impairment | 0 | |||||||
Allowance collectively evaluated for impairment | 2,392 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | |||||||
Allowance for loan losses | $ 5,191 | $ 2,392 | $ 2,392 | $ 5,191 | $ 0 | $ (2,392) | 2,392 | $ 8,718 |
Loans individually evaluated for impairment | 0 | |||||||
Loans collectively evaluated for impairment | 0 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | |||||||
Total loans | $ 0 |
LOANS RECEIVABLE AND THE ALL_12
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | $ 19,609 |
Owner-occupied Commercial Real Estate [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 7,506 |
Commercial real estate - investment properties [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 8,979 |
Small Balance CRE [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 567 |
Land and land development - residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 302 |
Commercial business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 557 |
Small Credit-Scored Business Loans [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 91 |
Agricultural Business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 1,411 |
One- to four-family residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 196 |
Real Estate Loan [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 18,578 |
Real Estate Loan [Member] | Owner-occupied Commercial Real Estate [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 7,506 |
Real Estate Loan [Member] | Commercial real estate - investment properties [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 8,979 |
Real Estate Loan [Member] | Small Balance CRE [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 567 |
Real Estate Loan [Member] | Land and land development - residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 302 |
Real Estate Loan [Member] | Commercial business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 557 |
Real Estate Loan [Member] | Small Credit-Scored Business Loans [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 44 |
Real Estate Loan [Member] | Agricultural Business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 427 |
Real Estate Loan [Member] | One- to four-family residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 196 |
Accounts Receivable [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Accounts Receivable [Member] | Owner-occupied Commercial Real Estate [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Accounts Receivable [Member] | Commercial real estate - investment properties [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Accounts Receivable [Member] | Small Balance CRE [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Accounts Receivable [Member] | Land and land development - residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Accounts Receivable [Member] | Commercial business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Accounts Receivable [Member] | Small Credit-Scored Business Loans [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Accounts Receivable [Member] | Agricultural Business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Accounts Receivable [Member] | One- to four-family residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Equipment [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 1,031 |
Equipment [Member] | Owner-occupied Commercial Real Estate [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Equipment [Member] | Commercial real estate - investment properties [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Equipment [Member] | Small Balance CRE [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Equipment [Member] | Land and land development - residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Equipment [Member] | Commercial business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Equipment [Member] | Small Credit-Scored Business Loans [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 47 |
Equipment [Member] | Agricultural Business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 984 |
Equipment [Member] | One- to four-family residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | Owner-occupied Commercial Real Estate [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | Commercial real estate - investment properties [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | Small Balance CRE [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | Land and land development - residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | Commercial business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | Small Credit-Scored Business Loans [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | Agricultural Business [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | 0 |
Inventories | One- to four-family residential [Member] | |
Financing Receivable, Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | $ 0 |
LOANS RECEIVABLE AND THE ALL_13
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Financing Receivables Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | $ 19,609 |
Equipment [Member] | |
Financing Receivables Collateral Dependent Loans [Line Items] | |
Collateral Dependent Loans, Amortized Cost | $ 1,031 |
REAL ESTATE OWNED, HELD FOR S_3
REAL ESTATE OWNED, HELD FOR SALE, NET (REO Rollforward) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Abstract] | |||
Real Estate Acquired Through Foreclosure, Residential | $ 0 | $ 48,000 | |
Mortgage Loans in Process of Foreclosure, Amount | 609,000 | 1,500,000 | |
Real Estate Owned [Roll Forward] | |||
Balance, beginning of period | 814,000 | 2,611,000 | $ 360,000 |
Additions from loan foreclosures | 1,588,000 | 109,000 | 641,000 |
Additions from acquisitions | 0 | 650,000 | 2,593,000 |
Proceeds from dispositions of REO | (2,360,000) | (2,588,000) | (838,000) |
Gain on sale of REO | 819,000 | 32,000 | 242,000 |
Valuation adjustments in the period | (45,000) | 0 | (387,000) |
Balance, end of period | $ 816,000 | $ 814,000 | $ 2,611,000 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Real Estate Held for Development and Sale | $ 8,400 | $ 1,500 | |
Land(1) | [1] | 32,196 | 34,841 |
Buildings and leasehold improvements(1) | [1] | 153,934 | 169,272 |
Furniture and equipment | 126,115 | 123,851 | |
Property and equipment, gross | 312,245 | 327,964 | |
Less accumulated depreciation | (147,689) | (149,956) | |
Property and equipment, net | $ 164,556 | $ 178,008 | |
[1] | The Company had $8.4 million and $1.5 million of properties held for sale that were included in land and buildings at December 31, 2020 and 2019, respectively. |
PROPERTY AND EQUIPMENT, NET PRO
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET (Textual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 18,130 | $ 17,282 | $ 15,232 |
Rental expense | $ 17,200 |
DEPOSITS (Deposit Liabilities)
DEPOSITS (Deposit Liabilities) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Deposit Liabilities [Line Items] | |||
Non-interest-bearing checking | $ 5,492,924,000 | $ 3,945,000,000 | |
Interest-bearing checking | 1,569,435,000 | 1,280,003,000 | |
Regular savings accounts | 2,398,482,000 | 1,934,041,000 | |
Money market accounts | 2,191,135,000 | 1,769,194,000 | |
Total interest-bearing transaction and savings accounts | 6,159,052,000 | 4,983,238,000 | |
Time Deposits, $250,000 or less | 718,256,000 | 936,940,000 | |
Time Deposits, More than $250,000 | 197,064,000 | 183,463,000 | |
Interest-bearing certificates | [1] | 915,320,000 | 1,120,403,000 |
Total deposits | 12,567,296,000 | 10,048,641,000 | |
Included in total deposits: | |||
Public fund transaction accounts | 302,875,000 | 244,418,000 | |
Public fund interest-bearing certificates | 59,127,000 | 35,184,000 | |
Total public deposits | 362,002,000 | 279,602,000 | |
Total brokered deposits | 0 | 202,884,000 | |
Related Party Deposit Liabilities | 11,200,000 | 7,900,000 | |
Business Combination, Acquired Deposits, Time Deposit Premium | 58,000 | 269,000 | |
Time deposits equal to or greater than $250,000 | $ 203,600,000 | $ 189,000,000 | |
[1] | ) Certificates of deposit included $58,000 of acquisition discounts at December 31, 2020 and $269,000 of acquisition discounts at December 31, 2019. |
DEPOSITS (Maturities and Weight
DEPOSITS (Maturities and Weighted Average Interest Rates of Certificates of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Maturities of Time Deposits [Abstract] | |||
Maturing in one year or less | $ 701,473 | ||
Maturing after one year through two years | 123,290 | ||
Maturing after two years through three years | 65,094 | ||
Maturing after three years through four years | 13,603 | ||
Maturing after four years through five years | 9,852 | ||
Maturing after five years | 2,008 | ||
Total certificates of deposit | [1] | $ 915,320 | $ 1,120,403 |
Weighted Average Rate [Abstract] | |||
Maturing in one year or less | 0.80% | ||
Maturing after one year through two years | 1.42% | ||
Maturing after two years through three years | 0.95% | ||
Maturing after three years through four years | 2.10% | ||
Maturing after four years through five years | 1.04% | ||
Maturing after five years | 1.01% | ||
Total certificates of deposits | 0.92% | ||
[1] | ) Certificates of deposit included $58,000 of acquisition discounts at December 31, 2020 and $269,000 of acquisition discounts at December 31, 2019. |
ADVANCES FROM FEDERAL HOME LO_3
ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Advances from Federal Home Loan Banks [Abstract] | ||
Federal Home Loan Bank, advances, collateral pledged | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Maturing in one year or less | $ 100,000,000 | $ 300,000,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.51% | 1.84% |
Maturing after one year through three years | $ 50,000,000 | $ 150,000,000 |
Federal Home Loan Bank, Advance, Maturity, Average Interest Rate, Year Three | 2.72% | 2.58% |
Maturing after three years through five years | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Three to Four Years from Balance Sheet Date | 0.00% | 0.00% |
Maturing after five years | $ 0 | $ 0 |
Federal Home Loan Bank, Advance, Maturity, Average Interest Rate, after Year Five | 0.00% | 0.00% |
Total FHLB advances | $ 150,000,000 | $ 450,000,000 |
Federal Home Loan Bank, advances, maximum outstanding at any month end | 380,000,000 | 666,000,000 |
Federal Home Loan Bank, advances, average balance outstanding | $ 215,100,000 | $ 477,800,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 2.34% | 2.56% |
Federal Home Loan Bank, advances, average interest rate for year | 2.58% | 2.09% |
Subsidiary, Banner Bank [Member] | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Federal Home Loan Bank, advances, percentage of total assets to support credit line | 45.00% | |
Subsidiary, Islanders Bank [Member] | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Federal Home Loan Bank, advances, percentage of total assets to support credit line | 45.00% |
OTHER BORROWINGS (Schedule of O
OTHER BORROWINGS (Schedule of Other Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amount: | ||
Total year-end outstanding | $ 184,785 | $ 118,474 |
Repurchase Agreements [Member] | Retail repurchase agreements [Member] | ||
Amount: | ||
Maturing in one year or less | 184,785 | 118,474 |
Maturing after one year through two years | 0 | 0 |
Maturing after two years | 0 | 0 |
Total year-end outstanding | $ 184,785 | $ 118,474 |
Weighted Average Rate: | ||
Maturing in one year or less, weighted average interest rate | 0.22% | 0.35% |
Maturing after one year through two years, weighted average interest rate | 0.00% | 0.00% |
Maturing after two years, weighted average interest rate | 0.00% | 0.00% |
Total year-end outstanding, weighted average interest rate | 0.22% | 0.35% |
Other Borrowings, Activity for Year [Abstract] | ||
Average outstanding | $ 158,478 | $ 121,771 |
Average outstanding, weighted average interest rate | 0.30% | 0.27% |
Maximum outstanding at any month end | $ 189,937 | $ 124,415 |
OTHER BORROWINGS (Textuals) (De
OTHER BORROWINGS (Textuals) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Securities pledged to secure retail repurchase agreements | $ 207,586,000 | |
Funds Borrowed Against Current Borrowing Capacity | 184,785,000 | $ 118,474,000 |
Repurchase Agreements [Member] | Retail repurchase agreements [Member] | ||
Debt Instrument [Line Items] | ||
Funds Borrowed Against Current Borrowing Capacity | $ 184,785,000 | 118,474,000 |
Repurchase Agreements [Member] | Retail repurchase agreements [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Repurchase agreements, interest rate | 0.15% | |
Repurchase Agreements [Member] | Retail repurchase agreements [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Repurchase agreements, interest rate | 0.30% | |
Federal Reserve Bank Advances [Member] | Federal Reserve Bank of San Francisco [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 958,700,000 | |
Funds Borrowed Against Current Borrowing Capacity | 0 | 0 |
Subsidiary, Banner Bank [Member] | Federal Funds Purchased [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 125,000,000 | |
Line of credit, current | 0 | 0 |
Subsidiary, Islanders Bank [Member] | Federal Funds Purchased [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 5,000,000 | |
Line of credit, current | $ 0 | $ 0 |
JUNIOR SUBORDINATED DEBENTURE_3
JUNIOR SUBORDINATED DEBENTURES AND MANDATORILY REDEEMABLE TRUST PREFERRED SECURITIES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)subsidiary | Dec. 31, 2019USD ($) | |
Schedule of Trust Preferred Securities [Line Items] | ||
Number of wholly-owned Grantor Trusts | subsidiary | 10 | |
Grantor trusts amount of tier one risk based capital | $ 1,371,736 | $ 1,283,208 |
Debentures Subject to Mandatory Redemption [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 147,944 | |
Fair value adjustment | (30,970) | |
Total TPS liability at fair value | $ 116,974 | |
Current Interest Rate | 2.35% | |
Debentures Subject to Mandatory Redemption [Member] | Banner Capital Trusts [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Grantor trusts amount of tier one risk based capital | $ 143,500 | |
Grantor trusts percentage of tier one risk based capital | 8.90% | |
Debentures Subject to Mandatory Redemption [Member] | Banner Capital Trust II [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 15,464 | |
Current Interest Rate | 3.59% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 3.35% | |
Debentures Subject to Mandatory Redemption [Member] | Banner Capital Trust III [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 15,465 | |
Current Interest Rate | 3.14% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 2.90% | |
Debentures Subject to Mandatory Redemption [Member] | Banner Capital Trust IV [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 15,465 | |
Current Interest Rate | 3.09% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 2.85% | |
Debentures Subject to Mandatory Redemption [Member] | Banner Capital Trust V [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 25,774 | |
Current Interest Rate | 1.78% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 1.57% | |
Debentures Subject to Mandatory Redemption [Member] | Banner Capital Trust VI [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 25,774 | |
Current Interest Rate | 1.85% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 1.62% | |
Debentures Subject to Mandatory Redemption [Member] | Banner Capital Trust VII [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 25,774 | |
Current Interest Rate | 1.61% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 1.38% | |
Debentures Subject to Mandatory Redemption [Member] | Siuslaw Statutory Trust One [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 8,248 | |
Current Interest Rate | 2.93% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 2.70% | |
Debentures Subject to Mandatory Redemption [Member] | Greater Sacramento Bancorp Statutory Trust one [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 4,124 | |
Current Interest Rate | 3.59% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 3.35% | |
Debentures Subject to Mandatory Redemption [Member] | Greater Sacramento Bancorp Statutory Trust Two [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 4,124 | |
Current Interest Rate | 1.90% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 1.68% | |
Debentures Subject to Mandatory Redemption [Member] | Mission Oaks Statutory Trust One [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 7,732 | |
Current Interest Rate | 1.87% | |
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 1.65% | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 143,500 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Banner Capital Trust II [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 15,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Banner Capital Trust III [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 15,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Banner Capital Trust IV [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 15,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Banner Capital Trust V [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 25,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Banner Capital Trust VI [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 25,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Banner Capital Trust VII [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 25,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Siuslaw Statutory Trust One [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 8,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Greater Sacramento Bancorp Statutory Trust one [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 4,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Greater Sacramento Bancorp Statutory Trust Two [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 4,000 | |
Aggregate Liquidation Amount of Trust Preferred Securities [Member] | Mission Oaks Statutory Trust One [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 7,500 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 4,444 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Banner Capital Trust II [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 464 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Banner Capital Trust III [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 465 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Banner Capital Trust IV [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 465 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Banner Capital Trust V [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 774 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Banner Capital Trust VI [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 774 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Banner Capital Trust VII [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 774 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Siuslaw Statutory Trust One [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 248 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Greater Sacramento Bancorp Statutory Trust one [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 124 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Greater Sacramento Bancorp Statutory Trust Two [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | 124 | |
Aggregate Liquidation Amount of Common Capital Securities [Member] | Mission Oaks Statutory Trust One [Member] | ||
Schedule of Trust Preferred Securities [Line Items] | ||
Total TPS liability at par | $ 232 |
INCOME TAXES (Components of Inc
INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Document Period End Date | Dec. 31, 2020 | ||||||||||||||
Current Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||||||||||||||
Current Federal Tax Expense (Benefit) | $ 30,325 | $ 25,278 | $ 21,869 | ||||||||||||
Current State and Local Tax Expense (Benefit) | 6,964 | 2,494 | 4,130 | ||||||||||||
Current | 37,289 | 27,772 | 25,999 | ||||||||||||
Deferred Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||||||||||||||
Deferred Federal Income Tax Expense (Benefit) | (8,134) | 7,738 | 2,021 | ||||||||||||
Deferred State and Local Income Tax Expense (Benefit) | (2,630) | 1,344 | 575 | ||||||||||||
Deferred | (10,764) | 9,082 | 2,596 | ||||||||||||
Provision for (benefit from) income taxes | $ 9,831 | $ 7,492 | $ 4,594 | $ 4,608 | $ 8,428 | $ 8,602 | $ 10,955 | $ 8,869 | $ 3,053 | $ 8,084 | $ 9,219 | $ 8,239 | $ 26,525 | $ 36,854 | $ 28,595 |
INCOME TAXES (Effective Income
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Document Period End Date | Dec. 31, 2020 | ||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Federal income tax statutory rate | 21.00% | 21.00% | 21.00% |
Increase (decrease) in tax rate due to: | |||
Tax-exempt interest | (4.40%) | (2.20%) | (2.00%) |
Investment in life insurance | (0.90%) | (0.50%) | (0.60%) |
State income taxes, net of federal tax offset | 2.50% | 2.00% | 2.30% |
Tax credits | (2.60%) | (1.20%) | (0.80%) |
Change in effective income tax rate due to merger and acquisition costs | 0.00% | 0.10% | 0.10% |
Merger and acquisition costs | 0.00% | 0.00% | (2.50%) |
Effective Income Tax Rate Reconciliation, State Audits And Amended Returns, Percent | 0.00% | (0.50%) | 0.00% |
Low income housing partnerships, net of amortization | 1.60% | 0.70% | 0.40% |
Other | 1.40% | 0.70% | (0.60%) |
Effective income tax rate | 18.60% | 20.10% | 17.30% |
INCOME TAXES (Schedule of Net D
INCOME TAXES (Schedule of Net Deferred Tax Asset ) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Loan loss and REO | $ 43,158 | $ 24,285 |
Deferred compensation | 18,309 | 17,470 |
Net operating loss carryforward | 26,126 | 32,093 |
Federal and state tax credits | 7,517 | 7,517 |
State net operating losses | 5,400 | 5,632 |
Deferred Tax Asset, Loan Discount | 3,365 | 5,466 |
Deferred Tax Asset, FAS 115 | 14,088 | 15,485 |
Other | 9,177 | 2,556 |
Total deferred tax assets | 127,140 | 110,504 |
Deferred tax liabilities: | ||
Depreciation | (7,537) | (5,373) |
Deferred loan fees, servicing rights and loan origination costs | (11,646) | (11,525) |
Intangibles | (6,278) | (7,756) |
deferred tax liabilities, right-of-use asset | (13,144) | (14,531) |
deferred tax liability, unrealized gains on available-for-sale securities | (21,662) | (10,353) |
Financial instruments accounted for under fair value accounting | (947) | (1,143) |
Total deferred tax liabilities | (61,214) | (50,681) |
Deferred income tax asset | 65,926 | 59,823 |
Valuation allowance | (184) | (184) |
Deferred tax asset, net | $ 65,742 | $ 59,639 |
INCOME TAXES (Textuals) (Detail
INCOME TAXES (Textuals) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
Document Period End Date | Dec. 31, 2020 | |
Operating loss carryforward, amount expected to be utilized on an annual basis | $ 6,900 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 124,400 | $ 152,800 |
Operating loss carryforward, amount expected to be utilized on an annual basis | 21,500 | |
Tax basis bad debt reserves for which no income tax liability has been booked | 5,400 | 5,400 |
Unrecognized deferred tax liability related to bad debt reserves | 1,100 | |
Domestic Tax Authority [Member] | General Business Tax Credit Carryforward [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and state tax credit carryforwards | 3,300 | 3,300 |
Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and state tax credit carryforwards | 4,200 | 4,200 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 76,300 | $ 80,100 |
Operating loss carryforwards, valuation allowance | 184 | |
Operating loss carryforward, amount expected to be utilized on an annual basis, valuation allowance | $ 184 | |
Prior to 2017 Tax Cuts and Jobs Act [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Cuts and Jobs Act, Federal Marginal Corporate Income Tax Rate, Prior To Act, Percent | 35.00% | |
Tax Cuts and Jobs Act, Federal Marginal Corporate Income Tax Rate, Subsequent To Act, Percent | 21.00% |
INCOME TAXES Affordable Housing
INCOME TAXES Affordable Housing Tax Credit Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 33,528 | $ 29,620 | |
Qualified Affordable Housing Project Investments, Commitment | 18,306 | 20,235 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 3,842 | 1,916 | $ 1,456 |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | $ 2,992 | $ 1,633 | $ 1,151 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Defined contribution plan expense | $ 6,700 | $ 6,200 | $ 5,400 |
Defined contribution plan, employer matching contribution percent | 4.00% | ||
Deferred compensation liability | $ 45,460 | 45,689 | |
Carrying value of shares held in trust for stock related compensation plans | 7,636 | 7,507 | |
Cash surrender value of bank-owned life insurance policies | 191,800 | 192,100 | |
Supplemental Retirement and Salary Contribution Plans [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation plans expense | 2,100 | 3,400 | $ 2,300 |
Deferred compensation liability | 40,100 | 41,800 | |
Deferred Compensation Plans and Rabbi Trusts [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation liability | 11,400 | 10,900 | |
Carrying value of shares held in trust for stock related compensation plans | $ 7,600 | $ 7,500 |
STOCK-BASED COMPENSATION PLAN_2
STOCK-BASED COMPENSATION PLANS (Restricted Stock and Restricted Stock Units Activity) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Grant-Date Fair Value (in dollars per share): | |||
Document Period End Date | Dec. 31, 2020 | ||
Restricted Stock and Restricted Stock Units [Member] | |||
Unvested Shares: [Roll Forward] | |||
Unvested, Beginning Balance | 302,077 | 382,872 | 318,097 |
Granted | 161,598 | 384,807 | 227,262 |
Vested | (103,363) | (146,919) | (120,675) |
Forfeited | (42,215) | (42,624) | (41,812) |
Unvested, Ending Balance | 578,136 | 382,872 | |
Weighted Average Grant-Date Fair Value (in dollars per share): | |||
Unvested, Beginning Balance | $ 48.97 | $ 54.39 | $ 52.43 |
Granted | 55.04 | 33.49 | 53.50 |
Vested | 48.60 | 55.18 | 50.23 |
Forfeited | $ 47.05 | 47.90 | 46.25 |
Unvested, Ending Balance | $ 40.76 | $ 54.39 |
STOCK-BASED COMPENSATION PLAN_3
STOCK-BASED COMPENSATION PLANS (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | 20 Months Ended | 68 Months Ended | 77 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2020 | Apr. 22, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Document Period End Date | Dec. 31, 2020 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 9.2 | $ 7.1 | $ 6.6 | ||||
Unrecognized compensation expense | $ 12.6 | ||||||
Unrecognized compensation expense, period for recognition | 34 months | ||||||
2014 Omnibus Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | 900,000 | ||||||
2014 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted in period | 300,015 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 3,382 | ||||||
2014 Omnibus Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted in period | 401,662 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 222,210 | ||||||
Two Thousand Eighteen Omnibus Incentive Plan 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | 900,000 | ||||||
Two Thousand Eighteen Omnibus Incentive Plan 2018 [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted in period | 352,544 |
REGULATORY CAPITAL REQUIREMEN_3
REGULATORY CAPITAL REQUIREMENTS (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Total capital to risk-weighted assets: | ||
Actual | $ 1,608,387 | $ 1,386,483 |
Actual, Ratio | 0.1473 | 0.1293 |
Minimum for Capital Adequacy Purposes | $ 873,472 | $ 857,546 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions | $ 1,091,840 | $ 1,071,933 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier 1 capital to risk-weighted assets: | ||
Actual | $ 1,371,736 | $ 1,283,208 |
Actual, Ratio | 0.1256 | 0.1197 |
Minimum for Capital Adequacy Purposes | $ 655,104 | $ 643,160 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions | $ 655,104 | $ 643,160 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0600 | 0.0600 |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $ 1,228,236 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 0.1125 | |
Tier 1 common equity to risk-weighted assets: | ||
Actual | $ 1,139,708 | |
Actual, Ratio | 10.63% | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 491,328 | $ 482,370 |
Minimum for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 leverage capital to average assets: | ||
Actual | $ 1,371,736 | $ 1,283,208 |
Actual, Ratio | 0.0950 | 0.1071 |
Minimum for Capital Adequacy Purposes | $ 577,331 | $ 479,458 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Banner Bank [Member] | ||
Total capital to risk-weighted assets: | ||
Actual | $ 1,438,012 | $ 1,321,580 |
Actual, Ratio | 0.1339 | 0.1255 |
Minimum for Capital Adequacy Purposes | $ 859,260 | $ 842,219 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions | $ 1,074,075 | $ 1,052,773 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier 1 capital to risk-weighted assets: | ||
Actual | $ 1,303,590 | $ 1,220,811 |
Actual, Ratio | 0.1214 | 0.1160 |
Minimum for Capital Adequacy Purposes | $ 644,445 | $ 631,664 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions | $ 859,260 | $ 842,219 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0800 | 0.0800 |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $ 1,303,590 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 0.1214 | |
Tier 1 common equity to risk-weighted assets: | ||
Actual | $ 1,220,811 | |
Actual, Ratio | 11.60% | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 483,334 | $ 473,748 |
Minimum for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Well Capitalized, Minimum | $ 698,149 | $ 684,303 |
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 leverage capital to average assets: | ||
Actual | $ 1,303,590 | $ 1,220,811 |
Actual, Ratio | 0.0922 | 0.1045 |
Minimum for Capital Adequacy Purposes | $ 565,620 | $ 467,330 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions | $ 707,025 | $ 584,163 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0500 | 0.0500 |
Islanders Bank | ||
Total capital to risk-weighted assets: | ||
Actual | $ 29,333 | $ 37,044 |
Actual, Ratio | 0.1565 | 0.1942 |
Minimum for Capital Adequacy Purposes | $ 14,997 | $ 15,258 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions | $ 18,747 | $ 19,073 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier 1 capital to risk-weighted assets: | ||
Actual | $ 26,983 | $ 34,658 |
Actual, Ratio | 0.1439 | 0.1817 |
Minimum for Capital Adequacy Purposes | $ 11,248 | $ 11,444 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions | $ 14,997 | $ 15,258 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0800 | 0.0800 |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $ 26,983 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 0.1439 | |
Tier 1 common equity to risk-weighted assets: | ||
Actual | $ 34,658 | |
Actual, Ratio | 18.17% | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 8,436 | $ 8,583 |
Minimum for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Well Capitalized, Minimum | $ 12,185 | $ 12,397 |
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 leverage capital to average assets: | ||
Actual | $ 26,983 | $ 34,658 |
Actual, Ratio | 0.0787 | 0.1166 |
Minimum for Capital Adequacy Purposes | $ 13,720 | $ 11,887 |
Minimum for Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions | $ 17,150 | $ 14,859 |
Minimum to be Categorized as Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0500 | 0.0500 |
GOODWILL, OTHER INTANGIBLE AS_3
GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
GOODWILL, OTHER INTANGIBLE AS_4
GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill, beginning of period | $ 373,121 | $ 339,154 | $ 242,659 |
Intangible Assets, Net (Including Goodwill), beginning of period | 402,279 | 372,078 | 265,314 |
Goodwill, Acquired During Period | 33,967 | 96,495 | |
Acquired Intangible Assets (Including Goodwill) | 38,577 | 112,863 | |
Amortization | (7,732) | (8,151) | (6,099) |
Cumulative effect, Accounting Standard Update Adopted | 11,215 | (225) | |
Goodwill, end of period | 373,121 | 373,121 | 339,154 |
Balance, end of period | 21,426 | ||
Intangible Assets, Net (Including Goodwill), end of period | 394,547 | 402,279 | 372,078 |
Accounting Standards Update 2016-02 Cumulative Effect, Period of Adoption | |||
Goodwill [Line Items] | |||
Cumulative effect, Accounting Standard Update Adopted | (225) | ||
Core Deposit Intangibles [Member] | |||
Goodwill [Line Items] | |||
Balance, beginning of period | 29,158 | 32,699 | 22,378 |
Additions through acquisition | 4,610 | 16,368 | |
Amortization | (7,732) | (8,151) | (6,047) |
Balance, end of period | 21,426 | 29,158 | 32,699 |
Other Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Balance, beginning of period | 0 | 225 | 277 |
Additions through acquisition | 0 | 0 | |
Amortization | 0 | 0 | (52) |
Balance, end of period | $ 0 | $ 0 | $ 225 |
GOODWILL, OTHER INTANGIBLE AS_5
GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Estimated Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||||
Year Ended December 31, 2017 | $ 6,571 | |||
Year Ended December 31, 2018 | 5,317 | |||
Year Ended December 31, 2019 | 3,814 | |||
Year Ended December 31, 2020 | 2,659 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 1,575 | |||
Thereafter | 1,490 | |||
Net carrying amount | 21,426 | |||
Core Deposit Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Net carrying amount | $ 21,426 | $ 29,158 | $ 32,699 | $ 22,378 |
GOODWILL, OTHER INTANGIBLE AS_6
GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Mortgage Servicing Rights) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Servicing Asset at Amortized Value, Balance [Roll Forward] | |||||||
Servicing Asset at Amortized Cost, Additions | $ 175 | $ 168 | $ 166 | ||||
Serviced Loans | |||||||
Servicing Assets at Amortized Value [Line Items] | |||||||
Loans serviced for others | 2,640,000 | 2,480,000 | |||||
Mortgage Servicing Rights | |||||||
Servicing Assets at Amortized Value [Line Items] | |||||||
Custodial accounts | 3,800 | 12,000 | |||||
Servicing Asset at Amortized Value, Balance [Roll Forward] | |||||||
Balance, beginning of the year | 14,148 | [1] | 14,638 | [1] | 14,738 | ||
Amounts capitalized | 8,572 | 4,392 | 3,623 | ||||
Amortization | (7,672) | (5,050) | (3,889) | [2] | |||
Valuation adjustments in the period | 0 | ||||||
Balance, end of the year | [1] | $ 15,223 | $ 14,148 | $ 14,638 | |||
[1] | (2) There was no valuation allowance as of December 31, 2020 and 2019. | ||||||
[2] | Amortization of mortgage servicing rights is recorded as a reduction of loan servicing income and any unamortized balance is fully written off if the loan repays in full. |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value | $ 24,980 | $ 25,636 |
Securities—available-for-sale | 2,322,593 | 1,551,557 |
Debt Securities, Held-to-maturity, Fair Value | 448,681 | 237,805 |
Loans receivable held for sale | 133,600 | 199,400 |
Advances from FHLB | 150,000 | 450,000 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,234,183 | 307,735 |
Trading Securities, Fair Value | 24,980 | 25,636 |
Securities—available-for-sale | 2,322,593 | 1,551,557 |
Loans receivable held for sale | 243,795 | 210,447 |
Loans receivable | 9,870,982 | 9,305,357 |
FHLB stock | 16,358 | 28,342 |
Bank-owned life insurance | 191,830 | 192,088 |
MSRs | 15,223 | 14,148 |
Deposits, Demand NOW and Money Market Accounts, Fair Value Disclosure | 9,253,494 | 6,994,197 |
Deposits, Savings, Fair Value Disclosure | 2,398,482 | 1,934,041 |
Deposits, Certificates of Deposit, Fair Value Disclosure | 915,320 | 1,120,403 |
Advances from FHLB | 150,000 | 450,000 |
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | 116,974 | 119,304 |
Other borrowings | 184,785 | 118,474 |
Subordinated notes, net | 98,201 | 0 |
Reported Value Measurement [Member] | Interest Rate Forward Sales Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5,641 | 1,108 |
Derivative liabilities | 1,755 | 674 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 39,066 | 15,202 |
Derivative liabilities | 22,336 | 10,966 |
Reported Value Measurement [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Held-to-maturity, Fair Value | 410,038 | 222,589 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Held-to-maturity, Fair Value | 11,769 | 13,505 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,234,183 | 307,735 |
Trading Securities, Fair Value | 24,980 | 25,636 |
Securities—available-for-sale | 2,322,593 | 1,551,557 |
Loans receivable held for sale | 245,667 | 210,670 |
Loans receivable | 9,810,293 | 9,304,340 |
FHLB stock | 16,358 | 28,342 |
Bank-owned life insurance | 191,830 | 192,088 |
MSRs | 18,084 | 22,611 |
Deposits, Demand NOW and Money Market Accounts, Fair Value Disclosure | 9,253,494 | 6,994,197 |
Deposits, Savings, Fair Value Disclosure | 2,398,482 | 1,934,041 |
Deposits, Certificates of Deposit, Fair Value Disclosure | 919,920 | 1,117,921 |
Advances from FHLB | 152,779 | 452,720 |
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | 116,974 | 119,304 |
Other borrowings | 184,785 | 118,474 |
Subordinated notes, net | 98,201 | 0 |
Estimate of Fair Value Measurement [Member] | Interest Rate Forward Sales Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5,641 | 1,108 |
Derivative liabilities | 1,755 | 674 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 39,066 | 15,202 |
Derivative liabilities | 22,336 | 10,966 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Held-to-maturity, Fair Value | 436,882 | 224,193 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Held-to-maturity, Fair Value | $ 11,799 | $ 13,612 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value By Balance Sheet Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | |||
Trading Securities, Fair Value | $ 24,980 | $ 25,636 | |
Securities—available-for-sale | 2,322,593 | 1,551,557 | |
Loans Held-for-sale, Fair Value | 133,600 | 199,400 | |
Liabilities: | |||
Advances from FHLB | 150,000 | 450,000 | |
Fair Value, Recurring [Member] | |||
Assets: | |||
Securities—available-for-sale | 2,322,593 | 1,551,557 | |
Assets, Fair Value Disclosure | 2,525,834 | 1,792,900 | |
Liabilities: | |||
Junior subordinated debentures at fair value | 116,974 | 119,304 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 141,065 | 130,944 | |
Fair Value, Recurring [Member] | Interest Rate Contract [Member] | |||
Assets: | |||
Derivatives | 5,641 | 1,108 | |
Liabilities: | |||
Derivatives | 1,755 | 674 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Assets: | |||
Derivatives | 39,066 | 15,202 | |
Liabilities: | |||
Derivatives | 22,336 | 10,966 | |
Fair Value, Recurring [Member] | U.S. Government and agency obligations | |||
Assets: | |||
Securities—available-for-sale | 141,735 | 89,598 | |
Fair Value, Recurring [Member] | Municipal bonds | |||
Assets: | |||
Securities—available-for-sale | 303,518 | 107,157 | |
Fair Value, Recurring [Member] | Corporate bonds | |||
Assets: | |||
Securities—available-for-sale | 221,769 | 4,365 | |
Fair Value, Recurring [Member] | TPS and TRUP CDOs [Member] | |||
Assets: | |||
Trading Securities, Fair Value | 24,980 | 25,636 | |
Fair Value, Recurring [Member] | Mortgage Backed Securities, Other [Member] | |||
Assets: | |||
Securities—available-for-sale | 1,646,152 | 1,342,311 | |
Fair Value, Recurring [Member] | Asset-backed securities | |||
Assets: | |||
Securities—available-for-sale | 9,419 | 8,126 | |
Fair Value, Recurring [Member] | Loans [Member] | |||
Assets: | |||
Loans Held-for-sale, Fair Value | 133,554 | 199,397 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Liabilities: | |||
Junior subordinated debentures at fair value | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Interest Rate Contract [Member] | |||
Assets: | |||
Derivatives | 0 | 0 | |
Liabilities: | |||
Derivatives | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Interest Rate Swap [Member] | |||
Assets: | |||
Derivatives | 0 | 0 | |
Liabilities: | |||
Derivatives | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. Government and agency obligations | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Municipal bonds | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Corporate bonds | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | TPS and TRUP CDOs [Member] | |||
Assets: | |||
Trading Securities, Fair Value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Mortgage Backed Securities, Other [Member] | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Asset-backed securities | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Loans [Member] | |||
Assets: | |||
Loans Held-for-sale, Fair Value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 [Member] | |||
Assets: | |||
Securities—available-for-sale | 2,322,593 | 1,551,557 | |
Assets, Fair Value Disclosure | 2,495,633 | 1,766,473 | |
Liabilities: | |||
Junior subordinated debentures at fair value | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 24,091 | 11,640 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Contract [Member] | |||
Assets: | |||
Derivatives | 420 | 317 | |
Liabilities: | |||
Derivatives | 1,755 | 674 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | |||
Assets: | |||
Derivatives | 39,066 | 15,202 | |
Liabilities: | |||
Derivatives | 22,336 | 10,966 | |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Government and agency obligations | |||
Assets: | |||
Securities—available-for-sale | 141,735 | 89,598 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Municipal bonds | |||
Assets: | |||
Securities—available-for-sale | 303,518 | 107,157 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate bonds | |||
Assets: | |||
Securities—available-for-sale | 221,769 | 4,365 | |
Fair Value, Recurring [Member] | Level 2 [Member] | TPS and TRUP CDOs [Member] | |||
Assets: | |||
Trading Securities, Fair Value | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Mortgage Backed Securities, Other [Member] | |||
Assets: | |||
Securities—available-for-sale | 1,646,152 | 1,342,311 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Asset-backed securities | |||
Assets: | |||
Securities—available-for-sale | 9,419 | 8,126 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Loans [Member] | |||
Assets: | |||
Loans Held-for-sale, Fair Value | 133,554 | 199,397 | |
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Assets, Fair Value Disclosure | 30,201 | 26,427 | |
Liabilities: | |||
Junior subordinated debentures at fair value | 116,974 | 119,304 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 116,974 | 119,304 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Interest Rate Contract [Member] | |||
Assets: | |||
Derivatives | 5,221 | 791 | $ 273 |
Liabilities: | |||
Derivatives | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||
Assets: | |||
Derivatives | 0 | 0 | |
Liabilities: | |||
Derivatives | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. Government and agency obligations | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Municipal bonds | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Corporate bonds | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | TPS and TRUP CDOs [Member] | |||
Assets: | |||
Trading Securities, Fair Value | 24,980 | 25,636 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Mortgage Backed Securities, Other [Member] | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Asset-backed securities | |||
Assets: | |||
Securities—available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Loans [Member] | |||
Assets: | |||
Loans Held-for-sale, Fair Value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Asset Inputs) (Details) - Level 3 [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
TPS Securities [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Input, Discount Rate | 5.91% | 4.24% | |
Impaired Loans [Member] | Minimum [Member] | discount to appraised value [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
fair value inputs, discount to appraised value | 0.00% | 0.00% | |
Impaired Loans [Member] | Maximum [Member] | discount to appraised value [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
fair value inputs, discount to appraised value | 20.00% | 20.00% | |
Real Estate Owned [Member] | Weighted Average [Member] | discount to appraised value [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
fair value inputs, discount to appraised value | 58.50% | 51.90% | |
Interest Rate Lock Commitments [Member] | Weighted Average [Member] | Valuation, Pricing Model [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Input, Pull-Through Rate | 86.35% | ||
Mortgage Servicing Rights | Weighted Average [Member] | Valuation, Income Approach [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Input, Pull-Through Rate | 89.61% |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS (Unobservable Inputs Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Rate Contract [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Derivative assets | $ 5,641 | $ 1,108 | |
Interest Rate Contract [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets gains (losses) | 4,430 | 518 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Derivative assets | 5,221 | 791 | $ 273 |
Borrowings - Junior Subordinated Debentures [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 119,304 | 114,091 | |
Liabilities (gains) losses | (2,330) | (601) | |
Purchases, issuances and settlements | 0 | 5,814 | |
Ending balance | 116,974 | 119,304 | |
TPS and TRUP CDOs [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 25,636 | 25,896 | |
Assets gains (losses) | (656) | (260) | |
Ending balance | 24,980 | $ 25,636 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Real Estate Acquired Through Foreclosure | $ 816 | $ 814 | $ 2,611 | $ 360 |
Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 3,482 | 14,853 | ||
REO | 816 | 814 | ||
Nonrecurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
REO | 0 | 0 | ||
Nonrecurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
REO | 0 | 0 | ||
Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (3,527) | (425) | (1,297) | |
Impaired loans | 3,482 | 14,853 | ||
REO | 814 | |||
Impaired Loans [Member] | Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (3,482) | (425) | (910) | |
Real Estate [Member] | Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | $ (45) | $ 0 | $ (387) |
BANNER CORPORATION (PARENT CO_3
BANNER CORPORATION (PARENT COMPANY ONLY) (Statements of Financial Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Other assets | $ 200,190 | $ 168,632 | ||
Total assets | 15,031,623 | 12,604,031 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Junior subordinated debentures at fair value | 116,974 | 119,304 | ||
Shareholders’ equity | 1,666,264 | 1,594,034 | $ 1,478,595 | $ 1,272,626 |
Total liabilities and stockholders' equity | 15,031,623 | 12,604,031 | ||
Reported Value Measurement [Member] | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Subordinated notes, net | 98,201 | 0 | ||
Banner Corporation | ||||
ASSETS | ||||
Cash | 131,594 | 54,257 | ||
Investment in trust equities | 4,444 | 4,444 | ||
Investment in subsidiaries | 1,751,141 | 1,691,907 | ||
Other assets | 2,852 | 19,471 | ||
Total assets | 1,890,031 | 1,770,079 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Miscellaneous liabilities | 2,170 | 52,322 | ||
Deferred tax liability | 6,422 | 4,419 | ||
Junior subordinated debentures at fair value | 116,974 | 119,304 | ||
Shareholders’ equity | 1,666,264 | 1,594,034 | ||
Total liabilities and stockholders' equity | $ 1,890,031 | $ 1,770,079 |
BANNER CORPORATION (PARENT CO_4
BANNER CORPORATION (PARENT COMPANY ONLY) (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST INCOME: | |||||||||||||||
Interest-bearing deposits | $ 121,437 | $ 121,026 | $ 119,580 | $ 119,258 | $ 119,491 | $ 116,623 | $ 116,697 | $ 116,108 | $ 117,462 | $ 109,090 | $ 105,063 | $ 99,373 | $ 481,301 | $ 468,919 | $ 430,988 |
OTHER INCOME (EXPENSE): | |||||||||||||||
Other income | 6,323 | 8,624 | 7,133 | ||||||||||||
Interest on other borrowings | (603) | (330) | (245) | ||||||||||||
Other expenses | (22,712) | (28,122) | (26,754) | ||||||||||||
Income before provision for income taxes | 48,788 | 44,040 | 28,135 | 21,490 | 42,083 | 48,179 | 50,655 | 42,215 | 40,581 | 45,857 | 41,643 | 37,029 | 142,453 | 183,132 | 165,110 |
PROVISION FOR INCOME TAXES | 9,831 | 7,492 | 4,594 | 4,608 | 8,428 | 8,602 | 10,955 | 8,869 | 3,053 | 8,084 | 9,219 | 8,239 | 26,525 | 36,854 | 28,595 |
NET INCOME | $ 38,957 | $ 36,548 | $ 23,541 | $ 16,882 | $ 33,655 | $ 39,577 | $ 39,700 | $ 33,346 | $ 37,528 | $ 37,773 | $ 32,424 | $ 28,790 | 115,928 | 146,278 | 136,515 |
Banner Corporation | |||||||||||||||
INTEREST INCOME: | |||||||||||||||
Interest-bearing deposits | 112 | 98 | 49 | ||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Dividend income from subsidiaries | 87,748 | 119,333 | 72,604 | ||||||||||||
Equity in undistributed income of subsidiaries | 36,401 | 35,134 | 72,419 | ||||||||||||
Other income | 62 | 33 | 56 | ||||||||||||
Interest on other borrowings | (7,204) | (6,574) | (6,136) | ||||||||||||
Other expenses | (3,530) | (4,045) | (4,761) | ||||||||||||
Income before provision for income taxes | 113,589 | 143,979 | 134,231 | ||||||||||||
PROVISION FOR INCOME TAXES | (2,339) | (2,299) | (2,284) | ||||||||||||
NET INCOME | $ 115,928 | $ 146,278 | $ 136,515 |
BANNER CORPORATION (PARENT CO_5
BANNER CORPORATION (PARENT COMPANY ONLY) (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES: | |||||||||||||||
Net income | $ 38,957 | $ 36,548 | $ 23,541 | $ 16,882 | $ 33,655 | $ 39,577 | $ 39,700 | $ 33,346 | $ 37,528 | $ 37,773 | $ 32,424 | $ 28,790 | $ 115,928 | $ 146,278 | $ 136,515 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||||||||
Decrease in deferred taxes | (2,654) | 15,548 | (3,498) | ||||||||||||
Net change in valuation of financial instruments carried at fair value | 656 | 208 | (3,775) | ||||||||||||
Stock-based compensation | 7,142 | 6,554 | |||||||||||||
Net change in other assets | (38,868) | (18,429) | (15,861) | ||||||||||||
Net change in other liabilities | 4,385 | 5,588 | 17,322 | ||||||||||||
Net cash provided from operating activities | 125,386 | 148,874 | 30,775 | ||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||
Net cash used by investing activities | (1,454,624) | (143,114) | (976,218) | ||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (1,915) | (1,554) | |||||||||||||
Payments for Repurchase of Common Stock | 31,775 | 53,922 | 34,401 | ||||||||||||
Cash dividends paid | (94,078) | (56,074) | (59,280) | ||||||||||||
Net cash provided from (used by) financing activities | 2,255,686 | 29,779 | 956,439 | ||||||||||||
CASH AND DUE FROM BANKS, BEGINNING OF YEAR | 234,359 | 234,359 | |||||||||||||
CASH AND DUE FROM BANKS, END OF YEAR | 311,899 | 234,359 | 311,899 | 234,359 | |||||||||||
Proceeds from Issuance of Subordinated Long-term Debt | 98,027 | 0 | 0 | ||||||||||||
Banner Corporation | |||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||
Net income | 115,928 | 146,278 | 136,515 | ||||||||||||
Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||||||||
Equity in undistributed income of subsidiaries | (36,401) | (35,134) | (72,419) | ||||||||||||
Decrease in deferred taxes | 1,438 | 6,969 | 150 | ||||||||||||
Stock-based compensation | 9,168 | 7,142 | 6,554 | ||||||||||||
Net change in other assets | 16,756 | 2,594 | (19,268) | ||||||||||||
Net change in other liabilities | (235) | (120) | 201 | ||||||||||||
Net cash provided from operating activities | 106,654 | 127,729 | 51,733 | ||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||
Funds transferred to deferred compensation trust | (38) | (32) | (27) | ||||||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | 0 | 0 | 37,000 | ||||||||||||
Acquisitions | 0 | (442) | 329 | ||||||||||||
Net cash used by investing activities | (38) | 410 | 36,644 | ||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (1,453) | (1,915) | (1,554) | ||||||||||||
Payments for Repurchase of Common Stock | 31,775 | 53,922 | 34,401 | ||||||||||||
Cash dividends paid | (94,078) | (56,074) | (59,280) | ||||||||||||
Net cash provided from (used by) financing activities | (29,279) | (111,911) | (95,235) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 77,337 | 16,228 | (6,858) | ||||||||||||
CASH AND DUE FROM BANKS, BEGINNING OF YEAR | $ 54,257 | $ 38,029 | $ 44,887 | 54,257 | 38,029 | 44,887 | |||||||||
CASH AND DUE FROM BANKS, END OF YEAR | $ 131,594 | $ 54,257 | $ 38,029 | $ 131,594 | $ 54,257 | $ 38,029 |
STOCK REPURCHASES (Details)
STOCK REPURCHASES (Details) - Common Stock [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 27, 2019 | Mar. 28, 2018 | |
Stock repurchases | |||||
Stock surrendered during period, shares | 33,777 | 27,653 | |||
Banner Corporation 2018 Share Repurchase Authorization [Member] | |||||
Stock repurchases | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,621,549 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased, Percent of Total Outstanding | 5.00% | ||||
Stock Repurchased During Period, Shares | 594,711 | ||||
Stock Repurchased During Period, Average Price Per Share | $ 57.82 | ||||
Banner Corporation 2018 Share Repurchases, 2017 Authorization [Member] | |||||
Stock repurchases | |||||
Stock Repurchased During Period, Shares | 269,711 | ||||
Banner Corporation 2018 Share Repurchases, 2018 Authorization [Member] | |||||
Stock repurchases | |||||
Stock Repurchased During Period, Shares | 325,000 | ||||
Banner Corp 2019 Share Repurchase Authorization [Member] | |||||
Stock repurchases | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,757,637 | ||||
Stock Repurchased During Period, Shares | 1,000,000 | ||||
Stock Repurchased During Period, Average Price Per Share | $ 53.90 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 757,637 | 757,637 |
CALCULATION OF EARNINGS PER C_3
CALCULATION OF EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 115,928 | $ 146,278 | $ 136,515 | ||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||
Basic weighted average shares outstanding (in shares) | 35,264,252 | 34,868,434 | 32,784,724 | ||||||||||||
Diluted weighted shares outstanding (in shares) | 35,528,848 | 34,967,684 | 32,894,425 | ||||||||||||
Earnings per common share | |||||||||||||||
Basic (in dollars per share) | $ 1.11 | $ 1.04 | $ 0.67 | $ 0.48 | $ 0.96 | $ 1.15 | $ 1.14 | $ 0.95 | $ 1.10 | $ 1.17 | $ 1.01 | $ 0.89 | $ 3.29 | $ 4.20 | $ 4.16 |
Diluted (in dollars per share) | $ 1.10 | $ 1.03 | $ 0.67 | $ 0.47 | $ 0.95 | $ 1.15 | $ 1.14 | $ 0.95 | $ 1.09 | $ 1.17 | $ 1 | $ 0.89 | $ 3.26 | $ 4.18 | $ 4.15 |
CALCULATION OF EARNINGS PER C_4
CALCULATION OF EARNINGS PER COMMON SHARE (Textuals) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Unvested restricted stock shares included in computation of diluted earnings per share | 578,136 | 367,230 | 315,301 |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||||||
Interest income | $ 129,153 | $ 129,581 | $ 128,747 | $ 131,665 | $ 133,409 | $ 131,438 | $ 130,840 | $ 130,000 | $ 128,744 | $ 117,660 | $ 112,423 | $ 104,820 | $ 519,146 | $ 525,687 | $ 463,647 |
Interest expense | 7,716 | 8,555 | 9,167 | 12,407 | 13,918 | 14,815 | 14,143 | 13,892 | 11,282 | 8,570 | 7,360 | 5,447 | 37,845 | 56,768 | 32,659 |
Interest-bearing deposits | 121,437 | 121,026 | 119,580 | 119,258 | 119,491 | 116,623 | 116,697 | 116,108 | 117,462 | 109,090 | 105,063 | 99,373 | 481,301 | 468,919 | 430,988 |
Net interest income | 122,038 | 107,385 | 90,052 | 97,510 | 115,491 | 114,623 | 114,697 | 114,108 | 114,962 | 107,090 | 103,063 | 97,373 | 416,985 | 458,919 | 422,488 |
Non-interest income | 23,509 | 28,222 | 27,720 | 19,165 | 20,282 | 20,864 | 22,674 | 18,121 | 21,015 | 20,399 | 21,217 | 21,362 | 98,616 | 81,941 | 83,993 |
Other operating expenses | 96,759 | 91,567 | 89,637 | 95,185 | 93,690 | 87,308 | 86,716 | 90,014 | 95,396 | 81,632 | 82,637 | 81,706 | 373,148 | 357,728 | 341,371 |
Income before provision for income taxes | 48,788 | 44,040 | 28,135 | 21,490 | 42,083 | 48,179 | 50,655 | 42,215 | 40,581 | 45,857 | 41,643 | 37,029 | 142,453 | 183,132 | 165,110 |
PROVISION FOR INCOME TAXES | 9,831 | 7,492 | 4,594 | 4,608 | 8,428 | 8,602 | 10,955 | 8,869 | 3,053 | 8,084 | 9,219 | 8,239 | 26,525 | 36,854 | 28,595 |
NET INCOME | $ 38,957 | $ 36,548 | $ 23,541 | $ 16,882 | $ 33,655 | $ 39,577 | $ 39,700 | $ 33,346 | $ 37,528 | $ 37,773 | $ 32,424 | $ 28,790 | $ 115,928 | $ 146,278 | $ 136,515 |
Basic earnings (loss) per share (in dollars per share) | $ 1.11 | $ 1.04 | $ 0.67 | $ 0.48 | $ 0.96 | $ 1.15 | $ 1.14 | $ 0.95 | $ 1.10 | $ 1.17 | $ 1.01 | $ 0.89 | $ 3.29 | $ 4.20 | $ 4.16 |
Diluted earnings (loss) per share (in dollars per share) | 1.10 | 1.03 | 0.67 | 0.47 | 0.95 | 1.15 | 1.14 | 0.95 | 1.09 | 1.17 | 1 | 0.89 | 3.26 | 4.18 | 4.15 |
Cumulative dividends declared per common share (in dollars per share) | $ 0.41 | $ 0.41 | $ 0 | $ 0.41 | $ 1.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.38 | $ 0.38 | $ 0.85 | $ 0.35 | $ 1.23 | $ 2.64 | $ 1.96 |
PROVISION FOR CREDIT LOSSES | $ (601) | $ 13,641 | $ 29,528 | $ 21,748 | $ 4,000 | $ 2,000 | $ 2,000 | $ 2,000 | $ 2,500 | $ 2,000 | $ 2,000 | $ 2,000 | $ 64,316 | $ 10,000 | $ 8,500 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Reserve for Unfunded Loan Commitments | $ 13,300,000 | $ 2,700,000 |
Mortgage loan applications, day Interest rate is locked | 45 days | |
Minimum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage loan applications, day Interest rate is locked | 30 days | |
Maximum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage loan applications, day Interest rate is locked | 60 days | |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | $ 3,207,072,000 | 3,051,681,000 |
Standby letters of credit and financial guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 18,415,000 | 14,298,000 |
Commitments to originate loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 101,426,000 | 39,676,000 |
Risk Participation Agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 40,949,000 | 41,022,000 |
Commitments to originate loans held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 169,653,000 | 66,196,000 |
Commitments to sell loans secured by one- to four-family residential properties | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 79,414,000 | 70,895,000 |
Loss on Contract Termination for Default | 0 | |
Commitments to sell securities related to mortgage banking activities | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 204,000,000 | $ 239,320,000 |
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off Balance Sheet Risks, Total Amount, Commitment | 10,000,000 | |
Fair Value Disclosure, Off Balance Sheet Risk, Amount Funded, Commitment | 2,800,000 | |
Fair Value Disclosure, Off Balance Sheet Risk, Unfunded Amount, Commitment | $ 7,200,000 |
DERIVATIVES AND HEDGING DERIV_3
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING (Derivatives Designated as Hedging, by Balance Sheet Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 39,066 | $ 15,242 |
Derivative Liability, Fair Value, Gross Liability | 39,204 | 15,242 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 39,066 | 15,242 |
Derivative Liability, Fair Value, Gross Liability | 39,204 | 15,242 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 338 | 3,567 |
Derivative Liability, Notional Amount | 338 | 3,567 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Loans Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 9 | 220 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 9 | $ 220 |
DERIVATIVES AND HEDGING DERIV_4
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING (Derivatives Not Designated as Hedging, by Balance Sheet Location) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 39,066,000 | $ 15,242,000 |
Derivative Liability, Fair Value, Gross Liability | 39,204,000 | 15,242,000 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 39,066,000 | 15,242,000 |
Derivative Liability, Fair Value, Gross Liability | 39,204,000 | 15,242,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 671,564,000 | 493,607,000 |
Derivative Liability, Notional Amount | 728,271,000 | 677,132,000 |
Not Designated as Hedging Instrument [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 44,698,000 | 16,090,000 |
Not Designated as Hedging Instrument [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 24,082,000 | 11,420,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 451,760,000 | 371,957,000 |
Derivative Liability, Notional Amount | 451,760,000 | 371,957,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Loans Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 231,000 | 347,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 39,057,000 | 14,982,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 22,327,000 | 10,746,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Loan Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 140,390,000 | 50,755,000 |
Derivative Liability, Notional Amount | 72,511,000 | 65,855,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Loan Commitments [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 5,221,000 | 791,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Loan Commitments [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 199,000 | 190,000 |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 79,414,000 | 70,895,000 |
Derivative Liability, Notional Amount | 204,000,000 | 239,320,000 |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 420,000 | 317,000 |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 1,556,000 | $ 484,000 |
DERIVATIVES AND HEDGING DERIV_5
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING (Gain (Loss) On Derivatives Not Designated in Hedging Relationship) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 3,096 | $ (175) | $ (728) |
Mortgage Loan Commitments [Member] | Mortgage Banking Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 4,430 | 518 | 47 |
Forward Sales Contracts [Member] | Mortgage Banking Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (1,334) | $ (693) | $ (775) |
DERIVATIVES AND HEDGING DERIV_6
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 48.6 | $ 15.2 |
Collateral Already Posted, Aggregate Fair Value | $ 47.1 | $ 28.1 |
DERIVATIVES AND HEDGING DERIV_7
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING (Derivative Offsetting) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 39,066 | $ 15,242 |
Derivative Asset, Fair Value, Gross Liability | 0 | (40) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 39,066 | 15,202 |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 39,066 | 15,202 |
Derivative Liability, Fair Value, Gross Liability | 39,204 | 15,242 |
Derivative Liability, Fair Value, Gross Asset | (16,868) | (4,276) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 22,336 | 10,966 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | (22,220) | (15,209) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 116 | (4,243) |
Document Period End Date | Dec. 31, 2020 | |
Interest Rate Swap [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 39,066 | 15,242 |
Derivative Asset, Fair Value, Gross Liability | 0 | (40) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 39,066 | 15,202 |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 39,066 | 15,202 |
Derivative Liability, Fair Value, Gross Liability | 39,204 | 15,242 |
Derivative Liability, Fair Value, Gross Asset | (16,868) | (4,276) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 22,336 | 10,966 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | (22,220) | (15,209) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 116 | $ (4,243) |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Debit And Credit Card Interchange Fees | $ 31,713 | $ 20,052 | $ 27,752 | |
Debit and Credit Card Expense | (8,511) | (9,098) | (8,527) | |
Merchant Services Expenses | (7,767) | (10,042) | (10,512) | |
Other Service Charges | 4,324 | 4,490 | 5,572 | |
Total Deposit Fees and Other Service Charges | 48,074 | 34,384 | 46,632 | $ 48,074 |
Deposit Account [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Mortgage banking operations | 18,089 | 16,428 | 19,236 | |
Credit Card, Merchant Discount [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Mortgage banking operations | $ 10,226 | $ 12,554 | $ 13,111 |
LEASES (Details)
LEASES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 55,367 | $ 61,766 |
Operating Lease, Liability | $ 59,343 | $ 65,818 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 9 months 18 days | 6 years 2 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.30% | 3.70% |
Operating Lease, Cost | $ 17,337 | $ 15,388 |
Short-term Lease, Cost | 97 | 327 |
Variable Lease, Cost | 2,778 | 2,396 |
Sublease Income | 946 | 925 |
Lease, Cost | 19,266 | 17,186 |
Operating Leases, Cash Flows, Amounts Paid | $ 17,100 | $ 15,400 |
Operating Leases, Number of Properties Subject to Non-cancelable Operating Leases | 103 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 16,020 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 13,058 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 10,093 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 8,068 | |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 5,905 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 12,217 | |
Lessee, Operating Lease, Liability, to be Paid | 65,361 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 6,018 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherAccountsPayableAndAccruedLiabilities | us-gaap:OtherAccountsPayableAndAccruedLiabilities |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Uncategorized Items - banr-2020
Label | Element | Value |
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | $ 179,709,000 |
Proceeds from Maturities, Repayments and Calls of Debt Securities, FV-NI, Held-for-investment | us-gaap_ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment | $ 100,000 |
Common Stock [Member] | ||
Stock Issued During Period, Shares, Acquisitions | us-gaap_StockIssuedDuringPeriodSharesAcquisitions | 3,108,071 |