BANNER CORP

Listed Company

BANRCIK 0000946673NasdaqLarge AcceleratedState Commercial BanksWashingtonFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$195.38M

Total Assets

$16.35B

Equity

$1.95B

Shares Out

34.10M

Op. Cash Flow

$257.46M

Business

BANNER CORP is a bank holding company that owns Banner Bank and provides commercial banking and related financial services to individuals, businesses and public sector clients. It offers deposit products, treasury services, various loan products (commercial, commercial real estate, multifamily, one- to four-family residential, construction, agricultural, SBA and consumer loans), mortgage banking and loan servicing, investment securities and derivative-based asset/liability management. Key business components include lending operations, mortgage banking and servicing, investment activities and centralized underwriting/credit functions, plus a residential construction subsidiary. The company serves clients through a branch network, loan production offices and digital channels across Washington, Oregon, California, Idaho and Utah, and participates in secondary loan markets.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans receivable	702	656	578	451	446
Mortgage-backed securities	61	66	72	68	46
Securities and cash equivalents	42	44	51	54	29
Total interest income	805	766	702	573	—
Deposits	201	199	100	10	12
FHLB advances	6	9	11	489,000	3
Other borrowings	3	4	3	377,000	467,000
Subordinated debt	8	12	12	8	9
Total interest expense	217	224	126	19	—
Net interest income	588	542	576	553	497
Provision for Loan, Lease, and Other Losses	13	8	11	10	—
Interest Income (Expense), after Provision for Loan Loss, Total	575	534	565	543	530
Deposit fees and other service charges	43	43	42	44	39
Mortgage banking operations	13	12	12	11	34
Bank Owned Life Insurance Income	10	9	9	8	5
Miscellaneous	7	8	5	7	13
Other operating income	74	73	68	70	91
Net gain (loss) on sale of securities	374,000	−5	−19	−3	482,000
Net change in valuation of financial instruments carried at fair value	−1	−982,000	−4	807,000	5
Total non-interest income	73	67	44	75	96
Salary and employee benefits	261	251	245	242	244
Less capitalized loan origination costs	−17	−17	−16	−24	−34
Occupancy and equipment	49	49	48	52	53
Information and computer data services	33	29	28	26	24
Payment and card processing services	24	23	21	21	21
Professional and legal expenses	9	8	10	14	22
Advertising and marketing	5	5	5	4	6
Deposit insurance	11	11	11	7	6
State and municipal business and use taxes	6	6	5	5	4
Real estate operations, net	491,000	293,000	−538,000	−104,000	−22,000
Amortization of core deposit intangibles	2	3	4	5	7
Miscellaneous	26	24	24	25	24
Total non-interest expense	409	392	383	377	380
Income before provision for income taxes	239	209	227	241	247
Income Tax Expense (Benefit)	44	41	43	45	46
NET INCOME	195	169	184	195	201
Basic (in dollars per share)	5.67	4.9	5.35	5.7	5.81
Diluted (in dollars per share)	5.64	4.88	5.33	5.67	5.76
Cumulative dividends declared per common share (in dollars per share)	1.94	1.92	1.92	1.76	1.64
Basic	34	34	34	34	35
Diluted	35	35	34	34	35

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and Due from Banks	183	203	210	198	358
Interest-bearing deposits	240	298	45	45	1,776
Total cash and cash equivalents	423	502	254	243	2,134
Debt Securities, Available-for-Sale	2,016	2,105	2,374	2,789	3,639
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss	961	1,002	1,059	—	—
Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss	2,977	3,106	3,433	—	—
Federal Home Loan Bank (FHLB) stock	16	22	24	12	12
Loans held for sale (includes $34,586 and $26,185, at fair value, respectively)	43	32	11	57	96
Financing Receivable, before Allowance for Credit Loss	11,722	11,355	10,810	—	—
Financing Receivable, Allowance for Credit Loss	−160	−156	−150	−141	−132
Financing Receivable, after Allowance for Credit Loss, Total	11,561	11,199	10,661	—	—
Accrued interest receivable	61	61	63	57	43
Property and equipment, net	112	125	132	139	149
Goodwill	373	373	373	373	373
Other intangibles, net	1	3	6	9	15
Bank-owned life insurance (BOLI)	319	313	304	298	244
Deferred tax assets, net	128	149	153	178	71
Operating lease right-of-use assets	33	40	44	49	55
Other assets	307	275	211	177	171
Total assets	16,354	16,200	15,670	15,833	16,805
Non-interest-bearing	4,490	4,592	4,792	6,177	6,385
Interest-bearing transaction and savings accounts	7,721	7,423	6,760	6,720	7,103
Interest-bearing certificates	1,532	1,500	1,477	724	839
Total deposits	13,743	13,514	13,029	13,620	14,327
Advances from FHLB	150	290	323	50	50
Other borrowings	108	125	183	233	264
Subordinated notes, net	0	80	93	99	99
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)	79	67	66	75	120
Operating lease liabilities	36	43	49	55	60
Accrued expenses and other liabilities	245	258	228	201	148
Deferred compensation	47	47	46	44	47
Total liabilities	14,408	14,426	14,018	14,377	15,115
COMMITMENTS AND CONTINGENCIES (Note 18)	—	—	—	—	—
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Retained earnings	872	744	642	525	391
Carrying value of shares held in trust for stock-based compensation plans	−6	−6	−7	−7	−7
Liability for common stock issued to stock related compensation plans	6	6	7	7	7
Accumulated other comprehensive loss	−208	−277	−289	−363	184,000
Shareholders equity	1,946	1,774	1,653	1,456	1,690
Total liabilities and stockholders' equity	16,354	16,200	15,670	15,833	16,805

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	16	18	18	17	17
Deferred income and expense, net of amortization	−11	−8	−4	−4	−39
Capitalized loan servicing rights, net of amortization	888,000	1	2	1	−2
Net change in valuation of financial instruments carried at fair value	1	982,000	4	−807,000	−5
(Increase) decrease in deferred taxes	−602,000	762,000	2	8	16
(Decrease) increase in current taxes payable	−805,000	6	−3	8	−4
Stock-based compensation	10	10	9	9	9
Net change in cash surrender value of BOLI	−9	−9	−9	−7	−5
Gain on sale of loans, excluding capitalized servicing rights	−7	−6	−6	−5	−26
Loss (gain) on disposal of real estate held for sale and property and equipment, net	831,000	−318,000	−352,000	102,000	−2
Origination of loans held for sale	−375	−298	−243	−407	−1,103
Proceeds from sales of loans held for sale	461	415	267	416	1,276
Other assets	−25	−35	−9	−39	2
Other liabilities	−15	14	13	34	−11
Net cash provided from operating activities	257	293	257	238	302
Purchases of securitiesavailable-for-sale	−156	−63	−58	−660	−2,805
Principal repayments and maturities of securitiesavailable-for-sale	324	241	173	369	1,314
Proceeds from sales of securitiesavailable-for-sale	18	71	369	214	84
Principal repayments and maturities of securitiesheld-to-maturity	41	58	58	56	32
Loan (originations) repayments, net	−477	−687	−644	−898	796
Purchases of loans and participating interest in loans	−11	−5	0	−127	−5
Proceeds from sales of other loans	31	21	14	14	46
Purchases of property and equipment	−10	−14	−15	−15	−10
Proceeds from sale of real estate held for sale and sale of other property	8	4	5	6	12
Proceeds from FHLB stock repurchase program	156	146	153	15	4
Purchase of FHLB stock	−150	−145	−165	−15	0
Proceeds from Securities Purchased under Agreements to Resell	0	0	300	0	0
Investment in bank-owned life insurance	−46,000	−47,000	−66,000	−50	−50
Other	3	686,000	2	3	2
Net cash (used by) provided from investing activities	−225	−371	192	−1,445	−1,015
Increase (decrease) in deposits, net	229	485	−591	−529	1,760
(Repayment) advances of overnight and short-term FHLB borrowings, net	−140	−33	273	50	0
Proceeds from (Payment for) Other Financing Activity	−18	−58	−50	−32	80
Repayment of junior subordinated debentures	−81	0	0	−51	−8
Cash dividends paid	−68	−67	−67	−61	−58
Taxes paid related to net share settlement of equity awards	−4	−2	−3	−3	−3
Net cash (used by) provided from financing activities	−112	325	−438	−685	1,614
NET CHANGE IN CASH AND CASH EQUIVALENTS	−79	247	11	−1,891	900
Interest paid in cash	217	225	111	19	24
Income Taxes Paid, Net	31	24	39	25	29
Transfer of loans to real estate owned and other repossessed assets	6	3	1	0	512,000
Transfer of Loans Held-for-sale to Portfolio Loans	−90	−131	−28	−35	0
Debt Securities, Held-for-Trading, Transfer to Available-for-Sale	0	0	25	0	0

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