BANNER CORPBANR

BANNER CORP Debt Disclosure

10-KFiled Feb 25, 20262 min read
Repurchase Agreements:  At December 31, 2025, retail repurchase agreements were $107.7 million and had interest rates ranging from 0.05% to 3.44%. These repurchase agreements are secured by the pledge of certain mortgage-backed and agency securities with a carrying value of $202.9 million.  The Bank has the right to pledge or sell these securities, but it must replace them with substantially the same securities. The Bank had no borrowings under wholesale repurchase agreements at December 31, 2025 and 2024.

Federal Reserve Bank of San Francisco and fed fund lines:  The Bank periodically borrows funds on an overnight basis from the Federal Reserve Bank through the Borrower-In-Custody program.  These borrowings are secured by a pledge of eligible loans.  At December 31, 2025, based upon available unencumbered collateral, the Bank was eligible to borrow $1.55 billion from the Federal Reserve Bank. However, as of that date, as well as December 31, 2024, the Bank had no funds borrowed under this arrangement.

At December 31, 2025, the Bank had uncommitted federal funds lines of credit agreements with other financial institutions totaling $125.0 million. No balances were outstanding under these agreements as of December 31, 2025 and 2024. 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, 2025 and 2024, by the period remaining to maturity is as follows (dollars in thousands):
 December 31,
 20252024
 AmountWeighted Average RateAmountWeighted Average Rate
Repurchase agreements:    
Maturing in one year or less$107,715 2.48 %$125,257 1.98 %
Total year-end outstanding$107,715 2.48 %$125,257 1.98 %
Average outstanding$122,784 2.24 %$164,613 2.61 %
Maximum outstanding at any month-end$138,260 n/a$183,928 n/a

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 26, 2025
2023Feb 23, 2024
2022Feb 21, 2023
2021Feb 24, 2022
2020Feb 23, 2021
2019Feb 21, 2020
2018Feb 26, 2019
2017Feb 23, 2018
2016Feb 27, 2017
2015Feb 29, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsCommitmentsStock CompensationNew Standards