NASDAQ: BANR
BANNER CORPCIK 0000946673 · SIC 6022 · State Savings Banks
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Banner Corp clears two regulatory hurdles for Pacific Financial merger, expects Q3 close
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BANR: net income $48.9M. BANR announces Pacific Financial acquisition; buyback renewed at 1.7M shares
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Banner Corp reports Q2 2026 net income of $48.9M, declares $0.52 dividend
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Banner Corp (BANR) to acquire Pacific Financial in all-stock merger at 0.2633 exchange ratio
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Banner Corp shareholders elect 12 directors, approve executive pay and auditor
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net income $54.7M. Banner Corp reports modest loan growth, uptick in troubled multifamily construction mods
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Banner Corp to acquire Pacific Financial in all-stock merger valued at 0.2633 exchange ratio
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Banner Corp reports Q1 2026 earnings, declares $0.52 quarterly dividend
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Latest financial statements
From 10-Q filed Aug 4, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(In thousands, except shares and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| INTEREST INCOME: | ||||
| Loans receivable | 178,389 | 175,373 | 352,092 | 344,050 |
| Mortgage-backed securities | 14,053 | 15,416 | 28,369 | 31,160 |
| Securities and cash equivalents | 10,244 | 9,470 | 20,043 | 18,917 |
| Total interest income | 202,686 | 200,259 | 400,504 | 394,127 |
| INTEREST EXPENSE: | ||||
| Deposits | 45,554 | 49,316 | 91,232 | 98,053 |
| FHLB advances | 1,426 | 3,370 | 1,466 | 4,230 |
| Other borrowings | 732 | 675 | 1,429 | 1,369 |
| Subordinated debt | 1,234 | 2,499 | 2,468 | 4,993 |
| Total interest expense | 48,946 | 55,860 | 96,595 | 108,645 |
| Net interest income | 153,740 | 144,399 | 303,909 | 285,482 |
| PROVISION FOR CREDIT LOSSES | 3,818 | 4,795 | 3,022 | 7,934 |
| Net interest income after provision for credit losses | 149,922 | 139,604 | 300,887 | 277,548 |
| NON-INTEREST INCOME: | ||||
| Deposit fees and other service charges | 11,728 | 10,835 | 23,119 | 21,604 |
| Mortgage banking operations | 2,792 | 3,226 | 6,004 | 6,329 |
| BOLI | 2,471 | 2,384 | 4,783 | 4,959 |
| Miscellaneous | 1,380 | 1,221 | 3,206 | 3,567 |
| 18,371 | 17,666 | 37,112 | 36,459 | |
| Net gain (loss) on sale of securities | 8 | (3) | (1,234) | (3) |
| Net change in valuation of financial instruments carried at fair value | (157) | 88 | 1,505 | 403 |
| Total non-interest income | 18,222 | 17,751 | 37,383 | 36,859 |
| NON-INTEREST EXPENSE: | ||||
| Salary and employee benefits | 69,388 | 65,486 | 137,120 | 130,343 |
| Less capitalized loan origination costs | (5,283) | (4,924) | (9,169) | (8,254) |
| Occupancy and equipment | 10,936 | 12,256 | 21,633 | 24,353 |
| Information and computer data services | 10,322 | 8,199 | 18,635 | 15,827 |
| Payment and card processing services | 6,218 | 5,899 | 12,259 | 11,649 |
| Professional and legal expenses | 2,719 | 2,271 | 4,332 | 4,701 |
| Advertising and marketing | 1,982 | 1,087 | 2,655 | 1,677 |
| Deposit insurance | 2,819 | 2,800 | 5,536 | 5,597 |
| State and municipal business and use taxes | 1,773 | 1,416 | 3,593 | 2,870 |
| Real estate operations, net | 165 | 392 | 274 | 331 |
| Amortization of core deposit intangibles | 256 | 455 | 512 | 911 |
| Miscellaneous | 6,695 | 6,011 | 13,218 | 12,602 |
| Total non-interest expense | 107,990 | 101,348 | 210,598 | 202,607 |
| Income before provision for income taxes | 60,154 | 56,007 | 127,672 | 111,800 |
| PROVISION FOR INCOME TAXES | 11,268 | 10,511 | 24,070 | 21,169 |
| NET INCOME | 48,886 | 45,496 | 103,602 | 90,631 |
| Earnings per common share: | ||||
| Basic | 1.44 | 1.31 | 3.04 | 2.62 |
| Diluted | 1.43 | 1.31 | 3.03 | 2.61 |
| Cumulative dividends declared per common share | 0.52 | 0.48 | 1.02 | 0.96 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 34,012,611 | 34,627,433 | 34,025,849 | 34,568,948 |
| Diluted | 34,129,173 | 34,738,948 | 34,197,096 | 34,761,044 |
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except shares and per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Cash and due from banks | 215,508 | 182,772 |
| Interest-bearing deposits | 219,944 | 239,868 |
| Total cash and cash equivalents | 435,452 | 422,640 |
| Securities—available-for-sale, amortized cost $2,273,608 and $2,271,471, respectively | 2,015,891 | 2,016,261 |
| Securities—held-to-maturity, net of allowance for credit losses of $283 and $291, respectively | 929,309 | 961,196 |
| Total securities | 2,945,200 | 2,977,457 |
| Federal Home Loan Bank (FHLB) stock | 24,209 | 16,476 |
| Loans held for sale (includes $17,139 and $34,586, at fair value, respectively) | 27,160 | 42,902 |
| Loans receivable | 11,994,410 | 11,721,687 |
| Allowance for credit losses loans | (161,849) | (160,276) |
| Net loans receivable | 11,832,561 | 11,561,411 |
| Accrued interest receivable | 65,016 | 60,525 |
| Property and equipment, net | 108,247 | 111,522 |
| Goodwill | 373,121 | 373,121 |
| Other intangibles, net | 979 | 1,491 |
| Bank-owned life insurance (BOLI) | 324,164 | 319,347 |
| Deferred tax assets, net | 125,275 | 127,587 |
| Operating lease right-of-use assets | 29,534 | 32,736 |
| Other assets | 302,629 | 307,273 |
| Total assets | 16,593,547 | 16,354,488 |
| LIABILITIES | ||
| Deposits: | ||
| Non-interest-bearing | 4,542,942 | 4,489,839 |
| Interest-bearing transaction and savings accounts | 7,773,630 | 7,721,003 |
| Interest-bearing certificates | 1,473,021 | 1,532,304 |
| Total deposits | 13,789,593 | 13,743,146 |
| Advances from FHLB | 320,000 | 150,000 |
| Other borrowings | 114,497 | 107,715 |
| Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities) | 79,652 | 79,151 |
| Operating lease liabilities | 32,108 | 35,755 |
| Accrued expenses and other liabilities | 210,134 | 245,266 |
| Deferred compensation | 48,300 | 47,158 |
| Total liabilities | 14,594,284 | 14,408,191 |
| COMMITMENTS AND CONTINGENCIES (Note 11) | ||
| SHAREHOLDERS’ EQUITY | ||
| Preferred stock $0.01 par value per share, 500,000 shares authorized; no shares outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Common stock and paid in capital $0.01 par value per share, 50,000,000 shares authorized; 33,984,909 shares issued and outstanding at June 30, 2026; 34,097,856 shares issued and outstanding at December 31, 2025 | 1,268,527 | 1,282,505 |
| Common stock (non-voting) and paid in capital $0.01 par value per share, 5,000,000 shares authorized; no shares issued and outstanding at June 30, 2026; no shares issued and outstanding at December 31, 2025 | — | — |
| Retained earnings | 940,210 | 871,803 |
| Carrying value of shares held in trust for stock-based compensation plans | (5,682) | (5,813) |
| Liability for common stock issued to stock related compensation plans | 5,682 | 5,813 |
| Accumulated other comprehensive loss | (209,474) | (208,011) |
| Total shareholders’ equity | 1,999,263 | 1,946,297 |
| Total liabilities and shareholders’ equity | 16,593,547 | 16,354,488 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES: | ||
| Net income | 103,602 | 90,631 |
| Adjustments to reconcile net income to net cash provided from operating activities: | ||
| Depreciation | 7,080 | 8,474 |
| Deferred income and expense, net of amortization | (5,458) | (4,817) |
| Capitalized loan servicing rights, net of amortization | 207 | 225 |
| Amortization of core deposit intangibles | 512 | 911 |
| Loss on sale of securities, net | 1,234 | 3 |
| Net change in valuation of financial instruments carried at fair value | (1,505) | (403) |
| Decrease in deferred taxes | 2,774 | 1,941 |
| Increase in current taxes payable/receivable, net | (4,823) | (4,348) |
| Stock-based compensation | 5,657 | 4,913 |
| Net change in cash surrender value of BOLI | (4,783) | (4,652) |
| Gain on sale of loans, excluding capitalized servicing rights | (2,626) | (3,051) |
| Loss on disposal of real estate held for sale and property and equipment, net | 188 | 948 |
| Provision for credit losses | 3,022 | 7,934 |
| Origination of loans held for sale | (198,383) | (171,026) |
| Proceeds from sales of loans held for sale | 270,343 | 215,707 |
| Net change in: | ||
| Other assets | 11,853 | 16,642 |
| Other liabilities | (40,024) | (47,943) |
| Net cash provided from operating activities | 148,870 | 112,089 |
| INVESTING ACTIVITIES: | ||
| Purchases of securities—available-for-sale | (164,586) | (18,896) |
| Principal repayments and maturities of securities—available-for-sale | 145,188 | 105,638 |
| Proceeds from sales of securities—available-for-sale | 14,727 | — |
| Principal repayments and maturities of securities—held-to-maturity | 32,079 | 20,326 |
| Loan originations, net of repayments | (330,845) | (394,673) |
| Purchases of loans and participating interest in loans | — | (10,780) |
| Proceeds from sales of other loans | 7,170 | 20,189 |
| Purchases of property and equipment | (3,960) | (4,398) |
| Proceeds from sale of real estate held for sale and sale of other property | 2,453 | 1,875 |
| Proceeds from FHLB stock repurchase program | 50,985 | 112,775 |
| Purchase of FHLB stock | (58,717) | (125,475) |
| Investment in BOLI | (34) | (39) |
| Other | 1,442 | 873 |
| Net cash used by investing activities | (304,098) | (292,585) |
| FINANCING ACTIVITIES: | ||
| Increase in deposits, net | 46,448 | 12,893 |
| Advances of overnight and short term FHLB borrowings, net | 170,000 | 275,000 |
| Increase (decrease) in other borrowings, net | 6,783 | (8,146) |
| Repayment of subordinated notes | — | (80,500) |
| Cash dividends paid | (35,557) | (33,843) |
| Cash paid to repurchase common stock | (16,148) | — |
| Taxes paid related to net share settlement of equity awards | (3,486) | (3,418) |
| Net cash provided by financing activities | 168,040 | 161,986 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 12,812 | (18,510) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 422,640 | 501,858 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | 435,452 | 483,348 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except shares and per share amounts); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗