A regional version of a full-service bank like Wells Fargo, operating across Washington, Oregon, California, Idaho, and Utah.

Think of it as a smaller U.S. Bank, providing traditional banking and mortgage services to individuals and businesses in several Western states.

It's a comprehensive regional bank, akin to a local-focused Bank of America for communities in Washington, Oregon, California, Idaho, and Utah.

• Deposit Accounts: Provides various checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Commercial Real Estate Loans: Offers financing for owner-occupied, investment, multifamily residential properties, and construction and land development.
• Residential Mortgage Loans: Originates and sells loans for one-to four-family and multi-family residential properties.
• Commercial Business Loans: Provides loans to businesses for their operational, growth, and investment needs.
• Consumer Loans: Offers personal loans such as home equity lines of credit, auto, and recreational vehicle loans.
• Treasury Management Services: Delivers services to help businesses manage their cash flow, payments, and liquidity.
• Retirement Savings Plans: Offers plans designed to help individuals save for their retirement.

Banner Corporation, through its subsidiary Banner Bank, serves a diverse customer base. Its major customer categories include:

• Individuals: The bank provides a wide range of financial products and services to individual consumers. This includes various deposit instruments (interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, regular savings accounts, and certificates of deposit), as well as residential mortgage loans, home equity lines of credit, and other consumer loans (such as automobile, boat, and recreational vehicle loans).
• Businesses: Banner Bank offers comprehensive commercial banking services to businesses. These services encompass commercial real estate loans (including owner-occupied, investment properties, and multifamily residential real estate loans), construction, land, and land development loans, commercial business loans, agricultural loans, treasury management services, retirement savings plans, and small business administration loans.
• Public Sector Entities: The company also provides financial products and services tailored to public sector entities. These typically involve deposit services, treasury management solutions, and various lending options designed for governmental or public organizations.

Mark J. Grescovich - President and Chief Executive Officer

Mr. Grescovich joined Banner as President in April 2010 and became Chief Executive Officer in August 2010. Before his time at Banner, he served as Executive Vice President and Chief Corporate Banking Officer for FirstMerit Corporation and FirstMerit Bank N.A. from 2007 to 2010, after holding various commercial and corporate banking positions, including Chief Credit Officer, since 1994. Earlier in his career, he was a Managing Partner in corporate finance with Sequoia Financial Group, Inc., and a commercial and corporate lending officer and credit analyst with Society National Bank of Cleveland, Ohio.

Robert G. Butterfield - Executive Vice President, Chief Financial Officer, and Treasurer

Mr. Butterfield was promoted to Executive Vice President and CFO of Banner Bank and Banner Corporation in 2023. He initially joined Banner in 2015 as Senior Vice President and Chief Accounting Officer. Prior to Banner, he held positions as Senior Vice President, Controller, and Principal Accounting Officer at Sterling Savings Bank, and subsequently as Controller at Umpqua Bank following an acquisition. A Certified Public Accountant, Mr. Butterfield began his career as an auditor with BDO USA, LLP and possesses over 25 years of financial expertise, with more than 20 years in the financial services industry.

Sherrey Luetjen - Executive Vice President, General Counsel, Ethics Officer and Secretary

Ms. Luetjen was promoted to her current position in 2021. Before this role, she served as Senior Vice President and Assistant General Counsel at Banner. She brings over 15 years of in-house legal counsel experience from financial services companies, in addition to her experience advising technology companies.

Mark Borrecco - Executive Vice President, Chief Banking Officer

Mr. Borrecco joined Banner in 2024 as the senior executive responsible for overseeing the Bank's production lines of business. He has more than 25 years of banking experience, including roles in sales management and executive leadership. His previous experience includes serving as the California president of a large regional bank and holding various leadership positions in regional and community banks.

James M. Costa - Executive Vice President and Chief Operating Officer

Mr. Costa serves as the Executive Vice President and Chief Operating Officer for Banner Corporation. No further detailed background information on his prior company management or private equity involvement was readily available.

Here are the key risks to Banner Corporation's business:

1. Interest Rate Risk: As a commercial bank, Banner Corporation's profitability is highly sensitive to fluctuations in interest rates. Changes in interest rates directly impact the bank's net interest income, which is the difference between interest earned on assets (like loans) and interest paid on liabilities (like deposits). Both prolonged high interest rates, which can increase deposit funding costs and compress net interest margins, and sudden interest rate cuts, which can lead to "margin whiplash" as asset yields reprice, pose significant threats to earnings and capital.
2. Commercial Real Estate (CRE) Concentration Risk: Banner Corporation has a substantial portion of its loan portfolio concentrated in commercial real estate, including owner-occupied, investment properties, multifamily residential, and construction, land, and land development loans. Regional banks, in general, are noted to have significant exposure to the CRE market. A downturn in the commercial real estate market, particularly in sectors like office properties due to changing work patterns (hybrid/remote work), could lead to increased loan defaults, higher non-performing assets, and potential losses on these loans.
3. General Credit Risk and Economic Downturn: Beyond specific real estate exposures, Banner Corporation faces inherent credit risk across its diverse loan portfolio, which also includes residential mortgage, commercial business, agricultural, and consumer loans. An economic downturn or recession in its operating regions (Washington, Oregon, California, Idaho, and Utah) could lead to a general weakening of credit quality, reduced borrower capacity to repay debts, and a subsequent increase in loan delinquencies and charge-offs. This would necessitate higher provisions for credit losses, directly impacting the bank's financial performance.

Deposits

• California: Approximately $1.71 trillion.
• Washington: Approximately $384.8 billion.
• Oregon: Approximately $159.2 billion.
• Utah: Approximately $122.5 billion.
• Idaho: Approximately $56.9 billion.

Residential Mortgage Originations

• California: Approximately $743.7 billion.
• Washington: Approximately $133.0 billion.
• Oregon: Approximately $67.4 billion.
• Utah: Approximately $49.4 billion.
• Idaho: Approximately $31.8 billion.

Commercial Real Estate (CRE) Loans (Outstanding)

Commercial Business (C&I) Loans (Outstanding)

Consumer Loans (Outstanding)

Banner Corporation (BANR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market advantages:

1. Loan Growth: Banner anticipates continued expansion of its loan portfolio. The company reported a 5% annualized loan growth for 2025 and projects mid-single-digit growth in its loan book for 2026. Specific areas of strength include commercial real estate, with investor CRE increasing by 5% and owner-occupied CRE by 11% year-over-year.
2. Strong Net Interest Margin and Core Deposit Base: The company continues to benefit from a robust core deposit base and a favorable net interest margin. In Q4 2025, net interest income increased sequentially due to a 5 basis point rise in net interest margin, reaching a tax-equivalent net interest margin of 4.03%. This strong funding position contributes significantly to overall revenue.
3. "Super Community Bank" Strategy: Banner's "super community bank" strategy is central to its growth, emphasizing the cultivation of strong client relationships and the maintenance of a solid funding base. This approach aims to bolster its market position and drive sustainable growth by offering broad product offerings and localized decision-making.
4. Strategic Market Positioning: Banner strategically operates in high-growth markets across the Pacific Northwest and California. These regions exhibit population growth forecasts exceeding national averages, particularly in areas like Idaho, which is projected to see a 20% growth from 2020 to 2030. This geographic advantage in markets with major technology, manufacturing, consumer, and logistics companies provides a solid foundation for future expansion.
5. Growth in Non-Interest Income: While facing some headwinds in mortgage banking due to rising interest rates, Banner has demonstrated growth in other non-interest income streams. Non-interest income rose by 16.8% quarter-over-quarter in Q3 2025, surpassing projections. This diversification of revenue beyond traditional lending is expected to contribute to overall growth.

Share Repurchases

• On July 24, 2025, Banner Corporation's Board of Directors authorized the repurchase of up to 1,729,199 shares of its common stock, representing approximately 5% of its outstanding shares.
• During the year ended December 31, 2025, the company repurchased 499,975 shares of common stock, totaling approximately US$31.49 million.

Capital Expenditures

• Banner Corporation's 2025 annual report details extensive human capital and technology investments.