Here are 1-3 brief analogies for Banner (BANR):

• A regional version of Bank of America, primarily serving the Pacific Northwest.
• Like a smaller U.S. Bank, with operations focused on the Pacific Northwest.
• The Pacific Northwest's equivalent of a traditional community bank, similar to a local branch of Wells Fargo.

• Commercial Banking: Provides loans, lines of credit, treasury management, and deposit accounts primarily for businesses.
• Consumer Banking: Offers deposit accounts, mortgages, home equity loans, auto loans, and personal loans for individuals and families.
• Wealth Management & Investment Services: Delivers financial planning, investment advisory, trust, and brokerage services to help manage and grow client assets.

Major Customers of Banner Corporation (BANR)

Banner Corporation (BANR) is a bank holding company that operates Banner Bank, providing a comprehensive range of commercial banking and financial services. As a regional bank, Banner Bank serves a diverse customer base across various segments rather than having a few identifiable "major customers" in the traditional sense of a supplier-buyer relationship. Its revenue is primarily derived from interest income on a broad portfolio of loans and fees from numerous deposit accounts held by a wide array of clients.

Given its business model, Banner Bank primarily serves the following categories of customers:

• Individual Consumers and Households: This category includes individuals seeking personal checking and savings accounts, certificates of deposit, mortgages, home equity lines of credit, personal loans, and other consumer banking products and services.
• Small and Medium-sized Businesses (SMBs): Banner Bank provides a variety of financial services to SMBs, including business checking and savings accounts, commercial real estate loans, lines of credit, equipment financing, term loans, and treasury management services.
• Commercial and Corporate Clients: This category encompasses larger businesses and corporations that utilize Banner Bank for commercial loans, treasury and cash management services, letters of credit, and other specialized corporate banking solutions.

Mark J. Grescovich, President & Chief Executive Officer

Mr. Grescovich joined Banner Bank in April 2010, becoming 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., a commercial bank with $25.1 billion in assets and over 380 branches across five states. He also held the position of Chief Credit Officer at FirstMerit. Earlier in his career, Mr. Grescovich was a Managing Partner in corporate finance with Sequoia Financial Group, Inc. and worked as a commercial and corporate lending officer and credit analyst with Society National Bank.

Robert G. Butterfield, Executive Vice President, Chief Financial Officer

Mr. Butterfield was promoted to Executive Vice President and Chief Financial Officer of Banner Bank and Banner Corporation in 2023. He initially joined Banner Bank in 2015 as Senior Vice President and Chief Accounting Officer. A Certified Public Accountant, Mr. Butterfield has over 25 years of financial expertise, with more than two decades in the financial services industry. His career began as an auditor, and he has held financial leadership roles, including controller and principal accounting officer, at two community banks.

Sherrey Luetjen, Executive Vice President, General Counsel

Ms. Luetjen serves as Executive Vice President and General Counsel, as well as Ethics Officer for Banner Corporation and Banner Bank. Prior to her promotion to this role in 2021, she was Senior Vice President and Assistant General Counsel. She brings over 15 years of experience as in-house legal counsel at financial services companies, supplemented by additional experience advising technology companies.

Mark Borrecco, Executive Vice President, Chief Banking Officer

Mr. Borrecco joined Banner in 2024. In his role, he is the senior executive responsible for overseeing the Bank's production lines of business, focusing on enhancing client experience and ensuring continued growth and profitability across all banking divisions. He has more than 25 years of banking experience in sales management and executive leadership positions, including his most recent role as a regional president for a mid-size regional bank.

Janet Brown, Executive Vice President, Chief Information Officer

Ms. Brown joined Banner Bank in 2020 as Chief Information Officer. She is responsible for providing direction and oversight for information technology and security throughout the Bank, encompassing both existing and emerging initiatives. Her career spans over 25 years of information technology experience in the insurance, healthcare, and legal claims administration industries, where she developed specific expertise in leading large, complex projects and technology environments.

Banner Corporation (BANR) primarily operates in commercial banking, retail banking (including consumer loans and deposit services), and residential mortgage banking across Washington, Oregon, Idaho, and California. The addressable markets for these main products and services within the U.S. are sized as follows:

• U.S. Commercial Banking Market: The U.S. commercial banking market size is estimated at USD 226.44 billion in 2024 and is projected to reach USD 269.28 billion by 2029. Another estimate values the market at USD 732.5 billion in 2025, with a forecast to reach USD 915.45 billion by 2030. A different report suggests the market size for commercial banking in the U.S. is USD 1.6 trillion in 2025.
• U.S. Retail Banking Market: The United States retail banking market is valued at USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030. Other sources indicate the market size was USD 1,105 billion in 2024, projected to reach USD 1,850 billion by 2032. Another projection estimates the market to reach USD 125.1 billion by 2033.
• U.S. Residential Mortgage Market: Residential mortgage debt in the U.S. totaled USD 11.92 trillion as of the fourth quarter of 2022. More recently, Americans owed USD 12.94 trillion on mortgages as of September 2025. The market for purchase mortgages within the U.S. is currently valued at USD 1,145.4 billion.

Here are 3-5 expected drivers of future revenue growth for Banner (NASDAQ: BANR) over the next 2-3 years:

1. Loan Growth: Banner anticipates continued expansion in its loan portfolio. The company projected a "low to mid-single digit loan growth for 2024" and an "annualized loan growth of 5%" for 2025. This follows strong loan originations, with commercial real estate, commercial and industrial (C&I), and construction and land development loans showing significant increases in Q2 2025.
2. Net Interest Margin (NIM) Expansion and Stability: The company has consistently benefited from a healthy net interest margin. In Q3 2025, the tax equivalent net interest margin was 3.98%, up from the prior quarter, driven by higher loan yields as adjustable loans reprice and new loans are originated at elevated rates. A stable or gradually declining Federal Reserve rate environment is expected to allow for further NIM expansion as loan yields rise and funding costs remain flat or decrease.
3. Growth and Stability of Core Deposits: Banner continues to leverage a "strong core deposit base that has proved to be resilient and loyal." This robust funding base helps reduce the company's reliance on higher-cost wholesale borrowings, contributing positively to net interest income and supporting overall growth.
4. Growth in Non-Interest Income: Analysts project an increase in Banner's total non-interest income, suggesting an expansion of fee-based services. For Q3 2025, total non-interest income exceeded analyst estimates. While net interest income remains the primary revenue driver, growth in non-interest income streams provides additional revenue diversification.
5. Strategic Investments in Technology and Digitization: Banner's ongoing investments in new deposit and loan origination systems, along with broader digitization efforts, are expected to enhance efficiency, reduce branch and back-office costs, and expand its reach to new customer segments. These technological advancements are aimed at improving net margins and efficiency ratios, thereby supporting future revenue growth.

Share Repurchases

• On July 24, 2025, Banner Corporation's Board of Directors authorized a new stock repurchase program to buy back up to 1,729,199 shares, which represents approximately 5% of the company's outstanding common stock.
• During the third quarter of 2025, Banner repurchased 250,000 shares of its common stock at an average price of $63.11 per share.
• An earlier stock repurchase program, authorizing the repurchase of up to 1,712,510 shares (approximately 5% of common stock), was announced on December 22, 2021.

Share Issuance

• In June 2020, Banner Corporation completed a public offering of $100.0 million in 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030, generating approximately $98.5 million in net proceeds. These notes are intended to qualify as Tier 2 capital for regulatory purposes.

Capital Expenditures

• Proceeds from the $100.0 million subordinated notes offering in June 2020 were intended for general corporate purposes, which included financing investments and capital expenditures.
• The company implemented "Banner Forward" initiatives beginning in 2021, with a focus on enhancing revenue growth and investing in innovation to improve back-end processes and reduce operating expenses. Most of the efficiency-related initiatives were completed by year-end 2022, with revenue initiatives expected to continue into 2023.