UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________ Commission File Number 000-26584 BANNER CORPORATION (Exact name of registrant as specified in its charter) Washington 91- ...

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Banner Corporation (NASDAQ:BANR) Q3 2023 Earnings Conference Call October 19, 2023 11:00 AM ET Company Participants Mark Grescovich - President and Chief Executive Officer Rob Butterfield - Chief Financial Officer Jill Rice - Chief Credit Officer Rich Arnold - Head of Investor Relations Conference Call Participants David Feaster - Raymond James Andrew Liesch - Piper Sandler Kelly Motta - KBW Andrew Terrell - Stephens Tim Coffey - Janney Montgomery Scott Jeff Rulis - D.A. Davidson Operator Hello, and welcome ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________ Commission File Number 000-26584 BANNER CORPORATION (Exact name of registrant as specified in its charter) Washington 91-16916 ...

Financial Data and Key Metrics Changes - Banner Corporation reported a net profit available to common shareholders of $39.6 million or $1.15 per diluted share for Q2 2023, down from $1.39 per share in Q2 2022 and $1.61 per share in Q1 2023, primarily impacted by the provision for credit losses and increased funding costs [6][24] - Core earnings for Q2 2023 were $63.4 million, up from $57.8 million in Q2 2022, reflecting a strong core deposit base and effective expense control [7] - Revenue from core operations increased 7% to $158.6 million compared to $148.3 million in Q2 2022 [7] Business Line Data and Key Metrics Changes - Total loans increased by $324 million during the quarter, with significant growth in 1-to-4 family real estate loans, commercial business loans, and commercial real estate loans [24] - The loan portfolio showed an increase of 11% year-over-year, with core deposits representing 90% of total deposits [8] - The consumer mortgage portfolio grew by 7% in the quarter, continuing the trend of retaining completed all-in-one custom construction loans on the balance sheet [20] Market Data and Key Metrics Changes - Delinquent loans as of June 30 were 0.28% of total loans, down from 0.37% as of March 31, and compared to 0.19% as of June 30, 2022 [12] - Adversely classified loans represented 1.38% of total loans, down from 1.46% in the previous quarter [12] - Agricultural loan balances increased by 14% compared to the linked quarter, reflecting higher operating line usage [20] Company Strategy and Development Direction - The company continues to execute its super community bank strategy, focusing on growing client relationships and maintaining a strong core funding position [8] - Banner Corporation is capitalizing on market disruptions to enhance client acquisition and expand its workforce, particularly in small business banking [58] - The company aims to maintain a moderate risk profile while navigating economic uncertainties [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather economic challenges, citing strong credit metrics and a solid reserve for loan losses [21] - The economic environment remains uncertain, with expectations of muted loan growth due to increased rates and overall economic pessimism [41] - Management noted that the company is well-positioned to navigate potential recession impacts, leveraging its strong capital ratios and client relationships [21] Other Important Information - Banner Corporation was recognized as one of America's 100 Best Banks and received accolades for its trustworthiness and financial performance [10] - The company continues to invest in technology to streamline deposit opening and loan origination processes, enhancing the digital client experience [31] Q&A Session Summary Question: Update on deposit costs and betas - Management indicated that deposit betas are modeled similarly to the last rate cycle, with expectations that they may creep beyond 25% [34][36] Question: Loan growth and demand outlook - Management acknowledged a slowdown in pipeline refilling, with expectations of low-single-digit growth going forward due to economic conditions [41] Question: Market opportunities and competition - Management noted that competition is primarily from community banks and credit unions, with a focus on small business banking as a growth area [52] Question: Credit quality monitoring - Management is closely monitoring debt service coverage ratios and overall credit quality, particularly in the commercial real estate sector [75][79] Question: Future of non-interest expenses - Management expects non-interest expenses to remain similar to the first two quarters of the year, around mid-90 million [74] Question: Buyback appetite - Management is contemplating a buyback for the second half of the year, pending new authorization [70]

Financial Performance Highlights - Loan growth reached $312 million, representing an annualized growth rate of 12%[4] - Total loan originations (excluding HFS) amounted to $909 million[4] - Total deposits experienced a slight decline of $55 million, a decrease of 0.4%[4] - Core deposits decreased by $462 million, representing a 3.8% decline, but still constitute 90% of total deposits[4] - Net interest margin (tax equivalent) decreased by 30 basis points to 4.00%[4] - The efficiency ratio (adjusted, non-GAAP) increased by 435 basis points to 58.6%[4] Risk and Credit Quality - Provision for credit losses was $6.8 million, driven by loan growth and a deteriorating economic forecast, including $2.0 million provision for credit losses related to AFS securities[4] - Allowance for credit losses on loans was 1.38% of total loans[4] - Non-performing assets remained low at 0.18% of total assets, a slight increase from 0.17% in the previous quarter[4] Revenue and Growth Strategy - The company focuses on growing revenue by offering a super community bank value proposition, guarding and improving reputation, and growing market share[8] - The company operates in a geography with strong population growth, with Washington, Oregon, and Idaho experiencing growth rates of 9%, 5%, and 20% respectively[9] - Noninterest income includes $159 million from deposit fees, $666 million from mortgage banking, $16.1 million from deposit fees, and $64.9 million from other fees[19]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________ Commission File Number 000-26584 BANNER CORPORATION (Exact name of registrant as specified in its charter) Washington 91-1691 ...

Financial Data and Key Metrics Changes - Banner Corporation reported a net profit available to common shareholders of $55.6 million or $1.61 per diluted share for Q1 2023, compared to $1.27 per share for Q1 2022 and $1.58 per share for Q4 2022 [10] - Core earnings for Q1 2023 were $75.9 million, up from $49.7 million in Q1 2022, reflecting a 24% increase in revenue from core operations to $170.4 million [11] - Return on average assets was 1.44% for Q1 2023, indicating strong core performance [12] Business Line Data and Key Metrics Changes - Loan growth increased by 11% year-over-year, with core deposits representing 93% of total deposits [12] - Delinquent loans as of March 31st were 0.37% of total loans, up from 0.21% a year ago, while adversely classified loans were 1.46% [15] - The multifamily portfolio grew 16% year-over-year, with 50% of it being affordable housing [22] Market Data and Key Metrics Changes - Total loans increased by $6 million from the prior quarter, with a notable growth in 1-4 family real estate loans [27] - Core deposits decreased by $692 million from the prior quarter, primarily due to outflows of rate-sensitive balances [28] - Agricultural loans were down 8% from the linked quarter but up 11% year-over-year [25] Company Strategy and Development Direction - The company continues to implement its "Banner Forward" initiatives aimed at maintaining a moderate risk profile and supporting stakeholders [9] - The strategic focus remains on growing new client relationships and maintaining core funding positions [12] - The company aims to navigate economic cycles with a strong capital position and robust reserve methodology [48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about new client acquisition despite economic pessimism and increasing rates [44] - The current economic environment is expected to have a longer tail, presenting opportunities for growth [48] - Management noted that the bank has not seen material impacts from recent bank failures, maintaining client confidence [40] Other Important Information - Banner was recognized as one of America's 100 Best Banks and received an outstanding CRA rating [13] - The company published its inaugural environmental, social, and governance highlights report, reflecting its commitment to community support [12] Q&A Session Summary Question: Deposit flows and impacts from bank failures - Management noted that deposit declines in Q1 were less than in Q4, primarily driven by non-operating balances moving to higher-yielding investments [39][40] Question: Loan growth and risk-adjusted returns - Management indicated that loan growth expectations have moderated but remain optimistic about new client acquisition [44] Question: Deposit costs and betas - The deposit beta for interest-bearing deposits is expected to be similar to the last rate cycle, around 25% [51] Question: Loan to deposit ratio comfort level - Management indicated a comfort level in the mid-80% range for the loan to deposit ratio, depending on market conditions [69] Question: Changes in customer behavior post-bank failures - Management reported no major shifts in customer behavior but noted increased inquiries from potential new clients [72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________to__________ Commission File Number 0-26584 BANNER CORPORATION (Exact name of registrant as specified in its charter) Washington 91-1691604 (State or other jurisdic ...

Banner Corporation (NASDAQ:BANR) Q4 2022 Earnings Conference Call January 20, 2023 11:00 AM ET Company Participants Mark Grescovich - President and Chief Executive Officer Rich Arnold - Head of Investor Relations Jill Rice - Chief Credit Officer Peter Conner - Chief Financial Officer Conference Call Participants Jeff Rulis - D.A. Davidson David Feaster - Raymond James Andrew Liesch - Piper Sandler Andrew Terrell - Stephens Kelly Motta - KBW Tim Coffey - Janney Montgomery & Scott Operator Hello, everyone, an ...