Financial Performance Highlights - Banner Corporation reported net income of $45.5 million for the second quarter of 2025, slightly up from $45.1 million in the previous quarter[7] - The return on average assets was 1.13%, and the return on average equity was 9.92%, compared to 1.15% and 10.17% respectively in the prior quarter[7] - Net interest margin (tax equivalent) remained steady at 3.92%[7] - The efficiency ratio (GAAP) decreased by 71 basis points to 62.50%, and the adjusted non-GAAP efficiency ratio decreased by 190 basis points to 60.28%[7] Loan Portfolio and Credit Quality - HFI Loan growth reached $547 million year-over-year (5%) and $252 million quarter-over-quarter (9% annualized)[7] - Total loan originations (excluding HFS) amounted to $967 million[7] - The allowance for credit losses was $4.8 million, driven by loan growth and risk rating downgrades; the allowance for credit losses to total loans was 1.37%[7] - Non-performing assets remained low at 0.30% of total assets, a slight increase of 4 basis points from the last quarter[7] Balance Sheet and Capital Management - As of the reporting period, Banner Corporation's assets totaled $16.4 billion, deposits were $13.5 billion, and loans amounted to $11.7 billion[9] - The company announced a dividend of $0.48 per share to be paid in August 2025[7] Strategic Focus and Market Position - Banner Corporation emphasizes its core banking competency, revenue growth, net interest margin protection, careful spending, and moderate risk profile[8, 10] - The company operates in a region with strong population growth, particularly in Idaho (20% projected growth)[11]

// 债市综述 // 1. 公开市场操作 央行公告称， 6 月 23 日以固定利率、数量招标方式开展了 2205 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2205 亿元，中标量 2205 亿元。 Wind 数据显示，当日 2420 亿元逆回购和 1000 亿元国库现金定存到期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面整体偏宽，存款类机构隔夜质押式回购利率微幅下行，但仍位于 1.37% 附近，七天质押式回购利率则上行超 1 个 bp 。 4. 银行间主要利率债收益率 | | 1Y | | 2Y | | ЗУ | | ટેત્ર | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国債 | 1.3550 0.00 | 71 | 1.3725 0.15 | 62 | 1.4000 0.25 | 43 | 1.4820 0.45 | 266 | 1.5700 0.30 | 282 | 1.6400 0.20 | 805 | | ...

上周五资金为何显著收紧？ 上周五资金显著收紧主要由于财政大量发行政府债券。上周五国债发行量达到 2,300 亿，加之税期临近，导致整个资金需求增加，使得资金面明显紧张。 对后续资金状况存在什么分歧？ 固收：资金分歧与债市前景 20250519 摘要 • 上周国债发行量达 2,300 亿，叠加税期临近，资金需求增加导致资金面收 紧。市场对后续资金状况存在分歧，关注货币政策是否能持续宽松及政策 利率变动的影响。 • 四月份以来融资需求下降推动资金价格下行，实际利率上涨可能导致融资 需求进一步收缩，改善银行负债缺口，整体金融环境或将宽松。 • 二季度政府债券供给增量有限，但上周政府净融资额创去年 11 月以来新 高，本月政府债券供给冲击最高点或已过去，关注后续财政存款变化对流 动性的影响。 • 央行虽无大幅宽松意愿，但已投放大量流动性，短期内难以完全收回，预 计未来一个月整体金融环境仍将维持宽松状态。 • 当前最核心的观测指标是大型银行负债压力及其库存规模，大行负债压力 和资金面紧张问题目前未显现，银行负债缺口已明显改善。 • 预计未来一个月隔夜利率保持在 1.4%-1.5%，期限利率在 1.5%-1.6%， 短国 ...

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 04 月 27 日 1、资金面部分：（1）MLF 超额续作，为今年以来连续第二个月加量续作，投放 中长期流动性 5000 亿，市场对降准降息的预期有所延后，4 月政治局会议仍然 维持"适时降准降息"的描述，政策方向不变，节奏根据国内外形势变化而确 定。（2）从资金的量、价观察，大行融出规模小幅上升，各期限资金利率下行， 银行间流动性较为充裕，非银融入规模边际下降，杠杆水平边际下降，流动性分 层在绝对低位徘徊。 资金面均衡运行，预计平稳跨月 ——流动性与机构行为跟踪 2、存单部分：供给端，过去一周存单净融资规模转正，一级发行利率大多降 价，国股行净融资规模转正。需求端，股份行、城农商行是卖出主力，机构增持 力量有所增强，存单二级利率和资金利率利差走阔。 核心观点 资金面部分，未来一周仅有三个交易日，单日逆回购到期量较大，政府债净融资规模 转正，关注央行临近跨月的操作，投资者将布局跨月和跨假期资金，预计资金面将保 持均衡运行，平稳跨月。 ❑ 微观结构：基金买债力量变弱 存单部分，未来一周，存单到期规模下降至 3300 亿， ...

// 债市综述 // 1. 公开市场操作 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3.同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在1.97%附近，较上日略有下行。 4.银行间主要利率债收益率多数下行。 | | 1Y | | 2Y | | ЗУ | | SY | | 74 | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.6200 ▼0.50 | 26 | 1.6000 -- | 312 | 1.6500 ▼1.50 | 560 | 1.6900 ▼1.00 | 330 | 1.8050 ▼1.25 | 274 | 1.8675 ▼1.75 | 898 | | | 25贴现国债12 | 64D | 25 附壹国债06 | 1.99Y | 25附劇圖價05 | 2.94Y | 25附製国债03 | 4.85Y | 24时息国债18 | 6.49Y | 24时想国债11 | 9.18Y | | 国开 | 1.6575 ▼0.2 ...