# EDGAR Filing Document

**Accession Number:** 0000946673
**File Stem:** 0000946673-26-000003
**Filing Date:** 2026-1
**Character Count:** 110440
**Document Hash:** 483a043029a31786e6a0ac1f87d84dc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000946673-26-000003.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0000946673-26-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260121

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANNER CORP
- **CENTRAL INDEX KEY:** 0000946673
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 911691604
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26584
- **FILM NUMBER:** 26548411

**BUSINESS ADDRESS:**
- **STREET 1:** 10 S FIRST AVENUE
- **CITY:** WALLA WALLA
- **STATE:** WA
- **ZIP:** 99362
- **BUSINESS PHONE:** 509-527-3636

**MAIL ADDRESS:**
- **STREET 1:** 10 S FIRST AVENUE
- **CITY:** WALLA WALLA
- **STATE:** WA
- **ZIP:** 99362

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST WASHINGTON BANCORP INC /WA/
- **DATE OF NAME CHANGE:** 19980727

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST SAVINGS BANK OF WASHINGTON BANCORP INC
- **DATE OF NAME CHANGE:** 19950614

?xml version='1.0' encoding='ASCII'? banr-20260121

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM 8-K**

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): **<u>January 21, 2026</u>**

**<u>Banner Corporation</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **<u>Washington</u>** |  **<u>000-26584</u>**  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>91-1691604</u>**  |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**<u>10 S. First Avenue, Walla Walla, Washington 99362</u>**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number (including area code)  **<u>(509) 527-3636</u>**

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, par value $.01 per share** | **BANR** | **The NASDAQ Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**<u>Item 2.02 Results of Operations and Financial Condition.</u>\***

On January 21, 2026, Banner Corporation issued its earnings release for the quarter and year ended December 31, 2025. A copy of the earnings release is furnished herewith as Exhibit 99.1, and is incorporated herein by reference.

**<u>Item 7.01 Regulation FD Disclosure.</u>\***

Banner Corporation intends to review the investor presentation attached as Exhibit 99.2 to this Current Report on Form 8-K in conjunction with its earnings release conference call on January 22, 2026, and from time to time in presentations to investors and other stakeholders.

**<u>Item 8.01 Other Events.</u>**

On January 21, 2026, Banner Corporation announced its Board of Directors declared a regular quarterly cash dividend on Banner Corporation common stock of $0.50 per share, payable on February 13, 2026 to stockholders of record as of the close of business on February 03, 2026.

**<u>Item 9.01 Financial Statements and Exhibits.</u>\***

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release of Banner Corporation dated January 21, 2026.](banr-12312025xex991earning.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Banner Corporation Investor Materials](a2025-q4presentation.htm)</u>

104 &nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document)

\*&nbsp;&nbsp;&nbsp;&nbsp;The information furnished under Item 2.02, Item 7.01 and Item 9.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of Banner Corporation under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.

------

<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | BANNER CORPORATION |
| Date: January 21, 2026 | By: <u>/s/ Robert G Butterfield</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert G Butterfield |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Treasurer and <br>Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;![irgrouplogoa09a.jpg](irgrouplogoa09a.jpg) | ![imagea.jpg](imagea.jpg) | CONTACT: | MARK J. GRESCOVICH, |
| &nbsp;&nbsp;&nbsp;&nbsp;![irgrouplogoa09a.jpg](irgrouplogoa09a.jpg) | ![imagea.jpg](imagea.jpg) |  | PRESIDENT & CEO |
| &nbsp;&nbsp;&nbsp;&nbsp;![irgrouplogoa09a.jpg](irgrouplogoa09a.jpg) | ![imagea.jpg](imagea.jpg) |  | ROBERT G. BUTTERFIELD, CFO |
| &nbsp;&nbsp;&nbsp;&nbsp;![irgrouplogoa09a.jpg](irgrouplogoa09a.jpg) | ![imagea.jpg](imagea.jpg) |  | (509) 527-3636 |
| &nbsp;&nbsp;&nbsp;&nbsp;![irgrouplogoa09a.jpg](irgrouplogoa09a.jpg) | ![imagea.jpg](imagea.jpg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;![irgrouplogoa09a.jpg](irgrouplogoa09a.jpg) | ![imagea.jpg](imagea.jpg) | **NEWS RELEASE** | **NEWS RELEASE** |

---

**<u>Banner Corporation Reports Net Income of $51.2 Million, or $1.49 Per Diluted Share, for Fourth Quarter 2025;</u>**

**<u>Earns $195.4 Million in Net Income, or $5.64 Per Diluted Share, for the Full Year of 2025;</u>**

**<u>Declares Quarterly Cash Dividend of $0.50 Per Share</u>**

Walla Walla, WA - January 21, 2026 - Banner Corporation (NASDAQ GSM: BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $51.2 million, or $1.49 per diluted share, for the fourth quarter of 2025, compared to $53.5 million, or $1.54 per diluted share, for the preceding quarter and $46.4 million, or $1.34 per diluted share, for the fourth quarter of 2024. Net interest income was $152.4 million for the fourth quarter of 2025, compared to $150.0 million in the preceding quarter and $140.5 million for the fourth quarter a year ago. The increase in net interest income compared to both the preceding quarter and the prior year quarter primarily reflects a decrease in overall funding costs and an increase in the average balance of interest-earning assets. The increase compared to the prior year quarter also reflects an increase in the average yield of interest-earning assets. Fourth quarter 2025 results included a $2.4 million provision for credit losses, compared to $2.7 million in the preceding quarter and $3.0 million in the fourth quarter of 2024. Net income was $195.4 million, or $5.64 per diluted share, for the year ended December 31, 2025, compared to net income of $168.9 million, or $4.88 per diluted share, for the year ended December 31, 2024. Banner's results for the year ended December 31, 2025 include a $13.0 million provision for credit losses, a $374,000 net gain on the sale of securities and a $1.4 million net decrease in the fair value adjustments on financial instruments carried at fair value, compared to a $7.6 million provision for credit losses, a $5.2 million net loss on the sale of securities and a $1.0 million net decrease in the fair value adjustments on financial instruments carried at fair value during the same period in 2024.

Banner announced that its Board of Directors declared a regular quarterly cash dividend of $0.50 per share payable February 13, 2026, to common shareholders of record on February 3, 2026.

"Banner's fourth quarter performance reaffirms the value of our super community bank strategy, which focuses on building client relationships, preserving a strong funding base, and delivering exceptional service while sustaining a moderate risk profile," said Mark Grescovich, President and CEO. "Our earnings for the fourth quarter of 2025 benefited from year over year loan growth as well as lower funding costs and an improved net interest margin. The strategic investments we have made across the organization are delivering tangible returns and are further strengthening Banner for long-term success. Additionally, Banner's credit quality remains strong, supported by stable credit metrics, a well-funded reserve for loan losses, and a robust capital position that provides resilience and flexibility for future growth. We also continue to benefit from a strong core deposit base, with core deposits representing 89% of total deposits at year-end. For 135 years, Banner has honored its core values by consistently doing the right thing for our clients, communities, colleagues, company and shareholders. Our long-standing commitment has enabled us to earn trust, navigate change with confidence and continue building a strong foundation for the future."

At December 31, 2025, Banner, on a consolidated basis, had $16.35 billion in assets, $11.56 billion in net loans and $13.74 billion in deposits. Banner operates 135 full-service branch offices, including branches located in eight of the top 20 largest western Metropolitan Statistical Areas by population.

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

**Fourth Quarter 2025 Highlights**

• Net interest margin, on a tax equivalent basis, was 4.03% for the current quarter, compared to 3.98% in the preceding quarter and 3.82% in the fourth quarter a year ago.

• Revenue was $167.7 million for the fourth quarter of 2025, compared to $170.7 million in the preceding quarter and increased 4% from $160.6 million in the fourth quarter a year ago.

• Adjusted revenue\* (the total of net interest income and total non-interest income adjusted for the net gain or loss on the sale of securities, the net change in valuation of financial instruments, and gains or losses incurred on building and lease exits) was $169.9 million in the fourth quarter of 2025, compared to $168.7 million in the preceding quarter and $160.1 million in the fourth quarter a year ago.

• Net interest income was $152.4 million in the fourth quarter of 2025, compared to $150.0 million in the preceding quarter and increased 8% from $140.5 million in the fourth quarter a year ago.

• Mortgage banking operations revenue was $3.6 million for the fourth quarter of 2025, compared to $3.3 million in the preceding quarter and $3.7 million the fourth quarter a year ago.

• Return on average assets was 1.24% for the fourth quarter of 2025, compared to 1.30% in the preceding quarter and 1.15% in the fourth quarter a year ago.

• Net loans receivable were $11.56 billion at December 31, 2025, compared to $11.54 billion at September 30, 2025, and increased 3% compared to $11.20 billion at December 31, 2024.

• Total deposits were $13.74 billion at December 31, 2025, compared to $14.02 billion at September 30, 2025 and $13.51 billion at December 31, 2024.

• Core deposits represented 89% of total deposits at December 31, 2025.

• Non-performing assets were $51.2 million, or 0.31% of total assets, at December 31, 2025, compared to $45.3 million, or 0.27% of total assets, at September 30, 2025, and $39.6 million, or 0.24% of total assets, at December 31, 2024.

• The allowance for credit losses - loans was $160.3 million, or 1.37% of total loans receivable, as of December 31, 2025, compared to $159.7 million, or 1.36% of total loans receivable, as of September 30, 2025, and $155.5 million, or 1.37% of total loans receivable, as of December 31, 2024.

• Dividends paid to shareholders were $0.50 per share in the quarter ended December 31, 2025, up from $0.48 per share paid in the preceding quarter.

• Common shareholders' equity per share increased 2% to $57.08 at December 31, 2025, compared to $55.71 at the preceding quarter end, and increased 11% from $51.49 at December 31, 2024.

• Tangible common shareholders' equity per share\* increased 3% to $46.09 at December 31, 2025, compared to $44.79 at September 30, 2025, and increased 14% from $40.57 at December 31, 2024.

• Repurchased 249,975 shares of Banner common stock during the fourth quarter of 2025 at an average price of $63.14 per share.

*\*Non-GAAP (Generally Accepted Accounting Principles) financial measure; See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.*

**Income Statement Review**

Net interest income was $152.4 million in the fourth quarter of 2025, compared to $150.0 million in the preceding quarter and $140.5 million in the fourth quarter a year ago. Net interest margin, on a tax equivalent basis, increased five basis points to 4.03% for the fourth quarter of 2025, compared to 3.98% in the preceding quarter, and increased 21 basis points from 3.82% in the fourth quarter a year ago. The net interest margin for the current quarter benefited from lower funding costs.

Interest income was $205.0 million in the fourth quarter of 2025, compared to $205.8 million in the preceding quarter and $196.4 million in the fourth quarter of 2024. Average yields on interest-earning assets decreased four basis points to 5.39% for the fourth quarter of 2025, compared to 5.43% for the preceding quarter, primarily reflecting lower average loan yields. Compared to the fourth quarter of 2024, average yields on interest-earning assets increased eight basis points from 5.31%, primarily due to increases in both the yield and average balance of loans. Average loan yields decreased seven basis points to 6.10% in the fourth quarter of 2025, compared to 6.17% in the preceding quarter, and increased eight basis points from 6.02% in the fourth quarter a year ago. The decrease in average loan yields during the current quarter was largely the result of three 25 basis point decreases by the Federal Reserve in the target Fed Funds Rate during the third and fourth quarters of 2025.

Interest expense was $52.5 million in the fourth quarter of 2025, compared to $55.9 million in both the preceding quarter and the fourth quarter a year ago. Total deposit costs decreased seven basis points to 1.43% in the fourth quarter of 2025, compared to 1.50% in the preceding quarter and decreased 10 basis points compared to 1.53% in the fourth quarter a year ago. The decrease in deposit costs in the current quarter compared to the same quarter a year ago was primarily due to the previously mentioned decrease in the target Fed Funds Rate. The average rate paid on borrowings decreased 25 basis points to 3.93% in the fourth quarter of 2025, compared to 4.18% in the preceding quarter, and decreased compared to 4.57% in the fourth quarter a year ago, primarily due to declines in both market interest rates and the average balance of borrowings. The total cost of funding liabilities decreased 10 basis points to 1.47% in the fourth quarter of 2025, compared to 1.57% in the preceding quarter, and decreased 13 basis points from 1.60% in the fourth quarter a year ago, primarily due to deposit interest rate declines and decreases in both the average balance and cost of borrowings.

A $2.4 million provision for credit losses was recorded in the current quarter (comprised of a $1.5 million provision for credit losses - loans and a $945,000 provision for credit losses - unfunded loan commitments). This compares to a $2.7 million provision for credit losses in the prior quarter (comprised of a $1.4 million provision for credit losses - loans and a $1.3 million provision for credit losses - unfunded loan commitments) and a $3.0 million provision for credit losses in the fourth quarter a year ago (comprised of a $3.2 million provision for credit losses - loans and a $203,000 recapture of provision for credit losses - unfunded loan commitments).

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

Total non-interest income was $15.2 million in the fourth quarter of 2025, compared to $20.7 million in the preceding quarter and $20.0 million in the fourth quarter a year ago. The decrease from the preceding quarter was primarily due to a $2.7 million decline in miscellaneous income, reflecting losses incurred on the disposition of assets during the current quarter, compared to gains recognized on asset sales in the prior quarter. In addition, fair value adjustments on financial instruments carried at fair value decreased by $2.2 million during the current quarter. Compared to the fourth quarter of 2024, the decrease in non-interest income was also primarily attributable to lower miscellaneous income, reflecting losses incurred on asset dispositions during the current quarter, compared to a gain recognized on the sale of a non-performing loan in the fourth quarter of 2024. Total non-interest income was $72.8 million for the year ended December 31, 2025, compared to $66.9 million for the same period a year earlier.

Mortgage banking operations revenue was $3.6 million in the fourth quarter of 2025, compared to $3.3 million in the preceding quarter and $3.7 million in the fourth quarter a year ago. The volume of one- to four-family loans sold during the fourth quarter of 2025 decreased compared to both the preceding quarter and the prior year quarter. The decrease compared to the preceding quarter was primarily due to seasonal trends and market conditions. The decrease from the same quarter in the prior year was mainly attributable to a pooled loan sale that occurred during the fourth quarter of 2024. Home purchase activity accounted for 81% of one- to four-family mortgage loan originations in the fourth quarter of 2025, compared to 88% in the preceding quarter and 79% in the fourth quarter of 2024.

Total non-interest expense was $104.1 million in the fourth quarter of 2025, compared to $102.0 million in the preceding quarter and $99.5 million in the fourth quarter of 2024. The increase from the previous quarter reflected a $493,000 increase in salary and employee benefits, resulting from increased medical claims expense, a $639,000 decrease in capitalized loan origination costs, primarily due to a reduction in the origination of construction, land and land development loans, as well as a reduction in the volume of one- to four-family loans sold, an $842,000 increase in information and computer data services expense, primarily due to increased software expense, and a $411,000 increase in professional and legal expenses, primarily due to a pending legal settlement. The increases were partially offset by a $666,000 decrease in occupancy and equipment costs, primarily due to lower rent expense. In addition, the current quarter included losses of $434,000 related to building and lease exit costs, compared to $1.0 million of such costs in the previous quarter. The increase compared to the same quarter a year ago primarily reflects increases in salary and employee benefits, information and computer data services, payment and card processing services and miscellaneous expenses, partially offset by a decrease in professional and legal expenses. For the year ended December 31, 2025, total non-interest expense was $408.8 million, compared to $391.5 million for the year ended December 31, 2024.

Banner's efficiency ratio was 62.11% for the fourth quarter of 2025, compared to 59.76% in the preceding quarter and 61.95% in the same quarter a year ago. Banner's adjusted efficiency ratio, a non-GAAP financial measure, was 59.87% for the fourth quarter of 2025, compared to 58.54% in the preceding quarter and 60.74% in the year-ago quarter. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a discussion and reconciliation of non-GAAP financial measures.

**Balance Sheet Review**

Total assets were $16.35 billion at December 31, 2025, compared to $16.56 billion at September 30, 2025, and $16.20 billion at December 31, 2024. The decrease compared to the prior quarter was primarily due to a decrease in interest-bearing deposits held at other banks. Securities and interest-bearing deposits held at other banks totaled $3.22 billion at December 31, 2025, compared to $3.47 billion at September 30, 2025 and $3.40 billion at December 31, 2024. The average effective duration of the securities portfolio was approximately 6.2 years and 6.6 years at December 31, 2025 and December 31, 2024, respectively.

Total loans receivable were $11.72 billion at December 31, 2025, compared to $11.70 billion at September 30, 2025, and increased 3% from $11.35 billion at December 31, 2024. Commercial real estate loans totaled $4.05 billion at December 31, 2025, compared to $4.00 billion at September 30, 2025, and increased 5% from $3.86 billion at December 31, 2024. The increases from both periods reflected a combination of new loan production and the conversion of commercial construction loans to the commercial real estate portfolio upon completion of the construction phase. Multifamily real estate loans decreased to $850.8 million at December 31, 2025, compared to $860.7 million at September 30, 2025, and declined 5% from $894.4 million at December 31, 2024. The decreases from both periods were primarily due to payoffs and paydowns exceeding new production, partially offset by the conversion of multifamily construction loans to the multifamily real estate portfolio upon completion of the construction phase. Construction, land and land development loans totaled $1.71 billion at December 31, 2025, compared to $1.74 billion at September 30, 2025, and increased 13% from $1.52 billion at December 31, 2024. The increase was primarily attributable to new loan production and advances, partially offset by payoffs and transfers to permanent loan portfolios upon completion of the construction phase. Consumer loans increased 4% to $768.5 million at December 31, 2025, compared to $740.3 million at September 30, 2025, and increased 7% compared to $721.4 million at December 31, 2024. The increases from both periods reflected new loan production and advances, primarily related to home equity revolving lines of credit.

Loans held for sale were $42.9 million at December 31, 2025, compared to $20.3 million at September 30, 2025, and $32.0 million at December 31, 2024. One- to four- family residential mortgage held for sale loans sold in the current quarter totaled $104.2 million, compared to $136.9 million in the preceding quarter and $153.2 million in the fourth quarter a year ago. The increase in loans held for sale at December 31, 2025 compared to both the preceding quarter and the prior-year quarter was primarily attributable to lower sales volumes of one- to four-family residential mortgage loans held for sale during the current quarter.

Total deposits were $13.74 billion at December 31, 2025, compared to $14.02 billion at September 30, 2025, and $13.51 billion a year ago. Core deposits decreased 2% to $12.21 billion at December 31, 2025, compared to $12.48 billion at September 30, 2025, and increased 2% compared to $12.01 billion at December 31, 2024. The decrease compared to the preceding quarter primarily reflects decreases in non-interest-bearing deposits and interest-bearing transaction and savings accounts, as clients used excess liquidity to paydown operating lines of credit. The increase compared to the prior year quarter primarily reflects increases in interest-bearing transaction and savings accounts. Core deposits remained stable at 89% of total deposits at December 31, 2025, September 30, 2025, and December 31, 2024. Certificates of deposit decreased to $1.53 billion at December 31, 2025, compared to $1.54 billion at September 30, 2025, and increased 2% from $1.50 billion a year earlier.

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BANR - Fourth Quarter 2025 Results

January 21, 2026

FHLB advances increased 50% to $150.0 million at December 31, 2025, compared to $100.0 million at September 30, 2025, and decreased 48% compared to $290.0 million a year ago, as deposits were used as the primary source of funds during the current quarter. At December 31, 2025, off-balance sheet liquidity included additional borrowing capacity of $3.65 billion at the FHLB and $1.55 billion at the Federal Reserve, as well as federal funds line of credit agreements with other financial institutions of $125.0 million.

At December 31, 2025, total common shareholders' equity was $1.95 billion, or 11.90% of total assets, compared to $1.91 billion, or 11.55% of total assets at September 30, 2025, and $1.77 billion, or 10.95% of total assets at December 31, 2024. The increase in total common shareholders' equity from September 30, 2025, was primarily attributable to a $34.0 million increase in retained earnings resulting from $51.2 million in net income, partially offset by the accrual of $17.3 million in cash dividends during the fourth quarter of 2025. In addition, Banner repurchased 249,975 shares of its common stock in the fourth quarter of 2025 at an average price of $63.14 per share. At December 31, 2025, tangible common shareholders' equity, a non-GAAP financial measure, was $1.57 billion, or 9.84% of tangible assets, compared to $1.54 billion, or 9.50% of tangible assets, at September 30, 2025, and $1.40 billion, or 8.84% of tangible assets, a year ago. See "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

Banner and Banner Bank continue to maintain capital levels in excess of the requirements to be categorized as "well-capitalized." At December 31, 2025, Banner's estimated common equity Tier 1 capital ratio was 12.81%, its estimated Tier 1 leverage capital to average assets ratio was 11.41%, and its estimated total capital to risk-weighted assets ratio was 14.69%. These regulatory capital ratios are estimates, pending completion and filing of Banner's regulatory reports.

**Credit Quality**

The allowance for credit losses - loans was $160.3 million, or 1.37% of total loans receivable and 351% of non-performing loans, at December 31, 2025, compared to $159.7 million, or 1.36% of total loans receivable and 399% of non-performing loans, at September 30, 2025, and $155.5 million, or 1.37% of total loans receivable and 421% of non-performing loans, at December 31, 2024. The allowance ratio remained stable compared to both prior periods, reflecting consistent portfolio composition and credit performance, while continuing to provide substantial coverage of non-performing loans. In addition to the allowance for credit losses - loans, Banner maintains an allowance for credit losses - unfunded loan commitments, which was $15.0 million at December 31, 2025, compared to $14.0 million at September 30, 2025, and $13.6 million at December 31, 2024. Net loan charge-offs totaled $934,000 in the fourth quarter of 2025, compared to net loan charge-offs of $2.2 million and $2.3 million in the preceding quarter and fourth quarter a year ago, respectively. The decline in net charge-offs during the current quarter reflects stable borrower repayment performance and the absence of any significant credit events. Non-performing loans were $45.6 million at December 31, 2025, compared to $40.0 million at September 30, 2025, and $37.0 million a year ago. Substandard loans were $193.1 million as of December 31, 2025, compared to $174.0 million as of September 30, 2025, and $192.5 million a year ago. Total non-performing assets were $51.2 million, or 0.31% of total assets, at December 31, 2025, compared to $45.3 million, or 0.27% of total assets, at September 30, 2025, and $39.6 million, or 0.24% of total assets, a year ago.

**Conference Call**

Banner will host a conference call on Thursday, January 22, 2026, at 8:00 a.m. PST, to discuss its fourth quarter results. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 013437 to participate in the call. A replay of the call will be available at www.bannerbank.com.

**About the Company**

Banner Corporation is a $16.35 billion bank holding company operating a commercial bank in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at <u>www.bannerbank.com</u>.

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BANR - Fourth Quarter 2025 Results

January 21, 2026

**Forward-Looking Statements**

*When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the "SEC"), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "may," "believe," "will," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "plans," "potential," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made and based only on information then actually known to Banner. Banner does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.*

*Forward-looking statements may relate to, among other things, future financial performance, strategic plans or objectives, revenues or earnings projections, and other financial or operational information. These statements are inherently subject to numerous risks and uncertainties, including ongoing market volatility and evolving global conditions, which may cause actual results to differ materially from those expressed or implied. These factors include, but are not limited to: (1) adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of labor shortages, elevated inflation, recessionary pressures, or slowing economic growth; (2) changes in interest rate levels, volatility, and the timing and pace of such changes, including actions by the Federal Reserve, which could materially affect our net interest margin, funding costs, asset values, access to capital and liquidity; (3) the impact of inflation and monetary and fiscal policy responses thereto, and their impact on consumer and business behavior; (4) geopolitical developments and international conflicts, including but not limited to tensions or instability in Eastern Europe, South America, the Middle East, and Asia, or the imposition of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, commodity prices, or economic activity in specific industry sectors, including, but not limited to, agriculture-based lending; (5) the effects of a federal government shutdown, debt ceiling standoff, or other fiscal policy uncertainty; (6) the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment; (7) expectations regarding key growth initiatives and strategic priorities; (8) credit risks from lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses, which could necessitate additional provisions for credit losses, resulting both from loans originated and loans acquired from other financial institutions; (9) results of examinations by regulatory authorities, which could result in the imposition of penalties, required changes to our business practices, or additional reserves; (10) competitive pressures among depository and non-depository institutions that adversely affect pricing, market share, deposit flows or product offerings; (11) fluctuations in real estate values; (12) the ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking platforms, and cybersecurity; (13) vulnerabilities in information systems or third-party service providers, including disruptions, breaches, or attacks; (14) market volatility or deterioration in capital markets affecting liquidity, valuations, or investor confidence; (15) the costs, effects and outcomes of litigation or other legal proceedings involving the Company; (16) legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws; (17) climate-related risks and natural disasters, which may affect loan collateral, operations, or compliance obligations; (18) changes in accounting principles, policies or guidelines; (19) the impact of future acquisitions or business combinations, including related goodwill impairment risks and integration challenges; (20) effects of critical accounting policies and judgments, including the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; (21) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and (22) other risks detailed from time to time in Banner's other reports filed with and furnished to the Securities and Exchange Commission including Banner's Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.*

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>RESULTS OF OPERATIONS</u>** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Year Ended** | **Year Ended** |
| (in thousands except shares and per share data) | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |
| **INTEREST INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | $178908 | $179065 | $169586 | $702023 | $655590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 14750 | 15090 | 16086 | 61000 | 66085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities and cash equivalents | 11322 | 11693 | 10764 | 41932 | 44428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 204980 | 205848 | 196436 | 804955 | 766103 |
| **INTEREST EXPENSE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 50494 | 52251 | 52217 | 200798 | 199465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank (FHLB) advances | 17 | 1527 | 85 | 5774 | 8941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 693 | 694 | 817 | 2756 | 4299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt | 1328 | 1387 | 2781 | 7708 | 11682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 52532 | 55859 | 55900 | 217036 | 224387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 152448 | 149989 | 140536 | 587919 | 541716 |
| **PROVISION FOR CREDIT LOSSES** | 2441 | 2670 | 3000 | 13045 | 7581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 150007 | 147319 | 137536 | 574874 | 534135 |
| **NON-INTEREST INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit fees and other service charges | 10681 | 10955 | 11018 | 43240 | 43371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking operations | 3617 | 3298 | 3686 | 13244 | 12207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank-owned life insurance | 2491 | 2702 | 2144 | 10152 | 9193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 446 | 3175 | 2751 | 7188 | 8289 |
|  | 17235 | 20130 | 19599 | 73824 | 73060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on sale of securities |  | 377 | 275 | 374 | (5190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in valuation of financial instruments carried at fair value | (2010) | 223 | 161 | (1384) | (982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 15225 | 20730 | 20035 | 72814 | 66888 |
| **NON-INTEREST EXPENSE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salary and employee benefits | 65428 | 64935 | 62523 | 260706 | 250555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less capitalized loan origination costs | (4163) | (4802) | (4188) | (17219) | (16857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 11852 | 12518 | 12141 | 48723 | 48771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information and computer data services | 9041 | 8199 | 7471 | 33067 | 29165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment and card processing services | 6239 | 6060 | 5771 | 23948 | 22518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional and legal expenses | 2601 | 2190 | 3025 | 9492 | 7858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and marketing | 1676 | 1395 | 1711 | 4748 | 5149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit insurance | 2850 | 2867 | 2857 | 11314 | 11398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and municipal business and use taxes | 1751 | 1655 | 1518 | 6276 | 5648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate operations, net | (43) | 203 | 113 | 491 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of core deposit intangibles | 315 | 341 | 589 | 1567 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 6598 | 6461 | 5947 | 25661 | 24414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 104145 | 102022 | 99478 | 408774 | 391538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 61087 | 66027 | 58093 | 238914 | 209485 |
| **PROVISION FOR INCOME TAXES** | 9838 | 12525 | 11702 | 43532 | 40587 |
| **NET INCOME** | $51249 | $53502 | $46391 | $195382 | $168898 |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.50 | $1.55 | $1.34 | $5.67 | $4.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.49 | $1.54 | $1.34 | $5.64 | $4.88 |
| Cumulative dividends declared per common share | $0.50 | $0.48 | $0.48 | $1.94 | $1.92 |
| Weighted average number of common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 34214220 | 34494824 | 34501016 | 34460854 | 34470057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 34408587 | 34659346 | 34743024 | 34656802 | 34628710 |

---

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>FINANCIAL CONDITION</u>** | | | | **Percentage Change** | **Percentage Change** |
| (in thousands except shares and per share data) | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Prior Qtr** | **Prior Yr Qtr** |
| **<u>ASSETS</u>** |  |  |  |  |  |
| Cash and due from banks | $182772 | $193453 | $203402 | (6)% | (10)% |
| Interest-bearing deposits | 239868 | 479410 | 298456 | (50)% | (20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 422640 | 672863 | 501858 | (37)% | (16)% |
| Securities - available for sale, amortized cost $2,271,471, $2,292,835 and $2,460,262, respectively | 2016261 | 2018525 | 2104511 | —% | (4)% |
| Securities - held to maturity, fair value $814,668, $815,434 and $825,528, respectively | 961196 | 971603 | 1001564 | (1)% | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | 2977457 | 2990128 | 3106075 | —% | (4)% |
| FHLB stock | 16476 | 14226 | 22451 | 16% | (27)% |
| Loans held for sale | 42902 | 20334 | 32021 | 111% | 34% |
| Loans receivable | 11721687 | 11702538 | 11354656 | —% | 3% |
| Allowance for credit losses – loans | (160276) | (159707) | (155521) | —% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans receivable | 11561411 | 11542831 | 11199135 | —% | 3% |
| Accrued interest receivable | 60525 | 64914 | 60885 | (7)% | (1)% |
| Property and equipment, net | 111522 | 113848 | 124589 | (2)% | (10)% |
| Goodwill | 373121 | 373121 | 373121 | —% | —% |
| Other intangibles, net | 1491 | 1806 | 3058 | (17)% | (51)% |
| Bank-owned life insurance | 319347 | 317469 | 312549 | 1% | 2% |
| Operating lease right-of-use assets | 32736 | 35494 | 39998 | (8)% | (18)% |
| Other assets | 434860 | 416047 | 424297 | 5% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $16354488 | $16563081 | $16200037 | (1)% | 1% |
| **<u>LIABILITIES</u>** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing | $4489839 | $4572338 | $4591543 | (2)% | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing transaction and savings accounts | 7721003 | 7903215 | 7423183 | (2)% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing certificates | 1532304 | 1540382 | 1499672 | (1)% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 13743146 | 14015935 | 13514398 | (2)% | 2% |
| Advances from FHLB | 150000 | 100000 | 290000 | 50% | (48)% |
| Other borrowings | 107715 | 120536 | 125257 | (11)% | (14)% |
| Subordinated notes, net |  |  | 80278 | —% | (100)% |
| Junior subordinated debentures at fair value | 79151 | 76251 | 67477 | 4% | 17% |
| Operating lease liabilities | 35755 | 38826 | 43472 | (8)% | (18)% |
| Accrued expenses and other liabilities | 245266 | 251464 | 258070 | (2)% | (5)% |
| Deferred compensation | 47158 | 47177 | 46759 | —% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14408191 | 14650189 | 14425711 | (2)% | —% |
| **<u>SHAREHOLDERS' EQUITY</u>** |  |  |  |  |  |
| Common stock | 1282505 | 1295821 | 1307509 | (1)% | (2)% |
| Retained earnings | 871803 | 837826 | 744091 | 4% | 17% |
| Accumulated other comprehensive loss | (208011) | (220755) | (277274) | (6)% | (25)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1946297 | 1912892 | 1774326 | 2% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $16354488 | $16563081 | $16200037 | (1)% | 1% |
| **Common Shares Issued:** |  |  |  |  |  |
| Shares outstanding at end of period | 34097856 | 34335297 | 34459832 |  |  |
| Common shareholders' equity per share <sup>(1)</sup> | $57.08 | $55.71 | $51.49 |  |  |
| Common shareholders' tangible equity per share <sup>(1) (2)</sup> | $46.09 | $44.79 | $40.57 |  |  |
| Common shareholders' equity to total assets | 11.90% | 11.55% | 10.95% |  |  |
| Common shareholders' tangible equity to tangible assets <sup>(2)</sup> | 9.84% | 9.50% | 8.84% |  |  |
| Consolidated Tier 1 leverage capital ratio | 11.41% | 11.33% | 11.05% |  |  |

---

**(1)** Calculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding.

**(2)** Common shareholders' tangible equity and tangible assets exclude goodwill and other intangible assets. These ratios represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | | | |
| (dollars in thousands) |  |  |  |  |  |
| **<u>LOANS</u>** |  |  |  | **Percentage Change** | **Percentage Change** |
|  | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Prior Qtr** | **Prior Yr Qtr** |
| Commercial real estate (CRE): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied | $1138298 | $1134559 | $1027426 | —% | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment properties | 1701413 | 1652141 | 1623672 | 3% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small balance CRE | 1212357 | 1210357 | 1213792 | —% | —% |
| Multifamily real estate | 850789 | 860650 | 894425 | (1)% | (5)% |
| Construction, land and land development: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial construction | 156021 | 144125 | 122362 | 8% | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily construction | 514330 | 586104 | 513706 | (12)% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One- to four-family construction | 607447 | 578128 | 514220 | 5% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land and land development | 433678 | 427348 | 369663 | 1% | 17% |
| Commercial business: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial business | 1225108 | 1254460 | 1318333 | (2)% | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small business scored | 1187360 | 1176889 | 1104117 | 1% | 8% |
| Agricultural business, including secured by farmland: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural business, including secured by farmland | 353152 | 354884 | 340280 | —% | 4% |
| One- to four-family residential | 1573191 | 1582605 | 1591260 | (1)% | (1)% |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer—home equity revolving lines of credit | 679489 | 649188 | 625680 | 5% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer—other | 89054 | 91100 | 95720 | (2)% | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans receivable | $11721687 | $11702538 | $11354656 | —% | 3% |
| Loans 30 - 89 days past due and on accrual | $26767 | $14674 | $26824 |  |  |
| Total delinquent loans (including loans on non-accrual), net | $63093 | $45529 | $55432 |  |  |
| Total delinquent loans / Total loans receivable | 0.54% | 0.39% | 0.49% |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>LOANS BY GEOGRAPHIC LOCATION</u>** | | | | | **Percentage Change** | **Percentage Change** |
| | **Dec 31, 2025** | **Dec 31, 2025** |<br>**Sep 30, 2025** |<br>**Dec 31, 2024** | **Prior Qtr** | **Prior Yr Qtr** |
| | **Amount** | **Percentage** | **Amount** | **Amount** | | |
| Washington | $5371200 | 46% | $5407327 | $5245886 | (1)% | 2% |
| California | 3105405 | 26% | 3064993 | 2861435 | 1% | 9% |
| Oregon | 2159404 | 18% | 2137422 | 2113229 | 1% | 2% |
| Idaho | 667343 | 6% | 668949 | 665158 | —% | —% |
| Utah | 82594 | 1% | 79697 | 82459 | 4% | —% |
| Other | 335741 | 3% | 344150 | 386489 | (2)% | (13)% |
| Total loans receivable | $11721687 | 100% | $11702538 | $11354656 | —% | 3% |

---

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

**ADDITIONAL FINANCIAL INFORMATION**

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>LOAN ORIGINATIONS</u>** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Year Ended** | **Year Ended** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |
| Commercial real estate | $136604 | $118354 | $124554 | $508188 | $408546 |
| Multifamily real estate | 4300 | 2500 | 3120 | 29420 | 6593 |
| Construction and land | 362199 | 369363 | 303345 | 1430337 | 1759799 |
| Commercial business | 219592 | 167627 | 250515 | 694614 | 752269 |
| Agricultural business | 28815 | 7681 | 17177 | 63675 | 79715 |
| One-to four-family residential | 7219 | 6817 | 29531 | 24666 | 106085 |
| Consumer | 108578 | 122193 | 73791 | 413401 | 356543 |
| Total loan originations (excluding loans held for sale) | $867307 | $794535 | $802033 | $3164301 | $3469550 |

---

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | | | |
| (dollars in thousands) |  |  |  |  |  |
| **<u>CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS</u>** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Year Ended** | **Year Ended** |
|  | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |
| Balance, beginning of period | $159707 | $160501 | $154585 | $155521 | $149643 |
| Provision for credit losses – loans | 1503 | 1384 | 3219 | 11637 | 8563 |
| Recoveries of loans previously charged off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 48 | 36 | 1215 | 194 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and land | 4 | 725 |  | 729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One- to four-family real estate | 14 | 13 | 124 | 273 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial business | 93 | 99 | 245 | 1110 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural business, including secured by farmland | 68 | 99 | 2 | 178 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 83 | 78 | 164 | 448 | 476 |
|  | 310 | 1050 | 1750 | 2932 | 5681 |
| Loans charged off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate |  |  | (4) |  | (351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and land |  | (218) | (5) | (218) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One- to four-family real estate |  |  |  | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial business | (837) | (518) | (3595) | (5548) | (5955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural business, including secured by farmland |  | (2054) |  | (2416) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | (407) | (438) | (429) | (1619) | (1910) |
|  | (1244) | (3228) | (4033) | (9814) | (8366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | (934) | (2178) | (2283) | (6882) | (2685) |
| Balance, end of period | $160276 | $159707 | $155521 | $160276 | $155521 |
| Net charge-offs / average loans receivable | (0.008)% | (0.019)% | (0.020)% | (0.059)% | (0.024)% |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANS</u>** | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | $41599 | $41191 | $40830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily real estate | 9805 | 9901 | 10308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and land | 35508 | 35144 | 29038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One- to four-family real estate | 19552 | 20485 | 20807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial business | 37785 | 37646 | 38611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural business, including secured by farmland | 5567 | 5268 | 5727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 10460 | 10072 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total allowance for credit losses – loans | $160276 | $159707 | $155521 |
| Allowance for credit losses - loans / Total loans receivable | 1.37% | 1.36% | 1.37% |
| Allowance for credit losses - loans / Non-performing loans | 351% | 399% | 421% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS</u>** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Year Ended** | **Year Ended** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |
| Balance, beginning of period | $14040 | $12750 | $13765 | $13562 | $14484 |
| Provision (recapture) for credit losses - unfunded loan commitments | 945 | 1290 | (203) | 1423 | (922) |
| Balance, end of period | $14985 | $14040 | $13562 | $14985 | $13562 |

---

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | |
|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | |
| (dollars in thousands) |  |  |  |
| **<u>NON-PERFORMING ASSETS</u>** | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| Loans on non-accrual status: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured by real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | $525 | $460 | $2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and land | 5175 | 4240 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One- to four-family | 19855 | 16576 | 10016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial business | 6751 | 6824 | 7067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural business, including secured by farmland | 4609 | 5765 | 8485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 4610 | 4877 | 4835 |
|  | 41525 | 38742 | 36552 |
| Loans more than 90 days delinquent, still on accrual: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured by real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial |  | 274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and land | 1268 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One- to four-family | 2698 | 834 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial business |  | 166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 148 |  | 35 |
|  | 4114 | 1274 | 404 |
| Total non-performing loans | 45639 | 40016 | 36956 |
| REO | 5578 | 5272 | 2367 |
| Other repossessed assets | 18 |  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $51235 | $45288 | $39623 |
| Total non-performing assets to total assets | 0.31% | 0.27% | 0.24% |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>LOANS BY CREDIT RISK RATING</u>** | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| Pass | $11446550 | $11491485 | $11118744 |
| Special Mention | 82060 | 37013 | 43451 |
| Substandard | 193077 | 174040 | 192461 |
| Total | $11721687 | $11702538 | $11354656 |

---

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | | | |
| (dollars in thousands) |  |  |  |  |  |
| **<u>DEPOSIT COMPOSITION</u>** |  |  |  | **Percentage Change** | **Percentage Change** |
|  | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Prior Qtr** | **Prior Yr Qtr** |
| Non-interest-bearing | $4489839 | $4572338 | $4591543 | (2)% | (2)% |
| Interest-bearing checking | 2609080 | 2734822 | 2393864 | (5)% | 9% |
| Regular savings accounts | 3723922 | 3705823 | 3478423 | —% | 7% |
| Money market accounts | 1388001 | 1462570 | 1550896 | (5)% | (11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing transaction and savings accounts | 7721003 | 7903215 | 7423183 | (2)% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total core deposits | 12210842 | 12475553 | 12014726 | (2)% | 2% |
| Interest-bearing certificates | 1532304 | 1540382 | 1499672 | (1)% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $13743146 | $14015935 | $13514398 | (2)% | 2% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>GEOGRAPHIC CONCENTRATION OF DEPOSITS</u>** | **Dec 31, 2025** | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Percentage Change** | **Percentage Change** |
| | **Amount** | **Percentage** | **Amount** | **Amount** | **Prior Qtr** | **Prior Yr Qtr** |
| Washington | $7500215 | 55% | $7648527 | $7441413 | (2)% | 1% |
| Oregon | 3035104 | 22% | 3081329 | 2981327 | (2)% | 2% |
| California | 2483948 | 18% | 2542903 | 2392573 | (2)% | 4% |
| Idaho | 723879 | 5% | 743176 | 699085 | (3)% | 4% |
| Total deposits | $13743146 | 100% | $14015935 | $13514398 | (2)% | 2% |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>INCLUDED IN TOTAL DEPOSITS</u>** | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| Public non-interest-bearing accounts | $138860 | $139999 | $165667 |
| Public interest-bearing transaction & savings accounts | 234669 | 230192 | 248746 |
| Public interest-bearing certificates | 34431 | 35660 | 25423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total public deposits | $407960 | $405851 | $439836 |
| Collateralized public deposits | $312310 | $312142 | $336376 |
| Total brokered deposits | $50002 | $49989 | $50346 |
| **<u>AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT</u>** | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| Number of deposit accounts | 445989 | 449087 | 460004 |
| Average account balance per account | $31 | $31 | $30 |

---

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | | | | |
| (dollars in thousands) |  |  |  |  |  |  |
| **<u>ESTIMATED REGULATORY CAPITAL RATIOS AS OF DECEMBER 31, 2025</u>** | **Actual** | **Actual** | **Minimum to be categorized as "Adequately Capitalized"** | **Minimum to be categorized as "Adequately Capitalized"** | **Minimum to be<br>categorized as<br>"Well Capitalized"** | **Minimum to be<br>categorized as<br>"Well Capitalized"** |
|  | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** |
| Banner Corporation-consolidated: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total capital to risk-weighted assets | $2033807 | 14.69% | $1107905 | 8.00% | $1384881 | 10.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital to risk-weighted assets | 1860667 | 13.44% | 830929 | 6.00% | 830929 | 6.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital to average assets | 1860667 | 11.41% | 652140 | 4.00% | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital to risk-weighted assets | 1774167 | 12.81% | 623197 | 4.50% | n/a | n/a |
| Banner Bank: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total capital to risk-weighted assets | 1957619 | 14.14% | 1107308 | 8.00% | 1384135 | 10.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital to risk-weighted assets | 1784571 | 12.89% | 830481 | 6.00% | 1107308 | 8.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital to average assets | 1784571 | 10.95% | 651888 | 4.00% | 814860 | 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital to risk-weighted assets | 1784571 | 12.89% | 622861 | 4.50% | 899687 | 6.50% |

---

These regulatory capital ratios are estimates, pending completion and filing of Banner's regulatory reports.

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | | | | | | | |
| (dollars in thousands) |  |  |  |  |  |  |  |  |  |
| (rates / ratios annualized) |  |  |  |  |  |  |  |  |  |
| **<u>ANALYSIS OF NET INTEREST SPREAD</u>** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** |
|  | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2025** | **Sep 30, 2025** | **Sep 30, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2024** | **Dec 31, 2024** |
|  | Average Balance | Interest and Dividends | Yield / Cost <sup>(3)</sup> | Average Balance | Interest and Dividends | Yield / Cost <sup>(3)</sup> | Average Balance | Interest and Dividends | Yield / Cost <sup>(3)</sup> |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for sale loans | $31892 | $487 | 6.06% | $32109 | $531 | 6.56% | $61585 | $1049 | 6.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate secured loans | 9759170 | 148310 | 6.03% | 9651895 | 147682 | 6.07% | 9267076 | 136831 | 5.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial/agricultural loans | 1877966 | 30430 | 6.43% | 1869782 | 31124 | 6.60% | 1900337 | 31873 | 6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer and other loans | 119212 | 2076 | 6.91% | 119593 | 2114 | 7.01% | 124726 | 2078 | 6.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans <sup>(1)</sup> | 11788240 | 181303 | 6.10% | 11673379 | 181451 | 6.17% | 11353724 | 171831 | 6.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 2379784 | 14943 | 2.49% | 2445497 | 15269 | 2.48% | 2576908 | 16228 | 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other securities | 869066 | 9141 | 4.17% | 854725 | 9065 | 4.21% | 919742 | 10281 | 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits with banks | 293188 | 2786 | 3.77% | 291147 | 3053 | 4.16% | 107404 | 1043 | 3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB stock | 9849 | 300 | 12.08% | 15729 | 463 | 11.68% | 9887 | 316 | 12.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 3551887 | 27170 | 3.03% | 3607098 | 27850 | 3.06% | 3613941 | 27868 | 3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 15340127 | 208473 | 5.39% | 15280477 | 209301 | 5.43% | 14967665 | 199699 | 5.31% |
| Non-interest-earning assets | 1081392 |  |  | 1022905 |  |  | 1016366 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $16421519 |  |  | $16303382 |  |  | $15984031 |  |  |
| Deposits: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing checking accounts | $2671378 | 10550 | 1.57% | $2618924 | 10834 | 1.64% | $2377179 | 9279 | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 3739496 | 19623 | 2.08% | 3616728 | 20170 | 2.21% | 3441196 | 19447 | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 1430674 | 6926 | 1.92% | 1471938 | 7799 | 2.10% | 1584092 | 8510 | 2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 1539845 | 13395 | 3.45% | 1510966 | 13448 | 3.53% | 1513966 | 14981 | 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 9381393 | 50494 | 2.14% | 9218556 | 52251 | 2.25% | 8916433 | 52217 | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing deposits | 4584612 |  | —% | 4573009 |  | —% | 4640557 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 13966005 | 50494 | 1.43% | 13791565 | 52251 | 1.50% | 13556990 | 52217 | 1.53% |
| Other interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB advances | 1630 | 17 | 4.14% | 133380 | 1527 | 4.54% | 7522 | 85 | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 114685 | 693 | 2.40% | 119727 | 694 | 2.30% | 143097 | 817 | 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debentures and subordinated notes | 89178 | 1328 | 5.91% | 89178 | 1387 | 6.17% | 169678 | 2781 | 6.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 205493 | 2038 | 3.93% | 342285 | 3608 | 4.18% | 320297 | 3683 | 4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funding liabilities | 14171498 | 52532 | 1.47% | 14133850 | 55859 | 1.57% | 13877287 | 55900 | 1.60% |
| Other non-interest-bearing liabilities <sup>(2)</sup> | 324492 |  |  | 296036 |  |  | 324447 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14495990 |  |  | 14429886 |  |  | 14201734 |  |  |
| Shareholders' equity | 1925529 |  |  | 1873496 |  |  | 1782297 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $16421519 |  |  | $16303382 |  |  | $15984031 |  |  |
| Net interest income/rate spread (tax equivalent) |  | 155941 | 3.92% |  | 153442 | 3.86% |  | 143799 | 3.71% |
| Net interest margin (tax equivalent) |  |  | 4.03% |  |  | 3.98% |  |  | 3.82% |
| <u>Reconciliation to reported net interest income:</u> |  |  |  |  |  |  |  |  |  |
| Adjustments for taxable equivalent basis |  | (3493) |  |  | (3453) |  |  | (3263) |  |
| Net interest income and margin, as reported |  | $152448 | 3.94% |  | $149989 | 3.89% |  | $140536 | 3.74% |
| **Additional Key Financial Ratios:** |  |  |  |  |  |  |  |  |  |
| Return on average assets |  |  | 1.24% |  |  | 1.30% |  |  | 1.15% |
| Adjusted return on average assets <sup>(4)</sup> |  |  | 1.29% |  |  | 1.28% |  |  | 1.15% |
| Return on average equity |  |  | 10.56% |  |  | 11.33% |  |  | 10.35% |
| Adjusted return on average equity <sup>(4)</sup> |  |  | 10.97% |  |  | 11.18% |  |  | 10.28% |
| Return on average tangible common equity <sup>(4)</sup> |  |  | 13.11% |  |  | 14.17% |  |  | 13.13% |
| Average equity/average assets |  |  | 11.73% |  |  | 11.49% |  |  | 11.15% |
| Average interest-earning assets/average interest-bearing liabilities |  |  | 160.01% |  |  | 159.82% |  |  | 162.05% |
| Average interest-earning assets/average funding liabilities |  |  | 108.25% |  |  | 108.11% |  |  | 107.86% |
| Non-interest income/average assets |  |  | 0.37% |  |  | 0.50% |  |  | 0.50% |
| Non-interest expense/average assets |  |  | 2.52% |  |  | 2.48% |  |  | 2.48% |
| Efficiency ratio |  |  | 62.11% |  |  | 59.76% |  |  | 61.95% |
| Adjusted efficiency ratio <sup>(4)</sup> |  |  | 59.87% |  |  | 58.54% |  |  | 60.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Average balances include loans accounted for on a nonaccrual basis and accruing loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $2.4 million for both the quarters ended December 31, 2025 and September 30, 2025, and $2.2 million for the quarter ended December 31, 2024. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.1 million for both the quarters ended December 31, 2025 and September 30, 2025, and $1.0 million for the quarter ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | | | | |
| (dollars in thousands) |  |  |  |  |  |  |
| (rates / ratios annualized) |  |  |  |  |  |  |
| **<u>ANALYSIS OF NET INTEREST SPREAD</u>** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2024** | **Dec 31, 2024** | **Dec 31, 2024** |
|  | Average Balance | Interest and Dividends | Yield/Cost <sup>(3)</sup> | Average Balance | Interest and Dividends | Yield/Cost <sup>(3)</sup> |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for sale loans | $29133 | $1878 | 6.45% | $27627 | $1875 | 6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate secured loans | 9586917 | 577625 | 6.03% | 9094276 | 526842 | 5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial/agricultural loans | 1894615 | 123502 | 6.52% | 1871024 | 127028 | 6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer and other loans | 120351 | 8369 | 6.95% | 129929 | 8584 | 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans <sup>(1)</sup> | 11631016 | 711374 | 6.12% | 11122856 | 664329 | 5.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 2465805 | 61683 | 2.50% | 2650010 | 66652 | 2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other securities | 879735 | 37454 | 4.26% | 951515 | 44083 | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits with banks | 182332 | 6900 | 3.78% | 65650 | 2573 | 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB stock | 15357 | 1134 | 7.38% | 16658 | 1302 | 7.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 3543229 | 107171 | 3.02% | 3683833 | 114610 | 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 15174245 | 818545 | 5.39% | 14806689 | 778939 | 5.26% |
| Non-interest-earning assets | 1026395 |  |  | 967122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $16200640 |  |  | $15773811 |  |  |
| Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing checking accounts | $2535133 | 39383 | 1.55% | $2233902 | 33113 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 3576179 | 76733 | 2.15% | 3231631 | 71225 | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 1487141 | 30314 | 2.04% | 1632092 | 35206 | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 1517967 | 54368 | 3.58% | 1514726 | 59921 | 3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 9116420 | 200798 | 2.20% | 8612351 | 199465 | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing deposits | 4541445 |  | —% | 4647100 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 13657865 | 200798 | 1.47% | 13259451 | 199465 | 1.50% |
| Other interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB advances | 126562 | 5774 | 4.56% | 159954 | 8941 | 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 122787 | 2756 | 2.24% | 164613 | 4299 | 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debentures and subordinated notes | 128877 | 7708 | 5.98% | 177361 | 11682 | 6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 378226 | 16238 | 4.29% | 501928 | 24922 | 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funding liabilities | 14036091 | 217036 | 1.55% | 13761379 | 224387 | 1.63% |
| Other non-interest-bearing liabilities <sup>(2)</sup> | 304718 |  |  | 308667 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14340809 |  |  | 14070046 |  |  |
| Shareholders' equity | 1859831 |  |  | 1703765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $16200640 |  |  | $15773811 |  |  |
| Net interest income/rate spread (tax equivalent) |  | 601509 | 3.84% |  | 554552 | 3.63% |
| Net interest margin (tax equivalent) |  |  | 3.96% |  |  | 3.75% |
| <u>Reconciliation to reported net interest income:</u> |  |  |  |  |  |  |
| Adjustments for taxable equivalent basis |  | (13590) |  |  | (12836) |  |
| Net interest income and margin, as reported |  | $587919 | 3.87% |  | $541716 | 3.66% |
| **Additional Key Financial Ratios:** |  |  |  |  |  |  |
| Return on average assets |  |  | 1.21% |  |  | 1.07% |
| Adjusted return on average assets <sup>(4)</sup> |  |  | 1.22% |  |  | 1.10% |
| Return on average equity |  |  | 10.51% |  |  | 9.91% |
| Adjusted return on average equity <sup>(4)</sup> |  |  | 10.63% |  |  | 10.19% |
| Return on average tangible common equity <sup>(4)</sup> |  |  | 13.16% |  |  | 12.73% |
| Average equity/average assets |  |  | 11.48% |  |  | 10.80% |
| Average interest-earning assets/average interest-bearing liabilities |  |  | 159.82% |  |  | 162.46% |
| Average interest-earning assets/average funding liabilities |  |  | 108.11% |  |  | 107.60% |
| Non-interest income/average assets |  |  | 0.45% |  |  | 0.42% |
| Non-interest expense/average assets |  |  | 2.52% |  |  | 2.48% |
| Efficiency ratio |  |  | 61.87% |  |  | 64.33% |
| Adjusted efficiency ratio <sup>(4)</sup> |  |  | 60.19% |  |  | 62.29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Average balances include loans accounted for on a nonaccrual basis and loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $9.4 million and $8.7 million for the years ended December 31, 2025 and 2024, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $4.2 million and $4.1 million for the years ended December 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

------

BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | | | |
| (dollars in thousands) |  |  |  |  |  |
| **<u>\* Non-GAAP Financial Measures</u>** |  |  |  |  |  |
| *In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:* | *In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:* | *In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:* | *In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:* | *In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:* | *In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:* |
| ***ADJUSTED REVENUE*** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Year Ended** | **Year Ended** |
|  | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |
| Net interest income (GAAP) | $152448 | $149989 | $140536 | $587919 | $541716 |
| Non-interest income (GAAP) | 15225 | 20730 | 20035 | 72814 | 66888 |
| Total revenue (GAAP) | 167673 | 170719 | 160571 | 660733 | 608604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude: Net (gain) loss on sale of securities |  | (377) | (275) | (374) | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in valuation of financial instruments carried at fair value | 2010 | (223) | (161) | 1384 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses (gains) incurred on building and lease exits | 169 | (1373) |  | (285) |  |
| Adjusted revenue (non-GAAP) | $169852 | $168746 | $160135 | $661458 | $614776 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***ADJUSTED EARNINGS*** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Year Ended** | **Year Ended** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |
| Net income (GAAP) | $51249 | $53502 | $46391 | $195382 | $168898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude: Net (gain) loss on sale of securities |  | (377) | (275) | (374) | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in valuation of financial instruments carried at fair value | 2010 | (223) | (161) | 1384 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building and lease exit costs | 603 | (331) |  | 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related net tax (benefit) expense | (627) | 224 | 105 | (728) | (1481) |
| Total adjusted earnings (non-GAAP) | $53235 | $52795 | $46060 | $197689 | $173589 |
| Diluted earnings per share (GAAP) | $1.49 | $1.54 | $1.34 | $5.64 | $4.88 |
| Diluted adjusted earnings per share (non-GAAP) | $1.55 | $1.52 | $1.33 | $5.70 | $5.01 |
| Return on average assets | 1.24% | 1.30% | 1.15% | 1.21% | 1.07% |
| Adjusted return on average assets <sup>(1)</sup> | 1.29% | 1.28% | 1.15% | 1.22% | 1.10% |
| Return on average equity | 10.56% | 11.33% | 10.35% | 10.51% | 9.91% |
| Adjusted return on average equity <sup>(2)</sup> | 10.97% | 11.18% | 10.28% | 10.63% | 10.19% |
| ***AVERAGE TANGIBLE COMMON EQUITY*** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Year Ended** | **Year Ended** |
|  | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |
| Average common shareholder's equity | $1925529 | $1873496 | $1782297 | $1859831 | $1703765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude: Average goodwill and other intangible assets, net | 374764 | 375093 | 376461 | 375318 | 377408 |
| Average tangible common equity | $1550765 | $1498403 | $1405836 | $1484513 | $1326357 |
| Return on average common equity <sup>(3)</sup> | 13.11% | 14.17% | 13.13% | 13.16% | 12.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Adjusted earnings (non-GAAP) divided by average assets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Adjusted earnings (non-GAAP) divided by average equity.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Net Income (GAAP) divided by average tangible common equity.

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BANR - Fourth Quarter 2025 Results

January 21, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL FINANCIAL INFORMATION** | | | | | |
| (dollars in thousands) |  |  |  |  |  |
| ***ADJUSTED EFFICIENCY RATIO*** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Year Ended** | **Year Ended** |
|  | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |
| Non-interest expense (GAAP) | $104145 | $102022 | $99478 | $408774 | $391538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude: CDI amortization | (315) | (341) | (589) | (1567) | (2626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State/municipal tax expense | (1751) | (1655) | (1518) | (6276) | (5648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REO operations | 43 | (203) | (113) | (491) | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building and lease exit costs | (434) | (1042) |  | (2310) |  |
| Adjusted non-interest expense (non-GAAP) | $101688 | $98781 | $97258 | $398130 | $382971 |
| Net interest income (GAAP) | $152448 | $149989 | $140536 | $587919 | $541716 |
| Non-interest income (GAAP) | 15225 | 20730 | 20035 | 72814 | 66888 |
| Total revenue (GAAP) | 167673 | 170719 | 160571 | 660733 | 608604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude: Net (gain) loss on sale of securities |  | (377) | (275) | (374) | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in valuation of financial instruments carried at fair value | 2010 | (223) | (161) | 1384 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses (gains) incurred on building and lease exits | 169 | (1373) |  | (285) |  |
| Adjusted revenue (non-GAAP) | $169852 | $168746 | $160135 | $661458 | $614776 |
| Efficiency ratio (GAAP) | 62.11% | 59.76% | 61.95% | 61.87% | 64.33% |
| Adjusted efficiency ratio (non-GAAP) <sup>(1)</sup> | 59.87% | 58.54% | 60.74% | 60.19% | 62.29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Adjusted non-interest expense (non-GAAP) divided by adjusted revenue (non-GAAP).

---

| | | | |
|:---|:---|:---|:---|
| ***TANGIBLE COMMON SHAREHOLDERS' EQUITY TO TANGIBLE ASSETS*** | | | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| Shareholders' equity (GAAP) | $1946297 | $1912892 | $1774326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude goodwill and other intangible assets, net | 374612 | 374927 | 376179 |
| Tangible common shareholders' equity (non-GAAP) | $1571685 | $1537965 | $1398147 |
| Total assets (GAAP) | $16354488 | $16563081 | $16200037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude goodwill and other intangible assets, net | 374612 | 374927 | 376179 |
| Total tangible assets (non-GAAP) | $15979876 | $16188154 | $15823858 |
| Common shareholders' equity to total assets (GAAP) | 11.90% | 11.55% | 10.95% |
| Tangible common shareholders' equity to tangible assets (non-GAAP) | 9.84% | 9.50% | 8.84% |
| ***TANGIBLE COMMON SHAREHOLDERS' EQUITY PER SHARE*** |  |  |  |
| Shareholders' equity (GAAP) | $1946297 | $1912892 | $1774326 |
| Tangible common shareholders' equity (non-GAAP) | $1571685 | $1537965 | $1398147 |
| Common shares outstanding at end of period | 34097856 | 34335297 | 34459832 |
| Common shareholders' equity (book value) per share (GAAP) | $57.08 | $55.71 | $51.49 |
| Tangible common shareholders' equity (tangible book value) per share (non-GAAP) | $46.09 | $44.79 | $40.57 |

---

## Exhibit 99.2

![](a2025-q4presentation001.jpg)

F o u r t h Q u a r t e r 2 0 2 5 Since 1890

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![](a2025-q4presentation002.jpg)

Disclosure Statement 1 This presentation includes forward-looking statements. These statements include descriptions of management's plans, objectives or goals for future operations, products or services, forecast of financial or other performance measures and statements about Banner's general outlook for economic and other conditions. Additional forward-looking statements may be made in the question-and-answer period following the presentation. These forward-looking statements are subject to several risks and uncertainties and actual results may differ materially from those discussed today. Information on the risk factors that could cause actual results to differ are available from the earnings press release that was released January 21, 2026 as well as the Form 10-K for the year ended December 31, 2024 and Forms 10-Q filed quarterly thereafter. Forward-looking statements are effective only as of the date they are made, and Banner assumes no obligation to update information concerning its expectations.

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![](a2025-q4presentation003.jpg)

Fourth quarter 2025 highlights 2 • Net income of $51.2 million, compared to $53.5 million for the prior quarter • HFI Loan growth of $367 million year-over-year (3%) • Total loan originations (excluding HFS) were $867 million • Core deposits grew by $196 million year-over-year (2%) • Net interest margin (tax equivalent) increased 5 basis points to 4.03% • Efficiency ratio (GAAP) was 62.11%, compared to 59.76% in the prior quarter; adjusted, non-GAAP efficiency ratio was 59.87% compared to 58.54% in the prior quarter • Return on average assets of 1.24%, and return on average tangible common equity of 13.11%, compared to 1.30% and 14.17%, respectively, for the prior quarter • $1.5 million provision for credit losses - loans and $0.9 million provision for credit losses - unfunded commitments; Allowance for credit losses – loans was 1.37% of total loans • Non-performing assets remained low at 0.31% of total assets, up 4 basis points from last quarter • Repurchased 249,975 shares of Banner common stock at an average price of $63.14 per share • Announced dividend of $0.50 per share to be paid in February 2026

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![](a2025-q4presentation004.jpg)

Building value at Banner Building value for stakeholders … by focusing on core banking competency … that is sustainable through change events … and scalable with acquisition growth Banner Corporation Assets $16.4B Deposits $13.7B Loans $11.8B Offices 135 Employees 1,906 3 Acquisition History 2019 Q4 2018 Q4 2015 Q4 2015 Q1 2014 Q2 AltaPacific Bank Skagit Bank AmericanWest Bank Siuslaw Bank SW Oregon Branches Assets $0.4B $0.9B $4.5B $0.4B $0.2B Deposits $0.3B $0.8B $3.6B $0.3B $0.2B Loans $0.3B $0.6B $3.0B $0.2B $0.1B Offices 6 11 98 10 6

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![](a2025-q4presentation005.jpg)

Building value at Banner Core banking competency Growing revenue Protecting net interest margin Spending carefully Maintaining a moderate risk profile Employing capital wisely Growing revenue Take advantage of ideal geography Offer super community bank value proposition Guard and improve reputation Grow market share 4

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![](a2025-q4presentation006.jpg)

Growing revenue … in a good place since 1890 5 Source: U.S. Census Bureau Moody's Analytics Forecasted (October 2025) Population Estimate (millions) 2020 2030 Growth Washington 7.7 8.2 7%\* Oregon 4.2 4.4 3% Idaho 1.8 2.2 19%\* California 39.5 39.4 0% Region 53.3 54.2 2% United States 331.6 347.0 5% \* Among the fastest growing in the country

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![](a2025-q4presentation007.jpg)

Growing revenue … in an ideal geography Powerful and diverse economic drivers From Banner's Pacific Northwest base to … Technology Manufacturing Consumer Logistics Natural Resources Agriculture Traditional, specialty crops, orchards, wineries, … California From Apple to from Silicon Valley to the Central Valley … the world's 5th largest economy\* 6 \* Source: International Monetary Fund and U.S. Bureau of Economic Analysis, October 2025

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![](a2025-q4presentation008.jpg)

Growing revenue Our super community bank value proposition Broad product offerings serving middle market, small business and consumer client base Decision-making as close to client as possible Delivery channels aligned to maximize tactical execution of strategic plan Community investment 7

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![](a2025-q4presentation009.jpg)

Growing revenue Guard and protect our reputation Best in Customer Satisfaction for Retail Banking in the Northwest J.D. Power \*for J.D. Power 2025 Award Information, visit jdpower.com/awards Most Trustworthy Companies in America Newsweek 2023, 2024 and 2025 World's Most Trustworthy Companies Newsweek 2023, 2024 and 2025 America's Best Regional Banks Newsweek 2024, 2025 and 2026 Outstanding CRA Rating FDIC 2025 and 2021 (two consecutive examination cycles) 5-Star rating™ (highest category) BauerFinancial; 12+ years 100 Best Banks in America Forbes, 9 consecutive years (2017-2025) Top 50 U.S. Public Banks (assets of $10B+) S&P Global Market Intelligence 2021-2024 Great Place to Work certification (May 2025-2026) 8

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![](a2025-q4presentation010.jpg)

$ M ill io n s 20 09- Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 0 5 10 15 20 25 30 0% 4% 8% 12% 16% 20% 24% 28% $ M ill io n s 20 09- Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 0 25 50 75 100 125 150 175 200 Growing revenue Deposit Fees as % of Core Revenue 1 Other Fees Mortgage Banking Deposit Fees 9 1. Excludes net gain/loss on sale of securities, change in valuation of financial instruments carried at fair value and gains/losses incurred on building and leases exits. Core revenue1 Quarter Ending Quarter Last 12 Months Amount Amount 12/31/25 $170M $661M 12/31/09 $45M $177M Non-interest income1 Quarter Ending Quarter Last 12 Months Amount Amount 12/31/25 $17.4M $73.5M 12/31/09 $6.6M $31.1M Other Income Net Interest Income

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![](a2025-q4presentation011.jpg)

Building value at Banner Core banking competency Growing revenue Protecting net interest margin Spending carefully Maintaining a moderate risk profile Employing capital wisely Protecting net interest margin Improve earning asset mix Improve funding mix Reduce deposit costs Maintain loan-to-deposit ratio 10

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![](a2025-q4presentation012.jpg)

Protecting net interest margin $ Millions Avg Bal Cost (in bps) Non-interest 4,585 0 Interest Bearing 7,841 188 CDs 1,540 345 Subtotal Deposits 13,966 143 FHLB & Other 205 393 Total 14,171 147 11 32% 55% 11% 2% 77% 23% 33% 30% 37% Non-interest Bearing Certificates of Deposit Interest Bearing and Savings Securities & Int-bearing Deposits Loans Fixed: 4.90% Yield Floating: 7.05% Yield Low Cost Funding Mix 12/31/2025 Adjustable: 5.53% Yield Earning Asset Mix 12/31/2025 Loan Repricing Structure 12/31/2025 $ Millions Avg Bal Yield (in bps) Loans 11,788 610 Securities & Int- bearing Deposits 3,552 303 Total 15,340 539 67% of the loan portfolio is floating/adjustable 72% of the floating/adjustable loans have floors 25% of the loans that have floors are at the floor 37% of the loans that have floors are within 100 basis points of the floor (excludes loans at the floor) FHLB & Other

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![](a2025-q4presentation013.jpg)

20 09- Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 —% 1% 2% 3% 4% 5% 6% 7% $ B ill io n s 20 09- Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 0 2 4 6 8 10 12 14 16 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Protecting net interest margin Non-core Deposits Core Deposits Manage deposit costs Quarter Ending Quarter Last 12 Months Amount Rate Amount Rate 12/31/25 $50.5M 1.43% $200.8M 1.47% 12/31/09 $17.7M 1.83% $83.2M 2.21% 12 Focus on core deposits Quarter Ending Balance % of Total Deposits 12/31/25 $12,211M 89% 12/31/09 $1,924M 50% Loan Yield Deposit Cost Core Deposits % Loan–Deposit Spread

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![](a2025-q4presentation014.jpg)

20 07 -Q 4 20 08 -Q 4 20 09 -Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 -20% -10% 0% 10% 20% 30% 40% 50% Protecting net interest margin Peer Median Peer source: Group 1 ($10B and over), Bank Holding Company Performance Report (BHCPR), National Information Center, Federal Reserve System, Division of Banking Supervision and Regulation Net Non-core Funding Dependence Peer Top Quartile 13 $ B illio n s 20 09- Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 —% 20% 40% 60% 80% 100% 0 2 4 6 8 10 12 14 Banner Loan-to-Deposit Ratio Deposits Loans

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![](a2025-q4presentation015.jpg)

20 09 -Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 0% 1% 2% 3% 4% 5% 6% 20 09 -Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% Protecting net interest margin Maintain top quartile net interest margin Quarter Ending Quarter Last 12 Months Amount Rate Amount Rate 12/31/25 $152M 3.94% $588M 3.87% 12/31/09 $39M 3.53% $146M 3.36% Peer source: Group 1 ($10B and over), Bank Holding Company Performance Report (BHCPR), National Information Center, Federal Reserve System, Division of Banking Supervision and Regulation 14 Peer Top Quartile Peer Median Net Interest Margin Banner Net Interest Margin Earning Asset Yield Funding Cost

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![](a2025-q4presentation016.jpg)

Conservative investment portfolio 15 Assumes flat forward balance sheet, parallel and sustained shift in market rates ratably over a 12-month period (ramp) or immediate (shock); Base as of 12/31/25 CMO, $1,000, 33.6% MBS, $776, 26.1% CMBS, $449, 15.1% Municipal, $472, 15.9% ABS, $153, 5.1% Corp, $118, 4.0% Agency, $6, 0.2% Other, $3, 0.1% Y e ar s 9.01 6.10 1.88 1.36 6.50 6.47 6.46 6.23 Total Portfolio Effective Duration Duration on New Purchases Q1 2025 Q2 2025 Q3 2025 Q4 2025 0.00 2.00 4.00 6.00 8.00 10.00 4.85% 5.73% 6.79% 5.44% 2.97% 2.96% 2.93% 2.94% New Purchases Tax Effective Yield Total Portfolio Tax Effective Yield Q1 2025 Q2 2025 Q3 2025 Q4 2025 0% 2% 4% 6% 8% 12 Month Net Interest Income Sensitivity ($MM), % Change Quarterly New Purchases: Average Duration Investment Portfolio Composition ($2.98 billion) 76% of investments are Agency MBS/CMO or AAA rated 8.1% non-rated investments, principally CRA investments Portfolio is a diversified mix of asset types and blend of fixed and floating rate instruments. It remains moderately asset sensitive. Quarterly New Purchases: Average Yield $ MillionsRamp $MM Ramp % Change Shock $MM Shock % Change Up 200 633,652 1.1% 641,288 2.3% Up 100 632,075 0.9% 639,358 2.0% Base 626,742 0.0% 626,742 0.0% Down 100 619,596 (1.1)% 610,719 (2.6)% Down 200 614,105 (2.0)% 598,792 (4.5)%

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![](a2025-q4presentation017.jpg)

Building value at Banner Core banking competency Growing revenue Protecting net interest margin Spending carefully Maintaining a moderate risk profile Employing capital wisely Spending carefully Benefit from scale Control core operating expense 16

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![](a2025-q4presentation018.jpg)

$ M ill io n s 20 09- Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 0 20 40 60 80 100 20% 30% 40% 50% 60% 70% 80% 90% 100% 20 09 -Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 50% 60% 70% 80% 90% 100% Spending carefully Peer source: Group 1 ($10B and over), Bank Holding Company Performance Report (BHCPR), National Information Center, Federal Reserve System, Division of Banking Supervision and Regulation 17 Control core operating expense Quarter Ending Quarter Last 12 Months Amount Amount 12/31/25 $102M $398M 12/31/09 $31M $132M Peer Top Quartile Peer Median Banner Efficiency Ratio Occupancy Compensation Information Services Other Efficiency Ratio

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Maintaining a moderate risk profile Embrace effective enterprise risk management Minimize non-performing assets Maintain appropriate loan loss reserve Maintain appropriate risk capital Building value at Banner Core banking competency Growing revenue Protecting net interest margin Spending carefully Maintaining a moderate risk profile Employing capital wisely 18

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Commercial RE 35% Multifamily 7% Construction 15% Commercial 21% Agricultural 3% 1-4 Family 13% Consumer 6% Diversified loan portfolio 19 Loan Composition 12/31/2025 CRE Breakout $MM % Owner Ooccuped CRE 1,138 10 % Investment Properties 1,701 15 % Small Balance CRE 1,212 10 % Total Comm CRE 4,052 35 % Construction Breakout $MM % Commercial 156 1 % Multifamily 514 5 % 1-4 Family 607 5 % Land 434 4 % Total Construction 1,711 15 % Loan Originations (commitments, $MM) A ve rag e Y ie ld 8.59% 8.47%8.47% 8.23% 7.56% 8.01% 7.27% 7.35% 6.88% Commercial RE Multifamily Construction Commercial Agricultural 1-4 Fam Consumer Avg Yield on New Loan Originations Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4' 25 0 200 400 600 800 1,000 1,200 1,400 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

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20 Characteristics of highlighted loan segments Office 1 Balances ($MM) $621.4 Percent of Total Loans 5.3% Total Investor Office $340.7 Total Owner Occupied $280.7 Average Loan Size $0.8 Largest Loan Size $18.3 30 + days Past Due $1.3 Adversely Classified $0.6 Retail 2 Balances ($MM) $1,491.2 Percent of Total Loans 12.8% Balance of Retail Loans Secured by CRE \* $1,388.1 Average Loan Size $0.7 Average CRE Secured Loan Size $0.9 Largest Loan Size $28.4 30 + days Past Due $2.9 Adversely Classified $17.4 \* No mall exposure Healthcare 3 Balances ($MM) $420.0 Percent of Total Loans 3.6% Balance Secured by Medical Office \* $167.6 Medical Office as a % of Total Loans 1.4% Average Loan Size $0.5 Average Medical Office Size $0.7 Largest Loan Size $15.6 30 + days Past Due $0.5 Adversely Classified $18.7 \* No hospital exposure 1 By collateral code 2 Retail business loans, both commercial and commercial real estate secured loans 3 All healthcare and social services, including both commercial and commercial real estate secured loans Multifamily Balances ($MM) $850.8 Percent of Total Loans 7.3% Total Affordable Housing $420.4 Total Market Rent/ Middle Income $430.4 Average Loan Size $1.7 Largest Loan Size $30.0 30 + days Past Due $0.0 Adversely Classified $2.0 CA 37% ID 6% OR 14% Other 2% WA 41% CA 30% ID 5% OR 17% Other 6% WA 42% CA 19% ID 4% OR 17% Other 1% WA 59% CA 32% ID 1%OR 21% Other 7% WA 39%

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21 Origination Year Portfolio Segment Balance % Owner Occupied 2025 2024 2023 2022 and earlier Office $621.4 45% $72.6 $22.4 $36.0 $490.4 Retail (CRE Secured) $1,388.1 54% $190.5 $224.8 $141.2 $831.6 Medical Office $167.6 53% $27.0 $14.5 $6.1 $120.0 Multifamily $850.8 0% $17.7 $38.4 $72.1 $722.6 Scheduled Maturity or Next Reprice Date (excludes variable rate loans) Portfolio Segment Balance < 12 months 1 - 2 years 2 - 3 years 3 - 5 years > 5 years Office $621.4 $98.7 $75.5 $97.6 $171.3 $101.0 Retail (CRE Secured) $1,388.1 $160.1 $142.0 $187.7 $465.7 $164.1 Medical Office $167.6 $30.9 $17.4 $14.7 $52.7 $24.6 Multifamily $850.8 $151.8 $114.7 $15.2 $85.6 $406.6 Characteristics of highlighted loan segments

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Allowance for credit losses 22 $ M ill io n s ACL Provision 2.5 0.5 2.4 1.7 3.0 3.1 4.8 2.7 2.4 20 23 -Q 4 20 24 -Q 1 20 24 -Q 2 20 24 -Q 3 20 24 -Q 4 20 25 -Q 1 20 25 -Q 2 20 25 -Q 3 20 25 -Q 4 $ M ill io n s $108.4 $167.3 $132.1 $141.5 $149.6 $155.5 $160.3 1.16% 1.90% 1.48% 1.39% 1.38% 1.37% 1.37% ACL - Loans ACL - Loans as % of Loans, excluding PPP C EC L D ay 1 12 /3 1/ 20 20 12 /3 1/ 20 21 12 /3 1/ 20 22 12 /3 1/ 20 23 12 /3 1/ 20 24 12 /3 1/ 20 25 Allocation of Allowance for Credit Losses-Loans Allowance ($000) % Coverage Non-performing ($000) % Coverage NPLs Commercial RE 41,599 1.03% 525 NM\* Multifamily 9,805 1.15% 0 0% Construction 35,508 2.07% 6,443 551% 1-4 Family 19,552 1.24% 22,553 87% Commercial 37,785 1.57% 6,751 560% Agricultural 5,567 1.58% 4,609 121% Consumer 10,460 1.36% 4,758 220% Total 160,276 1.37% 45,639 351% \*not meaningful

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20 09 -Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% $ M ill io n s 20 09 -Q 4 20 10 -Q 4 20 11 -Q 4 20 12 -Q 4 20 13 -Q 4 20 14 -Q 4 20 15 -Q 4 20 16 -Q 4 20 17 -Q 4 20 18 -Q 4 20 19 -Q 4 20 20 -Q 4 20 21 -Q 4 20 22 -Q 4 20 23 -Q 4 20 24 -Q 4 20 25 -Q 4 0 50 100 150 200 250 300 350Minimize non-performing assets Quarter Ending NPAs REO Amount % of TA Amount % of TA 12/31/25 $51M 0.31% $6M 0.03% 12/31/09 $292M 6.11% $78M 2.01% Peer source: Group 1 ($10B and over), Bank Holding Company Performance Report (BHCPR), National Information Center, Federal Reserve System, Division of Banking Supervision and Regulation Maintaining a moderate risk profile ACLL Real Estate Owned Non-performing Loans Peer Top Quartile Peer Median Banner ACLL to Total Loans 23

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Building value at Banner Core banking competency Growing revenue Protecting net interest margin Spending carefully Maintaining a moderate risk profile Employing capital wisely Employing capital wisely Maintain premium to tangible book value Pay appropriate dividends Prepare for future opportunities 24

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Reconciliation of non-GAAP measures 25 $ Thousands Quarters Ended Year Ended PRE-TAX PRE-PROVISION EARNINGS Dec 31, 2025 Sep 30, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Income before provision for income taxes (GAAP) $61,087 $66,027 $58,093 $238,914 $209,485 Provision for credit losses 2,441 2,670 3,000 13,045 7,581 Pre-tax pre-provision earnings (non-GAAP) 63,528 68,697 61,093 251,959 217,066 Exclude net (gain)/loss on sale of securities — (377) (275) (374) 5,190 Exclude net change in valuation of financial instruments carried at fair value 2,010 (223) (161) 1,384 982 Exclude net building and lease exit costs 603 (331) — 2,025 — Adjusted pre-tax pre- provision earnings (non- GAAP) $66,141 $67,766 $60,657 $254,994 $223,238

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Building value at Banner Building value for … Shareholders by delivering top quartile financial performance Clients by delivering super community bank service and products Employees by offering opportunity and reward Communities by providing capital and staying involved 26

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