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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 
(Mark One)

x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2022
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________
 Commission File Number 000-26584
BANNER CORPORATION
(Exact name of registrant as specified in its charter)
Washington91-1691604
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
10 South First Avenue, Walla Walla, Washington 99362
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (509) 527-3636
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareBANRThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes[x]No[  ]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes[x]No[  ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer[x]Accelerated filer    [ ]Non-accelerated filer   [  ]Smaller reporting company
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. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo[x]
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of class:As of October 31, 2022
Common Stock, $.01 par value per share
34,190,429 shares
1


BANNER CORPORATION AND SUBSIDIARIES

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements.  The Unaudited Condensed Consolidated Financial Statements of Banner Corporation and Subsidiaries filed as a part of the report are as follows:
Consolidated Statements of Financial Condition as of September 30, 2022 and December 31, 2021
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2022 and the Year Ended December 31, 2021
Consolidated Statements of Cash Flows for the Three and Nine Months Ended September 30, 2022 and 2021
Selected Notes to the Consolidated Financial Statements
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations 
Executive Overview
Comparison of Financial Condition at September 30, 2022 and December 31, 2021
Comparison of Results of Operations for the Three Months Ended September 30, 2022 and June 30, 2022 and the Nine Months Ended September 30, 2022 and 2021
Asset Quality
Liquidity and Capital Resources
Capital Requirements
Item 3 – Quantitative and Qualitative Disclosures About Market Risk 
Market Risk and Asset/Liability Management
Sensitivity Analysis
Item 4 – Controls and Procedures
PART II – OTHER INFORMATION 
Item 1 – Legal Proceedings
Item 1A – Risk Factors
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 – Defaults upon Senior Securities
Item 4 – Mine Safety Disclosures
Item 5 – Other Information
Item 6 – Exhibits
SIGNATURES
2


Special Note Regarding Forward-Looking Statements

Certain matters in this Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, liquidity, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by use of the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward looking statements, including, but not limited to: potential 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 employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as increasing oil prices and supply chain disruptions, and any governmental or societal responses to the COVID-19 pandemic, including the possibility of new COVID-19 variants: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses and provisions for credit losses; the ability to manage loan delinquency rates; competitive pressures among financial services companies; changes in consumer spending or borrowing and spending habits; interest rate movements generally and the relative differences between short and long-term interest rates, loan and deposit interest rates, net interest margin and funding sources; uncertainty regarding the future of the London Interbank Offered Rate (LIBOR), and the transition away from LIBOR toward new interest rate benchmarks; the impact of repricing and competitors’ pricing initiatives on loan and deposit products; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values; the ability to adapt successfully to technological changes to meet clients’ needs and developments in the marketplace; the ability to access cost-effective funding; the ability to control operating costs and expenses, including the costs associated with our “Banner Forward” initiative; the use of estimates in determining fair value of certain assets and liabilities, which estimates may prove to be incorrect and result in significant changes in valuation; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect employees, and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in, or attacks on, information technology systems or on the third-party vendors who perform critical processing functions; changes in financial markets; changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular, including the risk of inflation; secondary market conditions for loans and the ability to sell loans in the secondary market; the costs, effects and outcomes of litigation; legislation or regulatory changes, including but not limited to changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, results of safety and soundness and compliance examinations by the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (the FDIC), the Washington State Department of Financial Institutions, Division of Banks (the Washington DFI), or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require restitution or institute an informal or formal enforcement action which could require an increase in reserves for loan losses, write-downs of assets or changes in regulatory capital position, or affect the ability to borrow funds, or maintain or increase deposits, or impose additional requirements and restrictions, any of which could adversely affect liquidity and earnings; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the quality and composition of our securities portfolio and the impact of adverse changes in the securities markets; the inability of key third-party providers to perform their obligations; changes in accounting principles, policies or guidelines, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products and services; future acquisitions by Banner of other depository institutions or lines of business; and future goodwill impairment due to changes in Banner’s business, changes in market conditions; and other risks detailed from time to time in our filings with the U.S. Securities and Exchange Commission (SEC), including this report on Form 10-Q. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to update any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. These risks could cause our actual results to differ materially from those expressed in any forward-looking statements by, or on behalf of, us. Further, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the COVID-19 pandemic. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur, and you should not put undue reliance on any forward-looking statements.

As used throughout this report, the terms “we,” “our,” “us,” or the “Company” refer to Banner Corporation and its consolidated subsidiaries, unless the context otherwise requires. All references to “Banner” refer to Banner Corporation and those to “the Bank” refer to its wholly-owned subsidiary, Banner Bank.



3


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (In thousands, except shares)
September 30, 2022 and December 31, 2021
ASSETSSeptember 30,
2022
December 31,
2021
Cash and due from banks$273,052 $358,461 
Interest bearing deposits548,869 1,775,839 
Total cash and cash equivalents821,921 2,134,300 
Securities—trading28,383 26,981 
Securities—available-for-sale, amortized cost $3,433,541 and $3,653,160, respectively
2,996,173 3,638,993 
Securities—held-to-maturity, net of allowance for credit losses of $394 and $433, respectively, fair value $947,416 and $541,853, respectively
1,132,852 520,922 
     Total securities4,157,408 4,186,896 
Federal Home Loan Bank (FHLB) stock10,000 12,000 
Securities purchased under agreements to resell300,000 300,000 
Loans held for sale (includes $80,590 and $39,775, at fair value, respectively)
84,358 96,487 
Loans receivable9,827,096 9,084,763 
Allowance for credit losses – loans(135,918)(132,099)
Net loans receivable
9,691,178 8,952,664 
Accrued interest receivable50,689 42,916 
Real estate owned (REO), held for sale, net340 852 
Property and equipment, net141,280 148,759 
Goodwill373,121 373,121 
Other intangibles, net10,655 14,855 
Bank-owned life insurance (BOLI)295,443 244,156 
Deferred tax assets, net178,550 71,138 
Operating lease right-of-use assets51,908 55,257 
Other assets193,958 171,471 
Total assets
$16,360,809 $16,804,872 
LIABILITIES
Deposits:
Non-interest-bearing$6,507,523 $6,385,177 
Interest-bearing transaction and savings accounts7,004,799 7,103,125 
Interest-bearing certificates721,944 838,631 
Total deposits
14,234,266 14,326,933 
Advances from FHLB 50,000 
Other borrowings234,006 264,490 
Subordinated notes, net98,849 98,564 
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)73,841 119,815 
Operating lease liabilities58,031 59,756 
Accrued expenses and other liabilities209,226 148,303 
Deferred compensation43,931 46,684 
Total liabilities
14,952,150 15,114,545 
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS’ EQUITY
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at September 30, 2022 and December 31, 2021
  
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,191,759 shares issued and outstanding at September 30, 2022; 34,252,632 shares issued and outstanding at December 31, 2021
1,291,741 1,299,381 
Common stock (non-voting) and paid in capital - $0.01 par value per share, 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2022; no shares issued and outstanding at December 31, 2021
  
Retained earnings486,108 390,762 
Carrying value of shares held in trust for stock-based compensation plans(6,973)(7,435)
Liability for common stock issued to stock related compensation plans6,973 7,435 
Accumulated other comprehensive (loss) income(369,190)184 
Total shareholders’ equity1,408,659 1,690,327 
Total liabilities and shareholders’ equity$16,360,809 $16,804,872 
See Selected Notes to the Consolidated Financial Statements
4


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three and Nine Months Ended September 30, 2022 and 2021
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
INTEREST INCOME:
Loans receivable$116,610 $116,487 $321,466 $340,802 
Mortgage-backed securities17,558 11,695 48,486 32,503 
Securities and cash equivalents16,951 7,686 37,059 20,649 
Total interest income
151,119 135,868 407,011 393,954 
INTEREST EXPENSE:
Deposits2,407 2,749 6,501 9,386 
FHLB advances 655 291 2,244 
Other borrowings81 125 245 358 
Subordinated debt2,188 2,193 5,866 6,605 
Total interest expense
4,676 5,722 12,903 18,593 
Net interest income146,443 130,146 394,108 375,361 
PROVISION (RECAPTURE) FOR CREDIT LOSSES6,087 (8,638)3,660 (28,145)
Net interest income after provision (recapture) for credit losses140,356 138,784 390,448 403,506 
NON-INTEREST INCOME:
Deposit fees and other service charges11,449 10,457 33,638 29,154 
Mortgage banking operations105 9,613 8,523 28,305 
BOLI1,804 1,245 5,674 3,797 
Miscellaneous1,689 2,185 5,423 8,173 
15,047 23,500 53,258 69,429 
Net gain on sale of securities6 56 473 618 
Net change in valuation of financial instruments carried at fair value532 1,778 650 1,895 
Gain on sale of branches, including related deposits  7,804  
Total non-interest income
15,585 25,334 62,185 71,942 
NON-INTEREST EXPENSE:
Salary and employee benefits61,639 59,799 181,957 186,553 
Less capitalized loan origination costs(5,984)(8,290)(19,436)(26,754)
Occupancy and equipment12,008 13,153 38,512 38,965 
Information and computer data services6,803 6,110 19,451 17,915 
Payment and card processing services5,508 6,181 16,086 15,482 
Professional and legal expenses2,619 12,324 7,677 20,023 
Advertising and marketing1,326 1,521 2,609 3,965 
Deposit insurance1,946 1,469 4,910 4,243 
State and municipal business and use taxes1,223 1,219 3,389 3,367 
Real estate operations, net68 53 (132)(71)
Amortization of core deposit intangibles1,215 1,575 4,064 4,997 
Loss on extinguishment of debt  793  
Miscellaneous6,663 6,977 18,402 18,642 
 
95,034 102,091 278,282 287,327 
COVID-19 expenses 44  309 
Merger and acquisition-related expenses 10  660 
Total non-interest expense
95,034 102,145 278,282 288,296 
Income before provision for income taxes60,907 61,973 174,351 187,152 
PROVISION FOR INCOME TAXES11,837 12,089 33,353 36,031 
NET INCOME$49,070 $49,884 $140,998 $151,121 
Earnings per common share:
Basic$1.43 $1.45 $4.11 $4.35 
Diluted$1.43 $1.44 $4.09 $4.32 
Cumulative dividends declared per common share$0.44 $0.41 $1.32 $1.23 
Weighted average number of common shares outstanding:
Basic
34,224,640 34,446,510 34,277,182 34,716,914 
Diluted
34,416,017 34,669,492 34,499,246 35,012,228 
See Selected Notes to the Consolidated Financial Statements
5


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited) (In thousands)
For the Three and Nine Months Ended September 30, 2022 and 2021

Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
NET INCOME$49,070 $49,884 $140,998 $151,121 
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF INCOME TAXES:
Unrealized holding loss on securities—available-for-sale arising during the period(140,312)(23,223)(422,728)(62,711)
Income tax benefit related to securities—available-for-sale unrealized holding losses33,675 5,574 101,455 15,051 
Reclassification for net gain on securities—available-for-sale realized in earnings(6)(118)(473)(634)
Income tax expense related to securities—available-for-sale realized gains2 28 114 152 
Unrealized loss on securities transferred from available-for-sale to held-to-maturity  (34,596) 
Income tax benefit related to securities transferred from available-for-sale to held-to-maturity  8,303  
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity754  1,982  
Income tax expense related to amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity(181) (476) 
Net unrealized loss on interest rate swaps used in cash flow hedges(7,871) (26,425) 
Income tax benefit related to interest rate swaps used in cash flow hedges1,889  6,342  
Changes in fair value of junior subordinated debentures related to instrument specific credit risk(1,612)(7,333)(4,544)(7,879)
Income tax benefit related to junior subordinated debentures387 1,760 1,091 1,891 
Reclassification of fair value of junior subordinated debentures redeemed  765  
Income tax expense related to junior subordinated debentures redeemed  (184) 
Other comprehensive loss(113,275)(23,312)(369,374)(54,130)
COMPREHENSIVE (LOSS) INCOME$(64,205)$26,572 $(228,376)$96,991 

See Selected Notes to the Consolidated Financial Statements
6


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands, except shares)
For the Nine Months Ended September 30, 2022 and the Year Ended December 31, 2021
Common Stock
and Paid in Capital
Retained EarningsAccumulated
Other Comprehensive Income
Total Shareholders’ Equity
SharesAmount
Balance, January 1, 202135,159,200 $1,349,879 $247,316 $69,069 $1,666,264 
Net income46,855 46,855 
Other comprehensive loss, net of income tax(56,103)(56,103)
Accrual of dividends on common stock ($0.41/share)
(14,589)(14,589)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
76,143 1,714 1,714 
Repurchase of common stock
(500,000)(25,324)(25,324)
Balance, March 31, 202134,735,343 $1,326,269 $279,582 $12,966 $1,618,817 

Common Stock
and Paid in Capital
Retained EarningsAccumulated
Other Comprehensive Income
Total Shareholders’ Equity
SharesAmount
Balance, April 1, 202134,735,343 $1,326,269 $279,582 $12,966 $1,618,817 
Net income54,382 54,382 
Other comprehensive income, net of income tax25,285 25,285 
Accrual of dividends on common stock ($0.41/share)
(14,459)(14,459)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
65,545 (259)(259)
Repurchase of common stock
(250,000)(14,555)(14,555)
Balance, June 30, 202134,550,888 $1,311,455 $319,505 $38,251 $1,669,211