banr-20220331false0000946673December 312022Q100009466732022-01-012022-03-3100009466732022-04-30xbrli:shares00009466732022-03-31iso4217:USD00009466732021-12-310000946673us-gaap:LoansMember2022-03-310000946673us-gaap:LoansMember2021-12-310000946673srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310000946673us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-31iso4217:USDxbrli:shares0000946673banr:VotingCommonStockMember2022-03-310000946673banr:VotingCommonStockMember2021-12-310000946673us-gaap:NonvotingCommonStockMember2021-12-310000946673us-gaap:NonvotingCommonStockMember2022-03-3100009466732021-01-012021-03-310000946673us-gaap:CommonStockMember2020-12-310000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-12-310000946673us-gaap:RetainedEarningsMember2020-12-310000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-3100009466732020-12-310000946673us-gaap:RetainedEarningsMember2021-01-012021-03-310000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000946673us-gaap:CommonStockMember2021-01-012021-03-310000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-01-012021-03-310000946673us-gaap:CommonStockMember2021-03-310000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-03-310000946673us-gaap:RetainedEarningsMember2021-03-310000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100009466732021-03-310000946673us-gaap:RetainedEarningsMember2021-04-012021-06-3000009466732021-04-012021-06-300000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000946673us-gaap:CommonStockMember2021-04-012021-06-300000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-04-012021-06-300000946673us-gaap:CommonStockMember2021-06-300000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-06-300000946673us-gaap:RetainedEarningsMember2021-06-300000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-3000009466732021-06-300000946673us-gaap:RetainedEarningsMember2021-07-012021-09-3000009466732021-07-012021-09-300000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000946673us-gaap:CommonStockMember2021-07-012021-09-300000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-07-012021-09-300000946673us-gaap:CommonStockMember2021-09-300000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-09-300000946673us-gaap:RetainedEarningsMember2021-09-300000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-3000009466732021-09-300000946673us-gaap:RetainedEarningsMember2021-10-012021-12-3100009466732021-10-012021-12-310000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-012021-12-310000946673us-gaap:CommonStockMember2021-10-012021-12-310000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-10-012021-12-310000946673us-gaap:CommonStockMember2021-12-310000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-12-310000946673us-gaap:RetainedEarningsMember2021-12-310000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000946673us-gaap:RetainedEarningsMember2022-01-012022-03-310000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000946673us-gaap:CommonStockMember2022-01-012022-03-310000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-01-012022-03-310000946673us-gaap:CommonStockMember2022-03-310000946673us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-03-310000946673us-gaap:RetainedEarningsMember2022-03-310000946673us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000946673us-gaap:CorporateBondSecuritiesMember2022-03-310000946673us-gaap:USTreasuryAndGovernmentMember2022-03-310000946673us-gaap:MunicipalBondsMember2022-03-310000946673us-gaap:MortgageBackedSecuritiesMember2022-03-310000946673us-gaap:AssetBackedSecuritiesMember2022-03-310000946673us-gaap:CorporateBondSecuritiesMember2021-12-310000946673us-gaap:USTreasuryAndGovernmentMember2021-12-310000946673us-gaap:MunicipalBondsMember2021-12-310000946673us-gaap:MortgageBackedSecuritiesMember2021-12-310000946673us-gaap:AssetBackedSecuritiesMember2021-12-31banr:numberOfSecuritiesbanr:numberOfSalesOfSecurities0000946673us-gaap:USTreasuryAndGovernmentMemberbanr:StandardPoorsAAAtoARatingMember2022-03-310000946673us-gaap:MunicipalBondsMemberbanr:StandardPoorsAAAtoARatingMember2022-03-310000946673us-gaap:CorporateBondSecuritiesMemberbanr:StandardPoorsAAAtoARatingMember2022-03-310000946673us-gaap:MortgageBackedSecuritiesMemberbanr:StandardPoorsAAAtoARatingMember2022-03-310000946673banr:StandardPoorsAAAtoARatingMember2022-03-310000946673us-gaap:USTreasuryAndGovernmentMemberbanr:StandardPoorsNotRatedMember2022-03-310000946673us-gaap:MunicipalBondsMemberbanr:StandardPoorsNotRatedMember2022-03-310000946673us-gaap:CorporateBondSecuritiesMemberbanr:StandardPoorsNotRatedMember2022-03-310000946673us-gaap:MortgageBackedSecuritiesMemberbanr:StandardPoorsNotRatedMember2022-03-310000946673banr:StandardPoorsNotRatedMember2022-03-310000946673us-gaap:USTreasuryAndGovernmentMemberbanr:StandardPoorsAAAtoARatingMember2021-12-310000946673us-gaap:MunicipalBondsMemberbanr:StandardPoorsAAAtoARatingMember2021-12-310000946673us-gaap:CorporateBondSecuritiesMemberbanr:StandardPoorsAAAtoARatingMember2021-12-310000946673us-gaap:MortgageBackedSecuritiesMemberbanr:StandardPoorsAAAtoARatingMember2021-12-310000946673banr:StandardPoorsAAAtoARatingMember2021-12-310000946673us-gaap:USTreasuryAndGovernmentMemberbanr:StandardPoorsNotRatedMember2021-12-310000946673us-gaap:MunicipalBondsMemberbanr:StandardPoorsNotRatedMember2021-12-310000946673us-gaap:CorporateBondSecuritiesMemberbanr:StandardPoorsNotRatedMember2021-12-310000946673us-gaap:MortgageBackedSecuritiesMemberbanr:StandardPoorsNotRatedMember2021-12-310000946673banr:StandardPoorsNotRatedMember2021-12-310000946673us-gaap:HeldtomaturitySecuritiesMember2021-12-310000946673us-gaap:USTreasuryAndGovernmentMember2022-01-012022-03-310000946673us-gaap:MunicipalBondsMember2022-01-012022-03-310000946673us-gaap:CorporateBondSecuritiesMember2022-01-012022-03-310000946673us-gaap:MortgageBackedSecuritiesMember2022-01-012022-03-310000946673us-gaap:HeldtomaturitySecuritiesMember2022-01-012022-03-310000946673us-gaap:HeldtomaturitySecuritiesMember2022-03-310000946673us-gaap:USTreasuryAndGovernmentMember2020-12-310000946673us-gaap:MunicipalBondsMember2020-12-310000946673us-gaap:CorporateBondSecuritiesMember2020-12-310000946673us-gaap:MortgageBackedSecuritiesMember2020-12-310000946673us-gaap:HeldtomaturitySecuritiesMember2020-12-310000946673us-gaap:USTreasuryAndGovernmentMember2021-01-012021-03-310000946673us-gaap:MunicipalBondsMember2021-01-012021-03-310000946673us-gaap:CorporateBondSecuritiesMember2021-01-012021-03-310000946673us-gaap:MortgageBackedSecuritiesMember2021-01-012021-03-310000946673us-gaap:HeldtomaturitySecuritiesMember2021-01-012021-03-310000946673us-gaap:USTreasuryAndGovernmentMember2021-03-310000946673us-gaap:MunicipalBondsMember2021-03-310000946673us-gaap:CorporateBondSecuritiesMember2021-03-310000946673us-gaap:MortgageBackedSecuritiesMember2021-03-310000946673us-gaap:HeldtomaturitySecuritiesMember2021-03-310000946673banr:OwnerOccupiedCommercialRealEstateMember2022-03-31xbrli:pure0000946673srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310000946673banr:SmallBalanceCommercialRealEstateLoansMember2022-03-310000946673banr:SmallBalanceCommercialRealEstateLoansMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310000946673banr:MultifamilyRealEstateMember2022-03-310000946673srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberbanr:MultifamilyRealEstateMember2021-12-310000946673banr:CommercialConstructionMember2022-03-310000946673banr:CommercialConstructionMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310000946673banr:MultifamilyConstructionMember2022-03-310000946673srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberbanr:MultifamilyConstructionMember2021-12-310000946673banr:OneToFourFamilyConstructionMember2022-03-310000946673banr:OneToFourFamilyConstructionMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310000946673banr:LandandLandDevelopmentTypeMember2022-03-310000946673srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberbanr:LandandLandDevelopmentTypeMember2021-12-310000946673banr:CommercialBusinessMember2022-03-310000946673srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberbanr:CommercialBusinessMember2021-12-310000946673banr:SmallCreditScoredBusinessLoansMember2022-03-310000946673banr:SmallCreditScoredBusinessLoansMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310000946673banr:AgriculturalBusinessMember2022-03-310000946673srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberbanr:AgriculturalBusinessMember2021-12-310000946673banr:OneToFourFamilyResidentialMember2022-03-310000946673srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberbanr:OneToFourFamilyResidentialMember2021-12-310000946673banr:ConsumerSecuredByOneToFourFamilyMember2022-03-310000946673banr:ConsumerSecuredByOneToFourFamilyMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310000946673us-gaap:ConsumerLoanMember2022-03-310000946673us-gaap:ConsumerLoanMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310000946673banr:CommercialBusinessMember2021-12-310000946673banr:AgriculturalBusinessMember2021-12-310000946673us-gaap:PassMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673us-gaap:SpecialMentionMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673banr:OwnerOccupiedCommercialRealEstateMemberus-gaap:SubstandardMember2022-03-310000946673us-gaap:DoubtfulMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:PassMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:SpecialMentionMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:SubstandardMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:DoubtfulMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2022-03-310000946673us-gaap:PassMemberbanr:MultifamilyRealEstateMember2022-03-310000946673us-gaap:SpecialMentionMemberbanr:MultifamilyRealEstateMember2022-03-310000946673banr:MultifamilyRealEstateMemberus-gaap:SubstandardMember2022-03-310000946673us-gaap:DoubtfulMemberbanr:MultifamilyRealEstateMember2022-03-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberbanr:MultifamilyRealEstateMember2022-03-310000946673us-gaap:PassMemberbanr:CommercialConstructionMember2022-03-310000946673banr:CommercialConstructionMemberus-gaap:SpecialMentionMember2022-03-310000946673banr:CommercialConstructionMemberus-gaap:SubstandardMember2022-03-310000946673banr:CommercialConstructionMemberus-gaap:DoubtfulMember2022-03-310000946673banr:CommercialConstructionMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2022-03-310000946673us-gaap:PassMemberbanr:MultifamilyConstructionMember2022-03-310000946673banr:MultifamilyConstructionMemberus-gaap:SpecialMentionMember2022-03-310000946673banr:MultifamilyConstructionMemberus-gaap:SubstandardMember2022-03-310000946673us-gaap:DoubtfulMemberbanr:MultifamilyConstructionMember2022-03-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberbanr:MultifamilyConstructionMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:PassMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:SpecialMentionMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:SubstandardMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:DoubtfulMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2022-03-310000946673us-gaap:PassMemberus-gaap:LandAndLandImprovementsMember2022-03-310000946673us-gaap:LandAndLandImprovementsMemberus-gaap:SpecialMentionMember2022-03-310000946673us-gaap:LandAndLandImprovementsMemberus-gaap:SubstandardMember2022-03-310000946673us-gaap:DoubtfulMemberus-gaap:LandAndLandImprovementsMember2022-03-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:LandAndLandImprovementsMember2022-03-310000946673us-gaap:LandAndLandImprovementsMember2022-03-310000946673us-gaap:PassMemberbanr:CommercialBusinessMember2022-03-310000946673banr:CommercialBusinessMemberus-gaap:SpecialMentionMember2022-03-310000946673banr:CommercialBusinessMemberus-gaap:SubstandardMember2022-03-310000946673us-gaap:DoubtfulMemberbanr:CommercialBusinessMember2022-03-310000946673banr:CommercialBusinessMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2022-03-310000946673us-gaap:PassMemberbanr:AgriculturalBusinessMember2022-03-310000946673banr:AgriculturalBusinessMemberus-gaap:SpecialMentionMember2022-03-310000946673banr:AgriculturalBusinessMemberus-gaap:SubstandardMember2022-03-310000946673us-gaap:DoubtfulMemberbanr:AgriculturalBusinessMember2022-03-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberbanr:AgriculturalBusinessMember2022-03-310000946673us-gaap:PassMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673us-gaap:SpecialMentionMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673banr:OwnerOccupiedCommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310000946673us-gaap:DoubtfulMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673banr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:PassMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:SpecialMentionMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:SubstandardMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:DoubtfulMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMember2021-12-310000946673us-gaap:PassMemberbanr:MultifamilyRealEstateMember2021-12-310000946673us-gaap:SpecialMentionMemberbanr:MultifamilyRealEstateMember2021-12-310000946673banr:MultifamilyRealEstateMemberus-gaap:SubstandardMember2021-12-310000946673us-gaap:DoubtfulMemberbanr:MultifamilyRealEstateMember2021-12-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberbanr:MultifamilyRealEstateMember2021-12-310000946673banr:MultifamilyRealEstateMember2021-12-310000946673us-gaap:PassMemberbanr:CommercialConstructionMember2021-12-310000946673banr:CommercialConstructionMemberus-gaap:SpecialMentionMember2021-12-310000946673banr:CommercialConstructionMemberus-gaap:SubstandardMember2021-12-310000946673banr:CommercialConstructionMemberus-gaap:DoubtfulMember2021-12-310000946673banr:CommercialConstructionMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2021-12-310000946673banr:CommercialConstructionMember2021-12-310000946673us-gaap:PassMemberbanr:MultifamilyConstructionMember2021-12-310000946673banr:MultifamilyConstructionMemberus-gaap:SpecialMentionMember2021-12-310000946673banr:MultifamilyConstructionMemberus-gaap:SubstandardMember2021-12-310000946673us-gaap:DoubtfulMemberbanr:MultifamilyConstructionMember2021-12-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberbanr:MultifamilyConstructionMember2021-12-310000946673banr:MultifamilyConstructionMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:PassMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:SpecialMentionMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:SubstandardMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:DoubtfulMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2021-12-310000946673banr:OneToFourFamilyConstructionMember2021-12-310000946673us-gaap:PassMemberus-gaap:LandAndLandImprovementsMember2021-12-310000946673us-gaap:LandAndLandImprovementsMemberus-gaap:SpecialMentionMember2021-12-310000946673us-gaap:LandAndLandImprovementsMemberus-gaap:SubstandardMember2021-12-310000946673us-gaap:DoubtfulMemberus-gaap:LandAndLandImprovementsMember2021-12-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:LandAndLandImprovementsMember2021-12-310000946673us-gaap:LandAndLandImprovementsMember2021-12-310000946673us-gaap:PassMemberbanr:CommercialBusinessMember2021-12-310000946673banr:CommercialBusinessMemberus-gaap:SpecialMentionMember2021-12-310000946673banr:CommercialBusinessMemberus-gaap:SubstandardMember2021-12-310000946673us-gaap:DoubtfulMemberbanr:CommercialBusinessMember2021-12-310000946673banr:CommercialBusinessMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2021-12-310000946673us-gaap:PassMemberbanr:AgriculturalBusinessMember2021-12-310000946673banr:AgriculturalBusinessMemberus-gaap:SpecialMentionMember2021-12-310000946673banr:AgriculturalBusinessMemberus-gaap:SubstandardMember2021-12-310000946673us-gaap:DoubtfulMemberbanr:AgriculturalBusinessMember2021-12-310000946673us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberbanr:AgriculturalBusinessMember2021-12-310000946673banr:FinanceReceivableNotPastDueMemberbanr:SmallBalanceCREMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:SmallBalanceCREMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:SmallBalanceCREMember2022-03-310000946673banr:SmallBalanceCREMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673banr:SmallBalanceCREMember2022-03-310000946673banr:SmallCreditScoredBusinessLoansMemberbanr:FinanceReceivableNotPastDueMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:SmallCreditScoredBusinessLoansMember2022-03-310000946673banr:SmallCreditScoredBusinessLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310000946673banr:SmallCreditScoredBusinessLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673banr:FinanceReceivableNotPastDueMemberbanr:OneToFourFamilyResidentialMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:OneToFourFamilyResidentialMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:OneToFourFamilyResidentialMember2022-03-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberbanr:OneToFourFamilyResidentialMember2022-03-310000946673us-gaap:HomeEquityMemberbanr:FinanceReceivableNotPastDueMember2022-03-310000946673us-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310000946673us-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310000946673us-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673us-gaap:HomeEquityMember2022-03-310000946673us-gaap:ConsumerBorrowerMemberbanr:FinanceReceivableNotPastDueMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerBorrowerMember2022-03-310000946673us-gaap:ConsumerBorrowerMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310000946673us-gaap:ConsumerBorrowerMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673us-gaap:ConsumerBorrowerMember2022-03-310000946673banr:FinanceReceivableNotPastDueMemberbanr:SmallBalanceCREMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:SmallBalanceCREMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:SmallBalanceCREMember2021-12-310000946673banr:SmallBalanceCREMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673banr:SmallBalanceCREMember2021-12-310000946673banr:SmallCreditScoredBusinessLoansMemberbanr:FinanceReceivableNotPastDueMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:SmallCreditScoredBusinessLoansMember2021-12-310000946673banr:SmallCreditScoredBusinessLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000946673banr:SmallCreditScoredBusinessLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673banr:SmallCreditScoredBusinessLoansMember2021-12-310000946673banr:FinanceReceivableNotPastDueMemberbanr:OneToFourFamilyResidentialMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:OneToFourFamilyResidentialMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:OneToFourFamilyResidentialMember2021-12-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberbanr:OneToFourFamilyResidentialMember2021-12-310000946673banr:OneToFourFamilyResidentialMember2021-12-310000946673us-gaap:HomeEquityMemberbanr:FinanceReceivableNotPastDueMember2021-12-310000946673us-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000946673us-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000946673us-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673us-gaap:HomeEquityMember2021-12-310000946673us-gaap:ConsumerBorrowerMemberbanr:FinanceReceivableNotPastDueMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerBorrowerMember2021-12-310000946673us-gaap:ConsumerBorrowerMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000946673us-gaap:ConsumerBorrowerMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673us-gaap:ConsumerBorrowerMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:RealEstateLoanMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:EquipmentMember2022-03-310000946673us-gaap:RealEstateLoanMemberbanr:SmallBalanceCREMember2022-03-310000946673banr:SmallBalanceCREMemberus-gaap:EquipmentMember2022-03-310000946673us-gaap:RealEstateLoanMemberbanr:AgriculturalBusinessMember2022-03-310000946673banr:AgriculturalBusinessMemberus-gaap:EquipmentMember2022-03-310000946673us-gaap:RealEstateLoanMember2022-03-310000946673us-gaap:EquipmentMember2022-03-310000946673us-gaap:RealEstateLoanMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673banr:OwnerOccupiedCommercialRealEstateMemberus-gaap:EquipmentMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:RealEstateLoanMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:EquipmentMember2021-12-310000946673us-gaap:RealEstateLoanMemberbanr:SmallBalanceCREMember2021-12-310000946673banr:SmallBalanceCREMemberus-gaap:EquipmentMember2021-12-310000946673us-gaap:RealEstateLoanMemberbanr:CommercialBusinessMember2021-12-310000946673banr:CommercialBusinessMemberus-gaap:EquipmentMember2021-12-310000946673us-gaap:RealEstateLoanMemberbanr:AgriculturalBusinessMember2021-12-310000946673banr:AgriculturalBusinessMemberus-gaap:EquipmentMember2021-12-310000946673us-gaap:RealEstateLoanMember2021-12-310000946673us-gaap:EquipmentMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673us-gaap:FinancialAssetPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:FinancialAssetPastDueMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:InvestmentPropertiesCommericalRealEstateMember2022-03-310000946673us-gaap:FinancialAssetPastDueMemberbanr:SmallBalanceCREMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:SmallBalanceCREMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:MultifamilyRealEstateMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:MultifamilyRealEstateMember2022-03-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberbanr:MultifamilyRealEstateMember2022-03-310000946673us-gaap:FinancialAssetPastDueMemberbanr:MultifamilyRealEstateMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:MultifamilyRealEstateMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:CommercialConstructionMember2022-03-310000946673banr:CommercialConstructionMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310000946673banr:CommercialConstructionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673banr:CommercialConstructionMemberus-gaap:FinancialAssetPastDueMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:CommercialConstructionMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:MultifamilyConstructionMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:MultifamilyConstructionMember2022-03-310000946673banr:MultifamilyConstructionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673us-gaap:FinancialAssetPastDueMemberbanr:MultifamilyConstructionMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:MultifamilyConstructionMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:FinancialAssetPastDueMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:OneToFourFamilyConstructionMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:ResidentialLandAndLandDevelopmentMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:ResidentialLandAndLandDevelopmentMember2022-03-310000946673banr:ResidentialLandAndLandDevelopmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673us-gaap:FinancialAssetPastDueMemberbanr:ResidentialLandAndLandDevelopmentMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:ResidentialLandAndLandDevelopmentMember2022-03-310000946673banr:ResidentialLandAndLandDevelopmentMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:CommercialBusinessMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:CommercialBusinessMember2022-03-310000946673banr:CommercialBusinessMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673us-gaap:FinancialAssetPastDueMemberbanr:CommercialBusinessMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:CommercialBusinessMember2022-03-310000946673banr:SmallCreditScoredBusinessLoansMemberus-gaap:FinancialAssetPastDueMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:SmallCreditScoredBusinessLoansMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:AgriculturalBusinessMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:AgriculturalBusinessMember2022-03-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberbanr:AgriculturalBusinessMember2022-03-310000946673us-gaap:FinancialAssetPastDueMemberbanr:AgriculturalBusinessMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:AgriculturalBusinessMember2022-03-310000946673us-gaap:FinancialAssetPastDueMemberbanr:OneToFourFamilyResidentialMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:OneToFourFamilyResidentialMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:ConsumerSecuredByOneToFourFamilyMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:ConsumerSecuredByOneToFourFamilyMember2022-03-310000946673banr:ConsumerSecuredByOneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673banr:ConsumerSecuredByOneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:ConsumerSecuredByOneToFourFamilyMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2022-03-310000946673us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310000946673us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673us-gaap:ConsumerLoanMemberus-gaap:FinancialAssetPastDueMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310000946673us-gaap:FinancialAssetPastDueMember2022-03-310000946673us-gaap:FinancialAssetNotPastDueMember2022-03-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673us-gaap:FinancialAssetPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:OwnerOccupiedCommercialRealEstateMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673banr:InvestmentPropertiesCommericalRealEstateMemberus-gaap:FinancialAssetPastDueMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:InvestmentPropertiesCommericalRealEstateMember2021-12-310000946673us-gaap:FinancialAssetPastDueMemberbanr:SmallBalanceCREMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:SmallBalanceCREMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:MultifamilyRealEstateMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:MultifamilyRealEstateMember2021-12-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberbanr:MultifamilyRealEstateMember2021-12-310000946673us-gaap:FinancialAssetPastDueMemberbanr:MultifamilyRealEstateMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:MultifamilyRealEstateMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:CommercialConstructionMember2021-12-310000946673banr:CommercialConstructionMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000946673banr:CommercialConstructionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673banr:CommercialConstructionMemberus-gaap:FinancialAssetPastDueMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:CommercialConstructionMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:MultifamilyConstructionMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:MultifamilyConstructionMember2021-12-310000946673banr:MultifamilyConstructionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673us-gaap:FinancialAssetPastDueMemberbanr:MultifamilyConstructionMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:MultifamilyConstructionMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673banr:OneToFourFamilyConstructionMemberus-gaap:FinancialAssetPastDueMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:OneToFourFamilyConstructionMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:ResidentialLandAndLandDevelopmentMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:ResidentialLandAndLandDevelopmentMember2021-12-310000946673banr:ResidentialLandAndLandDevelopmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673us-gaap:FinancialAssetPastDueMemberbanr:ResidentialLandAndLandDevelopmentMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:ResidentialLandAndLandDevelopmentMember2021-12-310000946673banr:ResidentialLandAndLandDevelopmentMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:CommercialBusinessMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:CommercialBusinessMember2021-12-310000946673banr:CommercialBusinessMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673us-gaap:FinancialAssetPastDueMemberbanr:CommercialBusinessMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:CommercialBusinessMember2021-12-310000946673banr:SmallCreditScoredBusinessLoansMemberus-gaap:FinancialAssetPastDueMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:SmallCreditScoredBusinessLoansMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:AgriculturalBusinessMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:AgriculturalBusinessMember2021-12-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberbanr:AgriculturalBusinessMember2021-12-310000946673us-gaap:FinancialAssetPastDueMemberbanr:AgriculturalBusinessMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:AgriculturalBusinessMember2021-12-310000946673us-gaap:FinancialAssetPastDueMemberbanr:OneToFourFamilyResidentialMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:OneToFourFamilyResidentialMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberbanr:ConsumerSecuredByOneToFourFamilyMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMemberbanr:ConsumerSecuredByOneToFourFamilyMember2021-12-310000946673banr:ConsumerSecuredByOneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673banr:ConsumerSecuredByOneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberbanr:ConsumerSecuredByOneToFourFamilyMember2021-12-310000946673banr:ConsumerSecuredByOneToFourFamilyMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000946673us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000946673us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673us-gaap:ConsumerLoanMemberus-gaap:FinancialAssetPastDueMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000946673us-gaap:ConsumerLoanMember2021-12-310000946673us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000946673us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000946673us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000946673us-gaap:FinancialAssetPastDueMember2021-12-310000946673us-gaap:FinancialAssetNotPastDueMember2021-12-310000946673us-gaap:CommercialRealEstateMember2021-12-310000946673banr:ConstructionAndLandMember2021-12-310000946673banr:TotalConsumerMember2021-12-310000946673us-gaap:CommercialRealEstateMember2022-01-012022-03-310000946673banr:MultifamilyRealEstateMember2022-01-012022-03-310000946673banr:ConstructionAndLandMember2022-01-012022-03-310000946673banr:CommercialBusinessMember2022-01-012022-03-310000946673banr:AgriculturalBusinessMember2022-01-012022-03-310000946673banr:OneToFourFamilyResidentialMember2022-01-012022-03-310000946673banr:TotalConsumerMember2022-01-012022-03-310000946673us-gaap:CommercialRealEstateMember2022-03-310000946673banr:ConstructionAndLandMember2022-03-310000946673banr:TotalConsumerMember2022-03-310000946673us-gaap:CommercialRealEstateMember2020-12-310000946673banr:MultifamilyRealEstateMember2020-12-310000946673banr:ConstructionAndLandMember2020-12-310000946673banr:CommercialBusinessMember2020-12-310000946673banr:AgriculturalBusinessMember2020-12-310000946673banr:OneToFourFamilyResidentialMember2020-12-310000946673banr:TotalConsumerMember2020-12-310000946673us-gaap:CommercialRealEstateMember2021-01-012021-03-310000946673banr:MultifamilyRealEstateMember2021-01-012021-03-310000946673banr:ConstructionAndLandMember2021-01-012021-03-310000946673banr:CommercialBusinessMember2021-01-012021-03-310000946673banr:AgriculturalBusinessMember2021-01-012021-03-310000946673banr:OneToFourFamilyResidentialMember2021-01-012021-03-310000946673banr:TotalConsumerMember2021-01-012021-03-310000946673us-gaap:CommercialRealEstateMember2021-03-310000946673banr:MultifamilyRealEstateMember2021-03-310000946673banr:ConstructionAndLandMember2021-03-310000946673banr:CommercialBusinessMember2021-03-310000946673banr:AgriculturalBusinessMember2021-03-310000946673banr:OneToFourFamilyResidentialMember2021-03-310000946673banr:TotalConsumerMember2021-03-310000946673us-gaap:CoreDepositsMember2020-12-310000946673us-gaap:CoreDepositsMember2021-01-012021-06-3000009466732021-01-012021-06-300000946673us-gaap:CoreDepositsMember2021-12-310000946673us-gaap:CoreDepositsMember2022-01-012022-03-310000946673us-gaap:CoreDepositsMember2022-03-310000946673us-gaap:ServicingContractsMember2022-03-310000946673us-gaap:ServicingContractsMember2021-12-310000946673us-gaap:ServicingContractsMember2020-12-310000946673us-gaap:ServicingContractsMember2022-01-012022-03-310000946673us-gaap:ServicingContractsMember2021-01-012021-03-310000946673us-gaap:ServicingContractsMember2021-03-310000946673us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000946673us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000946673us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000946673us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000946673banr:InterestRateForwardSalesCommitmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000946673banr:InterestRateForwardSalesCommitmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000946673banr:InterestRateForwardSalesCommitmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000946673banr:InterestRateForwardSalesCommitmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CashFlowHedgingMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashFlowHedgingMember2021-12-310000946673us-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000946673us-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000946673us-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000946673us-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000946673us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:LoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SecuritiesAssetsMember2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SecuritiesAssetsMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SecuritiesAssetsMember2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SecuritiesAssetsMember2022-03-310000946673banr:SBAServicingAssetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673banr:SBAServicingAssetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673banr:SBAServicingAssetMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673banr:SBAServicingAssetMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2022-03-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:LoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673banr:SBAServicingAssetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673banr:SBAServicingAssetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673banr:SBAServicingAssetMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673banr:SBAServicingAssetMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-12-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2021-12-310000946673us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashFlowHedgingMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashFlowHedgingMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashFlowHedgingMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashFlowHedgingMember2021-12-310000946673srt:WeightedAverageMemberbanr:TrustPreferredSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2022-01-012022-03-310000946673srt:WeightedAverageMemberbanr:TrustPreferredSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2021-01-012021-12-310000946673us-gaap:JuniorSubordinatedDebtMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2022-01-012022-03-310000946673us-gaap:JuniorSubordinatedDebtMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2021-01-012021-12-310000946673banr:ImpairedLoansMembersrt:MinimumMemberbanr:DiscounttoappraisedvalueMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000946673banr:ImpairedLoansMembersrt:MaximumMemberbanr:DiscounttoappraisedvalueMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000946673banr:ImpairedLoansMembersrt:MinimumMemberbanr:DiscounttoappraisedvalueMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310000946673banr:ImpairedLoansMembersrt:MaximumMemberbanr:DiscounttoappraisedvalueMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310000946673srt:WeightedAverageMemberbanr:DiscounttoappraisedvalueMemberbanr:RealEstateOwnedMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000946673srt:WeightedAverageMemberbanr:DiscounttoappraisedvalueMemberbanr:RealEstateOwnedMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310000946673us-gaap:InterestRateLockCommitmentsMembersrt:WeightedAverageMemberbanr:ValuationPricingModelMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000946673us-gaap:InterestRateLockCommitmentsMembersrt:WeightedAverageMemberbanr:ValuationPricingModelMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310000946673banr:SBAServicingRightsMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2022-01-012022-03-310000946673banr:SBAServicingRightsMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2021-01-012021-12-310000946673banr:TrustPreferredSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673us-gaap:JuniorSubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673banr:SBAServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000946673banr:TrustPreferredSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-03-310000946673us-gaap:JuniorSubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-03-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2022-01-012022-03-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-03-310000946673banr:SBAServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-03-310000946673banr:TrustPreferredSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673us-gaap:JuniorSubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673banr:SBAServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000946673banr:TrustPreferredSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000946673us-gaap:JuniorSubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2020-12-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000946673banr:SBAServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000946673banr:TrustPreferredSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000946673us-gaap:JuniorSubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2021-01-012021-03-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000946673banr:SBAServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000946673banr:TrustPreferredSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000946673us-gaap:JuniorSubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000946673us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2021-03-310000946673banr:InvestmentInLimitedPartnershipsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000946673banr:SBAServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMember2022-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000946673us-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000946673banr:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000946673banr:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberbanr:LoansHeldForSaleMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberbanr:LoansHeldForSaleMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000946673us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000946673banr:TwoThousandFourteenOmnibusIncentivePlanMember2014-04-220000946673us-gaap:RestrictedStockMemberbanr:TwoThousandFourteenOmnibusIncentivePlanMember2014-04-222022-03-310000946673us-gaap:RestrictedStockUnitsRSUMemberbanr:TwoThousandFourteenOmnibusIncentivePlanMember2014-04-222022-03-310000946673banr:TwoThousandEighteenOmnibusIncentivePlan2018Member2018-04-240000946673us-gaap:RestrictedStockUnitsRSUMemberbanr:TwoThousandEighteenOmnibusIncentivePlan2018Member2018-04-242022-03-310000946673us-gaap:RestrictedStockUnitsRSUMemberbanr:TwoThousandEighteenOmnibusIncentivePlan2018Member2022-03-310000946673us-gaap:RestrictedStockMember2022-01-012022-03-310000946673us-gaap:RestrictedStockMember2021-01-012021-03-310000946673us-gaap:RestrictedStockMember2022-03-310000946673us-gaap:CommitmentsToExtendCreditMember2022-03-310000946673us-gaap:CommitmentsToExtendCreditMember2021-12-310000946673us-gaap:FinancialStandbyLetterOfCreditMember2022-03-310000946673us-gaap:FinancialStandbyLetterOfCreditMember2021-12-310000946673us-gaap:LoanOriginationCommitmentsMember2022-03-310000946673us-gaap:LoanOriginationCommitmentsMember2021-12-310000946673banr:RiskParticipationAgreementMember2022-03-310000946673banr:RiskParticipationAgreementMember2021-12-310000946673banr:LoansHeldForSaleOriginationCommitmentsMember2022-03-310000946673banr:LoansHeldForSaleOriginationCommitmentsMember2021-12-310000946673banr:CommitmentstoSellLoansSecuredbyonetofourResidentialPropertiesMember2022-03-310000946673banr:CommitmentstoSellLoansSecuredbyonetofourResidentialPropertiesMember2021-12-310000946673banr:CommitmentsToSellMortgageBackedSecuritiesMember2022-03-310000946673banr:CommitmentsToSellMortgageBackedSecuritiesMember2021-12-310000946673us-gaap:LimitedPartnerMember2022-03-310000946673us-gaap:LimitedPartnerMember2021-12-310000946673srt:MinimumMember2022-01-012022-03-310000946673srt:MaximumMember2022-01-012022-03-310000946673banr:CommitmentstoSellLoansSecuredbyonetofourResidentialPropertiesMember2022-01-012022-03-310000946673banr:CommitmentstoSellLoansSecuredbyonetofourResidentialPropertiesMember2021-01-012021-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LoansReceivableMemberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LoansReceivableMemberus-gaap:CashFlowHedgingMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310000946673us-gaap:NondesignatedMemberus-gaap:LoanParticipationsAndAssignmentsMember2022-03-310000946673us-gaap:NondesignatedMemberus-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:OtherAssetsMember2022-03-310000946673us-gaap:NondesignatedMemberus-gaap:LoanParticipationsAndAssignmentsMember2021-12-310000946673us-gaap:NondesignatedMemberus-gaap:LoanParticipationsAndAssignmentsMemberus-gaap:OtherAssetsMember2021-12-310000946673us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:LoanParticipationsAndAssignmentsMember2022-03-310000946673us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:LoanParticipationsAndAssignmentsMember2021-12-310000946673banr:MortgageLoanCommitmentsMemberus-gaap:NondesignatedMember2022-03-310000946673banr:MortgageLoanCommitmentsMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2022-03-310000946673banr:MortgageLoanCommitmentsMemberus-gaap:NondesignatedMember2021-12-310000946673banr:MortgageLoanCommitmentsMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2021-12-310000946673banr:MortgageLoanCommitmentsMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2022-03-310000946673banr:MortgageLoanCommitmentsMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310000946673us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2022-03-310000946673us-gaap:NondesignatedMemberus-gaap:ForwardContractsMemberus-gaap:OtherAssetsMember2022-03-310000946673us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2021-12-310000946673us-gaap:NondesignatedMemberus-gaap:ForwardContractsMemberus-gaap:OtherAssetsMember2021-12-310000946673us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2022-03-310000946673us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2021-12-310000946673us-gaap:NondesignatedMember2022-03-310000946673us-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2022-03-310000946673us-gaap:NondesignatedMember2021-12-310000946673us-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2021-12-310000946673us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2022-03-310000946673us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310000946673us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:LoansReceivableMember2022-03-310000946673us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:LoansReceivableMember2021-12-310000946673banr:MortgageLoanCommitmentsMemberbanr:MortgageBankingOperationsMemberus-gaap:NondesignatedMember2022-01-012022-03-310000946673banr:MortgageLoanCommitmentsMemberbanr:MortgageBankingOperationsMemberus-gaap:NondesignatedMember2021-01-012021-03-310000946673banr:MortgageBankingOperationsMemberus-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2022-01-012022-03-310000946673banr:MortgageBankingOperationsMemberus-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2021-01-012021-03-310000946673us-gaap:NondesignatedMember2022-01-012022-03-310000946673us-gaap:NondesignatedMember2021-01-012021-03-310000946673us-gaap:InterestRateSwapMember2021-12-310000946673us-gaap:InterestRateSwapMember2022-03-310000946673us-gaap:DepositAccountMember2022-01-012022-03-310000946673us-gaap:DepositAccountMember2021-01-012021-03-310000946673us-gaap:CreditCardMerchantDiscountMember2022-01-012022-03-310000946673us-gaap:CreditCardMerchantDiscountMember2021-01-012021-03-31
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 March 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________
Commission File Number 000-26584
BANNER CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | |
Washington | 91-1691604 |
(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 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 (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). | Yes | ☐ | | No | [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 April 30, 2022 |
Common Stock, $.01 par value per share | | | | | | 34,375,525 shares |
| | | | | | |
|
|
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 March 31, 2022 and December 31, 2021 | |
| |
Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 | |
| |
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 | |
| |
Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2022 and the Year Ended December 31, 2021 | |
| |
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 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 March 31, 2022 and December 31, 2021 | |
| |
Comparison of Results of Operations for the Three Months Ended March 31, 2022, December 31, 2021 and March 31, 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 | |
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, generally, resulting from the ongoing novel coronavirus of 2019 (COVID-19) and any governmental or societal responses thereto; 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 or reforms, including 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; 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 economic impact of war or any terrorist activities; 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.
BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (In thousands, except shares)
March 31, 2022 and December 31, 2021
| | | | | | | | | | | |
ASSETS | March 31, 2022 | | December 31, 2021 |
Cash and due from banks | $ | 414,780 | | | $ | 358,461 | |
Interest bearing deposits | 1,573,608 | | | 1,775,839 | |
Total cash and cash equivalents | 1,988,388 | | | 2,134,300 | |
Securities—trading | 27,354 | | | 26,981 | |
Securities—available-for-sale, amortized cost $3,315,213 and $3,653,160, respectively | 3,147,547 | | | 3,638,993 | |
Securities—held-to-maturity, net of allowance for credit losses of $420 and $433, respectively, fair value $968,540 and $541,853, respectively | 1,015,522 | | | 520,922 | |
Total securities | 4,190,423 | | | 4,186,896 | |
| | | |
Federal Home Loan Bank (FHLB) stock | 10,000 | | | 12,000 | |
Securities purchased under agreements to resell | 300,000 | | | 300,000 | |
Loans held for sale (includes $61,759 and $39,775, at fair value, respectively) | 64,218 | | | 96,487 | |
Loans receivable | 9,146,629 | | | 9,084,763 | |
Allowance for credit losses – loans | (125,471) | | | (132,099) | |
Net loans receivable | 9,021,158 | | | 8,952,664 | |
Accrued interest receivable | 41,827 | | | 42,916 | |
Real estate owned (REO), held for sale, net | 429 | | | 852 | |
Property and equipment, net | 142,594 | | | 148,759 | |
Goodwill | 373,121 | | | 373,121 | |
Other intangibles, net | 13,431 | | | 14,855 | |
Bank-owned life insurance (BOLI) | 294,556 | | | 244,156 | |
Deferred tax assets, net | 118,997 | | | 71,138 | |
Operating lease right-of-use assets | 52,792 | | | 55,257 | |
Other assets | 164,237 | | | 171,471 | |
Total assets | $ | 16,776,171 | | | $ | 16,804,872 | |
LIABILITIES | | | |
Deposits: | | | |
Non-interest-bearing | $ | 6,494,852 | | | $ | 6,385,177 | |
Interest-bearing transaction and savings accounts | 7,228,558 | | | 7,103,125 | |
Interest-bearing certificates | 800,364 | | | 838,631 | |
Total deposits | 14,523,774 | | | 14,326,933 | |
Advances from FHLB | — | | | 50,000 | |
Other borrowings | 266,778 | | | 264,490 | |
Subordinated notes, net | 98,658 | | | 98,564 | |
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities) | 70,510 | | | 119,815 | |
Operating lease liabilities | 57,343 | | | 59,756 | |
Accrued expenses and other liabilities | 148,689 | | | 148,303 | |
Deferred compensation | 46,639 | | | 46,684 | |
Total liabilities | 15,212,391 | | | 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 March 31, 2022 and December 31, 2021 | — | | | — | |
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,372,784 shares issued and outstanding at March 31, 2022; 34,252,632 shares issued and outstanding at December 31, 2021 | 1,298,212 | | | 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 March 31, 2022; no shares issued and outstanding at December 31, 2021 | — | | | — | |
Retained earnings | 419,659 | | | 390,762 | |
Carrying value of shares held in trust for stock-based compensation plans | (7,338) | | | (7,435) | |
Liability for common stock issued to stock related compensation plans | 7,338 | | | 7,435 | |
Accumulated other comprehensive (loss) income | (154,091) | | | 184 | |
| | | |
Total shareholders’ equity | 1,563,780 | | | 1,690,327 | |
Total liabilities and shareholders’ equity | $ | 16,776,171 | | | $ | 16,804,872 | |
See Selected Notes to the Consolidated Financial Statements
BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three Months Ended March 31, 2022 and 2021
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
INTEREST INCOME: | | | | | | | |
Loans receivable | $ | 100,350 | | | $ | 108,924 | | | | | |
Mortgage-backed securities | 14,109 | | | 9,371 | | | | | |
Securities and cash equivalents | 8,432 | | | 6,226 | | | | | |
Total interest income | 122,891 | | | 124,521 | | | | | |
INTEREST EXPENSE: | | | | | | | |
Deposits | 2,086 | | | 3,609 | | | | | |
FHLB advances | 291 | | | 934 | | | | | |
Other borrowings | 84 | | | 109 | | | | | |
Subordinated debt | 1,776 | | | 2,208 | | | | | |
Total interest expense | 4,237 | | | 6,860 | | | | | |
Net interest income | 118,654 | | | 117,661 | | | | | |
RECAPTURE OF PROVISION FOR CREDIT LOSSES | (6,961) | | | (9,251) | | | | | |
Net interest income after recapture of provision for credit losses | 125,615 | | | 126,912 | | | | | |
NON-INTEREST INCOME: | | | | | | | |
Deposit fees and other service charges | 11,189 | | | 8,939 | | | | | |
Mortgage banking operations | 4,440 | | | 11,347 | | | | | |
Bank-owned life insurance (BOLI) | 1,631 | | | 1,307 | | | | | |
Miscellaneous | 1,683 | | | 2,135 | | | | | |
| 18,943 | | | 23,728 | | | | | |
Net gain on sale of securities | 435 | | | 485 | | | | | |
| | | | | | | |
Net change in valuation of financial instruments carried at fair value | 49 | | | 59 | | | | | |
| | | | | | | |
| | | | | | | |
Total non-interest income | 19,427 | | | 24,272 | | | | | |
NON-INTEREST EXPENSE: | | | | | | | |
Salary and employee benefits | 59,486 | | | 64,819 | | | | | |
Less capitalized loan origination costs | (6,230) | | | (9,696) | | | | | |
Occupancy and equipment | 13,220 | | | 12,989 | | | | | |
Information/computer data services | 6,651 | | | 6,203 | | | | | |
Payment and card processing expenses | 4,896 | | | 4,326 | | | | | |
Professional and legal expenses | 2,180 | | | 3,328 | | | | | |
Advertising and marketing | 461 | | | 1,263 | | | | | |
Deposit insurance | 1,524 | | | 1,533 | | | | | |
State/municipal business and use taxes | 1,162 | | | 1,065 | | | | | |
REO operations, net | (79) | | | (242) | | | | | |
Amortization of core deposit intangibles | 1,424 | | | 1,711 | | | | | |
Loss on extinguishment of debt | 793 | | | — | | | | | |
Miscellaneous | 5,707 | | | 5,509 | | | | | |
| 91,195 | | | 92,808 | | | | | |
COVID-19 expenses | — | | | 148 | | | | | |
Merger and acquisition - related expenses | — | | | 571 | | | | | |
Total non-interest expense | 91,195 | | | 93,527 | | | | | |
Income before provision for income taxes | 53,847 | | | 57,657 | | | | | |
PROVISION FOR INCOME TAXES | 9,884 | | | 10,802 | | | | | |
NET INCOME | $ | 43,963 | | | $ | 46,855 | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Earnings per common share: | | | | | | | |
Basic | $ | 1.28 | | | $ | 1.34 | | | | | |
Diluted | $ | 1.27 | | | $ | 1.33 | | | | | |
Cumulative dividends declared per common share | $ | 0.44 | | | $ | 0.41 | | | | | |
Weighted average number of common shares outstanding: | | | | | | | |
Basic | 34,300,742 | | | 34,973,383 | | | | | |
Diluted | 34,598,436 | | | 35,303,483 | | | | | |
See Selected Notes to the Consolidated Financial Statements
BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2022 and 2021
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
NET INCOME | $ | 43,963 | | | $ | 46,855 | | | | | |
OTHER COMPREHENSIVE LOSS, NET OF INCOME TAXES: | | | | | | | |
Unrealized holding loss on securities—available-for-sale arising during the period | (153,064) | | | (73,107) | | | | | |
Income tax benefit related to securities—available-for-sale unrealized holding losses | 36,736 | | | 17,546 | | | | | |
Reclassification for net gain on securities—available-for-sale realized in earnings | (435) | | | (439) | | | | | |
Income tax expense related to securities—available-for-sale realized gains | 104 | | | 105 | | | | | |
Unrealized loss on securities transferred from available-for-sale to held-to-maturity | (34,272) | | | — | | | | | |
Income tax benefit related to securities transferred from available-for-sale to held-to-maturity | 8,226 | | | — | | | | | |
Net unrealized loss on interest rate swaps used in cash flow hedges | (14,775) | | | — | | | | | |
Income tax benefit related interest rate swaps used in cash flow hedges | 3,546 | | | — | | | | | |
Changes in fair value of junior subordinated debentures related to instrument specific credit risk | (1,213) | | | (274) | | | | | |
Income tax benefit related to junior subordinated debentures | 291 | | | 66 | | | | | |
Reclassification of fair value of junior subordinated debentures redeemed | 765 | | | — | | | | | |
Income tax expense related to junior subordinated debentures redeemed | (184) | | | — | | | | | |
Other comprehensive loss | (154,275) | | | (56,103) | | | | | |
COMPREHENSIVE LOSS | $ | (110,312) | | | $ | (9,248) | | | | | |
See Selected Notes to the Consolidated Financial Statements
BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands, except shares)
For the Three Months Ended March 31, 2022 and the Year Ended December 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Common Stock and Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | | | Shareholders’ Equity |
| | | | | Shares | | Amount | | | | |
Balance, January 1, 2021 | | | | 35,159,200 | | | $ | 1,349,879 | | | $ | 247,316 | | | $ | 69,069 | | | | | $ | 1,666,264 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net income | | | | | | | | | 46,855 | | | | | | | 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, 2021 | | | | 34,735,343 | | | $ | 1,326,269 | | | $ | 279,582 | | | $ | 12,966 | | | | | $ | 1,618,817 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock and Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income | | Shareholders’ Equity |
| Shares | | Amount | | | |
Balance, April 1, 2021 | 34,735,343 | | | $ | 1,326,269 | | | $ | 279,582 | | | $ | 12,966 | | | $ | 1,618,817 | |
| | | | | | | | | |
Net income | | | | | 54,382 | | | | | 54,382 | |
Other comprehensive income, net of income tax | | | | | | | 25,285 | | | 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, 2021 | 34,550,888 | | | $ | 1,311,455 | | | $ | 319,505 | | | $ | 38,251 | | | $ | 1,669,211 | |
Continued on next page
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock and Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Shareholders’ Equity |
| Shares | | Amounts | | | |
Balance, July 1, 2021 | 34,550,888 | | | $ | 1,311,455 | | | $ | 319,505 | | | $ | 38,251 | | | $ | 1,669,211 | |
| | | | | | | | | |
Net income | | | | | 49,884 | | | | | 49,884 | |
Other comprehensive loss, net of income tax | | | | | | | (23,312) | | | (23,312) | |
Accrual of dividends on common stock ($0.41/share) | | | | | (14,354) | | | | | (14,354) | |
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered | 1,103 | | | 2,339 | | | | | | | 2,339 | |
Repurchase of common stock | (300,000) | | | (16,649) | | | | | | | (16,649) | |
| | | | | | | | | |
Balance, September 30, 2021 | 34,251,991 | | | $ | 1,297,145 | | | $ | 355,035 | | | $ | 14,939 | | | $ | 1,667,119 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock and Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Shareholders’ Equity |
| Shares | | Amounts | | | |
Balance, October 1, 2021 | 34,251,991 | | | $ | 1,297,145 | | | $ | 355,035 | | | $ | 14,939 | | | $ | 1,667,119 | |
| | | | | | | | | |
Net income | | | | | 49,927 | | | | | 49,927 | |
Other comprehensive loss, net of income tax | | | | | | | (14,755) | | | (14,755) | |
Accrual of dividends on common stock ($0.41/share) | | | | | (14,200) | | | | | (14,200) | |
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered | 641 | | | 2,236 | | | | | | | 2,236 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Balance, December 31, 2021 | 34,252,632 | | | $ | 1,299,381 | | | $ | 390,762 | | | $ | 184 | | | $ | 1,690,327 | |
Continued on next page
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Common Stock and Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | | | Shareholders’ Equity |
| | | | | Shares | | Amount | | | | |
Balance, January 1, 2022 | | | | | 34,252,632 | | | $ | 1,299,381 | | | $ | 390,762 | | | $ | 184 | | | | | $ | 1,690,327 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net income | | | | | | | | | 43,963 | | | | | | | 43,963 | |
Other comprehensive loss, net of income tax | | | | | | | | | | | (154,275) | | | | | (154,275) | |
Accrual of dividends on common stock ($0.44/share) | | | | | | | | | (15,066) | | | | | | | (15,066) | |
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered | | | | | 120,152 | | | (1,169) | | | | | | | | | (1,169) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Balance, March 31, 2022 | | | | | 34,372,784 | | | $ | 1,298,212 | | | $ | 419,659 | | | $ | (154,091) | | | | | $ | 1,563,780 | |
See Selected Notes to the Consolidated Financial Statements
BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
For the Three Months Ended March 31, 2022 and 2021
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
OPERATING ACTIVITIES: | | | |
Net income | $ | 43,963 | | | $ | 46,855 | |
Adjustments to reconcile net income to net cash provided from operating activities: | | | |
Depreciation | 4,169 | | | 4,411 | |
Deferred income/expense, net of amortization | (1,838) | | | (7,048) | |
Capitalized loan servicing rights, net of amortization | (739) | | | (155) | |
Amortization of core deposit intangibles | 1,424 | | | 1,711 | |
Gain on sale of securities, net | (435) | | | (485) | |
| | | |
Net change in valuation of financial instruments carried at fair value | (49) | | | (59) | |
| | | |
| | | |
| | | |
| | | |
| | | |
Increase in deferred taxes | 860 | | | 281 | |
Increase in current taxes payable | 7,595 | | | 9,506 | |
Stock-based compensation | 2,081 | | | 2,152 | |
Net change in cash surrender value of BOLI | (1,519) | | | (1,002) | |
Gain on sale of loans, excluding capitalized servicing rights | (1,909) | | | (9,487) | |
Loss (gain) on disposal of real estate held for sale and property and equipment, net | 109 | | | (298) | |
Recapture of provision for credit losses | (6,961) | | | (9,251) | |
| | | |
Loss on extinguishment of debt | 765 | | | — | |
Origination of loans held for sale | (208,270) | | | (301,393) | |
Proceeds from sales of loans held for sale | 226,074 | | | 419,412 | |
Net change in: | | | |
Other assets | (10,245) | | | 2,602 | |
Other liabilities | (4,421) | | | 164,729 | |
Net cash provided from operating activities | 50,654 | | | 322,481 | |
INVESTING ACTIVITIES: | | | |
Purchases of securities—available-for-sale | (281,353) | | | (1,225,723) | |
Principal repayments and maturities of securities—available-for-sale | 106,937 | | | 434,651 | |
Proceeds from sales of securities—available-for-sale | 12,767 | | | 48,784 | |
Purchases of securities—held-to-maturity | (40,351) | | | (31,170) | |
Principal repayments and maturities of securities—held-to-maturity | 7,573 | | | 9,982 | |
Purchases of equity securities | — | | | (4,750) | |
Proceeds from sales of equity securities | — | | | 4,796 | |
Loan repayments (originations), net | 31,355 | | | (77,834) | |
Purchases of loans and participating interest in loans | (75,575) | | | — | |
Proceeds from sales of other loans | 5,034 | | | 8,367 | |
| | | |
| | | |
Purchases of property and equipment | (3,306) | | | (2,334) | |
Proceeds from sale of real estate held for sale and sale of other property | 5,616 | | | 1,999 | |
Proceeds from FHLB stock repurchase program | 2,000 | | | 2,358 | |
| | | |
| | | |
Investment in bank-owned life insurance | (50,040) | | | (3) | |
Other | 1,098 | | | 1,421 | |
Net cash used by investing activities | ( |