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

FORM 10-Q 
(Mark One)

x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED 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)
Washington91-1691604
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
10 South First Avenue, Walla Walla, Washington 99362
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (509) 527-3636
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareBANRThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes[x]No[  ]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes[x]No[  ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer[x]Accelerated filer    [ ]Non-accelerated filer   [  ]Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo[x]
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of class:As of April 30, 2022
Common Stock, $.01 par value per share
34,375,525 shares
 
1


BANNER CORPORATION AND SUBSIDIARIES

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements.  The Unaudited Condensed Consolidated Financial Statements of Banner Corporation and Subsidiaries filed as a part of the report are as follows:
Consolidated Statements of Financial Condition as of 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
2


Special Note Regarding Forward-Looking Statements

Certain matters in this Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements relate to our financial condition, liquidity, results of operations, plans, objectives, future performance or business.  Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by use of the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, 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.


3


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (In thousands, except shares)
March 31, 2022 and December 31, 2021
ASSETSMarch 31,
2022
December 31,
2021
Cash and due from banks$414,780 $358,461 
Interest bearing deposits1,573,608 1,775,839 
Total cash and cash equivalents1,988,388 2,134,300 
Securities—trading27,354 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 securities4,190,423 4,186,896 
Federal Home Loan Bank (FHLB) stock10,000 12,000 
Securities purchased under agreements to resell300,000 300,000 
Loans held for sale (includes $61,759 and $39,775, at fair value, respectively)
64,218 96,487 
Loans receivable9,146,629 9,084,763 
Allowance for credit losses – loans(125,471)(132,099)
Net loans receivable
9,021,158 8,952,664 
Accrued interest receivable41,827 42,916 
Real estate owned (REO), held for sale, net429 852 
Property and equipment, net142,594 148,759 
Goodwill373,121 373,121 
Other intangibles, net13,431 14,855 
Bank-owned life insurance (BOLI)294,556 244,156 
Deferred tax assets, net118,997 71,138 
Operating lease right-of-use assets52,792 55,257 
Other assets164,237 171,471 
Total assets
$16,776,171 $16,804,872 
LIABILITIES
Deposits:
Non-interest-bearing$6,494,852 $6,385,177 
Interest-bearing transaction and savings accounts7,228,558 7,103,125 
Interest-bearing certificates800,364 838,631 
Total deposits
14,523,774 14,326,933 
Advances from FHLB 50,000 
Other borrowings266,778 264,490 
Subordinated notes, net98,658 98,564 
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)70,510 119,815 
Operating lease liabilities57,343 59,756 
Accrued expenses and other liabilities148,689 148,303 
Deferred compensation46,639 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 earnings419,659 390,762 
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 plans7,338 7,435 
Accumulated other comprehensive (loss) income(154,091)184 
Total shareholders’ equity1,563,780 1,690,327 
Total liabilities and shareholders’ equity$16,776,171 $16,804,872 
See Selected Notes to the Consolidated Financial Statements
4


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three Months Ended March 31, 2022 and 2021
Three Months Ended
March 31,
20222021
INTEREST INCOME:
Loans receivable$100,350 $108,924 
Mortgage-backed securities14,109 9,371 
Securities and cash equivalents8,432 6,226 
Total interest income
122,891 124,521 
INTEREST EXPENSE:
Deposits2,086 3,609 
FHLB advances291 934 
Other borrowings84 109 
Subordinated debt1,776 2,208 
Total interest expense
4,237 6,860 
Net interest income118,654 117,661 
RECAPTURE OF PROVISION FOR CREDIT LOSSES(6,961)(9,251)
Net interest income after recapture of provision for credit losses125,615 126,912 
NON-INTEREST INCOME:
Deposit fees and other service charges11,189 8,939 
Mortgage banking operations4,440 11,347 
Bank-owned life insurance (BOLI)1,631 1,307 
Miscellaneous1,683 2,135 
18,943 23,728 
Net gain on sale of securities435 485 
Net change in valuation of financial instruments carried at fair value49 59 
Total non-interest income
19,427 24,272 
NON-INTEREST EXPENSE:
Salary and employee benefits59,486 64,819 
Less capitalized loan origination costs(6,230)(9,696)
Occupancy and equipment13,220 12,989 
Information/computer data services6,651 6,203 
Payment and card processing expenses4,896 4,326 
Professional and legal expenses2,180 3,328 
Advertising and marketing461 1,263 
Deposit insurance1,524 1,533 
State/municipal business and use taxes1,162 1,065 
REO operations, net(79)(242)
Amortization of core deposit intangibles1,424 1,711 
Loss on extinguishment of debt793  
Miscellaneous5,707 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 taxes53,847 57,657 
PROVISION FOR INCOME TAXES9,884 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
5


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,
20222021
NET INCOME$43,963 $46,855 
OTHER COMPREHENSIVE LOSS, NET OF INCOME TAXES:
Unrealized holding loss on securities—available-for-sale arising during the period(153,064)(73,107)
Income tax benefit related to securities—available-for-sale unrealized holding losses36,736 17,546 
Reclassification for net gain on securities—available-for-sale realized in earnings(435)(439)
Income tax expense related to securities—available-for-sale realized gains104 105 
Unrealized loss on securities transferred from available-for-sale to held-to-maturity(34,272) 
Income tax benefit related to securities transferred from available-for-sale to held-to-maturity8,226  
Net unrealized loss on interest rate swaps used in cash flow hedges(14,775) 
Income tax benefit related interest rate swaps used in cash flow hedges3,546  
Changes in fair value of junior subordinated debentures related to instrument specific credit risk
(1,213)(274)
Income tax benefit related to junior subordinated debentures291 66 
Reclassification of fair value of junior subordinated debentures redeemed765  
Income tax expense related to junior subordinated debentures redeemed(184) 
Other comprehensive loss(154,275)(56,103)
COMPREHENSIVE LOSS$(110,312)$(9,248)

See Selected Notes to the Consolidated Financial Statements
6


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 EarningsAccumulated
Other Comprehensive Income (Loss)
Shareholders’
Equity
SharesAmount
Balance, January 1, 202135,159,200 $1,349,879 $247,316 $69,069 $1,666,264 
Net income46,855 46,855 
Other comprehensive loss, net of income tax(56,103)(56,103)
Accrual of dividends on common stock ($0.41/share)
(14,589)(14,589)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
76,143 1,714 1,714 
Repurchase of common stock
(500,000)(25,324)(25,324)
Balance, March 31, 202134,735,343 $1,326,269 $279,582 $12,966 $1,618,817 

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

Continued on next page




7





Common Stock
and Paid in Capital
Retained EarningsAccumulated
Other Comprehensive Income (Loss)
Shareholders’
Equity
SharesAmounts
Balance, July 1, 202134,550,888 $1,311,455 $319,505 $38,251 $1,669,211 
Net income49,884 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, 202134,251,991 $1,297,145 $355,035 $14,939 $1,667,119 
Common Stock
and Paid in Capital
Retained EarningsAccumulated
Other Comprehensive Income (Loss)
Shareholders’
Equity
SharesAmounts
Balance, October 1, 202134,251,991 $1,297,145 $355,035 $14,939 $1,667,119 
Net income49,927 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, 202134,252,632 $1,299,381 $390,762 $184 $1,690,327 

Continued on next page
8


Common Stock
and Paid in Capital
Retained EarningsAccumulated
Other Comprehensive Income (Loss)
Shareholders’
Equity
SharesAmount
Balance, January 1, 202234,252,632 $1,299,381 $390,762 $184 $1,690,327 
Net income43,963 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, 202234,372,784 $1,298,212 $419,659 $(154,091)$1,563,780 



See Selected Notes to the Consolidated Financial Statements
9


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,
20222021
OPERATING ACTIVITIES:
Net income$43,963 $46,855 
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation4,169 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 intangibles1,424 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 taxes860 281 
Increase in current taxes payable7,595 9,506 
Stock-based compensation2,081 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, net109 (298)
Recapture of provision for credit losses(6,961)(9,251)
Loss on extinguishment of debt765  
Origination of loans held for sale(208,270)(301,393)
Proceeds from sales of loans held for sale226,074 419,412 
Net change in:
Other assets(10,245)2,602 
Other liabilities(4,421)164,729 
Net cash provided from operating activities50,654 322,481 
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale(281,353)(1,225,723)
Principal repayments and maturities of securities—available-for-sale106,937 434,651 
Proceeds from sales of securities—available-for-sale12,767 48,784 
Purchases of securitiesheld-to-maturity
(40,351)(31,170)
Principal repayments and maturities of securities—held-to-maturity7,573 9,982 
Purchases of equity securities (4,750)
Proceeds from sales of equity securities 4,796 
Loan repayments (originations), net31,355 (77,834)
Purchases of loans and participating interest in loans(75,575) 
Proceeds from sales of other loans5,034 8,367 
Purchases of property and equipment(3,306)(2,334)
Proceeds from sale of real estate held for sale and sale of other property5,616 1,999 
Proceeds from FHLB stock repurchase program2,000 2,358 
Investment in bank-owned life insurance(50,040)(3)
Other1,098 1,421 
Net cash used by investing activities(