Banner Corporation Reports Net Income of $45.1 Million, or $1.30 Per Diluted Share, for First Quarter 2025; Declares Quarterly Cash Dividend of $0.48 Per Share

WALLA WALLA, Wash., April 16, 2025--(BUSINESS WIRE)--Banner Corporation (NASDAQ: BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $45.1 million, or $1.30 per diluted share, for the first quarter of 2025, compared to $46.4 million, or $1.34 per diluted share, for the preceding quarter and $37.6 million, or $1.09 per diluted share, for the first quarter of 2024. Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. The increase in net interest income compared to the preceding quarter reflects an overall increase in the yield on interest-earning assets and a decrease in funding costs, partially offset by a decrease in the average balance of interest-earning assets. The increase in net interest income compared to the prior year quarter reflects an increase in both the yield and average balance of interest-earning assets, partially offset by an increase in funding costs. First quarter 2025 results included a $3.1 million provision for credit losses, compared to $3.0 million in the preceding quarter and $520,000 in the first quarter of 2024.

Banner announced that its Board of Directors declared a regular quarterly cash dividend of $0.48 per share payable May 9, 2025, to common shareholders of record on April 29, 2025.

"Banner’s first quarter operating results reflect the continued successful execution of our super community bank strategy, which emphasizes growing new client relationships, maintaining our core funding position, promoting client loyalty and advocacy through our responsive service model, and sustaining a moderate risk profile," said Mark Grescovich, President and CEO. "Our earnings for the first quarter of 2025 benefited from our solid year over year loan growth as well as net interest margin expansion during the first quarter as a result of higher yields on interest-earning assets and lower funding costs. This benefit was partially offset by lower non-interest income and increased non-interest expense. The investments we have made and continue to make to improve our operating performance have positioned Banner well for the future. Additionally, Banner’s credit metrics continue to be strong, our reserve for loan losses remained solid, and our capital base continues to be robust. We continue to benefit from a strong core deposit base that has been resilient in a highly competitive environment, with core deposits representing 89% of total deposits at quarter end. Banner has upheld its core values for the past 134 years, which are to do the right thing for our clients, communities, colleagues, company and shareholders; and to provide consistent and reliable strength through all economic cycles and change events."

Story Continues

At March 31, 2025, Banner, on a consolidated basis, had $16.17 billion in assets, $11.28 billion in net loans and $13.59 billion in deposits. Banner operates 135 full-service branch offices, including branches located in eight of the top 20 largest western Metropolitan Statistical Areas by population.

First Quarter 2025 Highlights

Net interest margin, on a tax equivalent basis, was 3.92%, compared to 3.82% in the preceding quarter and 3.74% in the first quarter a year ago. Revenue was $160.2 million for the first quarter of 2025, compared to $160.6 million in the preceding quarter and increased 11% from $144.6 million in the first quarter a year ago. Adjusted revenue* (the total of net interest income and total non-interest income adjusted for the net gain or loss on the sale of securities and the net change in valuation of financial instruments) was $159.9 million in the first quarter of 2025, compared to $160.1 million in the preceding quarter and increased 6% from $150.4 million in the first quarter a year ago. Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and increased 6% from $133.0 million in the first quarter a year ago. Mortgage banking operations revenue was $3.1 million for the first quarter of 2025, compared to $3.7 million in the preceding quarter and $2.3 million in the first quarter a year ago. Return on average assets was 1.15% for both the current and preceding quarter and 0.97% in the first quarter a year ago. Net loans receivable increased to $11.28 billion at March 31, 2025, compared to $11.20 billion at December 31, 2024, and increased 5% compared to $10.72 billion at March 31, 2024. Non-performing assets were $42.7 million, or 0.26% of total assets, at March 31, 2025, compared to $39.6 million, or 0.24% of total assets, at December 31, 2024 and $29.9 million, or 0.19% of total assets, at March 31, 2024. The allowance for credit losses - loans was $157.3 million, or 1.38% of total loans receivable, as of March 31, 2025, compared to $155.5 million, or 1.37% of total loans receivable, as of December 31, 2024 and $151.1 million, or 1.39% of total loans receivable, as of March 31, 2024. Total deposits increased to $13.59 billion at March 31, 2025, compared to $13.51 billion at December 31, 2024, and increased 3% compared to $13.16 billion at March 31, 2024. Core deposits represented 89% of total deposits at March 31, 2025. Dividends paid to shareholders were $0.48 per share in the quarter ended March 31, 2025. Common shareholders’ equity per share increased 3% to $53.16 at March 31, 2025, compared to $51.49 at the preceding quarter end, and increased 10% from $48.39 at March 31, 2024. Tangible common shareholders’ equity per share* increased 4% to $42.27 at March 31, 2025, compared to $40.57 at the preceding quarter end, and increased 13% from $37.40 at March 31, 2024.

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

Income Statement Review

Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. Net interest margin, on a tax equivalent basis, increased 10 basis points to 3.92% for the first quarter of 2025, compared to 3.82% in the preceding quarter, and increased 18 basis points compared to 3.74% in the first quarter a year ago. Net interest margin for the current quarter, compared to the preceding quarter, benefited from decreased funding costs and higher yields on interest earning assets.

Average yields on interest-earning assets increased four basis points to 5.35% for the first quarter of 2025, compared to 5.31% for the preceding quarter, and increased 19 basis points compared to 5.16% in the first quarter a year ago, primarily due to increases in average loan yields. Average loan yields increased five basis points to 6.07%, compared to 6.02% in the preceding quarter, and increased 20 basis points compared to 5.87% in the first quarter a year ago. The increase in average loan yields during the current quarter primarily reflects new loans being originated at higher interest rates and adjustable rate loans repricing higher.

Total deposit costs decreased six basis points to 1.47% in the first quarter of 2025, compared to 1.53% in the preceding quarter, and increased 10 basis points compared to 1.37% in the first quarter a year ago. The decrease in deposit costs in the current quarter compared to the prior quarter was primarily due to the lagging effect of interest rate declines in the prior quarter, partially offset by a decrease in the average balance of non-interest bearing deposits. In 2024, the Federal Open Market Committee ("FOMC") of the Federal Reserve lowered the target range for the federal funds rate three times, resulting in a target range of 4.25% to 4.50% at March 31, 2025. The average rate paid on borrowings decreased 25 basis points to 4.32% in the first quarter of 2025, compared to 4.57% in the preceding quarter, and decreased compared to 4.98% in the first quarter a year ago, primarily due to the decreases in market interest rates. The total cost of funding liabilities decreased five basis points to 1.55% in the first quarter of 2025, compared to 1.60% in the preceding quarter, and increased slightly compared to 1.53% in the first quarter a year ago, due to fluctuations in the deposit costs and a continued decrease in the cost of other borrowings.

A $3.1 million provision for credit losses was recorded in the current quarter (comprised of a $4.5 million provision for credit losses - loans, a $1.4 million recapture of provision for credit losses - unfunded loan commitments and a $10,000 recapture of provision for credit losses - held-to-maturity debt securities). This compares to a $3.0 million provision for credit losses in the prior quarter (comprised of a $3.2 million provision for credit losses - loans, a $203,000 recapture of provision for credit losses - unfunded loan commitments and a $16,000 recapture of provision for credit losses - held-to-maturity debt securities) and a $520,000 provision for credit losses in the first quarter a year ago (comprised of a $1.4 million provision for credit losses - loans, an $887,000 recapture of provision for credit losses - unfunded loan commitments and a $17,000 recapture of provision for credit losses - held-to-maturity debt securities). The provision for credit losses for the current quarter primarily reflected loan growth in the construction portfolio and to a lesser extent risk rating migration and qualitative adjustments applied to address economic uncertainty.

Total non-interest income was $19.1 million in the first quarter of 2025, compared to $20.0 million in the preceding quarter and $11.6 million in the first quarter a year ago. The decrease in non-interest income during the current quarter compared to the preceding quarter was primarily due to a $583,000 decrease in mortgage banking operations revenue and a $405,000 decrease in miscellaneous income, primarily due to a gain recognized on the sale of a non-performing loan during the fourth quarter of 2024, partially offset by a $431,000 increase in bank owned life insurance income due to the receipt of death benefit proceeds during the current quarter. The increase in non-interest income during the current quarter compared to the prior year quarter was primarily due to a $4.9 million decrease in the net loss recognized on the sale of securities and a $1.3 million increase in the fair value adjustments on financial instruments carried at fair value during the current quarter.

Mortgage banking operations revenue was $3.1 million in the first quarter of 2025, compared to $3.7 million in the preceding quarter and $2.3 million in the first quarter a year ago. The volume of one- to four-family loans sold during the current quarter decreased compared to the preceding quarter and increased compared to the prior year quarter. While the volume of one- to four-family loans sold increased compared to the prior year quarter, volumes remained low due to reduced refinancing and purchase activity in the current rate environment. The decrease in mortgage banking operations revenue from the preceding quarter reflects a $508,000 gain related to the pooled loan sale of $34.8 million of one- to four-family loans during the fourth quarter of 2024 and a decrease in the market value of our hedge, partially offset by an increase in the pricing of one- to four-family loans sold during the current quarter. Home purchase activity accounted for 84% of one- to four-family mortgage loan originations in the first quarter of 2025, 79% in the preceding quarter and 89% in the first quarter of 2024.

Total non-interest expense was $101.3 million in the first quarter of 2025, compared to $99.5 million in the preceding quarter and $97.6 million in the first quarter of 2024. The increase in non-interest expense for the current quarter compared to the prior quarter reflects a $2.3 million increase in salary and employee benefits, primarily resulting from increased medical premiums expense and payroll tax expense, and an $858,000 decrease in capitalized loan costs, partially offset by a $1.1 million decrease in advertising and marketing expenses, primarily due to decreases in printed media marketing and community development expenses. The increase in non-interest expense for the current quarter compared to the same quarter a year ago primarily reflects increases in salary and employee benefits and professional and legal expenses. Banner’s efficiency ratio was 63.21% for the first quarter of 2025, compared to 61.95% in the preceding quarter and 67.55% in the same quarter a year ago. Banner’s adjusted efficiency ratio, a non-GAAP financial measure, was 62.18% for the first quarter of 2025, compared to 60.74% in the preceding quarter and 63.70% in the year ago quarter. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a discussion and reconciliation of non-GAAP financial measures.

Balance Sheet Review

Total assets were $16.17 billion at March 31, 2025, down from $16.20 billion at December 31, 2024 and up from $15.52 billion at March 31, 2024. The decrease compared to the prior quarter was primarily due to a decrease in securities and interest-bearing deposits. Securities and interest-bearing deposits held at other banks totaled $3.33 billion at March 31, 2025, compared to $3.40 billion at December 31, 2024 and $3.32 billion at March 31, 2024. The average effective duration of the securities portfolio was approximately 6.5 years at March 31, 2025, compared to 6.6 years at March 31, 2024.

Total loans receivable were $11.44 billion at March 31, 2025, up from $11.35 billion at December 31, 2024 and $10.87 billion at March 31, 2024. Construction, land and land development loans increased 10% to $1.67 billion at March 31, 2025, compared to $1.52 billion at December 31, 2024, and increased 6% compared to $1.57 billion at March 31, 2024. The increase was primarily the result of new loan production and advances, mostly related to multifamily construction projects, which included growth in affordable housing project loans, partially offset by payoffs and transfers to the portfolio upon completion of the construction phase. Commercial real estate loans decreased 1% to $3.84 billion at March 31, 2025, compared to $3.86 billion at December 31, 2024, and increased 6% compared to $3.61 billion at March 31, 2024. The increase from March 31, 2024 was primarily the result of new loan production and the conversion of commercial construction loans to the commercial real estate portfolio upon the completion of the construction phase. Multifamily real estate loans decreased 2% to $877.7 million at March 31, 2025, compared to $894.4 million at December 31, 2024, and increased 8% compared to $809.1 million at March 31, 2024. The increase from March 31, 2024 was primarily the result of the conversion of multifamily construction loans to the multifamily portfolio upon the completion of the construction phase. Commercial business loans decreased 1% to $2.41 billion at March 31, 2025, compared to $2.42 billion at December 31, 2024 and increased 5% compared to $2.29 billion at March 31, 2024, primarily due to new loan production.

Loans held for sale were $24.5 million at March 31, 2025, compared to $32.0 million at December 31, 2024 and $9.4 million at March 31, 2024. One- to four- family residential mortgage held for sale loans sold in the current quarter totaled $108.1 million, compared to $153.2 million in the preceding quarter and $65.9 million in the first quarter a year ago. The decrease in loans held for sale compared to the preceding quarter was primarily the result of loan sales exceeding new originations of one- to four- family residential mortgage held for sale loans during the quarter. The increase in loans held for sale compared to the prior year quarter was primarily the result of an increase in the origination of one- to four- family residential mortgage held for sale loans.

Total deposits were $13.59 billion at March 31, 2025, compared to $13.51 billion at December 31, 2024 and $13.16 billion a year ago. Core deposits increased 1% to $12.09 billion at March 31, 2025, compared to $12.01 billion at December 31, 2024, and increased 4% compared to $11.67 billion at March 31, 2024. The increase compared to the preceding and prior year quarters primarily reflects increases in interest-bearing transaction and savings accounts. Core deposits were 89% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Certificates of deposit were $1.50 billion at both March 31, 2025 and December 31, 2024, and increased 1% from $1.49 billion a year earlier. The increase during the current quarter compared to the first quarter a year ago was principally due to clients seeking higher yields moving funds from core deposit accounts to higher yielding certificates of deposit, partially offset by a $32.2 million decrease in brokered deposits.

FHLB advances were $168.0 million at March 31, 2025, compared to $290.0 million at December 31, 2024 and $52.0 million a year ago. At March 31, 2025, off-balance sheet liquidity included additional borrowing capacity of $3.14 billion at the FHLB and $1.65 billion at the Federal Reserve as well as federal funds line of credit agreements with other financial institutions of $125.0 million.

At March 31, 2025, total common shareholders’ equity was $1.83 billion or 11.34% of total assets, compared to $1.77 billion or 10.95% of total assets at December 31, 2024, and $1.66 billion or 10.73% of total assets at March 31, 2024. The increase at March 31, 2025 compared to December 31, 2024 was due to a decrease in accumulated other comprehensive loss of $29.3 million as the result of an increase in the fair value of the security portfolio and a $28.3 million increase in retained earnings as a result of $45.1 million in net income, partially offset by the accrual of $16.8 million of cash dividends during the first quarter of 2025. At March 31, 2025, tangible common shareholders’ equity, a non-GAAP financial measure, was $1.46 billion, or 9.23% of tangible assets, compared to $1.40 billion, or 8.84% of tangible assets, at December 31, 2024, and $1.29 billion, or 8.50% of tangible assets, a year ago. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

Banner and Banner Bank continue to maintain capital levels in excess of the requirements to be categorized as "well-capitalized." At March 31, 2025, Banner’s estimated common equity Tier 1 capital ratio was 12.60%, its estimated Tier 1 leverage capital to average assets ratio was 11.22%, and its estimated total capital to risk-weighted assets ratio was 15.23%. These regulatory capital ratios are estimates, pending completion and filing of Banner’s regulatory reports.

Credit Quality

The allowance for credit losses - loans was $157.3 million, or 1.38% of total loans receivable and 404% of non-performing loans, at March 31, 2025, compared to $155.5 million, or 1.37% of total loans receivable and 421% of non-performing loans, at December 31, 2024, and $151.1 million, or 1.39% of total loans receivable and 513% of non-performing loans, at March 31, 2024. In addition to the allowance for credit losses - loans, Banner maintains an allowance for credit losses - unfunded loan commitments, which was $12.2 million at March 31, 2025, compared to $13.6 million at December 31, 2024, and $13.6 million at March 31, 2024. Net loan charge-offs totaled $2.7 million in the first quarter of 2025, compared to net loan charge-offs of $2.3 million in the preceding quarter and net loan recoveries of $73,000 in the first quarter a year ago. Non-performing loans were $39.0 million at March 31, 2025, compared to $37.0 million at December 31, 2024, and $29.5 million a year ago. Substandard loans were $197.8 million as of March 31, 2025, compared to $192.5 million as of December 31, 2024 and $116.1 million a year ago. Total non-performing assets were $42.7 million, or 0.26% of total assets, at March 31, 2025, compared to $39.6 million, or 0.24% of total assets, at December 31, 2024, and $29.9 million, or 0.19% of total assets, a year ago.

Conference Call

Banner will host a conference call on Thursday April 17, 2025, at 8:00 a.m. PDT, to discuss its first quarter results. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 881889 to participate in the call. A replay of the call will be available at www.bannerbank.com.

About the Company

Banner Corporation is a $16.17 billion bank holding company operating a commercial bank in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com.

Forward-Looking Statements

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the "SEC"), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "may," "believe," "will," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "plans," "potential," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made and based only on information then actually known to Banner. Banner does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These statements may relate to future financial performance, strategic plans or objectives, revenues or earnings projections, or other financial information. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements and could negatively affect Banner’s operating and stock price performance.

Factors that could cause Banner’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: (1) adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth, or increased political instability; (2) changes in the interest rate environment, including increases or decreases in the Board of Governors of the Federal Reserve System (the "Federal Reserve") benchmark rate and duration at which such interest rate levels are maintained, which could affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; (3) the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; (4) the effects of any federal government shutdown; (5) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (6) expectations regarding key growth initiatives and strategic priorities; (7) the credit risks of lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses, which could necessitate additional provisions for credit losses, resulting both from loans originated and loans acquired from other financial institutions; (8) results of examinations by regulatory authorities, including the possibility that any such regulatory authority may, among other things, require increases in the allowance for credit losses or writing down of assets or impose restrictions or penalties with respect to Banner’s activities; (9) competitive pressures among depository institutions, including repricing and competitors’ pricing initiatives, and their impact on Banner’s market position, loan, and deposit products; (10) the effect of inflation on interest rate movements and their impact on client behavior and net interest margin; (11) fluctuations in real estate values; (12) the ability to adapt successfully to technological changes to meet clients’ needs and developments in the market place; (13) the ability to access cost-effective funding; (14) 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; (15) changes in financial markets; (16) the costs, effects and outcomes of litigation; (17) legislation or regulatory changes, including but not limited to changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, other governmental initiatives affecting the financial services industry and changes in federal and/or state tax laws or interpretations thereof by taxing authorities; (18) the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors including, but not limited to, our agriculture based lending; (19) changes in accounting principles, policies or guidelines; (20) future acquisitions by Banner of other depository institutions or lines of business, and associated risks of goodwill impairment due to changes in Banner’s business or market conditions; (21) effects of critical accounting policies and judgments, including the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; (22) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and (23) other risks detailed from time to time in Banner’s other reports filed with and furnished to the Securities and Exchange Commission including Banner’s Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.

RESULTS OF OPERATIONS  Quarters Ended (in thousands except shares and per share data)  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 INTEREST INCOME:  Loans receivable  $ 168,677   $ 169,586   $ 156,475  Mortgage-backed securities   15,744    16,086    16,934  Securities and cash equivalents   9,447    10,764    11,279  Total interest income   193,868    196,436    184,688  INTEREST EXPENSE:  Deposits   48,737    52,217    44,613  Federal Home Loan Bank (FHLB) advances   860    85    2,972  Other borrowings   694    817    1,175  Subordinated debt   2,494    2,781    2,969  Total interest expense   52,785    55,900    51,729  Net interest income   141,083    140,536    132,959  PROVISION FOR CREDIT LOSSES   3,139    3,000    520  Net interest income after provision for credit losses   137,944    137,536    132,439  NON-INTEREST INCOME:  Deposit fees and other service charges   10,769    11,018    11,022  Mortgage banking operations   3,103    3,686    2,335  Bank-owned life insurance   2,575    2,144    2,237  Miscellaneous   2,346    2,751    1,892  18,793    19,599    17,486  Net gain (loss) on sale of securities   —    275    (4,903 ) Net change in valuation of financial instruments carried at fair value   315    161    (992 ) Total non-interest income   19,108    20,035    11,591  NON-INTEREST EXPENSE:  Salary and employee benefits   64,857    62,523    62,369  Less capitalized loan origination costs   (3,330 )   (4,188 )   (3,676 ) Occupancy and equipment   12,097    12,141    12,462  Information and computer data services   7,628    7,471    7,320  Payment and card processing services   5,750    5,771    5,710  Professional and legal expenses   2,430    3,025    1,530  Advertising and marketing   590    1,711    1,079  Deposit insurance   2,797    2,857    2,809  State and municipal business and use taxes   1,454    1,518    1,304  Real estate operations, net   (61 )   113    (220 ) Amortization of core deposit intangibles   456    589    723  Miscellaneous   6,591    5,947    6,231  Total non-interest expense   101,259    99,478    97,641  Income before provision for income taxes   55,793    58,093    46,389  PROVISION FOR INCOME TAXES   10,658    11,702    8,830  NET INCOME  $ 45,135   $ 46,391   $ 37,559  Earnings per common share:  Basic  $ 1.31   $ 1.34   $ 1.09  Diluted  $ 1.30   $ 1.34   $ 1.09  Cumulative dividends declared per common share  $ 0.48   $ 0.48   $ 0.48  Weighted average number of common shares outstanding:  Basic   34,509,815    34,501,016    34,391,564  Diluted   34,778,687    34,743,024    34,521,105  Increase in common shares outstanding   30,140    3,144    46,852

FINANCIAL CONDITION        Percentage Change (in thousands except shares and per share data)  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024  Prior Qtr  Prior Yr Qtr ASSETS  Cash and due from banks  $ 213,574   $ 203,402   $ 168,427   5 %  27 % Interest-bearing deposits   228,371    298,456    40,849   (23 )%  459 % Total cash and cash equivalents   441,945    501,858    209,276   (12 )%  111 % Securities - available for sale, amortized cost $2,426,395, $2,460,262, and $2,617,986, respectively   2,108,945    2,104,511    2,244,939   — %  (6 )% Securities - held to maturity, fair value $819,261, $825,528, and $869,097, respectively   991,796    1,001,564    1,038,312   (1 )%  (4 )% Total securities   3,100,741    3,106,075    3,283,251   — %  (6 )% FHLB stock   17,286    22,451    11,741   (23 )%  47 % Loans held for sale   24,536    32,021    9,357   (23 )%  162 % Loans receivable   11,438,796    11,354,656    10,869,096   1 %  5 % Allowance for credit losses – loans   (157,323 )   (155,521 )   (151,140 )  1 %  4 % Net loans receivable   11,281,473    11,199,135    10,717,956   1 %  5 % Accrued interest receivable   63,987    60,885    66,124   5 %  (3 )% Property and equipment, net   119,649    124,589    129,889   (4 )%  (8 )% Goodwill   373,121    373,121    373,121   — %  — % Other intangibles, net   2,602    3,058    4,961   (15 )%  (48 )% Bank-owned life insurance   313,942    312,549    306,600   — %  2 % Operating lease right-of-use assets   37,134    39,998    40,834   (7 )%  (9 )% Other assets   394,396    424,297    365,169   (7 )%  8 % Total assets  $ 16,170,812   $ 16,200,037   $ 15,518,279   — %  4 % LIABILITIES  Deposits:  Non-interest-bearing  $ 4,571,598   $ 4,591,543   $ 4,699,553   — %  (3 )% Interest-bearing transaction and savings accounts   7,517,617    7,423,183    6,973,338   1 %  8 % Interest-bearing certificates   1,504,050    1,499,672    1,485,880   — %  1 % Total deposits   13,593,265    13,514,398    13,158,771   1 %  3 % Advances from FHLB   168,000    290,000    52,000   (42 )%  223 % Other borrowings   130,588    125,257    183,341   4 %  (29 )% Subordinated notes, net   80,389    80,278    89,456   — %  (10 )% Junior subordinated debentures at fair value   67,711    67,477    66,586   — %  2 % Operating lease liabilities   40,466    43,472    45,524   (7 )%  (11 )% Accrued expenses and other liabilities   210,771    258,070    211,578   (18 )%  — % Deferred compensation   46,169    46,759    46,515   (1 )%  (1 )% Total liabilities   14,337,359    14,425,711    13,853,771   (1 )%  3 % SHAREHOLDERS’ EQUITY  Common stock   1,308,967    1,307,509    1,300,969   — %  1 % Retained earnings   772,412    744,091    663,021   4 %  16 % Accumulated other comprehensive loss   (247,926 )   (277,274 )   (299,482 )  (11 )%  (17 )% Total shareholders’ equity   1,833,453    1,774,326    1,664,508   3 %  10 % Total liabilities and shareholders’ equity  $ 16,170,812   $ 16,200,037   $ 15,518,279   — %  4 % Common Shares Issued:  Shares outstanding at end of period   34,489,972    34,459,832    34,395,221  Common shareholders’ equity per share (1)  $ 53.16   $ 51.49   $ 48.39  Common shareholders’ tangible equity per share (1) (2)  $ 42.27   $ 40.57   $ 37.40  Common shareholders’ equity to total assets   11.34 %   10.95 %   10.73 %  Common shareholders’ tangible equity to tangible assets (2)   9.23 %   8.84 %   8.50 %  Consolidated Tier 1 leverage capital ratio   11.22 %   11.05 %   10.71 %

(1)  Calculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding. (2)  Common shareholders’ tangible equity and tangible assets exclude goodwill and other intangible assets. These ratios represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

ADDITIONAL FINANCIAL INFORMATION  (dollars in thousands)   LOANS        Percentage Change Mar 31, 2025  Dec 31, 2024  Mar 31, 2024  Prior Qtr  Prior Yr Qtr Commercial real estate (CRE):  Owner-occupied  $ 1,020,829   $ 1,027,426   $ 905,063   (1 )%  13 % Investment properties   1,598,387    1,623,672    1,544,885   (2 )%  3 % Small balance CRE   1,217,458    1,213,792    1,159,355   — %  5 % Multifamily real estate   877,716    894,425    809,101   (2 )%  8 % Construction, land and land development:  Commercial construction   146,467    122,362    158,011   20 %  (7 )% Multifamily construction   618,942    513,706    573,014   20 %  8 % One- to four-family construction   504,265    514,220    495,931   (2 )%  2 % Land and land development   396,009    369,663    344,563   7 %  15 % Commercial business:  Commercial business   1,283,754    1,318,333    1,262,716   (3 )%  2 % Small business scored   1,122,550    1,104,117    1,028,067   2 %  9 % Agricultural business, including secured by farmland:  Agricultural business, including secured by farmland   334,899    340,280    317,958   (2 )%  5 % One- to four-family residential   1,600,283    1,591,260    1,566,834   1 %  2 % Consumer:  Consumer—home equity revolving lines of credit   620,483    625,680    597,060   (1 )%  4 % Consumer—other   96,754    95,720    106,538   1 %  (9 )% Total loans receivable  $ 11,438,796   $ 11,354,656   $ 10,869,096   1 %  5 % Loans 30 - 89 days past due and on accrual  $ 37,339   $ 26,824   $ 19,649  Total delinquent loans (including loans on non-accrual), net  $ 71,927   $ 55,432   $ 39,429  Total delinquent loans / Total loans receivable   0.63 %   0.49 %   0.36 %

LOANS BY GEOGRAPHIC LOCATION          Percentage Change Mar 31, 2025  Dec 31, 2024  Mar 31, 2024  Prior Qtr  Prior Yr Qtr Amount  Percentage  Amount  Amount  Washington  $ 5,260,906  46 %  $ 5,245,886  $ 5,091,912  — %  3 % California   2,927,835  26 %   2,861,435   2,687,114  2 %  9 % Oregon   2,122,953  18 %   2,113,229   2,013,453  — %  5 % Idaho   665,625  6 %   665,158   613,155  — %  9 % Utah   88,858  1 %   82,459   72,652  8 %  22 % Other   372,619  3 %   386,489   390,810  (4 )%  (5 )% Total loans receivable  $ 11,438,796  100 %  $ 11,354,656  $ 10,869,096  1 %  5 %

ADDITIONAL FINANCIAL INFORMATION

(dollars in thousands)   LOAN ORIGINATIONS  Quarters Ended Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Commercial real estate  $ 37,041  $ 124,554  $ 67,362 Multifamily real estate   9,555   3,120   385 Construction and land   287,565   303,345   437,273 Commercial business   103,739   250,515   154,715 Agricultural business   12,765   17,177   34,406 One-to four-family residential   5,139   29,531   17,568 Consumer   80,030   73,791   66,145 Total loan originations (excluding loans held for sale)  $ 535,834  $ 802,033  $ 777,854

ADDITIONAL FINANCIAL INFORMATION  (dollars in thousands)   CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS  Quarters Ended Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Balance, beginning of period  $ 155,521   $ 154,585   $ 149,643  Provision for credit losses – loans   4,549    3,219    1,424  Recoveries of loans previously charged off:  Commercial real estate   57    1,215    1,389  One- to four-family real estate   188    124    16  Commercial business   557    245    781  Agricultural business, including secured by farmland   10    2    106  Consumer   119    164    159  931    1,750    2,451  Loans charged off:  Commercial real estate   —    (4 )   —  Construction and land   —    (5 )   —  One- to four-family real estate   (13 )   —    —  Commercial business   (3,301 )   (3,595 )   (1,809 ) Consumer   (364 )   (429 )   (569 ) (3,678 )   (4,033 )   (2,378 ) Net charge-offs   (2,747 )   (2,283 )   73  Balance, end of period  $ 157,323   $ 155,521   $ 151,140  Net (charge-offs) recoveries / Average loans receivable   (0.024 )%   (0.020 )%   0.001 %

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANS  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Commercial real estate  $ 40,076   $ 40,830   $ 43,555  Multifamily real estate   10,109    10,308    9,293  Construction and land   32,042    29,038    28,908  One- to four-family real estate   20,752    20,807    20,432  Commercial business   38,665    38,611    35,544  Agricultural business, including secured by farmland   5,641    5,727    3,890  Consumer   10,038    10,200    9,518  Total allowance for credit losses – loans  $ 157,323   $ 155,521   $ 151,140  Allowance for credit losses - loans / Total loans receivable   1.38 %   1.37 %   1.39 % Allowance for credit losses - loans / Non-performing loans   404 %   421 %   513 %

CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS  Quarters Ended Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Balance, beginning of period  $ 13,562   $ 13,765   $ 14,484  Recapture of provision for credit losses - unfunded loan commitments   (1,400 )   (203 )   (887 ) Balance, end of period  $ 12,162   $ 13,562   $ 13,597

ADDITIONAL FINANCIAL INFORMATION  (dollars in thousands)   NON-PERFORMING ASSETS  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Loans on non-accrual status:  Secured by real estate:  Commercial  $ 2,182   $ 2,186   $ 2,753  Construction and land   4,359    3,963    5,029  One- to four-family   10,448    10,016    7,750  Commercial business   6,425    7,067    7,355  Agricultural business, including secured by farmland   10,301    8,485    2,496  Consumer   4,874    4,835    3,411  38,589    36,552    28,794  Loans more than 90 days delinquent, still on accrual:  Secured by real estate:  Construction and land   —    —    286  One- to four-family   9    369    409  Commercial business   206    —    —  Consumer   155    35    —  370    404    695  Total non-performing loans   38,959    36,956    29,489  REO   3,468    2,367    448  Other repossessed assets   300    300    —  Total non-performing assets  $ 42,727   $ 39,623   $ 29,937  Total non-performing assets to total assets   0.26 %   0.24 %   0.19 %

LOANS BY CREDIT RISK RATING  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Pass  $ 11,207,852  $ 11,118,744  $ 10,731,015 Special Mention   33,133   43,451   22,029 Substandard   197,811   192,461   116,052 Total  $ 11,438,796  $ 11,354,656  $ 10,869,096

ADDITIONAL FINANCIAL INFORMATION  (dollars in thousands)   DEPOSIT COMPOSITION        Percentage Change Mar 31, 2025  Dec 31, 2024  Mar 31, 2024  Prior Qtr  Prior Yr Qtr Non-interest-bearing  $ 4,571,598  $ 4,591,543  $ 4,699,553  — %  (3 )% Interest-bearing checking   2,431,279   2,393,864   2,112,799  2 %  15 % Regular savings accounts   3,542,005   3,478,423   3,171,933  2 %  12 % Money market accounts   1,544,333   1,550,896   1,688,606  — %  (9 )% Total interest-bearing transaction and savings accounts   7,517,617   7,423,183   6,973,338  1 %  8 % Total core deposits   12,089,215   12,014,726   11,672,891  1 %  4 % Interest-bearing certificates   1,504,050   1,499,672   1,485,880  — %  1 % Total deposits  $ 13,593,265  $ 13,514,398  $ 13,158,771  1 %  3 %

GEOGRAPHIC CONCENTRATION OF DEPOSITS  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024  Percentage Change Amount  Percentage  Amount  Amount  Prior Qtr  Prior Yr Qtr Washington  $ 7,394,201  54 %  $ 7,441,413  $ 7,258,785  (1 )%  2 % Oregon   3,045,078  22 %   2,981,327   2,914,605  2 %  4 % California   2,463,012  18 %   2,392,573   2,316,515  3 %  6 % Idaho   690,974  5 %   699,085   668,866  (1 )%  3 % Total deposits  $ 13,593,265  100 %  $ 13,514,398  $ 13,158,771  1 %  3 %

INCLUDED IN TOTAL DEPOSITS  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Public non-interest-bearing accounts  $ 146,390  $ 165,667  $ 140,477 Public interest-bearing transaction & savings accounts   239,707   248,746   251,161 Public interest-bearing certificates   24,226   25,423   28,821 Total public deposits  $ 410,323  $ 439,836  $ 420,459 Collateralized public deposits  $ 313,445  $ 336,376  $ 316,554 Total brokered deposits  $ 75,321  $ 50,346  $ 107,527  AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Number of deposit accounts   453,808   460,004   461,399 Average account balance per account  $ 30  $ 30  $ 29

ADDITIONAL FINANCIAL INFORMATION  (dollars in thousands)  ESTIMATED REGULATORY CAPITAL RATIOS AS OF MARCH 31, 2025  Actual  Minimum to be categorized as "Adequately Capitalized"  Minimum to be

categorized as

"Well Capitalized" Amount  Ratio  Amount  Ratio  Amount  Ratio  Banner Corporation-consolidated:  Total capital to risk-weighted assets  $ 2,052,497  15.23 %  $ 1,078,147  8.00 %  $ 1,347,684  10.00 % Tier 1 capital to risk-weighted assets   1,784,020  13.24 %   808,610  6.00 %   808,610  6.00 % Tier 1 leverage capital to average assets   1,784,020  11.22 %   636,113  4.00 %   n/a  n/a  Common equity tier 1 capital to risk-weighted assets   1,697,520  12.60 %   606,458  4.50 %   n/a  n/a  Banner Bank:  Total capital to risk-weighted assets   1,911,810  14.16 %   1,079,945  8.00 %   1,349,932  10.00 % Tier 1 capital to risk-weighted assets   1,743,056  12.91 %   809,959  6.00 %   1,079,945  8.00 % Tier 1 leverage capital to average assets   1,743,056  10.95 %   636,570  4.00 %   795,713  5.00 % Common equity tier 1 capital to risk-weighted assets   1,743,056  12.91 %   607,469  4.50 %   877,456  6.50 %

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

ADDITIONAL FINANCIAL INFORMATION  (dollars in thousands)  (rates / ratios annualized)  ANALYSIS OF NET INTEREST SPREAD Quarters Ended Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Average Balance  Interest and Dividends  Yield / Cost (3)  Average Balance  Interest and Dividends  Yield / Cost (3)  Average Balance  Interest and Dividends  Yield / Cost (3) Interest-earning assets:  Held for sale loans $ 22,457  $ 357   6.45 %  $ 61,585  $ 1,049   6.78 %  $ 9,939  $ 167   6.76 % Mortgage loans  9,366,213   137,724   5.96 %   9,267,076   136,831   5.87 %   8,892,561   125,284   5.67 % Commercial/agricultural loans  1,907,212   30,752   6.54 %   1,900,337   31,873   6.67 %   1,830,095   30,847   6.78 % Consumer and other loans  121,492   2,092   6.98 %   124,726   2,078   6.63 %   133,854   2,196   6.60 % Total loans (1)  11,417,374   170,925   6.07 %   11,353,724   171,831   6.02 %   10,866,449   158,494   5.87 % Mortgage-backed securities  2,542,983   15,895   2.53 %   2,576,908   16,228   2.51 %   2,728,640   17,076   2.52 % Other securities  902,732   9,687   4.35 %   919,742   10,281   4.45 %   984,639   11,501   4.70 % Interest-bearing deposits with banks  65,758   484   2.99 %   107,404   1,043   3.86 %   45,264   459   4.08 % FHLB stock  12,804   149   4.72 %   9,887   316   12.71 %   19,073   209   4.41 % Total investment securities  3,524,277   26,215   3.02 %   3,613,941   27,868   3.07 %   3,777,616   29,245   3.11 % Total interest-earning assets  14,941,651   197,140   5.35 %   14,967,665   199,699   5.31 %   14,644,065   187,739   5.16 % Non-interest-earning assets  1,006,497       1,016,366       943,725  Total assets $ 15,948,148      $ 15,984,031      $ 15,587,790  Deposits:  Interest-bearing checking accounts $ 2,381,106   8,537   1.45 %  $ 2,377,179   9,279   1.55 %  $ 2,104,242   6,716   1.28 % Savings accounts  3,450,908   18,103   2.13 %   3,441,196   19,447   2.25 %   3,066,448   15,279   2.00 % Money market accounts  1,555,262   7,860   2.05 %   1,584,092   8,510   2.14 %   1,674,159   8,388   2.02 % Certificates of deposit  1,531,428   14,237   3.77 %   1,513,966   14,981   3.94 %   1,500,429   14,230   3.81 % Total interest-bearing deposits  8,918,704   48,737   2.22 %   8,916,433   52,217   2.33 %   8,345,278   44,613   2.15 % Non-interest-bearing deposits  4,526,596   —   — %   4,640,557   —   — %   4,711,922   —   — % Total deposits  13,445,300   48,737   1.47 %   13,556,990   52,217   1.53 %   13,057,200   44,613   1.37 % Other interest-bearing liabilities:  FHLB advances  75,300   860   4.63 %   7,522   85   4.50 %   212,989   2,972   5.61 % Other borrowings  134,761   694   2.09 %   143,097   817   2.27 %   180,692   1,175   2.62 % Junior subordinated debentures and subordinated notes  169,678   2,494   5.96 %   169,678   2,781   6.52 %   181,579   2,969   6.58 % Total borrowings  379,739   4,048   4.32 %   320,297   3,683   4.57 %   575,260   7,116   4.98 % Total funding liabilities  13,825,039   52,785   1.55 %   13,877,287   55,900   1.60 %   13,632,460   51,729   1.53 % Other non-interest-bearing liabilities (2)  324,031       324,447       303,412  Total liabilities  14,149,070       14,201,734       13,935,872  Shareholders’ equity  1,799,078       1,782,297       1,651,918  Total liabilities and shareholders’ equity $ 15,948,148      $ 15,984,031      $ 15,587,790  Net interest income/rate spread (tax equivalent)   $ 144,355   3.80 %    $ 143,799   3.71 %    $ 136,010   3.63 % Net interest margin (tax equivalent)     3.92 %      3.82 %      3.74 % Reconciliation to reported net interest income:  Adjustments for taxable equivalent basis    (3,272 )       (3,263 )       (3,051 )  Net interest income and margin, as reported   $ 141,083   3.83 %    $ 140,536   3.74 %    $ 132,959   3.65 % Additional Key Financial Ratios:  Return on average assets     1.15 %      1.15 %      0.97 % Adjusted return on average assets (4)     1.14 %      1.15 %      1.08 % Return on average equity     10.17 %      10.35 %      9.14 % Adjusted return on average equity (4)     10.12 %      10.28 %      10.24 % Average equity/average assets     11.28 %      11.15 %      10.60 % Average interest-earning assets/average interest-bearing liabilities     160.69 %      162.05 %      164.16 % Average interest-earning assets/average funding liabilities     108.08 %      107.86 %      107.42 % Non-interest income/average assets     0.49 %      0.50 %      0.30 % Non-interest expense/average assets     2.57 %      2.48 %      2.52 % Efficiency ratio     63.21 %      61.95 %      67.55 % Adjusted efficiency ratio (4)     62.18 %      60.74 %      63.70 %

(1)  Average balances include loans accounted for on a nonaccrual basis and accruing loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans. (2)  Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures. (3)  Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $2.2 million for both the quarters ended March 31, 2025 and December 31, 2024, and $2.0 million for the quarter ended March 31, 2024. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.0 million for each of the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024. (4)  Represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

ADDITIONAL FINANCIAL INFORMATION  (dollars in thousands)   * Non-GAAP Financial Measures  In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders’ equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:  ADJUSTED REVENUE  Quarters Ended Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Net interest income (GAAP)  $ 141,083   $ 140,536   $ 132,959 Non-interest income (GAAP)   19,108    20,035    11,591 Total revenue (GAAP)   160,191    160,571    144,550 Exclude: Net (gain) loss on sale of securities   —    (275 )   4,903 Net change in valuation of financial instruments carried at fair value   (315 )   (161 )   992 Adjusted revenue (non-GAAP)  $ 159,876   $ 160,135   $ 150,445

ADJUSTED EARNINGS  Quarters Ended Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Net income (GAAP)  $ 45,135   $ 46,391   $ 37,559  Exclude: Net (gain) loss on sale of securities   —    (275 )   4,903  Net change in valuation of financial instruments carried at fair value   (315 )   (161 )   992  Related net tax expense (benefit)   76    105    (1,415 ) Total adjusted earnings (non-GAAP)  $ 44,896   $ 46,060   $ 42,039   Diluted earnings per share (GAAP)  $ 1.30   $ 1.34   $ 1.09  Diluted adjusted earnings per share (non-GAAP)  $ 1.29   $ 1.33   $ 1.22  Return on average assets   1.15 %   1.15 %   0.97 % Adjusted return on average assets (1)   1.14 %   1.15 %   1.08 % Return on average equity   10.17 %   10.35 %   9.14 % Adjusted return on average equity (2)   10.12 %   10.28 %   10.24 %

(1)  Adjusted earnings (non-GAAP) divided by average assets. (2)  Adjusted earnings (non-GAAP) divided by average equity.

ADDITIONAL FINANCIAL INFORMATION  (dollars in thousands)  ADJUSTED EFFICIENCY RATIO  Quarters Ended Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Non-interest expense (GAAP)  $ 101,259   $ 99,478   $ 97,641  Exclude: CDI amortization   (456 )   (589 )   (723 ) State/municipal tax expense   (1,454 )   (1,518 )   (1,304 ) REO operations   61    (113 )   220  Adjusted non-interest expense (non-GAAP)  $ 99,410   $ 97,258   $ 95,834   Net interest income (GAAP)  $ 141,083   $ 140,536   $ 132,959  Non-interest income (GAAP)   19,108    20,035    11,591  Total revenue (GAAP)   160,191    160,571    144,550  Exclude: Net (gain) loss on sale of securities   —    (275 )   4,903  Net change in valuation of financial instruments carried at fair value   (315 )   (161 )   992  Adjusted revenue (non-GAAP)  $ 159,876   $ 160,135   $ 150,445   Efficiency ratio (GAAP)   63.21 %   61.95 %   67.55 % Adjusted efficiency ratio (non-GAAP) (1)   62.18 %   60.74 %   63.70 %

(1)  Adjusted non-interest expense (non-GAAP) divided by adjusted revenue.

TANGIBLE COMMON SHAREHOLDERS’ EQUITY TO TANGIBLE ASSETS  Mar 31, 2025  Dec 31, 2024  Mar 31, 2024 Shareholders’ equity (GAAP)  $ 1,833,453   $ 1,774,326   $ 1,664,508  Exclude goodwill and other intangible assets, net   375,723    376,179    378,082  Tangible common shareholders’ equity (non-GAAP)  $ 1,457,730   $ 1,398,147   $ 1,286,426   Total assets (GAAP)  $ 16,170,812   $ 16,200,037   $ 15,518,279  Exclude goodwill and other intangible assets, net   375,723    376,179    378,082  Total tangible assets (non-GAAP)  $ 15,795,089   $ 15,823,858   $ 15,140,197  Common shareholders’ equity to total assets (GAAP)   11.34 %   10.95 %   10.73 % Tangible common shareholders’ equity to tangible assets (non-GAAP)   9.23 %   8.84 %   8.50 %  TANGIBLE COMMON SHAREHOLDERS’ EQUITY PER SHARE  Shareholders’ equity (GAAP)  $ 1,833,453   $ 1,774,326   $ 1,664,508  Tangible common shareholders’ equity (non-GAAP)  $ 1,457,730   $ 1,398,147   $ 1,286,426  Common shares outstanding at end of period   34,489,972    34,459,832    34,395,221  Common shareholders’ equity (book value) per share (GAAP)  $ 53.16   $ 51.49   $ 48.39  Tangible common shareholders’ equity (tangible book value) per share (non-GAAP)  $ 42.27   $ 40.57   $ 37.40

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Contacts

MARK J. GRESCOVICH,
PRESIDENT & CEO
ROBERT G. BUTTERFIELD, CFO
(509) 527-3636

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