A Business at a Glance
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BANNER CORP
BANR
$2.4B
Mkt Cap
$70.29
+2.09%
BANNER CORP (BANR) has a current P/E ratio of 12.5, compared to its historical median P/E of 11.0. The stock is currently considered Fair based on its historical valuation range.
BANNER CORP (BANR) has a 5-year average return on invested capital (ROIC) of 11.2%. This indicates solid capital allocation.
BANNER CORP (BANR) has a market capitalization of $2.4B. It is classified as a mid-cap stock.
Yes, BANNER CORP (BANR) pays a dividend with a trailing twelve-month yield of 2.83%. The company also returns capital through share buybacks, with a buyback yield of 1.31%.
Based on historical P/E analysis, BANNER CORP (BANR) appears fair. The current P/E of 12.5 is 13% above its historical median of 11.0. The estimated fair value CAGR (P/E method) is 6.2%.
BANNER CORP (BANR) operates in the State Commercial Banks industry, within the Financials sector.
BANNER CORP (BANR) reported annual revenue of $588 million in its most recent fiscal year, based on SEC EDGAR filings.
Banner is a bank holding company incorporated in the State of Washington which wholly owns one subsidiary bank, Banner Bank. The Bank is a Washington-chartered commercial bank that conducts business from its main office in Walla Walla, Washington and, as of December 31, 2025, it had 135 branch offices and 15 loan production offices located in Washington, Oregon, California, Idaho, Utah and Nevada. Banner is subject to regulation by the Federal Reserve. The Bank is subject to regulation by the Washington State Department of Financial Institutions-Division of Banks (the DFI) and the Federal Deposit Insurance Corporation (the FDIC). As of December 31, 2025, we had total consolidated assets of $16.35 billion, net loans of $11.56 billion, total deposits of $13.74 billion, and total shareholders’ equity of $1.95 billion. Banner’s common stock is traded on the NASDAQ Global Select Market under the ticker symbol “BANR.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 597M | 588M | 542M | 576M | 553M | 497M |
| Net Income | 205M | 195M | 169M | 184M | 195M | 201M |
| EPS | $5.93 | $5.64 | $4.88 | $5.33 | $5.67 | $5.76 |
| Free Cash Flow | 302M | 248M | 279M | 243M | 223M | 291M |
| ROIC | 0.4% | 10.5% | 9.9% | 11.8% | 12.4% | 11.6% |
| Gross Margin | - | 97.8% | 98.6% | 98.1% | 98.5% | 93.3% |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends/Share | $1.99 | $1.94 | $1.92 | $1.92 | $1.76 | $1.64 |
| Operating Income | 73M | 73M | 67M | 44M | 75M | 96M |
| Operating Margin | 12.2% | 12.4% | 12.3% | 7.7% | 13.6% | 19.4% |
| ROE | 10.4% | 10.5% | 9.9% | 11.8% | 12.4% | 12.0% |
| Shares Outstanding | 34M | 35M | 35M | 34M | 34M | 35M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 180M | 242M | 375M | 393M | 431M | 469M | 481M | 497M | 553M | 576M | 542M | 588M | 597M |
| Gross Margin | 100.0% | 100.0% | 98.4% | 98.0% | 98.0% | 97.9% | 86.6% | 93.3% | 98.5% | 98.1% | 98.6% | 97.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 90M | 127M | 181M | 192M | 203M | 226M | 245M | 244M | 242M | 245M | 251M | 261M | 264M |
| EBIT | 55M | 62M | 76M | 85M | 84M | 82M | 99M | 96M | 75M | 44M | 67M | 73M | 73M |
| Op. Margin | 30.6% | 25.7% | 20.3% | 21.7% | 19.5% | 17.5% | 20.5% | 19.4% | 13.6% | 7.7% | 12.3% | 12.4% | 12.2% |
| Net Income | 54M | 45M | 85M | 61M | 137M | 146M | 116M | 201M | 195M | 184M | 169M | 195M | 205M |
| Net Margin | 30.1% | 18.7% | 22.8% | 15.5% | 31.7% | 31.2% | 24.1% | 40.5% | 35.3% | 31.9% | 31.2% | 33.2% | 34.3% |
| Non-Recurring | 0 | 0 | 0 | 12M | 0 | 0 | 0 | 0 | 7.8M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.6% | 4.8% | 6.6% | 4.7% | 9.9% | 9.5% | 6.9% | 11.6% | 12.4% | 11.8% | 9.9% | 10.5% | 0.4% |
| ROE | 9.6% | 4.8% | 6.6% | 4.7% | 9.9% | 9.5% | 7.1% | 12.0% | 12.4% | 11.8% | 9.9% | 10.5% | 10.4% |
| ROA | 1.2% | 0.6% | 0.9% | 0.6% | 1.3% | 1.2% | 0.8% | 1.3% | 1.2% | 1.2% | 1.1% | 1.2% | 1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 98M | 16M | -76M | 347M | 31M | 150M | 125M | 302M | 238M | 257M | 293M | 257M | 310M |
| Free Cash Flow | 92M | 4.1M | -92M | 334M | 7.7M | 125M | 113M | 291M | 223M | 243M | 279M | 248M | 302M |
| Owner Earnings | 86M | -1.3M | -101M | 320M | 2.9M | 117M | 90M | 268M | 207M | 226M | 262M | 229M | 102M |
| CapEx | 5.9M | 12M | 16M | 12M | 23M | 25M | 13M | 10M | 15M | 15M | 14M | 9.5M | 8.3M |
| Maint. CapEx | 10M | 13M | 21M | 21M | 21M | 25M | 26M | 24M | 22M | 22M | 21M | 18M | 197M |
| Growth CapEx | 0 | 0 | 0 | 0 | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 10M | 13M | 21M | 21M | 21M | 25M | 26M | 24M | 22M | 22M | 21M | 18M | 197M |
| CapEx/OCF | 6.1% | 74.4% | N/A | 3.5% | 75.0% | 16.5% | 10.2% | 3.5% | 6.2% | 5.7% | 4.7% | 3.7% | 2.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 13M | 17M | 28M | 66M | 59M | 56M | 94M | 58M | 61M | 67M | 67M | 68M | 68M |
| Dividend Yield | 2.5% | 2.2% | 2.7% | 4.8% | 4.0% | 3.7% | 8.1% | 3.5% | 3.3% | 4.3% | 3.7% | 3.1% | 2.8% |
| Share Buybacks | 0 | 0 | 51M | 31M | 34M | 54M | 32M | 57M | 11M | 0 | 0 | 32M | 32M |
| Buyback Yield | N/A | N/A | 3.7% | 2.3% | 2.5% | 3.5% | 2.3% | 3.0% | 0.6% | N/A | N/A | 1.4% | 1.3% |
| Stock-Based Comp | 2.3M | 4.3M | 4.3M | 6.0M | 6.6M | 7.1M | 9.2M | 9.3M | 8.9M | 9.2M | 10M | 10M | 11M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | -1.9B | -1.9B | -3.5B | -5.8B | -3.0B | -2.6B | -2.6B | -2.4B | -2.5B |
| Cash & Equiv. | 126M | 248M | 248M | 261M | 272M | 308M | 1.2B | 2.1B | 243M | 254M | 502M | 423M | 2.5B |
| Long-Term Debt | N/A | N/A | N/A | N/A | 0 | 0 | 98M | 0 | 0 | N/A | N/A | N/A | 697K |
| Debt/Equity | 7.10 | 6.54 | 6.50 | 6.67 | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.4 |
| Equity | 583M | 1.3B | 1.3B | 1.3B | 1.5B | 1.6B | 1.7B | 1.7B | 1.5B | 1.7B | 1.8B | 1.9B | 2.0B |
| Total Assets | 4.7B | 9.8B | 9.8B | 9.8B | 11.9B | 12.6B | 15.0B | 16.8B | 15.8B | 15.7B | 16.2B | 16.4B | 16.3B |
| Total Liabilities | 4.1B | 8.5B | 8.5B | 8.5B | 10.4B | 11.0B | 13.4B | 15.1B | 14.4B | 14.0B | 14.4B | 14.4B | 14.4B |
| Intangibles | 2.8M | 37M | 30M | 22M | 33M | 29M | 21M | 15M | 9.4M | 5.7M | 3.1M | 1.5M | 1.2M |
| Retained Earnings | 14M | 40M | 95M | 91M | 134M | 187M | 247M | 391M | 525M | 642M | 744M | 872M | 909M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.79 | 1.89 | 2.52 | 1.84 | 4.15 | 4.18 | 3.26 | 5.76 | 5.67 | 5.33 | 4.88 | 5.64 | 5.93 |
| Owner EPS | 4.42 | -0.05 | -2.98 | 9.68 | 0.09 | 3.34 | 2.54 | 7.69 | 6.01 | 6.57 | 7.58 | 6.61 | 2.98 |
| Book Value | 30.08 | 54.33 | 38.54 | 38.53 | 44.95 | 45.55 | 46.86 | 48.43 | 42.27 | 47.97 | 51.27 | 56.18 | 57.41 |
| Cash Flow/Share | 5.06 | 0.68 | -2.24 | 10.50 | 0.94 | 4.28 | 3.53 | 8.64 | 6.91 | 7.47 | 8.47 | 7.43 | 11.74 |
| Dividends/Share | 0.72 | 0.72 | 0.88 | 2.00 | 1.96 | 1.60 | 2.65 | 1.64 | 1.76 | 1.92 | 1.92 | 1.94 | 1.99 |
| Shares Out. | 19.4M | 23.9M | 33.9M | 33.0M | 32.9M | 35.0M | 35.6M | 34.9M | 34.5M | 34.5M | 34.6M | 34.6M | 34.3M |
| Valuation | |||||||||||||
| P/E Ratio | 10.7 | 17.5 | 16.0 | 22.7 | 9.9 | 10.7 | 11.9 | 9.2 | 9.9 | 9.5 | 13.2 | 11.4 | 11.9 |
| P/FCF | 6.3 | 190.9 | N/A | 4.1 | 176.3 | 12.5 | 12.3 | 6.4 | 8.6 | 7.2 | 8.0 | 9.0 | 8.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.9 |
| Price/Book | 1.0 | 0.6 | 1.0 | 1.1 | 0.9 | 1.0 | 0.8 | 1.1 | 1.3 | 1.1 | 1.3 | 1.1 | 1.2 |
| Price/Sales | 3.0 | 3.2 | 2.8 | 3.5 | 3.4 | 3.2 | 2.4 | 3.3 | 3.4 | 2.7 | 3.3 | 3.7 | 4.0 |
| FCF Yield | 16.0% | 0.5% | -6.7% | 24.3% | 0.6% | 8.0% | 8.2% | 15.7% | 11.6% | 13.9% | 12.6% | 11.2% | 12.5% |
| Market Cap | 577M | 791M | 1.4B | 1.4B | 1.4B | 1.6B | 1.4B | 1.9B | 1.9B | 1.7B | 2.2B | 2.2B | 2.4B |
| Avg. Price | 27.67 | 32.50 | 31.29 | 41.52 | 44.78 | 43.12 | 32.78 | 47.20 | 53.89 | 45.28 | 51.62 | 63.09 | 70.29 |
| Year-End Price | 29.78 | 33.06 | 40.30 | 41.70 | 41.16 | 44.53 | 38.85 | 53.20 | 55.88 | 50.68 | 64.32 | 64.10 | 70.29 |
BANNER CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
BANNER CORP trades at 12.5x trailing earnings, compared to its 15-year median P/E of 11.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.7x vs a median of 8.3x. The company's 5-year average ROIC is 11.2% with a gross margin of 97.3%. Total shareholder yield (dividends + buybacks) is 4.1%. At current prices, the estimated annualized return to fair value is +23.8%.
BANNER CORP (BANR) has a net profit margin of 33.2%. This is a strong margin indicating high profitability.
BANNER CORP (BANR) generated $248 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BANNER CORP (BANR) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
BANNER CORP (BANR) reported earnings per share (EPS) of $5.64 in its most recent fiscal year.
BANNER CORP (BANR) has a return on equity (ROE) of 10.5%. This indicates moderate shareholder returns.
BANNER CORP (BANR) has a 5-year average gross margin of 97.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for BANNER CORP (BANR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BANNER CORP (BANR) has a book value per share of $56.18, based on its most recent annual SEC filing.
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