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

Banner Corporation Reports Net Income of $53.5 Million, or $1.54 Per Diluted Share, for Third Quarter 2025;

Increases Quarterly Cash Dividend Declared by 4% to $0.50 Per Share

Walla Walla, WA - October 15, 2025 - Banner Corporation (NASDAQ GSM: BANR) (“Banner”), the parent company of Banner Bank, today reported net income of $53.5 million, or $1.54 per diluted share, for the third quarter of 2025, compared to $45.5 million, or $1.31 per diluted share, for the preceding quarter and $45.2 million, or $1.30 per diluted share, for the third quarter of 2024. Net interest income was $150.0 million for the third quarter of 2025, compared to $144.4 million in the preceding quarter and $135.7 million for the third quarter a year ago. The increase in net interest income compared to the preceding quarter and the prior year quarter reflects an increase in both the yield and average balance of interest-earning assets. The increase in net interest income compared to the prior year quarter also reflects a decrease in overall funding costs. Third quarter 2025 results included a $2.7 million provision for credit losses, compared to $4.8 million in the preceding quarter and $1.7 million in the third quarter of 2024. Net income was $144.1 million, or $4.15 per diluted share, for the nine months ended September 30, 2025, compared to net income of $122.5 million, or $3.54 per diluted share, for the nine months ended September 30, 2024. Banner’s results for the nine months ended September 30, 2025 include a $10.6 million provision for credit losses, a $374,000 net gain on the sale of securities and a $626,000 net increase in the fair value adjustments on financial instruments carried at fair value, compared to a $4.6 million provision for credit losses, a $5.5 million net loss on the sale of securities and a $1.1 million net decrease in the fair value adjustments on financial instruments carried at fair value during the same period in 2024.

Banner announced that its Board of Directors increased its regular quarterly cash dividend by 4% to $0.50 per share payable November 14, 2025, to common shareholders of record on November 4, 2025.

“Banner’s third quarter performance reflects the continued strength of our super community bank strategy, which focuses on building client relationships, preserving a strong funding base, and delivering exceptional service while sustaining a moderate risk profile,” said Mark Grescovich, President and CEO. “Our earnings for the third quarter of 2025 benefited from solid year over year loan growth as well as higher yields on interest-earning assets. The strategic investments we have made across the organization are generating meaningful returns and are further strengthening Banner for long-term success. Additionally, Banner continues to demonstrate strong credit quality, supported by stable credit metrics, a well-funded reserve for loan losses, and a robust capital position that provides resilience and flexibility for future growth. We also continue to benefit from a strong core deposit base, with core deposits representing 89% of total deposits at quarter-end. For 135 years, Banner has stayed true to its core values by consistently doing the right thing for our clients, communities, colleagues, company and shareholders. Our long-standing commitment has enabled us to navigate change with confidence and continue building a strong foundation for the future.”

At September 30, 2025, Banner, on a consolidated basis, had $16.56 billion in assets, $11.54 billion in net loans and $14.02 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.

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 2

Third Quarter 2025 Highlights

•Net interest margin, on a tax equivalent basis, was 3.98% for the current quarter, compared to 3.92% in the preceding quarter and 3.72% in the third quarter a year ago.

•Revenue increased 5% to $170.7 million for the third quarter of 2025, compared to $162.2 million in the preceding quarter and increased 11% from $153.7 million in the third 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, the net change in valuation of financial instruments, and gains or losses incurred on building and lease exits) was $168.7 million in the third quarter of 2025, compared to $163.0 million in the preceding quarter and $153.7 million in the third quarter a year ago.

•Net interest income was $150.0 million in the third quarter of 2025, compared to $144.4 million in the preceding quarter and increased 11% from $135.7 million in the third quarter a year ago.

•Mortgage banking operations revenue was $3.3 million for the third quarter of 2025, compared to $3.2 million in both the preceding quarter and the third quarter a year ago.

•Return on average assets was 1.30% for the third quarter of 2025, compared to 1.13% in both the preceding quarter and third quarter a year ago.

•Net loans receivable were $11.54 billion at September 30, 2025, compared to $11.53 billion at June 30, 2025, and increased 4% compared to $11.07 billion at September 30, 2024.

•Total deposits increased 4% to $14.02 billion at September 30, 2025, compared to $13.53 billion at June 30, 2025 and $13.54 billion at September 30, 2024.

•Core deposits represented 89% of total deposits at September 30, 2025.

•Non-performing assets were $45.3 million, or 0.27% of total assets, at September 30, 2025, compared to $49.8 million, or 0.30% of total assets, at June 30, 2025 and $45.2 million, or 0.28% of total assets, at September 30, 2024.

•The allowance for credit losses - loans was $159.7 million, or 1.36% of total loans receivable, as of September 30, 2025, compared to $160.5 million, or 1.37% of total loans receivable, as of June 30, 2025 and $154.6 million, or 1.38% of total loans receivable, as of September 30, 2024.

•Dividends paid to shareholders were $0.48 per share in the quarter ended September 30, 2025.

•Common shareholders’ equity per share increased 3% to $55.71 at September 30, 2025, compared to $53.95 at the preceding quarter end, and increased 7% from $52.06 at September 30, 2024.

•Tangible common shareholders’ equity per share* increased 4% to $44.79 at September 30, 2025, compared to $43.09 at June 30, 2025, and increased 9% from $41.12 at September 30, 2024.

•Repurchased 250,000 shares of Banner common stock during the third quarter of 2025 at an average price of $63.11 per share.

*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 $150.0 million in the third quarter of 2025, compared to $144.4 million in the preceding quarter and $135.7 million in the third quarter a year ago. Net interest margin, on a tax equivalent basis, increased six basis points to 3.98% for the third quarter of 2025, compared to 3.92% for the preceding quarter, and increased 26 basis points compared to 3.72% in the third quarter a year ago. The net interest margin for the current quarter benefited from higher yields on interest-earning assets and lower funding costs.

Interest income was $205.8 million in the third quarter of 2025, compared to $200.3 million in the preceding quarter and $195.8 million in the third quarter a year ago. Average yields on interest-earning assets increased three basis points to 5.43% for the third quarter of 2025, compared to 5.40% for the preceding quarter, and increased 10 basis points compared to 5.33% in the third quarter a year ago, primarily due to increases in average loan yields. Average loan yields increased five basis points to 6.17%, compared to 6.12% in the preceding quarter, and increased 13 basis points compared to 6.04% in the third 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.

Interest expense was $55.9 million in both the third quarter of 2025 and the preceding quarter, compared to $60.2 million in the third quarter a year ago. Total deposit costs increased three basis points to 1.50% in the third quarter of 2025, compared to 1.47% the preceding quarter and decreased 11 basis points compared to 1.61% in the third quarter a year ago. The decrease in deposit costs in the current quarter compared to the same quarter a year ago was primarily due to interest rate declines in the second half of 2024. The average rate paid on borrowings decreased 29 basis points to 4.18% in the third quarter of 2025, compared to 4.47% in the preceding quarter, and decreased compared to 5.08% in the third quarter a year ago, primarily due to declines in both market interest rates and the average balance of borrowings. The total cost of funding liabilities decreased three basis points to 1.57% in the third quarter of 2025, compared to 1.60% in the preceding quarter, primarily due to a decrease in the average balance of FHLB advances, as the increase in deposits was used to pay down borrowings. The total cost of funding liabilities also decreased 16 basis points from 1.73% in the third quarter a year ago, primarily due to deposit interest rate declines and decreases in both the average balance and cost of borrowings, partially offset by an increase in the average balance of interest-bearing deposits.

A $2.7 million provision for credit losses was recorded in the current quarter (comprised of a $1.4 million provision for credit losses - loans and a $1.3 million provision for credit losses - unfunded loan commitments). This compares to a $4.8 million provision for credit losses in the prior quarter (comprised of a $4.2 million provision for credit losses - loans and a $588,000 provision for credit losses - unfunded loan commitments) and a $1.7 million provision for credit losses in the third quarter a year ago (comprised of a $2.0 million provision for credit losses - loans and a $262,000 recapture of provision for credit losses - unfunded loan commitments). The provision for credit losses in the quarter was driven by changes in both portfolio mix and individually evaluated loans.

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 3

Total non-interest income was $20.7 million in the third quarter of 2025, compared to $17.8 million in the preceding quarter and $18.1 million in the third quarter a year ago. The increase from the preceding quarter was primarily due to a $2.0 million increase in miscellaneous income, which reflected gains recognized on the sale of assets during the current quarter, compared to losses incurred on building and lease exits during the prior quarter associated with Banner’s reduction of excess office space. The increase compared to the prior year quarter was also primarily due to the increase in miscellaneous income resulting from the disposition of assets. Total non-interest income was $57.6 million for the nine months ended September 30, 2025, compared to $46.9 million for the same period a year earlier.

Mortgage banking operations revenue was $3.3 million in the third quarter of 2025, compared to $3.2 million in both the preceding quarter and the third quarter a year ago. The volume of one- to four-family loans sold during the current quarter increased compared to both the preceding quarter and the prior year quarter. Home purchase activity accounted for 88% of one- to four-family mortgage loan originations in the third quarter of 2025, compared to 85% in the preceding quarter and 88% in the third quarter of 2024.

Total non-interest expense was $102.0 million in the third quarter of 2025, compared to $101.3 million in the preceding quarter and $96.3 million in the third quarter of 2024. The increase from the previous quarter reflected a $450,000 increase in miscellaneous expense due to an increase in talent acquisition and other employee related expenses and a $308,000 increase in advertising and marketing expenses due to increases in direct mail marketing and community development expenses, partially offset by a $551,000 decrease in salary and employee benefits resulting from decreased medical premiums expense and payroll taxes. In addition, the current quarter included losses of $1.0 million in building and lease exit costs, compared to $834,000 of such costs in the previous quarter. The increase compared to the same quarter a year ago primarily reflects increases in salary and employee benefits, information and computer data services and professional and legal expenses. For the nine months ended September 30, 2025, total non-interest expense was $304.6 million, compared to $292.1 million for the nine months ended September 30, 2024.

Banner’s efficiency ratio was 59.76% for the third quarter of 2025, compared to 62.50% in the preceding quarter and 62.63% in the same quarter a year ago. Banner’s adjusted efficiency ratio, a non-GAAP financial measure, was 58.54% for the third quarter of 2025, compared to 60.28% in the preceding quarter and 61.27% in the year-ago quarter. The improvement in Banner’s efficiency ratio compared to both the preceding and prior year quarters primarily reflected stronger net interest margins, combined with controlled growth in operating expenses. 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 $16.56 billion at September 30, 2025, up from $16.44 billion at June 30, 2025 and $16.19 billion at September 30, 2024. The increase compared to the prior quarter was primarily due to an increase in interest-bearing deposits held at other banks, partially offset by decreases in securities. Securities and interest-bearing deposits held at other banks totaled $3.47 billion at September 30, 2025, compared to $3.29 billion at June 30, 2025 and $3.50 billion at September 30, 2024. The average effective duration of the securities portfolio was approximately 6.4 years at September 30, 2025, compared to 6.3 years at September 30, 2024.

Total loans receivable were $11.70 billion at September 30, 2025, up from $11.69 billion at June 30, 2025 and up 4% compared to $11.22 billion at September 30, 2024. Commercial real estate loans increased to $4.00 billion at September 30, 2025, compared to $3.97 billion at June 30, 2025, and increased 5% compared to $3.79 billion at September 30, 2024. The increase in commercial real estate loans from both June 30, 2025 and September 30, 2024 was a combination of both new loan production and the conversion of commercial construction loans to the commercial real estate portfolio upon the completion of the construction phase. Construction, land and land development loans increased 2% to $1.74 billion at September 30, 2025, compared to $1.70 billion at June 30, 2025, and increased 14% compared to $1.53 billion at September 30, 2024. The increase from both June 30, 2025 and September 30, 2024 was primarily due to new production and advances, partially offset by payoffs and transfers to the portfolio upon the completion of the construction phase. Commercial business loans decreased 2% to $2.43 billion at September 30, 2025, compared to $2.47 billion at June 30, 2025, primarily due to payoffs and paydowns outpacing new loan production, and increased 3% compared to $2.37 billion at September 30, 2024, primarily as a result of new loan production.

Loans held for sale were $20.3 million at September 30, 2025, compared to $37.7 million at June 30, 2025 and $78.8 million at September 30, 2024. One- to four- family residential mortgage held for sale loans sold in the current quarter totaled $136.9 million, compared to $104.6 million in the preceding quarter and $95.0 million in the third quarter a year ago. The decrease in loans held for sale compared to the preceding and prior year quarters was primarily the result of increased sales of one- to four- family residential mortgage loans held for sale, with loan sales outpacing originations during the quarter.

Total deposits were $14.02 billion at September 30, 2025, compared to $13.53 billion at June 30, 2025 and $13.54 billion a year ago. Core deposits increased 4% to $12.48 billion at September 30, 2025, compared to $12.05 billion at June 30, 2025, and increased 4% compared to $12.02 billion at September 30, 2024. The increase compared to the preceding and prior year quarters primarily reflects increases in interest-bearing transaction and savings accounts. Core deposits remain stable at 89% of total deposits at September 30, 2025, June 30, 2025 and September 30, 2024. Certificates of deposit increased 4% to $1.54 billion at September 30, 2025, compared to $1.48 billion at June 30, 2025, and increased from $1.52 billion a year earlier.

FHLB advances decreased 82% to $100.0 million at September 30, 2025, compared to $565.0 million at June 30, 2025 and decreased 57% compared to $230.0 million a year ago as deposits were used as the primary source of funds during the current quarter. At September 30, 2025, off-balance sheet liquidity included additional borrowing capacity of $3.25 billion at the FHLB and $1.63 billion at the Federal Reserve, as well as federal funds line of credit agreements with other financial institutions of $125.0 million.

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 4

At September 30, 2025, total common shareholders’ equity was $1.91 billion or 11.55% of total assets, compared to $1.87 billion or 11.35% of total assets at June 30, 2025, and $1.79 billion or 11.08% of total assets at September 30, 2024. The increase at September 30, 2025 compared to June 30, 2025 was due to a $36.7 million increase in retained earnings resulting from $53.5 million in net income, partially offset by the accrual of $16.8 million of cash dividends during the third quarter of 2025. In addition, Banner repurchased 250,000 shares of its common stock in the third quarter of 2025 at an average price of $63.11 per share. At September 30, 2025, tangible common shareholders’ equity, a non-GAAP financial measure, was $1.54 billion, or 9.50% of tangible assets, compared to $1.49 billion, or 9.28% of tangible assets, at June 30, 2025, and $1.42 billion, or 8.96% 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 September 30, 2025, Banner’s estimated common equity Tier 1 capital ratio was 12.78%, its estimated Tier 1 leverage capital to average assets ratio was 11.33%, and its estimated total capital to risk-weighted assets ratio was 14.66%. These regulatory capital ratios are estimates, pending completion and filing of Banner’s regulatory reports.

Credit Quality

The allowance for credit losses - loans was $159.7 million, or 1.36% of total loans receivable and 399% of non-performing loans, at September 30, 2025, compared to $160.5 million, or 1.37% of total loans receivable and 373% of non-performing loans, at June 30, 2025, and $154.6 million, or 1.38% of total loans receivable and 359% of non-performing loans, at September 30, 2024. In addition to the allowance for credit losses - loans, Banner maintains an allowance for credit losses - unfunded loan commitments, which was $14.0 million at September 30, 2025, compared to $12.8 million at June 30, 2025, and $13.8 million at September 30, 2024. Net loan charge-offs totaled $2.2 million in the third quarter of 2025, compared to net loan charge-offs of $1.0 million and $230,000 in the preceding quarter and third quarter a year ago, respectively. Non-performing loans were $40.0 million at September 30, 2025, compared to $43.0 million at June 30, 2025, and $43.0 million a year ago. Substandard loans were $174.0 million as of September 30, 2025, compared to $189.5 million as of June 30, 2025 and $150.1 million a year ago. Total non-performing assets were $45.3 million, or 0.27% of total assets, at September 30, 2025, compared to $49.8 million, or 0.30% of total assets, at June 30, 2025, and $45.2 million, or 0.28% of total assets, a year ago.

Conference Call

Banner will host a conference call on Thursday, October 16, 2025, at 8:00 a.m. PDT, to discuss its third 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 613608 to participate in the call. A replay of the call will be available at www.bannerbank.com.

About the Company

Banner Corporation is a $16.56 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.

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 5

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.

Forward-looking statements may relate to, among other things, future financial performance, strategic plans or objectives, revenues or earnings projections, and other financial or operational information. These statements are inherently subject to numerous risks and uncertainties, including ongoing market volatility and evolving global conditions, which may cause actual results to differ materially from those expressed or implied. These factors include, but are not limited to: (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 labor shortages, elevated inflation, recessionary pressures, or slowing economic growth; (2) changes in interest rate levels and the duration of such changes, including actions by the Federal Reserve, which could materially affect our net interest margin, funding costs, asset values, access to capital and liquidity; (3) the impact of inflation and monetary and fiscal policy responses thereto, and their impact on consumer and business behavior; (4) geopolitical developments and international conflicts, including but not limited to tensions or instability in Eastern Europe, the Middle East, and Asia, or the imposition of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, energy prices, or economic activity in specific industry sectors, including, but not limited to, agriculture-based lending; (5) the effects of federal government shutdowns, debt ceiling standoff, or other fiscal policy uncertainty; (6) 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; (7) expectations regarding key growth initiatives and strategic priorities; (8) credit risks from 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; (9) results of examinations by regulatory authorities, which could result in the imposition of penalties, required changes to our business practices, or additional reserves; (10) competitive pressures among depository and non-depository institutions affecting pricing, market share or product offerings; (11) fluctuations in real estate values; (12) the ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking, and cybersecurity; (13) vulnerabilities in information systems or third-party service providers, including disruptions, breaches, or attacks; (14) market volatility or deterioration in capital markets affecting liquidity, valuations, or investor confidence; (15) the costs, effects and outcomes of litigation or other legal proceedings involving the Company; (16) legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws; (17) climate-related risks and natural disasters, which may affect loan collateral, operations, or compliance obligations; (18) changes in accounting principles, policies or guidelines; (19) the impact of future acquisitions or business combinations, including related goodwill impairment risks and integration challenges; (20) 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; (21) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and (22) 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.

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 6

RESULTS OF OPERATIONS						Quarters Ended																		Nine Months Ended
(in thousands except shares and per share data)						Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
INTEREST INCOME:
Loans receivable						$	179,065					$	175,373					$	168,338					$	523,115					$	486,004
Mortgage-backed securities						15,090						15,416						16,357						46,250						49,999
Securities and cash equivalents						11,693						9,470						11,146						30,610						33,664
Total interest income						205,848						200,259						195,841						599,975						569,667
INTEREST EXPENSE:
Deposits						52,251						49,316						53,785						150,304						147,248
Federal Home Loan Bank (FHLB) advances						1,527						3,370						2,263						5,757						8,856
Other borrowings						694						675						1,147						2,063						3,482
Subordinated debt						1,387						2,499						2,971						6,380						8,901
Total interest expense						55,859						55,860						60,166						164,504						168,487
Net interest income						149,989						144,399						135,675						435,471						401,180
PROVISION FOR CREDIT LOSSES						2,670						4,795						1,692						10,604						4,581
Net interest income after provision for credit losses						147,319						139,604						133,983						424,867						396,599
NON-INTEREST INCOME:
Deposit fees and other service charges						10,955						10,835						10,741						32,559						32,353
Mortgage banking operations						3,298						3,226						3,180						9,627						8,521
Bank-owned life insurance						2,702						2,384						2,445						7,661						7,049
Miscellaneous						3,175						1,221						1,658						6,742						5,538
						20,130						17,666						18,024						56,589						53,461
Net gain (loss) on sale of securities						377						(3)						—						374						(5,465)
Net change in valuation of financial instruments carried at fair value						223						88						39						626						(1,143)
Total non-interest income						20,730						17,751						18,063						57,589						46,853
NON-INTEREST EXPENSE:
Salary and employee benefits						64,935						65,486						61,832						195,278						188,032
Less capitalized loan origination costs						(4,802)						(4,924)						(4,354)						(13,056)						(12,669)
Occupancy and equipment						12,518						12,256						12,040						36,871						36,630
Information and computer data services						8,199						8,199						7,134						24,026						21,694
Payment and card processing services						6,060						5,899						5,346						17,709						16,747
Professional and legal expenses						2,190						2,271						2,102						6,891						4,833
Advertising and marketing						1,395						1,087						1,161						3,072						3,438
Deposit insurance						2,867						2,800						2,874						8,464						8,541
State and municipal business and use taxes						1,655						1,416						1,432						4,525						4,130
Real estate operations, net						203						392						103						534						180
Amortization of core deposit intangibles						341						455						590						1,252						2,037
Miscellaneous						6,461						6,011						6,031						19,063						18,467
Total non-interest expense						102,022						101,348						96,291						304,629						292,060
Income before provision for income taxes						66,027						56,007						55,755						177,827						151,392
PROVISION FOR INCOME TAXES						12,525						10,511						10,602						33,694						28,885
NET INCOME						$	53,502					$	45,496					$	45,153					$	144,133					$	122,507
Earnings per common share:
Basic						$	1.55					$	1.31					$	1.31					$	4.17					$	3.56
Diluted						$	1.54					$	1.31					$	1.30					$	4.15					$	3.54
Cumulative dividends declared per common share						$	0.48					$	0.48					$	0.48					$	1.44					$	1.44
Weighted average number of common shares outstanding:
Basic						34,494,824						34,627,433						34,498,830						34,543,969						34,459,662
Diluted						34,659,346						34,738,948						34,650,322						34,730,103						34,575,498
(Decrease) increase in common shares outstanding						(248,697)						94,022						936						(124,535)						108,319

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 7

FINANCIAL CONDITION																														Percentage Change
(in thousands except shares and per share data)						Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024						Prior Qtr						Prior Yr Qtr
ASSETS
Cash and due from banks						$	193,453					$	239,339					$	203,402					$	226,568					(19)		%				(15)		%
Interest-bearing deposits						479,410						244,009						298,456						252,227						96		%				90		%
Total cash and cash equivalents						672,863						483,348						501,858						478,795						39		%				41		%
Securities - available for sale, amortized cost $2,292,835, $2,372,331, $2,460,262 and $2,523,968, respectively						2,018,525						2,064,581						2,104,511						2,237,939						(2)		%				(10)		%
Securities - held to maturity, fair value $815,434, $801,838, $825,528 and $879,278, respectively						971,603						981,312						1,001,564						1,013,903						(1)		%				(4)		%
Total securities						2,990,128						3,045,893						3,106,075						3,251,842						(2)		%				(8)		%
FHLB stock						14,226						35,151						22,451						19,751						(60)		%				(28)		%
Loans held for sale						20,334						37,651						32,021						78,841						(46)		%				(74)		%
Loans receivable						11,702,538						11,690,373						11,354,656						11,224,606						—		%				4		%
Allowance for credit losses – loans						(159,707)						(160,501)						(155,521)						(154,585)						—		%				3		%
Net loans receivable						11,542,831						11,529,872						11,199,135						11,070,021						—		%				4		%
Accrued interest receivable						64,914						64,729						60,885						66,981						—		%				(3)		%
Property and equipment, net						113,848						117,175						124,589						125,256						(3)		%				(9)		%
Goodwill						373,121						373,121						373,121						373,121						—		%				—		%
Other intangibles, net						1,806						2,147						3,058						3,647						(16)		%				(50)		%
Bank-owned life insurance						317,469						316,365						312,549						310,400						—		%				2		%
Operating lease right-of-use assets						35,494						38,754						39,998						38,192						(8)		%				(7)		%
Other assets						416,047						392,963						424,297						371,829						6		%				12		%
Total assets						$	16,563,081					$	16,437,169					$	16,200,037					$	16,188,676					1		%				2		%
LIABILITIES
Deposits:
Non-interest-bearing						$	4,572,338					$	4,504,491					$	4,591,543					$	4,688,244					2		%				(2)		%
Interest-bearing transaction and savings accounts						7,903,215						7,545,028						7,423,183						7,328,051						5		%				8		%
Interest-bearing certificates						1,540,382						1,477,772						1,499,672						1,521,853						4		%				1		%
Total deposits						14,015,935						13,527,291						13,514,398						13,538,148						4		%				4		%
Advances from FHLB						100,000						565,000						290,000						230,000						(82)		%				(57)		%
Other borrowings						120,536						117,112						125,257						154,533						3		%				(22)		%
Subordinated notes, net						—						—						80,278						80,170						—		%				(100)		%
Junior subordinated debentures at fair value						76,251						73,366						67,477						66,257						4		%				15		%
Operating lease liabilities						38,826						41,696						43,472						42,318						(7)		%				(8)		%
Accrued expenses and other liabilities						251,464						200,194						258,070						237,128						26		%				6		%
Deferred compensation						47,177						46,846						46,759						46,401						1		%				2		%
Total liabilities						14,650,189						14,571,505						14,425,711						14,394,955						1		%				2		%
SHAREHOLDERS’ EQUITY
Common stock						1,295,821						1,309,004						1,307,509						1,304,792						(1)		%				(1)		%
Retained earnings						837,826						801,082						744,091						714,472						5		%				17		%
Accumulated other comprehensive loss						(220,755)						(244,422)						(277,274)						(225,543)						(10)		%				(2)		%
Total shareholders’ equity						1,912,892						1,865,664						1,774,326						1,793,721						3		%				7		%
Total liabilities and shareholders’ equity						$	16,563,081					$	16,437,169					$	16,200,037					$	16,188,676					1		%				2		%
Common Shares Issued:
Shares outstanding at end of period						34,335,297						34,583,994						34,459,832						34,456,688
Common shareholders’ equity per share (1)						$	55.71					$	53.95					$	51.49					$	52.06
Common shareholders’ tangible equity per share (1) (2)						$	44.79					$	43.09					$	40.57					$	41.12
Common shareholders’ equity to total assets						11.55		%				11.35		%				10.95		%				11.08		%
Common shareholders’ tangible equity to tangible assets (2)						9.50		%				9.28		%				8.84		%				8.96		%
Consolidated Tier 1 leverage capital ratio						11.33		%				11.29		%				11.05		%				10.91		%

(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.

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October 15, 2025

Page 8

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
LOANS																														Percentage Change
						Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024						Prior Qtr						Prior Yr Qtr
Commercial real estate (CRE):
Owner-occupied						$	1,134,559					$	1,125,249					$	1,027,426					$	990,516					1		%				15		%
Investment properties						1,652,141						1,625,001						1,623,672						1,583,863						2		%				4		%
Small balance CRE						1,210,357						1,223,477						1,213,792						1,218,822						(1)		%				(1)		%
Multifamily real estate						860,650						860,700						894,425						889,866						—		%				(3)		%
Construction, land and land development:
Commercial construction						144,125						159,222						122,362						124,051						(9)		%				16		%
Multifamily construction						586,104						568,058						513,706						524,108						3		%				12		%
One- to four-family construction						578,128						551,806						514,220						507,350						5		%				14		%
Land and land development						427,348						417,474						369,663						370,690						2		%				15		%
Commercial business:
Commercial business						1,254,460						1,318,483						1,318,333						1,281,615						(5)		%				(2)		%
Small business scored						1,176,889						1,152,531						1,104,117						1,087,714						2		%				8		%
Agricultural business, including secured by farmland:
Agricultural business, including secured by farmland						354,884						345,742						340,280						346,686						3		%				2		%
One- to four-family residential						1,582,605						1,610,133						1,591,260						1,575,164						(2)		%				—		%
Consumer:
Consumer—home equity revolving lines of credit						649,188						639,757						625,680						622,615						1		%				4		%
Consumer—other						91,100						92,740						95,720						101,546						(2)		%				(10)		%
Total loans receivable						$	11,702,538					$	11,690,373					$	11,354,656					$	11,224,606					—		%				4		%
Loans 30 - 89 days past due and on accrual						$	14,674					$	10,786					$	26,824					$	13,030
Total delinquent loans (including loans on non-accrual), net						$	45,529					$	47,764					$	55,432					$	44,656
Total delinquent loans / Total loans receivable						0.39		%				0.41		%				0.49		%				0.40		%

LOANS BY GEOGRAPHIC LOCATION																																				Percentage Change
						Sep 30, 2025												Jun 30, 2025						Dec 31, 2024						Sep 30, 2024						Prior Qtr						Prior Yr Qtr
						Amount						Percentage						Amount						Amount						Amount
Washington						$	5,407,327					46		%				$	5,438,285					$	5,245,886					$	5,203,637					(1)		%				4		%
California						3,064,993						26		%				3,010,678						2,861,435						2,796,965						2		%				10		%
Oregon						2,137,422						18		%				2,141,185						2,113,229						2,108,229						—		%				1		%
Idaho						668,949						6		%				671,217						665,158						652,148						—		%				3		%
Utah						79,697						1		%				70,474						82,459						85,316						13		%				(7)		%
Other						344,150						3		%				358,534						386,489						378,311						(4)		%				(9)		%
Total loans receivable						$	11,702,538					100		%				$	11,690,373					$	11,354,656					$	11,224,606					—		%				4		%

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October 15, 2025

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ADDITIONAL FINANCIAL INFORMATION

(dollars in thousands)

LOAN ORIGINATIONS			Quarters Ended
			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024
Commercial real estate			$	118,354					$	216,189					$	114,372
Multifamily real estate			2,500						13,065						314
Construction and land			369,363						411,210						472,506
Commercial business			167,627						203,656						179,871
Agricultural business			7,681						14,414						5,877
One-to four-family residential			6,817						5,491						24,488
Consumer			122,193						102,600						96,137
Total loan originations (excluding loans held for sale)			$	794,535					$	966,625					$	893,565

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BANR - Third Quarter 2025 Results

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ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS						Quarters Ended
						Sep 30, 2025						Jun 30, 2025						Sep 30, 2024
Balance, beginning of period						$	160,501					$	157,323					$	152,848
Provision for credit losses – loans						1,384						4,201						1,967
Recoveries of loans previously charged off:
Commercial real estate						36						53						65
Construction and land						725						—						—
One- to four-family real estate						13						58						14
Commercial business						99						361						613
Agricultural business, including secured by farmland						99						1						1
Consumer						78						168						41
						1,050						641						734
Loans charged off:
Construction and land						(218)						—						(145)
Commercial business						(518)						(892)						(414)
Agricultural business, including secured by farmland						(2,054)						(362)						—
Consumer						(438)						(410)						(405)
						(3,228)						(1,664)						(964)
Net charge-offs						(2,178)						(1,023)						(230)
Balance, end of period						$	159,707					$	160,501					$	154,585
Net charge-offs / average loans receivable						(0.019)		%				(0.009)		%				(0.002)		%

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANS						Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024
Commercial real estate						$	41,191					$	41,036					$	40,830					$	40,040
Multifamily real estate						9,901						9,918						10,308						10,233
Construction and land						35,144						34,124						29,038						28,322
One- to four-family real estate						20,485						20,917						20,807						20,463
Commercial business						37,646						38,591						38,611						39,779
Agricultural business, including secured by farmland						5,268						6,216						5,727						5,340
Consumer						10,072						9,699						10,200						10,408
Total allowance for credit losses – loans						$	159,707					$	160,501					$	155,521					$	154,585
Allowance for credit losses - loans / Total loans receivable						1.36		%				1.37		%				1.37		%				1.38		%
Allowance for credit losses - loans / Non-performing loans						399		%				373		%				421		%				359		%

CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS						Quarters Ended
						Sep 30, 2025						Jun 30, 2025						Sep 30, 2024
Balance, beginning of period						$	12,750					$	12,162					$	14,027
Provision (recapture) for credit losses - unfunded loan commitments						1,290						588						(262)
Balance, end of period						$	14,040					$	12,750					$	13,765

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BANR - Third Quarter 2025 Results

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ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
NON-PERFORMING ASSETS			Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024
Loans on non-accrual status:
Secured by real estate:
Commercial			$	460					$	10					$	2,186					$	2,127
Construction and land			4,240						4,369						3,963						4,286
One- to four-family			16,576						15,480						10,016						9,592
Commercial business			6,824						6,647						7,067						10,705
Agricultural business, including secured by farmland			5,765						8,690						8,485						7,703
Consumer			4,877						4,802						4,835						4,636
			38,742						39,998						36,552						39,049
Loans more than 90 days delinquent, still on accrual:
Secured by real estate:
Commercial			274						—						—						2,258
Construction and land			—						—						—						380
One- to four-family			834						2,896						369						961
Commercial business			166						—						—						—
Consumer			—						80						35						359
			1,274						2,976						404						3,958
Total non-performing loans			40,016						42,974						36,956						43,007
REO			5,272						6,801						2,367						2,221
Other repossessed assets			—						—						300						—
Total non-performing assets			$	45,288					$	49,775					$	39,623					$	45,228
Total non-performing assets to total assets			0.27		%				0.30		%				0.24		%				0.28		%

LOANS BY CREDIT RISK RATING			Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024
Pass			$	11,491,485					$	11,432,456					$	11,118,744					$	11,022,014
Special Mention			37,013						68,372						43,451						52,497
Substandard			174,040						189,545						192,461						150,095
Total			$	11,702,538					$	11,690,373					$	11,354,656					$	11,224,606

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ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
DEPOSIT COMPOSITION																														Percentage Change
						Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024						Prior Qtr						Prior Yr Qtr
Non-interest-bearing						$	4,572,338					$	4,504,491					$	4,591,543					$	4,688,244					2		%				(2)		%
Interest-bearing checking						2,734,822						2,534,900						2,393,864						2,344,561						8		%				17		%
Regular savings accounts						3,705,823						3,538,372						3,478,423						3,339,859						5		%				11		%
Money market accounts						1,462,570						1,471,756						1,550,896						1,643,631						(1)		%				(11)		%
Total interest-bearing transaction and savings accounts						7,903,215						7,545,028						7,423,183						7,328,051						5		%				8		%
Total core deposits						12,475,553						12,049,519						12,014,726						12,016,295						4		%				4		%
Interest-bearing certificates						1,540,382						1,477,772						1,499,672						1,521,853						4		%				1		%
Total deposits						$	14,015,935					$	13,527,291					$	13,514,398					$	13,538,148					4		%				4		%

GEOGRAPHIC CONCENTRATION OF DEPOSITS						Sep 30, 2025												Jun 30, 2025						Dec 31, 2024						Sep 30, 2024						Percentage Change
						Amount						Percentage						Amount						Amount						Amount						Prior Qtr						Prior Yr Qtr
Washington						$	7,648,527					55		%				$	7,334,391					$	7,441,413					$	7,413,414					4		%				3		%
Oregon						3,081,329						22		%				3,029,712						2,981,327						2,997,843						2		%				3		%
California						2,542,903						18		%				2,486,514						2,392,573						2,423,295						2		%				5		%
Idaho						743,176						5		%				676,674						699,085						703,596						10		%				6		%
Total deposits						$	14,015,935					100		%				$	13,527,291					$	13,514,398					$	13,538,148					4		%				4		%

INCLUDED IN TOTAL DEPOSITS						Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024
Public non-interest-bearing accounts						$	139,999					$	151,484					$	165,667					$	141,541
Public interest-bearing transaction & savings accounts						230,192						250,350						248,746						246,332
Public interest-bearing certificates						35,660						21,272						25,423						28,144
Total public deposits						$	405,851					$	423,106					$	439,836					$	416,017
Collateralized public deposits						$	312,142					$	329,416					$	336,376					$	317,960
Total brokered deposits						$	49,989					$	49,977					$	50,346					$	50,333
AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT						Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024
Number of deposit accounts						449,087						451,185						460,004						459,127
Average account balance per account						$	31					$	30					$	30					$	30

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BANR - Third Quarter 2025 Results

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ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
ESTIMATED REGULATORY CAPITAL RATIOS AS OF SEPTEMBER 30, 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						$	2,009,954					14.66		%				$	1,096,832					8.00		%				$	1,371,040					10.00		%
Tier 1 capital to risk-weighted assets						1,838,541						13.41		%				822,624						6.00		%				822,624						6.00		%
Tier 1 leverage capital to average assets						1,838,541						11.33		%				649,161						4.00		%				n/a						n/a
Common equity tier 1 capital to risk-weighted assets						1,752,041						12.78		%				616,968						4.50		%				n/a						n/a
Banner Bank:
Total capital to risk-weighted assets						1,941,114						14.16		%				1,096,375						8.00		%				1,370,469						10.00		%
Tier 1 capital to risk-weighted assets						1,769,772						12.91		%				822,281						6.00		%				1,096,375						8.00		%
Tier 1 leverage capital to average assets						1,769,772						10.91		%				648,959						4.00		%				811,198						5.00		%
Common equity tier 1 capital to risk-weighted assets						1,769,772						12.91		%				616,711						4.50		%				890,805						6.50		%

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

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 14

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
(rates / ratios annualized)
ANALYSIS OF NET INTEREST SPREAD			Quarters Ended
			Sep 30, 2025																		Jun 30, 2025																		Sep 30, 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			$	32,109					$	531					6.56		%				$	29,936					$	503					6.74		%				$	26,954					$	453					6.69		%
Mortgage loans			9,651,895						147,682						6.07		%				9,565,357						143,909						6.03		%				9,207,468						135,497						5.85		%
Commercial/agricultural loans			1,869,782						31,124						6.60		%				1,924,092						31,196						6.50		%				1,879,215						32,547						6.89		%
Consumer and other loans			119,593						2,114						7.01		%				121,142						2,087						6.91		%				128,548						2,154						6.67		%
Total loans (1)			11,673,379						181,451						6.17		%				11,640,527						177,695						6.12		%				11,242,185						170,651						6.04		%
Mortgage-backed securities			2,445,497						15,269						2.48		%				2,496,972						15,576						2.50		%				2,623,399						16,498						2.50		%
Other securities			854,725						9,065						4.21		%				893,062						9,561						4.29		%				943,310						11,120						4.69		%
Interest-bearing deposits with banks			291,147						3,053						4.16		%				75,539						577						3.06		%				51,604						493						3.80		%
FHLB stock			15,729						463						11.68		%				23,077						222						3.86		%				16,664						412						9.84		%
Total investment securities			3,607,098						27,850						3.06		%				3,488,650						25,936						2.98		%				3,634,977						28,523						3.12		%
Total interest-earning assets			15,280,477						209,301						5.43		%				15,129,177						203,631						5.40		%				14,877,162						199,174						5.33		%
Non-interest-earning assets			1,022,905																		994,003																		981,290
Total assets			$	16,303,382																	$	16,123,180																	$	15,858,452
Deposits:
Interest-bearing checking accounts			$	2,618,924					10,834						1.64		%				$	2,465,015					9,462						1.54		%				$	2,295,723					9,497						1.65		%
Savings accounts			3,616,728						20,170						2.21		%				3,493,965						18,837						2.16		%				3,268,647						19,299						2.35		%
Money market accounts			1,471,938						7,799						2.10		%				1,492,229						7,729						2.08		%				1,611,543						9,184						2.27		%
Certificates of deposit			1,510,966						13,448						3.53		%				1,489,611						13,288						3.58		%				1,540,637						15,805						4.08		%
Total interest-bearing deposits			9,218,556						52,251						2.25		%				8,940,820						49,316						2.21		%				8,716,550						53,785						2.45		%
Non-interest-bearing deposits			4,573,009						—						—		%				4,480,579						—						—		%				4,601,755						—						—		%
Total deposits			13,791,565						52,251						1.50		%				13,421,399						49,316						1.47		%				13,318,305						53,785						1.61		%
Other interest-bearing liabilities:
FHLB advances			133,380						1,527						4.54		%				296,671						3,370						4.56		%				161,413						2,263						5.58		%
Other borrowings			119,727						694						2.30		%				122,227						675						2.22		%				159,439						1,147						2.86		%
Junior subordinated debentures and subordinated notes			89,178						1,387						6.17		%				168,793						2,499						5.94		%				179,075						2,971						6.60		%
Total borrowings			342,285						3,608						4.18		%				587,691						6,544						4.47		%				499,927						6,381						5.08		%
Total funding liabilities			14,133,850						55,859						1.57		%				14,009,090						55,860						1.60		%				13,818,232						60,166						1.73		%
Other non-interest-bearing liabilities (2)			296,036																		274,407																		311,803
Total liabilities			14,429,886																		14,283,497																		14,130,035
Shareholders’ equity			1,873,496																		1,839,683																		1,728,417
Total liabilities and shareholders’ equity			$	16,303,382																	$	16,123,180																	$	15,858,452
Net interest income/rate spread (tax equivalent)									153,442						3.86		%										147,771						3.80		%										139,008						3.60		%
Net interest margin (tax equivalent)															3.98		%																3.92		%																3.72		%
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis									(3,453)																		(3,372)																		(3,333)
Net interest income and margin, as reported									$	149,989					3.89		%										$	144,399					3.83		%										$	135,675					3.63		%
Additional Key Financial Ratios:
Return on average assets															1.30		%																1.13		%																1.13		%
Adjusted return on average assets (4)															1.28		%																1.16		%																1.13		%
Return on average equity															11.33		%																9.92		%																10.39		%
Adjusted return on average equity (4)															11.18		%																10.20		%																10.39		%
Average equity/average assets															11.49		%																11.41		%																10.90		%
Average interest-earning assets/average interest-bearing liabilities															159.82		%																158.78		%																161.42		%
Average interest-earning assets/average funding liabilities															108.11		%																108.00		%																107.66		%
Non-interest income/average assets															0.50		%																0.44		%																0.45		%
Non-interest expense/average assets															2.48		%																2.52		%																2.42		%
Efficiency ratio															59.76		%																62.50		%																62.63		%
Adjusted efficiency ratio (4)															58.54		%																60.28		%																61.27		%

(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 $2.4 million for the quarter ended September 30, 2025 and $2.3 million for both the quarters ended June 30, 2025 and September 30, 2024. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.1 million for both the quarters ended September 30, 2025 and June 30, 2025 and $1.0 million for the quarter ended September 30, 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.

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 15

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
(rates / ratios annualized)
ANALYSIS OF NET INTEREST SPREAD			Nine Months Ended
			Sep 30, 2025																		Sep 30, 2024
			Average Balance						Interest and Dividends						Yield/Cost (3)						Average Balance						Interest and Dividends						Yield/Cost (3)
Interest-earning assets:
Held for sale loans			$	28,203					$	1,391					6.59		%				$	16,225					$	826					6.80		%
Mortgage loans			9,528,868						429,315						6.02		%				9,036,256						390,011						5.77		%
Commercial/agricultural loans			1,900,225						93,072						6.55		%				1,861,182						95,155						6.83		%
Consumer and other loans			120,735						6,293						6.97		%				131,676						6,506						6.60		%
Total loans (1)			11,578,031						530,071						6.12		%				11,045,339						492,498						5.96		%
Mortgage-backed securities			2,494,794						46,740						2.50		%				2,674,555						50,424						2.52		%
Other securities			883,330						28,313						4.29		%				962,183						33,802						4.69		%
Interest-bearing deposits with banks			144,974						4,114						3.79		%				51,630						1,530						3.96		%
FHLB stock			17,214						834						6.48		%				18,931						986						6.96		%
Total investment securities			3,540,312						80,001						3.02		%				3,707,299						86,742						3.13		%
Total interest-earning assets			15,118,343						610,072						5.40		%				14,752,638						579,240						5.24		%
Non-interest-earning assets			1,007,862																		950,588
Total assets			$	16,126,205																	$	15,703,226
Deposits:
Interest-bearing checking accounts			$	2,489,219					28,833						1.55		%				$	2,185,796					23,834						1.46		%
Savings accounts			3,521,141						57,110						2.17		%				3,161,266						51,778						2.19		%
Money market accounts			1,506,171						23,388						2.08		%				1,648,208						26,696						2.16		%
Certificates of deposit			1,510,594						40,973						3.63		%				1,514,982						44,940						3.96		%
Total interest-bearing deposits			9,027,125						150,304						2.23		%				8,510,252						147,248						2.31		%
Non-interest-bearing deposits			4,526,898						—						—		%				4,649,297						—						—		%
Total deposits			13,554,023						150,304						1.48		%				13,159,549						147,248						1.49		%
Other interest-bearing liabilities:
FHLB advances			168,663						5,757						4.56		%				211,135						8,856						5.60		%
Other borrowings			125,517						2,063						2.20		%				171,838						3,482						2.71		%
Junior subordinated debentures and subordinated notes			142,255						6,380						6.00		%				179,941						8,901						6.61		%
Total borrowings			436,435						14,200						4.35		%				562,914						21,239						5.04		%
Total funding liabilities			13,990,458						164,504						1.57		%				13,722,463						168,487						1.64		%
Other non-interest-bearing liabilities (2)			298,056																		303,367
Total liabilities			14,288,514																		14,025,830
Shareholders’ equity			1,837,691																		1,677,396
Total liabilities and shareholders’ equity			$	16,126,205																	$	15,703,226
Net interest income/rate spread (tax equivalent)									445,568						3.83		%										410,753						3.60		%
Net interest margin (tax equivalent)															3.94		%																3.72		%
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis									(10,097)																		(9,573)
Net interest income and margin, as reported									$	435,471					3.85		%										$	401,180					3.63		%
Additional Key Financial Ratios:
Return on average assets															1.19		%																1.04		%
Adjusted return on average assets (4)															1.20		%																1.08		%
Return on average equity															10.49		%																9.76		%
Adjusted return on average equity (4)															10.51		%																10.16		%
Average equity/average assets															11.40		%																10.68		%
Average interest-earning assets/average interest-bearing liabilities															159.75		%																162.60		%
Average interest-earning assets/average funding liabilities															108.06		%																107.51		%
Non-interest income/average assets															0.48		%																0.40		%
Non-interest expense/average assets															2.53		%																2.48		%
Efficiency ratio															61.78		%																65.19		%
Adjusted efficiency ratio (4)															60.30		%																62.84		%

(1)Average balances include loans accounted for on a nonaccrual basis and 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 $7.0 million and $6.5 million for the nine months ended September 30, 2025 and 2024, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $3.1 million for both the nine months ended September 30, 2025 and 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.

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 16

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																		Nine Months Ended
			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Net interest income (GAAP)			$	149,989					$	144,399					$	135,675					$	435,471					$	401,180
Non-interest income (GAAP)			20,730						17,751						18,063						57,589						46,853
Total revenue (GAAP)			170,719						162,150						153,738						493,060						448,033
Exclude: Net (gain) loss on sale of securities			(377)						3						—						(374)						5,465
Net change in valuation of financial instruments carried at fair value			(223)						(88)						(39)						(626)						1,143
(Gains) losses incurred on building and lease exits			(1,373)						919						—						(454)						—
Adjusted revenue (non-GAAP)			$	168,746					$	162,984					$	153,699					$	491,606					$	454,641

ADJUSTED EARNINGS			Quarters Ended																		Nine Months Ended
			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Net income (GAAP)			$	53,502					$	45,496					$	45,153					$	144,133					$	122,507
Exclude: Net (gain) loss on sale of securities			(377)						3						—						(374)						5,465
Net change in valuation of financial instruments carried at fair value			(223)						(88)						(39)						(626)						1,143
Building and lease exit costs			(331)						1,753						—						1,422						—
Related net tax expense (benefit)			224						(401)						9						(101)						(1,586)
Total adjusted earnings (non-GAAP)			$	52,795					$	46,763					$	45,123					$	144,454					$	127,529
Diluted earnings per share (GAAP)			$	1.54					$	1.31					$	1.30					$	4.15					$	3.54
Diluted adjusted earnings per share (non-GAAP)			$	1.52					$	1.35					$	1.30					$	4.16					$	3.69
Return on average assets			1.30		%				1.13		%				1.13		%				1.19		%				1.04		%
Adjusted return on average assets (1)			1.28		%				1.16		%				1.13		%				1.20		%				1.08		%
Return on average equity			11.33		%				9.92		%				10.39		%				10.49		%				9.76		%
Adjusted return on average equity (2)			11.18		%				10.20		%				10.39		%				10.51		%				10.16		%

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

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

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BANR - Third Quarter 2025 Results

October 15, 2025

Page 17

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
ADJUSTED EFFICIENCY RATIO						Quarters Ended																		Nine Months Ended
						Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Non-interest expense (GAAP)						$	102,022					$	101,348					$	96,291					$	304,629					$	292,060
Exclude: CDI amortization						(341)						(455)						(590)						(1,252)						(2,037)
State/municipal tax expense						(1,655)						(1,416)						(1,432)						(4,525)						(4,130)
REO operations						(203)						(392)						(103)						(534)						(180)
Building and lease exit costs						(1,042)						(834)						—						(1,876)						—
Adjusted non-interest expense (non-GAAP)						$	98,781					$	98,251					$	94,166					$	296,442					$	285,713
Net interest income (GAAP)						$	149,989					$	144,399					$	135,675					$	435,471					$	401,180
Non-interest income (GAAP)						20,730						17,751						18,063						57,589						46,853
Total revenue (GAAP)						170,719						162,150						153,738						493,060						448,033
Exclude: Net (gain) loss on sale of securities						(377)						3						—						(374)						5,465
Net change in valuation of financial instruments carried at fair value						(223)						(88)						(39)						(626)						1,143
(Gains) losses incurred on building and lease exits						(1,373)						919						—						(454)						—
Adjusted revenue (non-GAAP)						$	168,746					$	162,984					$	153,699					$	491,606					$	454,641
Efficiency ratio (GAAP)						59.76		%				62.50		%				62.63		%				61.78		%				65.19		%
Adjusted efficiency ratio (non-GAAP) (1)						58.54		%				60.28		%				61.27		%				60.30		%				62.84		%

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

TANGIBLE COMMON SHAREHOLDERS’ EQUITY TO TANGIBLE ASSETS
						Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024
Shareholders’ equity (GAAP)						$	1,912,892					$	1,865,664					$	1,774,326					$	1,793,721
Exclude goodwill and other intangible assets, net						374,927						375,268						376,179						376,768
Tangible common shareholders’ equity (non-GAAP)						$	1,537,965					$	1,490,396					$	1,398,147					$	1,416,953
Total assets (GAAP)						$	16,563,081					$	16,437,169					$	16,200,037					$	16,188,676
Exclude goodwill and other intangible assets, net						374,927						375,268						376,179						376,768
Total tangible assets (non-GAAP)						$	16,188,154					$	16,061,901					$	15,823,858					$	15,811,908
Common shareholders’ equity to total assets (GAAP)						11.55		%				11.35		%				10.95		%				11.08		%
Tangible common shareholders’ equity to tangible assets (non-GAAP)						9.50		%				9.28		%				8.84		%				8.96		%
TANGIBLE COMMON SHAREHOLDERS’ EQUITY PER SHARE
Shareholders’ equity (GAAP)						$	1,912,892					$	1,865,664					$	1,774,326					$	1,793,721
Tangible common shareholders’ equity (non-GAAP)						$	1,537,965					$	1,490,396					$	1,398,147					$	1,416,953
Common shares outstanding at end of period						34,335,297						34,583,994						34,459,832						34,456,688
Common shareholders’ equity (book value) per share (GAAP)						$	55.71					$	53.95					$	51.49					$	52.06
Tangible common shareholders’ equity (tangible book value) per share (non-GAAP)						$	44.79					$	43.09					$	40.57					$	41.12