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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q 

(Mark One)

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2025

OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________

 

Commission File Number 000-26584

BANNER CORPORATION

(Exact name of registrant as specified in its charter)

Washington			91-1691604
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

10 South First Avenue, Walla Walla, Washington 99362

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (509) 527-3636

Securities registered pursuant to Section 12(b) of the Act

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $.01 per share			BANR			The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

No

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

No

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer   ☐

Non-accelerated filer  ☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

No

☒

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Title of class:

As of October 31, 2025

Common Stock, $.01 par value per share

34,085,930 shares

1

---

BANNER CORPORATION AND SUBSIDIARIES

Table of Contents

PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements (unaudited).  The Unaudited Condensed Consolidated Financial Statements of Banner Corporation and Subsidiaries filed as a part of the report are as follows:
Consolidated Statements of Financial Condition			4
Consolidated Statements of Operations			5
Consolidated Statements of Comprehensive Income			6
Consolidated Statements of Changes in Shareholders’ Equity			7
Consolidated Statements of Cash Flows			8
Selected Notes to the Consolidated Financial Statements			10
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Overview			46
Comparison of Financial Condition			49
Comparison of Results of Operations			52
Asset Quality			60
Liquidity and Capital Resources			61
Capital Requirements			62
Item 3 – Quantitative and Qualitative Disclosures About Market Risk
Market Risk and Asset/Liability Management			62
Sensitivity Analysis			63
Item 4 – Controls and Procedures			66
PART II – OTHER INFORMATION
Item 1 – Legal Proceedings			67
Item 1A – Risk Factors			67
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds			68
Item 3 – Defaults upon Senior Securities			68
Item 4 – Mine Safety Disclosures			68
Item 5 – Other Information			68
Item 6 – Exhibits			69
SIGNATURES			71

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All references to “Banner” refer to Banner Corporation and those to the “Bank” refer to its wholly-owned subsidiary, Banner Bank. As used throughout this report, the terms “we,” “our,” “us,” or the “Company” refer to Banner Corporation and its consolidated subsidiaries, unless the context otherwise requires.

Special Note Regarding Forward-Looking Statements

Certain matters in this Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items, including statements about our financial condition, liquidity and results of operations. Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by use of the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements 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:

•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;

•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;

•Impact of inflation, including monetary and fiscal policy responses thereto, and the impact on consumer and business behavior;

•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;

•The effects of the federal government shutdown, a debt ceiling standoff, or other fiscal policy uncertainty;

•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;

•Expectations regarding our key growth initiatives and strategic priorities;

•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;

•Results of safety and soundness and compliance examinations by regulatory authorities, which may require restitution, increased reserves for credit losses, write-downs of assets, or changes in regulatory capital position, affecting liquidity and earnings.

•Competitive pressures among depository and non-depository institutions affecting pricing, market share or product offerings;

•Fluctuations in real estate values;

•The ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking, and cybersecurity;

•Ability to access cost-effective funding and to control operating costs and expenses;

•Vulnerabilities in information systems or third-party service providers, including disruptions, breaches, or attacks;

•Market volatility or deterioration in capital markets affecting liquidity, valuations, or investor confidence;

•The costs, effects and outcomes of litigation or other legal proceedings involving the Company;

•Legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws;

•Climate-related risks and natural disasters, which may affect loan collateral, operations, or compliance obligations;

•Changes in accounting principles, policies or guidelines;

•The impact of future acquisitions or business combinations, in addition to goodwill impairment risks and integration challenges;

•The effects of critical accounting policies and judgments, including the use of estimates in determining fair value of certain of our assets and liabilities, which estimates may prove to be incorrect;

•Effects of climate change, severe weather, natural disasters, pandemics, public health crises, acts of war or terrorism, civil unrest and other external events on our business;

•Other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and

•Other risks detailed in our Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”), or in our reports filed with or furnished to the U.S. Securities and Exchange Commission (SEC), including this Form 10-Q.

Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to update any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur, and you should not put undue reliance on any forward-looking statements.

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PART I. FINANCIAL INFORMATION

ITEM 1 - Financial Statements (unaudited)

BANNER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited) (In thousands, except shares and per share amounts)

September 30, 2025 and December 31, 2024

ASSETS			September 30, 2025						December 31, 2024
Cash and due from banks			$	193,453					$	203,402
Interest-bearing deposits			479,410						298,456
Total cash and cash equivalents			672,863						501,858
Securities—available-for-sale, amortized cost $2,292,835 and $2,460,262, respectively			2,018,525						2,104,511
Securities—held-to-maturity, net of allowance for credit losses of $298 and $297, respectively			971,603						1,001,564
Total securities			2,990,128						3,106,075
Federal Home Loan Bank (FHLB) stock			14,226						22,451
Loans held for sale (includes $12,570 and $26,185, at fair value, respectively)			20,334						32,021
Loans receivable			11,702,538						11,354,656
Allowance for credit losses – loans			(159,707)						(155,521)
Net loans receivable			11,542,831						11,199,135
Accrued interest receivable			64,914						60,885
Property and equipment, net			113,848						124,589
Goodwill			373,121						373,121
Other intangibles, net			1,806						3,058
Bank-owned life insurance (BOLI)			317,469						312,549
Deferred tax assets, net			130,438						148,858
Operating lease right-of-use assets			35,494						39,998
Other assets			285,609						275,439
Total assets			$	16,563,081					$	16,200,037
LIABILITIES
Deposits:
Non-interest-bearing			$	4,572,338					$	4,591,543
Interest-bearing transaction and savings accounts			7,903,215						7,423,183
Interest-bearing certificates			1,540,382						1,499,672
Total deposits			14,015,935						13,514,398
Advances from FHLB			100,000						290,000
Other borrowings			120,536						125,257
Subordinated notes, net			—						80,278
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)			76,251						67,477
Operating lease liabilities			38,826						43,472
Accrued expenses and other liabilities			251,464						258,070
Deferred compensation			47,177						46,759
Total liabilities			14,650,189						14,425,711
COMMITMENTS AND CONTINGENCIES (Note 11)
SHAREHOLDERS’ EQUITY
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at September 30, 2025 and December 31, 2024			—						—
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,335,297 shares issued and outstanding at September 30, 2025; 34,459,832 shares issued and outstanding at December 31, 2024			1,295,821						1,307,509
Common stock (non-voting) and paid in capital - $0.01 par value per share, 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2025; no shares issued and outstanding at December 31, 2024			—						—
Retained earnings			837,826						744,091
Carrying value of shares held in trust for stock-based compensation plans			(5,801)						(6,194)
Liability for common stock issued to stock related compensation plans			5,801						6,194
Accumulated other comprehensive loss			(220,755)						(277,274)
Total shareholders’ equity			1,912,892						1,774,326
Total liabilities and shareholders’ equity			$	16,563,081					$	16,200,037

See Selected Notes to the Consolidated Financial Statements

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BANNER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) (In thousands, except shares and per share amounts)

For the Three and Nine Months Ended September 30, 2025 and 2024

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

See Selected Notes to the Consolidated Financial Statements

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BANNER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited) (In thousands)

For the Three and Nine Months Ended September 30, 2025 and 2024

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
NET INCOME			$	53,502					$	45,153					$	144,133					$	122,507
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAXES:
Unrealized holding gain on securities—available-for-sale arising during the period			32,232						88,822						80,230						64,703
Income tax expense related to securities—available-for-sale unrealized holding losses			(7,735)						(21,318)						(19,255)						(15,529)
Reclassification for net loss on securities—available-for-sale realized in earnings			1,208						—						1,211						5,465
Income tax benefit related to securities—available-for-sale realized in earnings			(290)						—						(291)						(1,312)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity			584						603						1,700						1,717
Income tax expense related to amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity			(140)						(145)						(408)						(412)
Net unrealized gain on interest rate swaps used in cash flow hedges			—						4,746						—						11,633
Income tax expense related to interest rate swaps used in cash flow hedges			—						(1,139)						—						(2,792)
Changes in fair value of junior subordinated debentures related to instrument specific credit risk			(2,885)						574						(8,774)						156
Income tax benefit (expense) related to junior subordinated debentures			693						(137)						2,106						(37)
Other comprehensive income			23,667						72,006						56,519						63,592
COMPREHENSIVE INCOME			$	77,169					$	117,159					$	200,652					$	186,099

See Selected Notes to the Consolidated Financial Statements

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BANNER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited) (In thousands, except shares and per share amounts)

For the Nine Months Ended September 30, 2025 and the Year Ended December 31, 2024

						Common Stock and Paid in Capital												Retained Earnings						Accumulated Other Comprehensive (Loss) Income						Total Shareholders’ Equity
						Shares						Amount
Balance, January 1, 2024						34,348,369						$	1,299,651					$	642,175					$	(289,135)					$	1,652,691
Net income																		37,559												37,559
Other comprehensive loss, net of income tax																								(10,347)						(10,347)
Accrual of dividends on common stock ($0.48/share)																		(16,713)												(16,713)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered						46,852						1,318																		1,318
Balance, March 31, 2024						34,395,221						1,300,969						663,021						(299,482)						1,664,508
Net income																		39,795												39,795
Other comprehensive income, net of income tax																								1,933						1,933
Accrual of dividends on common stock ($0.48/share)																		(16,737)												(16,737)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered						60,531						1,267																		1,267
Balance, June 30, 2024						34,455,752						1,302,236						686,079						(297,549)						1,690,766
Net income																		45,153												45,153
Other comprehensive income, net of income tax																								72,006						72,006
Accrual of dividends on common stock ($0.48/share)																		(16,760)												(16,760)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered						936						2,556																		2,556
Balance, September 30, 2024						34,456,688						1,304,792						714,472						(225,543)						1,793,721
Net income																		46,391												46,391
Other comprehensive loss, net of income tax																								(51,731)						(51,731)
Accrual of dividends on common stock ($0.48/share)																		(16,772)												(16,772)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered						3,144						2,717																		2,717
Balance, December 31, 2024						34,459,832						1,307,509						744,091						(277,274)						1,774,326
Net income																		45,135												45,135
Other comprehensive income, net of income tax																								29,348						29,348
Accrual of dividends on common stock ($0.48/share)																		(16,814)												(16,814)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered						30,140						1,458																		1,458
Balance, March 31, 2025						34,489,972						1,308,967						772,412						(247,926)						1,833,453
Net income																		45,496												45,496
Other comprehensive income, net of income tax																								3,504						3,504
Accrual of dividends on common stock ($0.48/share)																		(16,826)												(16,826)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered						94,022						37																		37
Balance, June 30, 2025						34,583,994						1,309,004						801,082						(244,422)						1,865,664
Net income																		53,502												53,502
Other comprehensive income, net of income tax																								23,667						23,667
Accrual of dividends on common stock ($0.48/share)																		(16,758)												(16,758)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered						1,303						2,678																		2,678
Repurchase of common stock						(250,000)						(15,861)																		(15,861)
Balance, September 30, 2025						34,335,297						$	1,295,821					$	837,826					$	(220,755)					$	1,912,892

See Selected Notes to the Consolidated Financial Statements

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BANNER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In thousands)

For the Nine Months Ended September 30, 2025 and 2024

			Nine Months Ended September 30,
			2025						2024
OPERATING ACTIVITIES:
Net income			$	144,133					$	122,507
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation			12,523						13,615
Deferred income and expense, net of amortization			(7,886)						(5,834)
Capitalized loan servicing rights, net of amortization			405						1,211
Amortization of core deposit intangibles			1,252						2,037
(Gain) loss on sale of securities, net			(374)						5,465
Net change in valuation of financial instruments carried at fair value			(626)						1,143
Decrease in deferred taxes			572						2,973
(Decrease) increase in current taxes payable/receivable, net			(387)						4,967
Stock-based compensation			7,623						7,234
Net change in cash surrender value of BOLI			(7,106)						(6,888)
Gain on sale of loans, excluding capitalized servicing rights			(4,746)						(4,212)
Gain on disposal of real estate held for sale and property and equipment, net			(403)						(319)
Provision for credit losses			10,604						4,581
Origination of loans held for sale			(264,970)						(197,741)
Proceeds from sales of loans held for sale			355,435						260,192
Net change in:
Other assets			(9,497)						(14,137)
Other liabilities			(4,036)						(2,887)
Net cash provided from operating activities			232,516						193,907
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale			(101,671)						(53,170)
Principal repayments and maturities of securities—available-for-sale			248,630						168,360
Proceeds from sales of securities—available-for-sale			17,581						70,777
Principal repayments and maturities of securities—held-to-maturity			30,112						45,280
Loan originations, net of repayments			(438,908)						(547,162)
Purchases of loans and participating interest in loans			(10,780)						(4,666)
Proceeds from sales of other loans			26,053						16,622
Purchases of property and equipment			(6,159)						(9,953)
Proceeds from sale of real estate held for sale and sale of other property			6,539						4,323
Proceeds from FHLB stock repurchase program			151,970						129,062
Purchase of FHLB stock			(143,745)						(124,785)
Investment in BOLI			(46)						(41)
Other			2,229						732
Net cash used by investing activities			(218,195)						(304,621)

Continued on next page

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BANNER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(Unaudited) (In thousands)

For the Nine Months Ended September 30, 2025 and 2024

			Nine Months Ended September 30,
			2025						2024
FINANCING ACTIVITIES:
Increase in deposits, net			$	501,537					$	508,651
Repayment of overnight and short term FHLB advances, net			(190,000)						(93,000)
Decrease in other borrowings, net			(4,721)						(28,344)
Repayment of subordinated notes			(80,500)						—
Cash dividends paid			(50,399)						(50,169)
Cash paid to repurchase common stock			(15,784)						—
Taxes paid related to net share settlement of equity awards			(3,449)						(2,093)
Net cash provided from financing activities			156,684						335,045
NET CHANGE IN CASH AND CASH EQUIVALENTS			171,005						224,331
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			501,858						254,464
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	672,863					$	478,795

			Nine Months Ended September 30,
			2025						2024
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash			$	164,392					$	166,843
Tax paid			23,087						13,376
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets			5,415						2,386
Dividends accrued but not paid until after period end			1,332						1,125
Loans, held-for-sale, transferred from portfolio			(74,032)						(125,909)

See Selected Notes to the Consolidated Financial Statements

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BANNER CORPORATION AND SUBSIDIARIES

SELECTED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements include the accounts of Banner Corporation (the Company or Banner), a bank holding company incorporated in the State of Washington and its wholly-owned subsidiary, Banner Bank (the Bank).

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). In preparing these financial statements, the Company has evaluated events and transactions subsequent to September 30, 2025, for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. All significant intercompany transactions and balances have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments.

The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Interim results are not necessarily indicative of results for a full year or any other interim period.

Note 2: ACCOUNTING STANDARDS RECENTLY ISSUED OR ADOPTED

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)

In November 2024, the Financial Accounting Standards Board (FASB) issued guidance within Accounting Standards Update (ASU) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in the ASU require public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. Specifically, they will be required to:

•Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption.

•Include certain amounts that are already required to be disclosed under GAAP in the same disclosure as the other disaggregation requirements.

•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied prospectively. The Company is evaluating this ASU, but does not expect the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.

Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)

In September 2025, the FASB issued guidance within ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU are intended to modernize the guidance for accounting software costs that are accounted for under Subtopic 350-40 and remove all references to prescriptive and sequential software development stages. This increases the operability of the cost recognition guidance by considering different methods of software development. The amendments require that an entity begin capitalizing software costs when both of the following conditions have been met: management has authorized and committed to funding the software project; and it is probable that the project will be completed, and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”).

This ASU is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The transition can be done using the prospective method, the modified transition approach or retrospectively. The Company is evaluating this ASU but does not expect the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.

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Note 3: SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at September 30, 2025 and December 31, 2024 are summarized as follows (in thousands):

			September 30, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	6,892					$	—					$	(344)											$	6,548
Municipal bonds			159,353						479						(28,617)												131,215
Corporate bonds			123,679						3,446						(3,421)												123,704
Mortgage-backed or related securities			1,868,033						2,313						(248,370)												1,621,976
Asset-backed securities			134,878						204						—												135,082
			$	2,292,835					$	6,442					$	(280,752)											$	2,018,525

			September 30, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	279					$	1					$	(3)					$	277					$	—
Municipal bonds			433,560						40						(63,161)						370,288						(151)
Corporate bonds			2,573						—						(1)						2,425						(147)
Mortgage-backed or related securities			535,489						—						(93,045)						442,444						—
			$	971,901					$	41					$	(156,210)					$	815,434					$	(298)

			December 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	8,492					$	—					$	(559)											$	7,933
Municipal bonds			153,982						453						(30,453)												123,982
Corporate bonds			131,379						100						(6,489)												124,990
Mortgage-backed or related securities			1,995,805						383						(319,340)												1,676,848
Asset-backed securities			170,604						155						(1)												170,758
			$	2,460,262					$	1,091					$	(356,842)											$	2,104,511

			December 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	302					$	—					$	(4)					$	298					$	—
Municipal bonds			438,196						36						(62,809)						375,280						(143)
Corporate bonds			2,658						—						(6)						2,498						(154)
Mortgage-backed or related securities			560,705						—						(113,253)						447,452						—
			$	1,001,861					$	36					$	(176,072)					$	825,528					$	(297)

Accrued interest receivable on held-to-maturity debt securities was $3.6 million and $4.2 million at September 30, 2025 and December 31, 2024, and was $8.0 million and $9.0 million on available-for-sale debt securities at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses.

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At September 30, 2025 and December 31, 2024, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):

			September 30, 2025
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations			$	—					$	—					$	6,548					$	(344)					$	6,548					$	(344)
Municipal bonds			20,492						(193)						92,685						(28,424)						113,177						(28,617)
Corporate bonds			—						—						70,439						(3,421)						70,439						(3,421)
Mortgage-backed or related securities			—						—						1,483,151						(248,370)						1,483,151						(248,370)
			$	20,492					$	(193)					$	1,652,823					$	(280,559)					$	1,673,315					$	(280,752)

			December 31, 2024
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations			$	—					$	—					$	7,933					$	(559)					$	7,933					$	(559)
Municipal bonds			15,497						(287)						91,156						(30,166)						106,653						(30,453)
Corporate bonds			2,541						(59)						96,763						(6,430)						99,304						(6,489)
Mortgage-backed or related securities			44,749						(524)						1,552,613						(318,816)						1,597,362						(319,340)
Asset-backed securities			20,000						(1)						—						—						20,000						(1)
			$	82,787					$	(871)					$	1,748,465					$	(355,971)					$	1,831,252					$	(356,842)

At September 30, 2025, there were 185 securities—available-for-sale with unrealized losses, compared to 201 at December 31, 2024. Management does not believe that any remaining individual unrealized loss as of September 30, 2025 or December 31, 2024 resulted from credit loss.  The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase. There were no securities—available-for-sale in a nonaccrual status at September 30, 2025 or December 31, 2024.

The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):

			Three months ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Available-for-Sale:
Gross Gains			$	—					$	—					$	—					$	37
Gross Losses			(1,208)						—						(1,211)						(5,502)
Balance, end of the period			$	(1,208)					$	—					$	(1,211)					$	(5,465)

The following table presents the amortized cost and estimated fair value of securities at September 30, 2025, by contractual maturity and does not reflect any required periodic payments (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.

															September 30, 2025
									Available-for-Sale												Held-to-Maturity
															Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturing within one year															$	21,156					$	21,014					$	9,418					$	9,248
Maturing after one year through five years															146,075						136,704						11,494						11,315
Maturing after five years through ten years															299,674						281,839						31,294						29,805
Maturing after ten years															1,825,930						1,578,968						919,695						765,066
															$	2,292,835					$	2,018,525					$	971,901					$	815,434

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The following table presents, as of September 30, 2025, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):

			September 30, 2025
			Carrying Value						Amortized Cost						Fair Value
Purpose or beneficiary:
State and local governments public deposits			$	294,939					$	308,382					$	263,059
Interest rate swap counterparties			950						950						807
Repurchase transaction accounts			205,928						205,928						169,282
Other			2,467						2,467						2,221
Total pledged securities			$	504,284					$	517,727					$	435,369

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings, which are reviewed and updated quarterly. The Company’s non-rated held-to-maturity debt securities are primarily United States government sponsored enterprise debentures carrying minimal to no credit risk. The non-rated corporate bonds primarily consist of Community Reinvestment Act related bonds secured by loan instruments from low to moderate income borrowers. The remaining non-rated held-to-maturity debt securities balance is comprised of local municipal debt from within the Company’s geographic footprint and is monitored through quarterly or annual financial review. This municipal debt is predominately essential service or unlimited general obligation backed debt. The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	424,735					$	500					$	16,032					$	441,267
Not Rated			279						8,825						2,073						519,457						530,634
			$	279					$	433,560					$	2,573					$	535,489					$	971,901

			December 31, 2024
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	430,158					$	500					$	16,218					$	446,876
Not Rated			302						8,038						2,158						544,487						554,985
			$	302					$	438,196					$	2,658					$	560,705					$	1,001,861

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Note 4: LOANS RECEIVABLE AND THE ALLOWANCE FOR CREDIT LOSSES - LOANS

The following table presents the loans receivable at September 30, 2025 and December 31, 2024 by class (dollars in thousands).

			September 30, 2025												December 31, 2024
			Amount						Percent of Total						Amount						Percent of Total
Commercial real estate:
Owner-occupied			$	1,134,559					10		%				$	1,027,426					9		%
Investment properties			1,652,141						14						1,623,672						14
Small balance CRE			1,210,357						10						1,213,792						11
Multifamily real estate			860,650						7						894,425						8
Construction, land and land development:
Commercial construction			144,125						1						122,362						1
Multifamily construction			586,104						5						513,706						5
One- to four-family construction			578,128						5						514,220						5
Land and land development			427,348						4						369,663						3
Commercial business:
Commercial business			1,254,460						11						1,318,333						11
Small business scored			1,176,889						10						1,104,117						10
Agricultural business, including secured by farmland			354,884						3						340,280						3
One- to four-family residential			1,582,605						14						1,591,260						14
Consumer:
Consumer—home equity revolving lines of credit			649,188						5						625,680						5
Consumer—other			91,100						1						95,720						1
Total loans			11,702,538						100		%				11,354,656						100		%
Less allowance for credit losses – loans			(159,707)												(155,521)
Net loans			$	11,542,831											$	11,199,135

Loan amounts are net of unearned loan fees in excess of unamortized costs of $16.5 million as of September 30, 2025, and $15.5 million as of December 31, 2024. Net loans include net discounts on acquired loans of $2.7 million and $3.5 million as of September 30, 2025 and December 31, 2024, respectively. Net loans does not include accrued interest receivable. Accrued interest receivable on loans was $53.3 million as of September 30, 2025, and $47.7 million as of December 31, 2024 and was reported in accrued interest receivable on the Consolidated Statements of Financial Condition.

The Company had pledged $8.2 billion and $7.9 billion of loans as collateral for FHLB and other borrowings at September 30, 2025 and December 31, 2024, respectively.

Troubled Loan Modifications. Occasionally, the Company offers modifications of loans to borrowers experiencing financial difficulty by providing principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions or any combination of these. The following table presents the amortized cost basis and financial effect of loans at September 30, 2025 and September 30, 2024, that were both experiencing financial difficulty and modified during the nine months ended September 30, 2025 and September 30, 2024, respectively (in thousands).

												September 30, 2025
															Term Extension																					Total
Multifamily construction															$	7,499																				$	7,499
One- to four-family construction															2,691																					$	2,691
Agricultural business, including secured by farmland															5,966																					5,966
Total															$	16,156																				$	16,156

						September 30, 2024
									Payment Delay																								Total
Commercial business									$	5,322																							$	5,322
Total									$	5,322																							$	5,322

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The Company has committed to lend additional amounts totaling $2.5 million to the borrowers included in the previous table as of September 30, 2025. The Company closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following tables present the performance at September 30, 2025 and September 30, 2024 of loans that had been modified in the previous 12 months (in thousands).

			September 30, 2025
			30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due						Nonaccrual						Total
Commercial business			$	—					$	—					$	—					$	1,460					$	1,460
Total			$	—					$	—					$	—					$	1,460					$	1,460

			September 30, 2024
			30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due						Nonaccrual						Total
Commercial business			$	—					$	—					$	—					$	5,322					$	5,322
Total			$	—					$	—					$	—					$	5,322					$	5,322

Loans are considered to be in payment default at 90 or more days past due. The following tables present the amortized cost basis of modified loans that, within twelve months of the modification date, experienced a subsequent default during the nine months ended September 30, 2025:

															September 30, 2025
															Term Extension																					Total
Commercial business															$	1,460																				$	1,460
Total															$	1,460																				$	1,460

The following table presents the financial effect of the loan modifications presented above for borrowers experiencing financial difficulty for the nine months ended September 30, 2025 and September 30, 2024:

Nine Months Ended September 30, 2025

Weighted-Average Term Extension (in months)

Multifamily construction

12

One- to four-family construction

21

Agricultural business, including secured by farmland

12

Nine Months Ended September 30, 2024

Weighted Average Payment Delay Period (in months)

Commercial business

3

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Credit Quality Indicators:  To appropriately and effectively manage the ongoing credit quality of the Company’s loan portfolio, management has implemented a risk-rating or loan grading system for its loans.  The system is a tool to evaluate portfolio asset quality throughout each applicable loan’s life as an asset of the Company.  Generally, loans are risk rated on an aggregate borrower/relationship basis with individual loans sharing similar ratings.  There are some instances when specific situations relating to individual loans will provide the basis for different risk ratings within the aggregate relationship.  Loans are graded on a scale of 1 to 9.  A description of the general characteristics of these categories is shown below.

Overall Risk Rating Definitions:  Risk-ratings contain both qualitative and quantitative measurements and take into account the financial strength of a borrower and the structure of the loan.  Consequently, the definitions are to be applied in the context of each lending transaction and judgment must also be used to determine the appropriate risk rating, as it is not unusual for a loan to exhibit characteristics of more than one risk-rating category.  Consideration for the final rating is centered in the borrower’s ability to repay, in a timely fashion, both principal and interest.  The Company’s risk-rating and loan grading policies are reviewed and approved annually. There were no material changes in the risk-rating or loan grading system for the periods presented.

Risk Ratings 1-5: Pass

Credits with risk ratings of 1 to 5 meet the definition of a pass risk rating. The strength of credits vary within the pass risk ratings, ranging from a risk rated 1 being an exceptional credit to a risk rated 5 being an acceptable credit that requires a more than normal level of supervision.

Risk Rating 6: Special Mention

A credit with potential weaknesses that deserves management’s close attention is risk rated a 6.  If left uncorrected, these potential weaknesses will result in deterioration in the capacity to repay debt.  A key distinction between Special Mention and Substandard is that in a Special Mention credit, there are identified weaknesses that pose potential risk(s) to the repayment sources, versus well defined weaknesses that pose risk(s) to the repayment sources.  Assets in this category are expected to be in this category no more than 9-12 months as the potential weaknesses in the credit are resolved.

Risk Rating 7: Substandard

A credit with well-defined weaknesses that jeopardize the ability to repay in full is risk rated a 7.  These credits are inadequately protected by either the sound net worth and payment capacity of the borrower or the value of pledged collateral.  These are credits with a distinct possibility of loss.  Loans headed for foreclosure and/or legal action due to deterioration are rated 7 or worse.

Risk Rating 8: Doubtful

A credit with an extremely high probability of loss is risk rated 8.  These credits have all the same critical weaknesses that are found in a substandard loan; however, the weaknesses are elevated to the point that based upon current information, collection or liquidation in full is improbable.  While some loss on doubtful credits is expected, pending events may make the amount and timing of any loss indeterminable.  In these situations, taking the loss is inappropriate until the outcome of the pending event is clear.

Risk Rating 9: Loss

A credit that is considered to be currently uncollectible or of such little value that it is no longer a viable bank asset is risk rated 9.  Losses should be taken in the accounting period in which the credit is determined to be uncollectible.  Taking a loss does not mean that a credit has absolutely no recovery or salvage value but, rather, it is not practical or desirable to defer writing off the credit, even though partial recovery may occur in the future.

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The following tables present the Company’s portfolio of risk-rated loans by class and by grade as of September 30, 2025 and December 31, 2024 (in thousands). In addition, the tables include the gross charge-offs for the nine months ended September 30, 2025 and the year ended December 31, 2024. Revolving loans that are converted to term loans are treated as new originations in the tables below and are presented by year of origination. Term loans that are renewed or extended for periods longer than 90 days are presented as a new origination in the year of the most recent renewal or extension.

			September 30, 2025
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2025						2024						2023						2022						2021						Prior
Commercial real estate - owner occupied
Risk Rating
Pass			$	175,847					$	210,364					$	168,160					$	103,893					$	143,393					$	253,542					$	46,888					$	1,102,087
Special Mention			—						558						—						9,668						—						—						—						10,226
Substandard			—						—						289						8,610						9						13,338						—						22,246
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Commercial real estate - owner occupied			$	175,847					$	210,922					$	168,449					$	122,171					$	143,402					$	266,880					$	46,888					$	1,134,559
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial real estate - investment properties
Risk Rating
Pass			$	197,071					$	107,921					$	127,914					$	215,776					$	257,707					$	682,430					$	59,314					$	1,648,133
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						4,008						—						4,008
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Commercial real estate - investment properties			$	197,071					$	107,921					$	127,914					$	215,776					$	257,707					$	686,438					$	59,314					$	1,652,141
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Multifamily real estate
Risk Rating
Pass			$	41,078					$	86,067					$	89,665					$	234,399					$	171,114					$	232,881					$	3,383					$	858,587
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						2,063						—						2,063
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Multifamily real estate			$	41,078					$	86,067					$	89,665					$	234,399					$	171,114					$	234,944					$	3,383					$	860,650
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

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			September 30, 2025
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2025						2024						2023						2022						2021						Prior
Commercial construction
Risk Rating
Pass			$	47,102					$	33,870					$	41,288					$	21,121					$	—					$	—					$	—					$	143,381
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						744						—						—						744
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Commercial construction			$	47,102					$	33,870					$	41,288					$	21,121					$	744					$	—					$	—					$	144,125
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Multifamily construction
Risk Rating
Pass			$	155,853					$	168,371					$	170,940					$	67,280					$	—					$	—					$	8,366					$	570,810
Special Mention			—						—						—						—						—						—						—						—
Substandard			15,294						—						—						—						—						—						—						15,294
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Multifamily construction			$	171,147					$	168,371					$	170,940					$	67,280					$	—					$	—					$	8,366					$	586,104
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
One- to four- family construction
Risk Rating
Pass			$	390,286					$	161,546					$	3,936					$	—					$	—					$	—					$	18,931					$	574,699
Special Mention			—						—						—						—						—						—						—						—
Substandard			2,691						—						738						—						—						—						—						3,429
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total One- to four- family construction			$	392,977					$	161,546					$	4,674					$	—					$	—					$	—					$	18,931					$	578,128
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

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			September 30, 2025
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2025						2024						2023						2022						2021						Prior
Land and land development
Risk Rating
Pass			$	182,319					$	131,121					$	40,746					$	25,779					$	19,557					$	19,604					$	4,082					$	423,208
Special Mention			—						—						—						—						—						—						—						—
Substandard			638						468						1,338						1,103						99						494						—						4,140
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Land and land development			$	182,957					$	131,589					$	42,084					$	26,882					$	19,656					$	20,098					$	4,082					$	427,348
Current period gross charge-offs			$	218					$	—					$	—					$	—					$	—					$	—					$	—					$	218
Commercial business
Risk Rating
Pass			$	166,909					$	119,256					$	94,326					$	144,140					$	73,500					$	272,465					$	331,444					$	1,202,040
Special Mention			—						—						1,482						65						13						215						20,776						22,551
Substandard			1,042						2,197						3,225						1,319						708						3,613						17,765						29,869
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Commercial business			$	167,951					$	121,453					$	99,033					$	145,524					$	74,221					$	276,293					$	369,985					$	1,254,460
Current period gross charge-offs			$	—					$	1,694					$	908					$	—					$	18					$	165					$	417					$	3,202
Agricultural business, including secured by farmland
Risk Rating
Pass			$	14,266					$	14,796					$	35,747					$	20,543					$	22,862					$	64,608					$	139,172					$	311,994
Special Mention			—						—						—						670						—						—						389						1,059
Substandard			6,569						1,229						4,540						8,427						1,239						11,625						8,202						41,831
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Agricultural business, including secured by farmland			$	20,835					$	16,025					$	40,287					$	29,640					$	24,101					$	76,233					$	147,763					$	354,884
Current period gross charge-offs			$	—					$	—					$	730					$	361					$	—					$	1,325					$	—					$	2,416

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			December 31, 2024
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2024						2023						2022						2021						2020						Prior
Commercial real estate - owner occupied
Risk Rating
Pass			$	188,895					$	171,046					$	120,470					$	152,940					$	107,495					$	174,221					$	56,699					$	971,766
Special Mention			2,452						—						—						—						9,444						—						1,997						13,893
Substandard			—						292						22,020						2,182						—						17,273						—						41,767
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Commercial real estate - owner occupied			$	191,347					$	171,338					$	142,490					$	155,122					$	116,939					$	191,494					$	58,696					$	1,027,426
Current period gross charge-offs			$	—					$	—					$	351					$	—					$	—					$	—					$	—					$	351
Commercial real estate - investment properties
Risk Rating
Pass			$	128,132					$	144,473					$	209,107					$	270,202					$	142,808					$	659,253					$	51,925					$	1,605,900
Special Mention			—						—						—						—						—						2,649						2,027						4,676
Substandard			—						—						5,724						—						—						7,372						—						13,096
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Commercial real estate - investment properties			$	128,132					$	144,473					$	214,831					$	270,202					$	142,808					$	669,274					$	53,952					$	1,623,672
Multifamily real estate
Risk Rating
Pass			$	124,675					$	87,955					$	206,373					$	205,964					$	94,637					$	170,235					$	2,461					$	892,300
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						2,125						—						2,125
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Multifamily real estate			$	124,675					$	87,955					$	206,373					$	205,964					$	94,637					$	172,360					$	2,461					$	894,425

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			December 31, 2024
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2024						2023						2022						2021						2020						Prior
Commercial construction
Risk Rating
Pass			$	75,095					$	34,032					$	12,481					$	—					$	—					$	—					$	—					$	121,608
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						754						—						—						—						754
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Commercial construction			$	75,095					$	34,032					$	12,481					$	754					$	—					$	—					$	—					$	122,362
Multifamily construction
Risk Rating
Pass			$	151,244					$	226,411					$	121,706					$	—					$	—					$	—					$	14,345					$	513,706
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Multifamily construction			$	151,244					$	226,411					$	121,706					$	—					$	—					$	—					$	14,345					$	513,706
One- to four- family construction
Risk Rating
Pass			$	445,602					$	50,521					$	10,744					$	—					$	—					$	—					$	322					$	507,189
Special Mention			—						—						—						—						—						—						—						—
Substandard			6,293						738						—						—						—						—						—						7,031
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total One- to four- family construction			$	451,895					$	51,259					$	10,744					$	—					$	—					$	—					$	322					$	514,220
Current period gross charge-offs			$	—					$	—					$	150					$	—					$	—					$	—					$	—					$	150

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			December 31, 2024
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2024						2023						2022						2021						2020						Prior
Land and land development
Risk Rating
Pass			$	197,490					$	85,344					$	33,283					$	22,897					$	9,575					$	13,871					$	1,106					$	363,566
Special Mention			—						—						—						—						—						—						—						—
Substandard			3,764						1,098						396						277						562						—						—						6,097
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Land and land development			$	201,254					$	86,442					$	33,679					$	23,174					$	10,137					$	13,871					$	1,106					$	369,663
Commercial business
Risk Rating
Pass			$	168,794					$	129,476					$	186,001					$	97,590					$	108,881					$	192,416					$	365,770					$	1,248,928
Special Mention			241						—						657						818						—						727						12,022						14,465
Substandard			2,889						1,714						547						947						3,214						2,274						43,355						54,940
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Commercial business			$	171,924					$	131,190					$	187,205					$	99,355					$	112,095					$	195,417					$	421,147					$	1,318,333
Current period gross charge-offs			$	2,301					$	418					$	—					$	689					$	—					$	54					$	558					$	4,020
Agricultural business, including secured by farmland
Risk Rating
Pass			$	22,330					$	40,228					$	19,475					$	22,117					$	12,746					$	53,884					$	127,755					$	298,535
Special Mention			—						—						670						—						—						—						6,684						7,354
Substandard			1,962						8,980						9,999						1,183						3,367						8,850						50						34,391
Doubtful			—						—						—						—						—						—						—						—
Loss			—						—						—						—						—						—						—						—
Total Agricultural business, including secured by farmland			$	24,292					$	49,208					$	30,144					$	23,300					$	16,113					$	62,734					$	134,489					$	340,280

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The following tables present the Company’s portfolio of non-risk-rated loans by class and delinquency status as of September 30, 2025 and December 31, 2024 (in thousands). In addition, the tables include the gross charge-offs for the nine months ended September 30, 2025 and the year ended December 31, 2024. Revolving loans that are converted to term loans are treated as new originations in the tables below and are presented by year of origination. Term loans that are renewed or extended for periods longer than 90 days are presented as a new origination in the year of the most recent renewal or extension.

			September 30, 2025
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2025						2024						2023						2022						2021						Prior
Small balance CRE
Past Due Category
Current			$	78,673					$	71,379					$	83,986					$	201,274					$	204,521					$	569,611					$	—					$	1,209,444
30-59 Days Past Due			—						—						—						—						—						119						—						119
60-89 Days Past Due			—						—						67						—						453						—						—						520
90 Days + Past Due			—						—						—						—						—						274						—						274
Total Small balance CRE			$	78,673					$	71,379					$	84,053					$	201,274					$	204,974					$	570,004					$	—					$	1,210,357
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Small business scored
Past Due Category
Current			$	177,772					$	193,616					$	154,402					$	210,999					$	130,702					$	162,228					$	140,830					$	1,170,549
30-59 Days Past Due			9						305						351						1,394						10						219						146						2,434
60-89 Days Past Due			—						50						49						1,211						2						—						31						1,343
90 Days + Past Due			483						216						1,006						136						231						491						—						2,563
Total Small business scored			$	178,264					$	194,187					$	155,808					$	213,740					$	130,945					$	162,938					$	141,007					$	1,176,889
Current period gross charge-offs			$	53					$	108					$	620					$	526					$	142					$	60					$	—					$	1,509
One- to four- family residential
Past Due Category
Current			$	85,726					$	203,381					$	289,222					$	511,006					$	230,250					$	242,897					$	—					$	1,562,482
30-59 Days Past Due			—						—						—						—						—						370						—						370
60-89 Days Past Due			—						1,623						1,094						775						188						1,137						—						4,817
90 Days + Past Due			—						2,509						1,876						4,281						4,199						2,071						—						14,936
Total One- to four- family residential			$	85,726					$	207,513					$	292,192					$	516,062					$	234,637					$	246,475					$	—					$	1,582,605
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	13					$	—					$	13

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			September 30, 2025
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2025						2024						2023						2022						2021						Prior
Consumer—home equity revolving lines of credit
Past Due Category
Current			$	3,980					$	1,143					$	1,477					$	6,251					$	3,158					$	8,662					$	617,687					$	642,358
30-59 Days Past Due			—						—						320						385						413						563						2,091						3,772
60-89 Days Past Due			—						100						392						99						70						307						—						968
90 Days + Past Due			—						—						716						513						—						861						—						2,090
Total Consumer—home equity revolving lines of credit			$	3,980					$	1,243					$	2,905					$	7,248					$	3,641					$	10,393					$	619,778					$	649,188
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Consumer-other
Past Due Category
Current			$	8,830					$	6,821					$	4,457					$	21,576					$	6,702					$	20,160					$	22,105					$	90,651
30-59 Days Past Due			—						—						8						75						—						34						211						328
60-89 Days Past Due			—						—						—						—						4						34						78						116
90 Days + Past Due			—						—						—						5						—						—						—						5
Total Consumer-other			$	8,830					$	6,821					$	4,465					$	21,656					$	6,706					$	20,228					$	22,394					$	91,100
Current period gross charge-offs			$	10					$	18					$	56					$	77					$	46					$	152					$	853					$	1,212

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			December 31, 2024
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2024						2023						2022						2021						2020						Prior
Small balance CRE
Past Due Category
Current			$	66,708					$	87,829					$	198,461					$	209,983					$	166,244					$	484,567					$	—					$	1,213,792
30-59 Days Past Due			—						—						—						—						—						—						—						—
60-89 Days Past Due			—						—						—						—						—						—						—						—
90 Days + Past Due			—						—						—						—						—						—						—						—
Total Small balance CRE			$	66,708					$	87,829					$	198,461					$	209,983					$	166,244					$	484,567					$	—					$	1,213,792
Small business scored
Past Due Category
Current			$	209,692					$	172,327					$	236,769					$	146,220					$	69,795					$	123,250					$	139,836					$	1,097,889
30-59 Days Past Due			16						62						1,084						650						104						523						523						2,962
60-89 Days Past Due			—						823						75						252						—						88						30						1,268
90 Days + Past Due			—						135						1,349						343						5						166						—						1,998
Total Small business scored			$	209,708					$	173,347					$	239,277					$	147,465					$	69,904					$	124,027					$	140,389					$	1,104,117
Current period gross charge-offs			$	82					$	122					$	522					$	575					$	47					$	587					$	—					$	1,935
One- to four- family residential
Past Due Category
Current			$	219,254					$	306,523					$	537,271					$	246,070					$	51,761					$	207,017					$	—					$	1,567,896
30-59 Days Past Due			1,743						1,731						2,733						762						469						1,818						—						9,256
60-89 Days Past Due			533						570						1,635						270						442						1,099						—						4,549
90 Days + Past Due			—						2,000						2,459						2,983						1,156						961						—						9,559
Total One- to four- family residential			$	221,530					$	310,824					$	544,098					$	250,085					$	53,828					$	210,895					$	—					$	1,591,260

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			December 31, 2024
			Term Loans by Year of Origination																																				Revolving Loans						Total Loans
By class:			2024						2023						2022						2021						2020						Prior
Consumer—home equity revolving lines of credit
Past Due Category
Current			$	4,551					$	975					$	6,884					$	1,964					$	2,243					$	6,582					$	595,115					$	618,314
30-59 Days Past Due			—						100						1,571						98						—						335						1,532						3,636
60-89 Days Past Due			—						—						237						561						—						384						136						1,318
90 Days + Past Due			—						766						247						190						190						1,019						—						2,412
Total Consumer—home equity revolving lines of credit			$	4,551					$	1,841					$	8,939					$	2,813					$	2,433					$	8,320					$	596,783					$	625,680
Current period gross charge-offs			$	—					$	—					$	58					$	—					$	11					$	1					$	110					$	180
Consumer-other
Past Due Category
Current			$	9,329					$	6,333					$	25,334					$	8,243					$	5,390					$	17,374					$	23,185					$	95,188
30-59 Days Past Due			5						—						54						—						3						88						166						316
60-89 Days Past Due			2						15						20						39						—						1						94						171
90 Days + Past Due			—						—						45						—						—						—						—						45
Total Consumer-other			$	9,336					$	6,348					$	25,453					$	8,282					$	5,393					$	17,463					$	23,445					$	95,720
Current period gross charge-offs			$	9					$	50					$	105					$	71					$	37					$	211					$	1,247					$	1,730

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The following tables provide the amortized cost basis of collateral-dependent loans as of September 30, 2025 and December 31, 2024 (in thousands). Our collateral dependent loans presented in the tables below have no significant concentrations by property type or location.

			September 30, 2025
			Real Estate												Equipment						Inventory						Total
Commercial real estate:
Small balance CRE			$	453											$	—					$	—					$	453
One- to four-family construction			738												—						—						738
Land and land development			1,334												—						—						1,334
Commercial business
Commercial business			—												—						1,460						1,460
Small business scored			235												—						—						235
Agricultural business, including secured by farmland			4,218												1,491						—						5,709
One- to four-family residential			9,549												—						—						9,549
Consumer:
Consumer—home equity revolving lines of credit			895												—						—						895
Total			$	17,422											$	1,491					$	1,460					$	20,373

			December 31, 2024
			Real Estate						Accounts Receivable						Equipment						Inventory						Total
Commercial real estate:
Owner-occupied			$	2,182					$	—					$	—					$	—					$	2,182
One- to four-family construction			1,834						—						—						—						1,834
Land and land development			1,622						—						—						—						1,622
Commercial business
Commercial business			—						1,789						1,660						427						3,876
Small business scored			623						—						—						—						623
Agricultural business, including secured by farmland			5,013						—						3,447						—						8,460
One- to four-family residential			5,374						—						—						—						5,374
Consumer—home equity revolving lines of credit			977						—						—						—						977
Total			$	17,625					$	1,789					$	5,107					$	427					$	24,948

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The following tables provide additional detail on the age analysis of the Company’s past due loans as of September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025
			30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due						Total Past Due						Current						Total Loans						Non-accrual with no Allowance						Total Non-accrual (1)						Loans 90 Days or More Past Due and Accruing
Commercial real estate:
Owner-occupied			$	—					$	—					$	9					$	9					$	1,134,550					$	1,134,559					$	9					$	9					$	—
Investment properties			—						—						—						—						1,652,141						1,652,141						—						—						—
Small balance CRE			119						520						274						913						1,209,444						1,210,357						451						451						274
Multifamily real estate			—						—						—						—						860,650						860,650						—						—						—
Construction, land and land development:
Commercial construction			—						—						—						—						144,125						144,125						—						—						—
Multifamily construction			—						—						—						—						586,104						586,104						—						—						—
One- to four-family construction			—						—						737						737						577,391						578,128						738						738						—
Land and land development			—						146						2,749						2,895						424,453						427,348						753						3,502						—
Commercial business:
Commercial business			1,808						—						2,553						4,361						1,250,099						1,254,460						2						3,196						—
Small business scored			2,434						1,343						2,563						6,340						1,170,549						1,176,889						233						3,628						166
Agricultural business, including secured by farmland			169						1,155						1,548						2,872						352,012						354,884						2,644						5,765						—
One- to four-family residential			370						4,817						14,936						20,123						1,562,482						1,582,605						9,053						16,576						834
Consumer:
Consumer—home equity revolving lines of credit			3,772						968						2,090						6,830						642,358						649,188						895						4,872						—
Consumer—other			328						116						5						449						90,651						91,100						—						5						—
Total			$	9,000					$	9,065					$	27,464					$	45,529					$	11,657,009					$	11,702,538					$	14,778					$	38,742					$	1,274

(1)     The Company did not recognize any interest income on non-accrual loans during the nine months ended September 30, 2025.

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			December 31, 2024
			30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due						Total Past Due						Current						Total Loans						Non-accrual with no Allowance						Total Non-accrual (1)						Loans 90 Days or More Past Due and Accruing
Commercial real estate:
Owner-occupied			$	—					$	—					$	2,182					$	2,182					$	1,025,244					$	1,027,426					$	—					$	2,182					$	—
Investment properties			—						—						—						—						1,623,672						1,623,672						—						—						—
Small balance CRE			—						—						—						—						1,213,792						1,213,792						—						4						—
Multifamily real estate			—						—						—						—						894,425						894,425						—						—						—
Construction, land and land development:
Commercial construction			754						—						—						754						121,608						122,362						—						—						—
Multifamily construction			—						—						—						—						513,706						513,706						—						—						—
One- to four-family construction			—						—						738						738						513,482						514,220						1,834						1,834						—
Land and land development			1,600						796						1,568						3,964						365,699						369,663						1,622						2,129						—
Commercial business:
Commercial business			2,025						—						1,012						3,037						1,315,296						1,318,333						123						4,103						—
Small business scored			2,962						1,268						1,998						6,228						1,097,889						1,104,117						623						2,964						—
Agricultural business, including secured by farmland			190						—						7,077						7,267						333,013						340,280						4,829						8,485						—
One-to four-family residential			9,256						4,549						9,559						23,364						1,567,896						1,591,260						5,374						10,016						369
Consumer:
Consumer—home equity revolving lines of credit			3,636						1,318						2,412						7,366						618,314						625,680						977						4,790						35
Consumer—other			316						171						45						532						95,188						95,720						—						45						—
Total			$	20,739					$	8,102					$	26,591					$	55,432					$	11,299,224					$	11,354,656					$	15,382					$	36,552					$	404

(1)     The Company did not recognize any interest income on non-accrual loans during the year ended December 31, 2024.

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The following tables provide the activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2025 and 2024 (in thousands):

			For the Three Months Ended September 30, 2025
			Commercial Real Estate						Multifamily Real Estate						Construction and Land						Commercial Business						Agricultural Business						One- to Four-Family Residential						Consumer												Total
Allowance for credit losses - loans:
Beginning balance			$	41,036					$	9,918					$	34,124					$	38,591					$	6,216					$	20,917					$	9,699											$	160,501
Provision/(recapture) for credit losses			119						(17)						513						(526)						1,007						(445)						733												1,384
Recoveries			36						—						725						99						99						13						78												1,050
Charge-offs			—						—						(218)						(518)						(2,054)						—						(438)												(3,228)
Ending balance			$	41,191					$	9,901					$	35,144					$	37,646					$	5,268					$	20,485					$	10,072											$	159,707
			For the Nine Months Ended September 30, 2025
			Commercial Real Estate						Multifamily Real Estate						Construction and Land						Commercial Business						Agricultural Business						One- to Four-Family Residential						Consumer												Total
Allowance for credit losses - loans:
Beginning balance			$	40,830					$	10,308					$	29,038					$	38,611					$	5,727					$	20,807					$	10,200											$	155,521
Provision/(recapture) for credit losses			215						(407)						5,599						2,729						1,847						(568)						719												10,134
Recoveries			146						—						725						1,017						110						259						365												2,622
Charge-offs			—						—						(218)						(4,711)						(2,416)						(13)						(1,212)												(8,570)
Ending balance			$	41,191					$	9,901					$	35,144					$	37,646					$	5,268					$	20,485					$	10,072											$	159,707

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			For the Three Months Ended September 30, 2024
			Commercial Real Estate						Multifamily Real Estate						Construction and Land						Commercial Business						Agricultural Business						One- to Four-Family Residential						Consumer												Total
Allowance for credit losses - loans:
Beginning balance			$	39,064					$	8,253					$	31,597					$	38,835					$	4,045					$	20,906					$	10,148											$	152,848
Provision/(recapture) for credit losses			911						1,980						(3,130)						745						1,294						(457)						624												1,967
Recoveries			65						—						—						613						1						14						41												734
Charge-offs			—						—						(145)						(414)						—						—						(405)												(964)
Ending balance			$	40,040					$	10,233					$	28,322					$	39,779					$	5,340					$	20,463					$	10,408											$	154,585
			For the Nine Months Ended September 30, 2024
			Commercial Real Estate						Multifamily Real Estate						Construction and Land						Commercial Business						Agricultural Business						One- to Four-Family Residential						Consumer												Total
Allowance for credit losses - loans:
Beginning balance			$	44,384					$	9,326					$	28,095					$	35,464					$	3,865					$	19,271					$	9,238											$	149,643
(Recapture)/provision for credit losses			(5,549)						907						372						4,957						1,173						1,145						2,339												5,344
Recoveries			1,552						—						—						1,718						302						47						312												3,931
Charge-offs			(347)						—						(145)						(2,360)						—						—						(1,481)												(4,333)
Ending balance			$	40,040					$	10,233					$	28,322					$	39,779					$	5,340					$	20,463					$	10,408											$	154,585

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Note 5: GOODWILL, OTHER INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS

Goodwill and Other Intangible Assets:  At September 30, 2025, intangible assets are comprised of goodwill and core deposit intangibles (CDI) acquired in business combinations. Goodwill represents the excess of the purchase consideration paid over the fair value of the assets acquired, net of the fair values of liabilities assumed in a business combination, and is not amortized but is reviewed at least annually for impairment. The Company has identified one reporting unit for the purpose of evaluating goodwill for impairment. The Company completed an assessment of qualitative factors as of December 31, 2024 and concluded that no further analysis was required as it was more likely than not that the fair value of the reporting unit exceeded the carrying value.

CDI represents the value of transaction-related deposits and the value of the client relationships associated with the deposits. The Company amortizes CDI assets over their estimated useful lives and reviews them at least annually for events or circumstances that could impair their value. 

The following table summarizes the changes in the Company’s goodwill and other intangibles for the year ended December 31, 2024 and the nine months ended September 30, 2025 (in thousands):

			Goodwill						CDI						Total
Balance, December 31, 2023			$	373,121					$	5,684					$	378,805
Amortization			—						(2,626)						(2,626)
Balance, December 31, 2024			373,121						3,058						376,179
Amortization			—						(1,252)						(1,252)
Balance, September 30, 2025			$	373,121					$	1,806					$	374,927

The following table presents the estimated amortization expense with respect to CDI as of September 30, 2025, for the periods indicated (in thousands):

						Estimated Amortization
Remainder of 2025						$	315
2026						904
2027						426
2028						126
2029						35
						$	1,806

Mortgage Servicing Rights:  Mortgage and Small Business Administration (SBA) servicing rights are reported in other assets.  SBA servicing rights are initially recorded and carried at fair value. Mortgage servicing rights are initially recognized at fair value and are amortized in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets.  Mortgage servicing rights are subsequently evaluated for impairment based upon the fair value of the rights compared to the amortized cost (remaining unamortized initial fair value).  If the fair value is less than the amortized cost, a valuation allowance is created through an impairment charge to servicing fee income.  However, if the fair value is greater than the amortized cost, the amount above the amortized cost is not recognized in the carrying value.  The unpaid principal balance of loans for which mortgage and SBA servicing rights have been recognized totaled $2.80 billion and $2.84 billion at September 30, 2025 and December 31, 2024, respectively.  Custodial accounts maintained in connection with this servicing totaled $30.5 million and $12.2 million at September 30, 2025 and December 31, 2024, respectively.

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An analysis of the mortgage and SBA servicing rights for the three and nine months ended September 30, 2025 and 2024 is presented below (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Balance, beginning of the period			$	13,265					$	14,010					$	13,487					$	14,649
Additions—amounts capitalized			550						391						1,793						1,175
Additions—through purchase			—						56						2						165
Amortization (1)			(815)						(827)						(2,451)						(2,430)
Fair value adjustments (2)			84						(21)						253						50
Impairment valuation adjustments (3)			—						(6)						—						(6)
Balance, end of the period			$	13,084					$	13,603					$	13,084					$	13,603

(1)    Amortization of mortgage servicing rights is recorded as a reduction of loan servicing income within mortgage banking operations and any unamortized balance is fully amortized if the loan repays in full.

(2)    Fair value adjustments relate to SBA servicing rights. These adjustments are estimated based on an independent dealer analysis by discounting estimated net future cash flows from servicing SBA loans.

Note 6: DEPOSITS

Deposits consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025												December 31, 2024
Non-interest-bearing accounts			$	4,572,338											$	4,591,543
Interest-bearing checking			2,734,822												2,393,864
Regular savings accounts			3,705,823												3,478,423
Money market accounts			1,462,570												1,550,896
Total interest-bearing transaction and savings accounts			7,903,215												7,423,183
Certificates of deposit:
Certificates of deposit greater than or equal to $250,000			533,790												487,515
Certificates of deposit less than $250,000			1,006,592												1,012,157
Total certificates of deposit			1,540,382												1,499,672
Total deposits			$	14,015,935											$	13,514,398
Included in total deposits:
Public fund transaction and savings accounts			$	370,191											$	414,413
Public fund interest-bearing certificates			35,660												25,423
Total public deposits			$	405,851											$	439,836
Total brokered certificates of deposit			$	49,989											$	50,346

Scheduled maturities and weighted average interest rates of certificates of deposit at September 30, 2025, are as follows (dollars in thousands):

			September 30, 2025
			Amount						Weighted Average Rate
Maturing in one year or less			$	1,482,139					3.47		%
Maturing after one year through two years			40,747						2.29
Maturing after two years through three years			9,499						0.65
Maturing after three years through four years			2,397						0.87
Maturing after four years through five years			5,112						2.75
Maturing after five years			488						0.50
Total certificates of deposit			$	1,540,382					3.41		%

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Note 7: FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents estimated fair values of the Company’s financial instruments as of September 30, 2025 and December 31, 2024, whether or not recognized or recorded in the Consolidated Statements of Financial Condition (dollars in thousands):

									September 30, 2025												December 31, 2024
			Level						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Assets:
Cash and cash equivalents			1						$	672,863					$	672,863					$	501,858					$	501,858
Securities—available-for-sale			2						1,989,454						1,989,454						2,078,826						2,078,826
Securities—available-for-sale			3						29,071						29,071						25,685						25,685
Securities—held-to-maturity			2						965,401						809,271						995,237						819,230
Securities—held-to-maturity			3						6,202						6,163						6,327						6,298
Loans held for sale			2						20,334						20,599						32,021						32,215
Loans receivable, net			3						11,542,831						11,445,723						11,199,135						10,894,024
Equity securities			1						510						510						481						481
FHLB stock			3						14,226						14,226						22,451						22,451
Bank-owned life insurance			1						317,469						317,469						312,549						312,549
Mortgage servicing rights			3						11,962						35,526						12,618						37,926
SBA servicing rights			3						1,122						1,122						869						869
Investments in limited partnerships			3						16,929						16,929						13,955						13,955
Derivatives:
Interest rate swaps			2						10,292						10,292						14,507						14,507
Interest rate lock and forward sales commitments			2,3						319						319						331						331
Liabilities:
Demand, interest checking and money market accounts			2						8,769,730						8,769,730						8,536,303						8,536,303
Regular savings			2						3,705,823						3,705,823						3,478,423						3,478,423
Certificates of deposit			2						1,540,382						1,535,106						1,499,672						1,492,829
FHLB advances			2						100,000						100,000						290,000						290,000
Other borrowings			2						120,536						120,536						125,257						125,257
Subordinated notes, net			2						—						—						80,278						78,832
Junior subordinated debentures			3						76,251						76,251						67,477						67,477
Derivatives:
Interest rate swaps			2						19,913						19,913						30,184						30,184
Interest rate lock and forward sales commitments			2,3						106						106						2						2
Risk participation agreement			2						8						8						6						6

The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). When measuring fair value, management will maximize the use of observable inputs and minimize the use of unobservable inputs whenever possible. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions.

The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies.  However, considerable judgment is required to interpret data to develop the estimates of fair value.  Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date.  The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.  In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments.  This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values.

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Items Measured at Fair Value on a Recurring Basis:

The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets and liabilities as of September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025
			Level 1						Level 2						Level 3						Total
Assets:
Securities—available-for-sale
U.S. Government and agency obligations			$	—					$	6,548					$	—					$	6,548
Municipal bonds			—						131,215						—						131,215
Corporate bonds			—						94,633						29,071						123,704
Mortgage-backed or related securities			—						1,621,976						—						1,621,976
Asset-backed securities			—						135,082						—						135,082
			—						1,989,454						29,071						2,018,525
Loans held for sale(1)			—						12,570						—						12,570
Equity securities			510						—						—						510
SBA servicing rights			—						—						1,122						1,122
Investment in limited partnerships			—						—						16,929						16,929
Derivatives
Interest rate swaps			—						10,292						—						10,292
Interest rate lock and forward sales commitments			—						—						319						319
			$	510					$	2,012,316					$	47,441					$	2,060,267
Liabilities:
Junior subordinated debentures			$	—					$	—					$	76,251					$	76,251
Derivatives
Interest rate swaps			—						19,913						—						19,913
Interest rate lock and forward sales commitments			—						44						62						106
Risk participation agreement			—						8						—						8
			$	—					$	19,965					$	76,313					$	96,278

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			December 31, 2024
			Level 1						Level 2						Level 3						Total
Assets:
Securities—available-for-sale
U.S. Government and agency obligations			$	—					$	7,933					$	—					$	7,933
Municipal bonds			—						123,982						—						123,982
Corporate bonds			—						99,305						25,685						124,990
Mortgage-backed or related securities			—						1,676,848						—						1,676,848
Asset-backed securities			—						170,758						—						170,758
			—						2,078,826						25,685						2,104,511
Loans held for sale(1)			—						26,185						—						26,185
Equity securities			481						—						—						481
SBA servicing rights			—						—						869						869
Investment in limited partnerships			—						—						13,955						13,955
Derivatives
Interest rate swaps			—						14,507						—						14,507
Interest rate lock and forward sales commitments			—						221						110						331
			$	481					$	2,119,739					$	40,619					$	2,160,839
Liabilities:
Junior subordinated debentures			$	—					$	—					$	67,477					$	67,477
Derivatives
Interest rate swaps			—						30,184						—						30,184
Interest rate lock and forward sales commitments			—						—						2						2
Risk participation agreement			—						6						—						6
			$	—					$	30,190					$	67,479					$	97,669

(1)    The unpaid principal balance of residential mortgage loans held for sale carried at fair value on a recurring basis was $12.2 million and $25.7 million at September 30, 2025 and December 31, 2024, respectively.

The following methods were used to estimate the fair value of each class of financial instruments above:

Securities:  The estimated fair values of investment securities and mortgage-backed securities are priced using current active market quotes, if available, which are considered Level 1 measurements.  For most of the portfolio, matrix pricing based on the securities’ relationship to other benchmark quoted prices is used to establish the fair value.  These measurements are considered Level 2.  Due to the continued limited activity in the trust preferred markets that have limited the observability of market spreads for some of the Company’s trust preferred securities (TPS), management has classified these securities, included in Corporate Bonds, as a Level 3 fair value measure. Management periodically reviews the pricing information received from third-party pricing services and tests those prices against other sources to validate the reported fair values.

Loans Held for Sale: Fair values for residential mortgage loans held for sale are determined by comparing actual loan rates to current secondary market prices for similar loans.

Equity Securities: Equity securities are invested in a publicly traded stock. The fair value of these securities is based on daily quoted market prices.

Investments in Limited Partnerships: Fair values are estimated using the practical expedient method based on our ownership interest in partners’ capital to which a proportionate share of net assets is attributed, for each limited partnership.

SBA Servicing Rights: Fair values are estimated based on an independent dealer analysis by discounting estimated net future cash flows from servicing. The evaluation utilizes assumptions market participants would use in determining fair value including prepayment speeds, delinquency and foreclosure rates, the discount rate, servicing costs, and the timing of cash flows.  The SBA servicing portfolio is stratified by loan type and fair value estimates are adjusted up or down based on the serviced loan interest rates versus current rates on new loan originations since the most recent independent analysis.

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Junior Subordinated Debentures:  The fair value of junior subordinated debentures is estimated using an income approach technique. The significant inputs included in the estimation of fair value are the credit risk adjusted spread and three month SOFR (Secured Overnight Financing Rate). The credit risk adjusted spread represents the nonperformance risk of the liability. The Company utilizes an external valuation firm to validate the reasonableness of the credit risk adjusted spread used to determine the fair value. The junior subordinated debentures are carried at fair value which represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to inactivity in the trust preferred markets that have limited the observability of market spreads, management has classified this as a Level 3 fair value measurement.

Derivatives: Derivatives include interest rate swap agreements, interest rate lock commitments to originate loans held for sale, forward sales contracts to sell loans and securities related to mortgage banking activities and risk participation agreements. Fair values for these instruments, which generally change as a result of changes in the level of market interest rates, are estimated based on dealer quotes and secondary market sources. As the interest rate lock commitments use a pull-through rate that is considered an unobservable input, these derivatives are classified as a level 3 fair value measurement.

Off-Balance Sheet Items: Off-balance sheet financial instruments include unfunded commitments to extend credit, including standby letters of credit, and commitments to purchase investment securities. The fair value of these instruments is not considered to be material.

Limitations: The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2025 and December 31, 2024.  The factors used in the fair value estimates are subject to change subsequent to the dates the fair value estimates are completed, therefore, current estimates of fair value may differ significantly from the amounts presented herein.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3):

The following table provides a description of the valuation technique, unobservable inputs, and quantitative and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring and non-recurring basis at September 30, 2025 and December 31, 2024:

																		Weighted Average Rate or Range
Financial Instruments						Valuation Technique						Unobservable Inputs						September 30, 2025						December 31, 2024
Corporate bonds (TPS)						Discounted cash flows						Discount rate						7.74		%				9.57		%
Junior subordinated debentures						Discounted cash flows						Discount rate						7.74		%				9.57		%
Loans individually evaluated						Collateral valuations						Discount to appraised value						0% to 50%						0% to 75%
Interest rate lock commitments						Pricing model						Pull-through rate						90.11		%				92.34		%
SBA servicing rights						Discounted cash flows						Constant prepayment rate						17.78		%				18.85		%

Trust preferred securities: Management believes that the credit risk-adjusted spread used to develop the discount rate utilized in the fair value measurement of TPS is indicative of the risk premium a willing market participant would require under current market conditions for instruments with similar contractual rates and terms and conditions and issuers with similar credit risk profiles and with similar expected probability of default. Management attributes the change in fair value of these instruments, compared to their par value, primarily to perceived general market adjustments to the risk premiums for these types of assets subsequent to their issuance.

Junior subordinated debentures: Similar to the TPS discussed above, management believes that the credit risk-adjusted spread utilized in the fair value measurement of the junior subordinated debentures is indicative of the risk premium a willing market participant would require under current market conditions for an issuer with Banner’s credit risk profile. Management attributes the change in fair value of the junior subordinated debentures, compared to their par value, primarily to perceived general market adjustments to the risk premiums for these types of liabilities subsequent to their issuance. Future contractions in the risk adjusted spread relative to the spread currently utilized to measure the Company’s junior subordinated debentures at fair value as of September 30, 2025, or the passage of time, will result in negative fair value adjustments. At September 30, 2025, the discount rate utilized was based on a credit spread of 376 basis points and three-month SOFR of 398 basis points.

Interest rate lock commitments: The fair value of the interest rate lock commitments is based on secondary market sources adjusted for an estimated pull-through rate. The pull-through rate is based on historical loan closing rates for similar interest rate lock commitments. An increase or decrease in the pull-through rate would have a corresponding, positive or negative fair value adjustment.

SBA servicing asset: The constant prepayment rate (CPR) is set based on industry data. An increase in the CPR would result in a negative fair value adjustment, where a decrease in CPR would result in a positive fair value adjustment.

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The following tables provide a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and nine months ended September 30, 2025 and 2024 (in thousands):

			Three Months Ended September 30, 2025
			Level 3 Fair Value Inputs
			TPS Securities						Borrowings—Junior Subordinated Debentures						Interest Rate Lock and Forward Sales Commitments						Investments in Limited Partnerships						SBA Servicing Asset
Beginning balance			$	27,944					$	73,366					$	491					$	15,560					$	1,038
Net change recognized in earnings			81						—						(234)						225						84
Net change recognized in accumulated other comprehensive income (AOCI)			1,046						2,885						—						—						—
Purchases, issuances and settlements			—						—						—						649						—
Ending balance at September 30, 2025			$	29,071					$	76,251					$	257					$	16,434					$	1,122
			Nine Months Ended September 30, 2025
			Level 3 Fair Value Inputs
			TPS Securities						Borrowings—Junior Subordinated Debentures						Interest Rate Lock and Forward Sales Commitments						Investments in Limited Partnerships						SBA Servicing Asset
Beginning balance			$	25,685					$	67,477					$	108					$	13,955					$	869
Net change recognized in earnings			234						—						149						597						253
Net change recognized in AOCI			3,152						8,774						—						—						—
Purchases, issuances and settlements			—						—						—						1,882						—
Ending balance at September 30, 2025			$	29,071					$	76,251					$	257					$	16,434					$	1,122
			Three Months Ended September 30, 2024
			Level 3 Fair Value Inputs
			TPS						Borrowings—Junior Subordinated Debentures						Interest Rate Lock and Forward Sales Commitments						Investments in Limited Partnerships						SBA Servicing Asset
Beginning balance			$	25,433					$	66,831					$	257					$	13,417					$	811
Net change recognized in earnings			66						—						84						(43)						(21)
Net change recognized in AOCI			(280)						(574)						—						—						—
Purchases, issuances and settlements			—						—						—						208						—
Ending balance at September 30, 2024			$	25,219					$	66,257					$	341					$	13,582					$	790
			Nine Months Ended September 30, 2024
			Level 3 Fair Value Inputs
			TPS Securities						Borrowings—Junior Subordinated Debentures						Interest Rate Lock and Forward Sales Commitments						Investments in Limited Partnerships						SBA Servicing Asset
Beginning balance			$	25,304					$	66,413					$	251					$	13,475					$	740
Net change recognized in earnings			195						—						90						(1,137)						50
Net change recognized in AOCI			(280)						(156)						—						—						—
Purchases, issuances and settlements			—						—						—						1,244						—
Ending balance at September 30, 2024			$	25,219					$	66,257					$	341					$	13,582					$	790

Interest income, dividends and amortization related to TPS are recorded as a component of interest income. Interest expense related to the junior subordinated debentures is measured based on contractual interest rates and reported in interest expense. The change in fair value of the junior subordinated debentures, which represents changes in instrument specific credit risk, and the change in fair value of TPS securities are recorded in other comprehensive income. The change in fair value of investments in limited partnerships and the SBA servicing asset are recorded as a component of non-interest income. The change in fair value of the interest rate lock and forward sales commitments are included in mortgage banking operations in non-interest income.

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Items Measured at Fair Value on a Non-recurring Basis:

The following tables present financial assets and liabilities measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets as of September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	5,879					$	5,879
Real estate owned (REO)			—						—						5,272						5,272
			December 31, 2024
			Level 1						Level 2						Level 3						Total
Loans individually evaluated			$	—					$	—					$	6,590					$	6,590
REO			—						—						2,367						2,367

The following table presents the gains and losses resulting from non-recurring fair value adjustments for the three and nine months ended September 30, 2025 and 2024 (in thousands).

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Loans individually evaluated						$	(730)					$	—					$	(730)					$	(347)

Loans individually evaluated: Expected credit losses for loans evaluated individually are measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or when the Bank determines that foreclosure is probable, the expected credit loss is measured based on the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. As a practical expedient, the Bank measures the expected credit loss for a loan using the fair value of the collateral, if repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Bank’s assessment as of the reporting date. In both cases, if the fair value of the collateral is less than the amortized cost basis of the loan, the Bank will recognize an allowance as the difference between the fair value of the collateral, less costs to sell (if applicable) and the amortized cost basis of the loan. If the fair value of the collateral exceeds the amortized cost basis of the loan, any expected recovery added to the amortized cost basis will be limited to the amount previously charged-off. Subsequent changes in the expected credit losses for loans evaluated individually are included within the provision for credit losses in the same manner in which the expected credit loss initially was recognized or as a reduction in the provision that would otherwise be reported.

REO: The Company records REO (acquired through a lending relationship) at fair value on a non-recurring basis. Fair value adjustments on REO are based on updated real estate appraisals which are based on current market conditions. All REO properties are recorded at the lower of the estimated fair value of the real estate, less expected selling costs, or the carrying amount of the defaulted loans. From time to time, non-recurring fair value adjustments to REO are recorded to reflect partial write-downs based on an observable market price or current appraised value of property. Banner considers any valuation inputs related to REO to be Level 3 inputs. The individual carrying values of these assets are reviewed for impairment at least annually and any additional impairment charges are expensed.

Note 8: INCOME TAXES, DEFERRED TAXES, AND TAX CREDIT INVESTMENTS

As of September 30, 2025, the Company had a net deferred tax asset of $130.4 million. In addition, the Company has estimated $2.0 million of unrecognized tax benefits related to uncertain tax positions.

The Company recorded income tax expense of $33.7 million and $28.9 million for the nine months ended September 30, 2025 and 2024, respectively, representing effective tax rates of 18.9% and 19.1%, respectively. The effective tax rates differed from the statutory rate principally due to the effects of tax-exempt income, certain tax credits, and tax benefits related to restricted stock vesting.

Tax credit investments: The Company invests in low income housing tax credit funds that are designed to generate a return primarily through the realization of federal tax credits. The Company accounts for these investments by amortizing the cost of tax credit investments over the life of the investment using a proportional amortization method and this tax credit investment amortization expense is a component of the provision for income taxes. The current balance of these tax credit investments is included in other assets, while the unfunded commitments are included in accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

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The following table presents the balances of the Company’s tax credit investments and related unfunded commitments at September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025						December 31, 2024
Tax Credit Investments:
Total commitments			$	193,160					$	153,618
Unfunded commitments			112,518						94,416

The following table presents other information related to the Company’s tax credit investments for the three and nine months ended September 30, 2025 and 2024 (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Tax credits and other tax benefits recognized			$	4,380					$	2,760					$	13,139					$	9,086
Tax credit amortization expense included in provision for income taxes			3,438						2,559						10,458						7,577

Note 9: CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS)

The following table reconciles basic to diluted weighted average shares outstanding used to calculate earnings per share data for the three and nine months ended September 30, 2025 and 2024 (in thousands, except shares and per share data):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net income			$	53,502					$	45,153					$	144,133					$	122,507
Basic weighted average shares outstanding			34,494,824						34,498,830						34,543,969						34,459,662
Dilutive effect of unvested restricted stock			164,522						151,492						186,134						115,836
Diluted weighted average shares outstanding			34,659,346						34,650,322						34,730,103						34,575,498
Earnings per common share
Basic			$	1.55					$	1.31					$	4.17					$	3.56
Diluted			$	1.54					$	1.30					$	4.15					$	3.54
Anti-dilutive restricted stock excluded from the diluted weighted average shares outstanding calculation			—						860						—						3,950

Note 10: STOCK-BASED COMPENSATION PLANS

The Company operates the 2014 Omnibus Incentive Plan (the 2014 Plan), the 2018 Omnibus Incentive Plan (the 2018 Plan) and the 2023 Omnibus Incentive Plan (the 2023 Plan), all of which were approved by its shareholders. The purpose of these plans is to promote the success and enhance the value of the Company by providing a means for attracting and retaining highly skilled employees, officers and directors of the Company and linking their personal interests with those of the Company’s shareholders. Under these plans, the Company currently has outstanding awards of restricted stock shares and restricted stock units.

The Company reserved 900,000 shares of its common stock for issuance under the 2014 Plan in connection with the exercise of awards. As of September 30, 2025, 585,516 restricted stock units have been granted under the 2014 Plan of which 96,468 restricted stock units were unvested. No further awards will be granted under the 2014 Plan.

The Company reserved 900,000 shares of common stock for issuance under the 2018 Plan in connection with the exercise of awards. As of September 30, 2025, 891,029 restricted stock units have been granted under the 2018 Plan of which 221,840 restricted stock units were unvested.

The Company reserved 625,000 shares of common stock for issuance under the 2023 Plan in connection with the exercise of awards. As of September 30, 2025, 7,720 restricted stock shares and 122,370 restricted stock units have been granted under the 2023 Plan of which 2,793 restricted stock shares and 112,572 restricted stock units were unvested.

The expense associated with all restricted stock grants (including restricted stock shares and restricted stock units) was $2.7 million and $7.6 million for the three and nine month periods ended September 30, 2025, and was $2.6 million and $7.2 million for the three and nine month periods ended September 30, 2024, respectively. Unrecognized compensation expense for these awards as of September 30, 2025, was $16.7 million and will be recognized over a weighted average period of 12 months.

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Note 11: COMMITMENTS AND CONTINGENCIES

Financial Instruments with Off-Balance Sheet Risk - The Company has financial instruments with off-balance-sheet risk generated in the normal course of business to meet the financing needs of its clients.  These financial instruments include commitments to extend credit, commitments related to standby letters of credit, commitments to originate loans, commitments to sell loans, and commitments to buy or sell securities. These instruments involve, to varying degrees, elements of credit and interest rate risk similar to the risk involved in on-balance sheet items.

Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument from commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments.  We apply the same credit policies to these commitments and conditional obligations as we do to our on-balance sheet financial instruments.

Outstanding commitments consisted of the following at the dates indicated (in thousands):

			Contract or Notional Amount
			September 30, 2025						December 31, 2024
Commitments to extend credit			$	3,838,654					$	3,857,782
Standby letters of credit and financial guarantees			19,705						28,287
Risk participation agreements			41,719						43,913
Commitments to originate loans held for sale			50,041						35,512
Commitments to sell loans secured by one- to four-family residential properties			28,000						17,963
Commitments to sell securities related to mortgage banking activities			33,000						37,500

In addition to the commitments disclosed in the table above, the Company is also committed to funding the unfunded portion of its tax credit investments, as well as the remaining unfunded portion of its investments in limited partnerships. As of September 30, 2025 and December 31, 2024, the remaining outstanding commitments related to the unfunded tax credit investments and limited partnership investments were as follows (in thousands):

Unfunded commitment balance for:									September 30, 2025												December 31, 2024
Tax credit investments									$	112,518											$	94,416
Limited partnerships investments									$	11,940											$	14,706

Commitments to extend credit are agreements to lend to a client, as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of the commitments may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. Each client’s creditworthiness is evaluated on a case-by-case basis.  The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the client. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income producing commercial properties. The Company’s allowance for credit losses - unfunded loan commitments at September 30, 2025 and December 31, 2024 was $14.0 million and $13.6 million, respectively.

Standby letters of credit are conditional commitments issued to guarantee a client’s performance or payment to a third party.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to clients. Under a risk participation agreement, the Bank guarantees the financial performance of a borrower on the participated portion of an interest rate swap on a loan.

Interest rates on one- to four-family residential loan applications are typically rate locked (committed) to clients during the application stage for periods ranging from 30 to 60 days, the most typical period being 45 days. Traditionally, these loan applications with rate lock commitments have the pricing for the sale of these loans locked with various qualified investors under a best-efforts delivery program at or near the time the interest rate is locked with the client. The Bank then attempts to deliver these loans before their rate locks expire. This arrangement generally requires delivery of the loans prior to the expiration of the rate lock. Delays in funding the loans may require a lock extension. The cost of a lock extension is sometimes covered by the client and other times by the Bank. These lock extension costs have not had a material impact to the Company’s operations. For mandatory delivery commitments the Company enters into forward commitments at specific prices and settlement dates to deliver either: (1) residential mortgage loans for purchase by secondary market investors (i.e., Freddie Mac or Fannie Mae), or (2) mortgage-backed securities to broker/dealers. The purpose of these forward commitments is to offset the movement in interest rates between the execution of its residential mortgage rate lock commitments with borrowers and the sale of those loans to the secondary market investor. There were no counterparty default losses on forward contracts during the three and nine months ended September 30, 2025 or September 30, 2024. Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Company limits its exposure to market risk by monitoring differences between commitments to clients and forward contracts with market investors and securities broker/dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the transaction is completed by either paying or receiving a fee to or from the investor or broker/dealer equal to the increase or decrease in the market value of the forward contract. Changes in the value of rate lock commitments are recorded as assets and liabilities.

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In the normal course of business, the Company and/or its subsidiaries have various legal proceedings and other contingent matters outstanding.  These proceedings and the associated legal claims are often contested and the outcome of individual matters is not always predictable.  These claims and counterclaims typically arise during the course of collection efforts on problem loans or with respect to action to enforce liens on properties in which the Bank holds a security interest.  Based upon the information known to management, there were no legal proceedings that management believes would have a material adverse effect on the results of operations or consolidated financial position at September 30, 2025.

In connection with certain asset sales, the Bank typically makes representations and warranties about the underlying assets conforming to specified guidelines.  If the underlying assets do not conform to the specifications, the Bank may have an obligation to repurchase the assets or indemnify the purchaser against any loss.  The Bank believes that the potential for material loss under these arrangements is remote.  Accordingly, the fair value of such obligations is not material.

Note 12: DERIVATIVES AND HEDGING

The Company is party to various derivative instruments that are used for asset and liability management and client financing needs. Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require no net investment and allow for the net settlement of positions. The notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. The underlying variable represents a specified interest rate, index, or other component. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the market value of the derivative contract.

The Company’s predominant derivative and hedging activities involve interest rate swaps related to certain term loans and forward sales contracts associated with mortgage banking activities. Generally, these instruments help the Company manage exposure to market risk and meet client financing needs. Market risk represents the possibility that economic value or net interest income will be adversely affected by fluctuations in external factors such as market-driven interest rates and prices or other economic factors.

As of September 30, 2025 and December 31, 2024, the notional values or contractual amounts and fair values of the Company’s derivatives were as follows (in thousands):

			Asset Derivatives																								Liability Derivatives
			September 30, 2025												December 31, 2024												September 30, 2025												December 31, 2024
			Notional/ Contract Amount						Fair Value						Notional/ Contract Amount						Fair Value						Notional/ Contract Amount						Fair Value						Notional/ Contract Amount						Fair Value
Interest rate swaps			$	399,859					$	19,873					$	386,995					$	30,134					$	399,859					$	19,913					$	386,995					$	30,184
Master netting agreements									(9,581)												(15,627)												—												—
Cash offset/(settlement)									—												—												—												—
Net interest rate swaps									10,292												14,507												19,913												30,184
Risk participation agreements			642						—						817						—						41,077						8						43,097						6
Mortgage loan commitments			50,041						319						30,085						108						—						—						5,427						2
Forward sales contracts			6,788						—						49,628						223						46,449						106						—						—
Total			$	457,330					$	10,611					$	467,525					$	14,838					$	487,385					$	20,027					$	435,519					$	30,192

The Company’s asset derivatives are included in other assets, while the liability derivatives are included in accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

Interest Rate Swaps: The Bank offers an interest rate swap program for commercial loan clients that provides the client with a variable-rate loan and enters into an interest rate swap in which the client receives a variable-rate payment in exchange for a fixed-rate payment. The Bank offsets its risk exposure by entering into an offsetting interest rate swap with a dealer counterparty for the same notional amount and length of term as the client interest rate swap providing the dealer counterparty with a fixed-rate payment in exchange for a variable-rate payment. These swaps do not qualify as designated hedges; therefore, each swap is accounted for as a freestanding derivative.

Risk Participation Agreements: In conjunction with the purchase or sale of participating interests in loans, the Company also participates in related swaps through risk participation agreements. The existing credit derivatives resulting from these participations are not designated as hedges as they are not used to manage interest rate risk in the Company’s assets or liabilities and are not speculative.

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Mortgage Loan Commitments: The Company sells originated one- to four-family residential loans into the secondary mortgage loan markets. During the period of loan origination and prior to the sale of the loans in the secondary market, the Company has exposure to movements in interest rates associated with written interest rate lock commitments with potential borrowers to originate one- to four-family residential loans that are intended to be sold and for closed one- to four-family residential loans held for sale for which fair value accounting has been elected, that are awaiting sale and delivery into the secondary market. The Company economically hedges the risk of changing interest rates associated with these one- to four-family residential loan commitments by entering into forward sales contracts to sell these loans or mortgage-backed securities to broker/dealers at specific prices and dates.

Gains (losses) recognized in income within mortgage banking operations on non-designated hedging instruments for the three and nine months ended September 30, 2025 and 2024, were as follows (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Mortgage loan commitments			$	(173)					$	84					$	432					$	157
Forward sales contracts			(434)						(771)						(1,243)						(691)
			$	(607)					$	(687)					$	(811)					$	(534)

The Company is exposed to credit-related losses in the event of nonperformance by the counterparty to these agreements. Credit risk of the financial contract is controlled through the credit approval, limits, and monitoring procedures and management does not expect the counterparties to fail their obligations.

In connection with the interest rate swaps between the Bank and the dealer counterparties, the agreements contain a provision where if the Bank fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Bank would be required to settle its obligations. Similarly, the Bank could be required to settle its obligations under certain of its agreements if specific regulatory events occur, such as a publicly issued prompt corrective action directive, cease and desist order, or a capital maintenance agreement that required the Bank to maintain a specific capital level. If the Bank had breached any of these provisions at September 30, 2025 or December 31, 2024, it could have been required to settle its obligations under the agreements at the termination value. As of September 30, 2025 and December 31, 2024, the Company had no obligations to dealer counterparties related to these agreements. The Company generally posts collateral against derivative liabilities in the form of cash, government agency-issued bonds, mortgage-backed securities, or commercial mortgage-backed securities. Collateral posted against derivative liabilities was $16.9 million and $19.9 million as of September 30, 2025 and December 31, 2024, respectively. The collateral posted included restricted cash of $15.9 million and $18.9 million as of September 30, 2025 and December 31, 2024, respectively.

Derivative assets and liabilities are recorded at fair value on the balance sheet. Master netting agreements allow the Company to settle all derivative contracts held with a single counterparty on a net basis and to offset net derivative positions with related collateral where applicable. In addition, some interest rate swap derivatives between the Company and the dealer counterparties are cleared through central clearing houses. These clearing houses characterize the variation margin payments as settlements of the derivative’s market exposure and not as collateral. The variation margin is treated as an adjustment to our cash collateral, as well as a corresponding adjustment to our derivative asset or liability. The variation margin adjustment was a positive adjustment of $9.6 million and a positive adjustment of $15.6 million as of September 30, 2025 and December 31, 2024, respectively.

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The following tables present additional information related to the Company’s derivative contracts, by type of financial instrument, as of September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025
																					Gross Amounts of Financial Instruments Not Offset in the Consolidated Statement of Financial Condition
			Gross Amounts Recognized						Amounts offset in the Statement of Financial Condition						Net Amounts in the Statement of Financial Condition						Netting Adjustment Per Applicable Master Netting Agreements						Fair Value of Financial Collateral in the Statement of Financial Condition						Net Amount
Derivative assets
Interest rate swaps			$	19,873					$	(9,581)					$	10,292					$	—					$	—					$	10,292
			$	19,873					$	(9,581)					$	10,292					$	—					$	—					$	10,292
Derivative liabilities
Interest rate swaps			$	19,913					$	—					$	19,913					$	—					$	(15,228)					$	4,685
			$	19,913					$	—					$	19,913					$	—					$	(15,228)					$	4,685
			December 31, 2024
																					Gross Amounts of Financial Instruments Not Offset in the Consolidated Statement of Financial Condition
			Gross Amounts Recognized						Amounts offset in the Statement of Financial Condition						Net Amounts in the Statement of Financial Condition						Netting Adjustment Per Applicable Master Netting Agreements						Fair Value of Financial Collateral in the Statement of Financial Condition						Net Amount
Derivative assets
Interest rate swaps			$	30,134					$	(15,627)					$	14,507					$	—					$	—					$	14,507
			$	30,134					$	(15,627)					$	14,507					$	—					$	—					$	14,507
Derivative liabilities
Interest rate swaps			$	30,184					$	—					$	30,184					$	—					$	(18,228)					$	11,956
			$	30,184					$	—					$	30,184					$	—					$	(18,228)					$	11,956

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Note 13: SEGMENT DISCLOSURES

The Company is managed by legal entity, rather than by lines of business, and its activities are considered a single operating segment for financial reporting purposes. The Bank is engaged in the single line of business of community banking, which involves gathering deposits and originating loans in its primary market areas. The Bank manages its operations, allocates resources, and monitors and reports its financials as a single operating segment.

The Company’s performance is assessed based on net income that is reported on our Consolidated Statements of Operations with consolidated net income being the primary measure to evaluate resource allocations. In addition to our consolidated financial statements, the operating and financial condition data below is used to monitor budget versus actual results and assess performance:

OPERATING DATA:			Quarters Ended																		Nine Months Ended
(In thousands)			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Interest income			$	205,848					$	200,259					$	195,841					$	599,975					$	569,667
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
Non-interest income			20,730						17,751						18,063						57,589						46,853
Non-interest expense			102,022						101,348						96,291						304,629						292,060
Net income			$	53,502					$	45,496					$	45,153					$	144,133					$	122,507

FINANCIAL CONDITION DATA:			Quarters Ended
(In thousands)			Sep 30, 2025						Jun 30, 2025						Dec 31, 2024						Sep 30, 2024
Cash and securities (1)			$	3,662,991					$	3,529,241					$	3,607,933					$	3,730,637
Loans receivable, net			11,542,831						11,529,872						11,199,135						11,070,021
Total assets			16,563,081						16,437,169						16,200,037						16,188,676
Core deposits			12,475,553						12,049,519						12,014,726						12,016,295
Total deposits			14,015,935						13,527,291						13,514,398						13,538,148

KEY FINANCIAL RATIOS:			Quarters Ended																		Nine Months Ended
			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Performance Ratios:
Return on average assets (2)			1.30		%				1.13		%				1.13		%				1.19		%				1.04		%
Net interest margin (tax equivalent) (3)			3.98						3.92						3.72						3.94						3.72
Non-interest expense to average assets			2.48						2.52						2.42						2.53						2.48
Efficiency ratio (4)			59.76						62.50						62.63						61.78						65.19

(1)Includes available-for-sale and held-to-maturity securities.

(2)Net income divided by average assets.

(3)Net interest income as a percent of average interest-earning assets on a tax equivalent basis.

(4)Non-interest expenses divided by the total of net interest income and non-interest income.

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ITEM 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview

Banner is a bank holding company incorporated in the State of Washington, which wholly owns its 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 September 30, 2025, it had 135 branch offices and 14 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 September 30, 2025, we had total consolidated assets of $16.56 billion, total loans of $11.70 billion, total deposits of $14.02 billion and total shareholders’ equity of $1.91 billion.

The Bank is a regional bank that offers a wide variety of commercial banking services and financial products to individuals, businesses and public sector entities in its primary market areas.  The Bank’s primary business is that of traditional banking institutions, accepting deposits and originating loans in locations surrounding our offices.  The Bank is also an active participant in secondary loan markets, engaging in mortgage banking operations through the origination and sale of one- to four-family residential loans.  Lending activities include commercial business and commercial real estate loans, agriculture business loans, construction and land development loans, one- to four-family and multifamily residential loans, SBA loans and consumer loans.

The Company’s successful execution of its super community bank model and strategic initiatives has delivered solid core operating results and profitability over the last several years. The Company’s longer term strategic initiatives continue to focus on originating high quality assets and client acquisition, which we believe will continue to generate strong revenue while maintaining the Company’s moderate risk profile.

Third Quarter 2025 Financial Highlights

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

•Revenue was $170.7 million for the third quarter of 2025, compared to $162.2 million in the preceding quarter.

•Net interest income was $150.0 million in the third quarter of 2025, compared to $144.4 million in the preceding quarter.

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

•Return on average assets was 1.30%, compared to 1.13% in the preceding quarter.

•Net loans receivable were $11.54 billion at September 30, 2025, compared to $11.53 billion at June 30, 2025.

•Total deposits increased to $14.02 billion at September 30, 2025, compared to $13.53 billion at June 30, 2025.

•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.

•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, at June 30, 2025.

•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 June 30, 2025.

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

•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 Financial Measures: Management has presented non-GAAP financial measures in this discussion and analysis because it believes these measures provide useful and comparative information to assess trends in our core operations and to 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, we have also presented comparable earnings information using GAAP financial measures. For a reconciliation of these non-GAAP financial measures, see the tables below. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies.

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Adjusted revenue, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average equity and adjusted efficiency ratio are non-GAAP financial measures. To calculate these non-GAAP measures, we make adjustments to our GAAP revenues and expenses as reported on our Consolidated Statements of Operations. Management believes that these non-GAAP financial measures provide information to investors that is useful in evaluating the operating performance and trends of financial services companies, including the Company (dollars in thousands except per share data).

			Quarters Ended																		Nine Months Ended September 30,
			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						2025						2024
ADJUSTED REVENUE
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 on building and lease exits			(1,373)						919						—						(454)						—
Adjusted revenue (non-GAAP)			$	168,746					$	162,984					$	153,699					$	491,606					$	454,641

			Quarters Ended																		Nine Months Ended September 30,
			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						2025						2024
ADJUSTED EARNINGS
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, net			(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
Adjusted diluted 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		%

			Quarters Ended																		Nine Months Ended September 30,
			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						2025						2024
ADJUSTED EFFICIENCY RATIO
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 and 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 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) (3)			58.54		%				60.28		%				61.27		%				60.30		%				62.84		%

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

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

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

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The ratio of tangible common shareholders’ equity to tangible assets is also a non-GAAP financial measure. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholders’ equity. We calculate tangible assets by excluding the balance of goodwill and other intangible assets from total assets. We believe that this is consistent with the treatment by our bank regulatory agencies, which exclude goodwill and other intangible assets from the calculation of risk-based capital ratios. Management believes that this non-GAAP financial measure provides information to investors that is useful in understanding the basis of our capital position (dollars in thousands except share and per share data).

TANGIBLE COMMON SHAREHOLDERS’ EQUITY TO TANGIBLE ASSETS
			September 30, 2025						June 30, 2025						December 31, 2024						September 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
			September 30, 2025						June 30, 2025						December 31, 2024						September 30, 2024
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

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial condition and results of operations.  The information contained in this section should be read in conjunction with the Consolidated Financial Statements and accompanying Selected Notes to the Consolidated Financial Statements contained in Item 1 of this Form 10-Q.

Summary of Critical Accounting Estimates

Our critical accounting estimates are described in detail in the Critical Accounting Estimates section of our 2024 Form 10-K. The condensed consolidated financial statements are prepared in conformity with GAAP and follow general practices within the financial services industry in which the Company operates. This preparation requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements. As this information changes, actual results could differ from the estimates, assumptions, and judgments reflected in the financial statements. Certain estimates inherently have a greater reliance on the use of assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. Management believes that the allowance for credit losses and fair value measurements require significant judgments and assumptions which are susceptible to significant changes based on the current environment. There have been no significant changes in our application of critical accounting estimates since December 31, 2024.

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Comparison of Financial Condition at September 30, 2025 and December 31, 2024

General:  Total assets increased $363.0 million to $16.56 billion at September 30, 2025, from $16.20 billion at December 31, 2024. The increase compared to year end was primarily due to loan growth and an increase in cash, specifically our interest-bearing deposits in other banks, partially offset by a decrease in securities.

Loans and lending: Loans are our most significant and generally highest yielding earning assets. We attempt to maintain a total loans to total deposits ratio at a level designed to enhance our revenues, while adhering to sound underwriting practices and appropriate diversification guidelines in order to maintain a moderate risk profile. Our loan to deposit ratio at September 30, 2025 was 84%. We offer a wide range of loan products to meet the demands of our clients. Our lending activities are primarily directed toward the origination of real estate and commercial loans. Total loans receivable (gross loans less deferred fees and discounts and excluding loans held for sale) increased $347.9 million at September 30, 2025, compared to December 31, 2024, reflecting increases across all loan categories except small balance CRE, multifamily real estate loans, commercial business loans, one- to four-family residential loans and other consumer loans.

The following table sets forth the composition of the Company’s loans receivable by type of loan as of the dates indicated (dollars in thousands):

																					Percentage Change
			Sep 30, 2025						Dec 31, 2024						Sep 30, 2024						Year End						Prior Year Qtr. End
Commercial real estate:
Owner-occupied			$	1,134,559					$	1,027,426					$	990,516					10		%				15		%
Investment properties			1,652,141						1,623,672						1,583,863						2						4
Small balance CRE			1,210,357						1,213,792						1,218,822						—						(1)
Total Commercial real estate			3,997,057						3,864,890						3,793,201						3						5
Multifamily real estate			860,650						894,425						889,866						(4)						(3)
Construction, land and land development:
Commercial construction			144,125						122,362						124,051						18						16
Multifamily construction			586,104						513,706						524,108						14						12
One- to four-family construction			578,128						514,220						507,350						12						14
Land and land development			427,348						369,663						370,690						16						15
Total Construction, land and land development			1,735,705						1,519,951						1,526,199						14						14
Commercial business:
Commercial business			1,254,460						1,318,333						1,281,615						(5)						(2)
Small business scored			1,176,889						1,104,117						1,087,714						7						8
Total Commercial business			2,431,349						2,422,450						2,369,329						—						3
Agricultural business, including secured by farmland			354,884						340,280						346,686						4						2
One- to four-family residential			1,582,605						1,591,260						1,575,164						(1)						—
Consumer:
Consumer—home equity revolving lines of credit			649,188						625,680						622,615						4						4
Consumer—other			91,100						95,720						101,546						(5)						(10)
Total Consumer			740,288						721,400						724,161						3						2
Total loans receivable			$	11,702,538					$	11,354,656					$	11,224,606					3		%				4		%

Commercial real estate loans totaled $4.00 billion, or 34% of our loan portfolio, and multifamily real estate loans totaled $860.7 million, or 7% of our loan portfolio, at September 30, 2025. Commercial real estate loans increased by $132.2 million during the first nine months of 2025, primarily due to new production and transfers to the permanent loan portfolio upon completion of the construction phase, partially offset by payoffs and paydowns, while multifamily real estate loans decreased by $33.8 million, primarily due to payoffs and paydowns exceeding new production.

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Our construction, land and land development loans totaled $1.74 billion, or 15% of our loan portfolio, at September 30, 2025, compared to $1.52 billion at December 31, 2024. Multifamily construction loans increased $72.4 million, or 14%, to $586.1 million at September 30, 2025, compared to December 31, 2024. Multifamily construction represented 5% of our total loan portfolio at September 30, 2025. Multifamily construction loans were comprised primarily of affordable housing projects and, to a lesser extent, market rate multifamily projects across our footprint. Commercial construction loans increased $21.8 million, or 18%, to $144.1 million at September 30, 2025, compared to $122.4 million at December 31, 2024, due to advances and new loan production, partially offset by transfers to the permanent loan portfolio upon completion of the construction phase. Land and land development loans increased $57.7 million, or 16%, to $427.3 million at September 30, 2025, compared to December 31, 2024, primarily due to new loan production, partially offset by payoffs and paydowns.

Our commercial business lending is directed toward meeting the credit and related deposit needs of various small- to medium-sized business and agribusiness borrowers operating in our primary market areas.  Our commercial business loans were $2.43 billion at September 30, 2025 and $2.42 billion at December 31, 2024. Commercial business loans represented 21% of our loan portfolio at September 30, 2025. Our agricultural business loans were $354.9 million at September 30, 2025 and $340.3 million at December 31, 2024. Agricultural business loans represented 3% of our loan portfolio at September 30, 2025. Our commercial business lending also includes participation in certain syndicated loans, including shared national credits, which totaled $215.1 million, or 2% of our loan portfolio, at September 30, 2025, compared to $227.4 million, or 2% of our loan portfolio, at December 31, 2024.

We are active originators of one- to four-family residential loans in most communities where we have established offices in Washington, Oregon, California, Idaho and Utah. Most of the one- to four-family residential loans we originate in normal market conditions are sold in secondary markets with net gains on sales and loan servicing fees reflected in our revenues from mortgage banking operations. At September 30, 2025, one- to four-family residential loans retained in our portfolio decreased $8.7 million, to $1.58 billion, compared to $1.59 billion at December 31, 2024. The decrease was primarily the result of one- to four-family residential loan payoffs exceeding one- to four-family construction loans converting to permanent one- to four-family residential loans upon completion of construction and new loan originations. One- to four-family residential loans represented 14% of our loan portfolio at September 30, 2025.

Our consumer loan activity is primarily directed at meeting demand from our existing deposit clients. At September 30, 2025, consumer loans, including home equity revolving lines of credit, increased $18.9 million to $740.3 million, compared to $721.4 million at December 31, 2024.

The following table shows the commitment amount for loan origination activity (excluding loans held for sale) for the periods indicated (in thousands):

			Three Months Ended																		Nine Months Ended
			Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Commercial real estate			$	118,354					$	216,189					$	114,372					$	371,584					$	283,992
Multifamily real estate			2,500						13,065						314						25,120						3,473
Construction and land			369,363						411,210						472,506						1,068,138						1,456,454
Commercial business			167,627						203,656						179,871						475,022						501,754
Agricultural business			7,681						14,414						5,877						34,860						62,538
One-to four- family residential			6,817						5,491						24,488						17,447						76,554
Consumer			122,193						102,600						96,137						304,823						282,752
Total commitment amount for loan originations (excluding loans held for sale)			$	794,535					$	966,625					$	893,565					$	2,296,994					$	2,667,517

Loans held for sale decreased to $20.3 million at September 30, 2025, compared to $32.0 million at December 31, 2024. The decrease 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 period. Originations of loans held for sale increased to $265.0 million for the nine months ended September 30, 2025, compared to $197.7 million for the same period last year. The volume of one- to four-family residential mortgage loans sold was $349.6 million during the nine months ended September 30, 2025, compared to $255.7 million in the same period a year ago.

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The following table presents loans by geographic concentration at the dates indicated (dollars in thousands):

			Sep 30, 2025												Dec 31, 2024						Sep 30, 2024						Percentage Change
			Amount						Percentage						Amount						Amount						Year End						Prior Year Qtr. End
Washington			$	5,407,327					46		%				$	5,245,886					$	5,203,637					3		%				4		%
California			3,064,993						26						2,861,435						2,796,965						7						10
Oregon			2,137,422						18						2,113,229						2,108,229						1						1
Idaho			668,949						6						665,158						652,148						1						3
Utah			79,697						1						82,459						85,316						(3)						(7)
Other			344,150						3						386,489						378,311						(11)						(9)
Total loans receivable			$	11,702,538					100		%				$	11,354,656					$	11,224,606					3		%				4		%

Investment Securities: Total securities decreased $115.9 million to $2.99 billion at September 30, 2025, from $3.11 billion at December 31, 2024, primarily due to securities paydowns and maturities exceeding purchases during the nine months ended September 30, 2025. Purchases during the nine months ended September 30, 2025, consisted primarily of state and local government obligations. The average effective duration of the Company’s securities portfolio was 6.4 years at both September 30, 2025 and December 31, 2024. The fair value of securities designated as available-for-sale increased $80.2 million for the nine months ended September 30, 2025. This increase, net of $19.3 million in associated tax expense, was recorded in other comprehensive income and reflected the impact of changes in market interest rates during the nine months ended September 30, 2025.

Deposits: Deposits, client retail repurchase agreements and loan repayments are the major sources of our funds for lending and other investment purposes. We compete with other financial institutions and financial intermediaries in attracting deposits and we generally attract deposits within our primary market areas. Much of the focus of our branch strategy and marketing efforts over the last several years have been directed toward attracting additional deposit client relationships and balances. This effort has been particularly directed towards emphasizing core deposit activity in non-interest-bearing and other transaction and savings accounts.

The following table sets forth the Company’s deposits by type of deposit account as of the dates indicated (dollars in thousands):

																					Percentage Change
			Sep 30, 2025						Dec 31, 2024						Sep 30, 2024						Year End						Prior Year Qtr. End
Non-interest-bearing			$	4,572,338					$	4,591,543					$	4,688,244					—		%				(2)		%
Interest-bearing checking			2,734,822						2,393,864						2,344,561						14						17
Regular savings accounts			3,705,823						3,478,423						3,339,859						7						11
Money market accounts			1,462,570						1,550,896						1,643,631						(6)						(11)
Interest-bearing transaction & savings accounts			7,903,215						7,423,183						7,328,051						6						8
Total core deposits			12,475,553						12,014,726						12,016,295						4						4
Interest-bearing certificates			1,540,382						1,499,672						1,521,853						3						1
Total deposits			$	14,015,935					$	13,514,398					$	13,538,148					4		%				4		%

Total deposits increased $501.5 million at September 30, 2025, compared to December 31, 2024, with core deposits increasing $460.8 million and certificates of deposit increasing $40.7 million. The increase in core deposits primarily reflects increases in interest-bearing transaction and savings accounts, primarily from normal seasonal increases from agricultural clients. We had $50.0 million of brokered deposits at September 30, 2025, compared to $50.3 million at December 31, 2024. Core deposits represented 89% of total deposits at both September 30, 2025 and December 31, 2024. Competition for deposits in our market areas remains strong.

The following table sets forth the number and average account balance of the Company’s deposit accounts as of the dates indicated (dollars in thousands):

						Sep 30, 2025						Dec 31, 2024						Sep 30, 2024
Number of deposit accounts						449,087						460,004						459,127
Average account balance per account						$	31					$	30					$	30

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The following table presents deposits by geographic concentration at the dates indicated (dollars in thousands):

			Sep 30, 2025												Dec 31, 2024						Sep 30, 2024						Percentage Change
			Amount						Percentage						Amount						Amount						Year End						Prior Year Qtr. End
Washington			$	7,648,527					55		%				$	7,441,413					$	7,413,414					3		%				3		%
Oregon			3,081,329						22						2,981,327						2,997,843						3						3
California			2,542,903						18						2,392,573						2,423,295						6						5
Idaho			743,176						5						699,085						703,596						6						6
Total deposits			$	14,015,935					100		%				$	13,514,398					$	13,538,148					4		%				4		%

Borrowings: We had $100.0 million of FHLB advances at September 30, 2025, compared to $290.0 million at December 31, 2024 as deposits were used as the primary source of funding during the current period. Other borrowings, consisting of retail repurchase agreements primarily related to client cash management accounts, decreased $4.7 million to $120.5 million at September 30, 2025, compared to $125.3 million at December 31, 2024. At September 30, 2025, the Company’s off-balance sheet liquidity included additional borrowing capacity of $3.25 billion at the FHLB, $1.63 billion at the Federal Reserve, and $125.0 million in federal funds lines of credit with other financial institutions. Junior subordinated debentures totaled $76.3 million at September 30, 2025, compared to $67.5 million at December 31, 2024. The outstanding balance of the Company’s subordinated notes was fully repaid during the second quarter of 2025. Subordinated notes, net of issuance costs, were $80.3 million at December 31, 2024.

Shareholders’ Equity: Total shareholders’ equity increased $138.6 million to $1.91 billion, or 11.55% of total assets, at September 30, 2025, compared to $1.77 billion, or 10.95% of total assets, at December 31, 2024. The increase was primarily due to a $93.7 million increase in retained earnings resulting from $144.1 million in net income, partially offset by the accrual of $50.4 million in cash dividends and the repurchase of 250,000 shares of Banner common stock in the third quarter of 2025 at an average price of $63.11 per share. In addition, accumulated other comprehensive loss decreased by $56.5 million, primarily due to a decrease in unrealized losses on the available for sale securities portfolio.

Tangible common shareholders’ equity, which excludes goodwill and other intangible assets and is a non-GAAP financial measure, increased $139.8 million to $1.54 billion, or 9.50% of tangible assets, at September 30, 2025, compared to $1.40 billion, or 8.84% of tangible assets at December 31, 2024. A reconciliation of this non-GAAP financial measure to its comparable GAAP financial measure is presented above following “Third Quarter 2025 Financial Highlights.”

Comparison of Results of Operations for the Three Months Ended September 30, 2025 and June 30, 2025, and the Nine Months Ended September 30, 2025 and 2024

For the quarter ended September 30, 2025, net income was $53.5 million, or $1.54 per diluted share, compared to $45.5 million, or $1.31 per diluted share, for the preceding quarter. For the nine months ended September 30, 2025, our net income was $144.1 million, or $4.15 per diluted share, compared to $122.5 million, or $3.54 per diluted share, for the same period a year earlier. The increase in net income for the comparable periods was primarily due to increases in net interest income and non-interest income.

Net interest income was $150.0 million in the third quarter of 2025, compared to $144.4 million in the preceding quarter, and $435.5 million for the nine months ended September 30, 2025, compared to $401.2 million for the comparable period a year ago. The increases in net interest income for both periods reflect higher yields and an increase in the average balance of interest-earning assets. The increase in net interest income for the nine months ended September 30, 2025 compared to the same period a year ago also reflects a decrease in funding costs.

We recorded a $2.7 million provision for credit losses for the quarter ended September 30, 2025, compared to a $4.8 million provision for credit losses in the preceding quarter. The provision for credit losses in the current quarter was driven by changes in both portfolio mix and individually evaluated loans. We recorded a $10.6 million provision for credit losses for the nine months ended September 30, 2025, compared to a $4.6 million provision for credit losses for the same period a year ago.

Total non-interest income increased for the quarter ended September 30, 2025, compared to the preceding quarter, and increased during the nine months ended September 30, 2025, compared to the same period a year ago. The increase from the preceding quarter was primarily due to an increase in miscellaneous income, reflecting gains on the sale of assets during the current quarter, compared to losses on the disposal of assets related to building and lease exits during the prior quarter associated with Banner’s reduction of excess office space. The increase in non-interest income during the nine months ended September 30, 2025, compared to the same period last year, was primarily due to a decrease in the net loss recognized on the sale of securities and positive fair value adjustments on financial instruments carried at fair value during the current period.

Total non-interest expense increased slightly for the quarter ended September 30, 2025, compared to the preceding quarter and increased for the nine months ended September 30, 2025, compared to the same period a year ago. Non-interest expense for the current quarter reflects increases in miscellaneous expenses and advertising and marketing expenses, partially offset by a decrease in salary and employee benefits. The increase in non-interest expense during the nine months ended September 30, 2025, compared to the same period last year primarily reflects increases in salary and employee benefits, information and computer data services expenses and professional and legal expenses.

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OPERATING DATA:			Quarters Ended																		Nine Months Ended
(In thousands)			September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Interest income			$	205,848					$	200,259					$	195,841					$	599,975					$	569,667
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
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
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)
All other non-interest income			5,877						3,605						4,103						14,403						12,587
Total non-interest income			20,730						17,751						18,063						57,589						46,853
Salary and employee benefits			64,935						65,486						61,832						195,278						188,032
All other non-interest expenses			37,087						35,862						34,459						109,351						104,028
Total non-interest expense			102,022						101,348						96,291						304,629						292,060
Income before provision for income tax expense			66,027						56,007						55,755						177,827						151,392
Provision for income tax expense			12,525						10,511						10,602						33,694						28,885
Net income			$	53,502					$	45,496					$	45,153					$	144,133					$	122,507

PER COMMON SHARE DATA:			Quarters Ended																		Nine Months Ended
			September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net income:
Basic			$	1.55					$	1.31					$	1.31					$	4.17					$	3.56
Diluted			1.54						1.31						1.30						4.15						3.54

Net Interest Income. Net interest income increased for the quarter ended September 30, 2025, compared to the preceding quarter. The $5.6 million increase was due to an increase in interest income, primarily attributable to a five basis point increase in the average loan yield to 6.17% and an increase in average loan balances, while interest expense was essentially flat for the quarter.

Net interest margin on a tax equivalent basis was 3.98% for the third quarter of 2025, compared to 3.92% for the preceding quarter. Net interest margin for the current quarter, compared to the preceding quarter, benefited from higher yields on interest-earning assets, primarily due to an increase in the average loan yield.

Net interest income increased by $34.3 million, or 9%, to $435.5 million for the nine months ended September 30, 2025, compared to $401.2 million for the same period one year earlier. The increase was primarily the result of a $30.3 million increase in interest income, reflecting both adjustable-rate loans repricing higher and new loans being originated at rates higher than the overall loan portfolio, and a $532.7 million increase in the average balance of loans. In addition, funding costs decreased by seven basis points for the nine months ended September 30, 2025 as compared to the same period in the prior year. The net interest margin on a tax equivalent basis increased to 3.94% for the nine months ended September 30, 2025, compared to 3.72% for the same period in the prior year.

Interest Income. Interest income for the quarter ended September 30, 2025 was $205.8 million, compared to $200.3 million for the preceding quarter.  The increase was primarily due to higher average loan yields and balances, as well as increases in both the average balance and yield on interest-bearing deposits held at other banks. The total average loan yield increased five basis points to 6.17%, while the total average loan balance increased $32.9 million.

Loan yields increased five basis points to 6.17% for the quarter ended September 30, 2025, from 6.12% in the preceding quarter, due to new loans being originated at higher interest rates and adjustable rate loans repricing higher. The increase in average loan balances primarily reflected growth in real estate secured loans, particularly commercial real estate and construction loans, which together contributed the largest share of the quarterly increase in interest income.

The total investment securities average balance increased to $3.61 billion for the quarter ended September 30, 2025 (excluding the effect of fair value adjustments), compared to $3.49 billion for the preceding quarter. The average yield on the combined portfolio increased to 3.06% for the quarter ended September 30, 2025, from 2.98% for the preceding quarter. Interest income on interest-bearing deposits with banks also increased, reflecting both a higher average balance and an increase in yield to 4.16%, compared to 3.06% in the prior quarter.

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Interest income for the nine months ended September 30, 2025 was $600.0 million, compared to $569.7 million for the same period in the prior year, an increase of $30.3 million. This increase primarily reflected a 16 basis point increase in the average yield on interest-earning assets, to 5.40%, along with higher average balances. Loan growth was the primary contributor, with the average loan balances increasing $532.7 million compared to the prior year, supported by growth in the commercial real estate and residential mortgage portfolios.

Interest Expense. Interest expense was relatively flat for the quarter ended September 30, 2025 as compared to the preceding quarter. Average funding liabilities increased by $124.8 million, primarily due to a $370.2 million increase in average deposit balances, partially offset by a $163.3 million decrease in average balance of FHLB advances. The average cost of funding liabilities decreased three basis points, to 1.57% for the quarter ended September 30, 2025.

Interest expense for the nine months ended September 30, 2025 was $164.5 million, compared to $168.5 million for the same period in the prior year. The decrease resulted from a seven basis-point decrease in the average cost of funds to 1.57% from 1.64%, partially offset by a $268.0 million, or 2%, increase in average funding liabilities.  The increase in the average balance of funding liabilities reflects increases in interest-bearing transaction and savings accounts, partially offset by decreases in non-interest-bearing deposits, money market accounts, and total borrowings.

Deposit interest expense for the quarter ended September 30, 2025 increased 6% to $52.3 million, compared to $49.3 million for the preceding quarter. The increase was primarily due to increases in both the average balance and the average rate paid on interest-bearing deposits. The average rate paid on total deposits, including non-interest-bearing deposits, was 1.50% for the quarter ended September 30, 2025 and 1.47% for the preceding quarter. The average rate paid on interest-bearing deposits increased to 2.25% for the quarter ended September 30, 2025, compared to 2.21% in the preceding quarter. The increase in the rate paid on interest-bearing deposits reflects higher average rates paid across all interest-bearing deposit categories, except certificates of deposit, as well as shifts in the deposit mix. Total average deposit balances, including non-interest-bearing deposits, increased to $13.79 billion for the quarter ended September 30, 2025, from $13.42 billion for the preceding quarter.

Deposit interest expense for the nine months ended September 30, 2025 increased $3.1 million to $150.3 million, compared to $147.2 million for the same period in the prior year. Average deposit balances increased to $13.55 billion for the nine months ended September 30, 2025, from $13.16 billion for the same period a year earlier, while the average rate paid on interest-bearing deposits decreased by eight basis points to 2.23% for the nine months ended September 30, 2025, compared to 2.31% in the same period a year earlier. The decrease in the average rate paid on interest-bearing deposits was primarily the result of a 33 basis-point decrease in the cost of certificates of deposit.

Interest expense on total borrowings for the quarter ended September 30, 2025, decreased 45% to $3.6 million, compared to $6.5 million for the prior quarter, primarily due to decreases in both the average balance and the rate paid on total borrowings. The average balance of total borrowings decreased to $342.3 million for the quarter ended September 30, 2025, compared to $587.7 million for the preceding quarter, primarily due to a $163.3 million decrease in the average balance of FHLB advances. The average rate paid on total borrowings for the quarter ended September 30, 2025, decreased to 4.18% from 4.47% for the preceding quarter.

Interest expense on total borrowings for the nine months ended September 30, 2025 decreased to $14.2 million from $21.2 million for the same period a year earlier, due to decreases in both the average balance and rate paid on total borrowings. Average total borrowings were $436.4 million for the nine months ended September 30, 2025, compared to $562.9 million for the same period a year earlier. The decrease was primarily due to a $42.5 million decrease in the average balance of FHLB advances, a $46.3 million decrease in the average balance of other borrowings and a $37.7 million decrease in the average balance of junior subordinated debentures and subordinated notes. The average rate paid on total borrowings for the nine months ended September 30, 2025 decreased to 4.35% from 5.04% for the same period a year earlier.

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Analysis of Net Interest Spread. The following table presents for the periods indicated our condensed average balance sheet information, together with interest income and yields earned on average interest-earning assets and interest expense and rates paid on average interest-bearing liabilities with additional comparative data on our operating performance (dollars in thousands). Average balances are computed using daily average balances.

ANALYSIS OF NET INTEREST SPREAD			Quarters Ended
(rates / ratios annualized)			Sep 30, 2025																		Jun 30, 2025
(dollars in thousands)			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		%
Real estate secured loans			9,651,895						147,682						6.07		%				9,565,357						143,909						6.03		%
Commercial/agricultural loans			1,869,782						31,124						6.60		%				1,924,092						31,196						6.50		%
Consumer and other loans			119,593						2,114						7.01		%				121,142						2,087						6.91		%
Total loans (1)			11,673,379						181,451						6.17		%				11,640,527						177,695						6.12		%
Mortgage-backed securities			2,445,497						15,269						2.48		%				2,496,972						15,576						2.50		%
Other securities			854,725						9,065						4.21		%				893,062						9,561						4.29		%
Interest-bearing deposits with banks			291,147						3,053						4.16		%				75,539						577						3.06		%
FHLB stock			15,729						463						11.68		%				23,077						222						3.86		%
Total investment securities			3,607,098						27,850						3.06		%				3,488,650						25,936						2.98		%
Total interest-earning assets			15,280,477						209,301						5.43		%				15,129,177						203,631						5.40		%
Non-interest-earning assets			1,022,905																		994,003
Total assets			$	16,303,382																	$	16,123,180
Deposits:
Interest-bearing checking accounts			$	2,618,924					10,834						1.64		%				$	2,465,015					9,462						1.54		%
Savings accounts			3,616,728						20,170						2.21		%				3,493,965						18,837						2.16		%
Money market accounts			1,471,938						7,799						2.10		%				1,492,229						7,729						2.08		%
Certificates of deposit			1,510,966						13,448						3.53		%				1,489,611						13,288						3.58		%
Total interest-bearing deposits			9,218,556						52,251						2.25		%				8,940,820						49,316						2.21		%
Non-interest-bearing deposits			4,573,009						—						—		%				4,480,579						—						—		%
Total deposits			13,791,565						52,251						1.50		%				13,421,399						49,316						1.47		%
Other interest-bearing liabilities:
FHLB advances			133,380						1,527						4.54		%				296,671						3,370						4.56		%
Other borrowings			119,727						694						2.30		%				122,227						675						2.22		%
Junior subordinated debentures and subordinated notes			89,178						1,387						6.17		%				168,793						2,499						5.94		%
Total borrowings			342,285						3,608						4.18		%				587,691						6,544						4.47		%
Total funding liabilities			14,133,850						55,859						1.57		%				14,009,090						55,860						1.60		%
Other non-interest-bearing liabilities (2)			296,036																		274,407
Total liabilities			14,429,886																		14,283,497
Shareholders’ equity			1,873,496																		1,839,683
Total liabilities and shareholders’ equity			$	16,303,382																	$	16,123,180
Net interest income/rate spread (tax equivalent)									$	153,442					3.86		%										$	147,771					3.80		%
Net interest margin (tax equivalent)															3.98		%																3.92		%
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis									(3,453)																		(3,372)
Net interest income and margin, as reported									$	149,989					3.89		%										$	144,399					3.83		%
Additional Key Financial Ratios:
Return on average assets															1.30		%																1.13		%
Adjusted return on average assets(4)															1.28		%																1.16		%
Return on average equity															11.33		%																9.92		%
Adjusted return on average equity(4)															11.18		%																10.20		%
Average equity/average assets															11.49		%																11.41		%
Average interest-earning assets/average interest-bearing liabilities															159.82		%																158.78		%
Average interest-earning assets/average funding liabilities															108.11		%																108.00		%
Non-interest income/average assets															0.50		%																0.44		%
Non-interest expense/average assets															2.48		%																2.52		%
Efficiency ratio															59.76		%																62.50		%
Adjusted efficiency ratio (4)															58.54		%																60.28		%

(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 and $2.3 million for the quarters ended September 30, 2025 and June 30, 2025, respectively. 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.

(4)Represents non-GAAP financial measures. See non-GAAP financial measure reconciliations presented above following Third Quarter 2025 Highlights.

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			Nine Months Ended September 30, 2025																		Nine Months Ended September 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		%
Real estate secured 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									$	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 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 $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)Represents non-GAAP financial measures. See non-GAAP financial measure reconciliations presented above following Third Quarter 2025 Highlights.

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Provision and Allowance for Credit Losses. Management estimates the allowance for credit losses using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is maintained at a level sufficient to provide for expected credit losses over the life of the loan based on evaluating historical credit loss experience and making adjustments to historical loss information for differences in the specific risk characteristics in the current loan portfolio.  These factors include, among others, changes in the size and composition of the loan portfolio, differences in underwriting standards, delinquency rates, actual loss experience and current economic conditions. The following table sets forth an analysis of our allowance for credit losses - loans for the periods indicated (dollars in thousands):

						Quarters Ended																		Nine Months Ended
CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS						Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Balance, beginning of period						$	160,501					$	157,323					$	152,848					$	155,521					$	149,643
Provision for credit losses – loans						1,384						4,201						1,967						10,134						5,344
Recoveries of loans previously charged off:
Commercial real estate						36						53						65						146						1,552
Construction and land						725						—						—						725						—
One- to four-family residential						13						58						14						259						47
Commercial business						99						361						613						1,017						1,718
Agricultural business, including secured by farmland						99						1						1						110						302
Consumer						78						168						41						365						312
Total recoveries						1,050						641						734						2,622						3,931
Loans charged off:
Commercial real estate						—						—						—						—						(347)
Construction and land						(218)						—						(145)						(218)						(145)
One- to four-family residential						—						—						—						(13)						—
Commercial business						(518)						(892)						(414)						(4,711)						(2,360)
Agricultural business, including secured by farmland						(2,054)						(362)						—						(2,416)						—
Consumer						(438)						(410)						(405)						(1,212)						(1,481)
Total charge-offs						(3,228)						(1,664)						(964)						(8,570)						(4,333)
Net charge-offs						(2,178)						(1,023)						(230)						(5,948)						(402)
Balance, end of period						$	159,707					$	160,501					$	154,585					$	159,707					$	154,585
Net charge-offs / Average loans receivable						(0.019)		%				(0.009)		%				(0.002)		%				(0.051)		%				(0.004)		%
Allowance for credit losses - loans as a percentage of total loans						1.36		%				1.37		%				1.38		%				1.36		%				1.38		%

The provision for credit losses - loans reflects the amount required to maintain the allowance for credit losses - loans at an appropriate level based upon management’s evaluation of the adequacy of collective and individual loss reserves. During the quarter ended September 30, 2025, we recorded a provision for credit losses - loans of $1.4 million, compared to a provision for credit losses - loans of $4.2 million during the preceding quarter. The provision for credit losses in the quarter was driven by changes in both portfolio mix and individually evaluated loans. The provision for credit losses for the preceding quarter primarily reflected loan growth, as well as risk rating migration. Future provisions for credit losses will continue to be influenced by changes in the amount and composition of the loan portfolio, updates to the reasonable and supportable forecast of future economic conditions, revisions to qualitative factor assessments, and any necessary changes to the reversion period applied in estimating expected credit losses.

The provision for credit losses - unfunded loan commitments reflects the amount required to maintain the allowance for credit losses - unfunded loan commitments at an appropriate level based upon management’s evaluation of the adequacy of collective and individual loss reserves. The following table sets forth an analysis of our allowance for credit losses - unfunded loan commitments for the periods indicated (dollars in thousands):

						Quarters Ended																		Nine Months Ended
CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS						Sep 30, 2025						Jun 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Balance, beginning of period						$	12,750					$	12,162					$	14,027					$	13,562					$	14,484
Provision (recapture) for credit losses - unfunded loan commitments						1,290						588						(262)						478						(719)
Balance, end of period						$	14,040					$	12,750					$	13,765					$	14,040					$	13,765

The increase in the allowance for credit losses - unfunded loan commitments for the current quarter reflects an increase in unfunded loan commitments, primarily in the construction portfolio.

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Non-interest Income. The following table presents the key components of non-interest income for the periods indicated (dollars in thousands):

			Quarters Ended																								Nine Months Ended
			Sep 30, 2025						Jun 30, 2025						Change Amount						Change Percent						Sep 30, 2025						Sep 30, 2024						Change Amount						Change Percent
Deposit fees and other service charges			$	10,955					$	10,835					$	120					1		%				$	32,559					$	32,353					$	206					1		%
Mortgage banking operations			3,298						3,226						72						2						9,627						8,521						1,106						13
Bank owned life insurance			2,702						2,384						318						13						7,661						7,049						612						9
Miscellaneous			3,175						1,221						1,954						160						6,742						5,538						1,204						22
			20,130						17,666						2,464						14						56,589						53,461						3,128						6
Net gain (loss) on sale of securities			377						(3)						380						nm						374						(5,465)						5,839						(107)
Net change in valuation of financial instruments carried at fair value			223						88						135						153						626						(1,143)						1,769						(155)
Total non-interest income			$	20,730					$	17,751					$	2,979					17		%				$	57,589					$	46,853					$	10,736					23		%
nm = not meaningful

The increase in non-interest income during the current quarter compared to the preceding quarter was primarily due to a $2.0 million increase in miscellaneous income, which included gains recognized on asset disposals as part of the building and lease exits during the current quarter of $1.4 million, compared to $919,000 of losses incurred on asset disposals related to building and lease exits during the second quarter of 2025.

The increase in non-interest income for the nine months ended September 30, 2025, compared to the same period a year earlier, was primarily due to a $5.8 million reduction in net losses on the sale of securities. A net gain of $374,000 was recognized in the current period, compared to $5.5 million in strategic losses recorded during the nine months ended September 30, 2024, which were taken to mitigate rising interest rate risk in the securities portfolio. In addition, the $626,000 improvement in the fair value of financial instruments during the first nine months of 2025, compared to a $1.1 million negative valuation change in the same period of 2024, contributed to the increase. These instruments primarily include limited partnership investments, which were positively impacted by current market valuations.

Revenue from mortgage banking operations increased $1.1 million for the nine months ended September 30, 2025, compared to the same period a year earlier. This increase was the result of higher volumes of one- to four-family loans sold, with gains on these loan sales totaling $6.5 million, compared to $5.4 million in the prior-year period.

Miscellaneous income increased $1.2 million for the nine months ended September 30, 2025, compared to the same period a year earlier, primarily due to an increase in the gain on sale of SBA loans and higher income from back-to-back swaps.

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Non-interest Expense.  The following table represents key elements of non-interest expense for the periods indicated (dollars in thousands):

			Quarters Ended																								Nine Months Ended
			Sep 30, 2025						Jun 30, 2025						Change Amount						Change Percent.						Sep 30, 2025						Sep 30, 2024						Change Amount						Change Percent
Salary and employee benefits			$	64,935					$	65,486					$	(551)					(1)		%				$	195,278					$	188,032					$	7,246					4		%
Less capitalized loan origination costs			(4,802)						(4,924)						122						(2)						(13,056)						(12,669)						(387)						3
Occupancy and equipment			12,518						12,256						262						2						36,871						36,630						241						1
Information and computer data services			8,199						8,199						—						—						24,026						21,694						2,332						11
Payment and card processing services			6,060						5,899						161						3						17,709						16,747						962						6
Professional and legal expenses			2,190						2,271						(81)						(4)						6,891						4,833						2,058						43
Advertising and marketing			1,395						1,087						308						28						3,072						3,438						(366)						(11)
Deposit insurance			2,867						2,800						67						2						8,464						8,541						(77)						(1)
State and municipal business and use taxes			1,655						1,416						239						17						4,525						4,130						395						10
Real estate operations, net			203						392						(189)						(48)						534						180						354						197
Amortization of core deposit intangibles			341						455						(114)						(25)						1,252						2,037						(785)						(39)
Miscellaneous			6,461						6,011						450						7						19,063						18,467						596						3
Total non-interest expense			$	102,022					$	101,348					$	674					1		%				$	304,629					$	292,060					$	12,569					4		%
nm = not meaningful

The increase in non-interest expense for the current quarter reflects increases in miscellaneous expenses and advertising and marketing expenses, partially offset by a decrease in salary and employee benefits. In addition, the current quarter included $1.0 million of building and lease exit costs, compared to $834,000 of such costs in the previous quarter. The increase in non-interest expense for the nine months ended September 30, 2025, compared to the same period a year earlier primarily reflects increases in salary and employee benefits, information and computer data services, and professional and legal expenses, partially offset by a decrease in the amortization of core deposit intangibles.

Salary and employee benefits decreased for the current quarter, compared to the quarter ended June 30, 2025, as a result of decreased medical premiums expense and payroll taxes, and increased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily from increased loan production-related commission expense and normal salary and wage increases.

Information and computer data services for the nine months ended September 30, 2025 increased from the comparable period primarily due to increases in computer software expenses as the Company invested in technology enhancements.

Professional and legal expense increased for the nine months ended September 30, 2025, compared to the same period a year earlier, primarily due to one-time reductions in litigation settlement costs that occurred during the nine months ended September 30, 2024.

Advertising and marketing expenses increased in the current quarter compared to the prior quarter due to increases in direct mail marketing and community development expenses. However, these expenses decreased $366,000, or 11%, for the nine-month period due to lower spending compared to the prior year.

Miscellaneous expenses increased in the current quarter compared to the prior quarter due to an increase in talent acquisition and other employee-related expenses.

Our efficiency ratio was 59.76% for the current quarter, compared to 62.50% in the preceding quarter. Our adjusted efficiency ratio, a non-GAAP financial measure, was 58.54% for the current quarter, compared to 60.28% in the preceding quarter. The improvement in the efficiency ratio and adjusted efficiency ratio for the current quarter reflects an increase in total revenues and adjusted revenues, respectively. See non-GAAP financial measure reconciliations presented above under “Third Quarter 2025 Financial Highlights.”

Income Taxes. For the quarter ended September 30, 2025, we recognized $12.5 million in income tax expense for an effective tax rate of 19.0%, which reflects our blended statutory tax rate reduced by the effect of tax-exempt income, certain tax credits, and tax benefits related to restricted stock vesting. Our statutory income tax rate is 24.0%, representing a statutory federal income tax rate of 21.0% and apportioned effects of the state income tax rates. For the quarter ended June 30, 2025, we recognized $10.5 million in income tax expense for an effective tax rate of 18.8%. For the nine months ended September 30, 2025, we recognized $33.7 million in income tax expense for an effective tax rate of 18.9%, compared to $28.9 million in income tax expense for an effective tax rate of 19.1% for the same period in the prior year.

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Asset Quality

Maintaining a moderate risk profile by employing appropriate underwriting standards, avoiding excessive asset concentrations and aggressively managing troubled assets has been and will continue to be a primary focus for us. We actively engage with our borrowers to resolve adversely classified loans and other problem assets.

Non-Performing Assets:  Non-performing assets totaled $45.3 million, or 0.27% of total assets, at September 30, 2025, compared to $39.6 million, or 0.24% of total assets, at December 31, 2024. Our allowance for credit losses - loans was $159.7 million, or 399% of non-performing loans, at September 30, 2025, compared to $155.5 million, or 421% of non-performing loans, at December 31, 2024.

The increase in non-performing assets was primarily due to a $6.6 million increase in nonaccrual one- to four-family residential loans.

The following table sets forth information with respect to our non-performing assets at the dates indicated (dollars in thousands):

			September 30, 2025						December 31, 2024						September 30, 2024
Nonaccrual Loans:
Secured by real estate:
Commercial			$	460					$	2,186					$	2,127
Construction and land			4,240						3,963						4,286
One- to four-family			16,576						10,016						9,592
Commercial business			6,824						7,067						10,705
Agricultural business, including secured by farmland			5,765						8,485						7,703
Consumer			4,877						4,835						4,636
			38,742						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						369						961
Commercial business			166						—						—
Consumer			—						35						359
			1,274						404						3,958
Total non-performing loans			40,016						36,956						43,007
REO, net			5,272						2,367						2,221
Other repossessed assets held for sale			—						300						—
Total non-performing assets			$	45,288					$	39,623					$	45,228
Total non-performing assets to total assets			0.27		%				0.24		%				0.28		%
Total nonaccrual loans to total loans receivable			0.33		%				0.32		%				0.35		%
Loans 30-89 days past due and on accrual			$	14,674					$	26,824					$	13,030

For the nine months ended September 30, 2025, interest income was reduced by $1.9 million as a result of nonaccrual loan activity, which included the reversal of $563,000 of accrued interest as of the date the loan was placed on nonaccrual. There was no interest income recognized on nonaccrual loans for the nine months ended September 30, 2025.

The following table presents the Company’s portfolio of loans by risk grade at the dates indicated (in thousands):

			September 30, 2025						December 31, 2024						September 30, 2024
Pass			$	11,491,485					$	11,118,744					$	11,022,014
Special Mention			37,013						43,451						52,497
Substandard			174,040						192,461						150,095
Total			$	11,702,538					$	11,354,656					$	11,224,606

As of September 30, 2025, total substandard loans primarily consisted of loans within the commercial business, commercial real estate and agricultural business loan segments.

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Liquidity and Capital Resources

Our primary sources of funds are deposits, borrowings, proceeds from loan principal and interest payments and sales of loans, and the maturity of and interest payments on mortgage-backed and investment securities. While maturities and scheduled amortization of loans and securities are a predictable source of funds, deposit flows and mortgage prepayments are greatly influenced by market interest rates, economic conditions, competition and our pricing strategies.

Our primary investing activity is the origination of loans and, in certain periods, the purchase of securities or loans.  During the nine months ended September 30, 2025 and 2024, our loan originations, including originations of loans held for sale, exceeded our loan repayments by $703.9 million and $744.9 million, respectively. There were $10.8 million of loan purchases during the nine months ended September 30, 2025, and $4.7 million of loan purchases during the nine months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, we received proceeds of $381.5 million and $276.8 million, respectively, from the sale of loans. Securities purchased during the nine months ended September 30, 2025 and 2024 totaled $101.7 million and $53.2 million, respectively, and securities repayments, maturities and sales in those periods were $296.3 million and $284.4 million, respectively.

  

Our primary financing activity is gathering deposits. Total deposits increased by $501.5 million during the nine months ended September 30, 2025, primarily due to an increase in core deposits. Core deposits were $12.48 billion at September 30, 2025, compared to $12.01 billion at December 31, 2024. Certificates of deposit are generally more vulnerable to competition and more price sensitive than other retail deposits and our pricing of those deposits varies significantly based upon our liquidity management strategies at any point in time.  At September 30, 2025, certificates of deposit totaled $1.54 billion, or 11% of our total deposits, including $1.48 billion which were scheduled to mature within one year.  While no assurance can be given as to future periods, historically, we have been able to retain a significant amount of our certificates of deposit as they mature.

We had $100.0 million of FHLB advances at September 30, 2025, compared to $290.0 million at December 31, 2024 as deposits were used as the primary source of funds during the period. Other borrowings decreased to $120.5 million at September 30, 2025 from $125.3 million at December 31, 2024. The balance of our outstanding subordinated notes was paid off during the second quarter of 2025.

We must maintain an adequate level of liquidity to ensure the availability of sufficient funds to accommodate deposit withdrawals, to support loan growth, to satisfy financial commitments, and to take advantage of investment opportunities. During the nine months ended September 30, 2025, we used our sources of funds primarily to fund loan growth. At September 30, 2025, we had outstanding loan commitments totaling $3.91 billion, relating to undisbursed loans in process and unused credit lines. While representing potential growth in the loan portfolio and lending activities, this level of commitments is proportionally consistent with our historical experience and does not represent a departure from normal operations.

We generally maintain sufficient cash and readily marketable securities to meet short-term liquidity needs; however, our primary liquidity management practice to supplement deposits is to increase or decrease short-term borrowings, including FHLB advances and Federal Reserve Bank of San Francisco (FRBSF) borrowings.  We maintain credit facilities with the FHLB, which provide for advances that in the aggregate would equal the lesser of 45% of the Bank’s assets or adjusted qualifying collateral (subject to a sufficient level of ownership of FHLB stock).  At September 30, 2025, under these credit facilities based on pledged collateral, the Bank had $3.25 billion of available credit capacity. Advances under these credit facilities totaled $100.0 million at September 30, 2025. In addition, the Bank has been approved for participation in the FRBSF’s Borrower-In-Custody program. Under this program, based on pledged collateral, the Bank had available lines of credit of approximately $1.63 billion as of September 30, 2025, subject to certain collateral requirements, namely the collateral type and risk rating of eligible pledged loans. We had no funds borrowed from the FRBSF at September 30, 2025 or December 31, 2024. At September 30, 2025, the Bank also had uncommitted federal funds line of credit agreements with other financial institutions totaling $125.0 million. No balances were outstanding under these agreements as of September 30, 2025 or December 31, 2024. Availability of lines is subject to federal funds balances available for loan and continued borrower eligibility. These lines are intended to support short-term liquidity needs and the agreements may restrict consecutive day usage. Management believes it has adequate resources and funding potential to meet our foreseeable liquidity requirements.

Banner is a separate legal entity from the Bank and, on a stand-alone level, must provide for its own liquidity, and pay its own operating expenses and cash dividends. At September 30, 2025, Banner (on an unconsolidated basis) had liquid assets of $60.2 million.

Banner’s primary sources of funds consist of capital raised through dividends or capital distributions from the Bank, although there are regulatory restrictions on the ability of the Bank to pay dividends. We currently expect to continue our current practice of paying quarterly cash dividends on our common stock subject to our Board of Directors’ discretion to modify or terminate this practice at any time and for any reason without prior notice. Our current quarterly common stock dividend rate increased to $0.50 per share, up from $0.48 per share, for the dividend paid to shareholders in November 2025, as approved by our Board of Directors, which we believe is a dividend rate per share which enables us to balance our multiple objectives of managing and investing in the Bank, and returning a substantial portion of our cash to our shareholders. Assuming continued dividend payments going forward at this new rate of $0.50 per share, our average total dividend paid each quarter would be approximately $17.2 million based on the number of outstanding shares at September 30, 2025.

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As noted below, Banner Corporation and its subsidiary bank continued to maintain capital levels in excess of the requirements to be categorized as “Well-Capitalized” under applicable regulatory standards.  During the nine months ended September 30, 2025, total shareholders’ equity increased $138.6 million, to $1.91 billion or 11.55% of total assets.  At September 30, 2025, tangible common shareholders’ equity, which excludes goodwill and other intangible assets, was $1.54 billion, or 9.50% of tangible assets.  Tangible common shareholders’ equity represents a non-GAAP financial measure. See, non-GAAP financial measure reconciliations presented above under “Third Quarter 2025 Financial Highlights.”

Capital Requirements

Banner is a bank holding company registered with the Federal Reserve.  Bank holding companies are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, as amended, and the regulations of the Federal Reserve.  The Bank, as a state-chartered, federally insured commercial bank, is subject to the capital requirements established by the FDIC.

The capital adequacy requirements are quantitative measures established by regulation that require Banner and the Bank to maintain minimum amounts and ratios of capital.  The Federal Reserve requires Banner to maintain capital adequacy that generally parallels the FDIC requirements.  The FDIC requires the Bank to maintain minimum capital ratios of total capital, tier 1 capital, and common equity tier 1 capital to risk-weighted assets as well as tier 1 leverage capital to average assets.  In addition to the minimum capital ratios, the Bank must maintain a capital conservation buffer consisting of additional common equity tier 1 capital greater than 2.5% of risk-weighted assets above the required minimum levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses. At September 30, 2025, Banner and the Bank each exceeded all regulatory capital requirements to be “well capitalized.”

The actual regulatory capital ratios calculated for Banner Corporation and Banner Bank as of September 30, 2025, along with the minimum capital amounts and ratios, were as follows (dollars in thousands):

						Actual												Minimum to be Categorized as “Adequately Capitalized”												Minimum to be Categorized as “Well-Capitalized”
						Amount						Ratio						Amount						Ratio						Amount						Amount
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						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						1,769,772						12.91		%				616,711						4.50		%				890,805						6.50		%

ITEM 3 – Quantitative and Qualitative Disclosures About Market Risk

Market Risk and Asset/Liability Management

Our financial condition and operations are influenced significantly by general economic conditions, including the absolute level of interest rates as well as changes in interest rates and the slope of the yield curve.  Our profitability is dependent, to a large extent, on our net interest income, which is the difference between the interest received from our interest-earning assets and the interest expense incurred on our interest-bearing liabilities.

Our activities, like all financial institutions, inherently involve the assumption of interest rate risk.  Interest rate risk is the risk that changes in market interest rates will have an adverse impact on the institution’s earnings and underlying economic value.  Interest rate risk is determined by the maturity and repricing characteristics of an institution’s assets, liabilities and off-balance-sheet contracts.  Interest rate risk is measured by the variability of financial performance and economic value resulting from changes in interest rates.  Interest rate risk is the primary market risk affecting our financial performance.

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For the Company, the greatest source of interest rate risk results from the mismatch of maturities or repricing intervals for rate sensitive assets, liabilities and off-balance-sheet contracts.  This mismatch, or gap, is generally characterized by a substantially shorter maturity structure for interest-bearing liabilities than interest-earning assets, although our floating-rate assets tend to be more immediately responsive to changes in market rates than most deposit liabilities.  Additional interest rate risk results from mismatched repricing indices and formula (basis risk and yield curve risk), and product caps and floors and early repayment or withdrawal provisions (option risk), which may be contractual or market driven, that are generally more favorable to clients than to us.  An exception to this generalization is the beneficial effect of interest rate floors on a portion of our performing floating-rate loans, which help us maintain higher loan yields in periods when market interest rates decline significantly.  However, in a declining interest rate environment, as loans with floors are repaid they generally are replaced with new loans which have lower interest rate floors.  As of September 30, 2025, our loans with interest rate floors totaled $5.50 billion and had a weighted average floor rate of 4.91%, compared to a current average note rate of 6.47%.  Our loans with interest rates at their floors at September 30, 2025, totaled $1.18 billion and had a weighted average note rate of 4.50%. The Company actively manages its exposure to interest rate risk through on-going adjustments to the mix of interest-earning assets and funding sources that affect the repricing speeds of loans, investments, interest-bearing deposits and borrowings.

The principal objectives of asset/liability management are to evaluate the interest rate risk exposure; to determine the appropriate level of risk given our operating environment, business plan strategies, performance objectives, capital and liquidity constraints, and asset and liability allocation alternatives; and to manage our interest rate risk consistent with regulatory guidelines and policies approved by the Board of Directors.  Through such management, we seek to reduce the vulnerability of our earnings and capital position to changes in the level of interest rates.  Our actions in this regard are taken under the guidance of the Asset/Liability Management Committee, which is comprised of members of our senior management.  The Committee closely monitors our interest sensitivity exposure, asset and liability allocation decisions, liquidity and capital positions, and local and national economic conditions and attempts to structure the loan and investment portfolios and funding sources to maximize earnings within acceptable risk tolerances.

Sensitivity Analysis

Our primary monitoring tool for assessing interest rate risk is asset/liability simulation modeling, which is designed to capture the dynamics of balance sheet, interest rate and spread movements and to quantify variations in net interest income resulting from those movements under different rate environments.  The sensitivity of net interest income to changes in the modeled interest rate environments provides a measurement of interest rate risk.  We also utilize economic value analysis, which addresses changes in estimated net economic value of equity arising from changes in the level of interest rates.  The net economic value of equity is estimated by separately valuing our assets and liabilities under varying interest rate environments.  The extent to which assets gain or lose value in relation to the gains or losses of liability values under the various interest rate assumptions determines the sensitivity of net economic value to changes in interest rates and provides an additional measure of interest rate risk.

We perform an interest rate sensitivity analysis that incorporates beginning-of-the-period rate, balance and maturity data, using various levels of aggregation of that data, as well as certain assumptions concerning the maturity, repricing, amortization and prepayment characteristics of loans and other interest-earning assets and the repricing and withdrawal of deposits and other interest-bearing liabilities into an asset/liability simulation model. The interest rate sensitivity analysis includes a rate ramp sensitivity scenario, which assumes a gradual change in market interest rates at all maturities during the first year, as well as a rate shock interest rate sensitivity scenario, which assumes an instantaneous and sustained uniform change in market interest rates at all maturities. We update and prepare simulation modeling at least quarterly for review by senior management and oversight by the Board of Directors. We believe the data and assumptions are realistic representations of our portfolio and possible outcomes under the various interest rate scenarios. Nonetheless, the interest rate sensitivity of our net interest income and net economic value of equity could vary substantially if different assumptions were used or if actual experience differs from the assumptions used.

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The following tables set forth, as of September 30, 2025, the estimated changes in our net interest income over one-year and two-year time horizons for our rate ramp and rate shock interest rate sensitivity scenarios, and the estimated changes in economic value of equity for our rate shock interest rate sensitivity scenario based on the indicated interest rate environments (dollars in thousands):

Interest Rate Risk Indicators - Rate Ramp

						September 30, 2025
						Estimated Increase (Decrease) in
Change (in Basis Points) in Interest Rates (1)						Net Interest Income Next 12 Months												Net Interest Income Next 24 Months
+300						$	7,000					1.1		%				$	34,027					2.6		%
+200						8,760						1.4						40,532						3.1
+100						6,465						1.0						28,976						2.2
0						—						—						—						—
-100						(8,272)						(1.3)						(35,819)						(2.8)
-200						(14,668)						(2.3)						(66,294)						(5.1)
-300						(20,054)						(3.2)						(94,437)						(7.3)

(1)Assumes a gradual change in market interest rates at all maturities during the first year; however, no rates are allowed to go below zero. 

Interest Rate Risk Indicators - Rate Shock

						September 30, 2025
						Estimated Increase (Decrease) in
Change (in Basis Points) in Interest Rates (1)						Net Interest Income Next 12 Months												Net Interest Income Next 24 Months												Economic Value of Equity
+300						$	10,102					1.6		%				$	57,758					4.5		%				$	(341,196)					(11.5)		%
+200						18,581						3.0						64,790						5.0						(182,736)						(6.1)
+100						14,986						2.4						45,120						3.5						(65,493)						(2.2)
0						—						—						—						—						—						—
-100						(18,698)						(3.0)						(54,879)						(4.3)						26,509						0.9
-200						(33,015)						(5.3)						(103,539)						(8.0)						8,142						0.3
-300						(45,398)						(7.3)						(150,281)						(11.6)						(64,985)						(2.2)

(1)Assumes an instantaneous and sustained uniform change in market interest rates at all maturities; however, no rates are allowed to go below zero. 

 

At September 30, 2025, the Company’s interest rate risk profile reflected a moderately asset-sensitive position in the near term, with net interest income projected to increase under rising rate scenarios and decrease under falling rate scenarios. In contrast, the estimated long-term economic value of the balance sheet was more sensitive to interest rate changes, declining under rising rate scenarios and changing less under falling rate scenarios. Overall, the results indicate that near-term earnings are expected to benefit from higher interest rates, while the long-term economic value of equity is more sensitive to market rate movements.

Another monitoring tool for assessing interest rate risk is gap analysis.  The matching of the repricing characteristics of assets and liabilities may be analyzed by examining the extent to which assets and liabilities are interest sensitive and by monitoring an institution’s interest sensitivity gap.  An asset or liability is said to be interest sensitive within a specific time period if it will mature or reprice within that time period.  The interest rate sensitivity gap is defined as the difference between the amount of interest-earning assets anticipated, based upon certain assumptions, to mature or reprice within a specific time period and the amount of interest-bearing liabilities anticipated to mature or reprice, based upon certain assumptions, within that same time period.  A gap is considered positive when the amount of interest-sensitive assets exceeds the amount of interest-sensitive liabilities.  A gap is considered negative when the amount of interest-sensitive liabilities exceeds the amount of interest-sensitive assets.  Generally, during a period of rising rates, a negative gap would tend to adversely affect net interest income while a positive gap would tend to result in an increase in net interest income.  During a period of falling interest rates, a negative gap would tend to result in an increase in net interest income while a positive gap would tend to adversely affect net interest income.

Certain shortcomings are inherent in gap analysis.  For example, although certain assets and liabilities may have similar maturities or periods of repricing, they may react in different degrees to changes in market rates.  Also, the interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market rates, while interest rates on other types may lag behind changes in market rates.  Additionally, certain assets, such as adjustable-rate mortgage loans, have features that restrict changes in interest rates on a short-term basis and over the life of the asset.  Further, in the event of a change in interest rates, prepayment and early withdrawal levels would likely deviate significantly from those assumed in calculating the table.  Finally, the ability of some borrowers to service their debt may decrease in the event of a severe change in market rates.

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The following table presents our interest sensitivity gap between interest-earning assets and interest-bearing liabilities at September 30, 2025 (dollars in thousands), based on the amounts of interest-earning assets and interest-bearing liabilities which are anticipated by us, based upon certain assumptions, to reprice or mature in each of the future periods shown.  At September 30, 2025, total interest-earning assets maturing or repricing within one year exceeded total interest-bearing liabilities maturing or repricing in the same time period by $3.22 billion, representing a one-year cumulative gap to total assets ratio of 19.44%.  Both the interest rate risk indicators and interest sensitivity gaps as of September 30, 2025 were within our internal policy guidelines, and management believes the current level of interest rate risk to be reasonable.

			Within 6 Months						After 6 Months Within 1 Year						After 1 Year Within 3 Years						After 3 Years Within 5 Years						After 5 Years Within 10 Years						Over 10 Years						Total
Interest-earning assets: (1)
Construction loans			$	1,352,946					$	77,054					$	75,088					$	9,542					$	3,408					$	—					$	1,518,038
Fixed-rate mortgage loans			254,617						180,323						691,663						595,071						708,511						399,667						2,829,852
Adjustable-rate mortgage loans			1,365,047						525,043						1,531,363						939,861						384,371						2,616						4,748,301
Fixed-rate mortgage-backed securities			85,136						92,038						365,770						395,239						725,119						706,850						2,370,152
Adjustable-rate mortgage-backed securities			174,501						49						205						220						3,743						—						178,718
Fixed-rate commercial/agricultural loans			120,616						83,808						269,022						140,817						144,276						14,692						773,231
Adjustable-rate commercial/agricultural loans			919,619						25,450						94,368						47,057						1,013						—						1,087,507
Consumer and other loans			576,679						53,209						49,034						17,880						17,946						40,052						754,800
Investment securities and interest-earning deposits			553,442						26,285						21,850						86,090						120,063						420,852						1,228,582
Total rate sensitive assets			5,402,603						1,063,259						3,098,363						2,231,777						2,108,450						1,584,729						15,489,181
Interest-bearing liabilities: (2)
Regular savings			511,999						168,791						579,739						455,444						771,028						1,218,821						3,705,822
Interest checking accounts			343,383						114,715						405,935						332,909						593,755						944,126						2,734,823
Money market deposit accounts			198,569						116,874						366,105						245,705						319,024						216,293						1,462,570
Certificates of deposit			1,166,135						316,019						50,247						7,509						473						—						1,540,383
FHLB advances			100,000						—						—						—						—						—						100,000
Junior subordinated debentures			89,178						—						—						—						—						—						89,178
Retail repurchase agreements			120,536						—						—						—						—						—						120,536
Total rate sensitive liabilities			2,529,800						716,399						1,402,026						1,041,567						1,684,280						2,379,240						9,753,312
Excess of interest-sensitive assets over interest-sensitive liabilities			$	2,872,803					$	346,860					$	1,696,337					$	1,190,210					$	424,170					$	(794,511)					$	5,735,869
Cumulative excess of interest-sensitive assets			$	2,872,803					$	3,219,663					$	4,916,000					$	6,106,210					$	6,530,380					$	5,735,869					$	5,735,869
Cumulative ratio of interest-earning assets to interest-bearing liabilities			213.56		%				199.18		%				205.76		%				207.32		%				188.56		%				158.81		%				158.81		%
Interest sensitivity gap to total assets			17.34						2.09						10.24						7.19						2.56						(4.80)						34.63
Ratio of cumulative gap to total assets			17.34						19.44						29.68						36.87						39.43						34.63						34.63

 

(Footnotes on following page)

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Footnotes for Table of Interest Sensitivity Gap

(1)Adjustable-rate assets are included in the period in which interest rates are next scheduled to adjust rather than in the period in which they are due to mature, and fixed-rate assets are included in the period in which they are scheduled to be repaid based upon scheduled amortization, in each case adjusted to take into account estimated prepayments.  Mortgage loans and other loans are not reduced for allowances for credit losses and non-performing loans.  Mortgage loans, mortgage-backed securities, other loans and investment securities are not adjusted for deferred fees or unamortized acquisition premiums and discounts.

(2)Adjustable-rate liabilities are included in the period in which interest rates are next scheduled to adjust rather than in the period they are due to mature.  Although regular savings, demand, interest checking, and money market deposit accounts are subject to immediate withdrawal, based on historical experience management considers a substantial amount of such accounts to be core deposits having significantly longer maturities.  For the purpose of the gap analysis, these accounts have been assigned decay rates to reflect their longer effective maturities.  If all of these accounts had been assumed to be short-term, the one-year cumulative gap of interest-sensitive assets would have been a negative $3.2 billion, or negative 19.50% of total assets, at September 30, 2025.

ITEM 4 – Controls and Procedures

The management of Banner Corporation is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Securities Exchange Act of 1934 (Exchange Act).  A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that its objectives are met.  Also, because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.  Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.  The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.  As a result of these inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Further, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

(a)Evaluation of Disclosure Controls and Procedures:  An evaluation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) was carried out under the supervision and with the participation of our Chief Executive Officer, Chief Financial Officer and several other members of our senior management as of the end of the period covered by this report.  Based on their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2025, our disclosure controls and procedures were effective in ensuring that the information required to be disclosed by us in the reports it files or submits under the Exchange Act is (i) accumulated and communicated to our management (including the Chief Executive Officer and Chief Financial Officer) in a timely manner, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

(b)Changes in Internal Controls Over Financial Reporting:  In the quarter ended September 30, 2025, there was no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1 – Legal Proceedings

In the normal course of our business, we have various legal proceedings and other contingent matters pending. These proceedings and the associated legal claims are often contested and the outcome of individual matters is not always predictable. Furthermore, in some matters, it is difficult to assess potential exposure because the legal proceeding is still in the pretrial stage. These claims and counter claims typically arise during the course of collection efforts on problem loans or with respect to actions to enforce liens on properties in which we hold a security interest, although we also are subject to claims related to employment matters. Claims related to employment matters may include, but are not limited to, claims by our employees of discrimination, harassment, violations of wage and hour requirements, or violations of other federal, state, or local laws and claims of misconduct or negligence on the part of our employees. Some or all of these claims may lead to litigation, including class action litigation, and these matters may cause us to incur negative publicity with respect to alleged claims. Our insurance may not cover all claims that may be asserted against us, and any claims asserted against us, regardless of merit or eventual outcome, may harm our reputation. Should the ultimate judgments or settlements in any litigation exceed our insurance coverage, they could have a material adverse effect on our financial condition and results of operation for any period. The ultimate outcome of these legal proceedings could be more or less than what we have accrued. We are not a party to any pending legal proceedings that we believe would have a material adverse effect on our financial condition, operations or cash flows.

ITEM 1A – Risk Factors

There have been no material changes in the risk factors previously disclosed in Part 1, Item 1A of our 2024 Form 10-K.

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ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds

(a) Not applicable.

(b) Not applicable.

(c) The following table provides information about repurchases of common stock by the Company during the quarter ended September 30, 2025:

Period						Total Number of Common Shares Purchased (1)												Total Number of Shares Purchased as Part of Publicly Announced Authorization						Maximum Number of Remaining Shares that May be Purchased as Part of Publicly Announced Authorization
July 1, 2025 - July 31, 2025						60,210						$	64.71					60,000						1,669,199
August 1, 2025 - August 31, 2025						190,293						62.24						190,000						1,479,199
September 1, 2025 - September 30, 2025						—						—						—						1,479,199
Total for quarter						250,503						$	63.44					250,000

(1)    Includes 503 shares surrendered by employees to satisfy tax withholding obligations upon the vesting of restricted stock grants during the quarter ended September 30, 2025.

On July 24, 2025, the Company announced that its Board of Directors had approved a new share repurchase program authorizing the repurchase of up to 1,729,199 shares of the Company’s common stock, also representing approximately 5% of the Company’s then-outstanding shares, over the subsequent 12 months. This program replaced the prior authorization, which expired on July 25, 2025. Repurchases under the new plan may be made from time to time in open market transactions. The timing and amount of any repurchases will depend on market conditions, regulatory requirements, and other corporate considerations.

ITEM 3 – Defaults upon Senior Securities

Not Applicable.

ITEM 4 – Mine Safety Disclosures

Not Applicable.

ITEM 5 – Other Information

(a) None

(b) None

(c) During the quarter ended September 30, 2025, there were no Rule 10b5‑1 trading arrangements (as defined in Item 408(a) of Regulation S-K) or non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K) adopted or terminated by any director or officer (as defined in Rule 16a‑1(f) under the Exchange Act) of the Company.

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ITEM 6 – Exhibits

Exhibit			Index of Exhibits
3{a}			Restated Articles of Incorporation of Banner Corporation [incorporated by reference to Exhibit 3.1 (b) to the Registrant’s Current Report on Form 8-K filed with the SEC on May 24, 2022 (File No. 000-26584)].
3{b}			Amended and Restated Bylaws of Banner Corporation [incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on May 24, 2022 (File No. 000-26584)].
10{a}*			Amended and Restated Employment Agreement, with Mark J. Grescovich [incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on June 4, 2013 (File No. 000-26584].
10{b}*			Form of Supplemental Executive Retirement Program Agreement with Gary Sirmon, Michael K. Larsen, Lloyd W. Baker, Cynthia D. Purcell and Richard B. Barton [incorporated by reference to exhibits filed with the Annual Report on Form 10-K for the year ended December 31, 2001 and the exhibits filed with the Form 8-K on May 6, 2008 (File No. 000-26584)].
10{c}*			Form of Employment Contract entered into with Peter J. Conner, Cynthia D. Purcell and Judith A. Steiner [incorporated by reference to exhibits filed with the Form 8-K on June 25, 2014 (File No. 000-26584)].
10{d}*			2005 Executive Officer and Director Stock Account Deferred Compensation Plan [incorporated by reference to exhibits filed with the Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 000-26584)].
10{e}*			Entry into an Indemnification Agreement with each of the Registrant’s Directors [incorporated by reference to exhibits filed with the Form 8-K on January 29, 2010 (File No. 000-26584)].
10{f}*			2014 Omnibus Incentive Plan [incorporated by reference as Appendix C to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 24, 2014 (File No. 000-26584)] and amendments [incorporated by reference to the Form 8-K filed on March 25, 2015 (File No. 000-26584)].
10{g}*			Forms of Equity-Based Award Agreements: Incentive Stock Option Award Agreement, Non-Qualified Stock Option Award Agreement, Restricted Stock Award Agreement, Restricted Stock Unit Award Agreement, Stock Appreciation Right Award Agreement, and Performance Unit Award Agreement [incorporated by reference to Exhibits 10.2 - 10.7 included in the Registration Statement on Form S-8 dated May 9, 2014 (File No. 333-195835)].
10{h}*			2018 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.1 included in the Registration Statement on Form S-8 dated May 4, 2018 (File No. 333-224693)].
10{i}*			Amended and Restated Executive Severance and Change in Control Plan and Summary Plan Description (Amended and Restated effective as of July 1, 2023) [incorporated by reference to exhibit 10{j} included in the Form 10-Q dated June 30, 2023 (File No. 000-26584)]
10{j}*			2023 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.1 included in the Registration Statement on Form S-8 dated August 30, 2023 (File No. 333-274273)].
10{k}*			Form of Director Restricted Stock Award Agreement under the Banner Corporation 2023 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.2 included in the Registration Statement on Form S-8 dated August 30, 2023 (File No. 333-274273)].
10{l}*			Form of Director Restricted Stock Unit Award Agreement under the Banner Corporation 2023 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.3 included in the Registration Statement on Form S-8 dated August 30, 2023 (File No. 333-274273)].
10{m}*			Form of Employee Restricted Stock Unit Award Agreement under the Banner Corporation 2023 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.4 included in the Registration Statement on Form S-8 dated August 30, 2023 (File No. 333-274273)].
10{n}*			Form of Executive Restricted Stock Unit Performance Award Agreement under the Banner Corporation 2023 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.5 included in the Registration Statement on Form S-8 dated August 30, 2023 (File No. 333-274273)].
10{o}*			2020 Banner Corporation Amended and Restated Deferred Compensation Plan [incorporated by reference to exhibit 10{o} filed with the Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 000-26584)].
31.1			Certification of Chief Executive Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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Exhibit			Index of Exhibits
31.2			Certification of Chief Financial Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32			Certificate of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS			Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the XBRL document.
101.SCH			Inline XBRL Taxonomy Extension Schema Document.
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL (included in Exhibit 101).

* Compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

			Banner Corporation
November 4, 2025			/s/ Mark J. Grescovich
			Mark J. Grescovich
			President and Chief Executive Officer (Principal Executive Officer)
November 4, 2025			/s/ Robert G. Butterfield
			Robert G. Butterfield
			Executive Vice President, Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer)

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