At a glance
Banner Corporation is worth $2.33B, about 12 times its fiscal 2025 earnings. It pays a 2.97% dividend yield, and returned $418.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.6% over the past year with dividends reinvested and +6.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.0% in the 2020 crash (S&P 500: 33.7%) and 19.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 4 months after the lows.
The business in plain English
Banner Corp. is a bank holding company that owns one bank, Banner Bank, based in Walla Walla, Washington. As of December 31, 2025, it had 135 branches and 15 loan production offices (sites that arrange loans but don't take deposits) across Washington, Oregon, California, Idaho, Utah and Nevada. It held $16.35 billion in assets and $13.74 billion in deposits. Its clients are individuals, small and mid-sized businesses, agribusinesses and public bodies. It aims to be a "super community bank" that pairs regional-bank products with community-bank service.
Banner's results depend mainly on net interest income. That is the gap between what the bank earns on loans and securities and what it pays on deposits and borrowings. It came to $587.9 million in 2025. Net income was $195.4 million, and return on equity (profit as a share of shareholders' capital) was 10%. Lending is mostly commercial real estate and business loans. The bank also makes apartment, construction and land, farm, Small Business Administration and consumer loans. Home mortgages made up 13% of loans, or $1.57 billion, at the end of 2025.
Banner also earns fees on deposit accounts and from mortgage banking: it makes home loans and sells most of them to investors. Higher rates slowed that business in 2024 and 2025. The 10-K doesn't split revenue by segment or region, but its clients are concentrated around Puget Sound and Eastern Washington.
Price history
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BANR +13.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $48.9M (+7.5%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity | 10% watch |
|---|---|
| Deposits | $13.79B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $115.9M | — |
| FY2021 | — | $201.0M | — |
| FY2022 | — | $195.4M | — |
| FY2023 | — | $183.6M | — |
| FY2024 | — | $168.9M | — |
| FY2025 | — | $195.4M | — |
Valuation snapshot
| Market value | $2.33B |
|---|---|
| P/E ratio | 12.2 |
| Dividend yield | 2.97% |
Rank among 1514 US companies
Market value at each year end
Banner’s market value went from $1.17B at the end of 2016 to $2.33B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.33B | +9.3% |
| 2025 | $2.14B | -7.2% |
| 2024 | $2.30B | +25.1% |
| 2023 | $1.84B | -14.9% |
| 2022 | $2.16B | +4.0% |
| 2021 | $2.08B | +26.9% |
| 2020 | $1.64B | +38.1% |
| 2019 | $1.19B | +5.8% |
| 2018 | $1.12B | -3.0% |
| 2017 | $1.16B | -1.2% |
| 2016 | $1.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BANR price data to Oct 28, 2026 | +12.2% | +13.6% | +22.1% | +6.9% | +7.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.2% |
| 2025 | -3.3% |
| 2024 | +29.5% |
| 2023 | -11.9% |
| 2022 | +7.2% |
| 2021 | +34.3% |
| 2020 | -12.5% |
| 2019 | +9.0% |
| 2018 | -0.8% |
| 2017 | +1.8% |
| 2016 | +23.6% |
| 2015 | +8.3% |
| 2014 | -2.3% |
| 2013 | +48.1% |
| 2012 | +79.5% |
| 2011 | +3.8% |
| 2010 | -13.2% |
| 2009 | -71.5% |
| 2008 | -67.1% |
| 2007 | -33.8% |
| 2006 | +44.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 94.8% over that stretch · deepest drop along the way 94.8%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.4% over that stretch · deepest drop along the way 49%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4.5% over that stretch · deepest drop along the way 19.5%, back to its old high 3.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.73% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.9% | Jun 30, 2025 |
| Victory Capital Management, Inc. | 4.78% | Sep 30, 2025 |
| Vanguard Capital Management | 4.74% | Sep 30, 2026 |
ETFs with the most weight in BANR
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.69% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.64% |
| SVAL iShares US Small Cap Value Factor ETF | 0.59% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.56% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.33% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.33% |
| ROSC Hartford Multifactor Small Cap ETF | 0.26% |
| TPSC Timothy Plan US Small Cap Core ETF | 0.25% |
What could go wrong
- Concentrated in Puget Sound and Eastern Washington. Banner's clients are heavily concentrated in the Puget Sound region and Eastern Washington. A local slump or trouble at a big regional employer would hit it harder than it would hit a more spread-out bank.
- Construction and land loans carry extra risk. Banner has long lent heavily to home builders and land developers. These loans earn higher rates but are more likely to lose money if home sales stall or land values fall.
- Most loans are backed by real estate. The loan portfolio is mostly secured by real estate. Falling property values could weaken borrowers and shrink what Banner could recover from collateral, especially if it had to sell during a slump.
- Mortgage banking income depends on rates. Banner makes and sells home loans for gains and fees. Higher rates cut refinancing and slowed this business in 2024 and 2025. Hedges meant to offset rate moves on unsold loans can fall short.
- Tariffs could strain business borrowers. Trade disputes and tariffs could raise costs and cut export sales for Banner's business clients, especially small and mid-sized firms. That could make it harder for them to repay their loans.
- Interest rate swings can squeeze lending profits. Profits depend on the gap between what loans earn and what deposits cost. If deposit rates rise faster than loan rates, that gap narrows. Rate moves also change the value of Banner's investment securities.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement; Other company announcement
- Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Major agreement signed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement; Other company announcement
For income and retirement investors
Banner's regular dividend grew from $1.23 per share in 2020 to $1.94 in 2025, about 9.5% a year. It was not raised every year: it stayed at $1.92 in 2023 and 2024, so the 2025 raise restarted the streak of increases at one year. The 2025 dividend used about 35% of earnings, a moderate payout. The yield was 2.97% as of October 28, 2026. Buybacks have been modest: $99 million over 2021–2025, with none in 2023 or 2024. The share count fell just 0.8% from October 2021 to July 2026.
Downturns have hit the shares hard. In the 2008 financial crisis they fell about 95% from their October 2007 peak, and they had not regained that peak as of October 28, 2026. In the 2020 COVID crash they dropped 49% and took about 10 months to recover. The 19.5% drop in 2022 was made up in about four months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Banner Corp make money?
Mostly by lending. Banner Bank takes deposits and makes loans. It earns the difference between the interest borrowers pay and the interest it pays depositors and other lenders. That net interest income was $587.9 million in 2025. It also earns fees on deposit accounts and income from mortgage banking, where it makes home loans and sells most of them to investors. Commercial real estate loans and loans to small and mid-sized businesses are the core of its lending. Net income was $195.4 million in 2025.
Does Banner Corp raise its dividend every year?
No. Banner's regular dividend rose from $1.23 per share in 2020 to $1.64 in 2021, $1.76 in 2022 and $1.92 in 2023. It then stayed at $1.92 in 2024 before edging up to $1.94 in 2025. That works out to about 9.5% a year over five years, but the streak of increases was only one year after 2025. The 2025 dividend used about 35% of earnings.
What is Banner Corp's dividend yield?
Banner's dividend yield was 2.97% as of October 28, 2026. On that date the shares traded at about 12.2 times 2025 earnings (the price-to-earnings ratio), for a market value of roughly $2.33 billion. The 2025 dividend of $1.94 per share used about 35% of diluted earnings of $5.64 per share, so most of the profit stayed in the business. A yield moves whenever the share price or the dividend changes.
Where does Banner Bank operate?
Banner Bank has offices in six Western states. As of December 31, 2025, it had 135 branches and 15 loan production offices in Washington, Oregon, California, Idaho, Utah and Nevada. Its main office is in Walla Walla, Washington. Most deposit clients are in Washington, Oregon, California and Idaho, and the client base is highly concentrated in the Puget Sound region and Eastern Washington. Its 10-K also describes expansion into California markets such as San Diego and Sacramento.
How has Banner stock performed over the long term?
Based on share price, Banner returned about 7.9% a year over the 10 years to October 28, 2026, and 6.9% a year over five years. Over one year it gained 13.6%. The longer record is rougher. The shares lost about 95% in the 2008 financial crisis and had not regained their 2007 peak by that date. Calendar-year results have swung widely, from a 71% loss in 2009 to an 80% gain in 2012.