Banner Corp.

Banner Corp.

Banner Corp.

Overview
Date Founded

1998

Headquarters

10 South First Avenue, Walla Walla, WA, 99362, USA

Type of Company

Public

Employees (Worldwide)

2,187

Industries

Retail & Commercial Banking
Holding Companies

Company Description

Banner Corp. operates as a holding company for Banner Bank. It offers deposit services, business, commercial real estate, construction, residential, agricultural and consumer loans. It also provides commercial banking services and financial products to individuals, businesses and public sector entities. The company was founded in 1995 and is headquartered in Walla Walla, WA.

In The News
SEC
February 21, 2020
Banner Corp. filed form 10-K
SNL Financial
January 24, 2020
Banner reports YOY drop in NIM in Q4'19
SNL Financial
December 19, 2019
Banner declares special, quarterly dividends
American Banker
November 25, 2019
Parsing bankers' warnings on credit
Executives & Employees

President & Chief Executive Officer

Chief Financial Officer, Treasurer & Executive Vice President

Executive Vice President, General Counsel

Executive Vice President & Chief Risk Officer

Executive Vice President & Chief Information Officer

Executive Vice President & Chief Lending Officer

Executive Vice President-Operations

Executive Vice President, West Region Commercial Banking

Executive Vice President, Mortgage Banking Director

Executive Vice President, California & S. Oregon Commercial Banking

Board of Directors

Professional at B&O Financial Management, Inc.

President & Chief Executive Officer at BXM Holdings, Inc.

Former President & Chief Executive Officer at Skagit Bank

Senior Advisor to the Banking Practice at Deloitte & Touche LLP

Member, Board of Directors at Banner Corp.

Chief Operating Officer, Operations at Bill & Melinda Gates Foundation

Chief Operating Officer, Head-Research & Development at Emdeon, Inc.

Member, Board of Directors at Banner Corp.

Former Chief Financial Officer at MUFG Americas Holdings Corp.

President & Chief Executive Officer at Banner Corp.

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Owners & Shareholders
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Channing Capital Management employs a long-term value-oriented approach to investing in US mid-cap and small-cap stocks. The firm utilizes a fundamental, bottom-up value investment philosophy that focuses on undervalued and neglected stocks primarily with a market-cap of $2 billion to $15 billion. They look for companies that are trading at significant discounts to their intrinsic value. Portfolios are constructed on a stock-by-stock basis with a focus on the return potential of individual securities. Channing's relatively concentrated approach focuses on stock picking rather than market timing or sector allocation. The firm relies primarily on stock selection to generate above average returns as opposed to forecasts which emphasize sector weightings relative to a portfolio benchmark. However, Channing does employ sector and industry diversification as a risk management tool.

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Aristotle Capital Boston offers Small Cap Equity and Small/Mid Cap Equity investment strategies that seek to maximize long-term returns with great emphasis placed on capital appreciation and relatively little emphasis on current income. The firm's Small Cap Equity strategy seeks to achieve long-term returns versus the Russell 2000 Index. Companies under consideration typically have a market-cap of $200 million to $2 billion. Aristotle Capital Boston's Small/Mid Cap Equity strategy seeks to achieve long-term returns versus the Russell 2500 Index. Companies under consideration typically have a market-cap of $200 million to $10 billion. In each of their strategies, Aristotle Boston looks for companies with a high probability of improving growth and profitability.

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Forest Hill Capital manages multiple alternative investment strategies on a discretionary basis, specializing in long/short equities using both limited partnerships and separately managed account structures.Forest Hill Select Fund LP (FHS) is a value-based, long-biased, long/short equity strategy primarily focused on investing in the common equity of publicly traded companies that are headquartered or have meaningful operations in the Sunbelt region of the US. FHS engages in the purchases of securities, as well as, selling securities short, across all major sectors of the economy, (e.g., financials, energy, industrials, basic materials, consumer cyclical & non-cyclical, communications, utilities and technology). The fund's returns are dependent on individual stock selection and the tactical portfolio management of the collective exposure levels. The fund seeks to profit from long investments that are purchased at discounts relative to historical averages with the expectation of mean reversion due to improving financial performance. The fund seeks to profit from short investments that are overvalued and are expected to experience deterioration in financial performance. FHS is designed to achieve a more favorable long-term risk adjusted return versus the broader equity market.Forest Hill Regional Bank Strategy/ Forest Hill Strategic Value Fund LP (FHRB) is a public equity fund driven by a comprehensive due diligence process that seeks to invest in healthy community and regional banks that, despite growing market share, are trading at deep discountscompared to their historical averages of price-to-tangible book value. The fund seeks to recapture value in healthy community and regional business focusing on banks that were negatively impacted during the industry's devaluation resulting from the global financial crisis of 2008. FHRB is a directionally-long investment strategy dedicated to deploying capital in the common equity of publicly traded community and regional banks located primarily in the Sunbelt region of the US. Forest Hill Capital looks for banks that possess strong capital ratios, trade at discount valuations relative to historical averages, and have the ability to enhance shareholder value through execution of offensive consolidation strategies. FHRB seeks investments in attractively-positioned, business-focused banks located in viable markets that are expected to benefit from diminished competition and a more favorable pricing environment. Investment returns are dependent on individual stock selection, portfolio construction and tactical management. Emphasis is placed on banks that serve local and regional business customers, possess low cost deposits and hold loans with short term maturities or variable rate credits. Although FHRB is predominately a dedicated long investment strategy, Forest Hill Capital does employ short selling tactics in an effort to enhance investment returns.

Recent Transactions
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The First National Bank in Creston (Iowa), Banner Corp. purchase Century Bank (Shenandoah, Iowa) from CNB Corp. (Iowa)

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Banner Corp. purchases AltaPacific Bancorp

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Banner Corp. purchases Skagit Bancorp, Inc.

Insider Transactions
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Transaction Advisors
Legal Advisor

Advised onBanner Corp. purchases F&M Bank (Spokane, Washington)

Legal Advisor

Advised onBanner Corp. purchases Siuslaw Financial Group Inc.

Underwriter

Advised onBanner Corp. issued USD Common Stock

Legal Advisor

Advised onBanner Corp. purchases Siuslaw Financial Group Inc.

Legal Advisor

Advised onBanner Corp. purchases Starbuck Bancshares, Inc. from FFL Partners LLC, Goldman Sachs Capital Partners, SKBHC Holdings LLC, Oaktree Capital Management (Private Equity)

Legal Advisor

Advised onBanner Corp. purchases Skagit Bancorp, Inc.

Key Stats and Financials As of 2019
Market Capitalization
$1.9B
Total Enterprise Value
$2.43B
Earnings Per Share
$4.18
Revenue
$608M
Net Profit
$146M
Total Debt
$688M
Total Equity
$1.59B
Enterprise Value Sales
4x
TEVNet Income
16.63x
Debt TEV
0.28x
Three Year Compounded Annual Growth Rate Of Revenue
8.23%
Five Year Compounded Annual Growth Rate Of Revenue
19.98%
Competitors
Washington Federal, Inc. Retail & Commercial Banking - Seattle, WA

Here at Washington Federal, we trace our roots back to 1917 when we first opened our doors as Ballard Savings & Loan. We've been publicly traded since November 1982, and have grown through both de-novo expansion and acquisitions. Many of Washington Federal Inc.'s registered stockholders have held their shares since our IPO, and we now have a strong base of institutional shareholders as well.

Umpqua Holdings Corp. Retail & Commercial Banking - Portland, OR

Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions. Umpqua Bank has 184 locations between San Francisco, Calif., and Seattle, Wash., along the Oregon and Northern California Coast, and in Central Oregon and Northern Nevada. Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua Bank’s Private Bank Division serves high net worth individuals and non-profits providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore.

Glacier Bancorp, Inc. Retail & Commercial Banking - Kalispell, MT

Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 60 communities through 97 banking offices in Montana, Idaho, Colorado, Utah, Washington and Wyoming. We offer a wide range of banking products and services, including transaction and savings deposits, commercial, consumer, and real estate loans, mortgage origination services, and retail brokerage services. We have total assets of $7.556 billion and stockholders' equity of $891.4 million. We are headquartered in Kalispell, Montana with operating divisions including the Montana banks Glacier Bank of Kalispell, First Security Bank of Missoula, Valley Bank of Helena, Big Sky Western Bank of Bozeman, Western Security Bank of Billings, First Bank of Montana, Lewistown; Mountain West Bank in Idaho, Utah and Washington; 1st Bank in Wyoming and Utah; Citizens Community Bank in Idaho; Bank of the San Juans in Colorado and First Bank of Wyoming. Our bank serves individuals, small to medium-sized businesses, community organizations and public entities. We pursue a community banking philosophy, emphasizing personalized service combined with the full resources of a larger banking organization

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