BANNER CORP — Form 8-K
Filed July 22, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 68/100
What the filing says
Banner Corporation reported Q2 2026 net income of $48.9M ($1.43/diluted share), down from $54.7M ($1.60) in Q1 2026. On April 30, 2026, Banner entered a definitive merger agreement to acquire Pacific Financial Corporation (Bank of the Pacific) in an all-stock transaction at an exchange ratio of 0.2633 Banner shares per Pacific Financial share; expected to close Q3 2026. Pacific Financial has ~$1.3B assets, $1.1B deposits, $0.8B loans, and 21 offices. Banner's Q2 showed loan growth of $286M (2% QoQ), net interest margin up 2 basis points to 4.13%, efficiency ratio 62.80% (GAAP), and non-performing assets at 0.36% of assets.
Why this rating
Merger is material—Pacific Financial represents ~6% of Banner's $16.6B asset base and expands Western footprint meaningfully. Q2 earnings decline is offset by strong loan originations ($1.26B) and stable credit quality. Execution risk on integration but strategically sound.
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