BANNER CORP — Form 8-K
Filed October 21, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 68/100
What the filing says
Banner Corporation (market cap ~$2.2B) completed its all-stock acquisition of Pacific Financial Corporation on September 1, 2026, paying $186.8 million ($0.2633 Banner shares per Pacific share). The deal added $1.29B assets, $757M loans, and $1.14B deposits. Q3 2026 net income was $47.7M ($1.36 diluted EPS) vs. $53.5M ($1.54) in Q3 2025—a 11% decline. Merger costs of $5.2M in Q3 and $5.4M YTD pressured earnings; net interest income rose to $161.9M (+8% Q/Q, +8% YoY) but ROA fell to 1.11% from 1.30% YoY.
Why this rating
Acquisition is 8.5% of current market cap and meaningfully dilutive to near-term EPS; material integration risk. Offset by strong deposit franchise, earnings accretion potential, and geographic expansion in high-growth markets.
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