Detailed financial statements for Banner Corporation (BANR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Banner Corporation, the parent entity of Banner Bank, delivers a comprehensive suite of commercial banking and financial solutions. It serves a diverse clientele, including private individuals, commercial enterprises, and governmental organizations across the United States. Its offerings encompass various deposit options, such as interest-bearing and non-interest-bearing checking accounts, money market accounts, standard savings plans, and certificates of deposit.
Analysis Summary
Banner Corporation reported revenue of $819.5M in the most recent fiscal year, growing at a 5-year CAGR of 5.2%. Net income reached $195.4M, with a 11.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 77.7%, operating margin 19.4%, net margin 31.2%. Free cash flow grew at 17.1% CAGR over 5 years.
At the current price of $71.08, BANR trades at a P/E of 11.81 and an ROE of 10.65%. Market capitalisation stands at $2.4B.
Balance sheet quality for BANR: current ratio of 0.0, net debt of $146.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $247.9M represents 127% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $472.2M | $488.3M | $550.2M | $619.6M | $636.5M | $630.8M | $643.1M | $741.7M | $827.3M | $819.5M |
| Cost of Revenue | $22.4M | $27.2M | $41.2M | $66.8M | $105.7M | -$9.8M | $29.8M | $136.4M | $232.0M | $171.8M |
| Gross Profit | $449.8M | $461.1M | $509.0M | $552.8M | $530.8M | $640.6M | $613.4M | $605.3M | $595.4M | $647.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $195.1M | $205.4M | $215.4M | $237.1M | $258.3M | $256.0M | $252.9M | $259.9M | $267.1M | $342.7M |
| Operating Expenses | $320.2M | $309.8M | $343.9M | $369.7M | $388.3M | $394.0M | $372.6M | $378.2M | $385.9M | $406.4M |
| Operating Income | $129.6M | $151.3M | $165.1M | $183.1M | $142.5M | $246.6M | $240.8M | $227.1M | $209.5M | $241.4M |
| EBITDA | $150.2M | $172.2M | $186.4M | $208.2M | $168.3M | $270.5M | $263.0M | $248.7M | $230.2M | $252.6M |
| Interest Expense | $16.4M | $19.2M | $32.7M | $56.8M | $37.8M | $23.6M | $19.4M | $125.6M | $224.4M | $217.0M |
| Pre-tax Income | $129.6M | $151.3M | $165.1M | $183.1M | $142.5M | $246.6M | $240.8M | $227.1M | $209.5M | $238.9M |
| Income Tax | $44.3M | $90.5M | $28.6M | $36.9M | $26.5M | $45.5M | $45.4M | $43.5M | $40.6M | $43.5M |
| Net Income | $85.4M | $60.8M | $136.5M | $146.3M | $115.9M | $201.0M | $195.4M | $183.6M | $168.9M | $195.4M |
| EPS | $2.52 | $1.85 | $4.16 | $4.20 | $3.29 | $5.81 | $5.70 | $5.35 | $4.90 | $5.67 |
| EPS (Diluted) | $2.52 | $1.84 | $4.15 | $4.18 | $3.26 | $5.76 | $5.67 | $5.33 | $4.88 | $5.64 |
| Shares Outstanding (Diluted) | $33.9M | $33.0M | $32.9M | $35.0M | $35.5M | $34.9M | $34.5M | $34.5M | $34.6M | $34.4M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $247.7M | $261.2M | $272.2M | $307.7M | $1.23B | $2.13B | $243.1M | $254.5M | $501.9M | $182.8M |
| Short-term Investments | $806.4M | $919.5M | $1.64B | $1.55B | $2.32B | $3.64B | $2.79B | 0 | $23.3M | $42.9M |
| Receivables | $30.2M | $31.3M | $38.6M | $38.0M | $46.6M | $42.9M | $57.3M | $63.1M | $60.9M | $60.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.08B | $1.21B | $1.95B | $1.90B | $3.60B | $5.82B | $3.09B | $317.6M | $586.0M | $286.2M |
| Property, Plant & Equipment | $166.5M | $154.8M | $171.8M | $178.0M | $219.9M | $204.0M | $188.0M | $176.0M | $164.6M | $144.3M |
| Goodwill | $244.6M | $242.7M | $339.2M | $373.1M | $373.1M | $373.1M | $373.1M | $373.1M | $373.1M | $373.1M |
| Intangible Assets | $30.2M | $22.7M | $32.9M | $29.2M | $21.4M | $14.9M | $9.4M | $5.7M | $3.1M | $1.5M |
| Total Assets | $9.79B | $9.76B | $11.87B | $12.60B | $15.03B | $16.80B | $15.83B | $15.67B | $16.20B | $16.35B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $105.7M | $95.9M | $119.0M | $118.5M | $184.8M | $264.5M | $232.8M | $182.9M | $125.3M | $107.7M |
| Total Current Liabilities | $8.30B | $8.35B | $9.70B | $10.40B | $12.90B | $14.74B | $14.05B | $13.21B | $13.64B | $14.14B |
| Long-term Debt | $149.4M | $98.9M | $654.3M | $569.3M | $365.2M | $268.4M | $223.8M | $482.3M | $437.8M | $229.2M |
| Total Liabilities | $8.49B | $8.49B | $10.39B | $11.01B | $13.37B | $15.11B | $14.38B | $14.02B | $14.43B | $14.41B |
| Retained Earnings | $95.3M | $90.5M | $134.1M | $186.8M | $247.3M | $390.8M | $525.2M | $642.2M | $744.1M | $871.8M |
| Total Equity | $1.31B | $1.27B | $1.48B | $1.59B | $1.67B | $1.69B | $1.46B | $1.65B | $1.77B | $1.95B |
| Total Debt | $255.1M | $194.8M | $773.3M | $687.8M | $609.3M | $592.6M | $511.8M | $713.8M | $606.5M | $372.6M |
| Net Debt | -$799.0M | -$985.9M | -$1.14B | -$1.17B | -$2.95B | -$5.18B | -$2.52B | $459.3M | $81.3M | $146.9M |
| Working Capital | -$7.21B | -$7.14B | -$7.75B | -$8.50B | -$9.29B | -$8.92B | -$10.96B | -$12.89B | -$13.05B | -$13.86B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $85.4M | $60.8M | $136.5M | $146.3M | $115.9M | $201.0M | $195.4M | $183.6M | $168.9M | $51.2M |
| Depreciation & Amortization | $20.5M | $20.9M | $21.3M | $25.4M | $25.9M | $23.9M | $22.2M | $21.6M | $20.7M | $14.1M |
| Stock-based Compensation | $4.3M | $6.0M | $6.6M | $7.1M | $9.2M | $9.3M | $8.9M | $9.2M | $10.0M | $17.5M |
| Change in Working Capital | $3.2M | $3.6M | $1.5M | -$4.6M | -$23.2M | -$8.9M | -$4.8M | $4.1M | -$21.7M | -$26.2M |
| Operating Cash Flow | -$75.8M | $346.7M | $30.8M | $149.6M | $125.4M | $301.6M | $238.1M | $257.2M | $293.2M | $257.5M |
| Capital Expenditure | -$16.2M | -$12.2M | -$23.1M | -$24.7M | -$12.8M | -$10.5M | -$14.7M | -$14.7M | -$13.7M | -$9.5M |
| Acquisitions | 0 | $113.2M | -$1.6M | $26.9M | 0 | 0 | -$168.1M | 0 | 0 | 0 |
| Stock Repurchased | -$50.8M | -$31.0M | -$34.4M | -$53.9M | -$31.8M | -$56.5M | -$11.0M | -$3.5M | -$2.2M | -$35.0M |
| Dividends Paid | -$28.3M | -$65.8M | -$59.3M | -$56.1M | -$94.1M | -$57.6M | -$61.1M | -$66.8M | -$66.7M | -$67.5M |
| Free Cash Flow | -$92.1M | $334.5M | $7.7M | $124.9M | $112.6M | $291.1M | $223.3M | $242.5M | $279.4M | $247.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.4% | +12.7% | +12.6% | +2.7% | -0.9% | +2.0% | +15.3% | +11.5% | -0.9% | |
| Net Income Growth (YoY) | -28.8% | +124.6% | +7.2% | -20.7% | +73.4% | -2.8% | -6.0% | -8.0% | +15.7% | |
| EPS Growth (YoY) | -26.6% | +124.9% | +1.0% | -21.7% | +76.6% | -1.9% | -6.1% | -8.4% | +15.7% | |
| Shares Change (YoY) | -2.6% | -0.3% | +6.3% | +1.6% | -1.7% | -1.3% | -0.0% | +0.5% | -0.6% | |
| FCF Growth (YoY) | +463.3% | -97.7% | +1526.2% | -9.9% | +158.6% | -23.3% | +8.6% | +15.2% | -11.3% | |
| Gross Margin | 95.2% | 94.4% | 92.5% | 89.2% | 83.4% | 101.6% | 95.4% | 81.6% | 72.0% | 79.0% |
| Operating Margin | 27.5% | 31.0% | 30.0% | 29.6% | 22.4% | 39.1% | 37.4% | 30.6% | 25.3% | 29.5% |
| EBITDA Margin | 31.8% | 35.3% | 33.9% | 33.6% | 26.4% | 42.9% | 40.9% | 33.5% | 27.8% | 30.8% |
| Net Margin | 18.1% | 12.4% | 24.8% | 23.6% | 18.2% | 31.9% | 30.4% | 24.8% | 20.4% | 23.8% |
| FCF Margin | -19.5% | 68.5% | 1.4% | 20.2% | 17.7% | 46.1% | 34.7% | 32.7% | 33.8% | 30.3% |
| Effective Tax Rate | 34.1% | 59.8% | 17.3% | 20.1% | 18.6% | 18.5% | 18.9% | 19.1% | 19.4% | 18.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.72 | $10.14 | $0.23 | $3.57 | $3.17 | $8.34 | $6.48 | $7.04 | $8.07 | $7.21 |
| Dividends Per Share | $0.84 | $1.99 | $1.80 | $1.60 | $2.65 | $1.65 | $1.77 | $1.94 | $1.93 | $1.96 |
| Shares Outstanding (Basic) | $33.8M | $32.9M | $32.8M | $34.9M | $35.3M | $34.6M | $34.3M | $34.3M | $34.5M | $34.2M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 10.65% |
| Return on Invested Capital | 0.64% |
| Return on Assets | 1.26% |
| Gross Margin | 77.67% |
| Operating Margin | 19.43% |
| Net Margin | 31.24% |
Financial Health
| Debt / Equity | 0.27 |
| Current Ratio | 2.45 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.75 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.15 | 29.79 | 12.86 | 13.47 | 14.16 | 10.44 | 11.09 | 10.01 | 13.63 | 11.05 |
| P/B | 1.45 | 1.42 | 1.19 | 1.24 | 0.99 | 1.24 | 1.49 | 1.11 | 1.30 | 1.10 |
| P/S | 4.00 | 3.71 | 3.19 | 3.18 | 2.58 | 3.33 | 3.37 | 2.48 | 2.78 | 2.62 |
| Gross Margin | 95.2% | 94.4% | 92.5% | 89.2% | 83.4% | 101.6% | 95.4% | 81.6% | 72.0% | 79.0% |
| Operating Margin | 27.5% | 31.0% | 30.0% | 29.6% | 22.4% | 39.1% | 37.4% | 30.6% | 25.3% | 29.5% |
| Net Margin | 18.1% | 12.4% | 24.8% | 23.6% | 18.2% | 31.9% | 30.4% | 24.8% | 20.4% | 23.8% |
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Explore sector: Financial Services · Banks - Regional
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