Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today announced that Kroll Bond Rating Agency, LLC ("KBRA") affirmed the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Banner Corporation. In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for the company's principal subsidiary, Banner Bank. The agency also noted they again determined the outlook for all of Banner’s long-term ratings is Stable.

"We are pleased KBRA has once again affirmed our investment-grade rating," said Mark Grescovich, President and CEO. "The reaffirmation of our rating and stable outlook underscores our financial strength, disciplined credit practices and consistent performance. It reinforces our role as a dependable source of capital for clients through all economic cycles and periods of change, while validating the resilience and stability of our business."

According to KBRA, the ratings are supported by our highly experienced management team executing a ‘higher touch’ commercially oriented banking model over a reasonably broad geographic footprint. The agency also noted our solid record of earnings reflects a robust low-cost funding base and enhanced by strong credit quality.

About Banner Corporation

Banner Corporation is a $16.3 billion bank holding company operating a commercial bank in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank online at www.bannerbank.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Forward-Looking Statements

This press release contains statements that the Company believes are "forward-looking statements." These statements relate to the Company’s financial condition, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, and actual results and performance in future periods may be materially different from any future results or performance suggested by the forward-looking statements in this release. Factors that might cause such differences include, but are not limited to, those identified in our risk factors contained in Banner Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Such forward-looking statements speak only as of the date of this release. Banner Corporation expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in the Company’s expectations of results or any change in events.

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MARK J. GRESCOVICH, PRESIDENT & CEO

ROBERT G. BUTTERFIELD, EXECUTIVE VP & CFO

(509) 527-3636