Banner Corporation Announces Stock Repurchase Program

Rhea-AI Summary

Banner Corporation (NASDAQ: BANR) has authorized a stock repurchase program for up to 1,712,510 shares, approximately 5% of its common stock. This initiative aligns with the company's capital management strategy and aims to enhance long-term shareholder value. Repurchases will occur in open market purchases, contingent on market conditions. Banner Corporation operates a $16.64 billion bank holding company, providing a wide range of banking services across four Western states.

Positive

• Authorization of a stock buyback program for up to 1,712,510 shares (5% of common stock) enhances shareholder value.
• Demonstrates strong capital management strategy by utilizing buybacks.

Negative

• None.

WALLA WALLA, Wash., Dec. 22, 2021 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ GSM: BANR) (“Banner”), the parent company of Banner Bank, today announced that its Board of Directors has authorized the repurchase of up to 1,712,510 shares of Banner’s common stock, which is the equivalent of approximately 5% of its common stock.

“The availability of this repurchase program aligns with our capital management strategy and offers an effective tool for building long-term shareholder value,” said Mark J. Grescovich, President and Chief Executive Officer. Under the plan, shares may be repurchased by the Company in open market purchases. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations.

About the Company

Banner Corporation is a $16.64 billion bank holding company operating one 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 on the Web at www.bannerbank.com.

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, 2020. 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.

CONTACT:

MARK J. GRESCOVICH, PRESIDENT & CEO PETER J. CONNER, CFO (509) 527-3636

FAQ

What is the purpose of the stock repurchase program by Banner Corporation?

The purpose of the stock repurchase program is to enhance long-term shareholder value and align with the company's capital management strategy.

How many shares is Banner Corporation repurchasing?

Banner Corporation is authorized to repurchase up to 1,712,510 shares of its common stock.

What percentage of common stock does the repurchase program represent?

The repurchase program represents approximately 5% of Banner Corporation's common stock.

When will Banner Corporation execute the stock buyback?

The timing of the stock buyback will depend on market conditions and other corporate considerations.