SUBSEQUENT EVENT (Notes)

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENT

On July 25, 2018, the Company announced the execution of a definitive agreement to purchase Skagit, the holding company for Skagit Bank, a Washington state-chartered commercial bank. Subject to the terms and conditions of the merger agreement, the transaction provides for the Skagit shareholders to receive consideration of 5.6664 shares of Banner common stock in exchange for each share of Skagit common stock, subject to potential adjustment as provided in the merger agreement. Based on the closing price of $61.60 per share of Banner common stock on July 25, 2018, the merger consideration would have an aggregate value of approximately $191 million. Completion of the transaction is subject to customary conditions, including approval of the merger agreement by Skagit shareholders, regulatory approvals and other customary closing conditions and is expected to close late in the fourth quarter of 2018. Upon closing of the transaction Skagit will be merged into Banner and Skagit Bank will be merged into Banner Bank. At June 30, 2018, Skagit Bank had assets of $922 million, loans of $599 million, and deposits of $811 million with 12 banking locations along the I-5 corridor from Seattle to the Canadian border.