SUBSEQUENT EVENT (Notes)

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENT

On July 24, 2019, the Company announced the execution of a definitive agreement to purchase AltaPacific, the holding company for AltaPacific Bank, a California state-chartered commercial bank. Subject to the terms and conditions of the merger agreement, the transaction provides for the AltaPacific shareholders to receive consideration of 0.2712 shares of Banner common stock in exchange for each share of AltaPacific common stock, subject to potential adjustment as provided in the merger agreement. Based on the closing price of $54.19 per share of Banner common stock on July 23, 2019, the merger consideration would have an aggregate value of approximately $87.4 million. Completion of the transaction is subject to customary conditions, including approval of the merger agreement by AltaPacific shareholders, regulatory approvals and other customary closing conditions and is expected to close late in the fourth quarter of 2019. Upon closing of the transaction AltaPacific will be merged into Banner and AltaPacific Bank will be merged into Banner Bank. At June 30, 2019, AltaPacific had assets of $436 million, loans of $339 million, and deposits of $307 million with five banking locations in Southern California and one banking location in Northern California.