Intrinsic value of Banner - BANR

Previous Close

$62.04

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$62.04

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as BANR.

We calculate the intrinsic value of BANR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  507
  536
  566
  598
  631
  665
  701
  739
  778
  820
  863
  908
  956
  1,006
  1,058
  1,112
  1,170
  1,230
  1,293
  1,359
  1,428
  1,501
  1,577
  1,657
  1,741
  1,829
  1,921
  2,018
  2,120
  2,227
Variable operating expenses, $m
  86
  91
  96
  101
  107
  112
  119
  125
  132
  139
  146
  154
  162
  170
  179
  188
  198
  208
  218
  230
  241
  254
  266
  280
  294
  309
  325
  341
  358
  376
Fixed operating expenses, $m
  257
  262
  268
  274
  280
  286
  292
  299
  305
  312
  319
  326
  333
  340
  348
  356
  363
  371
  380
  388
  396
  405
  414
  423
  432
  442
  452
  462
  472
  482
Total operating expenses, $m
  343
  353
  364
  375
  387
  398
  411
  424
  437
  451
  465
  480
  495
  510
  527
  544
  561
  579
  598
  618
  637
  659
  680
  703
  726
  751
  777
  803
  830
  858
Operating income, $m
  165
  183
  202
  223
  244
  267
  290
  315
  342
  369
  398
  429
  461
  495
  531
  569
  609
  651
  695
  741
  790
  842
  896
  954
  1,014
  1,078
  1,145
  1,215
  1,290
  1,368
EBITDA, $m
  1,200
  1,278
  1,359
  1,444
  1,533
  1,626
  1,723
  1,825
  1,932
  2,044
  2,162
  2,285
  2,414
  2,550
  2,692
  2,842
  2,999
  3,163
  3,336
  3,517
  3,708
  3,908
  4,118
  4,339
  4,571
  4,814
  5,070
  5,339
  5,621
  5,918
Interest expense (income), $m
  17
  473
  456
  480
  506
  532
  560
  589
  619
  651
  684
  718
  755
  792
  832
  874
  918
  963
  1,011
  1,062
  1,114
  1,170
  1,228
  1,289
  1,353
  1,420
  1,490
  1,564
  1,641
  1,722
  1,808
Earnings before tax, $m
  -309
  -273
  -278
  -283
  -288
  -293
  -298
  -304
  -309
  -314
  -320
  -326
  -331
  -337
  -343
  -349
  -355
  -361
  -367
  -373
  -380
  -386
  -392
  -399
  -406
  -412
  -419
  -426
  -433
  -439
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -309
  -273
  -278
  -283
  -288
  -293
  -298
  -304
  -309
  -314
  -320
  -326
  -331
  -337
  -343
  -349
  -355
  -361
  -367
  -373
  -380
  -386
  -392
  -399
  -406
  -412
  -419
  -426
  -433
  -439

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,738
  9,237
  9,759
  10,304
  10,873
  11,468
  12,091
  12,741
  13,422
  14,135
  14,881
  15,663
  16,481
  17,339
  18,237
  19,179
  20,167
  21,202
  22,287
  23,426
  24,620
  25,872
  27,186
  28,565
  30,012
  31,529
  33,122
  34,794
  36,548
  38,389
Adjusted assets (=assets-cash), $m
  8,738
  9,237
  9,759
  10,304
  10,873
  11,468
  12,091
  12,741
  13,422
  14,135
  14,881
  15,663
  16,481
  17,339
  18,237
  19,179
  20,167
  21,202
  22,287
  23,426
  24,620
  25,872
  27,186
  28,565
  30,012
  31,529
  33,122
  34,794
  36,548
  38,389
Revenue / Adjusted assets
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
Average production assets, $m
  10,355
  10,947
  11,566
  12,211
  12,886
  13,591
  14,329
  15,100
  15,907
  16,752
  17,636
  18,562
  19,532
  20,548
  21,613
  22,730
  23,900
  25,127
  26,413
  27,762
  29,177
  30,662
  32,219
  33,853
  35,567
  37,366
  39,253
  41,234
  43,313
  45,495
Working capital, $m
  -8,710
  -9,208
  -9,728
  -10,272
  -10,839
  -11,432
  -12,052
  -12,701
  -13,380
  -14,090
  -14,834
  -15,613
  -16,429
  -17,284
  -18,180
  -19,119
  -20,103
  -21,135
  -22,217
  -23,352
  -24,542
  -25,791
  -27,101
  -28,475
  -29,917
  -31,430
  -33,018
  -34,684
  -36,433
  -38,268
Total debt, $m
  8,443
  8,893
  9,363
  9,853
  10,366
  10,901
  11,461
  12,047
  12,660
  13,301
  13,973
  14,676
  15,413
  16,184
  16,993
  17,841
  18,729
  19,661
  20,638
  21,663
  22,737
  23,865
  25,047
  26,288
  27,590
  28,956
  30,389
  31,894
  33,473
  35,130
Total liabilities, $m
  7,864
  8,314
  8,783
  9,274
  9,786
  10,321
  10,881
  11,467
  12,080
  12,721
  13,393
  14,096
  14,833
  15,605
  16,414
  17,261
  18,150
  19,082
  20,059
  21,083
  22,158
  23,285
  24,468
  25,709
  27,010
  28,376
  29,810
  31,314
  32,893
  34,550
Total equity, $m
  874
  924
  976
  1,030
  1,087
  1,147
  1,209
  1,274
  1,342
  1,413
  1,488
  1,566
  1,648
  1,734
  1,824
  1,918
  2,017
  2,120
  2,229
  2,343
  2,462
  2,587
  2,719
  2,857
  3,001
  3,153
  3,312
  3,479
  3,655
  3,839
Total liabilities and equity, $m
  8,738
  9,238
  9,759
  10,304
  10,873
  11,468
  12,090
  12,741
  13,422
  14,134
  14,881
  15,662
  16,481
  17,339
  18,238
  19,179
  20,167
  21,202
  22,288
  23,426
  24,620
  25,872
  27,187
  28,566
  30,011
  31,529
  33,122
  34,793
  36,548
  38,389
Debt-to-equity ratio
  9.660
  9.630
  9.590
  9.560
  9.530
  9.510
  9.480
  9.450
  9.430
  9.410
  9.390
  9.370
  9.350
  9.330
  9.320
  9.300
  9.290
  9.270
  9.260
  9.250
  9.240
  9.220
  9.210
  9.200
  9.190
  9.180
  9.170
  9.170
  9.160
  9.150
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -309
  -273
  -278
  -283
  -288
  -293
  -298
  -304
  -309
  -314
  -320
  -326
  -331
  -337
  -343
  -349
  -355
  -361
  -367
  -373
  -380
  -386
  -392
  -399
  -406
  -412
  -419
  -426
  -433
  -439
Depreciation, amort., depletion, $m
  1,036
  1,095
  1,157
  1,221
  1,289
  1,359
  1,433
  1,510
  1,591
  1,675
  1,764
  1,856
  1,953
  2,055
  2,161
  2,273
  2,390
  2,513
  2,641
  2,776
  2,918
  3,066
  3,222
  3,385
  3,557
  3,737
  3,925
  4,123
  4,331
  4,550
Funds from operations, $m
  727
  822
  879
  938
  1,001
  1,066
  1,135
  1,206
  1,282
  1,361
  1,444
  1,531
  1,622
  1,718
  1,818
  1,924
  2,035
  2,152
  2,274
  2,403
  2,538
  2,680
  2,829
  2,986
  3,151
  3,324
  3,506
  3,698
  3,899
  4,110
Change in working capital, $m
  -477
  -498
  -520
  -543
  -567
  -593
  -620
  -649
  -679
  -710
  -744
  -779
  -816
  -855
  -896
  -939
  -984
  -1,032
  -1,082
  -1,135
  -1,190
  -1,249
  -1,310
  -1,374
  -1,442
  -1,513
  -1,588
  -1,666
  -1,749
  -1,835
Cash from operations, $m
  1,204
  1,320
  1,399
  1,482
  1,568
  1,659
  1,755
  1,855
  1,961
  2,071
  2,188
  2,310
  2,438
  2,573
  2,714
  2,863
  3,019
  3,184
  3,356
  3,538
  3,728
  3,929
  4,139
  4,361
  4,593
  4,837
  5,094
  5,364
  5,648
  5,945
Maintenance CAPEX, $m
  -978
  -1,036
  -1,095
  -1,157
  -1,221
  -1,289
  -1,359
  -1,433
  -1,510
  -1,591
  -1,675
  -1,764
  -1,856
  -1,953
  -2,055
  -2,161
  -2,273
  -2,390
  -2,513
  -2,641
  -2,776
  -2,918
  -3,066
  -3,222
  -3,385
  -3,557
  -3,737
  -3,925
  -4,123
  -4,331
New CAPEX, $m
  -577
  -592
  -618
  -646
  -675
  -705
  -737
  -771
  -807
  -845
  -884
  -926
  -970
  -1,016
  -1,065
  -1,116
  -1,170
  -1,227
  -1,286
  -1,349
  -1,415
  -1,484
  -1,557
  -1,634
  -1,714
  -1,799
  -1,888
  -1,981
  -2,079
  -2,182
Cash from investing activities, $m
  -1,555
  -1,628
  -1,713
  -1,803
  -1,896
  -1,994
  -2,096
  -2,204
  -2,317
  -2,436
  -2,559
  -2,690
  -2,826
  -2,969
  -3,120
  -3,277
  -3,443
  -3,617
  -3,799
  -3,990
  -4,191
  -4,402
  -4,623
  -4,856
  -5,099
  -5,356
  -5,625
  -5,906
  -6,202
  -6,513
Free cash flow, $m
  -350
  -308
  -314
  -321
  -328
  -335
  -342
  -349
  -356
  -364
  -372
  -380
  -388
  -397
  -406
  -414
  -424
  -433
  -443
  -453
  -463
  -473
  -484
  -495
  -506
  -518
  -530
  -542
  -555
  -568
Issuance/(repayment) of debt, $m
  -325
  450
  470
  490
  512
  536
  560
  586
  613
  641
  672
  703
  737
  772
  809
  848
  889
  932
  977
  1,025
  1,075
  1,127
  1,183
  1,241
  1,302
  1,366
  1,433
  1,504
  1,579
  1,657
Issuance/(repurchase) of shares, $m
  1,188
  323
  330
  337
  345
  352
  360
  369
  377
  386
  395
  404
  413
  423
  433
  443
  454
  464
  476
  487
  499
  511
  524
  537
  550
  564
  578
  593
  608
  624
Cash from financing (excl. dividends), $m  
  863
  773
  800
  827
  857
  888
  920
  955
  990
  1,027
  1,067
  1,107
  1,150
  1,195
  1,242
  1,291
  1,343
  1,396
  1,453
  1,512
  1,574
  1,638
  1,707
  1,778
  1,852
  1,930
  2,011
  2,097
  2,187
  2,281
Total cash flow (excl. dividends), $m
  513
  465
  485
  507
  530
  554
  579
  605
  633
  663
  694
  727
  761
  798
  836
  876
  919
  963
  1,010
  1,059
  1,111
  1,165
  1,222
  1,282
  1,346
  1,412
  1,482
  1,555
  1,632
  1,713
Retained Cash Flow (-), $m
  -1,188
  -323
  -330
  -337
  -345
  -352
  -360
  -369
  -377
  -386
  -395
  -404
  -413
  -423
  -433
  -443
  -454
  -464
  -476
  -487
  -499
  -511
  -524
  -537
  -550
  -564
  -578
  -593
  -608
  -624
Prev. year cash balance distribution, $m
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
Cash available for distribution, $m
  -670
  142
  155
  170
  185
  201
  218
  237
  256
  277
  300
  323
  348
  375
  403
  433
  465
  499
  534
  572
  612
  654
  699
  746
  795
  848
  903
  962
  1,024
  1,089
Discount rate, %
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.66
  30.09
  31.60
  33.18
  34.84
  36.58
  38.41
  40.33
  42.35
  44.46
  46.69
  49.02
  51.47
  54.05
  56.75
  59.59
  62.57
PV of cash for distribution, $m
  -582
  106
  98
  89
  79
  69
  60
  50
  41
  33
  26
  20
  15
  11
  8
  5
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  36.5
  26.9
  20.0
  15.0
  11.3
  8.6
  6.6
  5.1
  4.0
  3.1
  2.4
  1.9
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1

Banner Corporation is a bank holding company. The Company is engaged in the business of planning, directing and coordinating the business activities of its subsidiaries, Banner Bank and Islanders Bank. Banner Bank is a Washington-chartered commercial bank. Banner Bank is a regional bank, which offers a range of commercial banking services and financial products to individuals, businesses and public sector entities in its primary market areas. Banner Bank is also an active participant in the secondary market, engaging in mortgage banking operations through the origination and sale of one- to four-family and multi-family residential loans. Islanders Bank is also a Washington-chartered commercial bank. Islanders Bank is a community bank, which offers similar banking services to individuals, businesses and public entities located primarily in the San Juan Islands. The Banks' primary business is that of traditional banking institutions, accepting deposits and originating loans.

FINANCIAL RATIOS  of  Banner (BANR)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 0
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow -26.7
Price to Free Cash Flow -22.1
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 12.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 15.4%
Total Debt to Equity 15.4%
Interest Coverage 9
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital 5.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 34.6%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 32.9%

BANR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BANR stock intrinsic value calculation we used $479 million for the last fiscal year's total revenue generated by Banner. The default revenue input number comes from 2017 income statement of Banner. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BANR stock valuation model: a) initial revenue growth rate of 5.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.2%, whose default value for BANR is calculated based on our internal credit rating of Banner, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Banner.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BANR stock the variable cost ratio is equal to 16.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $251 million in the base year in the intrinsic value calculation for BANR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Banner.

Corporate tax rate of 27% is the nominal tax rate for Banner. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BANR stock is equal to 1.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BANR are equal to 2043.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Banner operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BANR is equal to -1718.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Banner - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 33 million for Banner is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Banner at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Banner Bank signs long lease for highly visible Sacramento site   [May-02-18 05:11PM  American City Business Journals]
▶ Banner: 1Q Earnings Snapshot   [Apr-23-18 04:06PM  Associated Press]
▶ Company News For Jan 25, 2018   [Jan-25-18 10:13AM  Zacks]
▶ Banner reports 4Q loss   [Jan-24-18 04:15PM  Associated Press]
▶ ETFs with exposure to Banner Corp. : December 26, 2017   [Dec-26-17 11:15AM  Capital Cube]
▶ ETFs with exposure to Banner Corp. : December 13, 2017   [Dec-13-17 12:46PM  Capital Cube]
▶ ETFs with exposure to Banner Corp. : December 1, 2017   [Dec-01-17 10:27AM  Capital Cube]
▶ ETFs with exposure to Banner Corp. : November 20, 2017   [Nov-20-17 11:46AM  Capital Cube]
▶ ETFs with exposure to Banner Corp. : November 9, 2017   [Nov-09-17 12:02PM  Capital Cube]
▶ Banner misses Street 3Q forecasts   [Oct-25-17 05:29PM  Associated Press]
▶ ETFs with exposure to Banner Corp. : October 17, 2017   [Oct-17-17 09:35AM  Capital Cube]
▶ ETFs with exposure to Banner Corp. : October 4, 2017   [Oct-04-17 10:34AM  Capital Cube]
▶ Banner beats Street 2Q forecasts   [Jul-26-17 10:34PM  Associated Press]
▶ ETFs with exposure to Banner Corp. : July 13, 2017   [Jul-13-17 03:34PM  Capital Cube]
▶ ETFs with exposure to Banner Corp. : June 9, 2017   [Jun-09-17 01:17PM  Capital Cube]
▶ Banner tops 1Q profit forecasts   [Apr-24-17 04:14PM  Associated Press]
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