KBRA Affirms Ratings for Banner Corporation
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.
