There have been no material changes in the risk factors previously disclosed in Part 1, Item 1A of our 2025 Form 10-K, other than as set forth below. On April 30, 2026, Banner announced an agreement to acquire Pacific Financial Corporation, the holding company of Bank of the Pacific. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including regulatory approvals and approval by Pacific Financial shareholders. There can be no assurance that the transaction will be completed on the anticipated terms, within the expected timeframe, or at all. If the transaction is not completed, Banner may be subject to risks associated with the failure to complete the transaction, including potential adverse effects on its business, financial condition, results of operations or reputation. 69 Table of Contents