BANR · Financials(state commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Of the $1.9 billion its operations generated over 10 years, 32.4% went to dividends and 15.6% to buybacks; the share count rose 2.4%. On the accounting screens, it passes 4 of 5 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital—
Free cash flow after stock pay237.6M
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/5tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
025M50M75M100M
2016Operating income 76.2M
2017Operating income 85.2M
2018Operating income 84.0M
2019Operating income 81.9M
2020Operating income 98.6M
2021Operating income 96.4M
2022Operating income 75.3M
2023Operating income 44.4M
2024Operating income 66.9M
2025Operating income 72.8M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Operating income
-1.1%
-5.9%
-0.5%
Net income
+0.0%
+11.0%
+9.6%
Earnings per share
-0.2%
+11.6%
+9.3%
Free cash flow per share
+3.4%
+17.7%
—
Dividend per share
+3.2%
-6.0%
+9.9%
Shares
+0.2%
-0.5%
+0.3%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
10.0%
Return on assets
1.2%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-200M0200M400M
2016Net income 85.4MFree cash flow -92.1MAfter stock-based pay -96.4M
2017Net income 60.8MFree cash flow 334.5MAfter stock-based pay 328.5M
2018Net income 136.5MFree cash flow 7.7MAfter stock-based pay 1.1M
2019Net income 146.3MFree cash flow 124.9MAfter stock-based pay 117.8M
2020Net income 115.9MFree cash flow 112.6MAfter stock-based pay 103.4M
2021Net income 201.0MFree cash flow 291.1MAfter stock-based pay 281.8M
2022Net income 195.4MFree cash flow 223.3MAfter stock-based pay 214.5M
2023Net income 183.6MFree cash flow 242.5MAfter stock-based pay 233.4M
2024Net income 168.9MFree cash flow 279.4MAfter stock-based pay 269.4M
2025Net income 195.4MFree cash flow 247.9MAfter stock-based pay 237.6M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
1.9B generated by the business. Each band is its share of that total.
Reinvested in the business 8%152.2M
Acquisitions 0%0
Dividends 32%623.2M
Share buybacks 16%301.0M
Kept, or used to pay down debt 44%847.7M
Over the same years it paid 80.8M in stock. The share count rose 2.4%. 220.2M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$5$0$5$10$15
2016Earnings per share $2.52Free cash flow per share $-2.72Dividend per share $0.84
2017Earnings per share $1.84Free cash flow per share $10.14Dividend per share $1.99
2018Earnings per share $4.15Free cash flow per share $0.23Dividend per share $1.80
2019Earnings per share $4.18Free cash flow per share $3.57Dividend per share $1.60
2020Earnings per share $3.26Free cash flow per share $3.17Dividend per share $2.65
2021Earnings per share $5.76Free cash flow per share $8.34Dividend per share $1.65
2022Earnings per share $5.67Free cash flow per share $6.48Dividend per share $1.77
2023Earnings per share $5.33Free cash flow per share $7.04Dividend per share $1.94
2024Earnings per share $4.88Free cash flow per share $8.07Dividend per share $1.93
2025Earnings per share $5.64Free cash flow per share $7.15Dividend per share $1.95
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
32M33M34M35M36M
2016Diluted shares 33.9M
2017Diluted shares 33.0M
2018Diluted shares 32.9M
2019Diluted shares 35.0M
2020Diluted shares 35.5M
2021Diluted shares 34.9M
2022Diluted shares 34.5M
2023Diluted shares 34.5M
2024Diluted shares 34.6M
2025Diluted shares 34.7M
2016201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
0× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 5 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (10M) is well below depreciation (16M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (state commercial banks) first, then the rest of financials.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
