Banisher Priest’s ability causes a zone change with a duration, a new style of ability that’s somewhat reminiscent of older cards like Oblivion Ring. However, unlike Oblivion Ring, cards like Banisher Priest have a single ability that creates two one-shot effects: one that exiles the creature when the ability resolves, and another that returns the exiled card to the battlefield immediately after Banisher Priest leaves the battlefield.

The exiled card returns to the battlefield immediately after Banisher Priest leaves the battlefield. Nothing happens between the two events, including state-based actions.