Banner Corp Stock Price, News & Analysis

Banner (NASDAQ: BANR) reported net income of $39.8 million, or $1.15 per diluted share, for Q2 2024, up from $37.6 million, or $1.09 per share, in the previous quarter.

Net interest income fell to $132.5 million from $133.0 million in Q1 2024 and $142.5 million YoY, due to increased funding costs. The net loss on the sale of securities was $562,000, down from $4.9 million in the prior quarter.

Provision for credit losses rose to $2.4 million. Total revenue was $149.7 million, up from $144.6 million in Q1 2024.

Banner declared a quarterly dividend of $0.48 per share, payable on August 16, 2024, to shareholders of record on August 6, 2024.

Banner (NASDAQ: BANR), the parent company of Banner Bank, announced that its credit ratings have been affirmed by Kroll Bond Rating Agency (KBRA). Specifically, the senior unsecured debt rating remains at BBB+, the subordinated debt rating at BBB, and the short-term debt rating at K2. For Banner Bank, the deposit and senior unsecured debt ratings stayed at A-, with the subordinated debt rating at BBB+ and short-term deposit and debt ratings at K2. KBRA has also maintained a Stable outlook for all long-term ratings. CEO Mark Grescovich highlighted that these ratings reflect Banner's financial strength, stability, and sound credit practices, reinforcing their capacity to provide consistent capital to clients.

Banner Bank has released its 2023 Environmental, Social, and Governance (ESG) Report, detailing its practices and recent achievements. The report highlights significant strides in ethical standards and governance, including a new policy for the responsible use of Generative AI. The bank also reached a record in affordable housing loans and provided financing for local businesses and infrastructure projects. Sustainability efforts included reducing e-waste and energy consumption, alongside advancements in their Climate Risk Management Program. Employee initiatives saw the launch of new resource groups for BIPOC employees and veterans. The report uses Sustainability Accounting Standards Board (SASB) standards relevant to their business.

Banner (NASDAQ: BANR), the parent company of Banner Bank, will announce its second quarter results for 2024 on July 17, 2024, after market close. A conference call hosted by management will be held on July 18, 2024, at 8:00 a.m. PT (11:00 a.m. ET) to discuss the results. The call will be broadcast live on www.bannerbank.com, and a replay will be available later. Investment professionals can dial (833) 470-1428 with access code 005428 to participate in the call.

Banner Bank announced the retirement of Jim Garcia, Executive Vice President and Chief Audit Executive, effective July 15, 2024. To ensure a smooth transition, Scott Newman will take over the role starting today. Garcia has been praised for his dedication to transparency and accountability, earning the respect of colleagues and the Board of Directors.

Newman comes with 30 years of audit experience, including roles in banking, investment management, and insurance. He holds multiple professional certifications and has been actively involved in the Tacoma community. Banner Bank's CEO, Mark J. Grescovich, expressed confidence in Newman's ability to fit into the company's culture and his strong reputation among industry peers and regulators.

Banner Bank has been honored by Forbes as one of the 100 Best Banks in America for the eighth consecutive year. This recognition is based on ten financial metrics including net interest margin, return on average tangible common equity, and stock performance for the year 2023.

Banner Bank, a commercial bank operating in Washington, Oregon, California, and Idaho, is part of Banner , a $15.7 billion bank holding company. This marks Banner's fourth national recognition in 2024, adding to accolades from Newsweek and Forbes in cybersecurity and trustworthiness.

Banner Bank has promoted Jim Costa, Executive Vice President and Chief Risk Officer, to Chief Operating Officer. This move aims to streamline the bank's operations, integrating technology, operations, and risk management to foster growth while maintaining a moderate risk profile. CEO Mark J. Grescovich highlighted Costa's nearly 30 years of experience in regional banks and his previous roles at TCF Financial. This change reflects Banner Bank's commitment to internal talent development and positioning for future success in a rapidly evolving industry. Banner Bank operates in Washington, Oregon, California, and Idaho, and is part of Banner (NASDAQ: BANR), a $15.7 billion bank holding company.

Banner (NASDAQ: BANR), the parent company of Banner Bank, announced that shareholders approved all proposals and re-elected all director nominees at the 2024 Annual Meeting of Shareholders held virtually on May 22, 2024.