Banner Corp Stock Price, News & Analysis

Banner Corporation (NASDAQ GSM: BANR) reported a net income of $55.6 million, or $1.61 per diluted share, for Q1 2023, reflecting a 2% increase from the previous quarter and a 26% increase year-over-year. The quarter included a recapture of provision for credit losses amounting to $524,000. The Board declared a quarterly cash dividend of $0.48 per share, payable on May 12, 2023. Core deposits stood at $12.20 billion, representing 93% of total deposits. However, revenues decreased by 6% to $162.6 million, influenced by lower net interest income and non-interest income due to losses on securities sales. Non-performing assets increased to $27.1 million, or 0.17% of total assets. The effective tax rate was 18.9%, aided by tax-exempt income.

Banner Corporation (NASDAQ: BANR) has announced the retirement of Peter J. Conner as Executive Vice President and Chief Financial Officer, effective October 10, 2023. Conner will also retire from Banner Bank CFO position on April 10, 2023. Robert G. Butterfield, current Senior VP and Chief Accounting Officer, will succeed Conner as CFO of Banner Bank on April 11, 2023, and will later assume the same role at the Company level. Conner has been with Banner since 2015, and both executives anticipate a seamless transition. Banner Corporation has seen significant growth, tripling its asset size since Conner's arrival.

Banner Corporation (NASDAQ: BANR), a bank holding company based in Walla Walla, Washington, announced it will release its Q1 results on April 19, 2023. Following the report, management will host a conference call on April 20 at 8:00 a.m. PDT (11:00 a.m. EDT) to discuss the financial outcomes. The call will be accessible to investors online and via phone. Banner Corporation operates a commercial bank with assets of $15.83 billion, providing a range of financial services across four Western states.

Banner Corporation (NASDAQ: BANR) reported Q4 2022 net income of $54.4 million ($1.58/share), up 11% from Q3 2022 and 9% year-over-year. For the year, net income decreased 3% to $195.4 million ($5.67/share). Revenue rose 6% to $172.1 million, bolstered by a 9% increase in net interest income. The Board announced a 9% increase in the quarterly cash dividend to $0.48, payable on February 13, 2023. The company reported a provision for credit losses of $6.7 million in Q4 and an allowance of $141.5 million, or 1.39% of total loans. Non-performing assets rose to $23.4 million.

Banner Corporation (NASDAQ GSM: BANR) will report its fourth quarter results on January 19, 2023, after market close. A conference call to discuss these results is scheduled for January 20, 2023, at 8:00 a.m. PST (11:00 a.m. EST). Investors can join the call via the Banner Bank website or by dialing in. The company operates a $16.36 billion bank holding company, offering a variety of financial services across four Western states. Forward-looking statements are included in the release, cautioning investors about potential risks and uncertainties.