Banner Corp Stock Price, News & Analysis

Banner Corporation (BANR) appointed Ellen R.M. Boyer and John Pedersen to its Board of Directors on February 24, 2021. Boyer, CFO of Logic20/20, brings over 25 years of finance and operational experience, while Pedersen previously served as Chief Risk Officer at City National Bank, accumulating over three decades in banking. Their appointments are seen as strategic moves to enhance governance and drive future success. CEO Mark Grescovich emphasized their respected standing in the business community, foreseeing valuable insights from their diverse expertise.

Banner Corporation (BANR) reported a fourth-quarter net income of $39.0 million, or $1.10 per diluted share, marking a 7% increase from the previous quarter and a 16% rise year-over-year. However, total net income for 2020 decreased to $115.9 million, a drop from $146.3 million in 2019. The board declared a quarterly dividend of $0.41 per share, payable on February 16, 2021. The bank's assets rose to $15.03 billion, with $9.70 billion in net loans and $12.57 billion in deposits, while provisions for credit losses were significantly impacted by the COVID-19 pandemic.

Bannner Bank has appointed Janet Brown as the new Executive Vice President and Chief Information Officer, succeeding Steve Rust, who is retiring after 40 years in IT. Brown, who has over 25 years of experience across various industries, will oversee IT and security initiatives, managing a team of 85. Mark J. Grescovich, President and CEO, emphasized her capability in steering the bank's IT transformation. Rust will assist Brown through the first quarter of 2021 for a seamless transition.

Banner Corporation (NASDAQ: BANR) has authorized the repurchase of up to 1,757,781 shares, equating to 5% of its common stock. This initiative is aimed at enhancing long-term shareholder value, as stated by CEO Mark J. Grescovich. The repurchase will occur through open market purchases, contingent on market conditions. Additionally, Banner will announce its Q4 2020 results on January 21, 2021, followed by a conference call on January 22 to discuss the outcomes.

Banner Corporation (NASDAQ GSM: BANR) reported a net income of $36.5 million ($1.03 per diluted share) for Q3 2020, up from $23.5 million in Q2, but down from $39.6 million in Q3 2019. Year-to-date net income stands at $77.0 million, a decline from $112.6 million last year. The Board declared a quarterly cash dividend of $0.41 per share, payable on November 12, 2020. The company increased its allowance for credit losses to $168.0 million due to COVID-19 impacts. Total assets rose to $14.64 billion, and net loans decreased to $10.00 billion, with mortgage revenues more than doubling YoY.

Banner Bank has launched the Small Business Opportunity Fund with an initial investment of $1.5 million. This initiative aims to support minority-owned small businesses affected by COVID-19, specifically targeting those with gross annual revenues of $1 million or less. The Fund will partner with three Community Development Financial Institutions (CDFIs), each receiving $500,000, to provide financial assistance through low-cost loans and grants to eligible businesses. This program reflects Banner Bank's commitment to addressing social and racial injustice.

Banner Corporation (NASDAQ: BANR) will report its third quarter 2020 results after market close on October 21, 2020. Management will host a conference call on October 22, 2020, at 8:00 a.m. PDT to discuss the financial results, which will be available via live broadcast at www.bannerbank.com. The call will also be accessible for replay for one week following the event. Banner Corporation is a $14.4 billion bank holding company operating two commercial banks across four Western states, providing a variety of banking services.

Banner Corporation (NASDAQ: BANR) announced plans to merge Islanders Bank into Banner Bank, pending regulatory approval. The merger aims to leverage Banner Bank's strong growth and brand presence in the North Puget Sound Region. Islanders Bank operates three branches in the San Juan Islands, all of which will remain open post-merger. This consolidation is expected to enhance product offerings and operational efficiencies. The integration process is anticipated to be completed by the first quarter of 2021.

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