Welcome to our dedicated page for Banner news (Ticker: BANR), a resource for investors and traders seeking the latest updates and insights on Banner stock.
Banner Corporation (BANR) delivers community-focused banking services through Banner Bank, serving the Pacific Northwest with deposit accounts, commercial lending, and residential mortgage solutions for over 125 years. This news hub provides investors and stakeholders with essential updates about the company's financial operations and market activities.
Access official press releases covering quarterly earnings, leadership changes, regulatory filings, and strategic initiatives. Stay informed about Banner's community banking developments, loan portfolio performance, and participation in secondary mortgage markets through verified announcements.
Our curated collection features permanent records of material events including merger/acquisition details, dividend declarations, and operational expansions across Washington, Oregon, Idaho, California, and Utah. Bookmark this page for direct access to Banner Corp's financial disclosures without promotional commentary.
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.
On June 30, 2020, Banner Corporation (BANR) announced the completion of its underwritten offering of $100 million in 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes were sold at par, yielding net proceeds of approximately $98 million. The funds will support corporate purposes, including potential growth through acquisitions, debt repayment, dividend payments, and investments in regulatory capital for its banks. BofA Securities and Piper Sandler were the book-running managers for the offering.
Banner Corporation (NASDAQ: BANR) announced the pricing of a public offering of $100 million in 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030. The initial interest rate is 5.00% per annum until June 30, 2025, then switching to a floating rate. The offering aims to qualify as Tier 2 capital and is expected to close on June 30, 2020. Net proceeds of approximately $98.5 million will be used for general corporate purposes, including growth, debt repayment, and regulatory capital investments in its banks.
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