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 Corp (symbol: BANR) is a prominent bank holding company, wholly owning Banner Bank. With over 125 years of service and more than 100 locations across Washington, Oregon, California, Idaho, and Utah, Banner Bank is known for its comprehensive financial services tailored to meet diverse customer needs. As a community bank, Banner Bank offers a high level of individual service while providing competitive products often associated with nationwide financial institutions.
Banner Bank's core business involves traditional banking services such as accepting deposits and originating loans. It also actively participates in the secondary loan markets, particularly through mortgage banking operations, focusing on the origination and sale of one to four family residential loans.
Banner Corp remains committed to delivering exceptional banking solutions for both individuals and businesses. Recent achievements include steady growth in financial performance and an expanding client base. As of June 30, 2023, Banner Corp announced it would report its second-quarter results, followed by a management conference call scheduled for July 20, 2023, at 8:00 a.m. PDT (11:00 a.m. EDT) to discuss these results in detail.
Banner Corp prides itself on being a community-focused institution while maintaining a competitive edge in the financial market. With a strong financial foundation and consistent regulatory compliance, Banner Corp continues to drive valuable outcomes for its stakeholders. For more detailed and updated information, you can visit Banner Bank's official website or attend their upcoming financial results conference call.
Banner (NASDAQ: BANR) reported net income of $45.2 million, or $1.30 per diluted share, for Q3 2024, up from $39.8 million, or $1.15 per share, in the preceding quarter but down from $45.9 million, or $1.33 per share, in Q3 2023. Net interest income was $135.7 million, reflecting an increase from $132.5 million in Q2 2024 but a decrease from $141.8 million in Q3 2023. The company declared a quarterly dividend of $0.48 per share. Total assets reached $16.19 billion, with total deposits at $13.54 billion and net loans at $11.07 billion. Non-performing assets rose to $45.2 million, or 0.28% of total assets. The net interest margin was 3.72%, slightly up from 3.70% in Q2 2024 but down from 3.93% in Q3 2023. The allowance for credit losses was $154.6 million. Core deposits represented 89% of total deposits. Common shareholders' equity per share increased 6% to $52.06 from the previous quarter and 18% year-over-year.
Banner (NASDAQ: BANR), the parent company of Banner Bank, has announced its upcoming third quarter 2024 financial results release and conference call schedule. The company will report its Q3 results after market close on Wednesday, October 16, 2024. A conference call to discuss the results is scheduled for Thursday, October 17, 2024, at 8:00 a.m. PT (11:00 a.m. ET).
The call will be accessible to investors via a live broadcast on the company's website at www.bannerbank.com. Investment professionals can participate by dialing (833) 470-1428 with access code 433614. A replay of the call will be available on Banner's website for those unable to attend the live event.
Newsweek has once again recognized Banner Bank as one of the World's Most Trustworthy Companies for 2024. The bank ranked fifth among all banks globally and emerged as the highest-ranked U.S. bank on the list. This prestigious recognition is based on an independent survey of over 70,000 participants, evaluating trust from customers, investors, and employees.
Banner Bank's President & CEO, Mark Grescovich, emphasized the significance of this recognition, particularly in the banking sector where trust is paramount. The bank has also received other notable accolades, including:
- Forbes' list of the 100 Best Banks in America (8th consecutive year)
- Newsweek's Best Regional Banks in America
- 5-Star rating from BauerFinancial for 44 consecutive quarters
Banner Bank, part of Banner (NASDAQ GSM: BANR), is a $15.7 billion bank holding company operating in Washington, Oregon, California, and Idaho.
Banner Bank has expanded its executive leadership team by adding Mark Borrecco as the new Chief Banking Officer. Borrecco, with over 25 years of banking experience in the Western U.S., will oversee the Bank's production lines of business, including commercial, commercial real estate, community banking, and mortgage. His role focuses on enhancing client experience while ensuring growth and profitability across all banking divisions.
Previously serving as the California president of a large regional bank, Borrecco brings extensive experience to Banner Bank. He holds a bachelor's degree in economics from California State University and has served on notable boards, including the Pacific Coast Banking School and the Greater Sacramento Economic Council. This strategic addition aims to accelerate Banner Bank's growth strategies and strengthen its focus on client acquisition.
Banner (NASDAQ: BANR), the parent company of Banner Bank, has announced a stock repurchase program authorized by its Board of Directors. The program allows for the repurchase of up to 1,722,787 shares, representing approximately 5% of the company's issued and outstanding common stock. CEO Mark J. Grescovich stated that the company views its stock as an attractive investment, and the repurchase program is aimed at building long-term shareholder value. The repurchases will be conducted through open market purchases, with the extent and timing dependent on market conditions and other corporate considerations.
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.
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