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SEATTLE - Banner Corporation (NASDAQ:BANR), the parent company of Banner Bank, reported third quarter earnings that exceeded analyst expectations despite slightly missing revenue projections. The company posted net income of $53.5 million, or $1.54 per diluted share, compared to the analyst estimate of $1.40 per share.
BANR shares were up 3% in after hours trading following the announcement.
Revenue for the quarter came in at $170.7 million, slightly below the consensus estimate of $171.52 million but up 11% compared to $153.7 million in the third quarter of 2024. Net interest income increased to $150.0 million, up from $135.7 million a year ago, reflecting higher yields on interest-earning assets and lower funding costs. The company’s net interest margin improved to 3.98% from 3.72% in the same quarter last year.
"Banner’s third quarter performance reflects the continued strength of our super community bank strategy," said Mark Grescovich, President and CEO. "Our earnings for the third quarter of 2025 benefited from solid year over year loan growth as well as higher yields on interest-earning assets."
Total loans receivable grew 4% YoY to $11.70 billion, while total deposits increased 4% to $14.02 billion compared to the previous year. Core deposits represented 89% of total deposits at quarter-end, demonstrating the company’s stable funding base.
Banner’s credit quality remained strong with non-performing assets at $45.3 million, or 0.27% of total assets, compared to $45.2 million, or 0.28% of total assets, a year ago. The company recorded a $2.7 million provision for credit losses during the quarter, up from $1.7 million in the third quarter of 2024.
The company’s efficiency ratio improved to 59.76% for the third quarter of 2025, compared to 62.63% in the same quarter a year ago, reflecting stronger net interest margins and controlled expense growth.
Banner’s Board of Directors increased its quarterly cash dividend by 4% to $0.50 per share. Additionally, the company repurchased 250,000 shares of its common stock during the quarter at an average price of $63.11 per share.
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