Banner Q1 2022 Earnings Report
Key Takeaways
Banner Corporation reported a net income of $44.0 million, or $1.27 per diluted share, for the first quarter of 2022. Revenues decreased 3% to $138.1 million. The company's performance was affected by the on-going low interest rate environment and loan forgiveness under the Small Business Administration.
Revenues decreased 3% to $138.1 million.
Net interest income decreased to $118.7 million.
Mortgage banking revenues decreased 61% to $4.4 million.
Net loans receivable decreased 8% to $8.98 billion.
Banner
Banner
Banner Revenue by Geographic Location
Forward Guidance
The remaining efficiency-related initiatives are anticipated to be implemented sequentially over the next two quarters with implementation of the revenue initiatives ramping up in the second half of the year. Full implementation is expected by 2023, with the goal of delivering sequential improvements in operating performance over the course of the next five quarters while staying true to our mission and values.