Banner Q2 2023 Earnings Report
Key Takeaways
Banner Corporation reported a net income of $39.6 million, or $1.15 per diluted share, for the second quarter of 2023. This represents a decrease of 29% compared to the previous quarter and a decrease of 17% compared to the second quarter of 2022. The results were influenced by factors such as loan growth, higher yields on interest-earning assets, and the higher interest rate environment impacting net interest margin.
Net income was $39.6 million, or $1.15 per diluted share, a decrease compared to the preceding quarter and the second quarter of 2022.
Net interest income decreased to $142.5 million, reflecting an increase in funding costs.
Revenues decreased 7% to $150.9 million, compared to $162.6 million in the preceding quarter.
Net loans receivable increased 3% to $10.33 billion at June 30, 2023, compared to $10.02 billion at March 31, 2023.
Banner
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Banner Revenue by Segment
Banner Revenue by Geographic Location
Forward Guidance
The company did not provide specific forward guidance in the earnings report.