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Sep 30, 2021
Banner Q3 2021 Earnings Report
Banner reported an increase in revenues and implemented Banner Forward initiative.
Key Takeaways
Banner Corporation reported a net income of $49.9 million, or $1.44 per diluted share, for the third quarter of 2021. Revenues increased by 4% compared to the previous quarter and the same quarter last year. The company also implemented a bank-wide initiative called Banner Forward to drive revenue growth and reduce operating expenses.
Revenues increased 4% to $155.5 million compared to the preceding quarter.
Net interest income increased to $130.1 million.
Mortgage banking revenues increased 30% to $9.8 million compared to the preceding quarter.
Non-performing assets decreased to $29.7 million, or 0.18% of total assets.
Banner
Banner
Banner Revenue by Geographic Location
Revenue by Geographic Location
Washington loans Revenue
CapyFin.comCalifornia loans Revenue
CapyFin.comOregon loans Revenue
CapyFin.comIdaho loans Revenue
CapyFin.comUtah loans Revenue
CapyFin.comOther regions Revenue
CapyFin.com Forward Guidance
Banner implemented Banner Forward, a bank-wide initiative to drive revenue growth and reduce operating expense.
Positive Outlook
- Accelerate growth in commercial banking
- Deepen relationships with retail customers
- Advance technology strategies to enhance digital service channels
- Streamline underwriting
- Streamline back office processes
Challenges Ahead
- Potential additional opportunities to rationalize physical footprint
- Incurred expenses of $7.6 million related to Banner Forward during the third quarter of 2021
- Increase in non-interest expense for the current quarter compared to the prior quarter primarily reflects an $8.0 million increase in professional and legal expenses, primarily due to increased consultant expense
- Payment and card processing services expense increased $1.2 million primarily reflecting an increase in fraud related losses
- Decreases in salary and employee benefits and COVID-19 expenses
Revenue & Expenses
Visualization of income flow from segment revenue to net income