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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.
Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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