Banner Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period.
For the three months ended September 30, 2024, total interest income increased to $195.8 million from $179.1 million in the same period of 2023. However, total interest expense also rose significantly to $60.2 million, up from $37.3 million, leading to a net interest income of $135.7 million, a decrease from $141.8 million year-over-year. For the nine months, total interest income was $569.7 million, compared to $517.8 million in 2023, while net interest income fell to $401.2 million from $437.6 million.
Non-interest income for the third quarter saw a notable increase, reaching $18.1 million, up from $12.7 million in the prior year. For the nine months, non-interest income rose to $46.9 million from $30.4 million. Conversely, total non-interest expenses slightly increased to $96.3 million from $95.9 million for the quarter, and to $292.1 million from $285.9 million for the nine months.
Net income for the third quarter was $45.2 million, a slight decrease from $45.9 million in 2023. For the nine months, net income dropped to $122.5 million from $141.0 million. The diluted earnings per share for the third quarter was $1.30, down from $1.33, and for the nine months, it was $3.54, compared to $4.09 in the previous year.
The company’s total assets increased to $16.19 billion as of September 30, 2024, up from $15.67 billion at the end of 2023. Total loans receivable rose to $11.22 billion, a 4% increase from $10.81 billion. Total deposits also grew by $508.7 million to $13.54 billion, with core deposits representing 89% of total deposits.
In terms of strategic developments, Banner Corporation has focused on managing interest rate risk through various measures, including interest rate swaps and forward sales contracts. The company reported a decrease in non-performing assets to $45.2 million, or 0.28% of total assets, compared to $30.1 million at the end of 2023.
Overall, while Banner Corporation experienced growth in certain revenue streams and asset levels, profitability metrics reflected challenges, particularly in net interest income and net income compared to the previous fiscal period.
About BANNER CORP
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