Overview
Banner Q3 net income of $53.5 mln, beating analyst expectations
EPS for Q3 at $1.54, surpassing analyst estimates
Banner increases quarterly cash dividend by 4% to $0.50 per share
Outlook
Banner did not provide specific future financial guidance in the press release
Result Drivers
NET INTEREST INCOME - Increase driven by higher yields and average balances of interest-earning assets, along with decreased funding costs
CREDIT LOSS PROVISION - Reduced provision for credit losses compared to the previous quarter
LOAN GROWTH - Solid year-over-year loan growth contributed to earnings, per CEO Mark Grescovich
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted Revenue | $168.70 mln | ||
Q3 EPS | Beat | $1.54 | $1.40 (5 Analysts) |
Q3 Net Income | Beat | $53.50 mln | $48.73 mln (5 Analysts) |
Q3 Net Interest Income | $149.98 mln | ||
Q3 Credit Loss Provision | $2.67 mln | ||
Q3 Dividend | $0.50 |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Banner Corp is $73.00, about 12.3% above its October 14 closing price of $64.00
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago
Press Release: ID:nBw8pRlLKa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)