Banner Corporation reported its financial results for the first quarter of 2025, revealing a net income of $45.1 million, or $1.30 per diluted share, compared to $46.4 million, or $1.34 per diluted share, in the previous quarter. This marks an increase from $37.6 million, or $1.09 per diluted share, in the same quarter of the previous year. The company's total revenue for the quarter was $160.2 million, slightly down from $160.6 million in the preceding quarter but up from $144.6 million year-over-year. The net interest income increased to $141.1 million, reflecting a rise in the yield on interest-earning assets, while the net interest margin improved to 3.92%, up from 3.82% in the previous quarter.
Total assets decreased marginally to $16.17 billion as of March 31, 2025, from $16.20 billion at the end of 2024, primarily due to a reduction in securities and interest-bearing deposits. However, total loans increased to $11.44 billion, up from $11.35 billion, driven by growth in commercial construction and multifamily loans. The allowance for credit losses on loans rose to $157.3 million, representing 1.38% of total loans, compared to $155.5 million, or 1.37%, at the end of the previous quarter.
In terms of operational metrics, Banner's total deposits increased to $13.59 billion, up from $13.51 billion, with core deposits making up 89% of total deposits. The number of deposit accounts decreased slightly to 453,808, with an average account balance of $30. The company also reported a slight increase in non-performing assets, which totaled $42.7 million, or 0.26% of total assets, compared to $39.6 million, or 0.24%, at the end of 2024.
Looking ahead, Banner Corporation remains focused on its strategic initiatives aimed at originating high-quality assets and enhancing client acquisition. The company anticipates that its moderate risk profile will continue to support strong revenue generation. Management has indicated that they will maintain a close watch on economic conditions and adjust their strategies accordingly to navigate potential challenges in the market. The company’s capital ratios remain strong, with total shareholders’ equity increasing to $1.83 billion, or 11.34% of total assets, as of March 31, 2025.
About BANNER CORP
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