Banner Net Income Falls to $37.6 Million, or $1.09 Per Share, in First Quarter 2024
Banner Corporation reported first-quarter 2024 net income of $37.6 million, or $1.09 per diluted share, down from $42.6 million ($1.24) in the preceding quarter and $55.6 million ($1.61) a year earlier. Higher funding costs reduced net interest income to $133.0 million, and the board declared a regular $0.48 per share dividend. The filing does not include an updated outlook, and the lower per-share earnings are the key takeaway for shareholders.
Key points
- Net income was $37.6 million, or $1.09 per diluted share, versus $42.6 million ($1.24) in the preceding quarter and $55.6 million ($1.61) in the first quarter of 2023.
- Revenues were $144.6 million, compared with $152.5 million in the preceding quarter and $162.6 million a year earlier.
- Net interest margin was 3.74%, down from 3.83% in the preceding quarter, as total deposit costs rose to 1.37% from 1.18%.
- A regular quarterly cash dividend of $0.48 per share is payable May 10, 2024, to holders of record on April 30, 2024.
The filing
Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 17, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.