Q2 2024 Banner Corp Earnings Call Transcript
Key Points
- Banner Corp (BANR) reported a net profit available to common shareholders of $39.8 million, or $1.15 per diluted share for Q2 2024, up from $1.09 per share in Q1 2024.
- Core earnings for Q2 2024 were $52.4 million, demonstrating strong core earnings power.
- Core deposits represent 88% of total deposits, indicating a strong and loyal deposit base.
- Loans increased by 6% year-over-year, reflecting solid loan growth.
- Banner Corp (BANR) received multiple recognitions, including being named one of America's 100 Best Banks by Forbes and one of the most trustworthy companies in America by Newsweek.
- Earnings continue to be impacted by the rapid increase in interest rates in 2023, resulting in increased funding costs.
- Non-performing assets increased by $3 million in the quarter, representing 0.21% of total assets.
- Total deposits decreased by $80 million during the quarter, with a $119 million decrease in core deposits.
- Net interest margin decreased by four basis points to 3.70%, driven by increased funding costs.
- Total non-interest expense increased by $487,000 from the prior quarter, reflecting higher compensation and REO expenses.
Hello, all, and welcome to Banner Corporation's second-quarter 2024 conference call and Webcast. My name is Lydia, and I'll be your operator today. (Operator Instructions)
I'll now hand you over to your host, Mark Grescovich, to begin. Please go ahead.
Thank you, Lydia, and good morning everyone. I would also like to welcome you to the second-quarter 2024 earnings call for Banner Corporation. Joining me on the call today is Rob Butterfield, Banner Corporation's Chief Financial Officer; Jill Rice, our Chief Credit Officer; and Rich Arnold, our Head of Investor Relations.
Rich, would you please read our forward-looking safe harbor statement?
Sure, Mark. Good morning. Our presentation today discusses Banner's business outlook and will include forward-looking statements. Those statements include descriptions of management's plans,
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