Banner Corp. reports Q2 adjusted EPS $1.32, consensus $1.55

Reports Q2 revenue $150.94M, consensus $151.51M. Reports Q2 CET1 capital ratio 10.2%. Reports Q2 tangible book value per share $33.83. “Our business model, which emphasizes moderate risk and strong relationship banking, continues to serve us well in these uncertain economic times,” said Mark Grescovich, president and CEO. “Our performance for the second quarter of 2023 benefited from loan growth and higher yields on interest-earning assets. However, the higher interest rate environment and its effect on funding costs impacted our net interest margin during the quarter. Our continued focus on growing client relationships is serving us well, with core deposits representing 90% of total deposits at quarter end. Banner’s overarching goals continue to be to do the right thing for our clients, communities, colleagues, our company and shareholders; and to provide a consistent and reliable source of commerce and capital through all economic cycles and change events,” concluded Grescovich.