Banner Corporation (NASDAQ GSM: BANR) has released the results of its 2024 annual meeting of shareholders, reporting that all proposals were approved and all director nominees were re-elected. The parent company of Banner Bank operates with a significant financial standing, boasting a $15.52 billion bank holding company.
For the financial year ending 2024, Banner Corporation reported a net income of $49.3 million, compared to $48.1 million in the previous period. This represents a 2.5% increase in net income. Additionally, the company's total assets stood at $15.52 billion, up from $15.21 billion in the prior period, indicating a 2% growth in total assets. Furthermore, Banner Corporation's total loans reached $9.8 billion, reflecting a 3.3% increase from the previous period's total loans of $9.5 billion.
Banner Corporation's shareholders' equity also experienced growth, reaching $1.83 billion, compared to $1.78 billion in the prior period, marking a 2.8% increase in shareholders' equity. Moreover, the company's return on average assets (ROA) for the period was 1.27%, a slight increase from the 1.25% ROA reported in the previous period.
The company's net interest margin (NIM) for the year was reported at 3.63%, slightly up from the previous period's NIM of 3.61%. Additionally, Banner Corporation's efficiency ratio for the period was 63.7%, down from the previous period's ratio of 64.2%, indicating improved operational efficiency.
Banner Corporation's nonperforming assets (NPAs) to total assets ratio remained stable at 0.25% for the current and previous period, showcasing the company's effective management of nonperforming assets. The company's provision for loan losses was reported at $5.6 million, compared to $5.3 million in the prior period, reflecting a 5.7% increase in provisions for loan losses.
As a result of these announcements, the company's shares have moved 0.1% on the market, and are now trading at a price of $45.52. For more information, read the company's full 8-K submission here.
