Banner Q3 net income $49.9M ($1.44 EPS), down 8% QoQ; announces Banner Forward cost initiative, declares $0.41 dividend

BANNER CORP

2021-Q3 EPS reported $4.32 revenue$29,154,000

Q3 net income $49.9M ($1.44 diluted EPS) vs $54.4M ($1.56) Q2; revenue $155.5M up 4% QoQ and YoY.
Recorded $8.6M recapture of provision for credit losses; allowance now 1.52% of loans.
Banner Forward restructuring incurred $7.6M in Q3; initiative targets revenue growth and cost reduction, full implementation by 2023.
Declared $0.41 quarterly dividend payable Nov 12; repurchased 300K shares at avg $55.50 during Q3.
Core deposits grew 18% YoY to $13.31B; NPA ratio fell to 0.18% of assets.

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