Banner Corp Q2 net income $39.8M ($1.15 EPS); loans grow 3% seq, net interest margin compresses

BANNER CORP

2024-Q2 EPS reported $2.24

Q2 net income $39.8M ($1.15 diluted EPS) vs Q1 $37.6M ($1.09) and Q2 2023 $39.6M ($1.15).
Net interest income $132.5M, down 7% YoY; net interest margin 3.70% vs 4.00% a year ago.
Net loans $10.99B, up 6% YoY and 3% seq; non-performing assets 0.21% of total assets.
Deposits $13.08B, core deposits 88% of total; tangible book value per share $38.12.
Board declared $0.48/share dividend payable Aug 16, 2024, unchanged from prior quarter.

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