Banner Corporation (NASDAQ: BANR) shares surged over 5% in after-hours trading on Wednesday after the regional bank reported better-than-expected third-quarter earnings and revenue.
For the quarter ended September 30, Banner reported adjusted earnings per share of $1.30, surpassing analysts' consensus estimate of $1.16. The company's revenue came in at $153.7 million, significantly higher than the expected $135.7 million.
The strong performance was driven by higher net interest income of $135.675 million and a credit loss provision of $1.692 million. However, the net interest margin declined to 3.72% from 3.93% a year ago. Banner also maintained its quarterly dividend at $0.48 per share.
"Banner's third quarter operating results reflect the continued successful execution of our super community bank strategy," said CEO Mark Grescovich. "We remain focused on delivering sustainable, profitable growth while maintaining strong asset quality and prudent risk management practices."
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