Banner Corp. reports Q3 EPS $1.15, consensus $1.05
Banner's net interest margin was 4.25% for the third quarter of 2019, a 13 basis-point decrease compared to 4.38% in the preceding quarter and a 23 basis-point decrease compared to 4.48% in the third quarter a year ago. The decrease in net interest margin during the quarter reflects lower yields on average interest-earning assets largely as a result of two 25 basis point decreases in the targeted Fed Funds Rate in the third quarter coupled with a longer term decline in the 10 year treasury yield. "Our third quarter 2019 performance continues to demonstrate the success of our super community bank model which is based on responsive service that generates client loyalty and attracts new client relationships," stated Mark J. Grescovich, President and Chief Executive Officer. "We recently announced the pending acquisition of AltaPacific Bancorp, the holding company for AltaPacific Bank. This transaction will increase Banner's presence in California by adding attractive core deposits and new commercial banking relationships within our existing geographic footprint."