Banner Corp. beats analyst expectations in Q1 earnings

Banner Corp. (NASDAQ:BANR), the Walla Walla, Washington-based regional bank, announced its first-quarter net income of $45.1 million on Wednesday.

The company reported earnings of $1.30 per share, with adjusted earnings reaching $1.29 per share after accounting for non-recurring gains.

These results surpassed Wall Street predictions, as the average estimate from four analysts surveyed by Zacks Investment Research projected earnings of $1.23 per share.

Banner Corp. also reported strong revenue for the period, reaching $213 million.

Its adjusted revenue of $160.2 million also exceeded Street forecasts, which had anticipated $156.2 million based on a survey of three analysts by Zacks Investment Research.

Despite a 10% decline in share value since the beginning of the year, Banner Corp.'s stock showed positive momentum in Wednesday's trading session.

In the final minutes of trading, shares reached $59.86, marking a significant 39% increase over the past 12 months.