Banner Corp. reports Q1 EPS $1.61, consensus $1.58

Reports Q1 revenue $162.6M, consensus $155.05M. Reports Q1 tangible book value per share $33.52. "While the pace of change continues to accelerate in markets we serve, and throughout the global economy, our business model, which emphasizes moderate risk and strong relationship banking continues to generate strong financial results," said Mark Grescovich, president and CEO. "Banner’s first quarter 2023 operating results reflect the continued successful execution of our super community bank strategy. Our performance for the first quarter of 2023 benefited from higher yields on interest-earning assets and an improved mix of earnings assets that led to net interest margin expansion. Further, the continued focus on growing client relationships is serving us well, with core deposits representing 93% of total deposits at quarter end. Banner’s overarching goals continue to be to do the right thing for our clients, communities, colleagues and shareholders; and to provide a consistent and reliable source of commerce and capital through all economic cycles."