Executives with Walla Walla-based Banner Bank’s parent company cited year-over-year loan growth and lower funding costs alongside a solid base of core deposits as the reason behind the institution’s strong performance in the last quarter of 2024. 

Banner Corp. reported a net income of $46.4 million, or $1.34 per diluted share for the fourth quarter of 2024, according to a release, leading the company to announce a quarterly cash dividend of 48 cents per share. 

“Banner’s fourth quarter financial performance reflects the continued successful execution of our super community bank strategy, which emphasizes growing new client relationships, maintaining our core funding position, promoting client loyalty and advocacy through our responsive service model, and sustaining a moderate risk profile,” said Mark Grescovich, president and CEO, in the release.  

Grescovich also noted that the bank’s credit metrics continued to be strong, reserve for loan losses remained solid, and capital base continued to be robust. 

Net income for 2024 overall was $168.9 million, down from $183.6 million, for the year ended Dec. 31, 2023. Income from Banner’s mortgage banking operations was $3.7 million for the fourth quarter of 2024, compared to $3.2 million in the preceding quarter and $5.4 million in the fourth quarter a year ago. 

Banner has 135 branches spread across four Western states, with four in the Tri-Cities area.