Banner Corp (NASDAQ:BANR), the parent company of Banner Bank, stock rose 4.09% (As on January 20, 11:12:35 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 22. The company has reported net income of $54.4 million, for the fourth quarter of 2022, an 11% increase compared to $49.1 million for the preceding quarter and a 9% increase compared to $49.9 million, for the fourth quarter of 2021.

BANR in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.58, missing the analysts’ estimates for the adjusted earnings per share of $1.59. The company had reported the adjusted revenue growth of 18 percent to $172.1 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $169.08 billion. Mortgage banking revenues increased to $2.3 million, compared to $105,000 in the preceding quarter, and decreased 59% compared to $5.6 million in the fourth quarter a year ago.

Moreover, net interest income was $159.1 million in the fourth quarter of 2022, compared to $146.4 million in the preceding quarter and $121.5 million in the fourth quarter a year ago. Banner’s net interest margin on a tax equivalent basis was 4.23% for the fourth quarter of 2022, a 38 basis-point increase compared to 3.85% in the preceding quarter and a 106 basis-point increase compared to 3.17% in the fourth quarter a year ago. Average yields on interest-earning assets increased 43 basis points to 4.40% for the fourth quarter of 2022, compared to 3.97% for the preceding quarter and increased 111 basis points compared to 3.29% in the fourth quarter a year ago.

Moreover, total assets decreased 3% to $15.83 billion at December 31, 2022, compared to $16.36 billion at September 30, 2022, and decreased 6% when compared to $16.80 billion at December 31, 2021. The total of securities and interest-bearing deposits held at other banks was $4.28 billion at December 31, 2022, compared to $5.01 billion at September 30, 2022 and $6.26 billion at December 31, 2021. Total loans receivable increased to $10.15 billion at December 31, 2022, compared to $9.83 billion at September 30, 2022, and $9.08 billion at December 31, 2021.

BANR’s Board of Directors increased its regular quarterly cash dividend by 9% to $0.48 per share. The dividend will be payable February 13, 2023, to common shareholders of record on February 02, 2023.