Banner increases quarterly dividend
Banner Corp. (Nasdaq: BANR) shares are down slightly after the regional bank reported before the opening that its board approved a plan to increase the quarterly cash dividend to $0.20 per share. The dividend will be paid Jan. 10 to shareholders of record on Dec. 31.
“We have been building our franchise, while generating top- and bottom-line improvements,” CEO D. Michael Jones said in a statement. “This increase in our cash dividend is a way for us to share this growth with our shareholders.”
After Thursday’s close, Banner reported third-quarter earnings of $10 million, or $0.64 per share, above analyst estimates of $0.59 per share and compared with $8 million, or $0.65 per share, a year earlier. Quarterly revenue increased to $48.1 million, below Wall Street projections of $49 million and compared with $38.1 million during the same period of 2006.
Operating expenses rose to $34.8 million, from $31.3 million a year earlier.
In midday trading,BANR shares are down 0.43%, or $0.14, at $32.09. Over the last 52 weeks, shares have ranged from $27.63 to $46.71.
