Pacific Financial Q2 Net Income Dips to $2.9M as Merger Costs Rise; Dividend Held at $0.15
BANR sits 21% above its 52-week low of $57.05 on elevated volume (2.1× avg).
Summary
Pacific Financial, which Banner Corp (BANR) is acquiring in an all-stock deal, reported Q2 net income of $2.9 million ($0.29 EPS), down from $3.1 million in Q1. Merger-related costs of $678,000 drove non-interest expenses higher, offsetting a slight improvement in net interest margin to 4.16%. The quarterly dividend was maintained at $0.15 per share. This follows Banner's own Q2 report two days ago showing a sequential profit decline, and the merger remains on track for a shareholder vote in August. The results show Pacific Financial's standalone performance is holding steady, but the merger integration costs are beginning to weigh on earnings.
At the time of this announcement, BANR was trading at $68.80 on NASDAQ in the Finance sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $57.05 to $72.65. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.