Murray selected as BofA

Spokane-area president

Bank of America has named Lauren Murray president of Bank of America Spokane/Boise. Murray, who earlier was named a 2024 Journal Rising Star, succeeds Kurt Walsdorf, who retired after 40 years with BofA.

In her new position, Murray will drive integration across the bank’s eight lines of business, oversee the bank’s market growth, and lead the effort to deploy the bank's resources to help advance economic mobility, according to a BofA announcement.

Murray has 14 years of experience in financial services and joined Merrill Wealth Management in 2017, where she has held several leadership roles in California and Washington. She continues to serve as the market executive for the Mountain West market, where she leads a team of more than 100 advisers and associates across Washington, Idaho, and Montana.

SBA-backed loan volume

surges in fiscal 2024

Small Business Administration-backed lending in the agency's Seattle District totaled more than $1 billion in the fiscal year ended Sept. 30.

The SBA Seattle District backed more than 2,000 loans in fiscal year 24.

“This is the most SBA loans we’ve seen in our district in more than 15 years and the second highest level of loan volume ever,” district director Melanie Norton says in a press release.

The Seattle District, which includes the Spokane branch, covers most of Washington state and 10 counties in northern Idaho.

The $1.08 billion in total lending represents a 30% increase in SBA loan volume in the district compared to the year prior.

While the number of 7(a)—working capital—loans increased in fiscal year 2024, the average size of loans decreased by 9%, according to SBA data. The SBA backed more than $62 million in loans under $150,000, representing a 64% increase in similar-sized loans compared to FY23.

Wheatland Bank parent

reports dip in earnings

Glacier Bancorp Inc., the Kalispell, Montana-based parent company of Spokane-based Wheatland Bank, Coeur d’Alene-based Mountain West Bank, and 15 other bank divisions, posted third-quarter net income of $51.1 million, or 45 cents per diluted share, a 3% decline from income of $52.4 million, or 47 cents a share, in the year-earlier quarter.

Randy Chesler, Glacier president and CEO, attributed the decrease in net income to increases in funding costs and the increased costs associated with the recent acquisitions of Wheatland Bank and Montana-based Rocky Mountain Bank.

Chesler says business trends were positive through the third quarter.

“We were very pleased to see solid earnings, margin, and deposit growth,” he says in a press release.

Glacier tallied total assets of $28.21 billion, including $16.98 billion in net loans as of Sept. 30, up slightly from assets of $28.06 billion, including $15.94 billion in net loans, a year earlier.

The company had $20.71 billion in total deposits, up from $20.4 billion a year earlier. 

Banner Corp. posts slight

decline in Q3 income

Walla Walla, Washington-based Banner Corp., which operates nine Spokane-area Banner Bank locations, reported third-quarter net income of $45.2 million, or $1.30 per diluted share, down slightly from $45.9 million, or $1.33 a share, in the year-earlier quarter. Banner’s board of directors also announced a quarterly cash dividend of 48 cents per share, payable on Nov. 15 to shareholders of record as of Nov 5.

“Our earnings for the third quarter of 2024 benefited from our solid year-over-year loan growth,” says Mark Grescovich, Banner president and CEO.

Banner reported total loans of $11.22 billion as of Sept. 30, up from $10.81 billion a year earlier. Assets totaled $16.19 billion, up from $15.67 billion.

The bank had total deposits of $12.54 billion as of Sept. 30, up from $12.03 billion a year earlier.

Tacoma-based bank’s

core indicators climb

Columbia Banking System Inc., the Tacoma, Washington-based parent company of Umpqua Bank, which operates 12 locations in the Spokane-Coeur d’Alene area, reported third-quarter net income of $146.2 million, or 70 cents a diluted share, up compared with income of $135.8 million, or 65 cents a share, in the year-earlier quarter.

The company’s net loans totaled $37.5 billion as of Sept. 30, up from $37.17 billion a year earlier.

Clint Stein, president and CEO of Columbia, says the loan balances “reflect healthy customer activity and our focus on reducing transactional assets and their funding sources as we regain Columbia’s placement as a top-performing bank.”

Assets totaled $51.91 billion, down from $51.99 billion.

Deposits totaled $41.51 billion, down from $41.62 billion

AgWest conveys bearish

view in farm commodities

The long-term outlook for most Pacific Northwest agricultural commodities is bearish, with persisting low prices and lingering input costs, according to the latest market update from Spokane-based AgWest Farm Credit.

The report covers commodities in Washington, Idaho, Montana, Oregon, California, Arizona, and Alaska.

According to the report, a smaller 2024 apple crop should support prices by early 2025, improving producer margins, and the organic sector continues to see strong demand and growth. Prices strengthened across most varieties except for Galas due to increased supply. Honeycrisp supply is down significantly, with growers reporting issues with bitter pit, which causes dark spots on the fruit.

Wheat producers are navigating a complex landscape of strong yields, depressed prices, and elevated input costs, the report says. Despite record yields in some areas, many producers are at or near break-even levels and anticipate needing insurance payments to help cover their costs.

Lumber prices remained flat in September, with interest rate cuts unlikely to have a material impact on prices and profitability until next year, the report says.