Banonis was one of only a handful of players who made the transition from the NAIA level to the NCAA Division I ranks when Bulldog Hockey went "big time" in 1978. The rugged winger holds FSU single-season records for most hat tricks with four in 1977-78 and most game-winning goals with seven in 1980-81. He also shares the school record for most career game-winning goals with 10.

Banonis ranks third in career goals at Ferris with 83 and is10^th in overall scoring with 150 points. In 1979, he set a Ferris record with seven goals in a two-game series versus Illinois-Chicago and his 23 goals during the 1979-80 season ranks ninth on FSU’s all-time single-season list. A former team captain, Banonis was a key player for the 1979-80 Bulldogs who advanced to the Central Collegiate Hockey Association finals by winning school-record 26 games and defeating Ohio State in the CCHA semi-finals.

Banonis scored four goals in a single period against Illinois-Chicago in 1978 to set a school record that may never be broken. In fact, those four goals are still good for a share of the school record for goals in one game. Originally from Southfield, Michigan, he is the son of former Detroit Lion and College Football Hall of Famer Vince Banonis. Steve died tragically in a 1994 car accident. Ferris State’s "Most Improved Player" award is named in his honor.