Title says it all, server log:
https://gist.github.com/Gusseth/bb4c4ac115d3409f0f1297c3679c6ce1

Less useful client log:
https://gist.github.com/Gusseth/3d8a07877a4f76ff4303ac7516374877

Interestingly, the banner preview is still rendered when assigning it, but you're forced to disconnect once you flip the page or exit the book:

I've tested the same banner pattern on singleplayer and it works just fine.