Banner Corporation Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Net Charge Offs for the Quarter Ended December 31, 2011
January 26, 2012 at 02:30 am IST
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Banner Corporation announced earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net interest income of $36.59 million, income before provision for income taxes of $5.07 million, net income available to common shareholders of $3.09 million or diluted earnings per share of $0.18 compared to net interest income of $20.76 million, loss before provision for income taxes of $12.69 million, net loss available to common shareholders of $14.64 million or diluted loss per share of $0.91 for the same period last year. The company reported return on average assets of 0.47%, return on average equity of 3.79% and return on average tangible equity of 3.84% compared to negative return on average assets of 1.12%, negative return on average equity of 9.62% and negative return on average tangible equity of 9.78% for the same period last year.
For the full year, the company reported net interest income of $129.57 million, income before provision for income taxes of $5.46 million, net loss available to common shareholders of $2.44 million or diluted loss per share of $0.15 compared to net interest income of $87.7 million, loss before provision for income taxes of $43.9 million, net loss available to common shareholders of $69.69 million or diluted loss per share of $0.71 for the same period last year. The company reported return on average assets of 0.13%, return on average equity of 1.05% and return on average tangible equity of 1.07% compared to negative return on average assets of 1.36%, negative return on average equity of 12.94% and negative return on average tangible equity of 13.21% for the same period last year. Tangible book value per common share was $23.14 at December 31, 2011.
The company reported net charge offs for the quarter ended December 31, 2011 was $8.22 million compared to $19.03 million for the same period last year.
Banner Corporation is a bank holding company for Banner Bank (the Bank). The Bank is a chartered commercial bank in the State of Washington. The Bank is a regional bank that offers a variety of commercial banking services and financial products to individuals, businesses and public sector entities in its primary market areas. The Banks primary business is that of traditional banking institutions, accepting deposits and originating loans in locations surrounding its offices in Washington, Oregon, California and Idaho. The Bank is also a participant in secondary loan markets, engaging in mortgage banking operations, through the origination and sale of one- to four-family and multifamily residential loans. Its lending activities include commercial business and commercial real estate loans, agriculture business loans, construction and land development loans, one- to four-family and multifamily residential loans, United States small business administration (SBA) loans and consumer loans.
Banner Corporation Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Net Charge Offs for the Quarter Ended December 31, 2011