Banner Corporation reported earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $95,141,000 compared to $92,099,000 a year ago. Net interest income before provision for loan losses was $97,171,000 compared to $92,099,000 a year ago. Income before provision for income taxes was $34,747,000 compared to $10,201,000 a year ago. Net income was $22,804,000 or $0.69 per basic and diluted share compared to $6,893,000 or $0.20 per basic and diluted share a year ago. Return on average assets was 0.92% compared to 0.28% a year ago. Return on average equity was 6.84% compared to 2.09% a year ago. The current quarter results were impacted by $788,000 of acquisition-related expenses which, net of tax benefit, reduced net income by $0.02 per diluted share. Revenues from core operations were $117.5 million, the same as in the preceding quarter and increased 5% compared to $112.0 million in the fourth quarter a year ago. Total revenues were $116.6 million for the fourth quarter of 2016, compared to $117.2 million in the preceding quarter and $110.5 million in the fourth quarter a year ago. 

For the year, the company reported net interest income of $369,039,000 compared to $242,279,000 a year ago. Net interest income before provision for loan losses was $375,069,000 compared to $242,279,000 a year ago. Income before provision for income taxes was $129,640,000 compared to $67,971,000 a year ago. Net income was $85,385,000 or $2.52 per basic and diluted share compared $45,222,000 or $1.89 per diluted share a year ago. Return on average assets was 0.87% compared to 0.72% a year ago. Return on average equity was 6.41% compared to 5.56% a year ago. Common stockholders' equity (book value) per share at December 31, 2016 was $39.34 compared to $37.97 a year ago. Tangible common stockholders' equity (tangible book value) per share at December 31, 2016 was $31.06 compared to $29.64 a year ago. Total revenues for 2016 were $458.5 million compared to $304.6 million in 2015, with the significant increase largely attributable to the acquisition of AmericanWest Bank. For the year ended December 31, 2016, revenues from core operations* increased 50% to $460.3 million compared to $305.9 million in 2015.

The company had net charge-offs of $253,000 in the fourth quarter of 2016 compared to net recoveries of $688,000 in the fourth quarter a year ago.