Banner Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 28, 2016 at 02:30 am IST
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Banner Corporation reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of $92,099,000 compared to $46,660,000 a year ago. Net interest income before provision for loan losses was $92,099,000 compared to $46,660,000 a year ago. Income before provision for income taxes was $10,201,000 compared to $17,545,000 a year ago. Net income was $6,893,000 or $0.20 per basic and diluted share compared to $11,714,000 or $0.60 per basic and diluted share a year ago. Return on average assets was 0.28% compared to 0.98% a year ago. Return on average equity was 2.09% compared to 7.98% a year ago. Return on average tangible equity was 2.68% compared to 8.03% a year ago. Common stockholders' equity (book value) per share at December 31, 2015 was $37.97 compared to $29.78 a year ago. Tangible common stockholders' equity (tangible book value) per share at December 31, 2015 was $29.66 compared to $29.64 a year ago. The current quarter results were impacted by $18.4 million of acquisition-related expenses which, net of tax benefit, reduced net income by $0.37 per diluted share, and the preceding quarter results were impacted by $2.2 million of acquisition-related expenses which, net of tax benefit, reduced net income by $0.09 per diluted share. Revenues from core operations increased 90% to $112.0 million, compared to $59.1 million in the fourth quarter a year ago.
For the year, the company reported net interest income of $242,279,000 compared to $179,872,000 a year ago. Net interest income before provision for loan losses was $242,279,000 compared to $179,872,000 a year ago. Income before provision for income taxes was $67,971,000 compared to $81,122,000 a year ago. Net income was $45,222,000 or $1.89 per diluted share compared to $54,070,000 or $2.79 per basic and diluted share a year ago. Return on average assets was 0.72% compared to 1.17% a year ago. Return on average equity was 6.24% compared to 9.63% a year ago. Return on average tangible equity was 12.87% compared to 12.20% a year ago.
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.