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.