Banner Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 22, 2015 at 02:30 am IST
Share
Banner Corporation reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $46,660,000 compared to $41,607,000 a year ago. Income before provision for income taxes was $17,344,000 compared to $17,258,000 a year ago. Net income was $12,226,000 or $0.63 per basic and diluted share compared to $11,554,000 or $0.60 per basic and diluted share a year ago. The current quarter
results were impacted by $2.8 million of acquisition-related expenses which, net of taxes, reduced net income by
$0.09 per diluted share. Return on average assets was 1.02% compared to 1.06% a year ago. Return on average equity was 8.33% compared to 8.52% a year ago.
For the year, the company reported net interest income of $179,872,000 compared to $166,716,000 a year ago. Income before provision for income taxes was $80,385,000 compared to $69,083,000 a year ago. Net income was $54,647,000 or $2.82 per basic and diluted share compared to $46,555,000 or $2.40 per basic and diluted share a year ago. Return on average assets was 1.18% compared to 1.09% a year ago. Return on average equity was 9.69% compared to 8.85% 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.