Banner Corporation reported earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $96,264,000 compared to $95,141,000 a year ago. Net interest income before provision for loan losses was $98,264,000 compared to $97,171,000 a year ago. Income before provision for income taxes was $41,437,000 compared to $34,747,000 a year ago. Net loss was $13,548,000 or $0.41 per basic and diluted share compared to net income of $22,804,000 or $0.69 per basic and diluted share a year ago. The company announced that this loss included $42.6 million of additional tax expense related to the write-down of the net deferred tax assets following the recently enacted changes to Federal tax laws. Negative return on average assets was 0.53% compared to return on average assets of 0.92% a year ago. Negative return on average equity was 4.05% compared to return on average equity of 6.84% a year ago. Revenues were $128.1 million during the quarter ended December 31, 2017, $120.5 million during the preceding quarter and $116.6 million during the fourth quarter last year. Revenues from core operations were $119.3 million, compared to $120.8 million in the preceding quarter, and increased 2% compared to $117.5 million in the fourth quarter a year ago.

For the year, the company reported net interest income of $385,034,000 compared to $369,039,000 a year ago. Net interest income before provision for loan losses was $393,034,000 compared to $375,069,000 a year ago. Income before provision for income taxes was $151,264,000 compared to $129,640,000 a year ago. Net income was $60,776,000 or $1.84 per basic and diluted share compared $85,385,000 or $2.52 per diluted share a year ago. Return on average assets was 0.60% compared to 0.87% a year ago. Return on average equity was 4.57% compared to 6.41% a year ago. Common stockholders' equity (book value) per share at December 31, 2017 was $38.89 compared to $39.34 a year ago. Tangible common stockholders' equity (tangible book value) per share at December 31, 2017 was $30.78 compared to $31.06 a year ago. For the year ended December 31, 2017, total revenues increased 6% to $486.6 million, compared to $458.5 million for the full year 2016. Adjusted revenue (non-GAAP) was $479.304 million against $460.316 million a year ago.

Net charge-offs totaled $2.1 million in the fourth quarter compared to $1.5 million in the preceding quarter and $253,000 in the fourth quarter a year ago.