Banner Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 24, 2018 at 09:00 pm
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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.
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.
Banner Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017