Banner’s fourth quarter 2011 results included a net loss of $1.8 million for fair value adjustments as a result of changes in the valuation of financial instruments carried at fair value. In the immediately preceding quarter, Banner’s results included a net recovery of $3.0 million of principal and $881,000 of interest as a result of the full cash repayment of a security that had been written off a year earlier as an OTTI charge. That recovery was partially offset by a net loss of $1.0 million for fair value adjustments in the third quarter. In the fourth quarter of 2010, Banner recorded a net loss of $706,000 for fair value adjustments.Total other operating income, which includes the above-mentioned changes in the valuation of financial instruments and OTTI adjustments, was $7.2 million in the fourth quarter of 2011 compared to $10.3 million in the preceding quarter and $7.6 million in the fourth quarter a year ago. For the year 2011, total other operating income was $34.0 million, compared to $29.1 million for 2010. In addition to net fair value adjustments, the third quarter of 2011 and the full year 2011 included a $3.0 million recovery of a prior-period OTTI charge, while the third quarter of 2010 and the full year 2010 included net OTTI charges of $3.0 million and $4.2 million, respectively. Other operating income from core operations* (total other operating income, excluding fair value and OTTI adjustments) for the current quarter was $8.9 million, compared to $8.4 million for the preceding quarter and $8.3 million for the fourth quarter a year ago. For the year 2011, other operating income from core operations* was $31.6 million, the same as in 2010, as lower revenues from mortgage banking operations were offset by increased deposit fees and other income items.
Banner Corporation Reports Net Income Of $5.1 Million In Fourth Quarter; 2011 Net Income Highlighted By Improved Credit Quality And Strong Revenue Generation
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.