“The improvement in our deposit mix helped lower our funding costs by reducing our reliance on higher cost certificates of deposit, increasing new client relationships and improving our core funding position. To that point, our non-interest-bearing deposits increased 29% from a year ago and 100% of this organic growth was from our existing branch network,” said GrescovichAt December 31, 2011, total stockholders’ equity was $532.5 million, including $120.7 million attributable to preferred stock, and common stockholders’ equity was $411.7 million, or $23.50 per share. During 2010, Banner completed a common stock offering, issuing a total of 85,639,000 shares in the offering, resulting in net proceeds of approximately $161.6 million. In May 2011, Banner announced a 1-for-7 reverse stock split, which took effect on June 1, 2011. Every seven shares of Banner’s pre-split common shares were automatically consolidated into one post-split share. Taking the reverse stock split into account, Banner had 17.6 million shares outstanding at December 31, 2011, compared to 16.2 million shares outstanding a year ago. Tangible common stockholders’ equity, which excludes preferred stock and other intangibles, was $405.4 million at December 31, 2011, or 9.54% of tangible assets, compared to $394.3 million, or 9.20% of tangible assets at September 30, 2011 and $383.9 million, or 8.73% of tangible assets a year ago. Tangible book value per common share was $23.14 at December 31, 2011.
Banner Corporation Reports Net Income Of $5.1 Million In Fourth Quarter; 2011 Net Income Highlighted By Improved Credit Quality And Strong Revenue Generation
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