“Operating expenses declined for the first quarter compared to the preceding quarter and the first quarter a year ago, largely due to lower costs associated with the real estate owned portfolio, particularly valuation adjustments,” said Grescovich. “These credit costs should continue to decline as further problem asset resolution occurs.”Total other operating expenses (non-interest expenses) were $37.9 million in the first quarter of 2012, compared to $38.7 million in the preceding quarter and $38.1 million in the first quarter of 2011. The decrease was largely a result of decreased costs related to real estate owned and FDIC deposit insurance, partially offset by increased compensation-related expenses.
Banner Corporation Earns $9.2 Million, Or $0.40 Per Diluted Share, In First Quarter; Net Income Highlighted By Strong Revenue Generation And Improved Credit Quality
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