In the second quarter of 2012, Banner paid a $1.6 million dividend on its $124 million of Series A senior preferred stock and accrued $454,000 for related discount accretion. Including the preferred stock dividend and related accretion, net income available to common shareholders was $1.27 per share for the second quarter of 2012, compared to net income available to common shareholders of $0.40 per share in the first quarter of 2012 and $0.01 per share for the second quarter a year ago.Second Quarter 2012 Highlights (compared to second quarter 2011 except as noted)
- Net income was $25.4 million, compared to $2.2 million in the second quarter a year ago.
- Revenues from core operations* increased 8% to $52.3 million.
- The net interest margin improved to 4.26%, compared to 4.11% in the preceding quarter and 4.09% in the second quarter of 2011.
- Net interest income before provision for loan losses increased 3%.
- Deposit fees and other service charges increased 10%.
- Revenues from mortgage banking increased 234%.
- Non-performing assets decreased to $73.2 million, or 1.73% of total assets, at June 30, 2012, a 21% decrease compared to three months earlier and a 61% decrease compared to a year earlier.
- Non-performing loans decreased to $47.4 million at June 30, 2012, a 27% decrease compared to three months earlier and a 59% decrease compared to a year earlier.
- The ratio of tangible common equity to tangible assets increased to 10.92% at June 30, 2012.