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Banner Corporation Reports Net Income Of $15.6 Million, Or $0.79 Per Diluted Share, In Third Quarter; Net Income Highlighted By Strong Revenue Generation And Improved Credit Quality

Deposit costs decreased by seven basis points in the third quarter compared to the preceding quarter and 29 basis points compared to the third quarter a year earlier. Total funding costs for the third quarter of 2012 decreased seven basis points compared to the previous quarter and 34 basis points from the third quarter a year ago. Asset yields decreased 10 basis points compared to the prior quarter and decreased 21 basis points from the third quarter a year ago. Loan yields decreased three basis points compared to the preceding quarter and decreased eight basis points from the third quarter a year ago. Nonaccrual loans reduced the margin by approximately five basis points in the third quarter of 2012 compared to approximately eight basis points in the preceding quarter and approximately 21 basis points in the third quarter of 2011. The collection of previously unrecognized interest on certain nonaccrual loans added nine basis points to the margin in the current quarter ended September 30, 2012.

“We have produced a solid increase in our revenues from core operations* compared to the third quarter a year ago by growing core deposits and reducing the drag on earnings from non-performing assets,” said Grescovich. “We also had another quarter of very strong results from our mortgage banking operations.” Third quarter net interest income, before the provision for loan losses, was $42.7 million, compared to $42.3 million in the preceding quarter and $41.7 million in the third quarter a year ago. In the first nine months of 2012, net interest income, before the provision for loan losses, was $126.1 million compared to $123.0 million in the first nine months of 2011. Revenues from core operations* were $54.3 million in the third quarter compared to $52.3 million in the second quarter of 2012 and $50.1 million in the third quarter a year ago. Year-to-date revenues from core operations* also increased 8% to $157.0 million compared to $145.7 million in the same period a year ago.

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