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
Deposits totaled $3.49 billion at September 30, 2012, compared to $3.43 billion at June 30, 2012 and $3.54 million at September 30, 2011. Non-interest-bearing account balances increased 14% to $919.0 million at September 30, 2012, compared to $804.6 million at June 30, 2012, and increased 20% compared to $763.0 million at September 30, 2011. Interest-bearing transaction and savings accounts were $1.48 billion at September 30, 2012, compared to $1.45 billion at June 30, 2012 and $1.46 billion a year ago.
“The improvements in our deposit mix are reflective of further successful execution of our super community bank strategy that is lowering our funding costs by reducing our reliance on high-priced CDs, growing new client relationships, and improving our core funding position. All of this growth is organic growth from our existing branch network,” said Grescovich. Banner’s cost of deposits declined seven basis points to 0.41% for the quarter ended September 30, 2012 compared to 0.48% for the quarter ended June 30, 2012, and declined 29 basis points from 0.70% for the quarter ended September 30, 2011.
Total assets were $4.27 billion at September 30, 2012, compared to $4.22 billion at the end of the preceding quarter and $4.29 billion a year ago. At September 30, 2012, total stockholders’ equity was $566.1 million, including $72.2 million attributable to preferred stock, and common stockholders’ equity was $493.9 million, or $25.43 per share. Banner had 19.5 million shares of common stock outstanding at September 30, 2012, compared to 17.0 million shares of common stock outstanding a year ago. At September 30, 2012, tangible common stockholders’ equity, which excludes other intangible assets and preferred stock, was $489.1 million, or 11.47% of tangible assets, compared to $460.3 million, or 10.92% of tangible assets, at June 30, 2012 and $394.3 million, or 9.20% of tangible assets, a year ago.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV