This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Banner Corporation Reports Net Income Of $14.7 Million, Or $0.69 Per Diluted Share, In Fourth Quarter; Net Income Highlighted By Record Revenue Generation And Further Improved Credit Quality

Total other operating income, which includes the changes in the valuation of financial instruments, increased to $13.3 million in the fourth quarter of 2012 compared to $11.7 million in the third quarter of 2012 and $7.2 million in the fourth quarter a year ago. For all of 2012, total other operating income was $26.9 million compared to $34.0 million in 2011. Other operating income from core operations* (total other operating income, excluding fair value and OTTI adjustments) for the fourth quarter of 2012 was $12.9 million, compared to $11.6 million for the preceding quarter and $8.9 million for the fourth quarter a year ago, reflecting strong mortgage banking revenues. Reflecting increased deposit fees and service charges as well as the strong mortgage banking revenues and increased gains on SBA loan sales, for the year ended December 31, 2012, other operating income from core operations* was $43.8 million compared to $31.6 million for the year ended December 31, 2011.

Total other operating expenses (non-interest expenses) were $34.5 million in the fourth quarter of 2012, compared to $33.4 million in the preceding quarter and $38.7 million in the fourth quarter of 2011. "Operating expenses declined in the fourth quarter compared to the fourth quarter a year ago, largely due to lower costs associated with loan collections and the real estate owned portfolio, as well as decreased FDIC deposit insurance expense," said Grescovich. "The increase in operating expenses compared to the preceding quarter was largely a result of realizing significantly more in net gains on the sale of real estate owned in the third quarter of 2012 than in the current quarter."

For the year 2012, total other operating expenses declined 11% to $141.5 million compared to $158.1 million in 2011. The decrease was largely a result of decreased costs related to real estate owned, professional services, and deposit insurance, which more than offset increases in compensation and other expenses.

5 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs