Banner Corporation's Net Income Totals $11.6 Million, Or $0.60 Per Diluted Share, In First Quarter; Net Income Highlighted By Strong Revenue Generation And Further Improved Credit Quality
Banner's first quarter 2013 results included a gain on the sale of securities of $1.0 million and an other than temporary impairment (OTTI) recovery of $409,000, both of which resulted from the sale of securities that had been fully written off in previous periods, as well as a $1.3 million net loss for fair value adjustments as a result of changes in the valuation of financial instruments carried at fair value. In the preceding quarter, Banner recorded a small $3,000 gain on the sale of securities and a net gain of $386,000 for fair value adjustments, while in the first quarter of 2012 Banner recorded a net gain of $1.7 million for fair value adjustments with no gains or losses on securities sales.
Total other operating income, which includes the gain on sale of securities, OTTI recovery and changes in the valuation of financial instruments, was $10.0 million in the first quarter of 2013 compared to $13.0 million in the fourth quarter of 2012 and $10.6 million in the first quarter a year ago. Other operating income from core operations* (total other operating income, excluding gain on the sale of securities, fair value and OTTI adjustments) was $9.9 million for the first quarter of 2013, compared to $12.6 million for the preceding quarter and $8.9 million for the first quarter a year ago.
"Operating expenses declined in the first quarter compared to the preceding quarter and the first quarter a year ago, largely due to lower costs associated with loan collections and the real estate owned portfolio, as well as decreases in advertising costs, FDIC deposit insurance charges and other miscellaneous expenses," said Grescovich. Total other operating expenses (non-interest expenses) were $34.1 million in the first quarter of 2013, compared to $34.5 million in the preceding quarter and $37.9 million in the first quarter of 2012.
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