Banner Corporation Reports Net Income Of $11.8 Million, Or $0.60 Per Diluted Share, In Second Quarter; Highlighted By Additional Client Acquisition, Increased Revenues And Further Improved Credit Quality
WALLA WALLA, Wash., July 24, 2013 (GLOBE NEWSWIRE) -- Banner Corporation (Nasdaq:BANR), the parent company of Banner Bank and Islanders Bank, today reported net income available to common shareholders of $11.8 million, or $0.60 per diluted share, in the second quarter of 2013, compared to $11.6 million, or $0.60 per diluted share in the preceding quarter and $23.4 million, or $1.27 per diluted share, in the second quarter a year ago. For the six months ended June 30, 2013, Banner reported net income available to common shareholders of $23.3 million, or $1.20 per diluted share, compared to $30.6 million, or $1.69 per diluted share in 2012. Banner's results for the quarter ended June 30, 2012 included a $31.8 million tax benefit as a result of the reversal of its deferred tax asset valuation allowance, which was partially offset by a net loss of $19.1 million for fair value adjustments.
"We are pleased with our second quarter and year-to-date performance and the continued successful execution of our strategies and priorities to deliver sustainable profitability to Banner," said Mark J. Grescovich, President and Chief Executive Officer. "Our strong client acquisition, increased revenues from core operations and further improvement in asset quality clearly demonstrate that our strategic plan and initiatives are working. As a result, this marks the fifteenth consecutive quarter that Banner has achieved a year-over-year increase in revenues from core operations* (net interest income before the provision for loan losses plus total other operating income excluding gain on the sale of securities, fair value and other-than-temporary impairment (OTTI) adjustments) when compared to the same period a year earlier. This solid revenue generation is particularly rewarding in light of the persistently slow economic growth and exceptionally low interest rate environment. Our financial metrics and solid market share gains provide strong evidence that our super community bank business model is effective. The entire Banner team should take pride in the fact that their dedicated efforts and hard work are producing very positive results for our clients, our communities and our shareholders."
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