Business
Banner Corporation Reports Net Income of $39.6 Million, or $1.15 Per Diluted Share, in Third Quarter 2019; Highlighted by Strong Core Deposit Growth
WALLA WALLA, Wash., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ GSM: BANR) ("Banner"), the parent company of Banner Bank and Islanders Bank,
About this update from Banner Corporation
[{"type":"text","content":"WALLA WALLA, Wash., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ GSM: BANR) (\"Banner\"), the parent company of Banner Bank and Islanders Bank, today reported net income of $39.6 million, or $1.15 per diluted share, in the third quarter of 2019, compared to $39.7 million, or $1.14 per diluted share, in the preceding quarter and a 5% increase when compared to $37.8 million, or $1.17 per diluted share, in the third quarter of 2018. Third quarter of 2019 results include $676,000 of acquisition-related expenses, compared to $301,000 of acquisition-related expenses in the preceding quarter and $1.0 million in the third quarter of 2018. In the first nine months of 2019, net income increased 14% to $112.6 million, or $3.23 per diluted share, compared to $99.0 million, or $3.05 per diluted share, in the first nine months a year ago. The 2019 results include $3.1 million of acquisition-related expenses compared to $1.0 million of acquisition-related expenses for the 2018 period.\n “Our third quarter 2019 performance continues to demonstrate the success of our super community bank model which is based on responsive service that generates client loyalty and attracts new client relationships,\" stated Mark J. Grescovich, President and Chief Executive Officer. “We recently announced the pending acquisition of AltaPacific Bancorp, the holding company for AltaPacific Bank. This transaction will increase Banner’s presence in California by adding attractive core deposits and new commercial banking relationships within our existing geographic footprint.” At September 30, 2019, Banner Corporation had $12.10 billion in assets, $8.74 billion in net loans and $9.73 billion in deposits. Banner operates 172 branch offices, including branch offices located in eight of the top 20 largest western Metropolitan Statistical Areas by population. Third Quarter 2019 Highlights Revenues decreased 1% to $137.5 million, compared to $139.4 million in the preceding quarter and increased 6% compared to $129.5 million in the third quarter a year ago.Net interest income, before the provision for loan losses, was $116.6 million, compared to $116.7 million in the preceding quarter and increased 7% from $109.1 million in the third quarter a year ago.Net interest margin was 4.25%, compared to 4.38% in the preceding quarter and 4.48% in the third quarter a y...