Business
Banner Corporation Reports Record 2019 Net Income,
Highlights in Fourth Quarter of 2019 included Strong Organic Loan and Core Deposit Growth and Completion of AltaPacific Bancorp Acquisition WALLA WALLA,
About this update from Banner Corporation
[{"type":"text","content":"Highlights in Fourth Quarter of 2019 included\n Strong Organic Loan and Core Deposit Growth and Completion of AltaPacific Bancorp Acquisition WALLA WALLA, Wash., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ GSM: BANR) (\"Banner\"), the parent company of Banner Bank and Islanders Bank, today reported record 2019 net income, which increased 7% to $146.3 million, or $4.18 per diluted share, compared to $136.5 million, or $4.15 per diluted share, in 2018. In the fourth quarter of 2019, net income totaled $33.7 million, or $0.95 per diluted share, compared to $39.6 million, or $1.15 per diluted share, in the preceding quarter and $37.5 million, or $1.09 per diluted share, in the fourth quarter of 2018. Fourth quarter of 2019 results include $4.4 million of acquisition-related expenses, compared to $676,000 of acquisition-related expenses in the preceding quarter and $4.6 million in the fourth quarter of 2018. The 2019 results include $7.5 million of acquisition-related expenses compared to $5.6 million of acquisition-related expenses for 2018. “Banner’s record 2019 operating results reflect the continued execution of our super community bank strategy. We are generating new client relationships and adding to our core funding position by growing core deposits while maintaining a moderate risk profile,” stated Mark J. Grescovich, President and Chief Executive Officer. “During the fourth quarter, we announced the completion of the merger with AltaPacific Bancorp. This combination is a complementary fit, both strategically and culturally, and provides scale to our California franchise with attractive core deposits and strong commercial banking relationships.” At December 31, 2019, Banner Corporation had $12.61 billion in assets, $9.21 billion in net loans and $10.05 billion in deposits. Banner operates 178 branch offices, including branches located in eight of the top 20 largest western Metropolitan Statistical Areas by population. Fourth Quarter 2019 Highlights Revenues increased 2% to $139.8 million, compared to $137.5 million in the preceding quarter and increased nominally compared to $138.5 million in the fourth quarter a year ago.Net interest income, before the provision for loan losses, was $119.5 million, compared to $116.6 million in the preceding quarter and $117.5 million in the fourth quarter a year ago.Net int...