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23 May, 2017 14:32 IST
Banner Corp fourth-quarter profit jumps 230.83 percent on a YOY basis
Source: IRIS | 21 Mar, 2017, 12.46AM

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Banner Corporation (BANR) has reported 230.83 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $22.80 million, or $0.69 a share in the quarter, compared with $6.89 million, or $0.20 a share for the same period last year.      

Revenue during the quarter grew 3.76 percent to $114.60 million from $110.46 million in the previous year period. Net interest income for the quarter rose 5.51 percent over the prior year period to $97.17 million. Non-interest income for the quarter rose 6.03 percent over the last year period to $19.46 million.

Banner Corp has made provision of $2.03 million for loan losses during the quarter, up 839.81 percent from $0.22 million in the same period last year.

Net interest margin improved 27 basis points to 4.32 percent in the quarter from 4.05 percent in the last year period. Efficiency ratio for the quarter improved to 68.47 percent from 90.76 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"Our 2016 operating performance continued to reflect the success of our proven client acquisition, balance sheet management and product pricing strategies, which produced solid core revenue and additional core deposit growth," stated Mark J. Grescovich, president and chief executive officer. "We also benefited from the successful completion of the integration of the AmericanWest Bank acquisition, which made a dramatic impact on our scale and reach and is providing enhanced opportunity for future client and revenue growth. During the fourth quarter, we made additional progress in generating operating synergies as a result of the consolidation of overlapping locations and integration of operational activities earlier in the year. However, during the quarter we also incurred increased expenses related to enhanced infrastructure and regulatory compliance costs as we prepared to cross the threshold of $10 billion in total assets. While increasing regulatory costs are a significant headwind as we enter 2017, through the hard work of our employees across the franchise, we expect to continue successfully executing on our strategies and priorities to deliver sustainable profitability and revenue growth to our shareholders while maintaining our moderate risk profile."

Assets, liabilities remain almost stableTotal assets were almost flat at $9,793.67 million as on Dec. 31, 2016, when compared with the last year period. On the other hand, total liabilities stood at $8,487.96 million as on Dec. 31, 2016, down 0.10 percent from $8,496.24 million on Dec. 31, 2015.  
Loans outpace deposit growthNet loans stood at $7,365.15 million as on Dec. 31, 2016, up 1.15 percent compared with $7,281.21 million on Dec. 31, 2015. Deposits stood at $8,121.41 million as on Dec. 31, 2016, up 0.82 percent compared with $8,055.07 million on Dec. 31, 2015. 

Noninterest-bearing deposit liabilities were $3,140.45 million or 38.67 percent of total deposits on Dec. 31, 2016, compared with $2,619.62 million or 32.52 percent of total deposits on Dec. 31, 2015.

Investments stood at $1,093.36 million as on Dec. 31, 2016, down 21.53 percent or $300.02 million from year-ago. Shareholders equity stood at $1,305.71 million as on Dec. 31, 2016, up 0.43 percent or $5.65 million from year-ago.

Return on average assets moved up 64 basis points to 0.92 percent in the quarter from 0.28 percent in the last year period. At the same time, return on average equity increased 475 basis points to 6.84 percent in the quarter from 2.09 percent in the last year period.

Nonperforming assets moved up 24.74 percent or $6.71 million to $33.83 million on Dec. 31, 2016 from $27.12 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.35 percent in the quarter, up from 0.28 percent in the last year period.

Tier-1 leverage ratio stood at 11.83 percent for the quarter, up from 11.06 percent for the previous year quarter. Average equity to average assets ratio was 13.46 percent for the quarter, up from 13.20 percent for the previous year quarter. Book value per share was $39.34 for the quarter, up 3.61 percent or $1.37 compared to $37.97 for the same period last year.

Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net



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