Banner announces 2Q income, branches’ sale

Executives at Banner Corp., the parent company of Banner Bank and Islanders Bank, say strong business activity led to growth in its second quarter income.

The Walla Walla-based corporation reported net income of $25.5 million, or 77 cents per share, during the quarter. The results compared to $23.8 million, or 72 cents per share, during second quarter 2016.

Growth in business activity, loans, deposits and mortagages fueled the second-quarter gains, said Mark J. Grescovich, Banner’s president and chief executive.

Banner Bank also announced this week that it will sell seven branches in Utah to People’s Intermountain Bank. The deal is expected to close late this year, pending regulatory approval.