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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Banner Corp. reports 21 percent gain in 1Q income

From staff reports

Banner Corp., the Walla Walla-based parent company of Banner Bank and Islanders Bank, said first-quarter income rose 21 percent compared to the same period last year.

Company officials cited a lower federal tax rate and growth in deposits as factors in the first-quarter increase.

Net income rose to $28.8 million, or 89 cents per share, on revenue of $120.7 million during the quarter. The results, reported Monday, compared to 2017 first-quarter income of $23.8 million, or 72 cents per share, on revenue of $125.9 million.

Banner Corp. also revised its 2017 fourth-quarter earnings following a re-evaluation of deferred assets because of federal tax reform, which resulted in $42.6 million in additional tax expense. Banner reported a net loss of $13.5 million for that quarter, or 41 cents per share.

The company operates 178 bank branches in the West.