Banner Corp. reports 4Q loss, cites one-time tax expense

Banner Bank’s parent company reported a $13.5 million loss during the fourth quarter, which officials attributed to a one-time tax expense.

Banner Corp. took a write-down of deferred tax assets following the passage of the federal Tax Cuts and Jobs Act in December, which resulted in additional tax expense of $42.6 million. Earnings were also affected by the company’s sale of its seven Utah branches and related operations, which generated a one-time gain of $12.2 million.

The Walla Walla-based company reported a net loss of 41 cents per share during the fourth quarter, compared to 2016 fourth-quarter income of $22.8 million, or 69 cents per share.

For 2017, Banner’s net income was $60.8 million, or $1.84 per share, compare to 2016 income of $85.4 million, or $2.54 per share.

The company operates 178 branches of Banner Bank and Islanders Bank.