Banner Corp. in Walla Walla, Wash., reported higher quarterly profit that reflected its purchase of AmericanWest Bank.
The $9.8 billion-asset Banner said in a press release Monday that its first-quarter earnings rose 47% from a year earlier, to $17.8 million, or 65 cents a share. Banner bought AmericanWest in October.
Revenue from core operations rose 86% to $111 million.
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Banner Corp. in Walla Walla, Wash., has lowered its fourth-quarter profit due to an adjustment to the its provision for income taxes.
February 2 -
Banner Corp. in Walla Walla, Wash., has named a trio of banking industry executives to its board, including the former chief financial officer at Zions Bancorp.
March 4 -
Late Wednesday, Banner Corp. in Walla Walla, Wash., announced it would acquire AmericanWest Bank in a $702 million stock-and-cash deal.
November 5 -
Banner Corp. in Walla Walla, Wash., has agreed to buy Siuslaw Financial Group in Florence, Ore.
August 8
Net interest income nearly doubled to $46.5 million. Net loans rose 76% to $7.1 billion, while the net interest margin expanded by 4 basis points, to 4.13%. Total deposits rose 86% to $8 billion, and Banner touted its ability to convert about $420 million of former AmericanWest interest-bearing deposits to non-interest-bearing deposits.
Noninterest income increased 45% to $20 million. Deposit fees and other service charges increased 45% to $11.8 million.
Noninterest expense doubled to $84 million, largely reflecting merger-related expenses and costs tied to operating more branches.