Banner Corp. in Walla Walla, Wash., said Thursday that strong loan growth, particularly in new markets, boosted its second-quarter earnings.
Net income rose 10%, to $5 million. The $3.1 billion-asset parent of Banner Bank attributed the increase to a 21% rise in the loan book, to $2.28 billion. Much of that increase resulted from the opening of 10 branches, mainly in the Puget Sound region around Seattle, the relocation of four other branches in eastern Washington, and the opening of four lending centers, including several in southern Idaho.
Because of the expansion, deposits grew 19%, to $2.17 billion, and no-interest deposits rose 44%, to $302 million.
Banner expects to open three more branches this summer in Vancouver, Wash., Beaverton, Ore., and Boise - the first of five branches planned in southern Idaho.
