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Banner Corp (BANR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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Banner Corp

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CIK: 946673 Ticker: BANR
Exhibit 99.1
 

 
 
 
Banner Corporation Earns $85.4 Million, or $2.52 per Diluted Share in 2016;
Net Income Totaled $22.8 Million, or $0.69 per Diluted Share, in the Fourth Quarter of 2016;
Highlighted by Continued Revenue Growth and an Expanded Net Interest Margin

Walla Walla, WA - January 25, 2017 - Banner Corporation (NASDAQ GSM: BANR), the parent company of Banner Bank and Islanders Bank, today reported continued strong revenue generation contributed to solid fourth quarter and full year 2016 operating results.  Net income in the fourth quarter of 2016 was $22.8 million, or $0.69 per diluted share, compared to $23.9 million, or $0.70 per diluted share, in the preceding quarter and $6.9 million, or $0.20 per diluted share, in the fourth quarter a year ago.  The current quarter results were impacted by $788,000 of acquisition-related expenses which, net of tax benefit, reduced net income by $0.02 per diluted share.  The results for the preceding quarter included $1.7 million of acquisition-related expenses which, net of tax benefit, reduced net income by $0.03 per diluted share, while operating results in the fourth quarter a year ago included $18.4 million of acquisition-related expenses which, net of tax benefit, reduced net income by $0.37 per diluted share.
For the year ended December 31, 2016, net income increased to $85.4 million, or $2.52 per diluted share, compared to $45.2 million, or $1.89 per diluted share, for the year ended December 31, 2015.  Acquisition-related expenses were $11.7 million (or $0.22, net of tax, per diluted share) for 2016, compared to $26.1 million (or $0.76, net of tax, per diluted share) for 2015.
"Our 2016 operating performance continued to reflect the success of our proven client acquisition, balance sheet management and product pricing strategies, which produced solid core revenue and additional core deposit growth," stated Mark J. Grescovich, President and Chief Executive Officer.  "We also benefited from the successful completion of the integration of the AmericanWest Bank acquisition, which made a dramatic impact on our scale and reach and is providing enhanced opportunity for future client and revenue growth.  During the fourth quarter, we made additional progress in generating operating synergies as a result of the consolidation of overlapping locations and integration of operational activities earlier in the year.  However, during the quarter we also incurred increased expenses related to enhanced infrastructure and regulatory compliance costs as we prepared to cross the threshold of $10 billion in total assets.  While increasing regulatory costs are a significant headwind as we enter 2017, through the hard work of our employees across the franchise, we expect to continue successfully executing on our strategies and priorities to deliver sustainable profitability and revenue growth to our shareholders while maintaining our moderate risk profile."
At December 31, 2016, Banner Corporation had $9.79 billion in assets, $7.37 billion in net loans and $8.12 billion in deposits.  The Company operates 190 branch offices located in nine of the top 20 largest western Metropolitan Statistical Areas by population.
Fourth Quarter 2016 Highlights
•
Net income was $22.8 million, compared to $23.9 million in the preceding quarter and increased substantially compared to $6.9 million in the fourth quarter of 2015.
•
Return on average assets was 0.92% in the current quarter, 0.96% in the preceding quarter and 0.28% in the same quarter a year ago.
•
Acquisition-related expenses were $788,000 which, net of tax benefit, reduced net income by $0.02 per diluted share for the fourth quarter of 2016.
•
Revenues from core operations* were $117.5 million, the same as in the preceding quarter and increased 5% compared to $112.0 million in the fourth quarter a year ago.
•
Net interest margin was 4.32% for the current quarter, compared to 4.15% in the preceding quarter and 4.05% in the fourth quarter a year ago.
•
Excluding the impact of acquisition accounting adjustments, the net interest margin was 4.13%*, compared to 4.01%* in the third quarter and was 3.89%* in the fourth quarter a year ago.
•
Deposit fees and other service charges were $12.2 million, compared to $12.9 million in the preceding quarter and $13.2 million in the same quarter a year ago.
•
Revenues from mortgage banking operations were $5.1 million compared to $8.1 million in the preceding quarter and $4.5 million in the fourth quarter a year ago.
 
The following information was filed by Banner Corp (BANR) on Wednesday, January 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Banner Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Operations
Accounting Standards Recently Adopted Or Issued
Advances From Federal Home Loan Bank Of Des Moines
Advances From Federal Home Loan Bank Of Des Moines (details)
Advances From Federal Home Loan Bank Of Des Moines (tables)
Banner Corporation (parent Company Only)
Banner Corporation (parent Company Only) (statements Of Cash Flows) (details)
Banner Corporation (parent Company Only) (statements Of Financial Position) (details)
Banner Corporation (parent Company Only) (statements Of Operations) (details)
Banner Corporation (parent Company Only) (tables)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (property, Plant And Equipment Useful Lives) (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (textuals) (details)
Basis Of Presentation And Summary Of Significant Accounting Policies Basis Of Presentation And Summary Of Significant Accounting Policies (investment In Fhlb Stock) (details)
Business Combinations (acquired Pci Loans) (details)
Business Combinations (pro Forma Information) (details)
Business Combinations Business Combinations
Business Combinations Business Combinations (schedule Of Acquisition Related Costs) (details)
Business Combinations Business Combinations (schedule Of Components Of Acquisition) (details)
Business Combinations Business Combinations (tables)
Business Combinations Business Combinations (textual) (details)
Calculation Of Earnings Per Common Share
Calculation Of Earnings Per Common Share (details)
Calculation Of Earnings Per Common Share (tables)
Calculation Of Earnings Per Common Share (textuals) (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Deposits
Deposits (deposit Liabilities) (details)
Deposits (maturities And Weighted Average Interest Rates Of Certificates Of Deposit) (details)
Deposits (tables)
Derivatives And Hedging Derivatives And Hedging
Derivatives And Hedging Derivatives And Hedging (derivative Offsetting) (details)
Derivatives And Hedging Derivatives And Hedging (derivatives Designated As Hedging, By Balance Sheet Location) (details)
Derivatives And Hedging Derivatives And Hedging (derivatives Not Designated As Hedging, By Balance Sheet Location) (details)
Derivatives And Hedging Derivatives And Hedging (gain (loss) On Derivatives Not Designated In Hedging Relationship) (details)
Derivatives And Hedging Derivatives And Hedging (narrative) (details)
Derivatives And Hedging Derivatives And Hedging (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (asset Inputs) (details)
Fair Value Of Financial Instruments (assets And Liabilities Measured At Fair Value) (details)
Fair Value Of Financial Instruments (assets Measured On Nonrecurring Basis) (details)
Fair Value Of Financial Instruments (fair Value By Balance Sheet Location) (details)
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments (unobservable Inputs Rollforward) (details)
Goodwill, Other Intangible Assets And Mortgage Servicing Rights
Goodwill, Other Intangible Assets And Mortgage Servicing Rights (estimated Annual Amortization Expense) (details)
Goodwill, Other Intangible Assets And Mortgage Servicing Rights (finite-lived Intangible Assets) (details)
Goodwill, Other Intangible Assets And Mortgage Servicing Rights (mortgage Servicing Rights) (details)
Goodwill, Other Intangible Assets And Mortgage Servicing Rights (tables)
Goodwill, Other Intangible Assets And Mortgage Servicing Rights Goodwill, Other Intangible Assets And Mortgage Servicing Rights (details)
Income Taxes
Income Taxes (components Of Income Tax Expense (benefit)) (details)
Income Taxes (effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Net Deferred Tax Asset ) (details)
Income Taxes (tables)
Income Taxes (textuals) (details)
Income Taxes Affordable Housing Tax Credit Information (details)
Junior Subordinated Debentures And Mandatorily Redeemable Trust Preferred Securities
Junior Subordinated Debentures And Mandatorily Redeemable Trust Preferred Securities (details)
Junior Subordinated Debentures And Mandatorily Redeemable Trust Preferred Securities (tables)
Loans Receivable And The Allowance For Loan Losses
Loans Receivable And The Allowance For Loan Losses (age Analysis Of Company's Past Due Loans) (details)
Loans Receivable And The Allowance For Loan Losses (allowance For Credit Losses) (details)
Loans Receivable And The Allowance For Loan Losses (impaired Loans With And Without Specific Reserves) (details)
Loans Receivable And The Allowance For Loan Losses (loans By Type) (details)
Loans Receivable And The Allowance For Loan Losses (newly Restructured Loans) (details)
Loans Receivable And The Allowance For Loan Losses (risk-rate And Non-risk Rated Loans By Grade And Other Characteristic) (details)
Loans Receivable And The Allowance For Loan Losses (tables)
Loans Receivable And The Allowance For Loan Losses (troubled Debt Restructuring Which Incurred Payment Default) (details)
Loans Receivable And The Allowance For Loan Losses (troubled Debt Restructuring) (details)
Loans Receivable And The Allowance For Loan Losses Loans Receivable And The Allowance For Loan Losses (purchased Credit-impaired Loans, Changes In Accretable Yield) (details)
Other Borrowings
Other Borrowings (schedule Of Other Borrowings) (details)
Other Borrowings (tables)
Other Borrowings (textuals) (details)
Preferred Stock And Related Warrant
Preferred Stock And Related Warrant (details)
Property And Equipment, Net
Property And Equipment, Net (details)
Property And Equipment, Net (operating Lease Commitments) (details)
Property And Equipment, Net (tables)
Property And Equipment, Net Property And Equipment, Net (textual) (details)
Real Estate Owned, Held For Sale, Net
Real Estate Owned, Held For Sale, Net (reo Rollforward) (details)
Real Estate Owned, Held For Sale, Net (tables)
Regulatory Capital Requirements
Regulatory Capital Requirements (details)
Regulatory Capital Requirements (tables)
Securities
Securities (schedule Of Securities) (details)
Securities (securities Debt Maturities) (details)
Securities (securities Pledged) (details)
Securities (securities With Continuous Loss Position) (details)
Securities (tables)
Securities (textuals) (details)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Stock Repurchases
Stock Repurchases (details)
Stock-based Compensation Plans
Stock-based Compensation Plans (financial Data Pertaining To Outstanding Stock Options) (details)
Stock-based Compensation Plans (restricted Stock And Restricted Stock Units Activity) (details)
Stock-based Compensation Plans (tables)
Stock-based Compensation Plans (textuals) (details)
Ticker: BANR
CIK: 946673
Form Type: 10-K Annual Report
Accession Number: 0000946673-17-000003
Submitted to the SEC: Mon Feb 27 2017 5:01:21 PM EST
Accepted by the SEC: Mon Feb 27 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

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