Banner’s net declines for quarter, all of 2013
Bank reports increases in total assets, depositsFebruary 27th, 2014
Banner Corp., the Walla Walla, Wash.-based parent of Banner Bank and Islanders Bank, has reported fourth-quarter net income of $11.6 million, or 60 cents a diluted share, a decrease from $13.3 million, or 69 cents a share, in the year-earlier quarter.
For all of 2013, the company posted income of $46.6 million, or $2.40 a share, down from the $59.1 million, or $3.16 a share reported for the year of 2012.
Mark J. Grescovich, Banner’s president and CEO, attributed declines in earnings to low interest rates and slow economic growth, both of which proved detrimental to loan demand and mortgage banking revenues.
Grescovich said Banner’s “client acquisition strategies again resulted in significant core deposit and loan growth.”
While net income showed a year-to-year drop, Banner posted higher assets, deposits, and loans than last year.
Total assets for Banner stood at $4.39 billion on Dec. 31, up from $4.27 billion a year earlier. Net loans on Dec. 31 were $3.34 billion, compared with $3.2 billion last year. Total deposits were $3.62 billion at year-end, up from $3.56 billion reported a year earlier.
Banner operates branches across Washington, Idaho, and Oregon. In the Spokane area, the company has 14 offices.