WALLA WALLA, Wash. (AP) — WALLA WALLA, Wash. (AP) — Banner Corp. (BANR) on Wednesday reported first-quarter profit of $55.6 million.
The Walla Walla, Washington-based company said it had net income of $1.61 per share. Earnings, adjusted for non-recurring costs, came to $1.79 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.58 per share.
The regional bank posted revenue of $176.2 million in the period. Its adjusted revenue was $162.6 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $168 million.
Banner shares have declined 16% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $52.80, a decline of 8% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BANR at https://www.zacks.com/ap/BANR
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