WALLA WALLA, Wash. (AP) — WALLA WALLA, Wash. (AP) — Banner Corp. (BANR) on Wednesday reported first-quarter profit of $37.6 million.
On a per-share basis, the Walla Walla, Washington-based company said it had net income of $1.09. Earnings, adjusted for non-recurring costs, came to $1.22 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.
The regional bank posted revenue of $196.3 million in the period. Its adjusted revenue was $144.6 million, missing Street forecasts. Three analysts surveyed by Zacks expected $150.7 million.
Banner shares have declined 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $43.20, a drop of 18% in the last 12 months.
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