WALLA WALLA, Wash. (AP) — WALLA WALLA, Wash. (AP) — Banner Corp. (BANR) on Wednesday reported first-quarter profit of $54.7 million.
On a per-share basis, the Walla Walla, Washington-based company said it had profit of $1.60. Earnings, adjusted for non-recurring gains, came to $1.59 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.
The regional bank posted revenue of $217 million in the period. Its adjusted revenue was $169.3 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $167.2 million.
Banner shares have climbed 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $63.35, an increase of slightly more than 3% in the last 12 months.
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