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Banner Corp. beats analyst estimates in Q3'19

Walla Walla, Wash.-based Banner Corp. reported third-quarter adjusted net income of $40.1 million, or $1.16 per share, compared to $38.6 million, or $1.19 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.05.

The company reported GAAP third-quarter net income of $39.6 million, or $1.15 per diluted share, compared to $37.8 million, or $1.17 per diluted share, in the year-ago period.

Third-quarter results included $676,000 of acquisition-related expenses, compared to $1.0 million of merger expenses in the prior year. Banner announced in July that it is acquiring AltaPacific Bancorp; in July 2018, it announced it was acquiring Skagit Bancorp Inc. in an all-stock deal.

The company's net interest margin came to 4.25%, compared to the 2018 third-quarter net interest margin of 4.48%. Net loan charge-offs were $2.5 million for the third quarter, with provision for loan losses of $2.0 million, compared to net loan charge-offs of $612,000 for the prior-year quarter and provision for loan losses of $2.0 million.

The bank's total assets were $12.10 billion, compared to $10.51 billion in the 2018 third quarter.

Total loans receivable increased to $8.84 billion, from $7.82 billion in the prior-year quarter, while total deposits came to $9.73 billion, compared to $8.69 billion for the 2018 third quarter.