Banner: 1Q Earnings Snapshot
WALLA WALLA, Wash. (AP) _ Banner Corp. (BANR) on Monday reported first-quarter profit of $16.9 million.
On a per-share basis, the Walla Walla, Washington-based company said it had profit of 47 cents. Earnings, adjusted for non-recurring costs, were 60 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.
The regional bank posted revenue of $150.8 million in the period. Its adjusted revenue was $138.4 million, topping Street forecasts. Four analysts surveyed by Zacks expected $136.1 million.
Banner shares have fallen 37% since the beginning of the year. In the final minutes of trading on Monday, shares hit $35.89, a drop of 31% in the last 12 months.