Banner Corp. Q3 Earnings Miss Street Estimates as Net Income Reaches $47.7 Million

Banner Corp. (BANR) reported third-quarter net income of $47.7 million on Wednesday, falling short of Wall Street expectations as both earnings and revenue missed analyst forecasts. The Walla Walla, Washington-based regional bank said it had net income of $1.36 per share. Adjusted for merger and acquisition costs, earnings came to $1.51 per share, below the average estimate of $1.54 per share from five analysts surveyed by Zacks Investment Research. Revenue for the period was $230 million, while adjusted revenue was $177.3 million, also trailing Street forecasts of $182.9 million from three Zacks analysts. Banner shares have risen almost 9% since the beginning of the year and hit $68.15 in final trading on Wednesday, up 8% over the last 12 months.