Banner Corp. (BANR) Misses Q3 EPS by 10c

Banner Corp. (NASDAQ: BANR) reported Q3 EPS of $0.62, $0.10 worse than the analyst estimate of $0.72. Revenue for the quarter came in at $67.4 million versus the consensus estimate of $57.7 million.

"For the third quarter, Banner again generated strong revenue growth driven by balance sheet expansion, additional client acquisition, increased activity-based deposit fees and service charges and continued robust mortgage banking operations," said Mark J. Grescovich, President and Chief Executive Officer. "In addition to solid organic growth, compared to a year ago our successful acquisition of Siuslaw Financial Group, Inc. ("Siuslaw") in March 2015 and purchase of six branches from Umpqua Bank in June 2014 have meaningfully contributed to our increased revenues. Further, we are confident that our recently completed merger of AmericanWest Bank into Banner Bank will provide tremendous opportunities to continue to generate strong revenue growth going forward. We are focused on integrating the two banks and expect this merger, like our earlier acquisitions, will result in significant benefits to our expanding group of clients, communities, employees and shareholders."

For earnings history and earnings-related data on Banner Corp. (BANR) click here.

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