Banner Revises 2014 Earnings Downward By $0.03/shr To Reflect Adj. Tax Expense

(RTTNews) - Banner Corp. (BANR), the parent company of Banner Bank and Islanders Bank, announced a downward adjustment of $482,000, or $0.03 per share, to its previously reported fourth quarter and full year 2014 net income available to common shareholders.

The revision related entirely to an adjustment to Banner's provision for income taxes for the fourth quarter and has no effect on previously reported periods. The Company's earlier disclosure of fourth quarter and 2014 net income included a provision for income taxes which incorrectly reflected certain non-deductible merger and acquisition expenses as deductible for tax purposes. As a result, the provision for income taxes for the quarter and full year ended December 31, 2014 was understated by $482,000.

Banner's revised earnings of $11.7 million, or $0.60 per share, for the quarter ended December 31, 2014, compares to $11.6 million or $0.60 per share for the fourth quarter a year ago. The latest-quarter's results included $2.8 million of acquisition-related expenses which, net of the corrected amount of related tax benefit, reduced net income by $0.12 per share compared to a previously reported amount of $0.09 per share.

For the year ended December 31, 2014, Banner's net income increased 16% to $54.2 million, or $2.79 per share, compared to $46.6 million, or $2.40 per share, in 2013.