$n$ Banner announces quarterly loss

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The parent company of Banner Bank and Islanders Bank, living up to the warning it issued two weeks ago, reported Tuesday a net quarterly loss of $42.7 million.

Walla Walla-based Banner Corp. had announced Oct. 6 an expected loss of $43 million to $45 million, driven by a $24 million non-cash hit for reducing the accounting value of deferred tax assets and a provision for loan losses of about $20 million.

The company also wrote down the value of bank-owned real estate and its investment portfolio by $11.6 million, as previously announced.

The quarterly loss dwarfs Banner's net loss of $4.9 million in the immediately preceding quarter and a net loss of $6.4 million in the third quarter a year ago.

After accounting for dividends and other adjustments related to its $128 million in TARP money from the U.S. Treasury, Banner's net loss attributable to common shareholders was $0.40 per share.

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