Banner Corp. in Walla Walla, Wash., reported lower quarterly profit that reflected balance sheet pressure and a securities loss.
The $15.7 billion-asset company said in a press release that its fourth-quarter net income fell by 22% from a year earlier, to $42.6 million.
Net interest income decreased by 13% to $138.4 million after the net interest margin compressed by 40 basis points, to 3.83%.
Banner also sold securities at a $4.8 million net loss.
The company offset some of the hits by recording a $3.5 million gain from transferring $43.5 million of multifamily loans held for sale to held-for-investment status.