WALLA WALLA, Wash. (AP) — WALLA WALLA, Wash. (AP) — Banner Corp. (BANR) on Thursday reported fourth-quarter net income of $42.6 million.

On a per-share basis, the Walla Walla, Washington-based company said it had net income of $1.24. Earnings, adjusted for non-recurring costs, were $1.34 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share.

The regional bank posted revenue of $197.8 million in the period. Its adjusted revenue was $152.5 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $155.5 million.

For the year, the company reported profit of $183.6 million, or $5.33 per share. Revenue was reported as $620.4 million.

Banner shares have decreased 8% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $49.20, a drop of 20% in the last 12 months.

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