January 4, 2018 / 2:52 PM / 10 months ago

BRIEF-Banner Corp Announces Write Down Of Deferred Tax Asset And Balance Sheet Restructuring

Jan 4 (Reuters) - Banner Corp:

* BANNER CORPORATION ANNOUNCES WRITE DOWN OF DEFERRED TAX ASSET AND BALANCE SHEET RESTRUCTURING; YEAR END ASSETS OF LESS THAN $10 BILLION

* BANNER CORP - ‍AS A RESULT OF TAX CUTS AND JOB ACT ENACTED DECEMBER 22, 2017, IT WILL BE REQUIRED TO REVALUE ITS DEFERRED TAX ASSETS AND LIABILITIES​

* BANNER - ‍BASED ON ITS PRELIMINARY ANALYSIS, BANNER EXPECTS TO RECORD A ONE-TIME NET TAX CHARGE CURRENTLY ESTIMATED TO BE BETWEEN $40 MILLION AND $43 MILLION​

* BANNER CORP - ‍SOLD APPROXIMATELY $450 MILLION OF INVESTMENT SECURITIES IN AVAILABLE FOR SALE PORTFOLIO DURING Q4 OF 2017

* BANNER - AS A RESULT OF REDUCED MARGINAL FEDERAL TAX RATE CO ANTICIPATES BLENDED EFFECTIVE FEDERAL & STATE TAX RATE WILL BE ABOUT 22% TO 23% IN 2018 Source text for Eikon: Further company coverage:

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