latest news releases from the newsroom
Summit State Bank
Summit State Bank Reports a 46 Percent Increase in Second Quarter Earnings and Declaration of Dividend
SANTA ROSA, Calif., July 28, 2008 (PRIME NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported a 46% increase in net income for the second quarter ended June 30, 2008 over the same quarter in 2007. Net income was $584,000, or $0.12 per diluted share for the quarter and $814,000, or $0.17 per diluted share for the six months ended June 30, 2008. A dividend of $0.09 per share on the Company's common stock was declared.
Banner Corporation Announces Second Quarter Results; Includes Provision for Loan Losses of $15 Million and Non-cash Write-down of Goodwill; Remains 'Well Capitalized'
WALLA WALLA, Wash., July 28, 2008 (PRIME NEWSWIRE) -- Banner Corporation (Nasdaq:BANR), the parent company of Banner Bank and Islanders Bank, today reported that, as a result of the significant decline in its stock price and market capitalization during the second quarter in conjunction with similar declines in the value of most financial institutions and the ongoing disruption in related financial markets, it has decided to reduce the carrying value of goodwill by $50 million in its Statement of Financial Condition as of June 30, 2008. While this write-down of goodwill is a non-cash charge that does not affect the Company's or the Banks' liquidity or operations, the adjustment brings the Company's book value and tangible book value more closely in line with each other and more accurately reflects current market conditions. Also, since goodwill is excluded from regulatory capital, this impairment charge (which is not deductible for tax purposes) does not have an adverse effect on the regulatory capital ratios of the Company or either of its subsidiary banks, each of which continues to remain "well capitalized" under the regulatory requirements.
Education Realty Trust, Inc.
Education Realty Trust Announces Second Quarter 2008 Results
MEMPHIS, Tenn., July 28, 2008 (PRIME NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR), a leader in the ownership, development and management of student housing, today announced operating results for the second quarter of 2008.