 WALLA WALLA, Wash., April 21, 2021 GLOBE NEWSWIRE -- Banner Corporation NASDAQ GSM: BANR Banner, the parent company of Banner Bank, today reported net income of 46.9 million, or 1.33 per diluted share, for the first quarter of 2021, a 20 increase compared to 39.0 million, or 1.10 per diluted share, for the preceding quarter and a 178 increase compared to 16.9 million, or 0.47 per diluted share, for the first quarter of 2020. Banners first quarter 2021 results include 8.0 million in recapture of provision for credit losses, compared to 21.7 million in provision for credit losses in the first quarter of 2020. The first quarter 2020 provision for credit losses was primarily the result of the impact of the COVID-19 pandemic. First quarter 2021 results also include 571,000 of merger and acquisition-related expenses, compared to 579,000 for the preceding quarter, and 1.1 million of merger and acquisition-related expenses for the first quarter of 2020. 