Keefe Bruyette & Woods Lowers Estimates And Price Target On Banner Corp.

Keefe Bruyette & Woods is adjusting its estimates after Banner Corp. BANR recently reported a loss of $0.40, in-line with the preannouncement driven by a DTA valuation allowance, elevated provision, OREO write-downs, OTTI impairment & a fair value gain. The light provision & very limited reduction in NPAs suggest to us more credit losses are still to come that will eat into capital. KBW is Adjusting estimates to ($.40), and lowering the price target at $1.75. BANR closed Wednesday at $1.72