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BANNER CORPORATION (PARENT COMPANY ONLY)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
BANNER CORPORATION (PARENT COMPANY ONLY)
Summary financial information is as follows (in thousands):
Statements of Financial ConditionDecember 31
 20222021
ASSETS  
Cash$77,457 $106,329 
Investment in trust equities2,678 4,196 
Investment in subsidiaries1,549,918 1,801,764 
Other assets11,651 5,877 
Total assets
$1,641,704 $1,918,166 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Miscellaneous liabilities$8,925 $5,723 
Deferred tax liability, net2,543 3,737 
Subordinated notes, net98,947 98,564 
Junior subordinated debentures at fair value74,857 119,815 
Shareholders’ equity1,456,432 1,690,327 
Total liabilities and shareholders’ equity$1,641,704 $1,918,166 

Statements of OperationsYears Ended December 31
 202220212020
INTEREST INCOME:   
Interest-bearing deposits$80 $97 $112 
OTHER INCOME (EXPENSE): 
Dividend income from subsidiaries101,931 99,788 87,748 
Equity in undistributed income of subsidiaries104,391 112,814 36,401 
Other income96 146 62 
Interest on other borrowings(8,400)(8,780)(7,204)
Other expenses(6,092)(7,391)(3,530)
Net income before taxes192,006 196,674 113,589 
BENEFIT FROM INCOME TAXES(3,372)(4,374)(2,339)
NET INCOME$195,378 $201,048 $115,928 
Statements of Cash FlowsYears Ended December 31
 202220212020
OPERATING ACTIVITIES:   
Net income$195,378 $201,048 $115,928 
Adjustments to reconcile net income to net cash provided by operating activities:
   
Equity in undistributed income of subsidiaries(104,391)(112,814)(36,401)
(Decrease) increase in deferred taxes(43)(571)1,438 
Net change in valuation of financial instruments carried at fair value(56)55 — 
Share-based compensation8,870 9,258 9,168 
Loss on extinguishment of debt765 2,284 — 
Net change in other assets(4,169)(2,970)16,756 
Net change in other liabilities3,765 4,050 (235)
Net cash provided from operating activities100,119 100,340 106,654 
INVESTING ACTIVITIES:   
Other investing activities
(1,549)(228)(38)
Reduction in investment in subsidiaries(3,072)— — 
Net cash used by investing activities(4,621)(228)(38)
FINANCING ACTIVITIES:   
Net proceeds from issuance of subordinated notes— — 98,027 
Repayment of junior subordinated debentures(50,518)(8,248)— 
Proceeds from redemption of trust securities related to junior subordinated debentures1,518 248 — 
Taxes paid related to net share settlement for equity awards(3,332)(3,228)(1,453)
Repurchase of common stock(10,960)(56,528)(31,775)
Cash dividends paid(61,078)(57,621)(94,078)
Net cash used by financing activities(124,370)(125,377)(29,279)
NET CHANGE IN CASH(28,872)(25,265)77,337 
CASH, BEGINNING OF PERIOD106,329 131,594 54,257 
CASH, END OF PERIOD$77,457 $106,329 $131,594