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BANNER CORPORATION (PARENT COMPANY ONLY) (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Financial Condition | Summary financial information is as follows (in thousands):
Statements of Financial Condition | December 31
| 2023 |  | 2022
ASSETS |  |  |
Cash | $ | 108,513 |  |  | $ | 77,457 |
Investment in trust equities | 2,678 |  |  | 2,678 |
Investment in subsidiaries | 1,709,153 |  |  | 1,549,918 |
Other assets | 10,467 |  |  | 11,651 |
Total assets | $ | 1,830,811 |  |  | $ | 1,641,704 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Miscellaneous liabilities | $ | 7,838 |  |  | $ | 8,925 |
Deferred tax liability, net | 4,518 |  |  | 2,543 |
Subordinated notes, net | 99,351 |  |  | 98,947 |
Junior subordinated debentures at fair value | 66,413 |  |  | 74,857 |
Shareholders’ equity | 1,652,691 |  |  | 1,456,432 |
Total liabilities and shareholders’ equity | $ | 1,830,811 |  |  | $ | 1,641,704 |
Schedule of Condensed Statement of Operations |
Statements of Operations | Years Ended December 31
| 2023 |  | 2022 |  | 2021
INTEREST INCOME: |  |  |  |  |
Interest-bearing deposits | $ | 844 |  |  | $ | 80 |  |  | $ | 97 |
OTHER INCOME (EXPENSE): |  |  |  |  |
Dividend income from subsidiaries | 104,004 |  |  | 101,931 |  |  | 99,788 |
Equity in undistributed income of subsidiaries | 92,018 |  |  | 104,391 |  |  | 112,814 |
Other income | 1 |  |  | 96 |  |  | 146 |
Interest on other borrowings | (11,568) |  |  | (8,400) |  |  | (8,780) |
Other expenses | (5,491) |  |  | (6,092) |  |  | (7,391) |
Net income before taxes | 179,808 |  |  | 192,006 |  |  | 196,674 |
BENEFIT FROM INCOME TAXES | (3,816) |  |  | (3,372) |  |  | (4,374) |
NET INCOME | $ | 183,624 |  |  | $ | 195,378 |  |  | $ | 201,048 |
Schedule of Condensed Statement of Cash Flows |
Statements of Cash Flows | Years Ended December 31
| 2023 |  | 2022 |  | 2021
OPERATING ACTIVITIES: |  |  |  |  |
Net income | $ | 183,624 |  |  | $ | 195,378 |  |  | $ | 201,048 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed income of subsidiaries | (92,018) |  |  | (104,391) |  |  | (112,814) |
Decrease in deferred taxes | (52) |  |  | (43) |  |  | (571) |
Net change in valuation of financial instruments carried at fair value | 253 |  |  | (56) |  |  | 55 |
Share-based compensation | 9,169 |  |  | 8,870 |  |  | 9,258 |
Loss on extinguishment of debt | — |  |  | 765 |  |  | 2,284 |
Net change in other assets | 442 |  |  | (4,169) |  |  | (2,970) |
Net change in other liabilities | (609) |  |  | 3,765 |  |  | 4,050 |
Net cash provided from operating activities | 100,809 |  |  | 100,119 |  |  | 100,340 |
INVESTING ACTIVITIES: |  |  |  |  |
Other investing activities | 488 |  |  | (1,549) |  |  | (228) |
Reduction in investment in subsidiaries | — |  |  | (3,072) |  |  | — |
Net cash provided (used) by investing activities | 488 |  |  | (4,621) |  |  | (228) |
FINANCING ACTIVITIES: |  |  |  |  |
Repayment of junior subordinated debentures | — |  |  | (50,518) |  |  | (8,248) |
Proceeds from redemption of trust securities related to junior subordinated debentures | — |  |  | 1,518 |  |  | 248 |
Taxes paid related to net share settlement for equity awards | (3,476) |  |  | (3,332) |  |  | (3,228) |
Repurchase of common stock | — |  |  | (10,960) |  |  | (56,528) |
Cash dividends paid | (66,765) |  |  | (61,078) |  |  | (57,621) |
Net cash used by financing activities | (70,241) |  |  | (124,370) |  |  | (125,377) |
NET CHANGE IN CASH | 31,056 |  |  | (28,872) |  |  | (25,265) |
CASH, BEGINNING OF PERIOD | 77,457 |  |  | 106,329 |  |  | 131,594 |
CASH, END OF PERIOD | $ | 108,513 |  |  | $ | 77,457 |  |  | $ | 106,329 |

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