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BANNER CORPORATION (PARENT COMPANY ONLY) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
BANNER CORPORATION (PARENT COMPANY ONLY) | 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 |
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 |
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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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