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BANNER CORPORATION (PARENT COMPANY ONLY) (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Financial Condition | Summary financial information is as follows (in thousands):
Statements of Financial Condition | December 31
| 2024 |  | 2023
ASSETS |  |  |
Cash | $ | 75,712 |  |  | $ | 108,513 |
Investment in trust equities | 2,678 |  |  | 2,678 |
Investment in subsidiaries | 1,813,001 |  |  | 1,709,153 |
Note receivable from subsidiary | 50,000 |  |  | — |
Other assets | 11,446 |  |  | 10,467 |
Total assets | $ | 1,952,837 |  |  | $ | 1,830,811 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Miscellaneous liabilities | $ | 6,879 |  |  | $ | 7,838 |
Deferred tax liability, net | 4,377 |  |  | 4,518 |
Subordinated notes, net | 99,778 |  |  | 99,351 |
Junior subordinated debentures at fair value | 67,477 |  |  | 66,413 |
Shareholders’ equity | 1,774,326 |  |  | 1,652,691 |
Total liabilities and shareholders’ equity | $ | 1,952,837 |  |  | $ | 1,830,811 |
Schedule of Condensed Statement of Operations |
Statements of Operations | Years Ended December 31
| 2024 |  | 2023 |  | 2022
INTEREST INCOME: |  |  |  |  |
Interest-bearing deposits | $ | 2,919 |  |  | $ | 844 |  |  | $ | 80 |
Note receivable from subsidiary | 1,559 |  |  | — |  |  | — |
OTHER INCOME (EXPENSE): |  |  |  |  |
Dividend income from subsidiaries | 87,799 |  |  | 104,004 |  |  | 101,931 |
Equity in undistributed income of subsidiaries | 91,179 |  |  | 92,018 |  |  | 104,391 |
Other income | 186 |  |  | 1 |  |  | 96 |
Interest expense on other borrowings | (11,764) |  |  | (11,568) |  |  | (8,400) |
Other expenses | (5,801) |  |  | (5,491) |  |  | (6,092) |
Net income before taxes | 166,077 |  |  | 179,808 |  |  | 192,006 |
BENEFIT FROM INCOME TAXES | (2,821) |  |  | (3,816) |  |  | (3,372) |
NET INCOME | $ | 168,898 |  |  | $ | 183,624 |  |  | $ | 195,378 |
Schedule of Condensed Statement of Cash Flows |
Statements of Cash Flows | Years Ended December 31
| 2024 |  | 2023 |  | 2022
OPERATING ACTIVITIES: |  |  |  |  |
Net income | $ | 168,898 |  |  | $ | 183,624 |  |  | $ | 195,378 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed income of subsidiaries | (91,179) |  |  | (92,018) |  |  | (104,391) |
Decrease in deferred taxes | 114 |  |  | (52) |  |  | (43) |
Net change in valuation of financial instruments carried at fair value | (186) |  |  | 253 |  |  | (56) |
Share-based compensation | 10,031 |  |  | 9,169 |  |  | 8,870 |
Loss on extinguishment of debt | — |  |  | — |  |  | 765 |
Net change in other assets | (793) |  |  | 442 |  |  | (4,169) |
Net change in other liabilities | 374 |  |  | (609) |  |  | 3,765 |
Net cash provided from operating activities | 87,259 |  |  | 100,809 |  |  | 100,119 |
INVESTING ACTIVITIES: |  |  |  |  |
Other investing activities | (1,155) |  |  | 488 |  |  | (1,549) |
Reduction in investment in subsidiaries | — |  |  | — |  |  | (3,072) |
Increase in note receivables from subsidiaries | (50,000) |  |  | — |  |  | — |
Net cash (used by) provided investing activities | (51,155) |  |  | 488 |  |  | (4,621) |
FINANCING ACTIVITIES: |  |  |  |  |
Repayment of junior subordinated debentures | — |  |  | — |  |  | (50,518) |
Proceeds from redemption of trust securities related to junior subordinated debentures | — |  |  | — |  |  | 1,518 |
Taxes paid related to net share settlement for equity awards | (2,172) |  |  | (3,476) |  |  | (3,332) |
Repurchase of common stock | — |  |  | — |  |  | (10,960) |
Cash dividends paid | (66,733) |  |  | (66,765) |  |  | (61,078) |
Net cash used by financing activities | (68,905) |  |  | (70,241) |  |  | (124,370) |
NET CHANGE IN CASH | (32,801) |  |  | 31,056 |  |  | (28,872) |
CASH, BEGINNING OF PERIOD | 108,513 |  |  | 77,457 |  |  | 106,329 |
CASH, END OF PERIOD | $ | 75,712 |  |  | $ | 108,513 |  |  | $ | 77,457 |

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