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BANNER CORPORATION (PARENT COMPANY ONLY)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
BANNER CORPORATION (PARENT COMPANY ONLY)
Summary financial information is as follows (in thousands):
Statements of Financial ConditionDecember 31
 20242023
ASSETS  
Cash$75,712 $108,513 
Investment in trust equities2,678 2,678 
Investment in subsidiaries1,813,001 1,709,153 
Note receivable from subsidiary50,000 — 
Other assets11,446 10,467 
Total assets
$1,952,837 $1,830,811 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Miscellaneous liabilities$6,879 $7,838 
Deferred tax liability, net4,377 4,518 
Subordinated notes, net99,778 99,351 
Junior subordinated debentures at fair value67,477 66,413 
Shareholders’ equity1,774,326 1,652,691 
Total liabilities and shareholders’ equity$1,952,837 $1,830,811 

Statements of OperationsYears Ended December 31
 202420232022
INTEREST INCOME:   
Interest-bearing deposits$2,919 $844 $80 
Note receivable from subsidiary1,559 — — 
OTHER INCOME (EXPENSE): 
Dividend income from subsidiaries87,799 104,004 101,931 
Equity in undistributed income of subsidiaries91,179 92,018 104,391 
Other income186 1 96 
Interest expense on other borrowings(11,764)(11,568)(8,400)
Other expenses(5,801)(5,491)(6,092)
Net income before taxes166,077 179,808 192,006 
BENEFIT FROM INCOME TAXES(2,821)(3,816)(3,372)
NET INCOME$168,898 $183,624 $195,378 
Statements of Cash FlowsYears Ended December 31
 202420232022
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 taxes114 (52)(43)
Net change in valuation of financial instruments carried at fair value(186)253 (56)
Share-based compensation10,031 9,169 8,870 
Loss on extinguishment of debt— — 765 
Net change in other assets(793)442 (4,169)
Net change in other liabilities374 (609)3,765 
Net cash provided from operating activities87,259 100,809 100,119 
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 PERIOD108,513 77,457 106,329 
CASH, END OF PERIOD$75,712 $108,513 $77,457