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BANNER CORPORATION (PARENT COMPANY ONLY)
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
BANNER CORPORATION (PARENT COMPANY ONLY)
BANNER CORPORATION (PARENT COMPANY ONLY)

Summary financial information is as follows (in thousands):
Statements of Financial Condition
December 31
 
2018
 
2017
ASSETS
 
 
 
Cash
$
38,029

 
$
44,887

Investment in trust equities
4,212

 
4,212

Investment in subsidiaries
1,540,251

 
1,329,165

Other assets
25,267

 
3,072

Total assets
$
1,607,759

 
$
1,381,336

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Miscellaneous liabilities
$
15,073

 
$
9,607

Deferred tax liability
—

 
396

Junior subordinated debentures at fair value
114,091

 
98,707

Shareholders’ equity
1,478,595

 
1,272,626

Total liabilities and shareholders' equity
$
1,607,759

 
$
1,381,336



Statements of Operations
Years Ended December 31
 
2018
 
2017
 
2016
INTEREST INCOME:
 
 
 
 
 
Interest-bearing deposits
$
49

 
$
62

 
$
127

OTHER INCOME (EXPENSE):
 
 
 
 
 
Dividend income from subsidiaries
72,604

 
40,570

 
50,971

Equity in undistributed income of subsidiaries
72,419

 
27,477

 
40,852

Other income
56

 
53

 
60

Net change in valuation of financial instruments carried at fair value
—

 
(3,507
)
 
(2,720
)
Interest on other borrowings
(6,136
)
 
(4,752
)
 
(4,040
)
Other expenses
(4,761
)
 
(3,291
)
 
(3,450
)
Net income before taxes
134,231

 
56,612

 
81,800

BENEFIT FROM INCOME TAXES
(2,284
)
 
(4,164
)
 
(3,585
)
NET INCOME
$
136,515

 
$
60,776

 
$
85,385




Statements of Cash Flows
Years Ended December 31
 
2018
 
2017
 
2016
OPERATING ACTIVITIES:
 
 
 
 
 
Net income
$
136,515

 
$
60,776

 
$
85,385

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in undistributed income of subsidiaries
(72,419
)
 
(27,477
)
 
(40,852
)
Decrease (increase) in deferred taxes
150

 
(1,442
)
 
(702
)
Net change in valuation of financial instruments carried at fair value
—

 
3,507

 
2,720

Share-based compensation
6,554

 
5,965

 
4,305

(Increase) decrease in other assets
(19,268
)
 
10,684

 
7,332

Increase (decrease) in other liabilities
201

 
69

 
(202
)
Net cash provided from operating activities
51,733

 
52,082

 
57,986

INVESTING ACTIVITIES:
 
 
 
 
 
Funds transferred to deferred compensation trust
(27
)
 
(29
)
 
(26
)
Reduction in investment in subsidiaries
37,000

 
5,000

 
50,000

Acquisitions
(329
)
 
—

 
—

Net cash provided from investing activities
36,644

 
4,971

 
49,974

FINANCING ACTIVITIES:
 
 
 
 
 
Withholding taxes paid on share-based compensation
(1,554
)
 
(1,630
)
 
(870
)
Repurchase of common stock
(34,401
)
 
(31,045
)
 
(50,772
)
Cash dividends paid
(59,280
)
 
(65,759
)
 
(28,282
)
Net cash used by financing activities
(95,235
)
 
(98,434
)
 
(79,924
)
NET CHANGE IN CASH
(6,858
)
 
(41,381
)
 
28,036

CASH, BEGINNING OF PERIOD
44,887

 
86,268

 
58,232

CASH, END OF PERIOD
$
38,029

 
$
44,887

 
$
86,268