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BANNER CORPORATION (PARENT COMPANY ONLY)
 12 Months Ended
Dec. 31, 2019
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
 
2019
 
2018
ASSETS
 
 
 
Cash
$
54,257

 
$
38,029

Investment in trust equities
4,444

 
4,212

Investment in subsidiaries
1,691,907

 
1,540,251

Other assets
19,471

 
25,267

Total assets
$
1,770,079

 
$
1,607,759

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Miscellaneous liabilities
$
52,322

 
$
15,073

Deferred tax liability
4,419

 
—

Junior subordinated debentures at fair value
119,304

 
114,091

Shareholders’ equity
1,594,034

 
1,478,595

Total liabilities and shareholders' equity
$
1,770,079

 
$
1,607,759



Statements of Operations
Years Ended December 31
 
2019
 
2018
 
2017
INTEREST INCOME:
 
 
 
 
 
Interest-bearing deposits
$
98

 
$
49

 
$
62

OTHER INCOME (EXPENSE):
 
 
 
 
 
Dividend income from subsidiaries
119,333

 
72,604

 
40,570

Equity in undistributed income of subsidiaries
35,134

 
72,419

 
27,477

Other income
33

 
56

 
53

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

 
—

 
(3,507
)
Interest on other borrowings
(6,574
)
 
(6,136
)
 
(4,752
)
Other expenses
(4,045
)
 
(4,761
)
 
(3,291
)
Net income before taxes
143,979

 
134,231

 
56,612

BENEFIT FROM INCOME TAXES
(2,299
)
 
(2,284
)
 
(4,164
)
NET INCOME
$
146,278

 
$
136,515

 
$
60,776




Statements of Cash Flows
Years Ended December 31
 
2019
 
2018
 
2017
OPERATING ACTIVITIES:
 
 
 
 
 
Net income
$
146,278

 
$
136,515

 
$
60,776

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in undistributed income of subsidiaries
(35,134
)
 
(72,419
)
 
(27,477
)
Decrease (increase) in deferred taxes
6,969

 
150

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

 
—

 
3,507

Share-based compensation
7,142

 
6,554

 
5,965

(Increase) decrease in other assets
2,594

 
(19,268
)
 
10,684

Increase (decrease) in other liabilities
(120
)
 
201

 
69

Net cash provided from operating activities
127,729

 
51,733

 
52,082

INVESTING ACTIVITIES:
 
 
 
 
 
Funds transferred to deferred compensation trust
(32
)
 
(27
)
 
(29
)
Reduction in investment in subsidiaries
—

 
37,000

 
5,000

Acquisitions
442

 
(329
)
 
—

Net cash provided from investing activities
410

 
36,644

 
4,971

FINANCING ACTIVITIES:
 
 
 
 
 
Withholding taxes paid on share-based compensation
(1,915
)
 
(1,554
)
 
(1,630
)
Repurchase of common stock
(53,922
)
 
(34,401
)
 
(31,045
)
Cash dividends paid
(56,074
)
 
(59,280
)
 
(65,759
)
Net cash used by financing activities
(111,911
)
 
(95,235
)
 
(98,434
)
NET CHANGE IN CASH
16,228

 
(6,858
)
 
(41,381
)
CASH, BEGINNING OF PERIOD
38,029

 
44,887

 
86,268

CASH, END OF PERIOD
$
54,257

 
$
38,029

 
$
44,887