BANNER CORPORATION (PARENT COMPANY ONLY) (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Condensed Financial Information Disclosure [Abstract] |
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Schedule of Condensed Financial Condition |
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 |
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Schedule of Condensed Statement of Operations |
| | | | | | | | | | | | | 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 |
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Schedule of Condensed Statement of Cash Flows |
| | | | | | | | | | | | | 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 |
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