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STOCK-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLANS STOCK-BASED COMPENSATION PLANS
The Company operates the following stock-based compensation plans as approved by its shareholders:
•2014 Omnibus Incentive Plan (the 2014 Plan).
•2018 Omnibus Incentive Plan (the 2018 Plan).

The purpose of these plans is to promote the success and enhance the value of the Company by providing a means for attracting and retaining highly skilled employees, officers and directors of Banner Corporation and its affiliates and linking their personal interests with those of the Company’s shareholders. Under these plans the Company currently has outstanding restricted stock share grants and restricted stock unit grants.

2014 Omnibus Incentive Plan

The 2014 Plan was approved by shareholders on April 22, 2014. The 2014 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, other stock-based awards and other cash awards, and provides for vesting requirements which may include time-based or performance-based conditions. The Company has reserved 900,000 shares of its common stock for issuance under the 2014 Plan in connection with the exercise of awards. As of December 31, 2021, 302,254 restricted stock shares and 414,716 restricted stock units have been granted under the 2014 Plan of which 2,239 restricted stock shares and 96,589 restricted stock units are unvested.

2018 Omnibus Incentive Plan

The 2018 Plan was approved by shareholders on April 24, 2018. The 2018 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, other stock-based awards and other cash awards, and provides for vesting requirements which may include time-based or performance-based conditions. The Company reserved 900,000 shares of common stock for issuance under the 2018 Plan in connection with the exercise of awards. As of December 31, 2021, 467,604 restricted stock units have been granted under the 2018 Plan of which 377,394 restricted stock units are unvested.
The expense associated with all restricted stock and unit grants was $9.3 million, $9.2 million and $7.1 million respectively, for the years ended December 31, 2021, 2020 and 2019.  Unrecognized compensation expense for these awards as of December 31, 2021 was $10.9 million and will be amortized over the next 35 months.

A summary of the Company’s Restricted Stock/Unit award activity during the years ended December 31, 2021, 2020 and 2019 follows:
Shares/UnitsWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2019318,097 $52.43 
Granted (224,210 non-voting)227,262 53.50 
Vested
(120,675)50.23 
Forfeited
(41,812)46.25 
Unvested at December 31, 2019382,872 54.39 
Granted (380,004 non-voting)384,807 33.49 
Vested
(146,919)55.18 
Forfeited
(42,624)47.90 
Unvested at December 31, 2020578,136 40.76 
Granted (181,309 non-voting)183,548 55.52 
Vested
(232,267)45.37 
Forfeited
(53,195)45.95 
Unvested at December 31, 2021
476,222 43.62