BANNER CORPORATION (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Dec. 31, 2021

Summary financial information is as follows (in thousands):


Statements of Financial Condition	December 31
	2021		2020
ASSETS
Cash	$	106,329	$	131,594
Investment in trust equities	4,196		4,444
Investment in subsidiaries	1,801,764		1,751,141
Other assets	5,877		2,852
Total assets	$	1,918,166	$	1,890,031
LIABILITIES AND SHAREHOLDERS’ EQUITY
Miscellaneous liabilities	$	5,723	$	2,170
Deferred tax liability, net	3,737		6,422
Subordinated notes, net	98,564		98,201
Junior subordinated debentures at fair value	119,815		116,974
Shareholders’ equity	1,690,327		1,666,264
Total liabilities and shareholders’ equity	$	1,918,166	$	1,890,031


Statements of Operations	Years Ended December 31
	2021		2020		2019
INTEREST INCOME:
Interest-bearing deposits	$	97	$	112	$	98
OTHER INCOME (EXPENSE):
Dividend income from subsidiaries	99,788		87,748		119,333
Equity in undistributed income of subsidiaries	112,814		36,401		35,134
Other income	146		62		33

Interest on other borrowings	(8,780)		(7,204)		(6,574)
Other expenses	(7,391)		(3,530)		(4,045)
Net income before taxes	196,674		113,589		143,979
BENEFIT FROM INCOME TAXES	(4,374)		(2,339)		(2,299)
NET INCOME	$	201,048	$	115,928	$	146,278


Statements of Cash Flows	Years Ended December 31
	2021		2020		2019
OPERATING ACTIVITIES:
Net income	$	201,048	$	115,928	$	146,278
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(112,814)		(36,401)		(35,134)
Decrease in deferred taxes	(571)		1,438		6,969
Net change in valuation of financial instruments carried at fair value	55		—		—
Share-based compensation	9,258		9,168		7,142
Loss on extinguishment of debt	2,284		—		—
Net change in other assets	(2,970)		16,756		2,594
Net change in other liabilities	4,050		(235)		(120)
Net cash provided from operating activities	100,340		106,654		127,729
INVESTING ACTIVITIES:
Other investing activities	(228)		(38)		(32)

Acquisitions	—		—		442
Net cash (used by) provided from investing activities	(228)		(38)		410
FINANCING ACTIVITIES:

Net proceeds from issuance of subordinated notes	—		98,027		—

Repayment of junior subordinated debentures	(8,248)		—		—
Proceeds from redemption of trust securities related to junior subordinated debentures	248		—		—
Taxes paid related to net share settlement for equity awards	(3,228)		(1,453)		(1,915)
Repurchase of common stock	(56,528)		(31,775)		(53,922)

Cash dividends paid	(57,621)		(94,078)		(56,074)
Net cash used by financing activities	(125,377)		(29,279)		(111,911)
NET CHANGE IN CASH	(25,265)		77,337		16,228
CASH, BEGINNING OF PERIOD	131,594		54,257		38,029
CASH, END OF PERIOD	$	106,329	$	131,594	$	54,257