BANNER CORPORATION (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Dec. 31, 2023

Summary financial information is as follows (in thousands):


Statements of Financial Condition	December 31
	2023		2022
ASSETS
Cash	$	108,513	$	77,457
Investment in trust equities	2,678		2,678
Investment in subsidiaries	1,709,153		1,549,918
Other assets	10,467		11,651
Total assets	$	1,830,811	$	1,641,704
LIABILITIES AND SHAREHOLDERS’ EQUITY
Miscellaneous liabilities	$	7,838	$	8,925
Deferred tax liability, net	4,518		2,543
Subordinated notes, net	99,351		98,947
Junior subordinated debentures at fair value	66,413		74,857
Shareholders’ equity	1,652,691		1,456,432
Total liabilities and shareholders’ equity	$	1,830,811	$	1,641,704


Statements of Operations	Years Ended December 31
	2023		2022		2021
INTEREST INCOME:
Interest-bearing deposits	$	844	$	80	$	97
OTHER INCOME (EXPENSE):
Dividend income from subsidiaries	104,004		101,931		99,788
Equity in undistributed income of subsidiaries	92,018		104,391		112,814
Other income	1		96		146

Interest on other borrowings	(11,568)		(8,400)		(8,780)
Other expenses	(5,491)		(6,092)		(7,391)
Net income before taxes	179,808		192,006		196,674
BENEFIT FROM INCOME TAXES	(3,816)		(3,372)		(4,374)
NET INCOME	$	183,624	$	195,378	$	201,048


Statements of Cash Flows	Years Ended December 31
	2023		2022		2021
OPERATING ACTIVITIES:
Net income	$	183,624	$	195,378	$	201,048
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(92,018)		(104,391)		(112,814)
Decrease in deferred taxes	(52)		(43)		(571)
Net change in valuation of financial instruments carried at fair value	253		(56)		55
Share-based compensation	9,169		8,870		9,258
Loss on extinguishment of debt	—		765		2,284
Net change in other assets	442		(4,169)		(2,970)
Net change in other liabilities	(609)		3,765		4,050
Net cash provided from operating activities	100,809		100,119		100,340
INVESTING ACTIVITIES:
Other investing activities	488		(1,549)		(228)
Reduction in investment in subsidiaries	—		(3,072)		—

Net cash provided (used) by investing activities	488		(4,621)		(228)
FINANCING ACTIVITIES:



Repayment of junior subordinated debentures	—		(50,518)		(8,248)
Proceeds from redemption of trust securities related to junior subordinated debentures	—		1,518		248
Taxes paid related to net share settlement for equity awards	(3,476)		(3,332)		(3,228)
Repurchase of common stock	—		(10,960)		(56,528)

Cash dividends paid	(66,765)		(61,078)		(57,621)
Net cash used by financing activities	(70,241)		(124,370)		(125,377)
NET CHANGE IN CASH	31,056		(28,872)		(25,265)
CASH, BEGINNING OF PERIOD	77,457		106,329		131,594
CASH, END OF PERIOD	$	108,513	$	77,457	$	106,329