BANNER CORP

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 6, 2024

BANR$69.63-1.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2024 and 2023

	Six Months Ended June 30,
	2024	2023
OPERATING ACTIVITIES:
Net income	$77,354	$95,146
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation	9,084	8,815
Deferred income and expense, net of amortization	(3,506)	(1,560)
Capitalized loan servicing rights, net of amortization	748	1,179
Amortization of core deposit intangibles	1,447	2,041
Loss on sale of securities, net	5,465	11,779
Net change in valuation of financial instruments carried at fair value	1,182	3,703
Decrease in deferred taxes	2,481	2,774
Increase (decrease) in current taxes payable/receivable, net	2,012	(4,836)
Stock-based compensation	4,652	4,393
Net change in cash surrender value of BOLI	(3,707)	(4,295)
Gain on sale of loans, excluding capitalized servicing rights	(2,486)	(1,815)
Gain on disposal of real estate held for sale and property and equipment, net	(368)	(311)
Provision for credit losses	2,889	6,240
Origination of loans held for sale	(107,228)	(110,364)
Proceeds from sales of loans held for sale	163,156	112,388
Net change in:
Other assets	(23,179)	(22,636)
Other liabilities	158	15,314
Net cash provided from operating activities	130,154	117,955
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale	(19,312)	(52,791)
Principal repayments and maturities of securities—available-for-sale	95,830	93,897
Proceeds from sales of securities—available-for-sale	70,777	277,610
Principal repayments and maturities of securities—held-to-maturity	36,078	18,915
Loan originations, net of repayments	(393,967)	(327,402)
Purchases of loans and participating interest in loans	(4,666)	—
Proceeds from sales of other loans	11,808	1,519
Purchases of property and equipment	(6,627)	(5,505)
Proceeds from sale of real estate held for sale and sale of other property	4,025	358
Proceeds from FHLB stock repurchase program	83,657	79,040
Purchase of FHLB stock	(86,940)	(87,840)
Proceeds from maturity of securities purchased under agreements to resell	—	300,000
Investment in bank-owned life insurance	(34)	(41)
Other	52	517
Net cash (used by) provided from investing activities	(209,319)	298,277

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CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

For the Six Months Ended June 30, 2024 and 2023

	Six Months Ended June 30,
	2024	2023
FINANCING ACTIVITIES:
Increase (decrease) in deposits, net	$49,766	$(521,003)
Advances of overnight and short term FHLB advances, net	75,000	220,000
Decrease in other borrowings, net	(16,921)	(39,780)
Cash dividends paid	(33,620)	(33,768)
Taxes paid related to net share settlement of equity awards	(2,066)	(3,418)
Net cash provided from (used by) financing activities	72,159	(377,969)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(7,006)	38,263
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	254,464	243,062
CASH AND CASH EQUIVALENTS, END OF PERIOD	$247,458	$281,325

	Six Months Ended June 30,
	2024	2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash	$107,158	$34,698
Tax paid	8,781	20,735
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets	2,386	—
Dividends accrued but not paid until after period end	914	751
Loans, held-for-sale, transferred from portfolio	(55,693)	(3,964)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.