BANNER CORP

For the period ended Sep 30, 2024. Filed Nov 5, 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.

Sep 30, 2024 · Filed Nov 5, 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 Nine Months Ended September 30, 2024 and 2023

	Nine Months Ended September 30,
	2024	2023
OPERATING ACTIVITIES:
Net income	$122,507	$141,000
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation	13,615	13,314
Deferred income and expense, net of amortization	(5,834)	(2,490)
Capitalized loan servicing rights, net of amortization	1,211	1,520
Amortization of core deposit intangibles	2,037	2,898
Loss on sale of securities, net	5,465	14,436
Net change in valuation of financial instruments carried at fair value	1,143	4,357
Decrease in deferred taxes	2,973	877
Increase (decrease) in current taxes payable/receivable, net	4,967	(3,370)
Stock-based compensation	7,234	6,785
Net change in cash surrender value of BOLI	(6,888)	(6,357)
Gain on sale of loans, excluding capitalized servicing rights	(4,212)	(2,277)
Gain on disposal of real estate held for sale and property and equipment, net	(319)	(442)
Provision for credit losses	4,581	8,267
Origination of loans held for sale	(197,741)	(187,077)
Proceeds from sales of loans held for sale	260,192	200,525
Net change in:
Other assets	(14,137)	(21,602)
Other liabilities	(2,887)	19,188
Net cash provided from operating activities	193,907	189,552
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale	(53,170)	(54,192)
Principal repayments and maturities of securities—available-for-sale	168,360	138,402
Proceeds from sales of securities—available-for-sale	70,777	334,937
Principal repayments and maturities of securities—held-to-maturity	45,280	35,329
Loan originations, net of repayments	(547,162)	(479,482)
Purchases of loans and participating interest in loans	(4,666)	—
Proceeds from sales of other loans	16,622	11,519
Purchases of property and equipment	(9,953)	(11,626)
Proceeds from sale of real estate held for sale and sale of other property	4,323	1,019
Proceeds from FHLB stock repurchase program	129,062	119,840
Purchase of FHLB stock	(124,785)	(123,440)
Proceeds from maturity of securities purchased under agreements to resell	—	300,000
Investment in bank-owned life insurance	(41)	(66)
Other	732	419
Net cash (used by) provided from investing activities	(304,621)	272,659

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CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

For the Nine Months Ended September 30, 2024 and 2023

	Nine Months Ended September 30,
	2024	2023
FINANCING ACTIVITIES:
Increase (decrease) in deposits, net	$508,651	$(445,507)
(Repayment) advances of overnight and short term FHLB advances, net	(93,000)	90,000
Decrease in other borrowings, net	(28,344)	(44,360)
Cash dividends paid	(50,169)	(50,263)
Taxes paid related to net share settlement of equity awards	(2,093)	(3,437)
Net cash provided from (used by) financing activities	335,045	(453,567)
NET CHANGE IN CASH AND CASH EQUIVALENTS	224,331	8,644
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	254,464	243,062
CASH AND CASH EQUIVALENTS, END OF PERIOD	$478,795	$251,706

	Nine Months Ended September 30,
	2024	2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash	$166,843	$66,461
Tax paid	13,376	29,931
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets	2,386	205
Dividends accrued but not paid until after period end	1,125	921
Loans, held-for-sale, transferred from portfolio	(125,909)	(8,472)

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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.