BANNER CORP

For the period ended Mar 31, 2024. Filed May 7, 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.

Mar 31, 2024 · Filed May 7, 2024

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

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Contents

Consolidated Statements of Cash Flows

	Three Months Ended March 31,
	2024	2023
OPERATING ACTIVITIES:
Net income	$37,559	$55,555
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation	4,569	4,364
Deferred income and expense, net of amortization	(1,594)	(608)
Capitalized loan servicing rights, net of amortization	391	592
Amortization of core deposit intangibles	723	1,050
Loss on sale of securities, net	4,903	7,252
Net change in valuation of financial instruments carried at fair value	992	552
Decrease in deferred taxes	61	1,158
Increase in current taxes payable/receivable, net	6,273	10,014
Stock-based compensation	2,225	2,053
Net change in cash surrender value of BOLI	(2,234)	(2,188)
Gain on sale of loans, excluding capitalized servicing rights	(1,013)	(1,445)
Gain on disposal of real estate held for sale and property and equipment, net	(261)	(331)
Provision (recapture) for credit losses	520	(524)
Origination of loans held for sale	(48,424)	(39,585)
Proceeds from sales of loans held for sale	66,932	48,871
Net change in:
Other assets	1,771	8,837
Other liabilities	(21,927)	(20,880)
Net cash provided from operating activities	51,466	74,737
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale	(10,477)	(26,426)
Principal repayments and maturities of securities—available-for-sale	42,740	45,774
Proceeds from sales of securities—available-for-sale	70,777	150,170
Principal repayments and maturities of securities—held-to-maturity	20,724	7,937
Loan originations, net of repayments	(72,019)	(13,681)
Purchases of loans and participating interest in loans	(4,666)	—
Proceeds from sales of other loans	4,522	1,519
Purchases of property and equipment	(2,227)	(1,984)
Proceeds from sale of real estate held for sale and sale of other property	581	343
Proceeds from FHLB stock repurchase program	47,747	37,920
Purchase of FHLB stock	(35,460)	(42,720)
Proceeds from maturity of securities purchased under agreements to resell	—	150,000
Investment in bank-owned life insurance	—	(2)
Other	(35)	(39)
Net cash provided from investing activities	62,207	308,811

Continued on next page

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

	Three Months Ended March 31,
	2024	2023
FINANCING ACTIVITIES:
Increase (decrease) in deposits, net	$129,274	$(465,857)
(Repayment) advances of overnight and short term FHLB advances, net	(271,000)	120,000
Increase (decrease) in other borrowings, net	464	(18,235)
Cash dividends paid	(16,692)	(16,739)
Taxes paid related to net share settlement of equity awards	(907)	(2,787)
Net cash used by financing activities	(158,861)	(383,618)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(45,188)	(70)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	254,464	243,062
CASH AND CASH EQUIVALENTS, END OF PERIOD	$209,276	$242,992

	Three Months Ended March 31,
	2024	2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash	$53,278	$10,574
Tax paid	5	43
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets	242	—
Dividends accrued but not paid until after period end	1,106	1,110
Loans, held-for-sale, transferred from portfolio	(15,682)	—

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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.