BANNER CORP
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
BANR$69.63-1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| OPERATING ACTIVITIES: | |||
| Net income | $168,898 | $183,624 | $195,378 |
| Adjustments to reconcile net income to net cash provided from operating activities: | |||
| Depreciation | 18,076 | 17,873 | 16,933 |
| Deferred income and expense, net of amortization | (7,999) | (4,194) | (3,757) |
| Capitalized loan servicing rights, net of amortization | 1,372 | 1,830 | 1,326 |
| Amortization of core deposit intangibles | 2,626 | 3,756 | 5,279 |
| Loss on sale of securities, net | 5,190 | 19,242 | 3,248 |
| Net change in valuation of financial instruments carried at fair value | 982 | 4,218 | (807) |
| Gain on sale of branches, including related deposits | — | — | (7,804) |
| Decrease in deferred taxes | 762 | 1,514 | 7,624 |
| Increase (decrease) in current taxes payable | 6,297 | (3,170) | 8,250 |
| Stock-based compensation | 10,031 | 9,169 | 8,870 |
| Net change in cash surrender value of BOLI | (9,032) | (8,742) | (7,100) |
| Gain on sale of loans, excluding capitalized servicing rights | (6,180) | (6,151) | (4,556) |
| (Gain) loss on disposal of real estate held for sale and property and equipment, net | (318) | (352) | 102 |
| Provision for credit losses | 7,581 | 10,789 | 10,364 |
| Loss on extinguishment of debt | — | — | 765 |
| Origination of loans held for sale | (298,184) | (242,844) | (406,915) |
| Proceeds from sales of loans held for sale | 414,807 | 266,540 | 415,635 |
| Net change in: | |||
| Other assets | (35,288) | (8,968) | (39,028) |
| Other liabilities | 13,566 | 13,065 | 34,244 |
| Net cash provided from operating activities | 293,187 | 257,199 | 238,051 |
| INVESTING ACTIVITIES: | |||
| Purchases of securities—available-for-sale | (63,170) | (58,173) | (659,905) |
| Principal repayments and maturities of securities—available-for-sale | 241,427 | 173,055 | 368,996 |
| Proceeds from sales of securities—available-for-sale | 70,777 | 368,945 | 214,335 |
| Purchases of securities—held-to-maturity | — | — | (190,645) |
| Principal repayments and maturities of securities—held-to-maturity | 57,656 | 58,406 | 56,056 |
| Loan (originations) repayments, net | (686,508) | (643,959) | (897,505) |
| Purchases of loans and participating interest in loans | (4,666) | — | (126,556) |
| Proceeds from sales of other loans | 20,522 | 14,038 | 14,034 |
| Net cash paid related to branch divestiture | — | — | (168,137) |
| Purchases of property and equipment | (13,747) | (14,651) | (14,724) |
| Proceeds from sale of real estate held for sale and sale of other property | 4,323 | 4,669 | 6,088 |
| Proceeds from FHLB stock repurchase program | 146,162 | 153,397 | 15,080 |
| Purchase of FHLB stock | (144,585) | (165,425) | (15,080) |
| Proceeds from maturity of securities purchased under agreements to resell | — | 300,000 | — |
| Investment in bank-owned life insurance | (47) | (66) | (50,053) |
| Other | 686 | 1,693 | 3,459 |
| Net cash (used by) provided from investing activities | (371,170) | 191,929 | (1,444,557) |
(Continued on next page)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued) (in thousands)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| FINANCING ACTIVITIES: | |||
| Increase (decrease) in deposits, net | 484,901 | (590,562) | (528,672) |
| Repayment of long term FHLB borrowing | — | — | (50,000) |
| (Repayment) advances of overnight and short-term FHLB borrowings, net | (33,000) | 273,000 | 50,000 |
| Decrease in other borrowings, net | (57,619) | (49,923) | (31,690) |
| Repayment of junior subordinated debentures | — | — | (50,518) |
| Proceeds from redemption of trust preferred securities related to junior subordinated debentures | — | — | 1,518 |
| Cash dividends paid | (66,733) | (66,765) | (61,078) |
| Cash paid for repurchase of common stock | — | — | (10,960) |
| Taxes paid related to net share settlement of equity awards | (2,172) | (3,476) | (3,332) |
| Net cash provided from (used by) financing activities | 325,377 | (437,726) | (684,732) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 247,394 | 11,402 | (1,891,238) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 254,464 | 243,062 | 2,134,300 |
| CASH AND CASH EQUIVALENTS, END OF YEAR | $501,858 | $254,464 | $243,062 |
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Interest paid in cash | $224,808 | $110,845 | $18,583 |
| Taxes paid | 24,194 | 38,671 | 24,885 |
| NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
| Transfer of loans to real estate owned and other repossessed assets | 2,832 | 1,185 | — |
| Dividends accrued but not paid until after period end | 1,334 | 1,084 | 1,158 |
| Loans, held for sale, transferred (from) to portfolio | (131,294) | 27,929 | 35,466 |
| Securities, held-for-trading, transferred to available-for-sale | — | 25,298 | — |
| Securities, available-for-sale, transferred to held-to-maturity | — | — | 462,159 |
| DISPOSITIONS: | |||
| Assets divested | — | — | (1,539) |
| Liabilities divested | — | — | (178,209) |
See Notes to Consolidated Financial Statements
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.