BANNER CORP
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
BANR$69.63-1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| OPERATING ACTIVITIES: | |||
| Net income | $195,382 | $168,898 | $183,624 |
| Adjustments to reconcile net income to net cash provided from operating activities: | |||
| Depreciation | 16,441 | 18,076 | 17,873 |
| Deferred income and expense, net of amortization | (10,769) | (7,999) | (4,194) |
| Capitalized loan servicing rights, net of amortization | 888 | 1,372 | 1,830 |
| Amortization of core deposit intangibles | 1,567 | 2,626 | 3,756 |
| (Gain) loss on sale of securities, net | (374) | 5,190 | 19,242 |
| Net change in valuation of financial instruments carried at fair value | 1,384 | 982 | 4,218 |
| (Increase) decrease in deferred taxes | (602) | 762 | 1,514 |
| (Decrease) increase in current taxes payable | (805) | 6,297 | (3,170) |
| Stock-based compensation | 10,343 | 10,031 | 9,169 |
| Net change in cash surrender value of BOLI | (9,434) | (9,032) | (8,742) |
| Gain on sale of loans, excluding capitalized servicing rights | (6,891) | (6,180) | (6,151) |
| Loss (gain) on disposal of real estate held for sale and property and equipment, net | 831 | (318) | (352) |
| Provision for credit losses | 13,045 | 7,581 | 10,789 |
| Origination of loans held for sale | (375,213) | (298,184) | (242,844) |
| Proceeds from sales of loans held for sale | 461,425 | 414,807 | 266,540 |
| Net change in: | |||
| Other assets | (24,679) | (35,288) | (8,968) |
| Other liabilities | (15,075) | 13,566 | 13,065 |
| Net cash provided from operating activities | 257,464 | 293,187 | 257,199 |
| INVESTING ACTIVITIES: | |||
| Purchases of securities—available-for-sale | (155,841) | (63,170) | (58,173) |
| Principal repayments and maturities of securities—available-for-sale | 323,577 | 241,427 | 173,055 |
| Proceeds from sales of securities—available-for-sale | 17,581 | 70,777 | 368,945 |
| Principal repayments and maturities of securities—held-to-maturity | 40,588 | 57,656 | 58,406 |
| Loan (originations) repayments, net | (477,408) | (686,508) | (643,959) |
| Purchases of loans and participating interest in loans | (10,945) | (4,666) | — |
| Proceeds from sales of other loans | 30,887 | 20,522 | 14,038 |
| Purchases of property and equipment | (9,514) | (13,747) | (14,651) |
| Proceeds from sale of real estate held for sale and sale of other property | 7,728 | 4,323 | 4,669 |
| Proceeds from FHLB stock repurchase program | 156,470 | 146,162 | 153,397 |
| Purchase of FHLB stock | (150,495) | (144,585) | (165,425) |
| Proceeds from maturity of securities purchased under agreements to resell | — | — | 300,000 |
| Investment in bank-owned life insurance | (46) | (47) | (66) |
| Other | 2,680 | 686 | 1,693 |
| Net cash (used by) provided from investing activities | (224,738) | (371,170) | 191,929 |
(Continued on next page)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued) (in thousands)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| FINANCING ACTIVITIES: | |||
| Increase (decrease) in deposits, net | 228,747 | 484,901 | (590,562) |
| (Repayment) advances of overnight and short-term FHLB borrowings, net | (140,000) | (33,000) | 273,000 |
| Decrease in other borrowings, net | (17,543) | (57,619) | (49,923) |
| Repayment of subordinated notes | (80,500) | — | — |
| Cash dividends paid | (67,528) | (66,733) | (66,765) |
| Cash paid for repurchase of common stock | (31,575) | — | — |
| Taxes paid related to net share settlement of equity awards | (3,545) | (2,172) | (3,476) |
| Net cash (used by) provided from financing activities | (111,944) | 325,377 | (437,726) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (79,218) | 247,394 | 11,402 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 501,858 | 254,464 | 243,062 |
| CASH AND CASH EQUIVALENTS, END OF YEAR | $422,640 | $501,858 | $254,464 |
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Interest paid in cash | $217,049 | $224,808 | $110,845 |
| Taxes paid | 31,409 | 24,194 | 38,671 |
| NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
| Transfer of loans to real estate owned and other repossessed assets | 6,400 | 2,832 | 1,185 |
| Dividends accrued but not paid until after period end | 1,475 | 1,334 | 1,084 |
| Loans, held for sale, transferred (from) to portfolio | (90,203) | (131,294) | 27,929 |
| Securities, held-for-trading, transferred to available-for-sale | — | — | 25,298 |
See Notes to Consolidated Financial Statements
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