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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 
(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________
 Commission File Number 000-26584
BANNER CORPORATION
(Exact name of registrant as specified in its charter)
Washington91-1691604
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
10 South First Avenue, Walla Walla, Washington 99362
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (509) 527-3636
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareBANRThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer   ☐Non-accelerated filer  ☐Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of class:As of October 31, 2023
Common Stock, $.01 par value per share
34,348,094 shares
1


BANNER CORPORATION AND SUBSIDIARIES

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements.  The Unaudited Condensed Consolidated Financial Statements of Banner Corporation and Subsidiaries filed as a part of the report are as follows:
Consolidated Statements of Financial Condition as of September 30, 2023 and December 31, 2022
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2023 and the Year Ended December 31, 2022
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022
Selected Notes to the Consolidated Financial Statements
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations 
Executive Overview
Comparison of Financial Condition at September 30, 2023 and December 31, 2022
Comparison of Results of Operations for the Three Months Ended September 30, 2023 and June 30, 2023 and the Nine Months Ended September 30, 2023 and 2022
Asset Quality
Liquidity and Capital Resources
Capital Requirements
Item 3 – Quantitative and Qualitative Disclosures About Market Risk 
Market Risk and Asset/Liability Management
Sensitivity Analysis
Item 4 – Controls and Procedures
PART II – OTHER INFORMATION 
Item 1 – Legal Proceedings
Item 1A – Risk Factors
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 – Defaults upon Senior Securities
Item 4 – Mine Safety Disclosures
Item 5 – Other Information
Item 6 – Exhibits
SIGNATURES
2


All references to “Banner” refer to Banner Corporation and those to the “Bank” refer to its wholly-owned subsidiary, Banner Bank. As used throughout this report, the terms “we,” “our,” “us,” or the “Company” refer to Banner Corporation and its consolidated subsidiaries, unless the context otherwise requires.

Special Note Regarding Forward-Looking Statements

Certain matters in this Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items, including statements about our financial condition, liquidity and results of operations. Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by use of the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as increasing supply chain disruptions; changes in the interest rate environment, including the recent increases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and duration at which such increased interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of continuing high inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses and provisions for credit losses; the ability to manage loan delinquency rates; competitive pressures among financial services companies; changes in consumer spending or borrowing and spending habits; interest rate movements generally and the relative differences between short and long-term interest rates, loan and deposit interest rates, net interest margin and funding sources; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; the transition away from the London Interbank Offered Rate (LIBOR) toward new interest rate benchmarks; the impact of repricing and competitors’ pricing initiatives on loan and deposit products; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values; the ability to adapt successfully to technological changes to meet clients’ needs and developments in the marketplace; the ability to access cost-effective funding; the ability to control operating costs and expenses, including the costs associated with our “Banner Forward” initiative; the use of estimates in determining fair value of certain assets and liabilities, which estimates may prove to be incorrect and result in significant changes in valuation; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect employees, and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in, or attacks on, information technology systems or on the third-party vendors who perform critical processing functions; changes in financial markets; changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular; secondary market conditions for loans and the ability to sell loans in the secondary market; the costs, effects and outcomes of litigation; legislation or regulatory changes, including but not limited to changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, results of safety and soundness and compliance examinations by the Federal Reserve, the Federal Deposit Insurance Corporation (the FDIC), the Washington State Department of Financial Institutions, Division of Banks (the Washington DFI), or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require restitution or institute an informal or formal enforcement action which could require an increase in reserves for loan losses, write-downs of assets or changes in regulatory capital position, or affect the ability to borrow funds, or maintain or increase deposits, or impose additional requirements and restrictions, any of which could adversely affect liquidity and earnings; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the quality and composition of our securities portfolio and the impact of adverse changes in the securities markets; the inability of key third-party providers to perform their obligations; changes in accounting principles, policies or guidelines, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products and services; future acquisitions by the Company of other depository institutions or lines of business; and future goodwill impairment due to changes in the Company’s business, changes in market conditions; and other risks detailed in our Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”) and in our reports filed with or furnished to the U.S. Securities and Exchange Commission (SEC), including this report on Form 10-Q.

Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to update any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur, and you should not put undue reliance on any forward-looking statements.
3


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (In thousands, except shares and per share amounts)
September 30, 2023 and December 31, 2022
ASSETSSeptember 30,
2023
December 31,
2022
Cash and due from banks$207,171 $198,154 
Interest bearing deposits44,535 44,908 
Total cash and cash equivalents251,706 243,062 
Securities—trading25,268 28,694 
Securities—available-for-sale, net of allowance for credit losses of $750 and none, respectively; amortized cost $2,774,972 and $3,218,777, respectively
2,287,993 2,789,031 
Securities—held-to-maturity, net of allowance for credit losses of $349 and $379, respectively
1,082,156 1,117,588 
     Total securities3,395,417 3,935,313 
Federal Home Loan Bank (FHLB) stock15,600 12,000 
Securities purchased under agreements to resell 300,000 
Loans held for sale (includes $51,697 and $51,779, at fair value, respectively)
54,158 56,857 
Loans receivable10,611,417 10,146,724 
Allowance for credit losses – loans(146,960)(141,465)
Net loans receivable
10,464,457 10,005,259 
Accrued interest receivable61,040 57,284 
Property and equipment, net136,504 138,754 
Goodwill373,121 373,121 
Other intangibles, net6,542 9,440 
Bank-owned life insurance (BOLI)303,347 297,565 
Deferred tax assets, net186,775 178,131 
Operating lease right-of-use assets43,447 49,283 
Other assets215,766 177,362 
Total assets
$15,507,880 $15,833,431 
LIABILITIES
Deposits:
Non-interest-bearing$5,197,854 $6,176,998 
Interest-bearing transaction and savings accounts6,518,385 6,719,531 
Interest-bearing certificates1,458,313 723,530 
Total deposits13,174,552 13,620,059 
Advances from FHLB140,000 50,000 
Other borrowings188,440 232,799 
Subordinated notes, net92,748 98,947 
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)66,284 74,857 
Operating lease liabilities48,642 55,205 
Accrued expenses and other liabilities231,478 200,839 
Deferred compensation45,129 44,293 
Total liabilities
13,987,273 14,376,999 
COMMITMENTS AND CONTINGENCIES (Note 11)
SHAREHOLDERS’ EQUITY
Preferred stock - $0.01 par value per share, 500,000 shares authorized; no shares outstanding at September 30, 2023 and December 31, 2022
  
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized; 34,345,949 shares issued and outstanding at September 30, 2023; 34,194,018 shares issued and outstanding at December 31, 2022
1,297,307 1,293,959 
Common stock (non-voting) and paid in capital - $0.01 par value per share, 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2023; no shares issued and outstanding at December 31, 2022
  
Retained earnings616,215 525,242 
Carrying value of shares held in trust for stock-based compensation plans(6,546)(6,905)
Liability for common stock issued to stock related compensation plans6,546 6,905 
Accumulated other comprehensive loss(392,915)(362,769)
Total shareholders’ equity1,520,607 1,456,432 
Total liabilities and shareholders’ equity$15,507,880 $15,833,431 
See Selected Notes to the Consolidated Financial Statements
4


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except shares and per share amounts)
For the Three and Nine Months Ended September 30, 2023 and 2022
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
INTEREST INCOME:
Loans receivable$149,254 $116,610 $423,359 $321,466 
Mortgage-backed securities17,691 17,558 54,954 48,486 
Securities and cash equivalents12,119 16,951 39,521 37,059 
Total interest income
179,064 151,119 517,834 407,011 
INTEREST EXPENSE:
Deposits31,001 2,407 60,784 6,501 
FHLB advances2,233  8,654 291 
Other borrowings1,099 81 2,251 245 
Subordinated debt2,965 2,188 8,549 5,866 
Total interest expense
37,298 4,676 80,238 12,903 
Net interest income141,766 146,443 437,596 394,108 
PROVISION FOR CREDIT LOSSES2,027 6,087 8,267 3,660 
Net interest income after provision for credit losses139,739 140,356 429,329 390,448 
NON-INTEREST INCOME:
Deposit fees and other service charges10,916 11,449 32,078 33,638 
Mortgage banking operations2,049 105 6,426 8,523 
BOLI2,062 1,804 6,636 5,674 
Miscellaneous942 1,689 4,010 5,423 
15,969 15,047 49,150 53,258 
Net (loss) gain on sale of securities(2,657)6 (14,436)473 
Net change in valuation of financial instruments carried at fair value(654)532 (4,357)650 
Gain on sale of branches, including related deposits   7,804 
Total non-interest income
12,658 15,585 30,357 62,185 
NON-INTEREST EXPENSE:
Salary and employee benefits61,091 61,639 184,452 181,957 
Less capitalized loan origination costs(4,498)(5,984)(12,386)(19,436)
Occupancy and equipment11,722 12,008 35,686 38,512 
Information and computer data services7,118 6,803 21,347 19,451 
Payment and card processing services5,172 5,508 14,459 16,086 
Professional and legal expenses3,042 2,619 7,563 7,677 
Advertising and marketing1,362 1,326 3,108 2,609 
Deposit insurance2,874 1,946 7,603 4,910 
State and municipal business and use taxes1,359 1,223 3,888 3,389 
Real estate operations, net(383)68 (585)(132)
Amortization of core deposit intangibles857 1,215 2,898 4,064 
Loss on extinguishment of debt   793 
Miscellaneous6,175 6,663 17,884 18,402 
Total non-interest expense
95,891 95,034 285,917 278,282 
Income before provision for income taxes56,506 60,907 173,769 174,351 
PROVISION FOR INCOME TAXES10,652 11,837 32,769 33,353 
NET INCOME$45,854 $49,070 $141,000 $140,998 
Earnings per common share:
Basic$1.33 $1.43 $4.11 $4.11 
Diluted$1.33 $1.43 $4.09 $4.09 
Cumulative dividends declared per common share$0.48 $0.44 $1.44 $1.32 
Weighted average number of common shares outstanding:
Basic
34,379,865 34,224,640 34,331,458 34,277,182 
Diluted
34,429,726 34,416,017 34,439,214 34,499,246 
See Selected Notes to the Consolidated Financial Statements
5


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited) (In thousands)
For the Three and Nine Months Ended September 30, 2023 and 2022

Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
NET INCOME$45,854 $49,070 $141,000 $140,998 
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF INCOME TAXES:
Unrealized holding loss on securities—available-for-sale arising during the period(76,417)(140,312)(71,669)(422,728)
Income tax benefit related to securities—available-for-sale unrealized holding losses18,341 33,675 17,201 101,455 
Reclassification for net loss (gain) on securities—available-for-sale realized in earnings2,657 (6)14,436 (473)
Income tax (benefit) expense related to securities—available-for-sale realized in earnings(638)2 (3,465)114 
Reclassification of (recapture) provision for credit losses on securities—available-for-sale realized in earnings(1,250) 750  
Income tax benefit (expense) related to the reclassification of (recapture) provision for credit losses on securities—available-for-sale realized in earnings300  (180) 
Unrealized loss on securities transferred from available-for-sale to held-to-maturity   (34,596)
Income tax benefit related to securities transferred from available-for-sale to held-to-maturity   8,303 
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity617 754 1,773 1,982 
Income tax expense related to amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity(150)(181)(426)(476)
Net unrealized gain (loss) on interest rate swaps used in cash flow hedges3,090 (7,871)6,472 (26,425)
Income tax (expense) benefit related to interest rate swaps used in cash flow hedges(741)1,889 (1,553)6,342 
Changes in fair value of junior subordinated debentures related to instrument specific credit risk953 (1,612)8,573 (4,544)
Income tax (expense) benefit related to junior subordinated debentures(229)387 (2,058)1,091 
Reclassification of fair value of junior subordinated debentures redeemed   765 
Income tax expense related to junior subordinated debentures redeemed   (184)
Other comprehensive loss(53,467)(113,275)(30,146)(369,374)
COMPREHENSIVE (LOSS) INCOME$(7,613)$(64,205)$110,854 $(228,376)


See Selected Notes to the Consolidated Financial Statements
6


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands, except shares and per share amounts)
For the Nine Months Ended September 30, 2023 and the Year Ended December 31, 2022
Common Stock
and Paid in Capital
Retained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
SharesAmount
Balance, January 1, 202234,252,632 $1,299,381 $390,762 $184 $1,690,327 
Net income43,963 43,963 
Other comprehensive loss, net of income tax(154,275)(154,275)
Accrual of dividends on common stock ($0.44/share)
(15,066)(15,066)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
120,152 (1,169)(1,169)
Balance, March 31, 202234,372,784 $1,298,212 $419,659 $(154,091)$1,563,780 
Net income47,965 47,965 
Other comprehensive loss, net of income tax(101,824)(101,824)
Accrual of dividends on common stock ($0.44/share)
(15,378)(15,378)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
18,546 2,247 2,247 
Repurchase of common stock
(200,000)(10,960)(10,960)
Balance, June 30, 202234,191,330 $1,289,499 $452,246 $(255,915)$1,485,830 
Net income49,070 49,070 
Other comprehensive loss, net of income tax(113,275)(113,275)
Accrual of dividends on common stock ($0.44/share)
(15,208)(15,208)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
429 2,242 2,242 
Balance, September 30, 202234,191,759 $1,291,741 $486,108 $(369,190)$1,408,659 
Net income54,380 54,380 
Other comprehensive income, net of income tax6,421 6,421 
Accrual of dividends on common stock ($0.44/share)
(15,246)(15,246)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
2,259 2,218 2,218 
Balance, December 31, 202234,194,018 $1,293,959 $525,242 $(362,769)$1,456,432 
Balance, January 1, 202334,194,018 $1,293,959 $525,242 $(362,769)$1,456,432 
Net income55,555 55,555 
Other comprehensive income, net of income tax37,133 37,133 
Accrual of dividends on common stock ($0.48/share)
(16,691)(16,691)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered
114,522 (734)(734)
Balance, March 31, 202334,308,540 1,293,225 564,106 (325,636)1,531,695 
Net income39,591 39,591 
Other comprehensive loss, net of income tax(13,812)(13,812)
Accrual of dividends on common stock ($0.48/share)
(16,670)(16,670)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered36,087 1,709 1,709 
Balance, June 30, 202334,344,627 $1,294,934 $587,027 $(339,448)$1,542,513 
Net income45,854 45,854 
Other comprehensive loss, net of income tax(53,467)(53,467)
Accrual of dividends on common stock ($0.48/share)
(16,666)(16,666)
Amortization of stock-based compensation related to restricted stock grants, net of shares surrendered1,322 2,373 2,373 
Balance, September 30, 202334,345,949 $1,297,307 $616,215 $(392,915)$1,520,607 


See Selected Notes to the Consolidated Financial Statements
7


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
For the Nine Months Ended September 30, 2023 and 2022
Nine Months Ended September 30,
20232022
OPERATING ACTIVITIES:
Net income$141,000 $140,998 
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation13,314 12,594 
Deferred income and expense, net of amortization(2,490)(3,743)
Capitalized loan servicing rights, net of amortization1,520 479 
Amortization of core deposit intangibles2,898 4,064 
Loss (gain) on sale of securities, net14,436 (473)
Net change in valuation of financial instruments carried at fair value4,357 (650)
Gain on sale of branches, including related deposits (7,804)
Decrease in deferred taxes877 9,233 
(Decrease) increase in current taxes receivable, net(3,370)9,706 
Stock-based compensation6,785 6,592 
Net change in cash surrender value of BOLI(6,357)(4,980)
Gain on sale of loans, excluding capitalized servicing rights(2,277)(3,246)
Gain on disposal of real estate held for sale and property and equipment, net(442)239 
Provision for credit losses8,267 3,660 
Loss on extinguishment of debt 765 
Origination of loans held for sale(187,077)(376,654)
Proceeds from sales of loans held for sale200,525 375,656 
Net change in:
Other assets(21,602)(55,631)
Other liabilities19,188 46,562 
Net cash provided from operating activities189,552 157,367 
INVESTING ACTIVITIES:
Purchases of securities—available-for-sale(54,192)(606,622)
Principal repayments and maturities of securities—available-for-sale138,402 296,272 
Proceeds from sales of securities—available-for-sale334,937 25,030 
Purchases of securitiesheld-to-maturity
 (190,645)
Principal repayments and maturities of securities—held-to-maturity35,329 40,810 
Loan originations, net of repayments(479,482)(621,444)
Purchases of loans and participating interest in loans (103,268)
Proceeds from sales of other loans11,519 13,269 
Net cash paid related to branch divestiture (168,137)
Purchases of property and equipment(11,626)(12,244)
Proceeds from sale of real estate held for sale and sale of other property1,019 5,940 
Proceeds from FHLB stock repurchase program119,840 2,000 
Purchase of FHLB stock(123,440) 
Proceeds from maturity of securities purchased under agreements to resell300,000  
Investment in bank-owned life insurance(66)(50,052)
Other419 3,544 
Net cash provided from (used by) investing activities272,659 (1,365,547)
Continued on next page

8


BANNER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited) (In thousands)
For the Nine Months Ended September 30, 2023 and 2022

Nine Months Ended September 30,
20232022
FINANCING ACTIVITIES:
(Decrease) increase in deposits, net$(445,507)$85,535 
Repayment of long term FHLB advances (50,000)
Advances of overnight and short term FHLB advances, net90,000  
Decrease in other borrowings, net(44,360)(30,483)
Repayment of junior subordinated debentures (50,518)
Proceeds from redemption of trust preferred securities related to junior subordinated debentures 1,518 
Cash dividends paid(50,263)(46,019)
Cash paid for repurchase of common stock (10,960)
Taxes paid related to net share settlement of equity awards(3,437)(3,272)
Net cash used by financing activities(453,567)(104,199)
NET CHANGE IN CASH AND CASH EQUIVALENTS8,644 (1,312,379)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD243,062 2,134,300 
CASH AND CASH EQUIVALENTS, END OF PERIOD$251,706 $821,921 
Nine Months Ended September 30,
20232022
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid in cash$66,461 $11,332 
Tax paid29,931 10,670 
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of loans to real estate owned and other repossessed assets
205  
   Dividends accrued but not paid until after period end921 972 
Loans, held-for-sale, transferred (from) to portfolio
(8,472)13,420 
Securities, available-for-sale, transferred to held-to-maturity
 462,159 
DISPOSITIONS:
   Assets divested (1,539)
   Liabilities divested (178,209)

See Selected Notes to the Consolidated Financial Statements
9


BANNER CORPORATION AND SUBSIDIARIES
SELECTED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements include the accounts of Banner Corporation (the Company or Banner), a bank holding company incorporated in the State of Washington and its wholly-owned subsidiary, Banner Bank (the Bank).

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the SEC. In preparing these financial statements, the Company has evaluated events and transactions subsequent to September 30, 2023, for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. Certain reclassifications have been made to the 2022 Consolidated Financial Statements and/or schedules to conform to the 2023 presentation. These reclassifications may have affected certain ratios for the prior periods. The effect of these reclassifications is considered immaterial. All significant intercompany transactions and balances have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments.

The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Interim results are not necessarily indicative of results for a full year or any other interim period.

Note 2: ACCOUNTING STANDARDS RECENTLY ISSUED OR ADOPTED

Financial Instruments – Credit Losses (Topic 326)

On January 1, 2023, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU eliminated the troubled debt restructuring (TDR) recognition and measurement guidance and, instead, requires that a creditor evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The ASU also introduced new disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. In addition, the ASU requires vintage disclosures including current-period gross write-offs by year of origination for financing receivables. The Company applied the ASU prospectively and new disclosures have been added when applicable.

Reference Rate Reform (Topic 848)

In March 2020, the FASB issued guidance within ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, in response to the scheduled discontinuation of LIBOR on December 31, 2021. The amendments in this ASU provide optional guidance designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, borrowings) necessitated by reference rate reform. Since the issuance of this guidance, the publication cessation of U.S. dollar LIBOR was extended to June 30, 2023.

In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of Sunset Date of Topic 848. This ASU defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. This deferral of the sunset date is in response to the extension of the publication cessation date. The amendments in this ASU are effective upon the issuance date of December 2022.

The following optional expedients for applying the requirements of certain Topics or Industry Subtopics in the Codification are permitted for contracts that are modified because of reference rate reform and that meet certain scope guidance: 1) modifications of contracts within the scope of Topics 310, Receivables, and 470, Debt, should be accounted for by prospectively adjusting the effective interest rate; 2) modifications of contracts within the scope of Topic 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts; 3) modifications of contracts do not require an entity to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract; and 4) the amendments in this ASU also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination.

10


In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this ASUs are effective upon the issuance date of March 12, 2020, and applies to contract modifications made and new hedging relationships entered into through December 31, 2022.

The Company used the expedients in the Reference Rate Reform guidance to manage through the transition from LIBOR, specifically as they relate to loans, leases and hedging relationships. The adoption of this accounting guidance did not have a material impact on the Company’s Consolidated Financial Statements.

Fair Value Measurement (Topic 820)

In June 2022, the FASB issued guidance within ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The ASU affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value.

The ASU is effective for fiscal years, beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.

Note 3: SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at September 30, 2023 and December 31, 2022 are summarized as follows (in thousands):
 September 30, 2023
 Amortized CostFair Value
Trading:
Corporate bonds$27,203 $25,268 
$27,203 $25,268 
 September 30, 2023
 Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
Available-for-Sale:
U.S. Government and agency obligations$35,342 $ $(1,015)$ $34,327 
Municipal bonds166,902  (43,304) 123,598 
Corporate bonds106,015  (14,247)(750)91,018 
Mortgage-backed or related securities2,244,179  (424,727)