Loop Through Divs and Check If Child Div Has Content

I'm looking to loop through divs, check if each has content within it's specific child div, if so add a class to the div.

  $('.img-banner').each(function( index, element ) {
    if ( $(element).find('.img-banner-content').length > 0 ) {
      $(element).addClass("has-content");
    }
  });

I'm missing something simple here and could do with a shake. The issue is it's adding the class "has-content" to all divs.

Reduced test case: JSFiddle

Thanks all.