HERITAGE FINANCIAL CORP WA
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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FINANCIAL CONDITION OVERVIEW
The table below provides a comparison of the changes in the Company's financial condition for the periods indicated:
| Change | ||||
|---|---|---|---|---|
| December 31, 2023 | December 31, 2022 | $ | % | |
| (Dollars in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $224,973 | $103,590 | $121,383 | 117.2% |
| Investment securities available for sale, at fair value, net | 1,134,353 | 1,331,443 | (197,090) | (14.8) |
| Investment securities held to maturity, at amortized cost, net | 739,442 | 766,396 | (26,954) | (3.5) |
| Loans receivable, net | 4,287,628 | 4,007,872 | 279,756 | 7.0 |
| Premises and equipment, net | 74,899 | 76,930 | (2,031) | (2.6) |
| Federal Home Loan Bank stock, at cost | 4,186 | 8,916 | (4,730) | (53.1) |
| Bank owned life insurance | 125,655 | 122,059 | 3,596 | 2.9 |
| Accrued interest receivable | 19,518 | 18,547 | 971 | 5.2 |
| Prepaid expenses and other assets | 318,571 | 296,181 | 22,390 | 7.6 |
| Other intangible assets, net | 4,793 | 7,227 | (2,434) | (33.7) |
| Goodwill | 240,939 | 240,939 | — | — |
| Total assets | $7,174,957 | $6,980,100 | $194,857 | 2.8% |
| Liabilities and Stockholders' Equity | ||||
| Deposits | $5,599,872 | $5,907,420 | $(307,548) | (5.2)% |
| Deposits held for sale | — | 17,420 | $(17,420) | (100.0) |
| Total deposits | 5,599,872 | 5,924,840 | $(324,968) | (5.5) |
| Borrowings | 500,000 | — | 500,000 | 100.0 |
| Junior subordinated debentures | 21,765 | 21,473 | 292 | 1.4 |
| Securities sold under agreement to repurchase | — | 46,597 | (46,597) | (100.0) |
| Accrued expenses and other liabilities | 200,059 | 189,297 | 10,762 | 5.7 |
| Total liabilities | 6,321,696 | 6,182,207 | 139,489 | 2.3 |
| Common stock | 549,748 | 552,397 | (2,649) | (0.5) |
| Retained earnings | 375,989 | 345,346 | 30,643 | 8.9 |
| Accumulated other comprehensive loss, net | (72,476) | (99,850) | 27,374 | (27.4) |
| Total stockholders' equity | 853,261 | 797,893 | 55,368 | 6.9 |
| Total liabilities and stockholders' equity | $7,174,957 | $6,980,100 | $194,857 | 2.8% |
Total assets increased due primarily to an increase in loans receivable and cash and cash equivalents offset partially by a decrease in investment securities. Total liabilities and stockholders' equity increased due primarily to an increase in borrowings offset partially by a decrease in deposits. The changes are discussed in more detail in the sections below.
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