HERITAGE FINANCIAL CORP WA
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
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INCOME TAX EXPENSE OVERVIEW
The following table presents the income tax expense and related metrics and the change for the periods indicated:
| Year Ended December 31, · 2023 Compared to 2022Change | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | 2021 | $ | % | |
| (Dollars in thousands) | |||||
| Income before income taxes | $72,915 | $99,436 | $120,507 | $(26,521) | (26.7)% |
| Income tax expense | $11,160 | $17,561 | $22,472 | $(6,401) | (36.5)% |
| Effective income tax rate | 15.3% | 17.7% | 18.6% | (2.4)% | (13.6)% |
Income tax expense and the effective income tax rate both decreased due primarily to lower pre-tax income, which increased the impact of favorable permanent tax items such as tax-exempt investments, investments in bank owned life insurance and tax credits.
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