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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STOCKHOLDERS' EQUITY OVERVIEW
The Company’s stockholders' equity to assets ratio was 11.9% and 11.4% at December 31, 2023 and December 31, 2022. The following table provides the changes to stockholders' equity during the periods indicated:
| Year Ended December 31, · Change | ||||
|---|---|---|---|---|
| 2023 | 2022 | $ | % | |
| (Dollars in thousands) | ||||
| Balance, beginning of period | $797,893 | $854,432 | $(56,539) | (6.6)% |
| Net income | 61,755 | 81,875 | (20,120) | (24.6) |
| Dividends declared | (31,112) | (29,767) | (1,345) | 4.5 |
| Other comprehensive income (loss), net of tax | 27,374 | (109,246) | 136,620 | (125.1) |
| Common stock repurchased | (6,974) | (3,196) | (3,778) | 118.2 |
| Stock-based compensation expense | 4,325 | 3,795 | 530 | 14.0 |
| Balance, end of period | $853,261 | $797,893 | $55,368 | 6.9% |
Stockholder's equity increased due primarily to net income and an increase in AOCI as a result of a decrease in other comprehensive income (loss), net of tax, which positively impacted the fair value of our investment securities available for sale. AOCI has no effect on our regulatory capital ratios as the Company opted to exclude it from our common equity tier 1 capital. Cash dividends and stock repurchases partially offset the increase in stockholders' equity during the year ended December 31, 2023.
The Company repurchased 330,424 and 100,090 shares of its common stock under the Company's stock repurchase plan during the years ended December 31, 2023 and December 31, 2022, respectively. The Company also repurchased 32,792 and 26,944 shares which represented the cancellation of stock to pay withholding taxes on vested restricted stock awards or units during the years ended December 31, 2023 and December 31, 2022, respectively
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