HERITAGE FINANCIAL CORP WA
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
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DEPOSITS OVERVIEW
The following table summarizes the Company's deposits at the dates indicated:
| March 31, 2024 · December 31, 2023 · Change | ||||||
|---|---|---|---|---|---|---|
| Balance | % of Total Deposits | Balance | % of Total Deposits | $ | % | |
| (Dollars in thousands) | ||||||
| Noninterest demand deposits | $1,637,111 | 29.5% | $1,715,847 | 30.7% | $(78,736) | (4.6)% |
| Interest bearing demand deposits | 1,552,584 | 28.1 | 1,608,745 | 28.7 | (56,161) | (3.5)% |
| Money market accounts | 1,099,983 | 19.9 | 1,094,351 | 19.5 | 5,632 | 0.5% |
| Savings accounts | 462,974 | 8.4 | 487,956 | 8.7 | (24,982) | (5.1)% |
| Total non-maturity deposits | 4,752,652 | 85.9 | 4,906,899 | 87.6 | (154,247) | (3.1)% |
| Certificates of deposit | 779,675 | 14.1 | 692,973 | 12.4 | 86,702 | 12.5% |
| Total deposits | $5,532,327 | 100.0% | $5,599,872 | 100.0% | $(67,545) | (1.2)% |
Total deposits decreased $67.5 million, or 1.2%, to $5.53 billion at March 31, 2024 from $5.60 billion at December 31, 2023. Certificates of deposit increased $86.7 million, or 12.5%, to $779.7 million at March 31, 2024 from $693.0 million at December 31, 2023 primarily due to transfers from non-maturity deposit accounts as customers moved balances to higher yielding accounts.
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