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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INCOME TAX EXPENSE OVERVIEW
Comparison of the three months ended March 31, 2024 to the comparable period in the prior year
The following table presents the income tax expense, related metrics and their changes for the periods indicated:
| Three Months Ended March 31, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| (Dollars in thousands) | ||||
| Income before income taxes | $6,868 | $24,670 | $(17,802) | (72.2)% |
| Income tax expense | $1,120 | $4,213 | $(3,093) | (73.4)% |
| Effective income tax rate | 16.3% | 17.1% | (0.8)% | (4.7)% |
Income tax expense and the effective income tax rate both decreased due primarily to lower estimated pre-tax income, which increased the impact of favorable permanent tax items such as tax-exempt investments, investments in bank owned life insurance and investments in low-income housing tax credits during the three months ended March 31, 2024 compared to the same period in 2023.
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