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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NONINTEREST INCOME OVERVIEW
Comparison of the three months ended March 31, 2024 to the comparable period in the prior year
The following table presents the change in the key components of noninterest income for the periods indicated:
| Three Months Ended March 31, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| (Dollars in thousands) | ||||
| Service charges and other fees | $2,788 | $2,624 | $164 | 6.3% |
| Card revenue | 1,839 | 2,000 | (161) | (8.1) |
| Loss on sale of investment securities, net | (9,973) | (286) | (9,687) | 3,387.1 |
| Gain on sale of loans, net | 26 | 49 | (23) | (46.9) |
| Interest rate swap fees | — | 53 | (53) | (100.0) |
| Bank owned life insurance income | 920 | 709 | 211 | 29.8 |
| Gain on sale of other assets, net | — | 2 | (2) | (100.0) |
| Other income | 1,500 | 3,107 | (1,607) | (51.7) |
| Total noninterest income (loss) | $(2,900) | $8,258 | $(11,158) | (135.1)% |
Noninterest income decreased $11.2 million for the three months ended March 31, 2024 as compared to the same period in 2023. This decline was primarily driven by a pre-tax loss of $10.0 million incurred on the sale of investment securities available for sale during the three months ended March 31, 2024. The loss on the sale of investment securities was a consequence of strategically repositioning the investment portfolio, involving the sale of investment securities at an amortized cost of $144.0 million, with the aim of enhancing future earnings. The decline in other income was due to the gain on sale of Visa Inc. Class B common stock of $1.6 million recognized in the three months ended March 31, 2023.
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