HERITAGE FINANCIAL CORP WA
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
View on SEC.govAbout this filing
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.
Jun 30, 2024 · Filed Aug 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
ALLOWANCE FOR CREDIT LOSSES ON LOANS OVERVIEW
The following table provides information regarding our ACL on loans for the periods indicated:
| At or For the Six Months Ended June 30, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| (Dollars in thousands) | ||||
| ACL on loans at the end of period | $51,219 | $46,408 | $4,811 | 10.4% |
| Credit quality ratios: | ||||
| ACL on loans to loans receivable | 1.13% | 1.09% | 0.04 | 3.7 |
| ACL on loans to nonaccrual loans | 1,338.71 | 1,002.33 | 336.38 | 33.6 |
| Net recoveries (charge-offs) | $46 | $(279) | $325 | (116.5) |
| Average balance of loans receivable, net during the period(1) | 4,359,592 | 4,092,769 | 266,823 | 6.5 |
| Net charge-offs on loans to average loans receivable, net(2) | —% | 0.01% | (0.01)% | 100.0% |
(1) Average balance of loans receivable, net includes loans held for sale.
(2) Annualized.
The ACL on loans increased $3.2 million, or 6.7%, to $51.2 million at June 30, 2024, compared to $48.0 million at December 31, 2023, due primarilytoan increase in loans receivable, net. The following table presents the ACL on loans by loan portfolio segment at the dates indicated:
| June 30, 2024 | December 31, 2023 | |||||
|---|---|---|---|---|---|---|
| ACL on Loans | ACL as a % of Loans in Loan Category | % of Loans in Loan Category toTotal Loans | ACL on Loans | ACL as a % of Loans in Loan Category | % of Loans in Loan Category toTotal Loans | |
| (Dollars in thousands) | ||||||
| Commercial business | $34,467 | 0.99% | 77.0% | $31,303 | 0.93% | 77.8% |
| Residential real estate | 3,735 | 0.90 | 9.1 | 3,473 | 0.93 | 8.7 |
| Real estate construction and land development | 10,818 | 2.36 | 10.2 | 10,876 | 2.62 | 9.5 |
| Consumer | 2,199 | 1.31 | 3.7 | 2,347 | 1.37 | 4.0 |
| Total ACL on loans | $51,219 | 1.13% | 100.0% | $47,999 | 1.11% | 100.0% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.