HERITAGE FINANCIAL CORP WA
For the period ended Jun 30, 2024. Filed Aug 9, 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.
Jun 30, 2024 · Filed Aug 9, 2024
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DEPOSITS OVERVIEW
The following table summarizes the Company's deposits at the dates indicated:
| June 30, 2024 · December 31, 2023 · Change | ||||||
|---|---|---|---|---|---|---|
| Balance | % of Total Deposits | Balance | % of Total Deposits | $ | % | |
| (Dollars in thousands) | ||||||
| Noninterest demand deposits | $1,599,367 | 29.0% | $1,715,847 | 30.7% | $(116,480) | (6.8)% |
| Interest bearing demand deposits | 1,487,670 | 27.0 | 1,608,745 | 28.7 | (121,075) | (7.5) |
| Money market accounts | 1,098,821 | 19.9 | 1,094,351 | 19.5 | 4,470 | 0.4 |
| Savings accounts | 446,583 | 8.1 | 487,956 | 8.7 | (41,373) | (8.5) |
| Total non-maturity deposits | 4,632,441 | 84.0 | 4,906,899 | 87.6 | (274,458) | (5.6) |
| Certificates of deposit | 883,211 | 16.0 | 692,973 | 12.4 | 190,238 | 27.5 |
| Total deposits | $5,515,652 | 100.0% | $5,599,872 | 100.0% | $(84,220) | (1.5)% |
Total deposits decreased $84.2 million, or 1.5%, to $5.52 billion at June 30, 2024, compared to $5.60 billion at December 31, 2023. Certificates of deposit increased $190.2 million, or 27.5%, to $883.2 million at June 30, 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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