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
Extracted filing text, with the paragraph anchors used by the comparison.
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FINANCIAL CONDITION OVERVIEW
The table below provides a comparison of the changes in the Company's financial condition at the periods indicated:
| June 30,2024 · December 31,2023 · Change | ||||
|---|---|---|---|---|
| $ · % | ||||
| (Dollars in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $113,757 | $224,973 | $(111,216) | (49.4)% |
| Investment securities available for sale, at fair value, net | 931,248 | 1,134,353 | (203,105) | (17.9) |
| Investment securities held to maturity, at amortized cost, net | 727,342 | 739,442 | (12,100) | (1.6) |
| Loans receivable, net | 4,481,396 | 4,287,628 | 193,768 | 4.5 |
| Premises and equipment, net | 73,218 | 74,899 | (1,681) | (2.2) |
| Federal Home Loan Bank stock, at cost | 22,303 | 4,186 | 18,117 | 432.8 |
| Bank owned life insurance | 126,420 | 125,655 | 765 | 0.6 |
| Accrued interest receivable | 19,855 | 19,518 | 337 | 1.7 |
| Prepaid expenses and other assets | 319,428 | 318,571 | 857 | 0.3 |
| Other intangible assets, net | 3,951 | 4,793 | (842) | (17.6) |
| Goodwill | 240,939 | 240,939 | — | — |
| Total assets | $7,059,857 | $7,174,957 | $(115,100) | (1.6)% |
| Liabilities and Stockholders' Equity | ||||
| Total deposits | $5,515,652 | $5,599,872 | $(84,220) | (1.5)% |
| Borrowings | 500,000 | 500,000 | — | — |
| June 30,2024 · December 31,2023 · Change | ||||
|---|---|---|---|---|
| $ · % | ||||
| Junior subordinated debentures | 21,912 | 21,765 | 147 | 0.7 |
| Accrued expenses and other liabilities | 171,786 | 200,059 | (28,273) | (14.1) |
| Total liabilities | 6,209,350 | 6,321,696 | (112,346) | (1.8) |
| Common stock | 541,294 | 549,748 | (8,454) | (1.5) |
| Retained earnings | 379,714 | 375,989 | 3,725 | 1.0 |
| Accumulated other comprehensive loss, net | (70,501) | (72,476) | 1,975 | 2.7 |
| Total stockholders' equity | 850,507 | 853,261 | (2,754) | (0.3) |
| Total liabilities and stockholders' equity | $7,059,857 | $7,174,957 | $(115,100) | (1.6)% |
Total assets decreased due primarily to sales of investment securities available for sale as part of the strategic balance sheet repositioning discussed above, and a decline in cash and cash equivalents. The decrease was offset partially by an increase in loans receivable, net due to loan growth. Total liabilities and stockholders' equity decreased due primarily to a decrease in deposits.
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