HERITAGE FINANCIAL CORP WA
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
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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 Nine Months Ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| (Dollars in thousands) | |||
| ACL on loans at the end of period | $51,391 | $46,947 | $4,444 |
| Credit quality ratios: | |||
| ACL on loans to loans receivable | 1.10% | 1.10% | —% |
| ACL on loans to nonaccrual loans | 1,194.86 | 1,531.71 | (336.85) |
| Net charge-offs (recoveries) | $2,487 | $(895) | $3,382 |
| Average balance of loans receivable, net during the period(1) | 4,425,234 | 4,129,429 | 295,805 |
| Net charge-offs (recoveries) on loans to average loans receivable, net(2) | 0.08% | (0.03)% | 0.11% |
(1) Average balance of loans receivable, net includes loans held for sale.
(2) Annualized.
The ACL on loans increased $3.4 million, or 7.1%, to $51.4 million at September 30, 2024, compared to $48.0 million at December 31, 2023, due primarilytoan increase in loans receivable, net and the change in mix of loans. The following table presents the ACL on loans by loan portfolio segment at the dates indicated:
| September 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 | $37,167 | 1.02% | 78.0% | $31,303 | 0.93% | 77.8% |
| Residential real estate | 3,604 | 0.88 | 8.7 | 3,473 | 0.93 | 8.7 |
| Real estate construction and land development | 8,465 | 1.85 | 9.8 | 10,876 | 2.62 | 9.5 |
| Consumer | 2,155 | 1.30 | 3.5 | 2,347 | 1.37 | 4.0 |
| Total ACL on loans | $51,391 | 1.10% | 100.0% | $47,999 | 1.11% | 100.0% |
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