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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DEPOSITS OVERVIEW
The following table summarizes the Company's deposits at the dates indicated:
| September 30, 2024 · December 31, 2023 · Change | ||||||
|---|---|---|---|---|---|---|
| Balance | % of Total Deposits | Balance | % of Total Deposits | $ | % | |
| (Dollars in thousands) | ||||||
| Noninterest demand deposits | $1,682,219 | 29.5% | $1,715,847 | 30.6% | $(33,628) | (2.0)% |
| Interest bearing demand deposits | 1,489,316 | 26.1 | 1,608,745 | 28.7 | (119,429) | (7.4) |
| Money market accounts | 1,148,720 | 20.1 | 1,094,351 | 19.5 | 54,369 | 5.0 |
| Savings accounts | 442,677 | 7.8 | 487,956 | 8.7 | (45,279) | (9.3) |
| Total non-maturity deposits | 4,762,932 | 83.5 | 4,906,899 | 87.5 | (143,967) | (2.9) |
| Certificates of deposit | 945,560 | 16.5 | 692,973 | 12.5 | 252,587 | 36.4 |
| Total deposits | $5,708,492 | 100.0% | $5,599,872 | 100.0% | $108,620 | 1.9% |
Total deposits increased $108.6 million, or 1.9%, to $5.71 billion at September 30, 2024, compared to $5.60 billion at December 31, 2023. Certificates of deposit increased $252.6 million, or 36.4%, to $945.6 million from $693.0 million and money market accounts increased $54.4 million, or 5.0%, to $1.15 billion from $1.09 billion primarily due to transfers from lower yielding non-maturity deposit accounts as customers moved balances to higher yielding accounts.
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