HERITAGE FINANCIAL CORP WA
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
FINANCIAL CONDITION OVERVIEW
The following table provides a comparison of the changes in the Company's financial condition at the periods indicated:
| September 30,2024 · December 31,2023 · Change | ||||
|---|---|---|---|---|
| $ · % | ||||
| (Dollars in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $175,572 | $224,973 | $(49,401) | (22.0)% |
| Investment securities available for sale, at fair value, net | 852,779 | 1,134,353 | (281,574) | (24.8) |
| Investment securities held to maturity, at amortized cost, net | 719,400 | 739,442 | (20,042) | (2.7) |
| Loans receivable, net | 4,628,088 | 4,287,628 | 340,460 | 7.9 |
| Premises and equipment, net | 72,500 | 74,899 | (2,399) | (3.2) |
| Federal Home Loan Bank stock, at cost | 16,993 | 4,186 | 12,807 | 305.9 |
| Bank owned life insurance | 127,248 | 125,655 | 1,593 | 1.3 |
| Accrued interest receivable | 20,102 | 19,518 | 584 | 3.0 |
| Prepaid expenses and other assets | 296,190 | 318,571 | (22,381) | (7.0) |
| Other intangible assets, net | 3,552 | 4,793 | (1,241) | (25.9) |
| Goodwill | 240,939 | 240,939 | — | — |
| Total assets | $7,153,363 | $7,174,957 | $(21,594) | (0.3)% |
| Liabilities and Stockholders' Equity | ||||
| Total deposits | $5,708,492 | $5,599,872 | $108,620 | 1.9% |
| Borrowings | 382,000 | 500,000 | (118,000) | (23.6) |
| Junior subordinated debentures | 21,985 | 21,765 | 220 | 1.0 |
| Accrued expenses and other liabilities | 166,372 | 200,059 | (33,687) | (16.8) |
| Total liabilities | 6,278,849 | 6,321,696 | (42,847) | (0.7) |
| Common stock | 534,917 | 549,748 | (14,831) | (2.7) |
| Retained earnings | 383,127 | 375,989 | 7,138 | 1.9 |
| Accumulated other comprehensive loss, net | (43,530) | (72,476) | 28,946 | 39.9 |
| Total stockholders' equity | 874,514 | 853,261 | 21,253 | 2.5 |
| Total liabilities and stockholders' equity | $7,153,363 | $7,174,957 | $(21,594) | (0.3)% |
Total assets decreased due primarily to sales of investment securities available for sale as part of the Company's 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 borrowings, accrued expenses and other liabilities, offset partially by an increase in deposits due to deposit growth and an increase in stockholders' equity due to a decline in accumulated other comprehensive loss, net.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.