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.
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INCOME TAX EXPENSE OVERVIEW
Comparison of the three months ended September 30, 2024 to the comparable period in the prior year
The following table presents the income tax expense, and related metrics and change for the periods indicated:
| Three Months EndedSeptember 30, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| (Dollars in thousands) | ||||
| Income before income taxes | $13,066 | $21,797 | $(8,731) | (40.1)% |
| Income tax expense | $1,643 | $3,578 | $(1,935) | (54.1)% |
| Effective income tax rate | 12.6% | 16.4% | (3.8)% | (23.2)% |
Income tax expense and the effective income tax rate both decreased due primarily to lower estimated pre-tax income, which increased the impact of favorable permanent tax items such as tax-exempt investments, investments in BOLI and LIHTC investments during the three months ended September 30, 2024 compared to the same period in 2023.
Comparison of the nine months ended September 30, 2024 to the comparable period in the prior year.
The following table presents the income tax expense and related metrics and the change for the periods indicated:
| Nine Months EndedSeptember 30, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| (Dollars in thousands) | ||||
| Income before income taxes | $35,929 | $66,338 | $(30,409) | (45.8)% |
| Income tax expense | $4,599 | $10,816 | $(6,217) | (57.5)% |
| Effective income tax rate | 12.8% | 16.3% | (3.5)% | (21.5)% |
Income tax expense and the effective income tax rate both decreased due primarily to lower estimated pre-tax income during the nine months ended September 30, 2024 compared to the same period in 2023 which increased the impact of favorable permanent tax items such as tax-exempt investments, investments in BOLI and LIHTC investments.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.