HERITAGE FINANCIAL CORP WA
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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DERIVATIVE FINANCIAL INSTRUMENTS
(7)Derivative Financial Instruments
The following table presents the notional amounts and estimated fair values of derivatives at the dates indicated:
| December 31, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| Notional Amounts | Estimated Fair Value | Notional Amounts | Estimated Fair Value | |
| (Dollars in thousands) | ||||
| Non-hedging interest rate derivatives: | ||||
| Interest rate swap asset (1) | $299,236 | $23,867 | $291,740 | $23,195 |
| Interest rate swap liability (1) | 299,236 | (23,867) | 291,740 | (23,195) |
(1) The estimated fair value of derivatives with customers was $(22.7) million and $(22.5) million as of December 31, 2024 and December 31, 2023, respectively. The estimated fair value of derivatives with third-parties was $22.7 million and $22.5 million as of December 31, 2024 and December 31, 2023, respectively.
Generally, the gains and losses of the interest rate derivatives offset each other due to the back-to-back nature of the contracts. However, the settlement values of the Company's net derivative assets with customers hadno change as of December 31, 2024 and December 31, 2023 and increased $66,000 as of December 31, 2022 due to the change in the credit valuation adjustment.
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