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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FINANCIAL CONDITION OVERVIEW
The table below provides a comparison of changes in key components of the Company's financial condition for the periods indicated:
| December 31, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| (Dollars in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $117,100 | $224,973 | $(107,873) | (47.9)% |
| Investment securities available for sale, at fair value, net | 764,394 | 1,134,353 | (369,959) | (32.6) |
| Investment securities held to maturity, at amortized cost, net | 703,285 | 739,442 | (36,157) | (4.9) |
| Loans receivable, net | 4,749,655 | 4,287,628 | 462,027 | 10.8 |
| Premises and equipment, net | 71,580 | 74,899 | (3,319) | (4.4) |
| Federal Home Loan Bank stock, at cost | 21,538 | 4,186 | 17,352 | 414.5 |
| Bank owned life insurance | 111,699 | 125,655 | (13,956) | (11.1) |
| Accrued interest receivable | 19,483 | 19,518 | (35) | (0.2) |
| Prepaid expenses and other assets | 303,452 | 318,571 | (15,119) | (4.7) |
| Other intangible assets, net | 3,153 | 4,793 | (1,640) | (34.2) |
| Goodwill | 240,939 | 240,939 | — | — |
| Total assets | $7,106,278 | $7,174,957 | $(68,679) | (1.0)% |
| Liabilities and Stockholders' Equity | ||||
| Total deposits | 5,684,613 | 5,599,872 | $84,741 | 1.5 |
| Borrowings | 383,000 | 500,000 | (117,000) | (23.4) |
| Junior subordinated debentures | 22,058 | 21,765 | 293 | 1.3 |
| Accrued expenses and other liabilities | 153,080 | 200,059 | (46,979) | (23.5) |
| Total liabilities | 6,242,751 | 6,321,696 | (78,945) | (1.2) |
| December 31, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| Common stock | 531,674 | 549,748 | (18,074) | (3.3) |
| Retained earnings | 387,097 | 375,989 | 11,108 | 3.0 |
| Accumulated other comprehensive loss, net | (55,244) | (72,476) | 17,232 | (23.8) |
| Total stockholders' equity | 863,527 | 853,261 | 10,266 | 1.2 |
| Total liabilities and stockholders' equity | $7,106,278 | $7,174,957 | $(68,679) | (1.0)% |
Total assets decreased due primarily to decreases in investment securities and cash and cash equivalents offset partially by an increase in loans receivable. Total liabilities decreased due primarily to a decrease in borrowings and accrued expenses and other liabilities offset partially by an increase in deposits. Total stockholders' equity increased due primarily to net income as well as an increase in AOCI as a result of a decrease in other comprehensive income (loss), net of tax, which was positively impacted by the fair value of our investment securities available for sale as well as the sale of securities at a loss. The changes are discussed in more detail in the sections below.
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