HERITAGE FINANCIAL CORP WA
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 27, 2025
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INCOME TAX EXPENSE OVERVIEW
The following table presents the income tax expense and related metrics and the change for the periods indicated:
| Year Ended December 31, · 2024 Compared to 2023Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| (Dollars in thousands) | ||||
| Income before income taxes | $52,259 | $72,915 | $(20,656) | (28.3)% |
| Income tax expense | $9,001 | $11,160 | $(2,159) | (19.3)% |
| Effective income tax rate | 17.2% | 15.3% | 1.9% | 12.4% |
Income tax expense decreased during the year ended December 31, 2024 primarily due to lower pre-tax income. This decrease was partially offset by additional tax expense of $2.4 million related to the surrender of certain BOLI policies as part of a BOLI restructuring which occurred in the fourth quarter of 2024. The effective income tax rate increased due primarily to the additional tax expense related to the surrender of BOLI policies.
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