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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OTHER BORROWINGS
(10)Other Borrowings
(a) FHLB
At year end, advances from the FHLB were as follows:
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Amount | Amount | |
| (Dollars in thousands) | ||
| Matures in 2025, fixed rate at rates from 4.51% to 5.16%, averaging 4.69% | $348,000 | $— |
| Matures in 2025, floating rate at 4.62% | 35,000 | — |
| Total | $383,000 | $— |
The FHLB functions as a member-owned cooperative providing credit for member financial institutions. Advances are made pursuant to several different programs. Each credit program has its own interest rate and range of maturities. Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. Limitations on the amount of advances are based on a percentage of the Bank's assets or on the FHLB’s assessment of the institution’s creditworthiness. The advances are collateralized by $1,359 million and $1,418 million of loans under a blanket lien arrangement at December 31, 2024 and December 31, 2023 At December 31, 2024, the Bank maintained a credit facility with the FHLB with available borrowing capacity of $976.3 million.
Advances from the FHLB may be collateralized by FHLB stock owned by the Bank, deposits at the FHLB, certain commercial and residential real estate loans, investment securities or other assets. In accordance with the pledge agreement, the Company must maintain unencumbered collateral in an amount equal to varying percentages ranging from 100% to 160% of outstanding advances depending on the type of collateral.
(b) FRB
The Bank maintains a credit facility with the FRB through the Discount Window with available borrowing capacity of $360.1 million as of December 31, 2024. The Bank hadno FRB borrowings outstanding at December 31, 2024. The Bank had $500.0 million of FRB borrowings outstanding at December 31, 2023 through the BTFP, which is no longer available. Any advances on the credit facility would be secured by either investment securities or certain types of the Bank's loans receivable.
(c) Federal Funds Purchased
The Bank maintains advance lines with four correspondent banks to purchase federal funds totaling $145.0 million as of December 31, 2024. The lines generally mature annually or renewed annually. As of December 31, 2024 and December 31, 2023, there wereno federal funds purchased.
(d) Related Party Borrowings
The Company didnot have any borrowings from related parties as of December 31, 2024 or December 31, 2023.
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