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
HFWA$28.64+0.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
FORM 10-K
December 31, 2024
TABLE OF CONTENTS
| Page | |||
|---|---|---|---|
| GLOSSARY OF ACRONYMS, ABBREVIATIONS AND TERMS | 4 | ||
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 5 | ||
| PART I | |||
| ITEM 1. | BUSINESS | 6 | |
| ITEM 1A. | RISK FACTORS | 19 | |
| ITEM 1B. | UNRESOLVED STAFF COMMENTS | 30 | |
| ITEM 1C | CYBERSECURITY | 30 | |
| ITEM 2. | PROPERTIES | 32 | |
| ITEM 3. | LEGAL PROCEEDINGS | 32 | |
| ITEM 4. | MINE SAFETY DISCLOSURES | 32 | |
| PART II | |||
| ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 32 | |
| ITEM 6. | [RESERVED] | 33 | |
| ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 34 | |
| OVERVIEW | 34 | ||
| RESULTS OF OPERATIONS | 34 | ||
| NET INTEREST INCOME AND MARGIN OVERVIEW | 35 | ||
| PROVISION FOR CREDIT LOSSES OVERVIEW | 37 | ||
| NONINTEREST INCOME OVERVIEW | 38 | ||
| NONINTEREST EXPENSE OVERVIEW | 38 | ||
| INCOME TAX EXPENSE OVERVIEW | 39 | ||
| FINANCIAL CONDITION OVERVIEW | 39 | ||
| INVESTMENT ACTIVITIES OVERVIEW | 40 | ||
| LOAN PORTFOLIO OVERVIEW | 41 | ||
| ALLOWANCE FOR CREDIT LOSSES ON LOANS OVERVIEW | 44 | ||
| DEPOSITS OVERVIEW | 46 | ||
| STOCKHOLDERS' EQUITY OVERVIEW | 46 | ||
| LIQUIDITY AND CAPITAL RESOURCES | 47 | ||
| CRITICAL ACCOUNTING ESTIMATES | 48 | ||
| ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 49 | |
| ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 52 | |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 173) | 52 | ||
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION—DECEMBER 31, 2024 AND DECEMBER 31, 2023 | 54 | ||
| CONSOLIDATED STATEMENTS OF INCOME—FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 | 55 | ||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)—FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 | 56 | ||
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY—FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 | 57 | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS—FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 | 58 | ||
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 60 | ||
| NOTE 1. | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 60 | |
| NOTE 2. | INVESTMENT SECURITIES | 68 | |
| NOTE 3. | LOANS RECEIVABLE | 71 | |
| NOTE 4. | ALLOWANCE FOR CREDIT LOSSES ON LOANS | 82 | |
| NOTE 5. | PREMISES AND EQUIPMENT | 84 | |
| NOTE 6. | GOODWILL AND OTHER INTANGIBLE ASSETS | 84 | |
| NOTE 7. | DERIVATIVE FINANCIAL INSTRUMENTS | 85 | |
| NOTE 8. | DEPOSITS | 85 | |
| NOTE 9. | JUNIOR SUBORDINATED DEBENTURES | 85 | |
| NOTE 10. | OTHER BORROWINGS | 86 | |
| NOTE 11. | LEASES | 86 | |
| NOTE 12. | EMPLOYEE BENEFIT PLANS | 87 | |
| NOTE 13. | STOCKHOLDERS’ EQUITY | 88 | |
| NOTE 14. | FAIR VALUE MEASUREMENTS | 89 | |
| NOTE 15. | STOCK-BASED COMPENSATION | 93 | |
| NOTE 16. | INVESTMENTS IN TAX CREDIT STRUCTURES | 94 | |
| NOTE 17. | INCOME TAXES | 95 | |
| NOTE 18. | COMMITMENTS AND CONTINGENCIES | 96 | |
| NOTE 19. | REGULATORY CAPITAL REQUIREMENTS | 97 | |
| NOTE 20. | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) | 98 | |
| NOTE 21. | SEGMENT INFORMATION | 99 | |
| ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | 101 | |
|---|---|---|---|
| ITEM 9A. | CONTROLS AND PROCEDURES | 101 | |
| ITEM 9B. | OTHER INFORMATION | 101 | |
| ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 101 | |
| PART III | |||
| ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 101 | |
| ITEM 11. | EXECUTIVE COMPENSATION | 102 | |
| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 102 | |
| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | 102 | |
| ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | 102 | |
| PART IV | |||
| ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | 102 | |
| SIGNATURES | 105 | ||
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