HERITAGE FINANCIAL CORP /WA/
For the period ended Mar 31, 2025. Filed May 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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FINANCIAL CONDITION OVERVIEW
Financial Condition
The following table provides a comparison of the changes in the Company's financial condition at the periods indicated:
| March 31,2025 · December 31,2024 · Change | ||||
|---|---|---|---|---|
| $ · % | ||||
| (Dollars in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $248,660 | $117,100 | $131,560 | 112.3% |
| Investment securities available for sale, at fair value, net | 716,342 | 764,394 | (48,052) | (6.3) |
| Investment securities held to maturity, at amortized cost, net | 697,561 | 703,285 | (5,724) | (0.8) |
| Loans receivable, net | 4,712,688 | 4,749,655 | (36,967) | (0.8) |
| Premises and equipment, net | 71,079 | 71,580 | (501) | (0.7) |
| Federal Home Loan Bank stock, at cost | 16,160 | 21,538 | (5,378) | (25.0) |
| Bank owned life insurance | 112,656 | 111,699 | 957 | 0.9 |
| Accrued interest receivable | 19,651 | 19,483 | 168 | 0.9 |
| Prepaid expenses and other assets | 291,276 | 303,452 | (12,176) | (4.0) |
| March 31,2025 · December 31,2024 · Change | ||||
|---|---|---|---|---|
| $ · % | ||||
| Other intangible assets, net | 2,850 | 3,153 | (303) | (9.6) |
| Goodwill | 240,939 | 240,939 | — | — |
| Total assets | $7,129,862 | $7,106,278 | $23,584 | 0.3% |
| Liabilities and Stockholders' Equity | ||||
| Total deposits | $5,845,335 | $5,684,613 | $160,722 | 2.8% |
| Borrowings | 264,400 | 383,000 | (118,600) | (31.0) |
| Junior subordinated debentures | 22,131 | 22,058 | 73 | 0.3 |
| Accrued expenses and other liabilities | 116,481 | 153,080 | (36,599) | (23.9) |
| Total liabilities | 6,248,347 | 6,242,751 | 5,596 | 0.1 |
| Common stock | 532,124 | 531,674 | 450 | 0.1 |
| Retained earnings | 392,737 | 387,097 | 5,640 | 1.5 |
| Accumulated other comprehensive loss, net | (43,346) | (55,244) | 11,898 | 21.5 |
| Total stockholders' equity | 881,515 | 863,527 | 17,988 | 2.1 |
| Total liabilities and stockholders' equity | $7,129,862 | $7,106,278 | $23,584 | 0.3% |
Total assets increased due to an increase in cash and cash equivalents, offset partially by a decrease in investment securities available for sale, due to sales of investment securities as part of the Company's strategic balance sheet repositioning efforts discussed above, and a decline in loans receivable. Total liabilities and stockholders' equity increased due primarily to an increase in deposits and an increase in stockholders' equity due to primarily a decline in accumulated other comprehensive loss, net, offset partially by a decrease in borrowings and accrued expenses and other liabilities.
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