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
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INCOME TAX EXPENSE OVERVIEW
Income Tax Expense
Comparison of the three months ended March 31, 2025 to the comparable period in the prior year
The following table presents the income tax expense, and related metrics and change for the periods indicated:
| Three Months EndedMarch 31, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| (Dollars in thousands) | |||
| Income before income taxes | $16,159 | $6,868 | $9,291 |
| Income tax expense | $2,248 | $1,120 | $1,128 |
| Effective income tax rate | 13.9% | 16.3% | (2.4)% |
Income tax expense increased due primarily to higher pre-tax income during the three months ended March 31, 2025 compared to the same period in 2024. The effective income tax rate decreased during the three months ended March 31, 2025 compared to the same period in 2024 due to an increase in favorable permanent tax items such as tax-exempt investments, investments in bank owned life insurance and investments in low-income housing tax credits as well as a decrease in unfavorable permanent stock-based compensation differences.
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