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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Item 2. Results of Operations
Net Income
Net income increased $8.2 million, or 142.0%, to $13.9 million, or $0.40 per diluted common share, for the three months ended March 31, 2025, compared to $5.7 million, or $0.16 per diluted common share, for the same period in 2024.
The increase in net income was primarily due to a reduction in a pre-tax loss of $3.9 million on the sale of investment securities in connection with management's strategic repositioning of the Company's balance sheet during the three months ended March
31, 2025, compared to a pre-tax loss of $10.0 million on the sale of investment securities recognized during the same period in 2024. Net income also improved because of an increase in interest income of $3.0 million due to increased yields earned on interest earning assets as a result of higher market interest rates.
The increases in certain components of net income were partially offset by a $0.9 million increase in interest expense from higher funding costs and a $1.0 million increase in noninterest expense.
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