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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NONINTEREST INCOME OVERVIEW
Noninterest Income
Comparison of the three months ended March 31, 2025 to the comparable period in the prior year
The following table presents the change in the key components of noninterest income for the periods indicated:
| Three Months EndedMarch 31, · Change | ||||
|---|---|---|---|---|
| 2025 | 2024 | $ | % | |
| (Dollars in thousands) | ||||
| Service charges and other fees | $2,975 | $2,788 | $187 | 6.7% |
| Card revenue | 1,733 | 1,839 | (106) | (5.8) |
| Loss on sale of investment securities, net | (3,887) | (9,973) | 6,086 | (61.0) |
| Gain on sale of loans, net | — | 26 | (26) | (100.0) |
| Bank owned life insurance income | 918 | 920 | (2) | (0.2) |
| Gain on sale of other assets, net | 3 | — | 3 | 100.0 |
| Other income | 2,161 | 1,500 | 661 | 44.1 |
| Total noninterest income | $3,903 | $(2,900) | $6,803 | (234.6)% |
Noninterest income increased $6.8 million from the same period in 2024, due primarily to a smaller $3.9 million pre-tax loss on the sale of investment securities during the three months ended March 31, 2025, as compared to a $10.0 million pre-tax loss on the sale of investment securities recognized in the same period in 2024, both as part of the Company's strategic balance sheet repositioning efforts. Other income increased due to an increase in FHLB dividends received during the three months ended March 31, 2025, as compared to the same period in 2024.
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