HERITAGE FINANCIAL CORP /WA/
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 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:
| September 30,2025 · December 31,2024 · Change | ||||
|---|---|---|---|---|
| $ · % | ||||
| (Dollars in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $245,491 | $117,100 | $128,391 | 109.6% |
| Investment securities available for sale, at fair value, net | 631,231 | 764,394 | (133,163) | (17.4) |
| Investment securities held to maturity, at amortized cost, net | 681,626 | 703,285 | (21,659) | (3.1) |
| Loans receivable, net | 4,715,186 | 4,749,655 | (34,469) | (0.7) |
| Premises and equipment, net | 70,382 | 71,580 | (1,198) | (1.7) |
| Federal Home Loan Bank stock, at cost | 10,473 | 21,538 | (11,065) | (51.4) |
| Bank owned life insurance | 105,464 | 111,699 | (6,235) | (5.6) |
| Accrued interest receivable | 19,146 | 19,483 | (337) | (1.7) |
| Prepaid expenses and other assets | 289,677 | 303,452 | (13,775) | (4.5) |
| Other intangible assets, net | 2,264 | 3,153 | (889) | (28.2) |
| Goodwill | 240,939 | 240,939 | — | — |
| Total assets | $7,011,879 | $7,106,278 | $(94,399) | (1.3)% |
| September 30,2025 · December 31,2024 · Change | ||||
|---|---|---|---|---|
| $ · % | ||||
| Liabilities and Stockholders' Equity | ||||
| Total deposits | $5,857,464 | $5,684,613 | $172,851 | 3.0% |
| Borrowings | 138,000 | 383,000 | (245,000) | (64.0) |
| Junior subordinated debentures | 22,277 | 22,058 | 219 | 1.0 |
| Accrued expenses and other liabilities | 90,074 | 153,080 | (63,006) | (41.2) |
| Total liabilities | 6,107,815 | 6,242,751 | (134,936) | (2.2) |
| Common stock | 529,949 | 531,674 | (1,725) | (0.3) |
| Retained earnings | 407,561 | 387,097 | 20,464 | 5.3 |
| Accumulated other comprehensive loss, net | (33,446) | (55,244) | 21,798 | 39.5 |
| Total stockholders' equity | 904,064 | 863,527 | 40,537 | 4.7 |
| Total liabilities and stockholders' equity | $7,011,879 | $7,106,278 | $(94,399) | (1.3)% |
Total assets decreased during the nine months ended September 30, 2025 due to a decrease in investment securities available for sale, resulting from sales of investment securities as part of the Company's strategic balance sheet repositioning efforts discussed above, and a decline in loans receivable, offset partially by an increase in cash and cash equivalents. Total liabilities and stockholders' equity decreased during the period due primarily to a decrease in borrowings and accrued expenses and other liabilities, offset partially by an increase in deposits and an increase in stockholders' equity due primarily to a decline in accumulated other comprehensive loss, net.
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