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
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INCOME TAXES
(10)Income Taxes
The following table presents the reconciliation of income taxes computed at the federal statutory income tax rate of 21% to the actual effective rate for the periods indicated:
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (Dollars in thousands) | ||||
| Income tax expense at Federal statutory rate | $4,684 | $2,744 | $11,114 | $7,545 |
| State tax, net of Federal tax benefit | 227 | 118 | 539 | 326 |
| Tax-exempt instruments | (240) | (240) | (821) | (710) |
| BOLI surrender | — | — | 515 | — |
| Federal tax credits and other benefits (1) | (1,182) | (991) | (3,540) | (2,975) |
| Effects of BOLI | (198) | (168) | (635) | (534) |
| Restricted stock unit excess (benefit) liability | (6) | — | (61) | 267 |
| Other, net | (148) | 180 | 518 | 680 |
| Income tax expense | $3,137 | $1,643 | $7,629 | $4,599 |
(1) Federal tax credits are provided for under the Solar Tax Credit and LIHTC programs.
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