HERITAGE FINANCIAL CORP /WA/
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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INCOME TAX EXPENSE OVERVIEW
The following table presents the income tax expense and related metrics and the change for the periods indicated:
| Year Ended December 31, · 2025 Compared to 2024Change | ||||
|---|---|---|---|---|
| 2025 | 2024 | $ | % | |
| (Dollars in thousands) | ||||
| Income before income taxes | $78,603 | $52,259 | $26,344 | 50.4% |
| Income tax expense | $11,071 | $9,001 | $2,070 | 23.0% |
| Effective income tax rate | 14.1% | 17.2% | (3.1)% | (18.0)% |
Income tax expense increased during the year ended December 31, 2025 due primarily to higher pre-tax income. The Company also incurred additional tax expense of $2.4 million related to the surrender of certain BOLI policies as part of a BOLI restructuring in the fourth quarter of 2024. The effective income tax rate decreased during the year ended December 31, 2025 due primarily to the additional tax expense related to the previously discussed surrender of BOLI policies recognized in the prior year.
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