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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NONINTEREST INCOME OVERVIEW
The following table presents the change in the key components of noninterest income for the periods indicated:
| Year Ended December 31, · Change | ||||
|---|---|---|---|---|
| 2025 | 2024 | $ | % | |
| (Dollars in thousands) | ||||
| Service charges and other fees | $12,005 | $11,285 | $720 | 6.4% |
| Card revenue | 7,742 | 7,752 | (10) | (0.1) |
| Loss on sale of investment securities, net | (10,741) | (22,742) | 12,001 | (52.8) |
| Gain on sale of loans, net | — | 26 | (26) | (100.0) |
| Interest rate swap fees | 496 | 409 | 87 | 21.3 |
| BOLI income | 4,378 | 2,967 | 1,411 | 47.6 |
| Gain on sale of other assets, net | 8 | 1,552 | (1,544) | (99.5) |
| Other income | 7,844 | 6,224 | 1,620 | 26.0 |
| Total noninterest income | $21,732 | $7,473 | $14,259 | 190.8% |
Noninterest income increased $14.3 million, or 190.8%, during the year ended December 31, 2025 compared to the same period in 2024. This increase was primarily driven by a lower pre-tax loss of $10.7 million incurred on the sale of investment securities available for sale during the year ended December 31, 2025, compared to a pre-tax loss of $22.7 million incurred during the same period in 2024. The loss on the sale of investment securities in 2025 was a consequence of strategically repositioning the Company's investment portfolio, involving the sale of $152.4 million in investment securities, with the aim of enhancing future earnings. BOLI income increased $1.4 million due primarily to an increase in revenue earned as a result of restructuring the BOLI portfolio which occurred at the end of 2024. Service charge income increased $720,000 due primarily to an increase in service charges on business deposit accounts. Other income increased primarily due to an increase in wealth management income, FHLB dividends received and merchant VISA fee income.
These increases were partially offset by a decrease in the gain on sale of other assets, net due to a $1.5 million gain on the sale of an administrative building recognized during the year ended December 31, 2024.
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