HERITAGE FINANCIAL CORP /WA/
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Nov 6, 2026
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INCOME TAX EXPENSE OVERVIEW
Income Tax Expense
Comparison of the three months ended September 30, 2026 to the comparable period in the prior year
The following table presents the income tax expense, and related metrics and the change for the periods indicated:
| Three Months EndedSeptember 30, | |||
|---|---|---|---|
| 2026 | 2025 | Change | |
| (Dollars in thousands) | |||
| Income before income taxes | $22,283 | $22,306 | $(23) |
| Income tax expense | $3,563 | $3,137 | $426 |
| Effective income tax rate | 16.0% | 14.1% | 1.9% |
Income tax expense increased due primarily to an increase in the effective tax rate during the three months ended September 30, 2026 compared to the same period in 2025.
Comparison of the nine months ended September 30, 2026 to the comparable period in the prior year.
The following table presents the income tax expense and related metrics and the change for the periods indicated:
| Nine Months EndedSeptember 30, · Change | |||
|---|---|---|---|
| 2026 | 2025 | $ | |
| (Dollars in thousands) | |||
| Income before income taxes | $65,404 | $52,924 | $12,480 |
| Income tax expense | $10,191 | $7,629 | $2,562 |
| Effective income tax rate | 15.6% | 14.4% | 1.2% |
Income tax expense and the effective income tax rate both increased due primarily to higher estimated pre-tax income during the nine months ended September 30, 2026, compared to the same period in 2025, which decreased the impact of favorable permanent tax items such as tax-exempt investments, investments in BOLI and LIHTC investments. The Company also recognized income tax expense of $515,000 related to the surrender of $8.5 million in BOLI policies during the nine months ended September 30, 2025.
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