Heritage Financial Corporation (HFWA) Financial Statements (2024 and earlier)

Company Profile

Business Address 201 FIFTH AVENUE S.W.
OLYMPIA, WA 98501
State of Incorp. WA
Fiscal Year End December 31
Industry (SIC) 6036 - Savings Institutions, Not Federally Chartered (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments224,973103,5901,723,292743,322228,568161,910
Cash and cash equivalents224,973103,5901,723,292743,322228,568161,910
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss 2,300   
Total current assets:227,273103,5901,723,292743,322228,568161,910
Noncurrent Assets
Operating lease, right-of-use asset 23,60022,70027,60018,000 
Property, plant and equipment74,89976,93079,37085,45287,88881,100
Intangible assets, net (including goodwill)245,732248,166250,916254,027257,552261,553
Goodwill240,939240,939240,939240,939240,939240,939
Intangible assets, net (excluding goodwill)4,7937,2279,97713,08816,61320,614
Investment, proportional amortization method, elected, amount206,800     
Total noncurrent assets:551,031347,796357,886357,479345,440342,653
Other undisclosed assets6,396,6536,528,7145,351,2345,514,5174,978,9624,812,364
TOTAL ASSETS:7,174,9576,980,1007,432,4126,615,3185,552,9705,316,927
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt500,00046,59750,83935,68320,16931,487
Total current liabilities:500,00046,59750,83935,68320,16931,487
Noncurrent Liabilities
Liabilities, other than long-term debt107,900109,20041,50053,80050,70031,500
Investment program, proportional amortization method, elected, commitment107,900109,20041,50053,80050,70031,500
Total noncurrent liabilities:107,900109,20041,50053,80050,70031,500
Other undisclosed liabilities5,713,7966,026,4106,485,6415,705,3964,672,7904,493,217
Total liabilities:6,321,6966,182,2076,577,9805,794,8794,743,6594,556,204
Equity
Equity, attributable to parent853,261797,893854,432820,439809,311760,723
Common stock549,748552,397551,798571,021586,459591,806
Accumulated other comprehensive income (loss)(72,476)(99,850)9,39625,01810,378(7,455)
Retained earnings375,989345,346293,238224,400212,474176,372
Total equity:853,261797,893854,432820,439809,311760,723
TOTAL LIABILITIES AND EQUITY:7,174,9576,980,1007,432,4126,615,3185,552,9705,316,927

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues284,808227,834216,504220,882220,604202,118
Net investment income284,465227,457212,831214,320217,850199,359
Cost of revenue(4,059) (27,298)(36,106)(4,311)(5,129)
Cost of goods and services sold(4,059)     
Provision for loan, lease, and other losses  (27,298)(36,106)(4,311) 
Financial services costs(5,129)
Gross profit:280,749227,834189,206184,776216,293196,989
Operating expenses(45,816)(44,320)(43,470)(44,606)(43,340)(133,214)
Operating income:234,933183,514145,736140,170172,95363,775
Nonoperating income3,1643,7472,5204,319  
Bank owned life insurance income2,9343,7472,5204,319  
Interest and debt expense(59,310)(8,072)(7,042)(13,323)(18,168)(12,413)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes    (77,986)(73,740)12,725
Income from continuing operations before equity method investments, income taxes:178,787179,189141,21453,18081,04564,087
Other undisclosed loss from continuing operations before income taxes(105,872)(79,753)(20,707)   
Income from continuing operations before income taxes:72,91599,436120,50753,18081,04564,087
Income tax expense(11,160)(17,561)(22,472)(6,610)(13,488)(11,030)
Income from continuing operations:61,75581,87598,03546,57067,55753,057
Income before gain (loss) on sale of properties:98,03546,57067,55753,057
Net income available to common stockholders, diluted:61,75581,87598,03546,57067,55753,057

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:61,75581,87598,03546,57067,55753,057
Comprehensive income:61,75581,87598,03546,57067,55753,057
Other undisclosed comprehensive income (loss), net of tax, attributable to parent27,374(109,246)(15,622)14,64017,833(6,064)
Comprehensive income (loss), net of tax, attributable to parent:89,129(27,371)82,41361,21085,39046,993

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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