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
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments224,973220,503108,378301,481103,590407,324
Cash and cash equivalents224,973220,503108,378301,481103,590407,324
Financing receivable, accrued interest, after allowance for credit loss 12,500    
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss2,3002,3002,300   
Total current assets:227,273235,303110,678301,481103,590407,324
Noncurrent Assets
Operating lease, right-of-use asset 23,600   22,700 
Property, plant and equipment74,89976,43679,40180,09476,93076,683
Intangible assets, net (including goodwill)245,732246,325246,920247,543248,166248,837
Goodwill240,939240,939240,939240,939240,939240,939
Intangible assets, net (excluding goodwill)4,7935,3865,9816,6047,2277,898
Investment, proportional amortization method, elected, amount206,800     
Total noncurrent assets:551,031322,761326,321327,637347,796325,520
Other undisclosed assets6,396,6536,592,5246,678,4116,607,6886,528,7146,467,468
TOTAL ASSETS:7,174,9577,150,5887,115,4107,236,8066,980,1007,200,312
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt500,000473,158488,21539,16146,59740,449
Total current liabilities:500,000473,158488,21539,16146,59740,449
Noncurrent Liabilities
Liabilities, other than long-term debt107,900   109,200 
Investment program, proportional amortization method, elected, commitment107,900   109,200 
Total noncurrent liabilities:107,900   109,200 
Other undisclosed liabilities5,713,7965,863,8845,807,4626,371,5636,026,4106,383,161
Total liabilities:6,321,6966,337,0426,295,6776,410,7246,182,2076,423,610
Equity
Equity, attributable to parent853,261813,546819,733826,082797,893776,702
Common stock549,748548,652550,103550,869552,397551,419
Accumulated other comprehensive loss(72,476)(112,628)(97,455)(82,797)(99,850)(105,001)
Retained earnings375,989377,522367,085358,010345,346330,284
Total equity:853,261813,546819,733826,082797,893776,702
TOTAL LIABILITIES AND EQUITY:7,174,9577,150,5887,115,4107,236,8066,980,1007,200,312

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

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Revenues74,29871,68470,17266,42865,80561,243
Net investment income74,26273,46770,07166,66566,02161,110
Cost of revenue(909)(210)(2,963)(1,825) (1,945)
Cost of goods and services sold(909)(1,088)(1,054)   
Provision for loan, lease, and other losses  878(1,909)(1,825) (1,945)
Gross profit:73,38971,47467,20964,60365,80559,298
Operating expenses(13,204)(10,746)(10,981)(11,893)(11,894)(10,973)
Operating income:60,18560,72856,22852,71053,91148,325
Nonoperating income654796952709565723
Bank owned life insurance income654734837709565723
Interest and debt expense (20,391)(17,849)(14,247)(6,823)(2,914)(1,824)
Income from continuing operations before equity method investments, income taxes:40,44843,67542,93346,59651,56247,224
Other undisclosed loss from continuing operations before income taxes(33,871)(21,878)(23,062)(21,926)(23,673)(21,577)
Income from continuing operations before income taxes:6,57721,79719,87124,67027,88925,647
Income tax expense(344)(3,578)(3,025)(4,213)(5,345)(4,657)
Income from continuing operations:6,23318,21916,84620,45722,54420,990
Income before gain (loss) on sale of properties:20,990
Net income available to common stockholders, diluted:6,23318,21916,84620,45722,54420,990

Comprehensive Income ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Net income:6,23318,21916,84620,45722,54420,990
Comprehensive income:6,23318,21916,84620,45722,54420,990
Other undisclosed comprehensive income (loss), net of tax, attributable to parent40,152(15,173)(14,658)17,0535,151(43,218)
Comprehensive income (loss), net of tax, attributable to parent:46,3853,0462,18837,51027,695(22,228)

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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