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)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments103,5901,723,292743,322228,568161,910103,015
Cash and cash equivalents103,5901,723,292743,322228,568161,910103,015
Financing receivable, accrued interest, after allowance for credit loss   
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss   
Total current assets:103,5901,723,292743,322228,568161,910103,015
Noncurrent Assets
Operating lease, right-of-use asset 22,70027,60018,000 
Property, plant and equipment76,93079,37085,45287,88881,10060,325
Intangible assets, net (including goodwill)248,166250,916254,027257,552261,553125,117
Goodwill240,939240,939240,939240,939240,939119,029
Intangible assets, net (excluding goodwill)7,2279,97713,08816,61320,6146,088
Total noncurrent assets:347,796357,886357,479345,440342,653185,442
Other undisclosed assets6,528,7145,351,2345,514,5174,978,9624,812,3643,824,813
TOTAL ASSETS:6,980,1007,432,4126,615,3185,552,9705,316,9274,113,270
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt46,59750,83935,68320,16931,48731,821
Total current liabilities:46,59750,83935,68320,16931,48731,821
Noncurrent Liabilities
Liabilities, other than long-term debt 109,20041,50053,80050,70031,50039,800
Qualified affordable housing project investments, commitment 109,20041,50053,80050,70031,50039,800
Total noncurrent liabilities: 109,20041,50053,80050,70031,50039,800
Other undisclosed liabilities6,026,4106,485,6415,705,3964,672,7904,493,2173,533,344
Total liabilities:6,182,2076,577,9805,794,8794,743,6594,556,2043,604,965
Equity
Equity, attributable to parent797,893854,432820,439809,311760,723508,305
Common stock552,397551,798571,021586,459591,806360,590
Accumulated other comprehensive income (loss)(99,850)9,39625,01810,378(7,455)(1,298)
Retained earnings345,346293,238224,400212,474176,372149,013
Total equity:797,893854,432820,439809,311760,723508,305
TOTAL LIABILITIES AND EQUITY:6,980,1007,432,4126,615,3185,552,9705,316,9274,113,270

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

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues227,834216,504220,882220,604202,118173,586
Net investment income227,457212,831214,320217,850199,359147,880
Cost of revenue (27,298)(36,106)(4,311)(5,129)(4,220)
Cost of goods and services sold      
Provision for loan, lease, and other losses (27,298)(36,106)(4,311) 
Financial services costs(5,129)(4,220)
Gross profit:227,834189,206184,776216,293196,989169,366
Operating expenses(44,320)(43,470)(44,606)(43,340)(133,214)(96,846)
Operating income:183,514145,736140,170172,95363,77572,520
Nonoperating income3,7472,5204,319   
Bank owned life insurance income3,7472,5204,319   
Interest and debt expense(8,072)(7,042)(13,323)(18,168)(12,413)(8,346)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes   (77,986)(73,740)12,725(4,027)
Income from continuing operations before equity method investments, income taxes:179,189141,21453,18081,04564,08760,147
Other undisclosed loss from continuing operations before income taxes(79,753)(20,707)    
Income from continuing operations before income taxes:99,436120,50753,18081,04564,08760,147
Income tax expense(17,561)(22,472)(6,610)(13,488)(11,030)(18,356)
Income from continuing operations:81,87598,03546,57067,55753,05741,791
Income before gain (loss) on sale of properties:98,03546,57067,55753,05741,791
Net income available to common stockholders, diluted:81,87598,03546,57067,55753,05741,791

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:81,87598,03546,57067,55753,05741,791
Comprehensive income:81,87598,03546,57067,55753,05741,791
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(109,246)(15,622)14,64017,833(6,064)1,526
Comprehensive income (loss), net of tax, attributable to parent:(27,371)82,41361,21085,39046,99343,317

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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