Heritage Financial Corporation (HFWA)

Heritage Financial Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	239.7	217.28	174.28	189.83	192.42	189.52
Interest Income on Investments	65.31	67.18	53.18	23	21.9	28.34
Total Interest Income	305.01	284.47	227.46	212.83	214.32	217.85
Interest Paid on Deposits	69.44	39.35	6.77	6.16	12.27	16.35
Interest Paid on Borrowings	26.11	19.96	1.3	0.88	1.06	1.82
Total Interest Expense	95.54	59.31	8.07	7.04	13.32	18.17
Net Interest Income	209.47	225.16	219.39	205.79	201	199.68
Net Interest Income Growth (YoY)	-10.63%	2.63%	6.61%	2.38%	0.66%	6.79%
Gain (Loss) on Sale of Assets	2.14	0.61	0.47	4.41	0.96	0.25
Gain (Loss) on Sale of Investments	-28.84	-10.63	-0.26	0.03	1.52	0.33
Other Non-Interest Income	27.68	28.34	27.75	26.54	29.71	29.46
Total Non-Interest Income	1.04	18.66	28.59	34.62	37.23	32.46
Non-Interest Income Growth (YoY)	-96.35%	-34.72%	-17.40%	-7.02%	14.68%	2.67%
Revenues Before Loan Losses	210.51	243.82	247.98	240.4	238.23	232.14
Provision for Loan Losses	6.52	4.28	-1.43	-29.37	36.11	4.31
Revenue	203.99	239.54	249.4	269.78	202.12	227.83
Revenue Growth (YoY)	-21.09%	-3.96%	-7.55%	33.47%	-11.29%	6.72%
Salaries and Employee Benefits	94.71	95.76	88.3	85.1	88.11	84.34
Occupancy Expenses	13.12	12.95	11.41	17.24	17.61	17.64
Federal Deposit Insurance	3.28	3.31	2.02	2.11	1.79	0.73
Amortization of Goodwill & Intangibles	1.83	2.43	2.75	3.11	3.53	4
Selling, General & Administrative	32.33	34.76	30.79	26.19	23.47	24.93
Other Non-Interest Expense	16.21	17.41	15.7	15.52	14.58	14.8
Total Non-Interest Expense	161.48	166.62	150.97	149.27	148.94	146.79
EBT Excluding Unusual Items	42.51	72.92	98.44	120.51	53.18	81.05
Pretax Income	42.51	72.92	99.44	120.51	53.18	81.05
Income Tax Expense	4.94	11.16	17.56	22.47	6.61	13.49
Net Income	37.56	61.76	81.88	98.04	46.57	67.56
Preferred Dividends & Other Adjustments	-	-	-	-	0.01	0.06
Net Income to Common	37.56	61.76	81.88	98.04	46.56	67.5
Net Income Growth	-51.88%	-24.57%	-16.48%	110.51%	-31.07%	27.33%
Basic Shares Outstanding	35	35	35	36	36	37
Diluted Shares Outstanding	35	35	35	36	36	37
Shares Change (YoY)	-0.94%	-0.58%	-1.42%	-0.54%	-2.21%	4.56%
EPS (Basic)	1.08	1.76	2.33	2.75	1.29	1.84
EPS (Diluted)	1.08	1.75	2.31	2.73	1.29	1.83
EPS Growth	-51.22%	-24.24%	-15.38%	111.63%	-29.51%	22.82%
Dividend Per Share	0.910	0.880	0.840	0.810	0.800	0.740
Dividend Growth	4.60%	4.76%	3.70%	1.25%	8.11%	19.35%
Effective Tax Rate	11.63%	15.31%	17.66%	18.65%	12.43%	16.64%

Source: S&P Capital IQ. Banks template. Financial Sources.