Heritage financial corp (HFWA)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
INTEREST INCOME
Interest and fees on loans

46,277

46,864

47,845

48,107

46,699

47,865

48,301

41,141

38,159

34,633

32,595

31,500

30,485

30,552

30,915

30,503

30,177

30,473

30,179

30,554

30,481

34,699

31,841

27,446

16,451

17,341

17,505

16,028

16,756

15,924

16,181

16,465

17,018

16,863

17,850

18,829

16,572

14,053

11,903

Taxable interest on investment securities

5,639

5,585

5,704

5,933

5,823

5,343

4,662

4,068

3,529

3,381

3,117

3,141

3,049

2,693

2,888

2,838

2,796

2,379

2,187

2,328

2,684

2,665

2,212

1,812

639

623

518

404

373

414

525

604

652

689

792

768

663

629

675

Nontaxable interest on investment securities

756

755

798

893

950

1,003

1,085

1,220

1,341

1,343

1,354

1,304

1,268

1,271

1,235

1,193

1,171

1,059

1,056

1,048

1,033

957

855

638

436

431

428

345

335

300

274

267

256

229

214

199

179

146

78

Interest on other interest earning assets

420

739

537

283

335

673

558

240

218

173

209

96

61

55

76

58

91

105

62

60

51

118

123

127

87

120

82

82

57

62

51

53

63

68

65

61

79

112

60

Total interest income

53,092

53,943

54,884

55,216

53,807

54,884

54,606

46,669

43,247

39,530

37,275

36,041

34,863

34,571

35,114

34,592

34,235

34,016

33,484

33,990

34,249

38,439

35,031

30,023

17,613

18,515

18,533

16,859

17,521

16,700

17,031

17,389

17,989

17,849

18,921

19,857

17,493

14,940

12,716

INTEREST EXPENSE
Deposits

4,216

4,479

4,250

4,017

3,603

3,228

3,014

2,195

1,960

1,748

1,628

1,407

1,266

1,245

1,269

1,242

1,254

1,267

1,335

1,309

1,318

1,465

1,534

1,297

854

888

939

909

937

968

1,061

1,163

1,277

1,342

1,604

1,682

1,875

2,238

1,929

Junior subordinated debentures

285

313

332

340

354

335

330

315

283

266

261

249

238

233

221

216

210

200

195

193

239

172

171

115

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

Interest Expense, Other

34

-

-

-

62

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other borrowings

-

-

59

323

-

32

136

418

167

375

444

251

213

38

18

49

11

14

14

18

18

21

19

15

18

19

13

10

9

16

15

16

18

19

18

20

22

23

21

Total interest expense

4,535

4,828

4,641

4,680

4,019

3,595

3,480

2,928

2,410

2,389

2,333

1,907

1,717

1,516

1,508

1,507

1,475

1,481

1,544

1,520

1,575

1,658

1,724

1,427

872

907

952

919

946

984

1,076

1,179

1,295

1,361

1,622

1,702

1,897

2,261

1,950

Net interest income

48,557

49,115

50,243

50,536

49,788

51,289

51,126

43,741

40,837

37,141

34,942

34,134

33,146

33,055

33,606

33,085

32,760

32,535

31,940

32,470

32,674

36,781

33,307

28,596

16,741

17,608

17,581

15,940

16,575

15,716

15,955

16,210

16,694

16,488

17,299

18,155

15,596

12,679

10,766

Provision for Loan, Lease, and Other Losses

7,946

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for Loan and Lease Losses

10,000

1,558

466

1,367

920

1,162

1,065

1,750

1,152

1,338

884

1,131

867

1,177

1,495

1,120

1,139

1,124

851

1,189

1,208

2,851

594

691

458

428

1,078

1,308

858

-

215

200

-

-

395

1,995

-

2,195

3,150

Provision for loan losses on purchased loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

592

419

-109

-

2,821

1,529

1,778

-

-

Provision for loan losses on originated loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,595

-

-

Net interest income after provision for credit losses

40,611

47,557

49,777

49,169

48,868

50,127

50,061

41,991

39,685

35,803

34,058

33,003

32,279

31,878

32,111

31,965

31,621

31,411

31,089

31,281

31,466

33,930

32,713

27,905

16,283

17,180

16,503

14,632

15,717

15,017

15,148

15,591

16,803

13,171

14,083

14,631

11,223

10,484

7,616

NONINTEREST INCOME
Service charges and other fees

4,376

4,603

4,779

4,845

4,485

4,852

4,824

4,695

4,543

4,596

4,769

4,426

4,213

3,892

3,630

3,476

3,356

3,604

3,593

3,687

3,295

3,444

3,524

2,777

1,398

1,542

1,609

1,432

1,353

1,399

1,397

1,394

1,326

2,011

892

1,278

1,238

1,212

1,082

Gain on sale of investment securities, net

1,014

1

281

33

15

2

82

18

35

-155

44

117

0

209

345

201

560

154

393

425

544

33

-13

87

180

0

0

0

0

-

-

-

-

-

-

-

-

-

-

Bargain purchase gain on bank acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

399

-

0

-

-

-

-

-

-

-

-

Merchant Visa income, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

278

316

245

220

259

211

172

151

182

182

170

165

132

129

130

823

795

Change in FDIC indemnification asset

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-647

109

-37

155

-350

281

-267

-346

-492

-19

-176

328

-1,666

-1,712

800

-

-

Gain on bank acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

438

-

Gain on sale of loans, net

547

811

993

368

252

473

706

706

874

1,134

1,229

4,138

1,195

1,588

3,435

1,242

729

855

1,411

1,282

1,135

543

742

233

0

-

0

0

-

-

-

-

-

-

58

35

151

26

35

Gain on termination of FDIC shared-loss agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,747

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of Merchant Visa portfolio

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

548

0

0

1,650

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest rate swap fees

296

919

152

161

0

204

0

309

51

302

328

282

133

749

742

227

136

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other income

3,247

2,677

2,253

2,157

2,677

2,914

2,438

1,847

2,045

3,201

2,073

1,746

1,808

1,748

1,715

1,430

2,209

1,885

2,400

1,487

1,721

141

1,599

1,258

521

408

1,064

433

588

274

440

507

588

87

823

521

590

367

224

Total noninterest income

9,480

9,011

8,458

7,564

7,429

8,445

8,050

7,575

7,548

9,078

8,443

10,709

7,349

8,186

9,867

6,576

6,990

7,498

9,544

6,881

8,345

3,897

5,483

4,780

2,307

2,467

2,582

2,357

2,245

1,773

1,527

2,064

1,908

2,347

239

251

2,909

2,866

2,136

NONINTEREST EXPENSE
Impairment loss on investment securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

-

14

62

36

25

28

19

46

28

68

Less: Portion recorded as other comprehensive loss

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-14

-38

-

0

0

0

-20

-

-13

Impairment loss on investment securities, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

37

8

-

0

24

-

-

0

24

-

25

28

19

26

28

55

Compensation and employee benefits

22,506

21,939

21,733

21,982

21,914

22,338

23,804

19,321

21,367

16,149

15,823

16,272

16,024

15,753

15,633

14,898

15,121

15,149

14,918

13,842

14,225

16,265

15,579

12,779

8,011

8,392

8,014

7,617

7,589

7,311

7,224

7,287

7,198

6,902

6,495

7,075

6,637

5,191

4,200

Occupancy and equipment

5,731

5,513

5,268

5,451

5,458

5,322

5,020

4,810

4,627

3,789

3,979

3,818

3,810

3,890

3,926

4,111

3,836

4,335

3,970

3,850

3,691

3,995

3,978

2,816

2,617

3,619

2,190

1,995

1,920

1,868

1,880

1,832

1,785

1,813

1,749

1,719

1,846

1,250

990

Data processing

2,360

2,361

2,333

2,109

2,173

2,433

2,343

2,507

2,605

2,169

2,090

2,002

1,915

1,748

1,943

1,829

1,792

1,750

2,398

1,925

1,627

2,266

1,978

4,003

996

1,997

953

720

1,136

653

643

668

591

616

553

636

823

549

416

Marketing

866

461

816

1,106

1,098

721

876

823

808

398

933

805

807

581

745

781

728

471

899

1,063

633

660

841

496

505

409

477

386

326

310

435

369

403

277

390

379

315

261

423

Merchant Visa

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

680

660

Professional services

1,377

1,280

1,434

1,305

1,173

1,185

2,119

3,529

2,837

1,262

1,453

1,053

1,009

1,098

830

833

845

933

894

904

805

1,012

1,113

3,230

830

1,404

862

640

1,030

619

742

628

554

499

517

413

633

598

338

State/municipal business and use taxes

757

777

1,370

809

798

803

795

716

688

633

640

639

549

585

820

604

607

570

619

569

620

597

576

554

249

274

292

305

279

301

295

320

310

321

290

369

356

295

156

Federal deposit insurance premium

0

5

9

426

285

375

375

375

355

345

433

357

300

304

296

528

492

508

499

523

516

603

403

460

252

256

237

275

233

219

245

263

275

286

384

432

456

423

347

Other real estate owned, net

25

-762

35

289

86

-124

18

0

0

34

88

-21

-31

-948

142

61

411

-1,860

-5

200

658

-278

650

214

52

570

-162

5

-104

-171

35

196

256

325

31

48

517

5

28

Amortization of intangible assets

903

975

975

1,026

1,025

1,114

1,114

796

795

320

319

323

324

358

359

363

335

523

523

527

527

672

603

489

156

157

157

114

115

-

-

-

-

-

-

-

-

-

-

Other expense

2,735

2,674

2,816

3,044

2,515

2,894

2,997

2,829

2,665

2,557

2,373

2,519

2,454

2,488

2,408

2,469

2,202

2,376

2,607

2,676

2,736

3,452

2,642

1,915

1,103

1,414

1,265

926

1,193

866

1,004

1,283

1,190

1,198

1,348

1,483

1,474

1,004

861

Total noninterest expense

37,260

35,997

36,719

37,547

36,525

37,273

39,461

35,706

36,747

27,588

27,955

27,809

27,223

26,809

26,818

26,477

26,369

26,769

27,322

26,079

26,038

29,244

28,363

26,993

14,779

18,504

14,285

13,007

13,719

12,421

12,503

12,870

12,598

12,262

11,785

12,573

13,083

10,284

8,474

Income before income taxes

12,831

20,571

21,516

19,186

19,772

21,299

18,650

13,860

10,486

17,293

14,546

15,903

12,405

13,255

15,160

12,064

12,242

12,140

13,311

12,083

13,773

8,583

9,833

5,692

3,811

1,143

4,800

3,982

4,243

4,369

4,172

4,785

6,113

3,256

2,537

2,309

1,049

3,066

1,278

Income tax expense

640

3,445

3,621

3,202

3,220

4,690

3,146

2,003

1,399

7,270

3,922

4,075

3,089

3,362

4,121

3,169

3,151

2,647

3,819

3,358

3,994

1,328

2,765

1,544

1,268

433

1,510

1,292

1,358

1,335

1,309

1,591

1,943

1,023

701

624

285

1,024

423

Net Income (Loss) Attributable to Parent

12,191

17,126

17,895

15,984

16,552

16,609

15,504

11,857

9,087

10,023

10,624

11,828

9,316

9,893

11,039

8,895

9,091

9,493

9,492

8,725

9,779

7,255

7,068

4,148

2,543

710

3,290

2,690

2,885

3,034

2,863

3,194

4,170

2,233

1,836

1,685

764

2,042

855

Dividends accrued and discount accreted on preferred shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

332

332

Net income applicable to common shareholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,710

523

Basic earnings per common share (in usd per share)

0.34

0.47

0.49

0.43

0.45

0.45

0.42

0.35

0.27

0.33

0.35

0.40

0.31

0.33

0.37

0.30

0.30

0.32

0.32

0.29

0.32

-0.54

0.23

0.16

0.16

-0.56

0.20

0.18

0.19

0.20

0.19

0.21

0.27

0.14

0.12

0.11

0.05

0.16

0.05

Diluted earnings per common share (in usd per share)

0.33

0.47

0.48

0.43

0.45

0.45

0.42

0.35

0.27

0.33

0.35

0.40

0.31

0.33

0.37

0.30

0.30

0.32

0.32

0.29

0.32

-0.54

0.23

0.16

0.16

-0.56

0.20

0.18

0.19

0.20

0.19

0.21

0.27

0.14

0.12

0.11

0.05

0.15

0.05

Common Stock, Dividends, Per Share, Declared

0.20

-

0.19

0.18

-

0.27

0.15

0.15

0.15

0.23

0.13

0.13

0.12

0.37

0.12

0.12

0.11

0.21

0.11

0.11

0.10

0.17

0.09

0.08

0.16

0.08

0.18

0.08

0.08

0.38

0.08

0.28

0.06

-

0.05

0.03

-

-

0.00