HERITAGE FINANCIAL CORP HFWA Income Statement

Heritage financial corp (HFWA)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
INTEREST INCOME
Interest and fees on loans
189,093	189,515	190,516	190,972	184,006	175,466	162,234	146,528	136,887	129,213	125,132	123,452	122,455	122,147	122,068	121,332	121,383	121,687	125,913	127,575	124,467	110,437	93,079	78,743	67,325	67,630	66,213	64,889	65,326	65,588	66,527	68,196	70,560	70,114	67,304	61,357	0	0	0
Taxable interest on investment securities
22,861	23,045	22,803	21,761	19,896	17,602	15,640	14,095	13,168	12,688	12,000	11,771	11,468	11,215	10,901	10,200	9,690	9,578	9,864	9,889	9,373	7,328	5,286	3,592	2,184	1,918	1,709	1,716	1,916	2,195	2,470	2,737	2,901	2,912	2,852	2,735	0	0	0
Nontaxable interest on investment securities
3,202	3,396	3,644	3,931	4,258	4,649	4,989	5,258	5,342	5,269	5,197	5,078	4,967	4,870	4,658	4,479	4,334	4,196	4,094	3,893	3,483	2,886	2,360	1,933	1,640	1,539	1,408	1,254	1,176	1,097	1,026	966	898	821	738	602	0	0	0
Interest on other interest earning assets
1,979	1,894	1,828	1,849	1,806	1,689	1,189	840	696	539	421	288	250	280	330	316	318	278	291	352	419	455	457	416	371	341	283	252	223	229	235	249	257	273	317	312	0	0	0
Total interest income
217,135	217,850	218,791	218,513	209,966	199,406	184,052	166,721	156,093	147,709	142,750	140,589	139,140	138,512	137,957	136,327	135,725	135,739	140,162	141,709	137,742	121,106	101,182	84,684	71,520	71,428	69,613	68,111	68,641	69,109	70,258	72,148	74,616	74,120	71,211	65,006	0	0	0
INTEREST EXPENSE
Deposits
16,962	16,349	15,098	13,862	12,040	10,397	8,917	7,531	6,743	6,049	5,546	5,187	5,022	5,010	5,032	5,098	5,165	5,229	5,427	5,626	5,614	5,150	4,573	3,978	3,590	3,673	3,753	3,875	4,129	4,469	4,843	5,386	5,905	6,503	7,399	7,724	0	0	0
Junior subordinated debentures
1,270	1,339	1,361	1,359	1,334	1,263	1,194	1,125	1,059	1,014	981	941	908	880	847	821	798	827	799	775	697	458	286	115	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Interest Expense, Other
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other borrowings
-	-	476	553	-	753	1,096	1,404	1,237	1,283	946	520	318	116	92	88	57	64	71	76	73	73	71	65	60	51	48	50	56	65	68	71	75	79	83	86	0	0	0
Total interest expense
18,684	18,168	16,935	15,774	14,022	12,413	11,207	10,060	9,039	8,346	7,473	6,648	6,248	6,006	5,971	6,007	6,020	6,120	6,297	6,477	6,384	5,681	4,930	4,158	3,650	3,724	3,801	3,925	4,185	4,534	4,911	5,457	5,980	6,582	7,482	7,810	0	0	0
Net interest income
198,451	199,682	201,856	202,739	195,944	186,993	172,845	156,661	147,054	139,363	135,277	133,941	132,892	132,506	131,986	130,320	129,705	129,619	133,865	135,232	131,358	115,425	96,252	80,526	67,870	67,704	65,812	64,186	64,456	64,575	65,347	66,691	68,636	67,538	63,729	57,196	0	0	0
Provision for Loan, Lease, and Other Losses
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for Loan and Lease Losses
13,391	4,311	3,915	4,514	4,897	5,129	5,305	5,124	4,505	4,220	4,059	4,670	4,659	4,931	4,878	4,234	4,303	4,372	6,099	5,842	5,344	4,594	2,171	2,655	3,272	3,672	3,459	2,581	0	-	0	0	-	-	0	0	-	0	0
Provision for loan losses on purchased loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-
Provision for loan losses on originated loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-
Net interest income after provision for credit losses
187,114	195,371	197,941	198,225	191,047	181,864	167,540	151,537	142,549	135,143	131,218	129,271	128,233	127,575	127,108	126,086	125,402	125,247	127,766	129,390	126,014	110,831	94,081	77,871	64,598	64,032	61,869	60,514	61,473	62,559	60,713	59,648	58,688	53,108	50,421	43,954	0	0	0
NONINTEREST INCOME
Service charges and other fees
18,603	18,712	18,961	19,006	18,856	18,914	18,658	18,603	18,334	18,004	17,300	16,161	15,211	14,354	14,066	14,029	14,240	14,179	14,019	13,950	13,040	11,143	9,241	7,326	5,981	5,936	5,793	5,581	5,543	5,516	6,128	5,623	5,507	5,419	4,620	4,810	0	0	0
Gain on sale of investment securities, net
1,329	330	331	132	117	137	-20	-58	41	6	370	671	755	1,315	1,260	1,308	1,532	1,516	1,395	989	651	287	254	267	180	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Bargain purchase gain on bank acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	399	399	0	0	-	0	-	-	-	-	-	-	-	-
Merchant Visa income, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,059	1,040	935	862	793	716	687	685	699	649	596	556	1,214	1,877	0	0	0
Change in FDIC indemnification asset
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-420	-123	49	-181	-682	-824	-1,124	-1,033	-359	-1,533	-3,226	-2,250	0	0	0	-	-
Gain on bank acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Gain on sale of loans, net
2,719	2,424	2,086	1,799	2,137	2,759	3,420	3,943	7,375	7,696	8,150	10,356	7,460	6,994	6,261	4,237	4,277	4,683	4,371	3,702	2,653	1,518	975	233	0	-	0	0	-	-	-	-	-	-	0	0	0	0	0
Gain on termination of FDIC shared-loss agreements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of Merchant Visa portfolio
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,198	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest rate swap fees
1,528	1,232	517	365	513	564	662	990	963	1,045	1,492	1,906	1,851	1,854	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other income
10,334	9,764	10,001	10,186	9,876	9,244	9,531	9,166	9,065	8,828	7,375	7,017	6,701	7,102	7,239	7,924	7,981	7,493	5,749	4,948	4,719	3,519	3,786	3,251	2,426	2,493	2,359	1,735	1,809	1,809	1,622	2,005	2,019	2,021	2,301	1,702	0	0	0
Total noninterest income
34,513	32,462	31,896	31,488	31,499	31,618	32,251	32,644	35,778	35,579	34,687	36,111	31,978	31,619	30,931	30,608	30,913	32,268	28,667	24,606	22,505	16,467	15,037	12,136	9,713	9,651	8,957	7,902	7,609	7,272	7,846	6,558	4,745	5,746	6,265	8,162	0	0	0
NONINTEREST EXPENSE
Impairment loss on investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	137	151	108	118	121	161	0	0	0
Less: Portion recorded as other comprehensive loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-20	-33	0	0	-	0
Impairment loss on investment securities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	45	45	69	0	-	0	0	-	-	0	0	-	98	101	128	0	0	0
Compensation and employee benefits
88,160	87,568	87,967	90,038	87,377	86,830	80,641	72,660	69,611	64,268	63,872	63,682	62,308	61,405	60,801	60,086	59,030	58,134	59,250	59,911	58,848	52,634	44,761	37,196	32,034	31,612	30,531	29,741	29,411	29,020	28,611	27,882	27,670	27,109	25,398	23,103	0	0	0
Occupancy and equipment
21,963	21,690	21,499	21,251	20,610	19,779	18,246	17,205	16,213	15,396	15,497	15,444	15,737	15,763	16,208	16,252	15,991	15,846	15,506	15,514	14,480	13,406	13,030	11,242	10,421	9,724	7,973	7,663	7,500	7,365	7,310	7,179	7,066	7,127	6,564	5,805	0	0	0
Data processing
9,163	8,976	9,048	9,058	9,456	9,888	9,624	9,371	8,866	8,176	7,755	7,608	7,435	7,312	7,314	7,769	7,865	7,700	8,216	7,796	9,874	9,243	8,974	7,949	4,666	4,806	3,462	3,152	3,100	2,555	2,518	2,428	2,396	2,628	2,561	2,424	0	0	0
Marketing
3,249	3,481	3,741	3,801	3,518	3,228	2,905	2,962	2,944	2,943	3,126	2,938	2,914	2,835	2,725	2,879	3,161	3,066	3,255	3,197	2,630	2,502	2,251	1,887	1,777	1,598	1,499	1,457	1,440	1,517	1,484	1,439	1,449	1,361	1,345	1,378	0	0	0
Merchant Visa
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Professional services
5,396	5,192	5,097	5,782	8,006	9,670	9,747	9,081	6,605	4,777	4,613	3,990	3,770	3,606	3,441	3,505	3,576	3,536	3,615	3,834	6,160	6,185	6,577	6,326	3,736	3,936	3,151	3,031	3,019	2,543	2,423	2,198	1,983	2,062	2,161	1,982	0	0	0
State/municipal business and use taxes
3,713	3,754	3,780	3,205	3,112	3,002	2,832	2,677	2,600	2,461	2,413	2,593	2,558	2,616	2,601	2,400	2,365	2,378	2,405	2,362	2,347	1,976	1,653	1,369	1,120	1,150	1,177	1,180	1,195	1,226	1,246	1,241	1,290	1,336	1,310	1,176	0	0	0
Federal deposit insurance premium
440	725	1,095	1,461	1,410	1,480	1,450	1,508	1,490	1,435	1,394	1,257	1,428	1,620	1,824	2,027	2,022	2,046	2,141	2,045	1,982	1,718	1,371	1,205	1,020	1,001	964	972	960	1,002	1,069	1,208	1,377	1,558	1,695	1,658	0	0	0
Other real estate owned, net
-413	-352	286	269	-20	-106	52	122	101	70	-912	-858	-776	-334	-1,246	-1,393	-1,254	-1,007	575	1,230	1,244	638	1,486	674	465	309	-432	-235	-44	316	812	808	660	921	601	598	0	0	0
Amortization of intangible assets
3,879	4,001	4,140	4,279	4,049	3,819	3,025	2,230	1,757	1,286	1,324	1,364	1,404	1,415	1,580	1,744	1,908	2,100	2,249	2,329	2,291	1,920	1,405	959	584	543	0	0	0	-	-	-	-	-	-	-	-	-	-
Other expense
11,269	11,049	11,269	11,450	11,235	11,385	11,048	10,424	10,114	9,903	9,834	9,869	9,819	9,567	9,455	9,654	9,861	10,395	11,471	11,506	10,745	9,112	7,074	5,697	4,708	4,798	4,250	3,989	4,346	4,343	4,675	5,019	5,219	5,503	5,309	4,822	0	0	0
Total noninterest expense
147,523	146,788	148,064	150,806	148,965	149,187	139,502	127,996	120,099	110,575	109,796	108,659	107,327	106,473	106,433	106,937	106,539	106,208	108,683	109,724	110,638	99,379	88,639	74,561	60,575	59,515	53,432	51,650	51,513	50,392	50,233	49,515	49,218	49,703	47,725	44,414	0	0	0
Income before income taxes
74,104	81,045	81,773	78,907	73,581	64,295	60,289	56,185	58,228	60,147	56,109	56,723	52,884	52,721	51,606	49,757	49,776	51,307	47,750	44,272	37,881	27,919	20,479	15,446	13,736	14,168	17,394	16,766	17,569	19,439	18,326	16,691	14,215	9,151	8,961	7,702	0	0	0
Income tax expense
10,908	13,488	14,733	14,258	13,059	11,238	13,818	14,594	16,666	18,356	14,448	14,647	13,741	13,803	13,088	12,786	12,975	13,818	12,499	11,445	9,631	6,905	6,010	4,755	4,503	4,593	5,495	5,294	5,593	6,178	5,866	5,258	4,291	2,633	2,634	2,356	0	0	0
Net Income (Loss) Attributable to Parent
63,196	67,557	67,040	64,649	60,522	53,057	46,471	41,591	41,562	41,791	41,661	42,076	39,143	38,918	38,518	36,971	36,801	37,489	35,251	32,827	28,250	21,014	14,469	10,691	9,233	9,575	11,899	11,472	11,976	13,261	12,460	11,433	9,924	6,518	6,327	5,346	0	0	0
Dividends accrued and discount accreted on preferred shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Net income applicable to common shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
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