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Heritage Financial Corporation (Parent Company Only) (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed statements of financial condition | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Financial Condition
| December 31, 2020 |  | December 31, 2019
| (In thousands)
ASSETS |  |  |
Cash and cash equivalents | $ | 9,736 |  |  | $ | 21,481 |
Investment in subsidiary bank | 828,426 |  |  | 806,717 |
Other assets | 4,469 |  |  | 2,281 |
Total assets | $ | 842,631 |  |  | $ | 830,479 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Junior subordinated debentures | $ | 20,887 |  |  | $ | 20,595 |
Other liabilities | 1,305 |  |  | 573 |
Total stockholders’ equity | 820,439 |  |  | 809,311 |
Total liabilities and stockholders’ equity | $ | 842,631 |  |  | $ | 830,479 |
Condensed statements of income | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Income
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In thousands)
INTEREST INCOME: |  |  |  |  |
Interest on interest earning deposits | $ | 16 |  |  | $ | 57 |  |  | $ | 7 |
Total interest income | 16 |  |  | 57 |  |  | 7 |
INTEREST EXPENSE: |  |  |  |  |
Junior subordinated debentures | 890 |  |  | 1,339 |  |  | 1,263 |
Total interest expense | 890 |  |  | 1,339 |  |  | 1,263 |
Net interest expense | (874) |  |  | (1,282) |  |  | (1,256) |
NONINTEREST INCOME: |  |  |  |  |
Dividends from subsidiary bank | 39,000 |  |  | 47,000 |  |  | 30,000 |
Equity in undistributed income of subsidiary bank | 12,685 |  |  | 25,186 |  |  | 29,258 |
Other income | 5 |  |  | 39 |  |  | 22 |
Total noninterest income | 51,690 |  |  | 72,225 |  |  | 59,280 |
NONINTEREST EXPENSE: |  |  |  |  |
Professional services | 495 |  |  | 517 |  |  | 3,063 |
Other expense | 5,172 |  |  | 4,395 |  |  | 3,833 |
Total noninterest expense | 5,667 |  |  | 4,912 |  |  | 6,896 |
Income before income taxes | 45,149 |  |  | 66,031 |  |  | 51,128 |
Income tax benefit | (1,421) |  |  | (1,526) |  |  | (1,929) |
Net income | $ | 46,570 |  |  | $ | 67,557 |  |  | $ | 53,057 |
Condensed statements of cash flows | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Cash Flows
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In thousands)
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 46,570 |  |  | $ | 67,557 |  |  | $ | 53,057 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed income of subsidiary bank | (12,685) |  |  | (25,186) |  |  | (29,258) |
Stock-based compensation expense | 3,559 |  |  | 3,231 |  |  | 2,744 |
Net change in other assets and other liabilities | (1,333) |  |  | 763 |  |  | 1,735 |
Net cash provided by operating activities | 36,111 |  |  | 46,365 |  |  | 28,278 |
Cash flows from investing activities: |  |  |  |  |
Net cash received from acquisitions | — |  |  | — |  |  | 1,782 |
Net cash provided by investing activities | — |  |  | — |  |  | 1,782 |
Cash flows from financing activities: |  |  |  |  |
Common stock cash dividends paid | (28,859) |  |  | (30,908) |  |  | (25,791) |
Proceeds from exercise of stock options | 122 |  |  | 58 |  |  | 133 |
Repurchase of common stock | (19,119) |  |  | (8,636) |  |  | (1,704) |
Net cash used in financing activities | (47,856) |  |  | (39,486) |  |  | (27,362) |
Net (decrease) increase in cash and cash equivalents | (11,745) |  |  | 6,879 |  |  | 2,698 |
Cash and cash equivalents at the beginning of year | 21,481 |  |  | 14,602 |  |  | 11,904 |
Cash and cash equivalents at the end of year | $ | 9,736 |  |  | $ | 21,481 |  |  | $ | 14,602 |
Supplemental non-cash disclosures of cash flow information: |  |  |  |  |
Common stock issued for business combinations | $ | — |  |  | $ | — |  |  | $ | 230,043 |
Capital contribution of net assets acquired in business combinations to Bank | — |  |  | — |  |  | 228,261 |

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