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Heritage Financial Corporation (Parent Company Only) (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed statements of financial condition | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Financial Condition
| December 31, 2021 |  | December 31, 2020
| (In thousands)
ASSETS |  |  |
Cash and cash equivalents | $ | 3,513 |  |  | $ | 9,736 |
Investment in subsidiary bank | 869,862 |  |  | 828,426 |
Other assets | 2,608 |  |  | 4,469 |
Total assets | $ | 875,983 |  |  | $ | 842,631 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Junior subordinated debentures | $ | 21,180 |  |  | $ | 20,887 |
Other liabilities | 371 |  |  | 1,305 |
Total stockholders’ equity | 854,432 |  |  | 820,439 |
Total liabilities and stockholders’ equity | $ | 875,983 |  |  | $ | 842,631 |
Condensed statements of income | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Income
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
INTEREST INCOME: |  |  |  |  |
Interest on interest earning deposits | $ | 30 |  |  | $ | 16 |  |  | $ | 57 |
INTEREST EXPENSE: |  |  |  |  |
Junior subordinated debentures | 742 |  |  | 890 |  |  | 1,339 |
Net interest expense | (712) |  |  | (874) |  |  | (1,282) |
NONINTEREST INCOME: |  |  |  |  |
Dividends from subsidiary bank | 46,000 |  |  | 39,000 |  |  | 47,000 |
Equity in undistributed income of subsidiary bank | 57,058 |  |  | 12,685 |  |  | 25,186 |
Other income | 117 |  |  | 5 |  |  | 39 |
Total noninterest income | 103,175 |  |  | 51,690 |  |  | 72,225 |
NONINTEREST EXPENSE: |  |  |  |  |
Professional services | 394 |  |  | 495 |  |  | 517 |
Other expense | 5,430 |  |  | 5,172 |  |  | 4,395 |
Total noninterest expense | 5,824 |  |  | 5,667 |  |  | 4,912 |
Income before income taxes | 96,639 |  |  | 45,149 |  |  | 66,031 |
Income tax benefit | (1,396) |  |  | (1,421) |  |  | (1,526) |
Net income | $ | 98,035 |  |  | $ | 46,570 |  |  | $ | 67,557 |
Condensed statements of cash flows | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Cash Flows
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 98,035 |  |  | $ | 46,570 |  |  | $ | 67,557 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed income of subsidiary bank | (57,058) |  |  | (12,685) |  |  | (25,186) |
Stock-based compensation expense | 3,666 |  |  | 3,559 |  |  | 3,231 |
Net change in other assets and other liabilities | 960 |  |  | (1,333) |  |  | 763 |
Net cash provided by operating activities | 45,603 |  |  | 36,111 |  |  | 46,365 |
Cash flows from financing activities: |  |  |  |  |
Common stock cash dividends paid | (28,937) |  |  | (28,859) |  |  | (30,908) |
Proceeds from exercise of stock options | — |  |  | 122 |  |  | 58 |
Repurchase of common stock | (22,889) |  |  | (19,119) |  |  | (8,636) |
Net cash used in financing activities | (51,826) |  |  | (47,856) |  |  | (39,486) |
Net (decrease) increase in cash and cash equivalents | (6,223) |  |  | (11,745) |  |  | 6,879 |
Cash and cash equivalents at the beginning of year | 9,736 |  |  | 21,481 |  |  | 14,602 |
Cash and cash equivalents at the end of year | $ | 3,513 |  |  | $ | 9,736 |  |  | $ | 21,481 |

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