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Heritage Financial Corporation (Parent Company Only) (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed statements of financial condition | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Financial Condition
| December 31, 2022 |  | December 31, 2021
| (In thousands)
ASSETS |  |  |
Cash and cash equivalents | $ | 12,926 |  |  | $ | 3,513 |
Investment in subsidiary bank | 804,123 |  |  | 869,862 |
Other assets | 2,838 |  |  | 2,608 |
Total assets | $ | 819,887 |  |  | $ | 875,983 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Junior subordinated debentures | $ | 21,473 |  |  | $ | 21,180 |
Other liabilities | 521 |  |  | 371 |
Total stockholders’ equity | 797,893 |  |  | 854,432 |
Total liabilities and stockholders’ equity | $ | 819,887 |  |  | $ | 875,983 |
Condensed statements of income | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Income
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
INTEREST INCOME: |  |  |  |  |
Interest on interest earning deposits | $ | 15 |  |  | $ | 30 |  |  | $ | 16 |
INTEREST EXPENSE: |  |  |  |  |
Junior subordinated debentures | 1,156 |  |  | 742 |  |  | 890 |
Net interest expense | (1,141) |  |  | (712) |  |  | (874) |
NONINTEREST INCOME: |  |  |  |  |
Dividends from subsidiary bank | 44,000 |  |  | 46,000 |  |  | 39,000 |
Equity in undistributed income of subsidiary bank | 43,507 |  |  | 57,058 |  |  | 12,685 |
Other income | 33 |  |  | 117 |  |  | 5 |
Total noninterest income | 87,540 |  |  | 103,175 |  |  | 51,690 |
NONINTEREST EXPENSE: |  |  |  |  |
Professional services | 476 |  |  | 394 |  |  | 495 |
Other expense | 5,631 |  |  | 5,430 |  |  | 5,172 |
Total noninterest expense | 6,107 |  |  | 5,824 |  |  | 5,667 |
Income before income taxes | 80,292 |  |  | 96,639 |  |  | 45,149 |
Income tax benefit | (1,583) |  |  | (1,396) |  |  | (1,421) |
Net income | $ | 81,875 |  |  | $ | 98,035 |  |  | $ | 46,570 |
Condensed statements of cash flows | HERITAGE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Cash Flows
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 81,875 |  |  | $ | 98,035 |  |  | $ | 46,570 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed income of subsidiary bank | (43,507) |  |  | (57,058) |  |  | (12,685) |
Stock-based compensation expense | 3,795 |  |  | 3,666 |  |  | 3,559 |
Net change in other assets and other liabilities | (63) |  |  | 960 |  |  | (1,333) |
Net cash provided by operating activities | 42,100 |  |  | 45,603 |  |  | 36,111 |
Cash flows from financing activities: |  |  |  |  |
Common stock cash dividends paid | (29,491) |  |  | (28,937) |  |  | (28,859) |
Proceeds from exercise of stock options | — |  |  | — |  |  | 122 |
Repurchase of common stock | (3,196) |  |  | (22,889) |  |  | (19,119) |
Net cash used in financing activities | (32,687) |  |  | (51,826) |  |  | (47,856) |
Net (decrease) increase in cash and cash equivalents | 9,413 |  |  | (6,223) |  |  | (11,745) |
Cash and cash equivalents at the beginning of year | 3,513 |  |  | 9,736 |  |  | 21,481 |
Cash and cash equivalents at the end of year | $ | 12,926 |  |  | $ | 3,513 |  |  | $ | 9,736 |

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