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Heritage Financial Corporation (Parent Company Only) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Heritage Financial Corporation (Parent Company Only) | Heritage Financial Corporation (Parent Company Only) Following are the condensed financial statements of the Parent Company. 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 |
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 |
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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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