XML 46 R32.htm IDEA: XBRL DOCUMENT v3.22.4
Heritage Financial Corporation (Parent Company Only)
 12 Months Ended
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, 2022December 31, 2021
 (In thousands)
ASSETS
Cash and cash equivalents$12,926 $3,513 
Investment in subsidiary bank804,123 869,862 
Other assets2,838 2,608 
Total assets$819,887 $875,983 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Junior subordinated debentures$21,473 $21,180 
Other liabilities521 371 
Total stockholders’ equity797,893 854,432 
Total liabilities and stockholders’ equity$819,887 $875,983 
HERITAGE FINANCIAL CORPORATION
(PARENT COMPANY ONLY)
Condensed Statements of Income 
 Year Ended December 31,
 202220212020
 (In thousands)
INTEREST INCOME:
Interest on interest earning deposits$15 $30 $16 
INTEREST EXPENSE:
Junior subordinated debentures1,156 742 890 
Net interest expense(1,141)(712)(874)
NONINTEREST INCOME:
Dividends from subsidiary bank44,000 46,000 39,000 
Equity in undistributed income of subsidiary bank43,507 57,058 12,685 
Other income33 117 5 
Total noninterest income87,540 103,175 51,690 
NONINTEREST EXPENSE:
Professional services476 394 495 
Other expense5,631 5,430 5,172 
Total noninterest expense6,107 5,824 5,667 
Income before income taxes80,292 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,
 202220212020
 (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 expense3,795 3,666 3,559 
Net change in other assets and other liabilities(63)960 (1,333)
Net cash provided by operating activities42,100 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 equivalents9,413 (6,223)(11,745)
Cash and cash equivalents at the beginning of year3,513 9,736 21,481 
Cash and cash equivalents at the end of year$12,926 $3,513 $9,736