2 unchanged sentences
Our common stock is traded on the Nasdaq Global Select Market under the symbol "HFWA".
−Removed: At December 31, 2023, we had approximately 1,097 shareholders of record (not including the number of persons or entities holding stock in nominee or street name through various brokerage firms).
+Added: At February 18, 2025, we had approximately 1,039 shareholders of record (which does not include the number of beneficial owners of stock in nominee or street name through various brokerage firms).
The Company has historically paid cash dividends to its common shareholders.
−Removed: On January 24, 2024, the Company’s Board of Directors declared a regular quarterly dividend of $0.23 per common share payable on February 22, 2024 to shareholders of record on February 8, 2024.
−Removed: Payments of future cash dividends, if any, will be at the discretion of our Board of Directors considering various factors, including our business, operating results and financial condition, capital requirements, current and anticipated cash needs, plans for expansion, any legal or contractual limitation on our ability to pay dividends and other relevant factors.
−Removed: No assurances can be given that any dividends will be paid or that, if paid, will not be reduced or eliminated in future periods.
−Removed: Dividends on common stock from the Company depend substantially upon receipt of dividends from the Bank, which is the Company’s predominant source of income.
−Removed: Management's projections show an expectation that cash dividends will continue for the foreseeable future.
−Removed: Purchases of Equity Securities by the Issuer and Affiliated Purchasers
+Added: On January 22, 2025, the Board declared a regular quarterly dividend of $0.24 per common share payable on February 20, 2025 to shareholders of record at the close of business on February 6, 2025.
+Added: Payments of future cash dividends, if any, will be at the discretion of our Board, taking into account various factors, including our business, operating results, financial condition, capital requirements, current and anticipated cash needs, plans for expansion, any legal or contractual limitation on our ability to pay dividends and other relevant factors.
+Added: It is management's expectation based on current projections that cash dividends will continue for the foreseeable future, however, no assurances can be given that any dividends will be paid or that, if paid, such dividends will not be reduced in amount in future periods.
+Added: The payment of dividends on the Company's common stock depends substantially upon receipt by the Company of dividends from the Bank, which is the Company’s predominant source of income.
+Added: Dividend Restrictions
+Added: As a Washington corporation, the Company is subject to certain restrictions on dividends under corporate law.
+Added: In general, these restrictions do not allow us to pay dividends if, after payment of such dividends, we would not be able to pay our liabilities as they become due in the usual course of business, or our total assets would be less than total liabilities.
+Added: The FDIC and the DFI have the authority under their supervisory powers to prohibit the payment of dividends by the Bank to the Company.
+Added: Additionally, current guidance from the Federal Reserve provides, among other things, that dividends per share on the Company’s common stock generally should not exceed earnings per share, measured over the previous four fiscal quarters.
+Added: Current regulations allow the Company and the Bank to pay dividends on their common stock if the Company’s or the Bank’s regulatory capital would not be reduced below the statutory capital requirements set by the Federal Reserve and the FDIC.
+Added: See “Supervision And Regulation—Supervision and Regulation of the Company—Dividend Payments” and “Supervision And Regulation—Supervision and Regulation of the Bank—Dividend Payments” above, for additional detail regarding restrictions on the payment of dividends by the Company and the Bank.
+Added: The Company also has certain contractual restrictions on its ability to pay dividends.
+Added: The Company has acquired debt securities through transactions.
+Added: Under the terms of the securities, the Company may be prohibited, under certain circumstances, from paying dividends on shares of its common stock.
+Added: None of these circumstances existed through the date of filing of this Form 10-K.
+Added: See Note (9) Junior Subordinated Debentures of the Notes to Consolidated Financial Statements included in Item 8.
+Added: Financial Statements and Supplementary Data of this Form 10-K for additional information regarding dividend restrictions.
+Added: Purchases of Equity Securities by the Issuer
The following table sets forth information about the Company’s purchases of its outstanding common stock during the quarter ended December 31, 2024:
2 unchanged sentences
Average price
−Removed: Total number of shares purchased as part of publicly announced plans or programs Maximum number of shares that may yet be purchased under the plans or programs (2)
+Added: Total number of shares purchased as part of publicly announced programs Maximum number of shares that may yet be purchased under the program
October 1, 2024—October 31, 2024 — — — 1,155,452
2 unchanged sentences
Total 165,498 $ 26.37 164,930 990,522
−Removed: (1) Of the common shares repurchased by the Company between October 1, 2023 and December 31, 2023, all shares represented the cancellation of stock to pay withholding taxes on vested restricted stock awards or units.
−Removed: (2) On March 12, 2020 the Company's Board of Directors announced the repurchase of up to 5% of the Company's outstanding common shares, or 1,799,054 shares, under the twelfth stock repurchase plan.
−Removed: The repurchase program does not have a set expiration date and will expire upon repurchase of the full amount of authorized shares, unless terminated sooner by the Board of Directors.
−Removed: The repurchase program may be suspended or discontinued at any time by the Company’s Board of Directors.
−Removed: Equity Compensation Plan Information.
−Removed: The equity compensation plan information presented under subparagraph (d) in Part III, Item 12 of this Form 10-K is incorporated herein by reference.
+Added: (1) Of the common shares repurchased by the Company between October 1, 2024 and December 31, 2024, 568 shares represented the cancellation of stock to pay withholding taxes on vested restricted stock awards or units and were not repurchased pursuant to the publicly announced stock repurchase program.
+Added: On April 24, 2024, the Board approved the repurchase of up to 5% of the Company's outstanding common shares, or 1,734,492 shares.
+Added: This stock repurchase program supersedes the previous stock repurchase program, authorized in March 2020, which allowed for the repurchase of up to 5% of the Company's outstanding common shares, or 1,799,054 shares.
Performance Graph
−Removed: The following graph shows the five-year comparison of the total return to shareholders of the Company’s common stock as compared to the NASDAQ Composite Index and the S&P U.S.
+Added: The following graph shows the five-year comparison of the cumulative total return to shareholders of the Company’s common stock as compared to the Nasdaq Composite Index and the S&P U.S.
SmallCap Banks Index during the five-year period beginning December 31, 2019 and ending December 31, 2024.
Total return includes appreciation or depreciation in market value of the Company’s common stock as well as actual cash and stock dividends paid to common shareholders.
−Removed: The NASDAQ Composite Index is a broad equity market index comprised of all domestic and international common stocks listed on the Nasdaq Stock Market.
+Added: The Nasdaq Composite Index is a broad equity market index comprised of all domestic and international common stocks listed on the Nasdaq Stock Market ("Nasdaq").
SmallCap Banks Index is comparative peer index comprised of banks and related holding companies within the same market capitalization range as the Company.
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.