Business
Heritage Financial Announces First Quarter 2020 Results And Declares Regular Cash Dividend
- Diluted earnings per share were $0.33 for the quarter ended March 31, 2020 compared to $0.47 for the linked-quarter ended December 31, 2019 and $0.45 for
About this update from Heritage Financial Corporation
[{"type":"text","content":"- Diluted earnings per share were $0.33 for the quarter ended March 31, 2020 compared to $0.47 for the linked-quarter ended December 31, 2019 and $0.45 for the quarter ended March 31, 2019.\n - Heritage declared a regular cash dividend of $0.20 per common share on April 29, 2020.\n - Loans receivable, net, increased $73.1 million, or 2.0%, to $3.80 billion at March 31, 2020 from $3.73 billion at December 31, 2019.\n - Total deposits increased $35.3 million, or 0.8%, to $4.62 billion at March 31, 2020 from $4.58 billion at December 31, 2019.\n - Non-maturity deposits as a percentage of total deposits were 88.6% at March 31, 2020, which is unchanged compared to December 31, 2019.\n - Net interest margin increased to 4.06% for the quarter ended March 31, 2020 compared to 4.02% for the linked-quarter ended December 31, 2019.\n - Adopted the Current Expected Credit Losses (\"CECL\") accounting standard effective January 1, 2020.\n\n\nOLYMPIA, Wash., April 30, 2020 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ GS: HFWA) (the \"Company\" or \"Heritage\"), the parent company of Heritage Bank (\"Bank\"), today reported that the Company had net income of $12.2 million for the quarter ended March 31, 2020 compared to $17.1 million for the linked-quarter ended December 31, 2019 and $16.6 million for the quarter ended March 31, 2019. Diluted earnings per share for the quarter ended March 31, 2020 was $0.33 compared to $0.47 for the linked-quarter ended December 31, 2019 and $0.45 for the quarter ended March 31, 2019. Financial results for the quarter ended March 31, 2020 included a provision for credit losses on loans of $10.0 million as a result of adopting CECL and reflects forecasted credit deterioration due to the Coronavirus (\"COVID-19\") pandemic.\nJeffrey J. Deuel, President and Chief Executive Officer of Heritage commented, \"We are pleased with our performance and progress in the first quarter, despite the challenges from COVID-19 and a rapid decrease in interest rates. We believe Heritage is well positioned to navigate these challenges and we will continue to benefit from our core deposit franchise and conservative credit culture, while maintaining our focus on a stable net interest margin and expense management. Further, the robust liquidity and capital position on our balance sheet provides us with a solid foundation to...