Business
HERITAGE FINANCIAL ANNOUNCES FIRST QUARTER 2022 RESULTS AND DECLARES REGULAR CASH DIVIDEND
Net income was $19.8 million, or $0.56 per diluted share, for the first quarter of 2022 compared to $19.4 million, or $0.55 per diluted share, for the fourth
About this update from Heritage Financial Corporation
[{"type":"text","content":"Net income was $19.8 million, or $0.56 per diluted share, for the first quarter of 2022 compared to $19.4 million, or $0.55 per diluted share, for the fourth quarter of 2021 and $25.3 million, or $0.70 per diluted share, for the first quarter of 2021.Reversal of provision for credit losses was $3.6 million for the first quarter of 2022 compared to $5.0 million for the fourth quarter of 2021 and $7.2 million for the first quarter of 2021.Loans receivable grew $5.5 million, or 0.1% (0.6% annualized), in the first quarter of 2022; excluding SBA PPP loan repayments of $80.9 million, loans receivable grew $86.4 million, or 2.4%(1) (9.5% annualized(1)).The ratio of nonperforming assets to total assets decreased to 0.22% at March 31, 2022 compared to 0.32% at December 31, 2021 and 0.75% at March 31, 2021.Noninterest expense to average total assets, annualized, was 1.95% for the first quarter of 2022 compared to 2.06% for the fourth quarter of 2021 and 2.22% for the first quarter of 2021.Declared a regular cash dividend of $0.21 per common share on April 20, 2022.OLYMPIA, Wash., April 21, 2022 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ GS: HFWA) (the \"Company\" or \"Heritage\"), the parent company of Heritage Bank (\"Bank\"), today reported net income of $19.8 million for the first quarter of 2022 compared to $19.4 million for the fourth quarter of 2021 and $25.3 million for the first quarter of 2021. Diluted earnings per share for the first quarter of 2022 were $0.56 compared to $0.55 for the fourth quarter of 2021 and $0.70 for the first quarter of 2021.\nJeffrey J. Deuel, President and Chief Executive Officer of Heritage, commented, \"While we continue to see challenges from the COVID-environment, we remain focused on delivering strong financial performance and improvements in our operating efficiency by managing expenses and leveraging technology systems. We are well-positioned for the rising rate environment due to our ample balance sheet liquidity, including $1.58 billion in cash and cash equivalents. Additionally, we are seeing loan growth due to a decline in loan payoff activity and the strong economic climate in the Pacific Northwest.\nFurther, we are pleased with the success of our ongoing efforts to positively contribute to housing in the communities we serve. Heritage Bank recently partnered with Catholic Housin...