Business
HERITAGE FINANCIAL ANNOUNCES FIRST QUARTER 2023 RESULTS AND DECLARES REGULAR CASH DIVIDEND
Net income was $20.5 million, or $0.58 per diluted share, for the first quarter of 2023 compared to $22.5 million, or $0.64 per diluted share, for the fourth
About this update from Heritage Financial Corporation
[{"type":"text","content":"Net income was $20.5 million, or $0.58 per diluted share, for the first quarter of 2023 compared to $22.5 million, or $0.64 per diluted share, for the fourth quarter of 2022 and $19.8 million, or $0.56 per diluted share, for the first quarter of 2022.Loans receivable increased $76.6 million, or 1.9% (7.7% annualized), in the first quarter of 2023. Capital remains strong with a leverage ratio of 9.9% and a total capital ratio of 14.1% at March 31, 2023. The ratio of nonperforming assets to total assets decreased to 0.07% at March 31, 2023 compared to 0.08% at December 31, 2022 and 0.22% at March 31, 2022.Net interest margin was 3.91% for the first quarter of 2023 compared to 3.98% for the fourth quarter of 2022 and 2.84% for the first quarter of 2022.Cost of total deposits was 0.31% for the first quarter of 2023 compared to 0.16% for the fourth quarter of 2022 and 0.09% for the first quarter of 2022.Declared a regular cash dividend of $0.22 per share on April 19, 2023.OLYMPIA, Wash., April 20, 2023 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ GS: HFWA) (the \"Company\" or \"Heritage\"), the parent company of Heritage Bank (the \"Bank\"), today reported net income of $20.5 million for the first quarter of 2023 compared to $22.5 million for the fourth quarter of 2022 and $19.8 million for the first quarter of 2022. Diluted earnings per share for the first quarter of 2023 were $0.58 compared to $0.64 for the fourth quarter of 2022 and $0.56 for the first quarter of 2022.\nJeffrey J. Deuel, President and Chief Executive Officer of Heritage, commented, \"Results for the first quarter showcase the strengths of our business model with a strong balance sheet, core deposits, ample liquidity and prudent risk management. We reported solid profitability and loan growth while strengthening capital ratios and maintaining credit quality. Although we are experiencing the industry-wide pressure on deposit balances, we have a long track record of core funding with 34.3% of our deposits as non-interest bearing as of March 31, 2023. Further, we are encouraged by the contributions of our new teams in the Portland, Eugene and Boise MSAs which are enhancing our strong core deposit base.\nWe are delighted to report that Heritage Bank is partnering with El Centro De La Raza in constructing 87 new affordable housing units in Seattle's Columbia C...