Business
Heritage Financial Announces Fourth Quarter And Annual 2020 Results And Declares Regular Cash Dividend
- Net income was $23.9 million, or $0.66 per diluted share, for the quarter ended December 31, 2020, compared to $16.6 million, or $0.46 per diluted share,
About this update from Heritage Financial Corporation
[{"type":"text","content":"- Net income was $23.9 million, or $0.66 per diluted share, for the quarter ended December 31, 2020, compared to $16.6 million, or $0.46 per diluted share, for the linked-quarter ended September 30, 2020 and $17.1 million, or $0.47 per diluted share, for the quarter ended December 31, 2019.\n - Diluted earnings per share were $1.29 for the year ended December 31, 2020 compared to $1.83 for the year ended December 31, 2019.\n - Completed the consolidation of nine branches on January 22, 2021, a decrease of 15% in total branches.\n - Efficiency ratio was 60.50% for the quarter ended December 31, 2020 compared to 62.27% for the linked-quarter ended September 30, 2020 and 61.93% for the quarter ended December 31, 2019.\n - Noninterest expense to average total assets, annualized, was 2.30% for the quarter ended December 31, 2020 compared to 2.17% for the linked-quarter ended September 30, 2020 and 2.57% for the quarter ended December 31, 2019.\n - Reversal of provision for credit losses was $3.1 million for the quarter ended December 31, 2020 compared to a provision for credit losses of $2.7 million for the linked-quarter ended September 30, 2020. Provision for credit losses was $36.1 million for the year ended December 31, 2020 compared to $4.3 million for the year ended December 31, 2019.\n - Capital remains strong with Tier 1 leverage ratio of 9.0% at December 31, 2020 compared to 8.8% at September 30, 2020 and total risk-based capital ratio of 14.0% at December 31, 2020 compared to 13.4% at September 30, 2020.\n - Heritage ranked #1 in Washington on Newsweek's America's Best Banks List.\n - Heritage declared a regular cash dividend of $0.20 per common share on January 27, 2021.\n\n\nOLYMPIA, Wash., Jan. 28, 2021 /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 $23.9 million for the quarter ended December 31, 2020 compared to $16.6 million for the linked-quarter ended September 30, 2020 and $17.1 million for the quarter ended December 31, 2019. Diluted earnings per share for the quarter ended December 31, 2020 were $0.66 compared to $0.46 for the linked-quarter ended September 30, 2020 and $0.47 for the quarter ended December 31, 2019.\nJeffrey J. Deuel, President and Chief Executive ...