Business
HERITAGE FINANCIAL ANNOUNCES FOURTH QUARTER AND ANNUAL 2023 RESULTS AND DECLARES REGULAR CASH DIVIDEND
Net income was $6.2 million, or $0.18 per diluted share, for the fourth quarter of 2023 compared to $18.2 million, or $0.51 per diluted share, for the third
About this update from Heritage Financial Corporation
[{"type":"text","content":"Net income was $6.2 million, or $0.18 per diluted share, for the fourth quarter of 2023 compared to $18.2 million, or $0.51 per diluted share, for the third quarter of 2023.Significant items in the fourth quarter of 2023 results include a loss on sale of securities totaling $10.0 million, or $0.22 per diluted share, and costs relating to expense management measures totaling $2.0 million, or $0.04 per diluted share.Book value per share increased to $24.44 at December 31, 2023, compared to $23.31 at September 30, 2023. Tangible book value per share increased to $17.40 at December 31, 2023, compared to $16.25 at September 30, 2023(1). Capital remains strong with a leverage ratio of 10.0% and a total capital ratio of 14.1% at December 31, 2023. Loans receivable increased $68.8 million, or 1.6%, during the fourth quarter of 2023 and $284.8 million, or 7.0% during the year ended December 31, 2023.Net interest margin was 3.41% for the fourth quarter of 2023 compared to 3.47% for the third quarter of 2023.Cost of total deposits was 1.01% for the fourth quarter of 2023 compared to 0.83% for the third quarter of 2023.Declared a regular cash dividend of $0.23 per share on January 24, 2024, an increase of 4.5% from the $0.22 regular cash dividend per share declared in the fourth quarter of 2023.(1) See Non-GAAP Financial Measures section herein.\nOLYMPIA, Wash., Jan. 25, 2024 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ GS: HFWA) (the \"Company\" or \"Heritage\"), the parent company of Heritage Bank (the \"Bank\"), today reported net income of $6.2 million for the fourth quarter of 2023 compared to $18.2 million for the third quarter of 2023 and $22.5 million for the fourth quarter of 2022. Diluted earnings per share for the fourth quarter of 2023 were $0.18 compared to $0.51 for the third quarter of 2023 and $0.64 for the fourth quarter of 2022. Net income for the year ended 2023 totaled $61.8 million, or $1.75 per diluted share as compared to $81.9 million, or $2.31 per diluted share for 2022.\n\nIn the fourth quarter of 2023, the Company incurred a pre-tax loss of $10.0 million on the sale of investment securities due to the strategic repositioning of its investment portfolio, which affected diluted earnings per share by $0.22 for the quarter. The Company sold $151.8 million in investment securities with an estimated weighted a...