Business
HERITAGE FINANCIAL ANNOUNCES FOURTH QUARTER AND ANNUAL 2024 RESULTS AND DECLARES REGULAR CASH DIVIDEND OF $0.24 PER SHARE
Fourth Quarter 2024 Highlights Net income was $11.9 million, or $0.34 per diluted share, compared to $11.4 million, or $0.33 per diluted share, for the third
About this update from Heritage Financial Corporation
[{"type":"text","content":"Fourth Quarter 2024 Highlights\nNet income was $11.9 million, or $0.34 per diluted share, compared to $11.4 million, or $0.33 per diluted share, for the third quarter of 2024.Results included a pre-tax loss on sale of securities of $3.9 million and $2.9 million in total after-tax costs related to BOLI restructuring, resulting in an aggregate negative impact of $0.17 per diluted share.Loans receivable increased $122.6 million, or 2.6% (10.5% annualized).Net interest margin increased to 3.39%, from 3.33% for the third quarter of 2024.Cost of total deposits decreased to 1.39%, from 1.42% for the third quarter of 2024.Declared a regular cash dividend of $0.24 per share on January 22, 2025, an increase of 4.3% from the $0.23 regular cash dividend per share declared in the fourth quarter of 2024.OLYMPIA, Wash., Jan. 23, 2025 /PRNewswire/ -- Heritage Financial Corporation (Nasdaq GS: HFWA) (the \"Company\", \"we,\" or \"us\"), the parent company of Heritage Bank (the \"Bank\"), today reported net income of $11.9 million for the fourth quarter of 2024, compared to $11.4 million for the third quarter of 2024 and $6.2 million for the fourth quarter of 2023. Diluted earnings per share for the fourth quarter of 2024 were $0.34 compared to $0.33 for the third quarter of 2024 and $0.18 for the fourth quarter of 2023. Net income for the year ended 2024 totaled $43.3 million, or $1.24 per diluted share, compared to $61.8 million, or $1.75 per diluted share for the year ended 2023.\n\nIn the fourth quarter of 2024, the Company incurred a pre-tax loss of $3.9 million on the sale of investment securities in connection with the strategic repositioning of its balance sheet, which decreased diluted earnings per share by $0.09 for the quarter. The Company sold $35.6 million of investment securities with a book yield of 1.88%. Proceeds were used to fund higher yielding loan growth for the quarter. For the year ended 2024, the Company incurred pre-tax losses of $22.7 million on the sale of investment securities in connection with the strategic balance sheet repositioning efforts, which decreased diluted earnings per share by $0.51 for the year.\nIn addition, the Company restructured its bank owned life insurance (\"BOLI\") portfolio during the fourth quarter of 2024, incurring additional tax expense related to the sale of BOLI of $2.4 million and other ...