Business
Heritage Financial Announces Second Quarter 2020 Results And Declares Regular Cash Dividend
- Net loss was $6.1 million, or $0.17 per diluted share, compared to net income of $12.2 million, or $0.33 per diluted share, for the linked-quarter ended
About this update from Heritage Financial Corporation
[{"type":"text","content":"- Net loss was $6.1 million, or $0.17 per diluted share, compared to net income of $12.2 million, or $0.33 per diluted share, for the linked-quarter ended March 31, 2020 and $16.0 million, or $0.43 per diluted share, for the quarter ended June 30, 2019.\n - Pre-tax, pre-provision income(1) was $21.5 million for the quarter ended June 30, 2020 compared to $20.8 million for the linked-quarter ended March 31, 2020 and $20.6 million for the quarter ended June 30, 2019.\n - Provision for credit losses increased $20.6 million, or 259.5% to $28.6 million for the quarter ended June 30, 2020 from $7.9 million for the quarter ended March 31, 2020.\n - Loans receivable, net, increased $790.0 million, or 20.8%, to $4.59 billion at June 30, 2020 from $3.80 billion at March 31, 2020; SBA PPP loans totaled $856.5 million as of June 30, 2020.\n - Total deposits increased $949.8 million, or 20.6%, to $5.57 billion at June 30, 2020 from $4.62 billion at March 31, 2020.\n - Non-maturity deposits as a percentage of total deposits increased to 91.2% at June 30, 2020 from 88.6% at March 31, 2020 and noninterest demand deposits as a percentage of total deposits increased to 35.9% at June 30, 2020 from 30.6% at March 31, 2020.\n - Heritage declared a regular cash dividend of $0.20 per common share on July 22, 2020.\n - Capital remains strong with Tier 1 leverage capital to average quarterly assets of 10.2% at June 30, 2020 compared to 10.4% at March 31, 2020 and total capital to risk-weighted assets of 13.1% at June 30, 2020 compared to 12.5% at March 31, 2020.\n\n\nOLYMPIA, Wash., July 23, 2020 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ GS: HFWA) (the \"Company\" or \"Heritage\"), the parent company of Heritage Bank (\"Bank\"), today reported that the Company had a net loss of $6.1 million for the quarter ended June 30, 2020 compared to net income of $12.2 million for the linked-quarter ended March 31, 2020 and net income of $16.0 million for the quarter ended June 30, 2019. The losses per share for the quarter ended June 30, 2020 was $0.17 compared to earnings per share of $0.33 for the linked-quarter ended March 31, 2020 and $0.43 for the quarter ended June 30, 2019. Financial results for the quarter ended June 30, 2020 included a provision for credit losses of $28.6 million primarily as a result of additional estimated credit losses for...