Business
HERITAGE FINANCIAL ANNOUNCES SECOND QUARTER 2023 RESULTS AND DECLARES REGULAR CASH DIVIDEND
Net income was $16.8 million, or $0.48 per diluted share, for the second quarter of 2023 compared to $20.5 million, or $0.58 per diluted share, for the first
About this update from Heritage Financial Corporation
[{"type":"text","content":"Net income was $16.8 million, or $0.48 per diluted share, for the second quarter of 2023 compared to $20.5 million, or $0.58 per diluted share, for the first quarter of 2023.Loans receivable increased $123.9 million, or 3.0% in the second quarter of 2023. Capital remains strong with a leverage ratio of 9.9% and a total capital ratio of 14.1% at June 30, 2023. The ratio of nonperforming assets to total assets at June 30, 2023 and March 31, 2023 was 0.07%.Net interest margin was 3.56% for the second quarter of 2023 compared to 3.91% for the first quarter of 2023.Cost of total deposits was 0.61% for the second quarter of 2023 compared to 0.31% for the first quarter of 2023.Total deposits decreased $193.5 million or 3.3% in the second quarter of 2023.Declared a regular cash dividend of $0.22 per share on July 19, 2023.OLYMPIA, Wash., July 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 $16.8 million for the second quarter of 2023 compared to $20.5 million for the first quarter of 2023 and $18.6 million for the second quarter of 2022. Diluted earnings per share for the second quarter of 2023 were $0.48 compared to $0.58 for the first quarter of 2023 and $0.52 for the second quarter of 2022.\nJeffrey J. Deuel, President and Chief Executive Officer of Heritage, commented, \"Results for the second quarter continue to demonstrate the strength of our business model. We have a balance sheet with a legacy of strong core deposits and ample liquidity which allows us to maintain loan production. Although we are experiencing the industry-wide pressure on funding costs, we are encouraged with the ongoing development of customer relationships, particularly in the markets where we've hired banking teams over the past year, such as the Portland, Eugene and Boise MSAs. We believe our continued focus on prudent risk management, coupled with strategic and measured growth, will benefit our long-term returns for shareholders.\nWe are proud to report that Heritage Bank has partnered with Francis + Clare Place to provide financing for 61 affordable housing units in Portland, Oregon. These units will house individuals who have been living on the street and will provide substantial social safety-net services to help t...