Business
Heritage Financial Announces Third Quarter 2021 Results And Declares Regular Cash Dividend
- Net income was $20.6 million, or $0.58 per diluted share, for the quarter ended September 30, 2021, compared to $32.7 million, or $0.90 per diluted share,
About this update from Heritage Financial Corporation
[{"type":"text","content":"- Net income was $20.6 million, or $0.58 per diluted share, for the quarter ended September 30, 2021, compared to $32.7 million, or $0.90 per diluted share, for the linked-quarter ended June 30, 2021 and $16.6 million, or $0.46 per diluted share, for the quarter ended September 30, 2020.\n - Reversal of provision for credit losses was $3.1 million for the quarter ended September 30, 2021 compared to $14.0 million for the linked-quarter ended June 30, 2021 and a provision for credit loss of $2.7 million for the quarter ended September 30, 2020.\n - The ratio of nonperforming assets to total assets decreased to 0.36% at September 30, 2021 compared to 0.50% at June 30, 2021 and 0.88% at December 31, 2020.\n - Noninterest expense to average total assets, annualized, was 2.04% for the quarter ended September 30, 2021 compared to 2.06% for the linked-quarter ended June 30, 2021 and 2.17% for the quarter ended September 30, 2020.\n - Capital remains strong with a Tier 1 leverage ratio of 8.8% and a total risk-based capital ratio of 14.8% at September 30, 2021.\n - Declared a regular cash dividend of $0.21 per common share on October 20, 2021, an increase of 5.0% from the $0.20 regular cash dividend per common share declared during the prior quarter.\n - Repurchased 841,088 shares at a weighted average price of $24.54 during the quarter ended September 30, 2021.\n\n\nOLYMPIA, Wash., Oct. 21, 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 $20.6 million for the quarter ended September 30, 2021 compared to $32.7 million for the linked-quarter ended June 30, 2021 and $16.6 million for the quarter ended September 30, 2020. Diluted earnings per share for the quarter ended September 30, 2021 were $0.58 compared to $0.90 for the linked-quarter ended June 30, 2021 and $0.46 for the quarter ended September 30, 2020.\nJeffrey J. Deuel, President and Chief Executive Officer of Heritage, commented, \"Given the ongoing challenging environment resulting from COVID-19 and its related variants, we are pleased with our performance in the third quarter. Credit quality continues to improve and while loan growth was slow over the summer following the reopening of businesses in Oregon and Washington at th...