Business
HERITAGE FINANCIAL ANNOUNCES THIRD QUARTER 2023 RESULTS AND DECLARES REGULAR CASH DIVIDEND
Net income was $18.2 million, or $0.51 per diluted share, for the third quarter of 2023 compared to $16.8 million, or $0.48 per diluted share, for the second
About this update from Heritage Financial Corporation
[{"type":"text","content":"Net income was $18.2 million, or $0.51 per diluted share, for the third quarter of 2023 compared to $16.8 million, or $0.48 per diluted share, for the second quarter of 2023.Return on average equity increased to 8.80% for the third quarter of 2023 compared to 8.19% for the second quarter of 2023. Return on average tangible common equity(1) increased to 12.90% compared to 12.04% for the second quarter of 2023.Capital remains strong with a leverage ratio of 9.9% and a total capital ratio of 14.1% at September 30, 2023. Loans receivable increased $15.5 million in the third quarter of 2023.Nonaccrual loans declined to 0.07% of total loans receivable at September 30, 2023.Net interest margin was 3.47% for the third quarter of 2023 compared to 3.56% for the second quarter of 2023.Total deposits increased $39.6 million in the third quarter of 2023.Cost of total deposits was 0.83% for the third quarter of 2023 compared to 0.61% for the second quarter of 2023.Declared a regular cash dividend of $0.22 per share on October 18, 2023.OLYMPIA, Wash., Oct. 19, 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 $18.2 million for the third quarter of 2023 compared to $16.8 million for the second quarter of 2023 and $21.0 million for the third quarter of 2022. Diluted earnings per share for the third quarter of 2023 were $0.51 compared to $0.48 for the second quarter of 2023 and $0.59 for the third quarter of 2022.\n\nJeffrey J. Deuel, President and Chief Executive Officer of Heritage, commented, \"We are pleased with our earnings for the third quarter, especially with the ongoing challenges in the current rate environment. We are maintaining a strong balance sheet with ample liquidity. The solid foundation of our core deposit franchise and credit culture continues to serve us well. We believe our steadfast focus on prudent risk management and expense management, coupled with strategic and measured growth, will provide sustainable long-term returns for our shareholders.\nWe are proud to report that Heritage Bank is partnering with Columbia Non-Profit Housing and Vancouver Housing Authority on the construction of a new 82-unit affordable housing project in Vancouver, Washington. The Bank is providing a $17.7 millio...