Business
HERITAGE FINANCIAL ANNOUNCES THIRD QUARTER 2024 RESULTS AND DECLARES REGULAR CASH DIVIDEND OF $0.23 PER SHARE
Third Quarter 2024 Highlights Net income was $11.4 million, or $0.33 per diluted share, compared to $14.2 million, or $0.41 per diluted share, for the second
About this update from Heritage Financial Corporation
[{"type":"text","content":"Third Quarter 2024 Highlights\nNet income was $11.4 million, or $0.33 per diluted share, compared to $14.2 million, or $0.41 per diluted share, for the second quarter of 2024.Results include a pre-tax loss on sale of securities of $6.9 million, or $0.16 per diluted share on an after-tax basis.Loans receivable increased $146.9 million, or 3.2% (12.9% annualized).Deposits increased $192.8 million, or 3.5% (13.9% annualized).Non-interest bearing deposits increased $82.9 million, or 5.2% (20.6% annualized).Net interest margin was 3.33%, compared to 3.29% for the second quarter of 2024.Cost of total deposits was 1.42%, compared to 1.34% for the second quarter of 2024.Noninterest expense to average total assets was 2.18%, compared to 2.21% for the second quarter of 2024.Declared a regular cash dividend of $0.23 per share on October 23, 2024.OLYMPIA, Wash., Oct. 24, 2024 /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 $11.4 million for the third quarter of 2024 compared to $14.2 million for the second quarter of 2024 and $18.2 million for the third quarter of 2023. Diluted earnings per share for the third quarter of 2024 were $0.33 compared to $0.41 for the second quarter of 2024 and $0.51 for the third quarter of 2023.\n\nIn the third quarter of 2024, the Company incurred a pre-tax loss of $6.9 million on the sale of investment securities due to the strategic repositioning of its balance sheet, which decreased diluted earnings per share by $0.16 for the quarter. The Company sold $78.0 million of investment securities with an estimated weighted average book yield of 1.88%. Proceeds were used to fund higher yielding loan growth for the quarter.\nJeff Deuel, Chief Executive Officer of the Company, commented, \"We are very pleased with our operating results for the third quarter, which included strong loan and deposit growth, margin expansion, and continued benefits from expense management measures. The increases in average earning assets and net interest margin resulted in an improvement in net interest income of $1.8 million, or 3.6%, from the prior quarter. Although we experienced a charge-off during the quarter related to an owner-occupied commercial real estate loan previously downgraded to Substanda...