Business
Heritage Financial Announces First Quarter 2026 Results and Declares Regular Cash Dividend of $0.24 Per Share
Heritage Financial Corporation (Nasdaq GS: HFWA) (the "Company," "we," or "us"), the parent company of Heritage Bank (the "Bank"), today reported net income of $18.9 million for the first quarter of 2026, compared to $22.2 million for the fourth quarter of 2025 and $13.9 million for the first quarter of 2025. Diluted earnings per share were $0.48 for the first quarter of 2026, compared to $0.65 for the fourth quarter of 2025 and $0.40 for the first quarter of 2025. Adjusted diluted earnings per
About this update from Heritage Financial Corporation
[{"type":"text","content":" First Quarter 2026 Highlights ","length":29,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income was $18.9 million, or $0.48 per diluted share, compared to $22.2 million, or $0.65 per diluted share for the fourth quarter of 2025.","length":143,"tagName":"p"}]},{"val":[{"type":"text","content":"Excluding merger-related costs, net income was $0.59 per adjusted diluted share (1) , compared to $0.66 per adjusted diluted share (1) in the fourth quarter of 2025.","length":162,"tagName":"p"}]},{"val":[{"type":"text","content":"Net interest margin increased to 3.96%, an increase of 24 basis points from 3.72% for the fourth quarter of 2025.","length":113,"tagName":"p"}]},{"val":[{"type":"text","content":"Yield on loans increased to 5.73%, an increase of 19 basis points from 5.54% for the fourth quarter of 2025.","length":108,"tagName":"p"}]},{"val":[{"type":"text","content":"Cost of interest bearing deposits decreased to 1.71%, from 1.83% for the fourth quarter of 2025.","length":96,"tagName":"p"}]},{"val":[{"type":"text","content":"Declared a regular cash dividend of $0.24 per share on April 22, 2026.","length":75,"tagName":"p"}]},{"val":[{"type":"text","content":"Completed the acquisition of Olympic Bancorp, Inc. ("Olympic") on January 31, 2026.","length":98,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":795,"olType":false},{"type":"text","content":" OLYMPIA, Wash. , April 23, 2026 /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 $18.9 million for the first quarter of 2026, compared to $22.2 million for the fourth quarter of 2025 and $13.9 million for the first quarter of 2025. Diluted earnings per share were $0.48 for the first quarter of 2026, compared to $0.65 for the fourth quarter of 2025 and $0.40 for the first quarter of 2025. Adjusted diluted earnings per share (1) were $0.59 for the first quarter of 2026, compared to $0.66 for the fourth quarter of 2025 and $0.49 for the first quarter of 2025.","length":727,"tagName":"p"},{"type":"text","content":"Bryan McDonald, President and Chief Executive Officer of the Company, commented, "We successfully closed our strategic acquisition of Olympic Bancorp during the first quarter. This acquisition provides us with a stronger market position in the Puget Sound region, and has contributed to our improved profitability and net interest margin in the quarter. We are on track to complete the system conversion by the end of the third quarter 2026 at which time we will begin to recognize further cost savings, which aligns with our original timeline."","length":555,"tagName":"p"},{"type":"text","content":""We are pleased with our operating results for the first quarter and remain focused on maintaining our strong banking organization with sustainable growth and prudent risk management which allows us to generate strong capital returns for our shareholders."","length":266,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" (1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" section for a reconciliation to the comparable GAAP financial measure. 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","length":10,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" Consumer ","length":8,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" 41,079 ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" 4.3 % ","length":10,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" Loans 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indicated:","length":89,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" March 31, 2026 ","length":14,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERT...
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