HERITAGE FINANCIAL ANNOUNCES SECOND QUARTER 2022 RESULTS AND DECLARES REGULAR CASH DIVIDEND

About this update from Heritage Financial Corporation

Net income was $18.6 million , or $0.52 per diluted share, for the second quarter of 2022 compared to $19.8 million , or $0.56 per diluted share, for the first quarter of 2022 and $32.7 million , or $0.90 per diluted share, for the second quarter of 2021. Loans receivable grew $52.9 million , or 1.4% (5.6% annualized), in the second quarter of 2022; excluding SBA PPP loan repayments of $53.6 million , loans receivable grew $106.5 million , or 2.8% (11.2% annualized). Expanded our existing presence in the Portland-Vancouver MSA and gained an important entry into the Eugene, Oregon market through the hiring of four experienced banking teams, including commercial relationship managers, deposit relationship managers, support staff and leadership. Net interest margin increased to 3.04% for the second quarter of 2022 from 2.84% for the first quarter of 2022. The ratio of nonperforming assets to total assets decreased to 0.14% at June 30, 2022 compared to 0.22% at March 31, 2022 and 0.32% at December 31, 2021 . Noninterest expense to average total assets, annualized, was 1.94% for the second quarter of 2022 compared to 1.95% for the first quarter of 2022 and 2.06% for the second quarter of 2021. Declared a regular cash dividend of $0.21 per common share on July 20, 2022 . OLYMPIA, Wash , July 21, 2022 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ GS: HFWA) (the "Company" or "Heritage"), the parent company of Heritage Bank (the "Bank"), today reported net income of $18.6 million for the second quarter of 2022 compared to $19.8 million for the first quarter of 2022 and $32.7 million for the second quarter of 2021. Diluted earnings per share for the second quarter of 2022 were $0.52 compared to $0.56 for the first quarter of 2022 and $0.90 for the second quarter of 2021. Jeffrey J. Deuel , President and Chief Executive Officer of Heritage, commented, "We are pleased with the positive progress we are seeing in loan growth as well as the continuing improvement in the underlying credit quality of our loan portfolio. We are beginning to see the benefits of our asset sensitivity and core deposit base in the current rate environment, which is noticeable in our increased net interest margin this quarter. We are also excited about the new teams we hired to expand our production capabilities in the Portland-Vancouver MSA and Eugene, Oregon . These are attractive markets for us to grow loans and deposits, and the teams of bankers are a natural fit with the Heritage culture. During the second quarter, we closed on the financing of Northwest Housing Alternatives' (a leading Oregon -wide affordable housing provider headquartered in the Portland Metro area) 42-unit Trillium House Project in Warrenton, Oregon , a coastal community which is underserved in affordable housing. The construction loan was $11.6 million and the structure included our first Agricultural Worker Housing Tax Credit investment in addition to a Low Income Housing Tax Credit investment. We are pleased with the success of our efforts to positively impact housing in the markets we serve." Financial Highlights The following table provides financial highlights at the dates and for the periods indicated: As of or for the Quarter Ended June 30 , 2022 March 31 , 2022 June 30 , 2021 (Dollars in thousands, except per share amounts) Net income $ 18,584 $ 19,757 $ 32,702 Pre-tax, pre-provision income (1) $ 21,357 $ 19,762 $ 26,166 Diluted earnings per share $ 0.52 $ 0.56 $ 0.90 Return on average assets (2) 1.01 % 1.08 % 1.85 % Pre-tax, pre-provision return on average assets (1) (2) 1.16 % 1.08 % 1.48 % Return on average common equity (2) 9.19 % 9.47 % 15.69 % Return on average tangible common equity (1) (2) 13.68 % 13.83 % 22.94 % Net interest margin (2) 3.04 % 2.84 % 3.44 % Cost of total deposits (2) 0.09 % 0.09 % 0.10 % Efficiency ratio 62.57 % 64.38 % 58.18 % Noninterest expense to average total assets (2) 1.94 % 1.95 % 2.06 % Total assets $ 7,316,467 $ 7,483,814 $ 7,105,672 Loans receivable, net $ 3,834,368 $ 3,780,845 $ 4,155,968 Total deposits $ 6,330,190 $ 6,491,500 $ 6,074,385 Loan to deposit ratio (3) 61.2 % 58.9 % 69.3 % Book value per share $ 22.94 $ 23.40 $ 23.77 Tangible book value per share (1) $ 15.83 $ 16.27 $ 16.76 Tangible book value per share, excluding AOCI (1) (4) $ 17.59 $ 17.25 $ 16.32 (1) See Non-GAAP Financial Measures section herein. (2) Annualized. (3) Loans receivable divided by total deposits. (4) Accumulated other comprehensive income or loss ("AOCI"). Balance Sheet Cash and cash equivalents decreased $582.7 million , or 37.0%, to $994.1 million at June 30, 2022 from $1.58 billion at March 31, 2022 due primarily to the increase in investment securities and secondarily due to a decrease in deposits. The following table provides information regarding our investment securities at the dates indicated: June 30, 2022 March 31, 2022 Balance % of Total Balance % of Total Change % Change (Dollars in thousands) Investment securities available for sale, at fair value: U.S. government and agency securities $ 65,668 3.6 % $ 39,555 2.7 % $ 26,113 66.0 % Municipal securities 200,010 11.1 210,239 14.4 (10,229) (4.9) Residential CMO and MBS 398,156 22.1 358,409 24.5 39,747 11.1 Commercial CMO and MBS 493,620 27.4 404,505 27.7 89,115 22.0 Corporate obligations 5,978 0.3 2,009 0.1 3,969 197.6 Other asset-backed securities 24,156 1.3 25,207 1.7 (1,051) (4.2) Total $ 1,187,588 65.8 % $ 1,039,924 71.1 % $ 147,664 14.2 % Investment securities held to maturity, at amortized cost: U.S. government and agency securities $ 150,960 8.4 % $ 150,973 10.3 % $ (13) — % Residential CMO and MBS 159,007 8.8 54,486 3.7 104,521 191.8 Commercial CMO and MBS 305,686 17.0 216,754 14.9 88,932 41.0 Total $ 615,653 34.2 % $ 422,213 28.9 % $ 193,440 45.8 % Total investment securities $ 1,803,241 100.0 % $ 1,462,137 100.0 % $ 341,104 23.3 % Total investment securities increased $341.1 million , or 23.3%, to $1.80 billion at June 30, 2022 from $1.46 billion at March 31, 2022 due primarily to purchases to deploy excess liquidity into higher yielding assets. The following table summarizes the Company's loans receivable, net at the dates indicated: June 30, 2022 March 31, 2022 Change Balance % of Total Balance % of Total Amount % (Dollars in thousands) Commercial business: Commercial and industrial $ 698,828 18.0 % $ 651,523 17.1 % $ 47,305 7.3 % SBA PPP 11,334 0.3 64,962 1.7 (53,628) (82.6) Owner-occupied commercial real estate ("CRE") 950,699 24.6 935,705 24.5 14,994 1.6 Non-owner occupied CRE 1,515,796 39.1 1,505,483 39.4 10,313 0.7 Total commercial business 3,176,657 82.0 3,157,673 82.7 18,984 0.6 Residential real estate 265,382 6.9 223,442 5.8 41,940 18.8 Real estate construction and land development: Residential 90,546 2.3 83,529 2.2 7,017 8.4 Commercial and multifamily 128,060 3.3 138,583 3.6 (10,523) (7.6) Total real estate construction and land development 218,606 5.6 222,112 5.8 (3,506) (1.6) Consumer 213,419 5.5 217,951 5.7 (4,532) (2.1) Loans receivable 3,874,064 100.0 % 3,821,178 100.0 % 52,886 1.4 Allowance for credit losses on loans (39,696) (40,333) 637 (1.6) Loans receivable, net $ 3,834,368 $ 3,780,845 $ 53,523 1.4 % Loans receivable grew $52.9 million , or 1.4% (5.6% annualized), in the second quarter of 2022. New loans funded during the second and first quarter of 2022 were $242.4 million and $226.0 million , respectively, including purchased residential real estate loans of $27.3 million and $42.2 million , respectively. Loan repayments were $136.5 million during the second quarter of 2022 compared to $140.0 million in the first quarter of 2022, exclusive of SBA PPP loan repayments, net deferred fees, and net acquired discounts. Total deposits decreased $161.3 million , or 2.5%, from March 31, 2022 . The following table summarizes the Company's total deposits at the dates indicated: June 30, 2022 March 31, 2022 Change Balance % of Total Balance % of Total Amount % (Dollars in thousands) Noninterest demand deposits $ 2,325,139 36.7 % $ 2,393,972 36.9 % $ (68,833) (2.9) % Interest bearing demand deposits 1,977,527 31.3 2,018,032 31.1 (40,505) (2.0) Money market accounts 1,062,178 16.8 1,099,539 16.9 (37,361) (3.4) Savings accounts 654,577 10.3 651,541 10.0 3,036 0.5 Total non-maturity deposits 6,019,421 95.1 6,163,084 94.9 (143,663) (2.3) Certificates of deposit 310,769 4.9 328,416 5.1 (17,647) (5.4) Total deposits $ 6,330,190 100.0 % $ 6,491,500 100.0 % $ (161,310) (2.5) % During the second quarter of 2022, the Company repurchased $0.5 million , or 19,531 shares of its common stock at a weighted average price per share of $24.63 , as compared to the repurchase of $2.0 million , or 80,559 shares of its common stock, at a weighted average price per share of $25.17 , during the first quarter of 2022. As of June 30, 2022 , there were 638,214 shares available for repurchase under the current repurchase plan. Total stockholders' equity decreased $16.1 million during the second quarter of 2022 due primarily to a decrease in AOCI of $27.6 million following an increase in market interest rates during the quarter, which negatively impacted the fair value of our investment securities available for sale at June 30, 2022 . AOCI has no effect on our regulatory capital ratios as the Company opted to exclude it from our common equity tier 1 capital calculations. The Company and Bank continue to maintain capital levels in excess of the applicable regulatory requirements for them both to be categorized as "well-capitalized". The following table summarizes capital ratios for the Company at the dates indicated: June 30 , 2022 March 31 , 2022 Change Stockholders' equity to total assets 11.0 % 11.0 % — % Tangible common equity to tangible assets (1) 7.9 7.9 — Tangible common equity to tangible assets, excluding AOCI (1) 8.7 8.3 0.4 Common equity Tier 1 capital to risk-weighted assets (2) 13.2 13.4 (0.2) Tier 1 leverage capital to average quarterly assets (2) 8.9 8.8 0.1 Tier 1 capital to risk-weighted assets (2) 13.6 13.9 (0.3) Total capital to risk-weighted assets (2) 14.4 14.7 (0.3) (1) See Non-GAAP Financial Measures section herein. (2) Current quarter ratios are estimates pending completion and filing of the Company's regulatory reports. Allowance for Credit Losses and Provision for Credit Losses The following table provides detail on the changes in the allowance for credit losses ("ACL") on loans and the ACL on unfunded commitments ("Unfunded") and the related reversal of provision for credit losses for the periods indicated: As of or for the Quarter Ended June 30, 2022 March 31, 2022 June 30, 2021 ACL on Loans ACL on Unfunded Total ACL on Loans ACL on Unfunded Total ACL on Loans ACL on Unfunded Total (Dollars in thousands) Balance, beginning of period $ 40,333 $ 1,552 $ 41,885 $ 42,361 $ 2,607 $ 44,968 $ 64,225 $ 3,617 $ 67,842 Reversal of provision for credit losses (649) (555) (1,204) (2,522) (1,055) (3,577) (12,821) (1,166) (13,987) Net recovery 12 — 12 494 — 494 158 — 158 Balance, end of period $ 39,696 $ 997 $ 40,693 $ 40,333 $ 1,552 $ 41,885 $ 51,562 $ 2,451 $ 54,013 The ACL on loans decreased compared to March 31, 2022 due primarily to a reduction of loans individually evaluated for losses and their related ACL. The ACL on Unfunded decreased due primarily to higher utilization rates on commercial and industrial lines of credit. Credit Quality Nonperforming assets decreased to 0.14% of total assets at June 30, 2022 compared to 0.22% of total assets at March 31, 2022 . Nonperforming assets at both June 30, 2022 and March 31, 2022 consisted only of nonaccrual loans. Changes in nonaccrual loans during the periods indicated were as follows: Quarter Ended June 30 , 2022 March 31 , 2022 June 30 , 2021 (In thousands) Balance, beginning of period $ 16,527 $ 23,754 $ 52,868 Additions 720 — 401 Net principal payments and transfers to accruing status (5,964) (3,804) (2,093) Payoffs (691) (3,369) (15,835) Charge-offs (117) (54) — Balance, end of period $ 10,475 $ 16,527 $ 35,341 Nonaccrual loans declined during the second quarter of 2022 due primarily to the transfer of two CRE loan relationships totaling $4.9 million back to accrual status. Net Interest Income and Net Interest Margin Net interest income increased $3.1 million , or 6.6%, compared to the first quarter of 2022 due primarily to increases in yields earned on investment securities and interest earning deposits following increases in market interest rates. The increase in yields was offset partially by a decrease in deferred SBA PPP loan fees recognized due to a decrease in the volume of forgiven SBA PPP loans. Net interest income decreased $4.2 million , or 7.8%, compared to the second quarter of 2021 due primarily to the decrease in deferred SBA PPP loan fees recognized, offset partially by a higher average balance of taxable investment securities and higher yield earned on interest earning deposits. The following table presents the loan yield and the impact of SBA PPP loans and the incremental accretion on purchased loans on this financial measure for the periods presented below: Quarter Ended June 30 , 2022 March 31 , 2022 June 30 , 2021 Loan yield (GAAP) 4.30 % 4.41 % 4.62 % Exclude impact from SBA PPP loans (0.15) (0.21) (0.13) Exclude impact from incremental accretion on purchased loans (0.03) (0.06) (0.04) Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans (non-GAAP) (1) 4.12 % 4.14 % 4.45 % (1) See Non-GAAP Financial Measures section. The impact to loan yield from recoveries of interest and fees on loans classified as nonaccrual was one basis point during the second quarter of 2022 compared to 11 basis points during the first quarter of 2022 and 18 basis points during the second quarter of 2021. Net interest margin increased to 3.04% for the second quarter of 2022 as compared to 2.84% for the first quarter of 2022 due primarily to a shift into higher yielding interest earning assets with a lower ratio of lower yielding interest earning deposits to total interest earning assets and secondarily due to higher yields on interest earning assets. Net interest margin decreased from 3.44% for the second quarter of 2021 due primarily to the change in the mix of total interest earning assets into a higher proportion of lower yielding investment securities and interest earning deposits, resulting mostly from a significant decrease in SBA PPP loan balances. Noninterest Income The following table presents the key components of noninterest income and the change for the periods indicated: Quarter Ended Quarter Over Quarter Change Prior Year Quarter Change June 30 , 2022 March 31 , 2022 June 30 , 2021 Change % Change Change % Change (Dollar amounts in thousands) Service charges and other fees $ 2,391 $ 2,296 $ 2,067 $ 95 4.1 % $ 324 15.7 % Card revenue 2,332 2,441 2,338 (109) (4.5) (6) (0.3) Gain on sale of loans, net 219 241 1,003 (22) (9.1) (784) (78.2) Interest rate swap fees 26 279 209 (253) (90.7) (183) (87.6) Bank owned life insurance income 764 1,695 717 (931) (54.9) 47 6.6 Gain on sale of other assets, net — 204 724 (204) (100.0) (724) (100.0) Other income 1,284 1,382 1,239 (98) (7.1) 45 3.6 Total noninterest income $ 7,016 $ 8,538 $ 8,297 $ (1,522) (17.8) % $ (1,281) (15.4) % Noninterest income decreased from the first quarter of 2022 due primarily to the recognition of a bank owned life insurance death benefit income of $1.0 million in the prior quarter. Noninterest income decreased from the same period in 2021 due primarily to reduced gain on sale of loans, net as sales volume of secondary market mortgage loans declined and secondarily due to gain on sale of branches held for sale recognized during the second quarter of 2021. Noninterest Expense The following table presents the key components of noninterest expense and the change for the periods indicated: Quarter Ended Quarter Over Quarter Change Prior Year Quarter Change June 30 , 2022 March 31 , 2022 June 30 , 2021 Change % Change Change % Change (Dollar amounts in thousands) Compensation and employee benefits $ 21,778 $ 21,252 $ 21,803 $ 526 2.5 % $ (25) (0.1) % Occupancy and equipment 4,171 4,331 4,091 (160) (3.7) 80 2.0 Data processing 4,185 4,061 3,998 124 3.1 187 4.7 Marketing 344 266 567 78 29.3 (223) (39.3) Professional services 529 699 1,037 (170) (24.3) (508) (49.0) State/municipal business and use tax 867 796 991 71 8.9 (124) (12.5) Federal deposit insurance premium 425 600 339 (175) (29.2) 86 25.4 Amortization of intangible assets 704 704 797 — — (93) (11.7) Other expense 2,704 3,011 2,773 (307) (10.2) (69) (2.5) Total noninterest expense $ 35,707 $ 35,720 $ 36,396 $ (13) — % $ (689) (1.9) % Noninterest expense decreased slightly from the first quarter of 2022 due primarily to a reduction in several expense categories, offset partially by an increase in compensation and employee benefits related to the addition of commercial and relationship banking teams. Noninterest expense decreased from the same period in 2021 due primarily to third-party expenses related to PPP loan forgiveness and higher legal costs related to loan collection efforts included in professional services expense for the second quarter of 2021. Income Tax Expense The following table presents the income tax expense and related metrics and the change for the periods indicated: Quarter Ended Quarter Over Quarter Change Prior YearQuarter Change June 30 , 2022 March 31 , 2022 June 30 , 2021 Change % Change Change % Change (Dollar amounts in thousands) Income before income taxes $ 22,561 $ 23,339 $ 40,153 $ (778) (3.3) % $ (17,592) (43.8) % Income tax expense $ 3,977 $ 3,582 $ 7,451 $ 395 11.0 % $ (3,474) (46.6) % Effective income tax rate 17.6 % 15.3 % 18.6 % 2.3 % 15.0 % (1.0) % (5.4) % Income tax expense increased compared to the first quarter of 2022 due primarily to a higher effective income tax rate during the second quarter of 2022 following an increase in estimated annual pre-tax income for the year ended 2022, which decreased the impact of favorable permanent tax items such as tax-exempt investments, investments in bank owned life insurance and low-income housing tax credits. Income tax expense decreased compared to the same period in 2021 primarily reflecting the change in income before income taxes earned between the periods. Dividend On July 20, 2022 , the Company's Board of Directors declared a quarterly cash dividend of $0.21 per share. The dividend is payable on August 17, 2022 to shareholders of record as of the close of business on August 3, 2022 . Earnings Conference Call The Company will hold a telephone conference call to discuss this earnings release on Thursday, July 21, 2022 at 11:00 a.m. Pacific time . To access the call, please dial (844) 200-6205 -- access code 476131 a few minutes prior to 11:00 a.m. Pacific time . The call will be available for replay through July 28, 2022 by dialing (866) 813-9403 -- access code 467910. About Heritage Financial Heritage Financial Corporation is an Olympia -based bank holding company with Heritage Bank , a full-service commercial bank, as its sole wholly-owned banking subsidiary. Heritage Bank has a branch network of 49 banking offices in Washington and Oregon . Heritage Bank does business under the Whidbey Island Bank name on Whidbey Island. Heritage's stock is traded on the NASDAQ Global Select Market under the symbol "HFWA". More information about Heritage Financial Corporation can be found on its website at www.hf-wa.com and more information about Heritage Bank can be found on its website at www.heritagebanknw.com . Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially, from those currently expected or projected in these forward-looking statements. Factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: the U.S. and global economies, and consumer and corporate customers, including economic activity, employment levels, and labor shortages including the effects of inflation, a potential recession or slowed economic growth caused by increasing political instability from acts of war including Russia's invasion of Ukraine , as well as increasing oil prices and supply chain disruptions and market liquidity; changes in the interest rate environment; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes, including as a result of the COVID-19 pandemic or the possibility of a new COVID-19 variant; and other factors described in Heritage's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission -which are available on our website at www.heritagebanknw.com and on the SEC's website at www.sec.gov . The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, any of the forward-looking statements that we make in this press release or the documents we file with or furnish to the SEC are based only on information then actually known to the Company and upon management's beliefs and assumptions at the time they are made which may turn out to be wrong because of inaccurate assumptions we might make, because of the factors described above or because of other factors that we cannot foresee. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2022 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company's operating and stock price performance. HERITAGE FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Dollar amounts in thousands, except shares) June 30 , 2022 March 31 , 2022 December 31 , 2021 Assets Cash on hand and in banks $ 93,675 $ 87,907 $ 61,377 Interest earning deposits 900,380 1,488,815 1,661,915 Cash and cash equivalents 994,055 1,576,722 1,723,292 Investment securities available for sale, at fair value (amortized cost of $1,267,715 , $1,085,016 and $883,832 , respectively) 1,187,588 1,039,924 894,335 Investment securities held to maturity, at amortized cost (fair value of $559,312 , $384,822 and $376,331 , respectively) 615,653 422,213 383,393 Total investment securities 1,803,241 1,462,137 1,277,728 Loans held for sale 1,311 1,142 1,476 Loans receivable 3,874,064 3,821,178 3,815,662 Allowance for credit losses on loans (39,696) (40,333) (42,361) Loans receivable, net 3,834,368 3,780,845 3,773,301 Other real estate owned — — — Premises and equipment, net 77,164 78,737 79,370 Federal Home Loan Bank stock, at cost 8,916 8,916 7,933 Bank owned life insurance 120,646 119,929 120,196 Accrued interest receivable 15,908 14,582 14,657 Prepaid expenses and other assets 211,350 190,592 183,543 Other intangible assets, net 8,569 9,273 9,977 Goodwill 240,939 240,939 240,939 Total assets $ 7,316,467 $ 7,483,814 $ 7,432,412 Liabilities and Stockholders' Equity Deposits $ 6,330,190 $ 6,491,500 $ 6,394,290 Junior subordinated debentures 21,326 21,253 21,180 Securities sold under agreement to repurchase 41,827 49,069 50,839 Accrued expenses and other liabilities 117,758 100,543 111,671 Total liabilities 6,511,101 6,662,365 6,577,980 Common stock 550,417 550,096 551,798 Retained earnings 316,732 305,581 293,238 Accumulated other comprehensive (loss) income, net (61,783) (34,228) 9,396 Total stockholders' equity 805,366 821,449 854,432 Total liabilities and stockholders' equity $ 7,316,467 $ 7,483,814 $ 7,432,412 Shares outstanding 35,103,929 35,102,372 35,105,779 HERITAGE FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollar amounts in thousands, except per share amounts) Quarter Ended Six Months Ended June 30 , 2022 March 31 , 2022 June 30 , 2021 June 30 , 2022 June 30 , 2021 Interest Income Interest and fees on loans $ 40,890 $ 41,025 $ 50,750 $ 81,915 $ 100,274 Taxable interest on investment securities 7,607 6,003 4,050 13,610 7,584 Nontaxable interest on investment securities 893 860 947 1,753 1,905 Interest on interest earning deposits 2,342 706 263 3,048 438 Total interest income 51,732 48,594 56,010 100,326 110,201 Interest Expense Deposits 1,413 1,424 1,524 2,837 3,252 Junior subordinated debentures 239 194 186 433 373 Other borrowings 32 32 35 64 73 Total interest expense 1,684 1,650 1,745 3,334 3,698 Net interest income 50,048 46,944 54,265 96,992 106,503 Reversal of provision for credit losses (1,204) (3,577) (13,987) (4,781) (21,186) Net interest income after reversal of provision for credit losses 51,252 50,521 68,252 101,773 127,689 Noninterest Income Service charges and other fees 2,391 2,296 2,067 4,687 3,959 Card revenue 2,332 2,441 2,338 4,773 4,435 Gain on sale of investment securities, net — — — — 29 Gain on sale of loans, net 219 241 1,003 460 2,373 Interest rate swap fees 26 279 209 305 361 Bank owned life insurance income 764 1,695 717 2,459 1,373 Gain on sale of other assets, net — 204 724 204 746 Other income 1,284 1,382 1,239 2,666 3,272 Total noninterest income 7,016 8,538 8,297 15,554 16,548 Noninterest Expense Compensation and employee benefits 21,778 21,252 21,803 43,030 44,004 Occupancy and equipment 4,171 4,331 4,091 8,502 8,545 Data processing 4,185 4,061 3,998 8,246 7,810 Marketing 344 266 567 610 1,080 Professional services 529 699 1,037 1,228 2,307 State/municipal business and use taxes 867 796 991 1,663 1,963 Federal deposit insurance premium 425 600 339 1,025 928 Amortization of intangible assets 704 704 797 1,408 1,594 Other expense 2,704 3,011 2,773 5,715 5,407 Total noninterest expense 35,707 35,720 36,396 71,427 73,638 Income before income taxes 22,561 23,339 40,153 45,900 70,599 Income tax expense 3,977 3,582 7,451 7,559 12,553 Net income $ 18,584 $ 19,757 $ 32,702 $ 38,341 $ 58,046 Basic earnings per share $ 0.53 $ 0.56 $ 0.91 $ 1.09 $ 1.61 Diluted earnings per share $ 0.52 $ 0.56 $ 0.90 $ 1.08 $ 1.60 Dividends declared per share $ 0.21 $ 0.21 $ 0.20 $ 0.42 $ 0.40 Average shares outstanding - basic 35,110,334 35,094,725 35,994,740 35,102,572 35,961,032 Average shares outstanding - diluted 35,409,524 35,412,098 36,289,464 35,412,722 36,268,861 HERITAGE FINANCIAL CORPORATION FINANCIAL STATISTICS (Unaudited) (Dollar amounts in thousands, except per share amounts) Nonperforming Assets and Credit Quality Metrics: Quarter Ended Six Months Ended June 30 , 2022 March 31 , 2022 June 30 , 2021 June 30 , 2022 June 30 , 2021 Allowance for Credit Losses on Loans: Balance, beginning of period $ 40,333 $ 42,361 $ 64,225 $ 42,361 $ 70,185 Reversal of provision for credit losses on loans (649) (2,522) (12,821) (3,171) (18,956) Charge-offs: Commercial business (117) (199) (13) (316) (14) Residential real estate — (30) — (30) — Real estate construction and land development — — — — (1) Consumer (132) (126) (120) (258) (305) Total charge-offs (249) (355) (133) (604) (320) Recoveries: Commercial business 149 272 143 421 350 Residential real estate — 3 — 3 — Real estate construction and land development 59 8 4 67 20 Consumer 53 566 144 619 283 Total recoveries 261 849 291 1,110 653 Net recoveries (charge-offs) 12 494 158 506 333 Balance, end of period $ 39,696 $ 40,333 $ 51,562 $ 39,696 $ 51,562 Net (recoveries) charge-offs on loans to average loans, annualized — % (0.05) % (0.01) % (0.03) % (0.02) % June 30 , 2022 March 31 , 2022 December 31 , 2021 Nonperforming Assets: Nonaccrual loans: Commercial business $ 10,475 $ 15,956 $ 23,107 Residential real estate — — 47 Real estate construction and land development — 571 571 Consumer — — 29 Total nonaccrual loans 10,475 16,527 23,754 Other real estate owned — — — Nonperforming assets $ 10,475 $ 16,527 $ 23,754 Restructured performing loans $ 63,694 $ 62,627 $ 59,110 Accruing loans past due 90 days or more 2,036 1,318 293 ACL on loans to: Loans receivable 1.02 % 1.06 % 1.11 % Loans receivable, excluding SBA PPP loans (1) 1.03 % 1.07 % 1.15 % Nonaccrual loans 378.96 % 244.04 % 178.33 % Nonperforming loans to loans receivable 0.27 % 0.43 % 0.62 % Nonperforming assets to total assets 0.14 % 0.22 % 0.32 % (1) See Non-GAAP Financial Measures section herein. Average Balances, Yields, and Rates Paid: Quarter Ended June 30, 2022 March 31, 2022 June 30, 2021 Average Balance Interest Earned/ Paid AverageYield/Rate (1) Average Balance Interest Earned/ Paid AverageYield/Rate (1) Average Balance Interest Earned/ Paid AverageYield/Rate (1) Interest Earning Assets: Loans receivable, net (2)(3) $ 3,812,045 $ 40,890 4.30 % $ 3,773,325 $ 41,025 4.41 % $ 4,402,868 $ 50,750 4.62 % Taxable securities 1,450,328 7,607 2.10 1,271,557 6,003 1.91 799,023 4,050 2.03 Nontaxable securities (3) 137,429 893 2.61 146,409 860 2.38 160,489 947 2.37 Interest earning deposits 1,213,156 2,342 0.77 1,503,287 706 0.19 964,791 263 0.11 Total interest earning assets 6,612,958 51,732 3.14 % 6,694,578 48,594 2.94 % 6,327,171 56,010 3.55 % Noninterest earning assets 772,658 740,209 752,034 Total assets $ 7,385,616 $ 7,434,787 7,079,205 Interest Bearing Liabilities: Certificates of deposit $ 321,926 $ 324 0.40 % $ 336,353 $ 338 0.41 % $ 381,417 $ 481 0.51 % Savings accounts 652,407 88 0.05 646,684 87 0.05 591,616 89 0.06 Interest bearing demand and money market accounts 3,067,373 1,001 0.13 3,066,320 999 0.13 2,836,717 954 0.13 Total interest bearing deposits 4,041,706 1,413 0.14 4,049,357 1,424 0.14 3,809,750 1,524 0.16 Junior subordinated debentures 21,287 239 4.50 21,214 194 3.71 20,986 186 3.55 Securities sold under agreement to repurchase 48,272 32 0.27 50,017 32 0.26 43,259 35 0.32 Total interest bearing liabilities 4,111,265 1,684 0.16 % 4,120,588 1,650 0.16 % 3,873,995 1,745 0.18 % Noninterest demand deposits 2,349,746 2,359,451 2,261,373 Other noninterest bearing liabilities 113,644 108,663 108,076 Stockholders' equity 810,961 846,085 835,761 Total liabilities and stockholders' equity $ 7,385,616 $ 7,434,787 $ 7,079,205 Net interest income and spread $ 50,048 2.98 % $ 46,944 2.78 % $ 54,265 3.37 % Net interest margin 3.04 % 2.84 % 3.44 % (1) Annualized; average balances are calculated using daily balances. (2) Average loans receivable, net includes loans held for sale and loans classified as nonaccrual, which carry a zero yield. Interest earned on loans receivable, net includes the amortization of net deferred loan fees of $2.4 million , $3.5 million and $8.2 million for the second quarter of 2022, first quarter of 2022 and second quarter of 2021, respectively. (3) Yields on tax-exempt loans and securities have not been stated on a tax-equivalent basis. Six Months Ended June 30, 2022 June 30, 2021 Average Balance Interest Earned/ Paid AverageYield/Rate (1) Average Balance Interest Earned/ Paid AverageYield/Rate (1) Interest Earning Assets: Loans receivable, net (2) (3) $ 3,792,792 $ 81,915 4.36 % $ 4,446,442 $ 100,274 4.55 % Taxable securities 1,361,437 13,610 2.02 736,990 7,584 2.08 Nontaxable securities (3) 141,894 1,753 2.49 162,192 1,905 2.37 Interest earning deposits 1,357,420 3,048 0.45 840,030 438 0.11 Total interest earning assets 6,653,543 100,326 3.04 % 6,185,654 110,201 3.59 % Noninterest earning assets 756,523 754,533 Total assets $ 7,410,066 $ 6,940,187 Interest Bearing Liabilities: Certificates of deposit $ 329,100 $ 662 0.41 % $ 387,310 $ 1,040 0.54 % Savings accounts 649,562 175 0.05 575,942 184 0.06 Interest bearing demand and money market accounts 3,066,849 2,000 0.13 2,784,714 2,028 0.15 Total interest bearing deposits 4,045,511 2,837 0.14 3,747,966 3,252 0.17 Junior subordinated debentures 21,250 433 4.11 20,950 373 3.59 Securities sold under agreement to repurchase 49,140 64 0.26 41,676 73 0.35 Total interest bearing liabilities 4,115,901 3,334 0.16 % 3,810,592 3,698 0.20 % Noninterest demand deposits 2,354,571 2,183,638 Other noninterest bearing liabilities 111,167 114,542 Stockholders' equity 828,427 831,415 Total liabilities and stockholders' equity $ 7,410,066 $ 6,940,187 Net interest income and spread $ 96,992 2.88 % $ 106,503 3.39 % Net interest margin 2.94 % 3.47 % (1) Average balances are calculated using daily balances. (2) Average loan receivable, net includes loans held for sale and loans classified as nonaccrual, which carry a zero yield. Interest earned on loans receivable, net includes the amortization of net deferred loan fees of $5.8 million and $15.4 million for the six months ended June 30, 2022 and 2021, respectively. (3) Yields on tax-exempt loans and securities have not been stated on a tax-equivalent basis. HERITAGE FINANCIAL CORPORATION QUARTERLY FINANCIAL STATISTICS (Unaudited) (Dollar amounts in thousands, except per share amounts) Quarter Ended June 30 , 2022 March 31 , 2022 December 31 , 2021 September 30 , 2021 June 30 , 2021 Earnings: Net interest income $ 50,048 $ 46,944 $ 47,908 $ 51,378 $ 54,265 Reversal of provision for credit losses (1,204) (3,577) (5,037) (3,149) (13,987) Noninterest income 7,016 8,538 9,839 8,228 8,297 Noninterest expense 35,707 35,720 38,465 37,166 36,396 Net income 18,584 19,757 19,397 20,592 32,702 Pre-tax, pre-provision net income (3) 21,357 19,762 19,282 22,440 26,166 Basic earnings per share $ 0.53 $ 0.56 $ 0.56 $ 0.58 $ 0.91 Diluted earnings per share $ 0.52 $ 0.56 $ 0.55 $ 0.58 $ 0.90 Average Balances: Loans receivable, net (1) $ 3,812,045 $ 3,773,325 $ 3,836,029 $ 4,005,585 $ 4,402,868 Total investment securities 1,587,757 1,417,966 1,170,315 1,051,281 959,512 Total interest earning assets 6,612,958 6,694,578 6,671,984 6,474,527 6,327,171 Total assets 7,385,616 7,434,787 7,403,597 7,214,960 7,079,205 Total interest bearing deposits 4,041,706 4,049,357 3,977,721 3,856,663 3,809,750 Total noninterest demand deposits 2,349,746 2,359,451 2,396,452 2,313,145 2,261,373 Stockholders' equity 810,961 846,085 849,383 855,708 835,761 Financial Ratios: Return on average assets (2) 1.01 % 1.08 % 1.04 % 1.13 % 1.85 % Pre-tax, pre-provision return on average assets (2)(3) 1.16 1.08 1.03 1.23 1.48 Return on average common equity (2) 9.19 9.47 9.06 9.55 15.69 Return on average tangible common equity (2) (3) 13.68 13.83 13.27 13.93 22.94 Efficiency ratio 62.57 64.38 66.61 62.35 58.18 Noninterest expense to average total assets (2) 1.94 1.95 2.06 2.04 2.06 Net interest spread (2) 2.98 2.78 2.79 3.08 3.37 Net interest margin (2) 3.04 2.84 2.85 3.15 3.44 (1) Average loan receivable, net includes loans held for sale. (2) Annualized. (3) See Non-GAAP Financial Measures section herein. As of or for the Quarter Ended June 30 , 2022 March 31 , 2022 December 31 , 2021 September 30 , 2021 June 30 , 2021 Select Balance Sheet: Total assets $ 7,316,467 $ 7,483,814 $ 7,432,412 $ 7,259,038 $ 7,105,672 Loans receivable, net 3,834,368 3,780,845 3,773,301 3,905,567 4,155,968 Total investment securities 1,803,241 1,462,137 1,277,728 1,072,600 1,049,524 Deposits 6,330,190 6,491,500 6,394,290 6,229,017 6,074,385 Noninterest demand deposits 2,325,139 2,393,972 2,343,909 2,312,707 2,269,020 Stockholders' equity 805,366 821,449 854,432 848,404 855,984 Financial Measures: Book value per share $ 22.94 $ 23.40 $ 24.34 $ 24.13 $ 23.77 Tangible book value per share (1) 15.83 16.27 17.19 16.97 16.76 Tangible book value per share, excluding AOCI (1) 17.59 17.25 16.92 16.55 16.32 Stockholders' equity to total assets 11.0 % 11.0 % 11.5 % 11.7 % 12.0 % Tangible common equity to tangible assets (1) 7.9 7.9 8.4 8.5 8.8 Tangible common equity to tangible assets, excluding AOCI (1) 8.7 8.3 8.3 8.3 8.6 Loans to deposits ratio 61.2 58.9 59.7 63.5 69.3 Regulatory Capital Ratios: Common equity Tier 1 capital to risk-weighted assets(2) 13.2 % 13.4 % 13.5 % 13.3 % 13.6 % Tier 1 leverage capital to average assets(2) 8.9 % 8.8 % 8.7 % 8.8 % 9.1 % Tier 1 capital to risk-weighted assets(2) 13.6 % 13.9 % 13.9 % 13.8 % 14.0 % Total capital to risk-weighted assets(2) 14.4 % 14.7 % 14.8 % 14.8 % 15.1 % Credit Quality Metrics: ACL on loans to: Loans receivable 1.02 % 1.06 % 1.11 % 1.22 % 1.23 % Loans receivable, excluding SBA PPP loans (1) 1.03 1.07 1.15 1.31 1.41 Nonperforming loans 378.96 244.04 178.33 186.60 145.90 Nonperforming loans to loans receivable 0.27 0.43 0.62 0.65 0.84 Nonperforming assets to total assets 0.14 0.22 0.32 0.36 0.50 Net (recoveries) charge-offs on loans to average loans receivable — (0.05) 0.05 0.04 (0.01) Criticized Loans by Credit Quality Rating: Special mention $ 72,062 $ 63,269 $ 71,020 $ 90,554 $ 100,317 Substandard 94,419 111,300 112,450 126,694 135,374 Other Metrics: Number of banking offices 49 49 49 53 53 Average number of full-time equivalent employees 765 751 782 813 822 Deposits per branch $ 129,188 $ 132,480 $ 130,496 $ 117,529 $ 114,611 Average assets per full-time equivalent employee 9,654 9,900 9,468 8,874 8,612 (1) See Non-GAAP Financial Measures section herein. (2) Current quarter ratios are estimates pending completion and filing of the Company's regulatory reports. HERITAGE FINANCIAL CORPORATION NON-GAAP FINANCIAL MEASURES (Unaudited) (Dollar amounts in thousands, except per share amounts) This earnings release contains certain financial measures not presented in accordance with Generally Accepted Accounting Principles ("GAAP") in addition to financial measures presented in accordance with GAAP. The Company has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in the Company's capital, performance and asset quality reflected in the current quarter and comparable period results and to facilitate comparison of its performance with the performance of its peers. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for financial measures presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of the GAAP and non-GAAP financial measures are presented below. The Company considers the tangible common equity to tangible assets ratio and tangible book value per share to be useful measurements of the adequacy of the Company's capital levels. Additionally, recent changes in market interest rates introduced significant volatility in the unrealized gain or loss of investment securities available for sale ("UGL") and the related AOCI. Management excluded UGL and AOCI from tangible assets and tangible common equity, respectively, to improve comparability of capital levels as UGL and AOCI are excluded from the calculation of regulatory capital ratios. June 30 , 2022 March 31 , 2022 December 31 , 2021 September 30 , 2021 June 30 , 2021 Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share: Total stockholders' equity (GAAP) $ 805,366 $ 821,449 $ 854,432 $ 848,404 $ 855,984 Exclude intangible assets (249,508) (250,212) (250,916) (251,675) (252,433) Tangible common equity (non-GAAP) $ 555,858 $ 571,237 $ 603,516 $ 596,729 $ 603,551 Exclude AOCI 61,783 34,228 (9,396) (14,734) (16,061) Tangible common equity, excluding AOCI (non-GAAP) $ 617,641 $ 605,465 $ 594,120 $ 581,995 $ 587,490 Total assets (GAAP) $ 7,316,467 $ 7,483,814 $ 7,432,412 $ 7,259,038 $ 7,105,672 Exclude intangible assets (249,508) (250,212) (250,916) (251,675) (252,433) Tangible assets (non-GAAP) $ 7,066,959 $ 7,233,602 $ 7,181,496 $ 7,007,363 $ 6,853,239 Exclude UGL, net of tax 61,783 34,228 (9,396) (14,734) (16,061) Tangible assets, excluding UGL, net of tax (non-GAAP) $ 7,128,742 $ 7,267,830 $ 7,172,100 $ 6,992,629 $ 6,837,178 Stockholders' equity to total assets (GAAP) 11.0 % 11.0 % 11.5 % 11.7 % 12.0 % Tangible common equity to tangible assets (non-GAAP) 7.9 % 7.9 % 8.4 % 8.5 % 8.8 % Tangible common equity to tangible assets, excluding AOCI (non-GAAP) 8.7 % 8.3 % 8.3 % 8.3 % 8.6 % Shares outstanding 35,103,929 35,102,372 35,105,779 35,166,599 36,006,560 Book value per share (GAAP) $ 22.94 $ 23.40 $ 24.34 $ 24.13 $ 23.77 Tangible book value per share (non-GAAP) $ 15.83 $ 16.27 $ 17.19 $ 16.97 $ 16.76 Tangible book value per share, excluding AOCI (non-GAAP) $ 17.59 $ 17.25 $ 16.92 $ 16.55 $ 16.32 The Company considers presenting the ratio of ACL on loans to loans receivable, excluding SBA PPP loans, to be a useful measurement in evaluating the adequacy of the Company's ACL on loans as the balance of SBA PPP loans was significant to the loan portfolio; however, since SBA PPP loans are guaranteed by the SBA, the Company has not provided an ACL on loans for these loans. June 30 , 2022 March 31 , 2022 December 31 , 2021 September 30 , 2021 June 30 , 2021 ACL on Loans to Loans Receivable, excluding SBA PPP Loans: Allowance for credit losses on loans $ 39,696 $ 40,333 $ 42,361 $ 48,317 $ 51,562 Loans receivable (GAAP) $ 3,874,064 $ 3,821,178 $ 3,815,662 $ 3,953,884 $ 4,207,530 Exclude SBA PPP loans (11,334) (64,962) (145,840) (266,896) (544,250) Loans receivable, excluding SBA PPP loans (non-GAAP) $ 3,862,730 $ 3,756,216 $ 3,669,822 $ 3,686,988 $ 3,663,280 ACL on loans to loans receivable (GAAP) 1.02 % 1.06 % 1.11 % 1.22 % 1.23 % ACL on loans to loans receivable, excluding SBA PPP loans (non-GAAP) 1.03 % 1.07 % 1.15 % 1.31 % 1.41 % The Company considers the return on average tangible common equity ratio to be a useful measurement of the Company's ability to generate returns for its common shareholders. By removing the impact of intangible assets and their related amortization and tax effects, the performance of the Company's ongoing business operations can be evaluated. Quarter Ended June 30 , 2022 March 31 , 2022 December 31 , 2021 September 30 , 2021 June 30 , 2021 Return on Average Tangible Common Equity, annualized: Net income (GAAP) $ 18,584 $ 19,757 $ 19,397 $ 20,592 $ 32,702 Add amortization of intangible assets 704 704 759 758 797 Exclude tax effect of adjustment (148) (148) (159) (159) (167) Tangible net income (non-GAAP) $ 19,140 $ 20,313 $ 19,997 $ 21,191 $ 33,332 Average stockholders' equity (GAAP) $ 810,961 $ 846,085 $ 849,383 $ 855,708 $ 835,761 Exclude average intangible assets (249,890) (250,593) (251,331) (252,159) (252,955) Average tangible common stockholders' equity (non-GAAP) $ 561,071 $ 595,492 $ 598,052 $ 603,549 $ 582,806 Return on average common equity, annualized (GAAP) 9.19 % 9.47 % 9.06 % 9.55 % 15.69 % Return on average tangible common equity, annualized (non-GAAP) 13.68 % 13.83 % 13.27 % 13.93 % 22.94 % The Company believes that presenting pre-tax pre-provision income, which reflects its profitability before income taxes and provision for credit losses, and the pre-tax, pre-provision return on average assets, are useful measurements in assessing its operating income and expenses by removing the volatility that may be associated with credit loss provisions. The Company also believes that during a crisis such as the COVID-19 pandemic, this information is useful as the impact of the pandemic on credit loss provisions of various institutions has varied based on the geography of the communities served by a particular institution and the decision to adopt or defer the current expected credit losses ("CECL") methodology required by Accounting Standards Update 2016-13. Quarter Ended June 30 , 2022 March 31 , 2022 December 31 , 2021 September 30 , 2021 June 30 , 2021 Pre-tax, Pre-provision Income and Pre-tax, Pre-provision Return on Average Assets, annualized: Net income (GAAP) $ 18,584 $ 19,757 $ 19,397 $ 20,592 $ 32,702 Add income tax expense 3,977 3,582 4,922 4,997 7,451 Add reversal of provision for credit losses (1,204) (3,577) (5,037) (3,149) (13,987) Pre-tax, pre-provision income (non-GAAP) $ 21,357 $ 19,762 $ 19,282 $ 22,440 $ 26,166 Average total assets (GAAP) $ 7,385,616 $ 7,434,787 $ 7,403,597 $ 7,214,960 $ 7,079,205 Return on average assets, annualized (GAAP) 1.01 % 1.08 % 1.04 % 1.13 % 1.85 % Pre-tax, pre-provision return on average assets (non-GAAP) 1.16 % 1.08 % 1.03 % 1.23 % 1.48 % The Company believes presenting loan yield excluding the effect of discount accretion on purchased loans is useful in assessing the impact of acquisition accounting on loan yield as the effect of loan discount accretion is expected to decrease as the acquired loans mature or roll off its balance sheet. Incremental accretion on purchased loans represents the amount of interest income recorded on purchased loans in excess of the contractual stated interest rate in the individual loan notes due to incremental accretion of purchased discount or premium. Purchased discount or premium is the difference between the contractual loan balance and the fair value of acquired loans at the acquisition date, or as modified by the adoption of CECL. The purchased discount is accreted into income over the remaining life of the loan. The impact of incremental accretion on loan yield will change during any period based on the volume of prepayments, but it is expected to decrease over time as the balance of the purchased loans decreases. Similarly, presenting loan yield excluding the effect of SBA PPP loans is useful in assessing the impact of these special program loans that have substantially decreased within a short time frame. Quarter Ended June 30 , 2022 March 31 , 2022 June 30 , 2021 Loan Yield, excluding SBA PPP Loans and Incremental Accretion on Purchased Loans, annualized: Interest and fees on loans (GAAP) $ 40,890 $ 41,025 $ 50,750 Exclude interest and fees on SBA PPP loans (1,782) (3,081) (10,003) Exclude incremental accretion on purchased loans (270) (584) (495) Adjusted interest and fees on loans (non-GAAP) $ 38,838 $ 37,360 $ 40,252 Average loans receivable, net (GAAP) $ 3,812,045 $ 3,773,325 $ 4,402,868 Exclude average SBA PPP loans (34,090) (109,594) (777,156) Adjusted average loans receivable, net (non-GAAP) $ 3,777,955 $ 3,663,731 $ 3,625,712 Loan yield, annualized (GAAP) 4.30 % 4.41 % 4.62 % Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized (non-GAAP) 4.12 % 4.14 % 4.45 % View original content: https://www.prnewswire.com/news-releases/heritage-financial-announces-second-quarter-2022-results-and-declares-regular-cash-dividend-301590802.html SOURCE Heritage Financial Corporation

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