HERITAGE FINANCIAL ANNOUNCES SECOND QUARTER 2023 RESULTS AND DECLARES REGULAR CASH DIVIDEND

About this update from Heritage Financial Corporation

Net income was $16.8 million , or $0.48 per diluted share, for the second quarter of 2023 compared to $20.5 million , or $0.58 per diluted share, for the first quarter of 2023. Loans receivable increased $123.9 million , or 3.0% in the second quarter of 2023. Capital remains strong with a leverage ratio of 9.9% and a total capital ratio of 14.1% at June 30, 2023 . The ratio of nonperforming assets to total assets at June 30, 2023 and March 31, 2023 was 0.07%. Net interest margin was 3.56% for the second quarter of 2023 compared to 3.91% for the first quarter of 2023. Cost of total deposits was 0.61% for the second quarter of 2023 compared to 0.31% for the first quarter of 2023. Total deposits decreased $193.5 million or 3.3% in the second quarter of 2023. Declared a regular cash dividend of $0.22 per share on July 19, 2023 . OLYMPIA, Wash. , July 20, 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 $16.8 million for the second quarter of 2023 compared to $20.5 million for the first quarter of 2023 and $18.6 million for the second quarter of 2022. Diluted earnings per share for the second quarter of 2023 were $0.48 compared to $0.58 for the first quarter of 2023 and $0.52 for the second quarter of 2022. Jeffrey J. Deuel, President and Chief Executive Officer of Heritage, commented, "Results for the second quarter continue to demonstrate the strength of our business model. We have a balance sheet with a legacy of strong core deposits and ample liquidity which allows us to maintain loan production. Although we are experiencing the industry-wide pressure on funding costs, we are encouraged with the ongoing development of customer relationships, particularly in the markets where we've hired banking teams over the past year, such as the Portland , Eugene and Boise MSAs. We believe our continued focus on prudent risk management, coupled with strategic and measured growth, will benefit our long-term returns for shareholders. We are proud to report that Heritage Bank has partnered with Francis + Clare Place to provide financing for 61 affordable housing units in Portland, Oregon . These units will house individuals who have been living on the street and will provide substantial social safety-net services to help them reintegrate into the community. This Catholic Charities of Oregon sponsored transaction is the second of two complexes located in an area that has been especially hurt by homelessness." 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 , 2023 March 31 , 2023 June 30 , 2022 (Dollars in thousands, except per share amounts) Net income $ 16,846 $ 20,457 $ 18,584 Pre-tax, pre-provision income (1) $ 21,780 $ 26,495 $ 21,357 Diluted earnings per share $ 0.48 $ 0.58 $ 0.52 Return on average assets (2) 0.95 % 1.17 % 1.01 % Pre-tax, pre-provision return on average assets (1) (2) 1.22 % 1.52 % 1.16 % Return on average common equity (2) 8.19 % 10.21 % 9.19 % Return on average tangible common equity (1) (2) 12.04 % 15.05 % 13.68 % Net interest margin (2) 3.56 % 3.91 % 3.04 % Cost of total deposits (2) 0.61 % 0.31 % 0.09 % Efficiency ratio 65.5 % 61.1 % 62.6 % Noninterest expense to average total assets (2) 2.32 % 2.39 % 1.94 % Total assets $ 7,115,410 $ 7,236,806 $ 7,316,467 Loans receivable, net $ 4,204,936 $ 4,083,003 $ 3,834,368 Total deposits $ 5,595,543 $ 5,789,022 $ 6,330,190 Loan to deposit ratio (3) 76.0 % 71.3 % 61.2 % Book value per share $ 23.39 $ 23.53 $ 22.94 Tangible book value per share (1) $ 16.34 $ 16.48 $ 15.83 (1) See Non-GAAP Financial Measures section herein. (2) Annualized. (3) Loans receivable divided by total deposits. Balance Sheet Cash and cash equivalents decreased $193.1 million , or 64.1%, to $108.4 million at June 30, 2023 from $301.5 million at March 31, 2023 due primarily to an increase in loans receivable and a decrease in deposits, partially offset by an increase in borrowings. Total investment securities decreased $47.4 million , or 2.3%, to $2.03 billion at June 30, 2023 from $2.08 billion at March 31, 2023 due primarily to maturities and prepayments. There were no investment securities purchased in the second quarter of 2023. The total of net unrealized losses in available for sale and net unrecognized losses in held to maturity investments increased $32.6 million due primarily to a decline in fair values of investment securities available for sale and held to maturity since March 31, 2023 due to changes in market rates. The following table summarizes the Company's investment securities at the dates indicated including change in net unrealized loss and net unrecognized loss: June 30, 2023 March 31, 2023 AmortizedCost Net Unrealized Loss FairValue AmortizedCost Net Unrealized Loss Fair Value $ Change in Net Unrealized Loss (Dollars in thousands) Investment securities available for sale: U.S. government and agency securities $ 68,514 $ (4,255) $ 64,259 $ 68,514 $ (3,964) $ 64,550 $ (291) Municipal securities 145,681 (15,666) 130,015 146,525 (14,028) 132,497 (1,638) Residential CMO and MBS(1) 465,625 (54,653) 410,972 481,380 (47,668) 433,712 (6,985) Commercial CMO and MBS(1) 698,833 (50,492) 648,341 704,156 (40,659) 663,497 (9,833) Corporate obligations 4,000 (226) 3,774 4,000 (183) 3,817 (43) Other asset-backed securities 19,491 (302) 19,189 20,394 (395) 19,999 93 Total 1,402,144 (125,594) 1,276,550 1,424,969 (106,897) 1,318,072 (18,697) June 30, 2023 March 31, 2023 Amortized Cost Net Unrecognized Loss Fair Value Amortized Cost Net UnrecognizedLoss FairValue $ Change in NetUnrecognized Loss (Dollars in thousands) Investment securities held to maturity: U.S. government and agency securities 151,005 (30,245) 120,760 150,969 (28,298) 122,671 (1,947) Residential CMO and MBS(1) 280,032 (17,219) 262,813 285,337 (12,303) 273,034 (4,916) Commercial CMO and MBS(1) 323,239 (42,002) 281,237 323,857 (34,915) 288,942 (7,087) Total 754,276 (89,466) 664,810 760,163 (75,516) 684,647 (13,950) Total investment securities $ 2,156,420 $ (215,060) $ 1,941,360 $ 2,185,132 $ (182,413) $ 2,002,719 $ (32,647) (1) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations. Loans receivable increased $123.9 million, or 3.0% in the second quarter of 2023, due to a combination of loan originations and net advances on loans outstanding. New loans funded in the second quarter of 2023 and first quarter of 2023 were $133.6 million and $138.1 million , respectively. Net advances on loans outstanding increased $47.8 million to $60.9 million during the second quarter of 2023 as compared to $13.1 million in the first quarter of 2023. Loan prepayments increased slightly during the second quarter of 2023 to $52.3 million , compared to $41.5 million during the first quarter of 2023. Non-owner occupied CRE loans increased by $42.7 million , or 2.7%, during the second quarter of 2023 due to new loan originations of $46.2 million offset partially by loan repayments. Commercial and multifamily construction loans increased by $36.5 million , or 13.5%, due primarily to advances on outstanding loans during the second quarter of 2023. Total new commitments for commercial and multifamily construction loans were $58.5 million in the second quarter of 2023. In addition, commercial and industrial loans increased $23.0 million , or 3.4%, due to new loan originations of $34.4 million offset partially by loan repayments. The following table summarizes the Company's loans receivable, net at the dates indicated: June 30, 2023 March 31, 2023 Change Balance % of Total Balance % of Total $ % (Dollars in thousands) Commercial business: Commercial and industrial $ 708,021 16.7 % $ 684,998 16.6 % $ 23,023 3.4 % SBA PPP 567 — 900 — (333) (37.0) Owner-occupied commercial real estate ("CRE") 958,912 22.6 949,064 23.0 9,848 1.0 Non-owner occupied CRE 1,644,490 38.6 1,601,789 38.8 42,701 2.7 Total commercial business 3,311,990 77.9 3,236,751 78.4 75,239 2.3 Residential real estate 375,659 8.8 363,777 8.8 11,882 3.3 Real estate construction and land development: Residential 78,660 1.9 72,926 1.8 5,734 7.9 Commercial and multifamily 307,041 7.2 270,547 6.6 36,494 13.5 Total real estate construction and land development 385,701 9.1 343,473 8.4 42,228 12.3 Consumer 177,994 4.2 183,471 4.4 (5,477) (3.0) Loans receivable 4,251,344 100.0 % 4,127,472 100.0 % 123,872 3.0 Allowance for credit losses on loans (46,408) (44,469) (1,939) 4.4 Loans receivable, net $ 4,204,936 $ 4,083,003 $ 121,933 3.0 % Total deposits decreased $193.5 million , or 3.3%, from March 31, 2023 . The decrease was due to competitive pricing pressures and customers moving excess funds to alternative higher yielding investments as well as general decreases in individual customer balances which included large capital expenditures and tax payments. Certificates of deposit increased $44.8 million , or 11.3%, from March 31, 2023 . The increase in certificates of deposits included transfers from non-maturity deposit accounts. Brokered deposits decreased $7.6 million , or 14.5%, to $44.7 million at June 30, 2023 from $52.3 million at March 31, 2023 . The following table summarizes the Company's total deposits at the dates indicated: June 30, 2023 March 31, 2023 Change Balance (1) % ofTotal Balance % of Total $ % (Dollars in thousands) Noninterest demand deposits $ 1,857,492 33.2 % $ 1,982,909 34.3 % $ (125,417) (6.3) % Interest bearing demand deposits 1,618,539 28.9 1,675,393 28.9 (56,854) (3.4) Money market accounts 1,143,284 20.4 1,155,559 20.0 (12,275) (1.1) Savings accounts 535,065 9.6 578,807 10.0 (43,742) (7.6) Total non-maturity deposits 5,154,380 92.1 5,392,668 93.2 (238,288) (4.4) Certificates of deposit 441,163 7.9 396,354 6.8 44,809 11.3 Total deposits $ 5,595,543 100.0 % $ 5,789,022 100.0 % $ (193,479) (3.3) % (1) Deposit balances include deposits held for sale of $15.9 million and $17.2 million at June 30, 2023 and March 31, 2023 , respectively. Total borrowings increased $66.9 million , or 17.5%, to $450.0 million at June 30, 2023 compared to $383.1 million at March 31, 2023 . All borrowings at March 31, 2023 were advances from the Federal Home Loan Bank ("FHLB"). During the second quarter of 2023, the Company transferred all borrowings to the Federal Reserve Bank ("FRB") Bank Term Funding Program ("BTFP") due to advantageous terms and conditions. The BTFP offers loans of up to one year in length to institutions pledging eligible investment securities. The advance rate on the collateral is at par value. The average rate on borrowings from the BTFP was 4.72% as compared to an average rate of 5.15% for FHLB borrowings during the second quarter of 2023. Total stockholders' equity decreased $6.3 million , or 0.8%, to $819.7 million at June 30, 2023 compared to $826.1 million at March 31, 2023 due primarily to an increase of $14.7 million in accumulated other comprehensive loss as a result of declining fair values of available for sale investment securities and $7.8 million in dividends paid offset partially by $16.8 million of net income recognized for the quarter. 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 , 2023 March 31 , 2023 Change Stockholders' equity to total assets 11.5 % 11.4 % 0.1 % Tangible common equity to tangible assets (1) 8.3 8.3 — Common equity tier 1 capital ratio (2) 12.8 12.9 (0.1) Leverage ratio (2) 9.9 9.9 — Tier 1 capital ratio (2) 13.2 13.3 (0.1) Total capital ratio (2) 14.1 14.1 — (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 ACL as a percentage of loans was 1.09% at June 30, 2023 compared to 1.08% at March 31, 2023 . During the second quarter of 2023, the Company recorded a $1.9 million provision for credit losses, compared to a $1.8 million provision for credit losses during the first quarter of 2023 and a $1.2 million reversal of the provision for credit losses during second quarter of 2022. The increase in the provision for credit losses during the second quarter of 2023 was primarily driven by growth in loans receivable, net and changes in loan mix primarily due to the increases in non-owner occupied CRE, commercial and multifamily construction, and commercial and industrial loans. The ACL on unfunded commitments ("unfunded") decreased during the second quarter of 2023 compared to the first quarter of 2023 due primarily to an increase in loan utilization rates. The following table provides detail on the changes in the ACL on loans and the ACL on unfunded and the related provision for (reversal of) credit losses for the periods indicated: As of or for the Quarter Ended June 30, 2023 March 31, 2023 June 30, 2022 ACL onLoans ACL on Unfunded Total ACL on Loans ACL onUnfunded Total ACL on Loans ACL on Unfunded Total (Dollars in thousands) Balance, beginning of period $ 44,469 $ 1,856 $ 46,325 $ 42,986 $ 1,744 $ 44,730 $ 40,333 $ 1,552 $ 41,885 Provision for (reversal of) credit losses 1,988 (79) 1,909 1,713 112 1,825 (649) (555) (1,204) (Net charge-offs) recoveries (49) — (49) (230) — — (230) 12 — 12 Balance, end of period $ 46,408 $ 1,777 $ 48,185 $ 44,469 $ 1,856 $ 46,325 $ 39,696 $ 997 $ 40,693 Credit Quality The ratio of classified loans increased slightly to 1.38% at June 30, 2023 as compared to 1.18% at March 31, 2023 . Classified loans include loans rated substandard or worse. The following table illustrates total loans by risk rating and their respective percentage of total loans at the dates indicated: June 30, 2023 March 31, 2023 Balance % of Total Balance % of Total (Dollars in thousands) Risk Rating: Pass $ 4,108,068 96.6 % $ 3,981,816 96.5 % Special Mention 84,623 2.0 96,832 2.3 Substandard 58,653 1.4 48,824 1.2 Total $ 4,251,344 100.0 % $ 4,127,472 100.0 % Nonperforming assets to total assets was 0.07% at both June 30, 2023 and March 31, 2023 compared to 0.14% at June 30, 2022 . Nonperforming assets at June 30, 2023 , March 31, 2023 and June 30, 2022 consisted only of nonaccrual loans. Changes in nonaccrual loans during the periods indicated were as follows: Quarter Ended June 30 , 2023 March 31 , 2023 June 30 , 2022 (In thousands) Balance, beginning of period $ 4,815 $ 5,906 $ 16,527 Additions — 468 720 Net principal payments and transfers to accruing status (185) (909) (5,964) Payoffs — (650) (691) Charge-offs — — (117) Balance, end of period $ 4,630 $ 4,815 $ 10,475 Liquidity Total liquidity sources available at June 30, 2023 were 2.75 billion. This includes internal as well as external sources of liquidity. The Company has access to FHLB advances, the FRB Discount Window and BTFP. The Company's available liquidity sources at June 30, 2023 represented a coverage ratio of 49.2% of total deposits and 150.6% of estimated uninsured deposits. The following table summarizes the Company's available liquidity: Quarter Ended June 30 , 2023 March 31 , 2023 December 31 , 2022 (Dollars in thousands) FRB borrowing availability $ 859,730 $ 640,635 $ 46,827 FHLB borrowing availability(1) 1,216,990 1,197,964 1,226,234 Unencumbered investment securities available for sale(2) 872,109 1,116,013 1,323,947 Cash and cash equivalents 108,378 301,481 103,590 Fed funds line borrowing availability with correspondent banks 145,000 215,000 215,000 Total sources of liquidity 3,202,207 3,471,093 2,915,598 Less: Borrowings outstanding (450,000) (383,100) — Total liquidity $ 2,752,207 $ 3,087,993 $ 2,915,598 (1) Includes FHLB borrowing availability of $1.22 billion at June 30, 2023 based on pledged assets, however, maximum credit capacity is 45% of the Bank's total assets one quarter in arrears or $3 .10 billion. (2) Investment securities available for sale at fair value. Net Interest Income and Net Interest Margin Net interest income decreased $4.0 million , or 6.7%, during the second quarter of 2023 compared to the first quarter of 2023. In addition, net interest margin decreased 35 basis points to 3.56% from 3.91% as compared to the prior quarter. The decrease in net interest income was due primarily to a $4.1 million increase in interest expense on deposits and $3.3 million increase in interest expense on borrowings. The increase in interest expense on deposits was due to a 43 basis point increase in average rates due to competitive rate pressures. The average cost of interest bearing deposits increased from 0.49% to 0.92%. The increase in interest expense on borrowings was due to an increase in average balances. The average cost of borrowings declined 5 basis points from 4.92% to 4.87% as the Company transferred borrowings from the FHLB to the FRB's BTFP during the second quarter of 2023 due to a lower borrowing rate. The increase in interest expense was partially offset by a $3.4 million increase in interest income, primarily due to a $3.2 million increase in interest income on loans receivable, net. The average balance of loans receivable, net increased by $106.2 million and the average yield on loans receivable, net increased 12 basis points to 5.19% during the second quarter of 2023. Net interest income increased $5.8 million , or 11.5%, during the second quarter of 2023 compared to the second quarter of 2022 and the net interest margin increased 52 basis points during this same period. The increase was due primarily to an increase in yields earned on interest earning assets following increases in market interest rates and a shift into higher yielding interest earning assets. This was partially offset by an increase in interest expense due to an increase in deposit rates and borrowing expense. The following table provides relevant net interest income information for the periods indicated: Quarter Ended June 30, 2023 March 31, 2023 June 30, 2022 Average Balance Interest Earned/ Paid AverageYield/Rate (1) Average Balance Interest Earned/ Paid AverageYield/Rate (1) Average Balance Interest Earned/ Paid AverageYield/Rate (1) (Dollars amounts in thousands) Interest Earning Assets: Loans receivable, net (2)(3) $ 4,145,556 $ 53,623 5.19 % $ 4,039,395 $ 50,450 5.07 % $ 3,812,045 $ 40,890 4.30 % Taxable securities 1,989,297 14,774 2.98 2,007,339 14,657 2.96 1,450,328 7,607 2.10 Nontaxable securities (3) 71,803 520 2.90 82,893 586 2.87 137,429 893 2.61 Interest earning deposits 90,754 1,154 5.10 83,376 972 4.73 1,213,156 2,342 0.77 Total interest earning assets 6,297,410 70,071 4.46 % 6,213,003 66,665 4.35 % 6,612,958 51,732 3.14 % Noninterest earning assets 845,455 848,956 772,658 Total assets $ 7,142,865 $ 7,061,959 $ 7,385,616 Interest Bearing Liabilities: Certificates of deposit $ 421,451 $ 2,483 2.36 % $ 350,206 $ 1,224 1.42 % $ 321,926 $ 324 0.40 % Savings accounts 551,201 157 0.11 601,166 142 0.10 652,407 88 0.05 Interest bearing demand and money market accounts 2,782,353 5,967 0.86 2,829,198 3,162 0.45 3,067,373 1,001 0.13 Total interest bearing deposits 3,755,005 8,607 0.92 3,780,570 4,528 0.49 4,041,706 1,413 0.14 Junior subordinated debentures 21,577 499 9.28 21,501 482 9.09 21,287 239 4.50 Securities sold under agreement to repurchase 39,755 63 0.64 43,202 47 0.44 48,272 32 0.27 Borrowings 417,896 5,078 4.87 145,605 1,766 4.92 — — — Total interest bearing liabilities 4,234,233 14,247 1.35 % 3,990,878 6,823 0.69 % 4,111,265 1,684 0.16 % Noninterest demand deposits 1,900,640 2,068,688 2,349,746 Other noninterest bearing liabilities 183,250 189,893 113,644 Stockholders' equity 824,742 812,500 810,961 Total liabilities and stockholders' equity $ 7,142,865 $ 7,061,959 $ 7,385,616 Net interest income and spread $ 55,824 3.11 % $ 59,842 3.66 % $ 50,048 2.98 % Net interest margin 3.56 % 3.91 % 3.04 % (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 $726,000 , $752,000 and $2.4 million for the second quarter of 2023, first quarter of 2023 and second quarter of 2022, respectively. (3) Yields on tax-exempt loans and securities have not been stated on a tax-equivalent basis. Noninterest Income Noninterest income decreased during the second quarter of 2023 from the first quarter of 2023 due primarily to a $1 .7 million decrease in other income as a result of a $1 .6 million gain from the sale of Visa Inc. Class B common stock during the first quarter of 2023. Noninterest income increased during the second quarter of 2023 compared to the same period in 2022 due primarily to higher deposit service charges and an increase in FHLB dividend income included in other 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 , 2023 March 31 , 2023 June 30 , 2022 $ % $ % (Dollar amounts in thousands) Service charges and other fees $ 2,682 $ 2,624 $ 2,577 $ 58 2.2 % $ 105 4.1 % Card revenue 2,123 2,000 2,146 123 6.2 (23) (1.1) Loss on sale of investment securities — (286) — 286 (100.0) — (100.0) Gain on sale of loans, net 101 49 219 52 106.1 (118) (53.9) Interest rate swap fees 115 53 26 62 117.0 89 342.3 Bank owned life insurance income 837 709 764 128 18.1 73 9.6 Gain on sale of other assets, net — 2 — (2) (100.0) — — Other income 1,423 3,107 1,284 (1,684) (54.2) 139 10.8 Total noninterest income $ 7,281 $ 8,258 $ 7,016 $ (977) (11.8) % $ 265 3.8 % Noninterest Expense Noninterest expense decreased $0.3 million or 0.7% during the second quarter of 2023 from the first quarter of 2023 due primarily to a decrease in compensation and employee benefits resulting from a decrease in the accrual for incentive-based compensation and decrease in payroll taxes offset partially by an increase in salary expense due to annual merit increases in base pay. Occupancy and equipment expense decreased due to a decrease in maintenance costs related to winter weather conditions experienced in the first quarter of 2023. Other expense increased due to an increase in customer account loss expense in the second quarter of 2023. Noninterest expense increased $5.6 million or 15.7% during the second quarter of 2023 compared to the same period in 2022 due primarily to an increase in compensation and employee benefits resulting from an increase in the number of full-time equivalent employees including the addition of commercial and relationship banking teams in 2023 and an increase in salaries and wages due to upward market pressure. Occupancy and equipment expense increased due to the expansion into Eugene, Oregon and Boise, Idaho . Data processing costs increased due primarily to the expansion of digital services including the addition of the ability to open accounts online. Federal deposit insurance premiums increased due to the increase in the assessment rate starting in January 2023 . Other expense increased due to an increase in customer account loss expense, employee related expenses which included additional expenses related to calling efforts for the newly added teams, as well as a general increase in operating costs in the second quarter of 2023 as compared to the same period in 2022. 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 , 2023 March 31 , 2023 June 30 , 2022 $ % $ % (Dollar amounts in thousands) Compensation and employee benefits $ 24,781 $ 25,536 $ 21,778 $ (755) (3.0) % $ 3,003 13.8 % Occupancy and equipment 4,666 4,892 4,171 (226) (4.6) 495 11.9 Data processing 4,500 4,342 4,185 158 3.6 315 7.5 Marketing 441 402 344 39 9.7 97 28.2 Professional services 751 628 529 123 19.6 222 42.0 State/municipal business and use tax 1,054 1,008 867 46 4.6 187 21.6 Federal deposit insurance premium 797 850 425 (53) (6.2) 372 87.5 Amortization of intangible assets 623 623 704 — — (81) (11.5) Other expense 3,712 3,324 2,704 388 11.7 1,008 37.3 Total noninterest expense $ 41,325 $ 41,605 $ 35,707 $ (280) (0.7) % $ 5,618 15.7 % Income Tax Expense Income tax expense decreased during the second quarter of 2023 compared to the first quarter of 2023 and the same period in 2022 due primarily to a lower effective income tax rate during the second quarter of 2023 following a decrease in pre-tax income which increased the impact of favorable permanent tax items such as tax-exempt investments, investments in bank owned life insurance and low-income housing tax credits. 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 , 2023 March 31 , 2023 June 30 , 2022 $ % $ % (Dollar amounts in thousands) Income before income taxes $ 19,871 $ 24,670 $ 22,561 $ (4,799) (19.5) % $ (2,690) (11.9) % Income tax expense $ 3,025 $ 4,213 $ 3,977 $ (1,188) (28.2) % $ (952) (23.9) % Effective income tax rate 15.2 % 17.1 % 17.6 % (1.9) % (11.1) % (2.4) % (13.6) % Dividends On July 19, 2023 , the Company's Board of Directors declared a quarterly cash dividend of $0.22 per share. The dividend is payable on August 16, 2023 to shareholders of record as of the close of business on August 2, 2023 . Earnings Conference Call The Company will hold a telephone conference call to discuss this earnings release on Thursday, July 20, 2023 at 10:00 a.m. Pacific time . To access the call, please dial (833) 470-1428 -- access code 536813 a few minutes prior to 10:00 a.m. Pacific time . The call will be available for replay through July 27, 2023 by dialing (866) 813-9403 -- access code 925696. 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 51 banking offices in Washington , Oregon and Idaho . 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: changes in general economic conditions, either nationally or in our market areas, including as a result of employment levels, labor shortages and 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 supply chain disruptions; higher inflation and the current and future monetary policies of the Federal Reserve in response thereto; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in the interest rate environment; the quality and composition of our securities portfolio and the impact of any adverse changes including market liquidity within the securities markets; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; credit and interest rate risks associated with the Company's businesses, customers, borrowings, repayment, investment, and deposit practices; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; 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 2023 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 , 2023 March 31 , 2023 December 31 , 2022 Assets Cash on hand and in banks $ 73,464 $ 68,969 $ 74,295 Interest earning deposits 34,914 232,512 29,295 Cash and cash equivalents 108,378 301,481 103,590 Investment securities available for sale, at fair value (amortized cost of $1,402,144 , $1,424,969 , and $1,460,033 , respectively) 1,276,550 1,318,072 1,331,443 Investment securities held to maturity, at amortized cost (fair value of $664,810 , $684,647 , and $673,434 , respectively) 754,276 760,163 766,396 Total investment securities 2,030,826 2,078,235 2,097,839 Loans held for sale 752 — — Loans receivable 4,251,344 4,127,472 4,050,858 Allowance for credit losses on loans (46,408) (44,469) (42,986) Loans receivable, net 4,204,936 4,083,003 4,007,872 Premises and equipment, net 79,401 80,094 76,930 Federal Home Loan Bank stock, at cost 8,373 23,697 8,916 Bank owned life insurance 122,905 122,767 122,059 Accrued interest receivable 18,969 18,548 18,547 Prepaid expenses and other assets 293,950 281,438 296,181 Other intangible assets, net 5,981 6,604 7,227 Goodwill 240,939 240,939 240,939 Total assets $ 7,115,410 $ 7,236,806 $ 6,980,100 Liabilities and Stockholders' Equity Deposits $ 5,579,657 $ 5,771,787 $ 5,907,420 Deposits held for sale 15,886 17,235 17,420 Total deposits 5,595,543 5,789,022 5,924,840 Borrowings 450,000 383,100 — Junior subordinated debentures 21,619 21,546 21,473 Securities sold under agreement to repurchase 38,215 39,161 46,597 Accrued expenses and other liabilities 190,300 177,895 189,297 Total liabilities 6,295,677 6,410,724 6,182,207 Common stock 550,103 550,869 552,397 Retained earnings 367,085 358,010 345,346 Accumulated other comprehensive loss, net (97,455) (82,797) (99,850) Total stockholders' equity 819,733 826,082 797,893 Total liabilities and stockholders' equity $ 7,115,410 $ 7,236,806 $ 6,980,100 Shares outstanding 35,047,800 35,108,120 35,106,697 HERITAGE FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollar amounts in thousands, except per share amounts) Quarter Ended Six Months Ended June 30 , 2023 March 31 , 2023 June 30 , 2022 June 30 , 2023 June 30 , 2022 Interest Income Interest and fees on loans $ 53,623 $ 50,450 $ 40,890 $ 104,073 $ 81,915 Taxable interest on investment securities 14,774 14,657 7,607 29,431 13,610 Nontaxable interest on investment securities 520 586 893 1,106 1,753 Interest on interest earning deposits 1,154 972 2,342 2,126 3,048 Total interest income 70,071 66,665 51,732 136,736 100,326 Interest Expense Deposits 8,607 4,528 1,413 13,135 2,837 Junior subordinated debentures 499 482 239 981 433 Securities sold under agreement to repurchase 63 47 32 110 64 Borrowings 5,078 1,766 — 6,844 — Total interest expense 14,247 6,823 1,684 21,070 3,334 Net interest income 55,824 59,842 50,048 115,666 96,992 Provision for (reversal of) credit losses 1,909 1,825 (1,204) 3,734 (4,781) Net interest income after provision for (reversal of) credit losses 53,915 58,017 51,252 111,932 101,773 Noninterest Income Service charges and other fees 2,682 2,624 2,577 5,306 5,051 Card revenue 2,123 2,000 2,146 4,123 4,409 Loss on sale of investment securities, net — (286) — (286) — Gain on sale of loans, net 101 49 219 150 460 Interest rate swap fees 115 53 26 168 305 Bank owned life insurance income 837 709 764 1,546 2,459 Gain on sale of other assets, net — 2 — 2 204 Other income 1,423 3,107 1,284 4,530 2,666 Total noninterest income 7,281 8,258 7,016 15,539 15,554 Noninterest Expense Compensation and employee benefits 24,781 25,536 21,778 50,317 43,030 Occupancy and equipment 4,666 4,892 4,171 9,558 8,502 Data processing 4,500 4,342 4,185 8,842 8,246 Marketing 441 402 344 843 610 Professional services 751 628 529 1,379 1,228 State/municipal business and use taxes 1,054 1,008 867 2,062 1,663 Federal deposit insurance premium 797 850 425 1,647 1,025 Amortization of intangible assets 623 623 704 1,246 1,408 Other expense 3,712 3,324 2,704 7,036 5,715 Total noninterest expense 41,325 41,605 35,707 82,930 71,427 Income before income taxes 19,871 24,670 22,561 44,541 45,900 Income tax expense 3,025 4,213 3,977 7,238 7,559 Net income $ 16,846 $ 20,457 $ 18,584 $ 37,303 $ 38,341 Basic earnings per share $ 0.48 $ 0.58 $ 0.53 $ 1.06 $ 1.09 Diluted earnings per share $ 0.48 $ 0.58 $ 0.52 $ 1.06 $ 1.08 Dividends declared per share $ 0.22 $ 0.22 $ 0.21 $ 0.44 $ 0.42 Average shares outstanding - basic 35,058,155 35,108,390 35,110,334 35,083,133 35,102,572 Average shares outstanding - diluted 35,126,590 35,445,340 35,409,524 35,348,268 35,412,722 HERITAGE FINANCIAL CORPORATION FINANCIAL STATISTICS (Unaudited) (Dollar amounts in thousands) Nonperforming Assets and Credit Quality Metrics: Quarter Ended Six Months Ended June 30 , 2023 March 31 , 2023 June 30 , 2022 June 30 , 2023 June 30 , 2022 Allowance for Credit Losses on Loans: Balance, beginning of period $ 44,469 $ 42,986 $ 40,333 $ 42,986 $ 42,361 Provision for (reversal of) credit losses on loans 1,988 1,713 (649) 3,701 (3,171) Charge-offs: Commercial business — (161) (117) (161) (316) Residential real estate — — — — (30) Consumer (144) (153) (132) (297) (258) Total charge-offs (144) (314) (249) (458) (604) Recoveries: Commercial business 38 51 149 89 421 Residential real estate — — — — 3 Real estate construction and land development — — 59 — 67 Consumer 57 33 53 90 619 Total recoveries 95 84 261 179 1,110 Net (charge-offs) / recoveries (49) (230) 12 (279) 506 Balance, end of period $ 46,408 $ 44,469 $ 39,696 $ 46,408 $ 39,696 Net charge-offs (recoveries) on loans to average loans receivable, net(1) — % 0.02 % — % 0.01 % (0.03) % (1) Annualized. June 30 , 2023 March 31 , 2023 December 31 , 2022 Nonperforming Assets: Nonaccrual loans: Commercial business $ 4,630 $ 4,815 $ 5,869 Real estate construction and land development — — 37 Total nonaccrual loans 4,630 4,815 5,906 Other real estate owned — — — Nonperforming assets $ 4,630 $ 4,815 $ 5,906 Accruing loans past due 90 days or more 2,274 2,344 1,615 ACL on loans to: Loans receivable 1.09 % 1.08 % 1.06 % Nonaccrual loans 1,002.33 % 923.55 % 727.84 % Nonperforming loans to loans receivable 0.11 % 0.12 % 0.15 % Nonperforming assets to total assets 0.07 % 0.07 % 0.08 % HERITAGE FINANCIAL CORPORATION FINANCIAL STATISTICS (Unaudited) (Dollar amounts in thousands) Average Balances, Yields, and Rates Paid: Six Months Ended June 30, 2023 June 30, 2022 Average Balance Interest Earned/ Paid AverageYield/Rate (1) Average Balance Interest Earned/ Paid AverageYield/Rate (1) Interest Earning Assets: Loans receivable, net (2) (3) $ 4,092,769 $ 104,073 5.13 % $ 3,792,792 $ 81,915 4.36 % Taxable securities 1,998,268 29,431 2.97 1,361,437 13,610 2.02 Nontaxable securities (3) 77,317 1,106 2.88 141,894 1,753 2.49 Interest earning deposits 87,086 2,126 4.92 1,357,420 3,048 0.45 Total interest earning assets 6,255,440 136,736 4.41 % 6,653,543 100,326 3.04 % Noninterest earning assets 847,195 756,523 Total assets $ 7,102,635 $ 7,410,066 Interest Bearing Liabilities: Certificates of deposit $ 386,026 $ 3,707 1.94 % $ 329,100 $ 662 0.41 % Savings accounts 576,046 299 0.10 649,562 175 0.05 Interest bearing demand and money market accounts 2,805,645 9,129 0.66 3,066,849 2,000 0.13 Total interest bearing deposits 3,767,717 13,135 0.70 4,045,511 2,837 0.14 Junior subordinated debentures 21,539 981 9.18 21,250 433 4.11 Securities sold under agreement to repurchase 41,469 110 0.53 49,140 64 0.26 Borrowings 282,502 6,844 4.89 % — — — % Total interest bearing liabilities 4,113,227 21,070 1.03 % 4,115,901 3,334 0.16 % Noninterest demand deposits 1,984,200 2,354,571 Other noninterest bearing liabilities 186,553 111,167 Stockholders' equity 818,655 828,427 Total liabilities and stockholders' equity $ 7,102,635 $ 7,410,066 Net interest income and spread $ 115,666 3.38 % $ 96,992 2.88 % Net interest margin 3.73 % 2.94 % (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 $1.5 million and $5.8 million for the years ended June 30, 2023 and 2022, 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 , 2023 March 31 , 2023 December 31 , 2022 September 30 , 2022 June 30 , 2022 Earnings: Net interest income $ 55,824 $ 59,842 $ 63,107 $ 59,286 $ 50,048 Provision for (reversal of) credit losses 1,909 1,825 1,410 1,945 (1,204) Noninterest income 7,281 8,258 6,584 7,453 7,016 Noninterest expense 41,325 41,605 40,392 39,147 35,707 Net income 16,846 20,457 22,544 20,990 18,584 Pre-tax, pre-provision net income (3) 21,780 26,495 29,299 27,592 21,357 Basic earnings per share $ 0.48 $ 0.58 $ 0.64 $ 0.60 $ 0.53 Diluted earnings per share $ 0.48 $ 0.58 $ 0.64 $ 0.59 $ 0.52 Average Balances: Loans receivable, net (1) $ 4,145,556 $ 4,039,395 $ 3,963,042 $ 3,859,839 $ 3,812,045 Total investment securities 2,061,100 2,090,232 2,106,608 2,001,922 1,587,757 Total interest earning assets 6,297,410 6,213,003 6,292,188 6,592,361 6,612,958 Total assets 7,142,865 7,061,959 7,100,844 7,367,736 7,385,616 Total interest bearing deposits 3,755,005 3,780,570 3,878,325 4,017,490 4,041,706 Total noninterest demand deposits 1,900,640 2,068,688 2,239,806 2,356,688 2,349,746 Stockholders' equity 824,742 812,500 780,401 811,052 810,961 Financial Ratios: Return on average assets (2) 0.95 % 1.17 % 1.26 % 1.13 % 1.01 % Pre-tax, pre-provision return on average assets (2)(3) 1.22 1.52 1.64 1.49 1.16 Return on average common equity (2) 8.19 10.21 11.46 10.27 9.19 Return on average tangible common equity (2) (3) 12.04 15.05 17.21 15.20 13.68 Efficiency ratio 65.5 61.1 58.0 58.7 62.6 Noninterest expense to average total assets (2) 2.32 2.39 2.26 2.11 1.94 Net interest spread (2) 3.11 3.66 3.87 3.50 2.98 Net interest margin (2) 3.56 3.91 3.98 3.57 3.04 (1) Average loan receivable, net includes loans held for sale. (2) Annualized. (3) See Non-GAAP Financial Measures section herein. HERITAGE FINANCIAL CORPORATION QUARTERLY FINANCIAL STATISTICS (Unaudited) (Dollar amounts in thousands, except per share amounts) As of or for the Quarter Ended June 30 , 2023 March 31 , 2023 December 31 , 2022 September 30 , 2022 June 30 , 2022 Select Balance Sheet: Total assets $ 7,115,410 $ 7,236,806 $ 6,980,100 $ 7,200,312 $ 7,316,467 Loans receivable, net 4,204,936 4,083,003 4,007,872 3,959,206 3,834,368 Total investment securities 2,030,826 2,078,235 2,097,839 2,129,461 1,803,241 Deposits 5,595,543 5,789,022 5,924,840 6,237,735 6,330,190 Noninterest demand deposits 1,857,492 1,982,909 2,099,464 2,308,583 2,325,139 Stockholders' equity 819,733 826,082 797,893 776,702 805,366 Financial Measures: Book value per share $ 23.39 $ 23.53 $ 22.73 $ 22.13 $ 22.94 Tangible book value per share (1) 16.34 16.48 15.66 15.04 15.83 Stockholders' equity to total assets 11.5 % 11.4 % 11.4 % 10.8 % 11.0 % Tangible common equity to tangible assets (1) 8.3 8.3 8.2 7.6 7.9 Loans to deposits ratio 76.0 71.3 68.4 64.1 61.2 Regulatory Capital Ratios: Common equity tier 1 capital ratio(2) 12.8 % 12.9 % 12.8 % 12.8 % 13.2 % Leverage ratio(2) 9.9 9.9 9.7 9.2 8.9 Tier 1 capital ratio(2) 13.2 13.3 13.2 13.3 13.6 Total capital ratio(2) 14.1 14.1 14.0 14.0 14.4 Credit Quality Metrics: ACL on loans to: Loans receivable 1.09 % 1.08 % 1.06 % 1.05 % 1.02 % Nonperforming loans 1,002.3 923.6 727.8 675.2 379.0 Nonperforming loans to loans receivable 0.11 0.12 0.15 0.16 0.27 Nonperforming assets to total assets 0.07 0.07 0.08 0.09 0.14 Net charge-offs (recoveries) on loans to average loans receivable, net(3) — 0.02 (0.02) (0.05) — Criticized Loans by Credit Quality Rating: Special mention $ 84,623 $ 96,832 $ 69,449 $ 84,439 $ 72,062 Substandard 58,653 48,824 65,765 66,376 94,419 Other Metrics: Number of banking offices 51 51 50 50 49 Deposits per branch $ 109,717 $ 113,510 $ 118,497 $ 124,755 $ 129,188 Average number of full-time equivalent employees 811 808 806 790 765 Average assets per full-time equivalent employee 8,807 8,740 8,810 9,326 9,654 (1) See Non-GAAP Financial Measures section herein. (2) Current quarter ratios are estimates pending completion and filing of the Company's regulatory reports. (3) Annualized. 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. June 30 , 2023 March 31 , 2023 December 31 , 2022 September 30 , 2022 June 30 , 2022 Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share: Total stockholders' equity (GAAP) $ 819,733 $ 826,082 $ 797,893 $ 776,702 $ 805,366 Exclude intangible assets (246,920) (247,543) (248,166) (248,837) (249,508) Tangible common equity (non-GAAP) $ 572,813 $ 578,539 $ 549,727 $ 527,865 $ 555,858 Total assets (GAAP) $ 7,115,410 $ 7,236,806 $ 6,980,100 $ 7,200,312 $ 7,316,467 Exclude intangible assets (246,920) (247,543) (248,166) (248,837) (249,508) Tangible assets (non-GAAP) $ 6,868,490 $ 6,989,263 $ 6,731,934 $ 6,951,475 $ 7,066,959 Stockholders' equity to total assets (GAAP) 11.5 % 11.4 % 11.4 % 10.8 % 11.0 % Tangible common equity to tangible assets (non-GAAP) 8.3 % 8.3 % 8.2 % 7.6 % 7.9 % Shares outstanding 35,047,800 35,108,120 35,106,697 35,104,248 35,103,929 Book value per share (GAAP) $ 23.39 $ 23.53 $ 22.73 $ 22.13 $ 22.94 Tangible book value per share (non- GAAP) $ 16.34 $ 16.48 $ 15.66 $ 15.04 $ 15.83 HERITAGE FINANCIAL CORPORATION NON-GAAP FINANCIAL MEASURES (Unaudited) (Dollar amounts in thousands, except per share amounts) 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 , 2023 March 31 , 2023 December 31 , 2022 September 30 , 2022 June 30 , 2022 Return on Average Tangible Common Equity, annualized: Net income (GAAP) $ 16,846 $ 20,457 $ 22,544 $ 20,990 $ 18,584 Add amortization of intangible assets 623 623 671 671 704 Exclude tax effect of adjustment (131) (131) (141) (141) (148) Tangible net income (non-GAAP) $ 17,338 $ 20,949 $ 23,074 $ 21,520 $ 19,140 Average stockholders' equity (GAAP) $ 824,742 $ 812,500 $ 780,401 $ 811,052 $ 810,961 Exclude average intangible assets (247,278) (247,922) (248,560) (249,245) (249,890) Average tangible common stockholders' equity (non-GAAP) $ 577,464 $ 564,578 $ 531,841 $ 561,807 $ 561,071 Return on average common equity, annualized (GAAP) 8.19 % 10.21 % 11.46 % 10.27 % 9.19 % Return on average tangible common equity, annualized (non-GAAP) 12.04 % 15.05 % 17.21 % 15.20 % 13.68 % 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. Quarter Ended June 30 , 2023 March 31 , 2023 December 31 , 2022 September 30 , 2022 June 30 , 2022 Pre-tax, Pre-provision Income and Pre-tax, Pre-provision Return on Average Assets, annualized: Net income (GAAP) $ 16,846 $ 20,457 $ 22,544 $ 20,990 $ 18,584 Add income tax expense 3,025 4,213 5,345 4,657 3,977 Add/(subtract) provision for (reversal of) credit losses 1,909 1,825 1,410 1,945 (1,204) Pre-tax, pre-provision income (non- GAAP) $ 21,780 $ 26,495 $ 29,299 $ 27,592 $ 21,357 Average total assets (GAAP) $ 7,142,865 $ 7,061,959 $ 7,100,844 $ 7,367,736 $ 7,385,616 Return on average assets, annualized (GAAP) 0.95 % 1.17 % 1.26 % 1.13 % 1.01 % Pre-tax, pre-provision return on average assets (non-GAAP) 1.22 % 1.52 % 1.64 % 1.49 % 1.16 % View original content: https://www.prnewswire.com/news-releases/heritage-financial-announces-second-quarter-2023-results-and-declares-regular-cash-dividend-301881781.html SOURCE Heritage Financial Corporation

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