Heritage Financial Announces Third Quarter 2024 Results and Declares Regular Cash Dividend of $0.23 Per Share

Olympia, WA – Heritage Financial Corporation (Nasdaq GS: HFWA) reported its financial results for the third quarter of 2024, showing a net income of $11.4 million, or $0.33 per diluted share. This compares to $14.2 million, or $0.41 per diluted share, for the second quarter of 2024 and $18.2 million for the third quarter of 2023. The results include a pre-tax loss on the sale of securities of $6.9 million, impacting diluted earnings per share for the quarter.

The third quarter saw notable highlights, including a 3.2% increase in loans receivable and a 3.5% increase in deposits. Non-interest bearing deposits showed a significant uptick of 5.2%, contributing to the company’s growth. Net interest margin rose to 3.33%, reflecting an increase from the previous quarter.

Jeff Deuel, the Chief Executive Officer, expressed satisfaction with the operating results, citing growth in loans and deposits, margin expansion, and expense management efficiencies. The improvement in net interest income by $1.8 million, driven by increased average earning assets and net interest margin, indicates progress in core profitability.

While experiencing a charge-off related to a downgraded commercial real estate loan during the quarter, Heritage Financial remains optimistic about the balance sheet growth and risk management’s positive impact on core profitability. The company’s financial highlights demonstrate steady growth and resilience amidst challenges in the economic landscape.

The Board of Directors declared a regular cash dividend of $0.23 per share, showing a commitment to shareholders. The dividend is payable on November 20, 2024, to shareholders of record as of November 6, 2024.

The Company will host a conference call to discuss these results on October 24, 2024, at 10:00 a.m. Pacific time. The call will be accessible by dialing (833) 470-1428, access code 493684, with a replay available until October 31, 2024, by dialing (866) 813-9403, access code 423520.

Heritage Financial Corporation, the parent company of Heritage Bank, maintains a solid financial position with capital ratios exceeding regulatory requirements as of September 30, 2024. The company’s robust balance sheet and prudent risk management strategies position it well for continued growth and profitability.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Heritage Financial’s 8K filing here.

About Heritage Financial

Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and individuals in the United States. It accepts various deposit products, such as noninterest demand deposits, interest bearing demand deposits, money market accounts, savings accounts, personal checking accounts, and certificates of deposit.