Heritage Financial ( (HFWA) ) has released its Q4 earnings. Here is a breakdown of the information Heritage Financial presented to its investors.
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Heritage Financial Corporation is a bank holding company based in Olympia, Washington, with Heritage Bank as its sole wholly-owned banking subsidiary, operating a network of 50 banking offices across Washington, Oregon, and Idaho.
Heritage Financial reported a net income of $11.9 million for the fourth quarter of 2024, showing an increase compared to $11.4 million in the third quarter of 2024 and $6.2 million in the fourth quarter of 2023. The company declared a regular cash dividend of $0.24 per share, reflecting a 4.3% increase from the previous year’s fourth quarter dividend.
Key highlights of the report include a 2.6% increase in loans receivable, a rise in net interest margin to 3.39%, and a reduction in the cost of total deposits to 1.39%. The company also undertook strategic balance sheet repositioning, resulting in a pre-tax loss of $3.9 million on the sale of securities, impacting diluted earnings per share by $0.09 for the quarter.
Looking ahead, Heritage Financial is optimistic about its future profitability, driven by strong balance sheet management and prudent risk strategies. The company remains focused on sustaining long-term returns for its shareholders through strategic initiatives and operational efficiency.
