Heritage Financial reports Q1 EPS 40c, consensus 45c

Reports Q1 net interest margin up to 3.44% from 3.36% for 4Q24. Tangible book value per share was $18.70 from $18.22 at previous quarter end. CEO Jeff Deuel commented, “We are very pleased with our operating results for Q1, which included solid deposit growth, margin expansion and lower cost of deposits. In addition, we have maintained strong credit quality metrics including low levels of net charge-offs and nonaccrual loan balances. We continue to strategically reposition our balance sheet to improve future profitability and invest in new production teams with the most recent in the Spokane market, where we see significant opportunity to grow our business. Although these actions may impact current earnings, we believe future earnings will be enhanced and we are optimistic that the combination of our strong balance sheet and prudent risk management will provide sustainable long-term returns for our shareholders.”