Welcome to our dedicated page for Heritage Financial news (Ticker: HFWA), a resource for investors and traders seeking the latest updates and insights on Heritage Financial stock.
Heritage Financial Corp (NASDAQ: HFWA), based in Olympia, Washington, is a prominent bank holding company. Through its wholly-owned subsidiary, Heritage Bank, the company provides a comprehensive suite of financial solutions including commercial lending, deposit services, real estate construction loans, consumer loans, and first mortgage loans primarily in Washington, Oregon, and Idaho.
Heritage Bank, operating under the Whidbey Island Bank name in certain locations, has a robust network of 50 banking offices. Their offerings cater to small and medium-sized businesses, as well as the general public, with products such as noninterest demand accounts, money market accounts, savings accounts, and certificates of deposit. The company's focus on prudent risk management and strategic growth is evident in its recent financial performance and development projects.
In recent quarters, Heritage Financial has reported steady earnings, maintaining a strong balance sheet with ample liquidity. They remain committed to sustaining long-term shareholder returns through a combination of strong core deposits and active loan production. Executive efforts are also directed at partnering with community organizations to foster social benefits, such as financing affordable housing projects.
The company’s latest financial activities include the strategic repositioning of its balance sheet through the sale and purchase of investment securities, aimed at enhancing interest income. Heritage Financial’s capital ratios are well above regulatory requirements, ensuring a stable financial outlook.
Recent news highlights include the announcement of quarterly earnings and upcoming conference calls to discuss financial results, reflecting their transparency and commitment to stakeholder communication. The company continues to adapt to changing market conditions while upholding its mission to provide exceptional banking services.
Heritage Financial (NASDAQ: HFWA) has appointed Karen R. Saunders to its Board of Directors and the Board of Heritage Bank, effective January 1, 2025. Saunders brings extensive financial services expertise as a former KPMG audit partner, where she served from 1986 to 2024. During her KPMG tenure, she led the Pacific Northwest Region's community banking practice and served as lead banking partner in Los Angeles. She holds a Bachelor's degree from the University of Washington's Foster School of Business and is a CPA licensed in Washington and California.
Heritage Financial (HFWA) reported Q3 2024 net income of $11.4 million, or $0.33 per diluted share, down from $14.2 million in Q2 2024. The quarter included a $6.9 million pre-tax loss on securities sales. Notable highlights include loans receivable growth of $146.9 million (3.2%) and deposit increase of $192.8 million (3.5%). Net interest margin improved to 3.33% from 3.29% in Q2. The company maintained strong capital levels and declared a regular cash dividend of $0.23 per share.
Heritage Financial (Nasdaq: HFWA) has appointed Nicholas Bley as Executive Vice President and Chief Operating Officer of Heritage Bank and Executive Vice President of Heritage, effective October 28, 2024. Bley joins from JPMorgan Chase & Co., where he served for 16 years, most recently as Managing Director and Commercial Real Estate Senior Regional Sales Manager. His experience spans sales management, digital operations, loan operations, and information systems. Bley serves on the Seattle Metropolitan Chamber of Commerce board and holds degrees from Western Washington University and the University of Washington's Foster School of Business.
Heritage Financial (Nasdaq: HFWA) has announced the release date for its third quarter earnings. The company plans to issue the earnings release on Thursday, October 24, 2024, before the market opens. A telephone conference call is scheduled for the same day at 10:00 a.m. Pacific time (1:00 p.m. Eastern time) to discuss the results.
Participants can register for the call using a provided link to receive dial-in details. The conference call will include a live question-and-answer session following the presentation. A replay of the call will be available for 24 hours until October 31, 2024. Heritage Financial is an Olympia-based bank holding company with Heritage Bank as its sole wholly-owned banking subsidiary, operating 50 branches across Washington, Oregon, and Idaho.
Heritage Financial (Nasdaq GS: HFWA) reported net income of $14.2 million for Q2 2024, up from $5.7 million in Q1 2024. Diluted earnings per share (EPS) were $0.41, a significant rise from $0.16 in Q1 2024. The quarter included a loss on sale of securities of $1.9 million, impacting EPS by $0.04. Loans receivable rose by $104.5 million or 2.4% during the quarter. The net interest margin (NIM) fell slightly to 3.29% from 3.32% in Q1 2024. The cost of total deposits increased to 1.34% from 1.19% in the previous quarter. The efficiency ratio improved to 69.4% from 83.0% in Q1 2024. The company declared a regular cash dividend of $0.23 per share. A CEO succession plan was announced, with Bryan McDonald taking over as CEO of Heritage Bank from July 1, 2024.
Heritage Financial (Nasdaq: HFWA) will release its second-quarter earnings on Thursday, July 25, 2024, before the market opens. A conference call to discuss the earnings is scheduled for the same day at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). Investors can access the call at (833) 470-1428 using access code 281184. A replay will be available until August 1, 2024, at (866) 813-9403, access code 638306. For further details, contact Kaylene Lahn at 360-943-1500. Heritage Financial, based in Olympia, Washington, operates 50 banking offices in Washington, Oregon, and Idaho under Heritage Bank and Whidbey Island Bank.
Heritage Financial (Nasdaq GS: HFWA) announced a CEO succession plan. Current CEO Jeff Deuel will retire in May 2025, transitioning to an advisory role. Bryan McDonald, currently President and COO of Heritage Bank, will assume the roles of President and CEO for both Heritage Bank and Heritage Financial effective July 1, 2024. Deuel will assist with the transition to ensure continuity. McDonald brings over 30 years of banking experience, holding significant roles within the industry. The transition aims to maintain stability and continued growth for the company.
Heritage Financial operates 50 branches across Washington, Oregon, and Idaho, serving the Pacific Northwest. The company's stock trades on NASDAQ under 'HFWA'.
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