Heritage Financial Corp - HFWA STOCK NEWS

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'.

Heritage Financial reported a net income of $5.7 million for Q1 2024, with diluted earnings per share at $0.16. The company declared a cash dividend of $0.23 per share and approved a new stock repurchase program. Loans receivable increased by 2.1%, while net interest margin decreased to 3.32%. The company incurred a loss on the sale of securities and severance costs due to expense management measures.

Heritage Financial (HFWA) is set to release its first-quarter earnings on April 25, 2024, with a scheduled conference call to discuss the results. Investors can access the call using the provided numbers and codes.

Heritage Financial Corporation announced the resignation of Director Eric K. Chan from the Boards of Directors of the Company and the Bank effective February 6, 2024. Mr. Chan resigned due to his new position as Chief Business and Strategy Officer at The Gap. Board Chair Brian L. Vance expressed regret at Mr. Chan's departure, acknowledging his valuable contributions to the Board.

Heritage Financial Corporation reported a decrease in net income for the fourth quarter of 2023 compared to the third quarter of 2023. The company incurred a pre-tax loss of $10.0 million on the sale of investment securities due to the strategic repositioning of its investment portfolio. Additionally, costs relating to expense management measures totaling $2.0 million were recognized in the fourth quarter. However, the company declared a regular cash dividend of $0.23 per share on January 24, 2024, an increase of 4.5% from the previous quarter. Heritage Bank is partnering with Community Roots Housing on the renovation of the historic Devonshire Apartments, providing a $16.9 million construction loan and $2.6 million permanent loan for the project.