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 Corporation (NASDAQ: HFWA) reported a net income of $20.5 million, or $0.58 per diluted share, for Q1 2023, down from $22.5 million in Q4 2022. Total loans receivable increased by $76.6 million (1.9%), while total deposits decreased by 2.3% to $5.79 billion. Capital ratios remain robust, with a leverage ratio of 9.9% and a total capital ratio of 14.1%. The company declared a cash dividend of $0.22 per share, payable on May 18, 2023. Despite the decrease in net interest margin to 3.91%, it was up from 2.84% year over year. Nonperforming assets improved to 0.07% of total assets, a significant reduction from 0.22% a year earlier.
Heritage Financial Corporation (NASDAQ: HFWA) is set to release its first quarter earnings on April 20, 2023. The earnings report will be available before the market opens, followed by a conference call scheduled for 10:00 a.m. Pacific time on the same day. Investors can dial (833) 470-1428 to participate, using access code 343702. A replay of the call will be accessible until April 27, 2023, by calling (866) 813-9403 with access code 862416. Heritage Financial Corporation, based in Olympia, operates Heritage Bank, which serves Washington, Oregon, and Idaho with 51 branches.
Heritage Financial Corporation (NASDAQ: HFWA) reported a net income of $22.5 million, or $0.64 per diluted share for Q4 2022, up from $21.0 million in Q3 2022. Annual net income for 2022 totaled $81.9 million, down from $98.0 million in 2021. Loans receivable increased by $49.6 million in Q4 and $235.2 million for the year, excluding PPP repayments. Net interest income rose by 6.4% to $63.1 million in Q4. The company declared a regular cash dividend of $0.22 per share on January 25, 2023, marking a 4.8% increase from the prior dividend.
Heritage Bank, a subsidiary of Heritage Financial Corporation (Nasdaq: HFWA), has announced its expansion into Boise, Idaho as of January 10, 2023. The bank has established a temporary branch and aims to find a permanent location in the future. The new team includes experienced professionals like Mike Trueba, who has over 20 years of banking experience. Heritage Bank plans to grow organically and potentially through acquisitions, aiming to align with the values of Idaho's community.
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