OLYMPIA, Wash., Dec. 19, 2024 /PRNewswire/ -- Heritage Financial Corporation ("Heritage") (Nasdaq: HFWA) is pleased to announce the appointment of Karen R. Saunders to its Board of Directors. Ms. Saunders was also appointed to the Board of Directors of Heritage's wholly-owned subsidiary, Heritage Bank. The appointment is effective January 1, 2025. Heritage Financial Corporation Appoints Karen R. Saunders to its Board of Directors "We are pleased to welcome Karen to our board of directors," said Brian L. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ | --- | --- | --- | |------------------------------------------------------|---------------------------------------------- ...

FOR IMMEDIATE RELEASE DATE: October 24, 2024 HERITAGE FINANCIAL ANNOUNCES THIRD QUARTER 2024 RESULTS AND DECLARES REGULAR CASH DIVIDEND OF $0.23 PER SHARE Third Quarter 2024 Highlights • Net income was $11.4 million, or $0.33 per diluted share, compared to $14.2 million, or $0.41 per diluted share, for the second quarter of 2024. • Results include a pre-tax loss on sale of securities of $6.9 million, or $0.16 per diluted share on an after-tax basis. • Loans receivable increased $146.9 million, or 3.2% (12.9 ...

Financial Data and Key Metrics Changes - Loan balances increased by $147 million in Q3 2024, with yields on the loan portfolio rising to 5.60%, an increase of 8 basis points from Q2 2024 [4] - Total deposits grew by $193 million, with noninterest-bearing deposits contributing approximately $83 million to this increase [5] - Net interest income rose by $1.8 million, representing a 3.6% increase or 14% on an annualized basis, driven by higher average earning assets and net interest margin, which increased to 3.33% from 3.29% in the prior quarter [8] - The cost of interest-bearing deposits was 2.02% for Q3, slightly down from 2.03% in September [7] - Regulatory capital ratios remained comfortably above the low capitalized threshold, with the TCE ratio increasing to 9.1% from 8.9% in the prior quarter [9] Business Line Data and Key Metrics Changes - Commercial lending closed $253 million in new loan commitments, up 16% from the previous quarter and up from $217 million in Q3 2023 [17] - The commercial loan pipeline ended Q3 at $491 million, an increase from $480 million in the previous quarter and significantly up from $291 million at the end of Q3 2023 [18] - The average interest rate for new commercial loans was 6.53%, down 35 basis points from the previous quarter [20] Market Data and Key Metrics Changes - The percentage of CDs to total deposits increased to 16.5% from 16% at the end of Q2 2024, indicating a slower shift in the mix of interest-bearing deposits [5] - The company expects $420 million of CDs maturing in Q4 at an average cost of 4.56%, anticipating a repricing lower due to declining market rates [6] Company Strategy and Development Direction - The company is focused on core balance sheet growth and prudent risk management to enhance core profitability [3] - The hiring of a new Chief Operating Officer is part of the strategic initiatives to support the CEO succession plan and enhance operational efficiency [21] - The company aims to leverage its strong capital position and risk management practices to navigate future opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about net interest margin expansion and loan growth, despite competitive pressures in the market [24] - The company anticipates mid- to high single-digit loan growth for 2025, supported by a strong pipeline and ongoing demand [27] - Management acknowledged the need to balance expenses with growth, indicating a cautious approach to future hiring and team expansions [30] Other Important Information - The company repurchased 347,000 shares, approximately 1% of outstanding shares, at a weighted average cost of $21.40 [9] - Nonaccrual loans totaled $4.3 million, representing 0.09% of total loans, with a slight increase from the previous quarter [11] Q&A Session Summary Question: Margin impact from repositioning and Fed moves - Management indicated that trades took place in August and September, with expectations for margin stability in Q4 and potential expansion in 2025 [24] Question: Expectations for loan growth in 2025 - Management expects mid- to high single-digit growth in 2025, driven by a strong pipeline and recent loan production [27] Question: Deposit costs and CD pricing - Management anticipates a potential repricing of CDs lower by 20 to 25 basis points, depending on market conditions [45] Question: Capital priorities and M&A strategy - Management remains open to M&A opportunities but emphasizes improving financial metrics before pursuing acquisitions [42]

For the quarter ended September 2024, Heritage Financial (HFWA) reported revenue of $54.8 million, down 11.5% over the same period last year. EPS came in at $0.33, compared to $0.51 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $58.17 million, representing a surprise of -5.80%. The company delivered an EPS surprise of -21.43%, with the consensus EPS estimate being $0.42.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Heritage Financial (HFWA) came out with quarterly earnings of $0.33 per share, missing the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -21.43%. A quarter ago, it was expected that this bank holding company would post earnings of $0.41 per share when it actually produced earnings of $0.45, delivering a surprise of 9.76%.Over the last four quarte ...

OLYMPIA, Wash., Oct. 23, 2024 /PRNewswire/ -- Heritage Financial Corporation (Nasdaq: HFWA) (the "Company" or "Heritage"), the parent company of Heritage Bank (the "Bank"), announces that Nicholas ("Nic") Bley will become the Executive Vice President and Chief Operating Officer ("COO") of Heritage Bank and Executive Vice President of Heritage, effective October 28, 2024.Mr. Bley held various titles with JPMorgan Chase & Co. over the past 16 years with his most recent role being the Managing Director and Com ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ | --- | --- | --- | |-------------------------------------------------|-------------------------------------------------------- ...

Heritage Financial Corporation (NASDAQ:HFWA) Q2 2024 Results Conference Call July 25, 2024 1:00 PM ET Company Participants Jeff Deuel - CEO & Director Don Hinson - Executive VP & CFO Tony Chalfant - Executive VP & Chief Credit Officer Bryan McDonald - President Conference Call Participants Eric Spector - Raymond James Jeff Rulis - D.A. Davidson Matthew Clark - Piper Sandler Kelly Motta - KBW Operator Hello, everyone, and welcome to the Heritage Financial 2024 Q2 Earnings Call. My name is Emily, and I'll be ...

FOR IMMEDIATE RELEASE DATE: July 25, 2024 HERITAGE FINANCIAL ANNOUNCES SECOND QUARTER 2024 RESULTS AND DECLARES REGULAR CASH DIVIDEND Second Quarter 2024 Highlights Olympia, WA - Heritage Financial Corporation (Nasdaq GS: HFWA) (the "Company"), the parent company of Heritage Bank (the "Bank"), today reported net income of $14.2 million for the second quarter of 2024 compared to $5.7 million for the first quarter of 2024 and $16.8 million for the second quarter of 2023. Diluted earnings per share for the sec ...