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Heritage Financial (HFWA) Q4 Earnings and Revenues Surpass Estimates
ZACKS· 2025-01-23 15:16
Company Performance - Heritage Financial (HFWA) reported quarterly earnings of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, and up from $0.47 per share a year ago, representing an earnings surprise of 10.87% [1] - The company posted revenues of $60.96 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.75%, and an increase from year-ago revenues of $50.72 million [2] - Over the last four quarters, Heritage Financial has surpassed consensus EPS estimates two times and topped consensus revenue estimates once [2] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - The current consensus EPS estimate for the coming quarter is $0.42 on revenues of $60.13 million, and for the current fiscal year, it is $1.92 on revenues of $248.67 million [7] - The estimate revisions trend for Heritage Financial is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Financial - Savings and Loan industry, to which Heritage Financial belongs, is currently in the top 11% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]
HERITAGE FINANCIAL ANNOUNCES FOURTH QUARTER AND ANNUAL 2024 RESULTS AND DECLARES REGULAR CASH DIVIDEND OF $0.24 PER SHARE
Prnewswire· 2025-01-23 13:00
Fourth Quarter 2024 Highlights Net income was $11.9 million, or $0.34 per diluted share, compared to $11.4 million, or $0.33 per diluted share, for the third quarter of 2024. Results included a pre-tax loss on sale of securities of $3.9 million and $2.9 million in total after-tax costs related to BOLI restructuring, resulting in an aggregate negative impact of $0.17 per diluted share. Loans receivable increased $122.6 million, or 2.6% (10.5% annualized). Net interest margin increased to 3.39%, from 3.33% f ...
Countdown to Heritage Financial (HFWA) Q4 Earnings: Wall Street Forecasts for Key Metrics
ZACKS· 2025-01-20 15:21
Wall Street analysts forecast that Heritage Financial (HFWA) will report quarterly earnings of $0.46 per share in its upcoming release, pointing to a year-over-year decline of 2.1%. It is anticipated that revenues will amount to $59.73 million, exhibiting an increase of 17.8% compared to the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during th ...
Heritage Financial (HFWA) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2024-10-24 16:06
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) Lags Q3 Earnings and Revenue Estimates
ZACKS· 2024-10-24 14:11
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 ...
Nicholas Bley Named Chief Operating Officer at Heritage Bank
Prnewswire· 2024-10-23 20:00
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 ...
Heritage Financial (HFWA) - 2024 Q2 - Quarterly Report
2024-08-09 19:37
Financial Performance - Net income for Q2 2024 decreased by $2.7 million, or 16.0%, to $14.2 million, compared to $16.8 million in Q2 2023[116] - For the first half of 2024, net income decreased by $17.4 million, or 46.6%, to $19.9 million, compared to $37.3 million in the same period of 2023[117] - Income before income taxes for the three months ended June 30, 2024, was $15.995 million, down $3.876 million, or 19.5%, from $19.871 million in 2023[139] Interest Income and Expense - Interest expense increased by $11.2 million in Q2 2024 due to higher funding costs, contributing to the decline in net income[116] - Interest income increased by $6.5 million in Q2 2024 due to higher yields on interest-earning assets resulting from rising market interest rates[116] - Total interest income increased to $76.6 million for the three months ended June 30, 2024, compared to $70.1 million for the same period in 2023, primarily due to a $7.0 million increase in interest income on loans receivable[121] - Total interest expense increased to $25.5 million during the three months ended June 30, 2024, compared to $14.2 million for the same period in 2023, primarily due to a $9.8 million increase in interest expense on interest-bearing deposits[123] - Net interest income decreased by $4.7 million, or 8.4%, to $51.1 million for the three months ended June 30, 2024, compared to $55.8 million for the same period in 2023[121] Noninterest Income and Expense - Noninterest income decreased by $2.0 million, or 27.9%, to $5.246 million for the three months ended June 30, 2024, primarily due to a $1.9 million pre-tax loss on the sale of investment securities[133] - Total noninterest income decreased by $13.2 million, or 84.9%, during the six months ended June 30, 2024, compared to the same period in 2023[134] - Noninterest expense decreased by $2.2 million in Q2 2024 due to expense management initiatives, including a reduction in full-time equivalent employees from 813 to 748[116] Loans and Assets - The average balance of loans receivable increased to $4.42 billion in Q2 2024, with interest earned of $60.6 million at a yield of 5.52%[118] - Loans receivable increased by $193.768 million, or 4.5%, to $4.481 billion as of June 30, 2024, compared to $4.288 billion at the end of 2023[141] - The average balance of loans receivable, net during the period was $4.36 billion, an increase of $266.8 million, or 6.5%, from the previous year[150] Capital and Liquidity - The Company's stockholders' equity decreased by $2.8 million, or 0.3%, to $850.5 million at June 30, 2024, primarily due to $16.2 million in dividends paid and $10.5 million in stock repurchases[155] - The Company declared a regular quarterly dividend of $0.23 per common share payable on August 21, 2024[155] - The Bank maintained a credit facility with the FHLB with available borrowing capacity of $1.34 billion and had $400 million in advances outstanding at June 30, 2024[153] - Total on-balance sheet liquidity increased to $1,040,579 thousand as of June 30, 2024, up from $981,231 thousand at December 31, 2023[161] Investment Securities - The company sold investment securities with an amortized cost of $182.8 million and a weighted average book yield of 2.44% during the first half of 2024[117] - The company sold investment securities with an amortized cost of $182.8 million at a loss of $11.9 million during the six months ended June 30, 2024[144] - Total investment securities decreased by $215.2 million, or 11.5%, to $1.66 billion at June 30, 2024, from $1.87 billion at December 31, 2023[144] Credit Quality - Provision for credit losses on loans was $3.2 million during the six months ended June 30, 2024, reflecting a decrease of $527,000 or 14.2% compared to the same period in 2023[131] - Nonaccrual loans decreased by $642,000, or 14.4%, to $3.826 million at June 30, 2024, from $4.468 million at December 31, 2023[148] - Total nonperforming assets increased by $2.361 million, or 41.0%, to $8.122 million at June 30, 2024, from $5.761 million at December 31, 2023[148] Regulatory Capital Ratios - The Company's total capital ratio was 13.9% as of June 30, 2024, exceeding the regulatory minimum for well-capitalized institutions[157] - The Tier 1 capital ratio for the Company was 13.0% as of June 30, 2024, also above the regulatory minimum[157] - The common equity Tier 1 capital ratio is 12.9% for both the company and the bank[159]
Heritage Financial (HFWA) - 2024 Q2 - Quarterly Results
2024-07-25 19:54
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 ...
Heritage Financial Announces CEO Succession Plan
Prnewswire· 2024-06-25 12:00
Core Points - Heritage Financial Corporation has appointed Bryan D. McDonald as the new President and CEO of Heritage Bank, effective July 1, 2024, succeeding Jeffrey J. Deuel [1][5] - Jeffrey J. Deuel will remain as CEO of Heritage Financial Corporation until May 6, 2025, after which he will transition to an advisory role [5][6] - The bank operates 50 branch offices across Washington, Oregon, and Idaho, and aims to maintain a strong foundation while driving growth and shareholder value [2][7] Leadership Transition - The transition is designed to be methodical and thoughtful, ensuring minimal disruption to customers, shareholders, and employees [6] - Bryan D. McDonald has been with Heritage Bank since 2018 as President and Chief Operating Officer and has over 30 years of banking experience [1][6] - The leadership team is committed to serving the financial needs of customers and fostering economic growth in the region [3][6]
Heritage Financial (HFWA) - 2024 Q1 - Quarterly Report
2024-05-07 16:29
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 March 31, 2024 or HERITAGE FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Washington 91-1857900 (State or other jurisdiction of incorporation or organization) 201 Fifth Avenue SW, Olympia WA 98501 (Address of principal executive offices) (Zip Code) (I.R.S. Empl ...