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 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 ...

Heritage Financial (HFWA) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary ...

OLYMPIA, Wash., June 25, 2024 /PRNewswire/ -- Heritage Financial Corporation (Nasdaq GS: HFWA) (the "Company or "Heritage"), the parent company of Heritage Bank (the "Bank"), has named Bryan D. McDonald to succeed Jeffrey J. Deuel as President and CEO of Heritage Bank and President of Heritage Financial Corporation, effective July 1, 2024. Mr. McDonald has held the titles of President and Chief Operating Officer of Heritage Bank since 2018. "Jeff and his team led the bank through a difficult economic period ...

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 ...

FOR IMMEDIATE RELEASE DATE: April 25, 2024 HERITAGE FINANCIAL ANNOUNCES FIRST QUARTER 2024 RESULTS AND DECLARES REGULAR CASH DIVIDEND Olympia, WA - Heritage Financial Corporation (NASDAQ GS: HFWA) (the "Company" or "Heritage"), the parent company of Heritage Bank (the "Bank"), today reported net income of $5.7 million for the first quarter of 2024 compared to $6.2 million for the fourth quarter of 2023 and $20.5 million for the first quarter of 2023. Diluted earnings per share for the first quarter of 2024 ...

Heritage Financial Corporation (NASDAQ:HFWA) Q1 2024 Results Conference Call April 25, 2024 1:00 PM ET Company Participants Jeff Deuel - President, CEO & Director Don Hinson - Executive VP & CFO Tony Chalfant - Executive VP & Chief Credit Officer Bryan McDonald - Executive Vice President Conference Call Participants Jeff Rulis - D.A. Davidson Matthew Clark - Piper Sandler David Feaster - Raymond James Andrew Terrell - Stephens Timothy Coffey - Janney Montgomery Scott Operator Hello, and welcome to Heritage ...

For the quarter ended March 2024, Heritage Financial (HFWA) reported revenue of $48.63 million, down 28.6% over the same period last year. EPS came in at $0.40, compared to $0.58 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $59.87 million, representing a surprise of -18.77%. The company delivered an EPS surprise of -2.44%, with the consensus EPS estimate being $0.41.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

OLYMPIA, Wash., April 2, 2024 /PRNewswire/ -- Heritage Financial Corporation ("Company" or "Heritage") (Nasdaq: HFWA) anticipates issuing its first quarter earnings release on Thursday, April 25, 2024 before the market opens. The Company has scheduled a telephone conference call to discuss the first quarter earnings on Thursday, April 25, 2024 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). To access the conference call, call the numbers listed below:Live Conference Call                      (833) 470- ...