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Donnerstag, 20.07.2023 08:00 von PR Newswire | Aufrufe: 75

HERITAGE FINANCIAL ANNOUNCES SECOND QUARTER 2023 RESULTS AND DECLARES REGULAR CASH DIVIDEND

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PR Newswire

OLYMPIA, Wash., July 20, 2023

Net income was $16.8 million, or $0.48 per diluted share, for the second quarter of 2023 compared to $20.5 million, or $0.58 per diluted share, for the first quarter of 2023.
Loans receivable increased $123.9 million, or 3.0% in the second quarter of 2023.
Capital remains strong with a leverage ratio of 9.9% and a total capital ratio of 14.1% at June 30, 2023.
The ratio of nonperforming assets to total assets at June 30, 2023 and March 31, 2023 was 0.07%.
Net interest margin was 3.56% for the second quarter of 2023 compared to 3.91% for the first quarter of 2023.
Cost of total deposits was 0.61% for the second quarter of 2023 compared to 0.31% for the first quarter of 2023.
Total deposits decreased $193.5 million or 3.3% in the second quarter of 2023.
Declared a regular cash dividend of $0.22 per share on July 19, 2023.

OLYMPIA, Wash., July 20, 2023 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ GS: HFWA) (the "Company" or "Heritage"), the parent company of Heritage Bank (the "Bank"), today reported net income of $16.8 million for the second quarter of 2023 compared to $20.5 million for the first quarter of 2023 and $18.6 million for the second quarter of 2022. Diluted earnings per share for the second quarter of 2023 were $0.48 compared to $0.58 for the first quarter of 2023 and $0.52 for the second quarter of 2022.

Jeffrey J. Deuel, President and Chief Executive Officer of Heritage, commented, "Results for the second quarter continue to demonstrate the strength of our business model. We have a balance sheet with a legacy of strong core deposits and ample liquidity which allows us to maintain loan production. Although we are experiencing the industry-wide pressure on funding costs, we are encouraged with the ongoing development of customer relationships, particularly in the markets where we've hired banking teams over the past year, such as the Portland, Eugene and Boise MSAs. We believe our continued focus on prudent risk management, coupled with strategic and measured growth, will benefit our long-term returns for shareholders.

We are proud to report that Heritage Bank has partnered with Francis + Clare Place to provide financing for 61 affordable housing units in Portland, Oregon. These units will house individuals who have been living on the street and will provide substantial social safety-net services to help them reintegrate into the community. This Catholic Charities of Oregon sponsored transaction is the second of two complexes located in an area that has been especially hurt by homelessness."

Financial Highlights

The following table provides financial highlights at the dates and for the periods indicated:

As of or for the Quarter Ended

June 30,
2023

ARIVA.DE Börsen-Geflüster

Kurse

Heritage Financial

18,72 $

+0,21%

March 31,
2023

June 30,
2022

(Dollars in thousands, except per share amounts)

Net income

$ 16,846

$ 20,457

$ 18,584

Pre-tax, pre-provision income ⁽¹⁾

$ 21,780

$ 26,495

$ 21,357

Diluted earnings per share

$ 0.48

$ 0.58

$ 0.52

Return on average assets ⁽²⁾

0.95 %

1.17 %

1.01 %

Pre-tax, pre-provision return on average assets⁽¹⁾ ⁽²⁾

1.22 %

1.52 %

1.16 %

Return on average common equity ⁽²⁾

8.19 %

10.21 %

9.19 %

Return on average tangible common equity⁽¹⁾ ⁽²⁾

12.04 %

15.05 %

13.68 %

Net interest margin ⁽²⁾

3.56 %

3.91 %

3.04 %

Cost of total deposits ⁽²⁾

0.61 %

0.31 %

0.09 %

Efficiency ratio

65.5 %

61.1 %

62.6 %

Noninterest expense to average total assets ⁽²⁾

2.32 %

2.39 %

1.94 %

Total assets

$ 7,115,410

$ 7,236,806

$ 7,316,467

Loans receivable, net

$ 4,204,936

$ 4,083,003

$ 3,834,368

Total deposits

$ 5,595,543

$ 5,789,022

$ 6,330,190

Loan to deposit ratio ⁽³⁾

76.0 %

71.3 %

61.2 %

Book value per share

$ 23.39

$ 23.53

$ 22.94

Tangible book value per share⁽¹⁾

$ 16.34

$ 16.48

$ 15.83

⁽¹⁾ See Non-GAAP Financial Measures section herein.

⁽²⁾ Annualized.

⁽³⁾ Loans receivable divided by total deposits.

Balance Sheet

Cash and cash equivalents decreased $193.1 million, or 64.1%, to $108.4 million at June 30, 2023 from $301.5 million at March 31, 2023 due primarily to an increase in loans receivable and a decrease in deposits, partially offset by an increase in borrowings.

Total investment securities decreased $47.4 million, or 2.3%, to $2.03 billion at June 30, 2023 from $2.08 billion at March 31, 2023 due primarily to maturities and prepayments. There were no investment securities purchased in the second quarter of 2023. The total of net unrealized losses in available for sale and net unrecognized losses in held to maturity investments increased $32.6 million due primarily to a decline in fair values of investment securities available for sale and held to maturity since March 31, 2023 due to changes in market rates.

The following table summarizes the Company's investment securities at the dates indicated including change in net unrealized loss and net unrecognized loss:

June 30, 2023

March 31, 2023

Amortized
Cost

Net
Unrealized
Loss

Fair
Value

Amortized
Cost

Net
Unrealized
Loss

Fair
Value

$ Change in Net
Unrealized Loss

(Dollars in thousands)

Investment securities available for sale:

U.S. government and
agency securities

$ 68,514

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