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Donnerstag, 20.10.2022 08:00 von PR Newswire | Aufrufe: 186

HERITAGE FINANCIAL ANNOUNCES THIRD QUARTER 2022 RESULTS AND DECLARES REGULAR CASH DIVIDEND

Zeitungsständer (Symbolbild). © AdrianHancu / iStock Editorial / Getty Images Plus / Getty Images

PR Newswire

OLYMPIA, Wash., Oct. 20, 2022

Net income was $21.0 million, or $0.59 per diluted share, for the third quarter of 2022 compared to $18.6 million, or $0.52 per diluted share, for the second quarter of 2022 and $20.6 million, or $0.58 per diluted share, for the third quarter of 2021.
Loans receivable grew $127.2 million, or 3.3% (13.0% annualized), in the third quarter of 2022.
Net interest income increased $9.2 million, or 18.5%, to $59.3 million for the third quarter of 2022 compared to $50.0 million for the second quarter of 2022.
Net interest margin increased to 3.57% for the third quarter of 2022 from 3.04% for the second quarter of 2022 and 3.15% for the third quarter of 2021.
Cost of total deposits was unchanged at 0.09% for the third quarter of 2022 from 0.09% for both the second quarter of 2022 and the third quarter of 2021.
The ratio of nonperforming assets to total assets decreased to 0.09% at September 30, 2022 compared to 0.14% at June 30, 2022 and 0.36% at September 30, 2021.
Declared a regular cash dividend of $0.21 per common share on October 19, 2022.

OLYMPIA, Wash., Oct. 20, 2022 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ GS: HFWA) (the "Company" or "Heritage"), the parent company of Heritage Bank (the "Bank"), today reported net income of $21.0 million for the third quarter of 2022 compared to $18.6 million for the second quarter of 2022 and $20.6 million for the third quarter of 2021. Diluted earnings per share for the third quarter of 2022 were $0.59 compared to $0.52 for the second quarter of 2022 and $0.58 for the third quarter of 2021.

Jeffrey J. Deuel, President and Chief Executive Officer of Heritage, commented, "Results for the third quarter showcase the strengths of our business model which includes a strong balance sheet, prudent risk management and a foundation of stable core deposits. Compared to second quarter of 2022, our net interest income grew 18.5% and net interest margin expanded by 53 basis points as we benefit from higher interest rates on growing earning assets, while our cost of total deposits was unchanged at 0.09%.

Despite a challenging operating environment, we continue to see attractive growth as reflected in the $206.7 million in loans funded and the banking teams we hired in Portland MSA and Eugene markets during the second quarter. We believe Heritage is well positioned to continue to take advantage of opportunities and navigate the economic environment in future periods.

We are proud that Heritage Bank is partnering with Low Income Housing Institute ("LIHI") in constructing 85 new affordable units in Seattle's Central District, to be known as Good Shepherd Housing, as it is being built in partnership with the Lutheran Church of the Good Shepherd. Heritage is providing $17.9 million of construction financing and $19.9 million of low income housing tax credit equity investment. LIHI focuses on permanent supportive housing and services for formerly homeless households and this project will continue to support this mission."

Financial Highlights

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

As of or for the Quarter Ended

ARIVA.DE Börsen-Geflüster

Kurse

Heritage Financial

18,72 $

+0,21%

September 30,
2022

June 30,
2022

September 30,
2021

(Dollars in thousands, except per share amounts)

Net income

$ 20,990

$ 18,584

$ 20,592

Pre-tax, pre-provision income ⁽¹⁾

$ 27,592

$ 21,357

$ 22,440

Diluted earnings per share

$ 0.59

$ 0.52

$ 0.58

Return on average assets ⁽²⁾

1.13 %

1.01 %

1.13 %

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

1.49 %

1.16 %

1.23 %

Return on average common equity ⁽²⁾

10.27 %

9.19 %

9.55 %

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

15.20 %

13.68 %

13.93 %

Net interest margin ⁽²⁾

3.57 %

3.04 %

3.15 %

Cost of total deposits ⁽²⁾

0.09 %

Efficiency ratio

58.66 %

62.57 %

62.35 %

Noninterest expense to average total assets ⁽²⁾

2.11 %

1.94 %

2.04 %

Total assets

$ 7,200,312

$ 7,316,467

$ 7,259,038

Loans receivable, net

$ 3,959,206

$ 3,834,368

$ 3,905,567

Total deposits

$ 6,237,735

$ 6,330,190

$ 6,229,017

Loan to deposit ratio ⁽³⁾

64.1 %

61.2 %

63.5 %

Book value per share

$ 22.13

$ 22.94

$ 24.13

Tangible book value per share⁽¹⁾

$ 15.04

$ 15.83

$ 16.97

Tangible book value per share, excluding AOCI ^{(1) (4)}

$ 18.03

$ 17.59

$ 16.55


⁽¹⁾	See Non-GAAP Financial Measures section herein.
⁽²⁾	Annualized.
⁽³⁾	Loans receivable divided by total deposits.
⁽⁴⁾	Accumulated other comprehensive income or loss ("AOCI").

Balance Sheet

Cash and cash equivalents decreased $586.7 million, or 59.0%, to $407.3 million at September 30, 2022 from $994.1 million at June 30, 2022 due primarily to increases in investment securities and loans receivable and a decrease in deposits.

The following table provides information regarding our investment securities at the dates indicated:

September 30, 2022

June 30, 2022

Balance

% of

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