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Mar 31, 2020
Heritage Financial Q1 2020 Earnings Report
Reported a decrease in net income and earnings per share due to a provision for credit losses, but maintained a strong capital position.
Key Takeaways
Heritage Financial Corporation reported a net income of $12.2 million and diluted earnings per share of $0.33 for Q1 2020. The results were impacted by a provision for credit losses of $10.0 million due to the adoption of CECL and forecasted credit deterioration from COVID-19. The company funded 2,817 PPP loans totaling $687.1 million as of April 26, 2020.
Net income was $12.2 million, compared to $17.1 million in the linked quarter and $16.6 million in the same quarter last year.
Diluted earnings per share were $0.33, compared to $0.47 in the linked quarter and $0.45 in the same quarter last year.
Loans receivable, net, increased $73.1 million, or 2.0%, to $3.80 billion.
Total deposits increased $35.3 million, or 0.8%, to $4.62 billion.
Heritage Financial
Heritage Financial
Heritage Financial Revenue by Segment
Revenue by Segment
Commercial and Industrial Revenue
CapyFin.comOwner-Occupied CRE Revenue
CapyFin.comNon-Owner Occupied CRE Revenue
CapyFin.comConsumer Revenue
CapyFin.com Forward Guidance
Heritage Financial Corporation is focused on stable net interest margin and expense management, and believes it is well positioned to navigate challenges with a strong capital position.