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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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