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Mar 31, 2022
Heritage Financial Q1 2022 Earnings Report
Announced first quarter 2022 results and declared regular cash dividend.
Key Takeaways
Heritage Financial Corporation reported a net income of $19.8 million for the first quarter of 2022, compared to $19.4 million for the fourth quarter of 2021 and $25.3 million for the first quarter of 2021. The diluted earnings per share for the first quarter of 2022 were $0.56, compared to $0.55 for the fourth quarter of 2021 and $0.70 for the first quarter of 2021.
Net income was $19.8 million, or $0.56 per diluted share, for the first quarter of 2022 compared to $19.4 million, or $0.55 per diluted share, for the fourth quarter of 2021 and $25.3 million, or $0.70 per diluted share, for the first quarter of 2021.
Reversal of provision for credit losses was $3.6 million for the first quarter of 2022 compared to $5.0 million for the fourth quarter of 2021 and $7.2 million for the first quarter of 2021.
Loans receivable grew $5.5 million, or 0.1% (0.6% annualized), in the first quarter of 2022; excluding SBA PPP loan repayments of $80.9 million, loans receivable grew $86.4 million, or 2.4%(1) (9.5% annualized(1)).
Declared a regular cash dividend of $0.21 per common share on April 20, 2022.
Heritage Financial
Heritage Financial
Forward Guidance
The company is well-positioned for the rising rate environment due to ample balance sheet liquidity and is seeing loan growth due to a decline in loan payoff activity and the strong economic climate in the Pacific Northwest.