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Jun 30, 2023
Heritage Financial Q2 2023 Earnings Report
Net income decreased due to industry-wide pressure on funding costs, strategic growth, and disciplined risk management.
Key Takeaways
Heritage Financial Corporation reported a net income of $16.8 million for the second quarter of 2023, a decrease compared to both the previous quarter and the same quarter last year. The company's loan portfolio continues to grow, but is experiencing pressure on funding costs.
Net income was $16.8 million, or $0.48 per diluted share, for the second quarter of 2023.
Loans receivable increased $123.9 million, or 3.0% in the second quarter of 2023.
Net interest margin was 3.56% for the second quarter of 2023 compared to 3.91% for the first quarter of 2023.
Total deposits decreased $193.5 million or 3.3% in the second quarter of 2023.
Heritage Financial
Heritage Financial
Forward Guidance
The company did not provide a forward guidance in the earnings report.