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Jun 30, 2024
Heritage Financial Q2 2024 Earnings Report
Announced second quarter 2024 results, highlighted by net income of $14.2 million and loan growth.
Key Takeaways
Heritage Financial Corporation reported a net income of $14.2 million for the second quarter of 2024, compared to $5.7 million for the first quarter of 2024 and $16.8 million for the second quarter of 2023. The company experienced strong loan growth and benefits from ongoing expense management measures, though modest margin compression continued.
Net income was $14.2 million, or $0.41 per diluted share, for the second quarter compared to $5.7 million, or $0.16 per diluted share, for the first quarter.
The second quarter results include a loss on sale of securities of $1.9 million, or $0.04 per diluted share.
Loans receivable increased $104.5 million, or 2.4% (9.5% annualized), during the second quarter.
Net interest margin was 3.29% for the second quarter compared to 3.32% for the first quarter.
Heritage Financial
Heritage Financial
Forward Guidance
The company expects strategies to result in improved profitability as it transitions into a more normalized rate environment.