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Sep 30, 2021
Heritage Financial Q3 2021 Earnings Report
Announced third quarter 2021 results and declared regular cash dividend.
Key Takeaways
Heritage Financial Corporation reported a net income of $20.6 million for the quarter ended September 30, 2021, compared to $32.7 million for the linked-quarter ended June 30, 2021, and $16.6 million for the quarter ended September 30, 2020. Diluted earnings per share for the quarter ended September 30, 2021, were $0.58 compared to $0.90 for the linked-quarter ended June 30, 2021, and $0.46 for the quarter ended September 30, 2020.
Net income was $20.6 million, or $0.58 per diluted share.
Reversal of provision for credit losses was $3.1 million.
The ratio of nonperforming assets to total assets decreased to 0.36%.
Capital remains strong with a Tier 1 leverage ratio of 8.8% and a total risk-based capital ratio of 14.8%.
Heritage Financial
Heritage Financial
Forward Guidance
The company announced the plan to close and consolidate four branches, and all significant expenses related to the Branch Consolidation Plan for branches that will close on October 29, 2021 have been included in results of operations for the quarter ended September 30, 2021.