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Dec 31, 2024
Heritage Financial Q4 2024 Earnings Report
Reported net income of $11.9 million, driven by strong loan growth and margin expansion.
Key Takeaways
Heritage Financial Corporation reported a net income of $11.9 million for Q4 2024, an increase from $11.4 million in the previous quarter and $6.2 million in Q4 2023. The results were impacted by a pre-tax loss on the sale of securities of $3.9 million and $2.9 million in total after-tax costs related to BOLI restructuring. Loan growth was strong, and the net interest margin increased to 3.39%.
Net income for Q4 2024 was $11.9 million, or $0.34 per diluted share.
Loans receivable increased by $122.6 million, representing a 2.6% growth.
Net interest margin improved to 3.39%, up from 3.33% in the previous quarter.
A regular cash dividend of $0.24 per share was declared, a 4.3% increase from the previous dividend.
Revenue by Segment
Forward Guidance
The company strategically repositioned its balance sheet to improve future profitability.
Positive Outlook
- Company saw an increase in net interest margin.
- Company saw an increase in net interest income for the second consecutive quarter.
- Company continues to strategically reposition our balance sheet to improve future profitability.
- Company has a strong balance sheet.
- Company has prudent risk management.
Challenges Ahead
- Actions reduce reported earnings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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