Heritage Financial (HFWA) Misses Q3 EPS by 5c

Heritage Financial (NASDAQ: HFWA) reported Q3 EPS of $0.42, $0.05 worse than the analyst estimate of $0.47.

Brian L. Vance, CEO of Heritage, commented, "We are pleased with our overall financial performance for the third quarter of 2018. Excluding the impacts of acquisition-related expenses, we showed very positive earnings improvement. In addition, due to the combination of our merger with Premier Commercial Bancorp and strong deposit growth in the third quarter, our total assets grew to over $5.28 billion as of September 30, 2018.

We are also pleased to announce that we are increasing our regular quarterly cash dividend to $0.17 per common share and declaring a special dividend of $0.10 payable to our shareholders in November."

Jeffrey J. Deuel, President and Chief Executive Officer of Heritage Bank commented, "It is good to see the positive impact from both the Puget Sound Bancorp, Inc. and Premier Community Bancorp acquisitions which we expect will continue to enhance our performance in future quarters. The additional scale and our continued focus on expense management in the midst of these two transactions is also contributing to our positive performance. Additionally, our ongoing discipline around loan concentration management also positions us well for the future."

For earnings history and earnings-related data on Heritage Financial (HFWA) click here.

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