UPDATE: Heritage Financial (HFWA) Misses Q1 EPS by 4c

Heritage Financial (NASDAQ: HFWA) reported Q1 EPS of $0.45, $0.04 worse than the analyst estimate of $0.49.

Brian L. Vance, Chief Executive Officer of Heritage, commented, "The past fifteen months have been very busy with the integration and conversion of two acquisitions, and a second team lift-out in Portland as well as selective additions to our overall production platform. In addition, we have begun to build-out our technology platform to create better efficiencies in the back office which will ultimately enhance our processes and contribute to our improving overhead ratio. We believe the combined organization is well-positioned to continue to gain market share in the communities we serve while at the same time improving the customer experience."

Jeffrey J. Deuel, President and Chief Executive Officer of Heritage Bank commented, "We are pleased with our overall financial performance. We saw middle single-digit annualized loan growth during the first quarter and our loan pipelines remain strong. While we experienced a decline in overall deposits in the quarter, it is not unusual to see seasonal deposit run-off in the first quarter. Our relatively low 84.1% loan to deposit ratio provides us with the flexibility necessary to successfully manage through the current competitive rate environment."

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

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