Heritage Financial (HFWA) Tops Q3 EPS by 1c

Heritage Financial (NASDAQ: HFWA) reported Q3 EPS of $0.48, $0.01 better than the analyst estimate of $0.47.

Jeffrey J. Deuel, President and Chief Executive Officer of Heritage commented, "We are pleased with our overall financial performance. Although loan growth was muted due to continued high loan prepayments, we saw strong deposit growth during the third quarter which helped us fund asset growth and cross the $5.5 billion asset level. We are particularly pleased with the growth in noninterest bearing demand deposits which helps mitigate the impacts of the rate environment on our net interest margin.

"We are also pleased with our efforts to make a difference in our local communities. We are proud to be a construction lender and tax credit investor to Bridge Housing's Cornelius Place project. In partnership with the City of Cornelius, Bienestar and Bridge Housing, we financed this completed and occupied 45-unit senior affordable housing apartment building located in Cornelius, Oregon.

"In addition, Heritage continues to be a driving force behind small business lending in Washington and Oregon. In the SBA 504 loan program, Heritage Bank ranked #1 in production in the Seattle district during the twelve months ended September 30 and, in the 7(a) loan program for the Seattle and Portland districts combined, we increased production by 150% from the prior year."

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

You May Also Be Interested In

• Citi agrees to acquire rewards platform Kard Financial
• LogicBio Therapeutics (LOGC) Misses Q2 EPS by 10c
• Eledon Pharmaceuticals, Inc. (ELDN) Misses Q2 EPS by 12c