Heritage Financial Q2 net income $32.7M ($0.90 EPS); declares $0.20 dividend; plans branch closures

HERITAGE FINANCIAL CORP /WA/

2021-Q2 EPS reported $1.60

Net income $32.7M ($0.90 diluted EPS) vs $25.3M in Q1 2021 and net loss $6.1M in Q2 2020.
Reversal of provision for credit losses $14.0M vs reversal $7.2M in Q1; NPA ratio 0.50% vs 0.75% prior quarter.
Declared regular cash dividend $0.20/share, payable Aug 18, record Aug 4.
Announced closure/consolidation of four branches on Oct 29, reducing branch count from 62 to 49 (21% reduction).
Noninterest demand deposits 37.2% of total deposits; capital strong with Tier 1 leverage 9.1%.

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