Heritage Financial Q2 net income $18.6M, EPS $0.52; NIM expands to 3.04%

HERITAGE FINANCIAL CORP /WA/

2022-Q2 EPS reported $1.08

Net income of $18.6M ($0.52 diluted EPS) vs $19.8M ($0.56) in Q1 2022 and $32.7M ($0.90) in Q2 2021.
Loans grew $52.9M (1.4%) in Q2; ex-PPP repayments growth was $106.5M (2.8%, 11.2% annualized).
Net interest margin rose to 3.04% from 2.84% in Q1; nonperforming assets ratio fell to 0.14%.
Declared regular cash dividend of $0.21 per share, payable Aug 17 to holders of record Aug 3.
Hired four banking teams to expand in Portland-Vancouver MSA and Eugene, OR.

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