Heritage Financial Reports Q1 2024 Net Income of $5.7M, Declares $0.23 Dividend and Authorizes 1.7M Share Buyback

HERITAGE FINANCIAL CORP /WA/

2024-Q1 EPS reported $0.16

Q1 2024 net income $5.7M ($0.16 diluted EPS) vs. $6.2M in Q4 2023 and $20.5M in Q1 2023.
Incurred $10M pre-tax loss on sale of securities ($0.22 per share impact) and $1.1M severance costs for balance sheet repositioning and expense management.
Loans increased $92.5M (2.1%) in Q1 2024; net interest margin 3.32% (down from 3.41%); cost of total deposits rose to 1.19% from 1.01%.
Declared regular quarterly cash dividend of $0.23 per share, payable May 22, 2024 to shareholders of record May 8, 2024.
Board authorized repurchase of up to 5% of outstanding shares (approx. 1.7 million shares) under new stock repurchase program.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HERITAGE FINANCIAL CORP /WA/ reported the quarter ended March 31, 2024 results: net income $5.7 million, EPS $0.16 per diluted share.

Period: the quarter ended March 31, 2024
Net income: $5.7 million
EPS: $0.16 per diluted share
Result: reported results

Exact text from the filing

Heritage Financial Corporation (“Heritage”) issued a press release announcing its financial results for the quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001046025-24-000082

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