secwatch.observer — SEC 8-K summary
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Issuer:     HERITAGE FINANCIAL CORP /WA/ (HFWA)
CIK:        0001046025
Form:       8-K
Filed at:   2024-04-26T23:59:59+00:00
Accession:  0001046025-24-000082
Event type: earnings
Sentiment:  neutral
Materiality: 0.85
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1046025/000104602524000082/0001046025-24-000082-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1046025/000104602524000082/hfwa-20240425.htm
  HTML page:      https://secwatch.observer/filing/0001046025-24-000082

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