Heritage Financial Q2 net income $14.2M ($0.41 EPS) up from $5.7M Q1; CEO succession plan

HERITAGE FINANCIAL CORP /WA/

2024-Q2 EPS reported $0.57

Net income $14.2M ($0.41 diluted EPS) vs $5.7M ($0.16) in Q1 2024; Q2 2023 net income $16.8M ($0.48).
Loans receivable increased $104.5M (2.4% QoQ); net interest margin 3.29% vs 3.32% prior quarter.
Cost of total deposits rose to 1.34% from 1.19% Q1; loss on sale of securities $1.9M ($0.04/share).
CEO succession: Bryan McDonald named President of HFWA and CEO of Heritage Bank effective July 1; Jeff Deuel remains CEO until May 6, 2025.
Regular cash dividend $0.23 per share declared, payable Aug 21 to holders of record Aug 7.

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