Heritage Financial Q4 net income $11.9M ($0.34 EPS); loan growth 2.6%, margin expands; dividend raised to $0.24/share

HERITAGE FINANCIAL CORP /WA/

2024-FY EPS reported $1.24

Q4 2024 net income $11.9M ($0.34 diluted EPS) vs Q3 $11.4M ($0.33) and Q4 2023 $6.2M ($0.18).
Annual net income $43.3M ($1.24 EPS) down from $61.8M ($1.75) in 2023; securities losses of $22.7M pre-tax reduced EPS by $0.51.
Loans receivable up $122.6M (2.6% sequential); net interest margin expanded to 3.39% from 3.33% in Q3.
Cost of total deposits decreased to 1.39% from 1.42%; quarterly dividend increased 4.3% to $0.24/share, payable Feb 20.
Incurred $3.9M pre-tax loss on securities sale to fund higher-yielding loan growth; BOLI restructuring added $2.9M after-tax costs.

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