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Heritage Financial Corp (HFWA) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Heritage Financial Corp

CIK: 1046025 Ticker: HFWA


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FOR IMMEDIATE RELEASE
DATE: April 30, 2020

HERITAGE FINANCIAL ANNOUNCES FIRST QUARTER 2020 RESULTS AND DECLARES REGULAR CASH DIVIDEND

Diluted earnings per share were $0.33 for the quarter ended March 31, 2020 compared to $0.47 for the linked-quarter ended December 31, 2019 and $0.45 for the quarter ended March 31, 2019.
Heritage declared a regular cash dividend of $0.20 per common share on April 29, 2020.
Loans receivable, net, increased $73.1 million, or 2.0%, to $3.80 billion at March 31, 2020 from $3.73 billion at December 31, 2019.
Total deposits increased $35.3 million, or 0.8%, to $4.62 billion at March 31, 2020 from $4.58 billion at December 31, 2019.
Non-maturity deposits as a percentage of total deposits were 88.6% at March 31, 2020, which is unchanged compared to December 31, 2019.
Net interest margin increased to 4.06% for the quarter ended March 31, 2020 compared to 4.02% for the linked-quarter ended December 31, 2019.
Adopted the Current Expected Credit Losses (“CECL”) accounting standard effective January 1, 2020.

Olympia, WA - Heritage Financial Corporation (NASDAQ GS: HFWA) (the “Company” or “Heritage”), the parent company of Heritage Bank ("Bank"), today reported that the Company had net income of $12.2 million for the quarter ended March 31, 2020 compared to $17.1 million for the linked-quarter ended December 31, 2019 and $16.6 million for the quarter ended March 31, 2019. Diluted earnings per share for the quarter ended March 31, 2020 was $0.33 compared to $0.47 for the linked-quarter ended December 31, 2019 and $0.45 for the quarter ended March 31, 2019. Financial results for the quarter ended March 31, 2020 included a provision for credit losses on loans of $10.0 million as a result of adopting CECL and reflects forecasted credit deterioration due to the Coronavirus ("COVID-19") pandemic.
Jeffrey J. Deuel, President and Chief Executive Officer of Heritage commented, "We are pleased with our performance and progress in the first quarter, despite the challenges from COVID-19 and a rapid decrease in interest rates. We believe Heritage is well positioned to navigate these challenges and we will continue to benefit from our core deposit franchise and conservative credit culture, while maintaining our focus on a stable net interest margin and expense management. Further, the robust liquidity and capital position on our balance sheet provides us with a solid foundation to address challenges and take advantage of opportunities."

CARES Act and Paycheck Protection Program (PPP)
In response to the global challenges from the COVID-19 pandemic, the Company is now offering a variety of relief options designed to support our clients and communities, including participating in the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) in accordance with the Coronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020 ("CARES Act"). These SBA loans are designed to help small businesses remain viable and enable them to pay their employees. As of April 26, 2020, the Bank has funded 2,817 PPP loans totaling $687.1 million with an average loan size of $244,000. The Bank earns 1.0% interest on these loans as well as a fee from the SBA based on the size of the loan.
Mr. Deuel added, “We are very pleased to have been able to provide funding to so many small businesses in our local communities. Of the over 2,800 PPP loans we have funded through April 26th, over 50% were for loans under $100,000 and over 80% for loans under $350,000.”

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The following information was filed by Heritage Financial Corp (HFWA) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Heritage Financial Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Financial Condition (Unaudited)
Condensed Consolidated Statements Of Financial Condition (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Income (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Allowance For Loan Losses
Allowance For Loan Losses (Tables)
Allowance For Loan Losses - Activity In Allowance For Losses Disaggregated On Basis Of Impairment (Details)
Allowance For Loan Losses - Recorded Investment Disaggregated On Basis Of Impairment (Details)
Allowance For Loan Losses - Summary Of Changes In Loan Allowance (Details)
Cash Requirement
Cash Requirement (Details)
Commitments And Contingencies (Details)
Commitments And Contingencies (Notes)
Commitments And Contingencies (Tables)
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Notes)
Derivative Financial Instruments (Tables)
Description Of Business, Basis Of Presentation And Significant Accounting Policies And Recently Issued Accounting Pronouncements
Description Of Business, Basis Of Presentation And Significant Accounting Policies And Recently Issued Accounting Pronouncements (Policies)
Description Of Business, Basis Of Presentation And Significant Accounting Policies And Recently Issued Accounting Pronouncements - Description Of Business (Details)
Description Of Business, Basis Of Presentation And Significant Accounting Policies And Recently Issued Accounting Pronouncements - Recently Issued Accounting Pronouncements (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Carrying Value And Fair Value Of Financial Instruments (Details)
Fair Value Measurements - Fair Value Measurement On Nonrecurring Basis (Details)
Fair Value Measurements - Fair Value Measurement On Recurring Basis (Details)
Fair Value Measurements - Quantitative Information, Level 3 (Details)
Fair Value Measurements - Textual (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Change In Goodwill (Details)
Goodwill And Other Intangible Assets - Change In Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Other Intangible Assets, Textual (Details)
Income Taxes (Details)
Income Taxes (Notes)
Investment Securities
Investment Securities (Tables)
Investment Securities - Amortized Cost And Fair Value (Details)
Investment Securities - Amortized Cost, Gross Unrealized Gains And Losses And Fair Values (Details)
Investment Securities - Contractual Maturities (Details)
Investment Securities - Realized Gains And Losses (Details)
Investment Securities - Textual (Details)
Investment Securities - Unrealized Losses (Details)
Junior Subordinated Debentures
Junior Subordinated Debentures (Details)
Junior Subordinated Debentures (Tables)
Loans Receivable
Loans Receivable (Tables)
Loans Receivable - Change In Accretable Yield (Details)
Loans Receivable - Concentrations Of Credit (Details)
Loans Receivable - Credit Quality Indicators (Details)
Loans Receivable - Impaired Loans (Details)
Loans Receivable - Loan Origination/Risk Management (Details)
Loans Receivable - Modified Tdrs (Details)
Loans Receivable - Nonaccrual Loans (Details)
Loans Receivable - Past Due Loans (Details)
Loans Receivable - Purchased Credit Impaired Loans (Details)
Loans Receivable - Tdr Loans, Recorded Investment And Allowance (Details)
Loans Receivable - Tdrs Subsequently Defaulted (Details)
Other Borrowings
Other Borrowings (Tables)
Other Borrowings - Federal Funds Purchased (Details)
Other Borrowings - Textual (Details)
Other Real Estate Owned
Other Real Estate Owned (Details)
Other Real Estate Owned (Tables)
Securities Sold Under Agreement To Repurchase
Securities Sold Under Agreement To Repurchase (Details)
Securities Sold Under Agreement To Repurchase (Tables)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Dividends (Details)
Stockholders' Equity - Reconciliation Of Weighted Average Shares (Details)
Stockholders' Equity - Shares Repurchased (Details)
Stockholders' Equity - Stock Repurchase Program (Details)
Subsequent Event (Details)
Subsequent Event Subsequent Event

Material Contracts, Statements, Certifications & more

Heritage Financial Corp provided additional information to their SEC Filing as exhibits

Ticker: HFWA
CIK: 1046025
Form Type: 10-Q Quarterly Report
Accession Number: 0001046025-20-000097
Submitted to the SEC: Mon May 04 2020 9:33:21 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Savings Institutions Not Federally Chartered

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