Heritage Bank has reported a net income of $10.6 million for the quarter ended Sept. 30, compared to $11.0 million for the same quarter last year.
The Olympia-based bank’s net income is also down from $11.8 million for 2017 Q2. Diluted earnings per common share for 2017 Q3 was $0.35, compared to $0.37 for 2016 Q3 and $0.39 for the linked-quarter ended 2017 Q2.
Brian L. Vance, president and CEO, said, “We are pleased with our overall financial performance for the third quarter of 2017. Our annualized loan growth for the quarter was 7.2 percent and we reached the milestone of $4 billion in total assets during the quarter. In addition, even with costs incurred relating to the proposed merger with Puget Sound Bancorp and the investment in a new Portland team, our return on average assets was a solid 1.05% for the third quarter of 2017.”
“We are also pleased to announce that in addition to our regular quarterly cash dividend, the board has declared a special dividend of $0.10 payable to our shareholders in November.”
The company's total assets increased $59.1 million — 1.5 percent — to $4.05 billion in the third quarter, up from $3.99 billion at the end of 2017 Q2.