Heritage Bank in Olympia is making strides.
CEO Brian Vance reported today that the company had a net income of $9.8 million for the quarter ended March 31, 2015, compared to net income of $2.5 million for the quarter ending March 31, 2014. It also shows a jump from the last quarter of 2014, which saw a $7.3 million net income.
“The first quarter of 2015 represents our first quarterly performance largely absent of the merger-related expenses that we have had for the last several quarters, and we are pleased with the overall results,” said Vance. “We are seeing the results we anticipated when we announced our merger with Washington Banking Company. We see these results in critical performance metrics such as return on average assets, return on average tangible common equity and earnings per share. In addition, the benefits from the synergies of the merger are evidenced by an efficiency ratio which decreased to 63.5 percent in the first quarter.”
Heritage announced a cash dividend of $0.11 per common share, which is up from the $0.10 cash dividend paid in the quarter ended March 31, 2015.