Despite growing its loan portfolio this year over last, Olympia-based Heritage Financial Corp. today reported second quarter and half-year results that were mostly unchanged from 2015 comparisons.
The company, which owns Heritage Bank and two other brands of community banks in Washington, said it had net income of $8.9 million for three months and $18.0 million for six months ended June 30, 2016. This compares to $8.7 million from April to June 2015 and $18.5 million net income in the first half of calendar year 2015.
“We continue to be pleased with our loan growth,” said Brian L. Vance, president and CEO of Heritage, in the earnings announcement. “Second-quarter growth was 2.7 percent and year-to-date for the first six months was 10.5 percent on an annualized basis. Year-over-year growth was 7.6 percent.
He credits the strong Pacific Northwest economy for driving the loan expansion and said Heritage continues to make progress in managing noninterest expenses.
Per-share earnings of 30 cents and quarterly revenues were both slightly below what analysts had expected. The Heritage board of directors did order a cash dividend of 12 cents per share.
Public trading of Heritage stock (HFWA) on the Nasdaq exchange was down a little over 3.5 percent at mid-morning , following release of the earnings report.