Heritage Bank has reported its 2017 second quarter results, with a net income of $11.8 million, up from $8.9 million for the same quarter last year.
That translates to a 33 percent bump year over year. It’s also up 27 percent from the $9.3 million Heritage recorded in the first quarter of 2017.
“We are pleased with our overall financial performance for the second quarter of 2017,” said Brian Vance, Heritage president and CEO. “Our loan growth rebounded from a traditionally cyclical slow first quarter by posting an annualized net loan growth of 8.3 percent for the first six months of this year and a year-over-year net loan growth of 8.8 percent.
“In addition, this quarter we maintained our net interest margin, excluding incremental accretion on purchased loans, constant at 3.75 percent versus the linked quarter ending March 31, 2017 at 3.75 percent and up four basis points from 3.71 percent during the second quarter of 2016.”
Diluted earnings per common share for 2017 Q2 was $0.39 compared to $0.30 for 2016 Q2 and $0.31 for the first quarter of this year.
The Company's total assets increased $105.3 million, or 2.7 percent, to $3.99 billion at the end of June. That’s up from the $3.89 billion the bank reported at the close of March.