Oct 28, 201111:37 AMBlog

Heritage reports income, earnings boost

Oct 28, 2011 - 11:37 AM
Heritage Financial Corp. reports net income for the quarter ended Sept. 30, 2011 of $1.84 million compared to net income of $1.71 million for the same quarter last year and $1.69 million for the linked-quarter ended June 30, 2011.

The net income applicable to common shareholders for the quarter was 12 cents per diluted common share, compared to 15 cents per share in 2010 through Sept. 30. Year-to-date net income to shareholders was $4.3 million, or 28 cents per share, compared to $2.6 million one year ago. "Earnings per share were down from the same quarter last year essentially due to the increased number of shares outstanding as a result of our capital raise in December of last year," said Brian L. Vance, president and CEO of Heritage. "We are also pleased to report that we continue to experience organic loan growth, including the important Commercial and Industrial sector.

Potential problem originated loans were at September 30th down $8.3 million from June 30, primarily due to the reclassification of certain loans from potential problem loans to restructured originated performing loans.

Total assets at Heritage increased slightly to $1.37 billion at Sept. 30, 2011 from $1.34 billion at June 30th due to a $29.7 million increase in deposits during the quarter. Total assets increased $114.6 million from Sept. 30, 2010 due to the assets gained from the Pierce Commercial Bank acquisition which occurred near the end of 2010.


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