Heritage Financial Corp. (HFWA, Financial) filed Quarterly Report for the period ended 2010-06-30.
Heritage Financial Corp. has a market cap of $171.9 million; its shares were traded at around $15.48 with a P/E ratio of 516 and P/S ratio of 2.8. HFWA is in the portfolios of Chuck Royce of Royce& Associates.
Net income available to common shareholders was $0.05 per diluted common share for the three months ended June 30, 2010 compared to a net loss of $0.04 per diluted common share for the three months ended June 30, 2009. Net income for the three months ended June 30, 2010 was $855,000 compared to net income of $91,000 for the same period in 2009. The increase was the result of a $1.4 million decrease in the provision for loan losses and an increase of $431,000 in net interest income partially offset by a decrease of $136,000 in noninterest income and an increase of $448,000 in noninterest expense. Net income available to common shareholders was $0.08 per diluted common share for the six months ended June 30, 2010 compared to a net loss of $0.18 per diluted common share for the six months ended June 30, 2009. Net income for the six months ended June 30, 2010 was $1.6 million compared to a net loss of $503,000 for the same period in 2009. The increase was the result of a $2.9 million decrease in the provision for loan losses and an increase of $1.02 million in net interest income partially offset by a $16,000 decrease in noninterest income and an increase of $644,000 in non-interest expense. As a result the Companys efficiency ratio increased to 65.7% for the three months ended June 30, 2010 from 63.7% for the three months ended June 30, 2009 and remained the same for the six months ended June 30, 2010 and June 30, 2009 at 64.3%.
Net interest income increased $431,000, or 4.2%, to $10.8 million for the three months ended June 30, 2010 compared with the same period in 2009 of $10.3 million. Net interest income increased $1.0 million, or 5.0%, to $21.4 million for the six months ended June 30, 2010 compared with the same period in 2009 of $20.4 million. The increase in net interest income for both the three and six months ended June 30, 2010 resulted primarily from a decrease in interest expense due to lower cost of funds, partially offset by a decrease in interest income as a result of lower yields on interest-earning assets. Net interest income as a percentage of average earning assets (net interest margin) for the three months ended June 30, 2010 increased to 4.60% from 4.59% for the same period in 2009. Net interest income as a percentage of average earning assets (net interest margin) for the six months ended June 30, 2010 decreased to 4.59% from 4.64% for the same period in 2009.
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Heritage Financial Corp. has a market cap of $171.9 million; its shares were traded at around $15.48 with a P/E ratio of 516 and P/S ratio of 2.8. HFWA is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Heritage Financial Corporation is a bank holding company, which primarily engages in the business activities of our wholly owned subsidiaries: Heritage Bank and Central Valley Bank. We provide financial services to our local communities with an ongoing strategic focus in expanding our commercial lending relationships, market expansion and a continual focus on asset quality. At June 30, 2010, we had total assets of $1.0 billion and total stockholders equity of $160.8 million. The Companys business activities generally are limited to passive investment activities and oversight of its investment in the Banks. Accordingly, the information set forth in this report relates primarily to the Banks operations.Net income available to common shareholders was $0.05 per diluted common share for the three months ended June 30, 2010 compared to a net loss of $0.04 per diluted common share for the three months ended June 30, 2009. Net income for the three months ended June 30, 2010 was $855,000 compared to net income of $91,000 for the same period in 2009. The increase was the result of a $1.4 million decrease in the provision for loan losses and an increase of $431,000 in net interest income partially offset by a decrease of $136,000 in noninterest income and an increase of $448,000 in noninterest expense. Net income available to common shareholders was $0.08 per diluted common share for the six months ended June 30, 2010 compared to a net loss of $0.18 per diluted common share for the six months ended June 30, 2009. Net income for the six months ended June 30, 2010 was $1.6 million compared to a net loss of $503,000 for the same period in 2009. The increase was the result of a $2.9 million decrease in the provision for loan losses and an increase of $1.02 million in net interest income partially offset by a $16,000 decrease in noninterest income and an increase of $644,000 in non-interest expense. As a result the Companys efficiency ratio increased to 65.7% for the three months ended June 30, 2010 from 63.7% for the three months ended June 30, 2009 and remained the same for the six months ended June 30, 2010 and June 30, 2009 at 64.3%.
Net interest income increased $431,000, or 4.2%, to $10.8 million for the three months ended June 30, 2010 compared with the same period in 2009 of $10.3 million. Net interest income increased $1.0 million, or 5.0%, to $21.4 million for the six months ended June 30, 2010 compared with the same period in 2009 of $20.4 million. The increase in net interest income for both the three and six months ended June 30, 2010 resulted primarily from a decrease in interest expense due to lower cost of funds, partially offset by a decrease in interest income as a result of lower yields on interest-earning assets. Net interest income as a percentage of average earning assets (net interest margin) for the three months ended June 30, 2010 increased to 4.60% from 4.59% for the same period in 2009. Net interest income as a percentage of average earning assets (net interest margin) for the six months ended June 30, 2010 decreased to 4.59% from 4.64% for the same period in 2009.
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