Heritage Financial Corp. (HFWA, Financial) filed Annual Report for the period ended 2010-12-31.
Heritage Financial Corp. has a market cap of $223.4 million; its shares were traded at around $14.89 with a P/E ratio of 15.2 and P/S ratio of 2.8. Mutual Fund and Other Gurus that owns HFWA: First Pacific Advisors of First Pacific Advisors, LLC.
In December 2010, the Company completed the sale of 4.4 million shares of common stock in a public offering. The purchase price was $13.00 per share and net proceeds from the sale totaled approximately $57.6 million.
In December 2010 the Company redeemed the 24,000 shares of its Series A Preferred Stock. The Company paid the Treasury a total of $24.1 million, consisting of $24.0 million of principal and $123,000 of accrued and unpaid dividends. The Warrant is still held by the Treasury and remains outstanding at December 31, 2010.
General. Our lending activities are conducted through Heritage Bank and Central Valley Bank. We offer residential and commercial construction, multifamily and commercial real estate, and consumer loans and originate for sale or investment purposes first mortgage loans on residential properties. Our focus is on commercial business lending with commercial and industrial loans totaling $392.3 million, or 52.8% of total originated loans, as of December 31, 2010 and $408.6 million, or 52.8% of total originated loans, as of December 31, 2009 and non-owner occupied commercial real estate totaling $221.7 million, or 29.9% of total originated loans, as of December 31, 2010 and $194.6 million, or 25.2% of total originated loans, as of December 31, 2009. We continue to provide one-to-four residential mortgages and real estate construction and land development loans, both single and multifamily residential and commercial. One-to-four residential mortgages totaled $48.3 million, or 6.5% of total originated loans, at December 31, 2010, and $54.4 million, or 7.0% of total originated loans, at December 31, 2009. Real estate construction and land development loans totaled $58.0 million, or 7.8% of total originated loans, at December 31, 2010, and $95.7 million, or 12.4% of total originated loans, at December 31, 2009.
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Heritage Financial Corp. has a market cap of $223.4 million; its shares were traded at around $14.89 with a P/E ratio of 15.2 and P/S ratio of 2.8. Mutual Fund and Other Gurus that owns HFWA: First Pacific Advisors of First Pacific Advisors, LLC.
Highlight of Business Operations:
On November 2008, the Company entered into a Letter Agreement and Securities Purchase Agreement (collectively, the Purchase Agreement) with the U.S. Department of the Treasury (Treasury) under the Troubled Asset Relief Program Capital Purchase Plan, pursuant to which the Company sold (i) 24,000 shares of the Companys Fixed Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock) and (ii) a warrant (the Warrant) to purchase 276,074 shares of the Companys common stock at $13.04 per share for an aggregate purchase price of $24.0 million in cash. On September 22, 2009, the Company completed the sale of 4.3 million shares of common stock in a public offering. The purchase price was $11.50 per share and net proceeds from the sale totaled approximately $46.6 million. Under the terms of the Warrant, because the Companys September 22, 2009 offering of common stock was a qualified equity offering resulting in aggregate gross proceeds of at least $24.0 million, the number of shares of our common stock underlying the Warrant was reduced by 50% to 138,037 shares.In December 2010, the Company completed the sale of 4.4 million shares of common stock in a public offering. The purchase price was $13.00 per share and net proceeds from the sale totaled approximately $57.6 million.
In December 2010 the Company redeemed the 24,000 shares of its Series A Preferred Stock. The Company paid the Treasury a total of $24.1 million, consisting of $24.0 million of principal and $123,000 of accrued and unpaid dividends. The Warrant is still held by the Treasury and remains outstanding at December 31, 2010.
General. Our lending activities are conducted through Heritage Bank and Central Valley Bank. We offer residential and commercial construction, multifamily and commercial real estate, and consumer loans and originate for sale or investment purposes first mortgage loans on residential properties. Our focus is on commercial business lending with commercial and industrial loans totaling $392.3 million, or 52.8% of total originated loans, as of December 31, 2010 and $408.6 million, or 52.8% of total originated loans, as of December 31, 2009 and non-owner occupied commercial real estate totaling $221.7 million, or 29.9% of total originated loans, as of December 31, 2010 and $194.6 million, or 25.2% of total originated loans, as of December 31, 2009. We continue to provide one-to-four residential mortgages and real estate construction and land development loans, both single and multifamily residential and commercial. One-to-four residential mortgages totaled $48.3 million, or 6.5% of total originated loans, at December 31, 2010, and $54.4 million, or 7.0% of total originated loans, at December 31, 2009. Real estate construction and land development loans totaled $58.0 million, or 7.8% of total originated loans, at December 31, 2010, and $95.7 million, or 12.4% of total originated loans, at December 31, 2009.
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