Heritage Financial reports Q2 EPS 48c, consensus 48c

Reports Q2 Tangible book value per share $16.34 vs. $15.83 last year.Jeffrey J. Deuel, President and EO, commented, “Results for the Q2 continue to demonstrate the strength of our business model. We have a balance sheet with a legacy of strong core deposits and ample liquidity which allows us to maintain loan production. Although we are experiencing the industry-wide pressure on funding costs, we are encouraged with the ongoing development of customer relationships, particularly in the markets where we’ve hired banking teams over the past year, such as the Portland, Eugene and Boise MSAs. We believe our continued focus on prudent risk management, coupled with strategic and measured growth, will benefit our long-term returns for shareholders.”