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Heritage Financial Corp. (HFWA)
NASDAQ:HFWA
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.45Last Year’s EPS
$0.18Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: 12.52%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted robust loan and deposit growth, margin expansion, and stable credit quality, reflecting strong financial performance. However, challenges such as charge-offs, a securities sale loss, and increased provision for credit losses were noted, balancing the positive aspects.Company Guidance
During the Q3 2024 earnings call for Heritage Financial, the company provided a robust financial outlook, highlighting several key performance metrics. The bank experienced strong loan growth, with loan balances increasing by $147 million, and deposit growth of $193 million, including $83 million in noninterest-bearing deposits. The net interest margin improved to 3.33%, up from 3.29% in the previous quarter, driven by increased loan yields of 5.60%. The cost of interest-bearing deposits was relatively stable at 2.02%. Heritage Financial also strategically repositioned its balance sheet, recognizing a $6.9 million loss on securities sales, which is expected to generate an annual pretax income improvement of approximately $3 million. The bank's TCE ratio rose to 9.1%, and it repurchased 347,000 shares at a weighted average cost of $21.40. Despite a slight increase in noninterest expense, the bank maintained strong credit quality, with criticized loans declining by $5 million and nonaccrual loans remaining low at 0.09% of total loans. Looking ahead, the company remains optimistic about continued profitability and balance sheet growth, supported by prudent risk management and strategic initiatives.Strong Loan and Deposit Growth
Loan balances increased by $147 million, and total deposits grew by $193 million in Q3 2024.
Net Interest Income and Margin Expansion
Net interest income increased by $1.8 million, with the net interest margin rising to 3.33% from 3.29% in the previous quarter.
Improved Capital Ratios
The TCE ratio increased to 9.1% from 8.9% in the prior quarter, with regulatory capital ratios remaining comfortably above well-capitalized thresholds.
Stable Credit Quality
Net charge-offs were 0.05% of total loans, aligning with historical norms, and substandard loans decreased by $11 million.
New Chief Operating Officer Hired
Nic Bley was hired as the new Chief Operating Officer, bringing extensive leadership and banking experience.
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HFWA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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HFWA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $21.66 | $22.14 | +2.22% |
| Jul 25, 2024 | $21.36 | $22.51 | +5.38% |
| Apr 25, 2024 | $18.02 | $17.50 | -2.89% |
| Jan 25, 2024 | $20.03 | $19.67 | -1.80% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Heritage Financial Corp. (HFWA) report earnings?
Heritage Financial Corp. (HFWA) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Heritage Financial Corp. (HFWA) earnings time?
Heritage Financial Corp. (HFWA) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is HFWA EPS forecast?
HFWA EPS forecast for the fiscal quarter 2024 (Q4) is $0.45.
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