Heritage Financial Corp (HFWA) has reported 4.21 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $9.89 million, or $0.33 a share in the quarter, compared with $9.49 million, or $0.32 a share for the same period last year.
Revenue during the quarter went up marginally by 2.97 percent to $40.06 million from $38.91 million in the previous year period. Net interest income for the quarter rose 1.60 percent over the prior year period to $33.06 million. Non-interest income for the quarter rose 9.18 percent over the last year period to $8.19 million.
Heritage Financial Corporation has made provision of $1.18 million for loan losses during the quarter, up 4.72 percent from $1.12 million in the same period last year.
Net interest margin contracted 12 basis points to 3.85 percent in the quarter from 3.97 percent in the last year period. Efficiency ratio for the quarter improved to 65.01 percent from 66.87 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Brian L. Vance, president and chief executive officer, commented, "We completed what I believe was an overall positive year of performance for the company. I was particularly pleased with our loan growth and our expense control. We had previously guided 2016 loan growth at the 6-8% range and finished the year with 10.0% net loan growth boosted by strong fourth quarter loan production.
Liabilities outpace assets growthTotal assets stood at $3,875.08 million as on Dec. 31, 2016, up 6.14 percent compared with $3,650.79 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,393.31 million as on Dec. 31, 2016, up 6.68 percent from $3,180.82 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $2,609.67 million as on Dec. 31, 2016, up 10.01 percent compared with $2,372.30 million on Dec. 31, 2015. Deposits stood at $3,229.65 million as on Dec. 31, 2016, up 3.90 percent compared with $3,108.29 million on Dec. 31, 2015. Loans to deposits ratio was 81.20 percent for the quarter, up from 76.60 percent for the previous year quarter.
Investments stood at $794.64 million as on Dec. 31, 2016, down 2.12 percent or $17.22 million from year-ago. Shareholders equity stood at $481.76 million as on Dec. 31, 2016, up 2.51 percent or $11.79 million from year-ago.
Return on average assets moved down 1 basis points to 1.03 percent in the quarter from 1.04 percent in the last year period. At the same time, return on average equity increased 1 basis points to 8.04 percent in the quarter from 8.03 percent in the last year period.
Nonperforming assets were almost stable over the past one year at $11.66 million on Dec. 31, 2016.
Equity to assets ratio was 12.40 percent for the quarter, down from 12.90 percent for the previous year quarter. Book value per share was $16.08 for the quarter, up 2.55 percent or $0.40 compared to $15.68 for the same period last year.
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