Heritage Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Quarter Ended December 31, 2012
January 31, 2013 at 04:23 pm EST
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Heritage Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total interest income of $16,700,000 against $17,847,000 for the same period last year. Net interest income was $15,716,000 against $16,487,000 for the same period last year. The decrease in net interest income is primarily due to the decline in net interest margins during the respective periods. Income before income taxes was $4,369,000 against $3,254,000 for the same period last year. Net income was $3,034,000 or $0.20 per diluted share against $2,233,000 or $0.14 per diluted share for the same period last year. Return on average assets was 0.89% against 0.65% for the same period last year. Return on average equity was 5.99% against 4.32% for the same period last year.
For the year, the company reported total interest income of $69,109,000 against $74,120,000 for the same period last year. Net interest income was $64,575,000 against $67,538,000 for the same period last year. Income before income taxes was $19,439,000 against $9,151,000 for the same period last year. Net income was $13,261,000 or $0.87 per diluted share against $6,518,000 or $0.42 per diluted share for the same period last year. Return on average assets was 0.98% against 0.48% for the same period last year. Return on average equity was 6.52% against 3.17% for the same period last year. Book value per common share as at December 31, 2012 was $13.16 against $13.10 as at December 31, 2011. Tangible book value per common share as at December 31, 2012 was $12.23 against $12.16 as at December 31, 2011.
The company had net charge-offs on originated loans of $1.7 million for the quarter ended December 31, 2012 compared to $525,000 for the quarter ended September 30, 2012 and $265,000 for the quarter ended December 31, 2011.
Heritage Financial Corporation is a bank holding company. The Company is primarily engaged in the business of planning, directing, and coordinating the business activities of its wholly owned subsidiary, Heritage Bank (the Bank). Its business consists primarily commercial lending and deposit relationships with small and medium-sized businesses and their owners in its market areas and attracting deposits from the general public. It also makes real estate construction and land development loans, consumer loans and residential real estate loans for sale or investment purposes on residential properties located primarily in its market. It offers a full range of products and services to customers for personal and business banking needs designed to attract both short-term and long-term deposits. It also offers investment advice through a wealth management department that provides objective advice from trusted advisers. The Bank conducts business from its approximately 50 branch offices.
Heritage Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Quarter Ended December 31, 2012