Heritage Financial Corp. (HFWA) said first quarter profit rose to $4.17 million or $0.27 per share from $764 thousand or $0.05 per share last year.
On average, 5 analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share. Analysts' estimates typically exclude special items.
Net interest income was up to $16.69 million from $15.6 million in the prior-year quarter. Total non-interest income declined to $1.91 million from $2.91 million last year. Analysts estimated revenues of $18.31 million.
President and CEO Brian Vance commented, "We are pleased to report a significant increase in net income and earnings per share this quarter. Both Heritage Bank and Central Valley Bank turned in solid performances for the quarter that can be attributed directly to core financial performance metrics of both banks.
One important primary core financial performance indicator is return on average assets which improved to 1.24% for the quarter. Our net interest margin improvement to 5.35% during the quarter also contributed to improved earnings. As a result of the ongoing underlying strength of the Company's earning capacity, we are increasing our quarterly dividend by 33% to $0.08 per share from last quarter's $0.06 per share."
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