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Earnings Call Summary | Heritage Financial(HFWA.US) Q2 2024 Earnings Conference

Futu News ·  Jul 26 07:42  · Conference Call

The following is a summary of the Heritage Financial Corporation (HFWA) Q2 2024 Earnings Call Transcript:

Financial Performance:

  • Heritage Financial reported strong loan growth of 9.5% annualized in Q2.

  • Despite some margin pressure, net interest margin decreased slightly to 3.29% from 3.32% in the prior quarter.

  • Noninterest expense decreased in Q2, mainly due to lower compensation expense and staff reductions.

Business Progress:

  • Heritage's commercial business continues to focus on expansion and retention of deposits, evidenced by increased deposits from new relationships.

  • The bank managed to stabilize its deposit balances despite competitive deposit rates, with total average deposits increasing this period.

Opportunities:

  • Loan growth was strong, particularly driven by construction loan advances and mortgage pool purchases.

Risks:

  • Continued pressure on deposit rates is expected, which may increase the cost of core deposits.

More details: Heritage Financial IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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