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Heritage Financial Announces Third Quarter 2009 Results
- Tangible common equity ratio increased to 12.1% at September 30, 2009 from 7.8% at June 30, 2009 as a result of approximately $46.7 million in net proceeds from a successful public offering of common stock
- Solid coverage ratios at September 30, 2009 including an allowance for loan losses to total loans of 3.20% and an allowance for loan losses to nonperforming loans of 70.2%
- Strong liquidity position at September 30, 2009 including $139 million in cash and cash equivalents
- Non-maturity deposits (total deposits less certificate of deposit accounts) as of September 30, 2009 increased 9.7% from December 31, 2008 and 13.6% from September 30, 2008
- Average interest earning assets for the quarter ended September 30, 2009 increased 8.8% from the quarter ended September 30, 2008
OLYMPIA, Wash., Oct. 27 /PRNewswire-FirstCall/ -- HERITAGE FINANCIAL CORPORATION (Nasdaq: HFWA) Brian L. Vance, President and CEO of Heritage Financial Corporation ("Company"), today reported net income for the three months ended September 30, 2009 of $312,000 compared to net income of $2.1 million for the quarter ended September 30, 2008. Including preferred stock dividends, the net loss applicable to common shareholders for the quarter ended September 30, 2009 was $18,000, or $0.003 per diluted common share, compared with net income applicable to common shareholders of $2.1 million, or $0.31 per diluted common share for the quarter ended September 30, 2008. For the nine months ended September 30, 2009, the net loss, including preferred stock dividends, applicable to common shareholders was $1.2 million, or $0.17 per diluted common share compared to net income applicable to common shareholders of $6.5 million, or $0.98 per diluted common share for the nine months ended September 30, 2008. The decrease in earnings from the three and nine month periods ended September 30, 2008 is substantially attributable to the increased provision for loan losses.
Mr. Vance commented, "This past quarter was highlighted by our $47 million additional stock offering. We were very pleased with the strong investor interest in our Company. The additional capital, which added to our already healthy capital levels, puts us in a position to take advantage of future growth opportunities. As a result of the offering, our total risk-based capital ratio increased from 14% at the end of the prior quarter to 20% at the end of the current quarter. In addition, our tangible common equity ratio increased from slightly less than 8% in the prior quarter to over 12% at September 30, 2009."
"We continue to work diligently to promptly identify problem loans and to appropriately reserve for these loans. As a result of charge-offs and additional nonperforming loans in the third quarter, we increased our allowance for loan losses to 3.2% of total loans. Even with the increases in nonperforming loans, we have maintained an allowance for loan losses of over 70% to nonperforming loans. We continue to believe that focusing on these solid coverage ratios is important in these uncertain economic times."
Mr. Vance concluded, "We have not yet seen sustainable economic growth or real estate value stabilization in our market area, however, we have seen signs that the pace of economic decline is slowing. Inventories for residential homes and lots are decreasing and real estate devaluation appears to be subsiding. As the economy improves, our management team is committed to using our strong capital position and core earnings power to take advantage of opportunities that will increase franchise value."
The Company's total assets increased $71.8 million to $1.02 billion at September 30, 2009 from $946.1 million at December 31, 2008, and increased $112.8 million from September 30, 2008. At September 30, 2009, total loans decreased $25.9 million from December 31, 2008 and decreased $29.4 million from September 30, 2008. The decrease in loans during the first nine months of fiscal 2009 was primarily a result of construction loan repayments. Real estate construction loan balances accounted for only 13.7% of total loans and only 7.0% of total loans are within the single-family residential construction sector.
Deposits increased $20.7 million to $845.1 million at September 30, 2009 from $824.5 million at December 31, 2008 and increased $50.1 million from September 30, 2008. Since December 31, 2008, non-maturity deposits (total deposits less certificate of deposit accounts) increased $46.3 million, or 9.7%. As a result, the percentage of certificate of deposit accounts to total deposits decreased to 38.0% at September 30, 2009 from 42.0% at December 31, 2008.
A significant amount of the change in the mix of deposit accounts is a result of the Company reducing its amount of public deposits. In order to comply with new public deposit collateral requirements and reduce the Company's exposure to uninsured public deposits, management implemented additional measures to manage public deposits. These measures included allowing some public certificate of deposit accounts to run-off and converting others to insured deposit accounts. As a result, total public deposit balances decreased $52 million to $80 million at September 30, 2009 from $132 million at December 31, 2008. The Company's uninsured public deposit accounts (which are fully collateralized) declined to $2.4 million at September 30, 2009 from $125 million at December 31, 2008.
At September 30, 2009, the Company's stockholders' equity to total assets was 15.6% compared to 11.5% at June 30, 2009. In addition, the Company had Tier 1 leverage, Tier 1 risk-based and total risk-based capital ratios at September 30, 2009 of 15.1%, 18.9% and 20.2%, respectively, as compared to 10.3%, 12.7% and 14.0% at June 30, 2009, respectively. The increase in capital was a result of the September 2009 sale of approximately 4.3 million shares of common stock in a public offering. The shares were sold at $11.50 per share and net proceeds from the offering was approximately $46.7 million.
Net interest income before provision for loan losses was $10.5 million for the quarter ended September 30, 2009 compared to $9.9 million for the quarter ended September 30, 2008, an increase of 6.8%. For the nine months ended September 30, 2009, net interest income before provision for loan losses was $30.9 million compared to $28.3 million for the nine months ended September 30, 2008, an increase of 9.3%. These increases were the result of growth in interest earning assets. Average interest earning assets increased 8.8% to $912.0 million for the quarter ended September 30, 2009 from $838.6 million for the quarter ended September 30, 2008. The net interest margin (net interest income divided by average interest earning assets) was 4.58% for the quarter ended September 30, 2009 compared to 4.66% for the quarter ended September 30, 2008.
The provision for loan losses in the third quarter of 2009 of $4.7 million increased $110,000 from $4.5 million in the second quarter of 2009 and increased $2.9 million from $1.8 million in the prior year quarter ended September 30, 2008. The Company had net charge-offs in the third quarter of 2009 of $3.3 million compared to $988,000 in the second quarter of 2009 and $376,000 in the prior year quarter ended September 30, 2008. The increase in charge-offs was primarily in the single-family residential construction sector. The allowance for loan losses as a percent of total loans increased to 3.20% at September 30, 2009 from 3.02% at June 30, 2009 and 1.56% at September 30, 2008. The increase in the allowance for loan losses was attributable to management's continuing assessment of the increased risk in the loan portfolio as a result of the current economic environment, which has led to increases in potential problem loans and loan losses. Management continues to see weakness specifically within its residential construction portfolio, as well as some weakness in its commercial business loan portfolio. Management is committed to ongoing and careful review of all existing and new loans to seek to minimize loss exposure.
Nonperforming assets (nonperforming loans plus other real estate owned) at September 30, 2009 were $35.8 million, or 3.52% of total assets, an increase from $23.1 million, or 2.39% of total assets at June 30, 2009 and an increase from $8.5 million, or 0.93% of total assets, at September 30, 2008. The increase during the quarter ended September 30, 2009 was primarily attributable to loans totaling $13.9 million to one residential construction borrower being placed on non-accrual status. At September 30, 2009, the Company's coverage of allowance for loan losses to nonperforming loans was 70.2%. Management expects the provision for loan losses to continue at high levels until there is measurable improvement in its local economic markets.
Non-interest income was $2.1 million for the three months ended September 30, 2009 compared to $2.3 million for the three months ended September 30, 2008. Non-interest income decreased to $6.4 million for the nine months ended September 30, 2009 from $6.8 million for the same period in 2008. The reduction in income was due substantially to decreased SBA loan sales and lower rental income.
Non-interest expense was $7.6 million for the quarter ended September 30, 2009 compared to $7.3 million for the quarter ended September 30, 2008. For the nine months ended September 30, 2009, non-interest expense was $23.5 million compared to $22.5 million for the nine months ended September 30, 2008. The variances in non-interest expenses were primarily the result of the following:
- For the three and nine months ended September 30, 2009, Federal deposit insurance expenses increased $238,000 and $979,000, respectively, from the same periods in the prior year.
- Impairment loss on securities decreased $996,000 from $1.3 million for the nine months ended September 30, 2008 to $263,000 for the nine months ended September 30, 2009.
- An assessment attributable to uncollateralized public deposits of a failed bank of $239,000 during the nine months ended September 30, 2009 (included in other expense).
- For the three and nine months ended September 30, 2009, marketing expense increased $148,000 and $309,000, respectively, from the same periods in the prior year. A significant amount of this increase was the result of the costs associated with a checking account acquisition program.
Earnings Conference Call
The Company will hold a telephone conference call to discuss this earnings release on October 28, 2009, at 11:00 a.m. Pacific time. To access the call, please dial (800) 230-1766 a few minutes prior to 11:00 a.m. Pacific time. The call will be available for replay ending November 11, 2009, by dialing (800) 475-6701 -- access code 118467.
About Heritage Financial
Heritage Financial Corporation is a bank holding company headquartered in Olympia, Washington. The Company operates two community banks, Heritage Bank and Central Valley Bank. Heritage Bank serves Pierce, Thurston, south King and Mason Counties in the south Puget Sound region of Washington through its fourteen full-service banking offices and its Online Banking Website www.HeritageBankWA.com. Central Valley Bank serves Yakima and Kittitas Counties in central Washington through its six full-service banking offices and its Online Banking Website www.CVBankWA.com. Additional information about Heritage Financial Corporation is available on its Internet Website www.HF-WA.com.
Non-GAAP Financial Measures
This news release contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (GAAP). These measures include average tangible common equity, tangible book value per share and tangible common equity to tangible assets. Tangible common equity (tangible book value) excludes preferred stock, goodwill and other intangible assets. Tangible assets exclude goodwill and other intangible assets. Management has presented these non-GAAP financial measures in this earnings release because it believes that it provides useful and comparative information to assess trends in the Company's capital reflected in the current quarter and year-to-date results. Where applicable, the Company has also presented comparable capital information using GAAP financial measures. Reconciliation of the GAAP and non-GAAP financial measures are presented below.
September 30, June 30, September 30,
2009 2008 2008
------------- --------- -------------
Stockholders' equity $158,557 $111,374 $88,807
Less: goodwill and other
intangible assets 13,377 13,397 13,456
------ ------ ------
Tangible equity 145,180 97,977 75,351
Less: preferred stock 23,456 23,426 -
------ ------ ---
Tangible common equity $121,724 $74,551 $75,351
======== ======= =======
Total assets $1,017,956 $966,763 $905,160
Less: goodwill and other
intangible assets 13,377 13,397 13,456
------ ------ ------
Tangible assets $1,004,579 $953,366 $891,704
========== ======== ========
Forward-Looking Statements
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in our allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes and other properties and fluctuations in real estate values in our market areas; results of examinations of us by the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") and of our bank subsidiaries by the Federal Deposit Insurance Corporation (the "FDIC"), the Washington State Department of Financial Institutions, Division of Banks (the "Washington DFI") or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings; legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, including the interpretation of regulatory capital or other rules; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risk associated with the loans on our balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges; computer systems on which we depend could fail or experience a security breach; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our branch expansion strategy; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described elsewhere in this prospectus supplement, the accompanying prospectus and the incorporated documents; future legislative changes in the TARP Capital Purchase Program; and other risks detailed from time to time in our filings with the Securities and Exchange Commission.
The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2009 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company's operating and stock price performance.
HERITAGE FINANCIAL CORPORATION
CONDENSED STATEMENTS OF FINANCIAL CONDITION
(Dollar amounts in thousands; unaudited)
September 30, December 31, September 30,
2009 2008 2008
---- ---- ----
Assets
------
Cash on hand and in banks $17,222 $31,478 $20,287
Interest earning deposits 121,850 29,156 765
Investment securities
available for sale 60,416 31,922 25,818
Investment securities held to
maturity 9,785 12,081 12,983
Loans held for sale - 304 570
Loans receivable 783,175 808,726 811,964
Less: Allowance for loan losses (25,052) (15,423) (12,628)
------- ------- -------
Loans receivable, net 758,123 793,303 799,336
Other real estate owned 151 2,031 169
Premises and equipment, net 16,339 15,721 14,604
Federal Home Loan Bank stock 3,566 3,566 3,516
Accrued interest receivable 4,206 4,168 4,528
Prepaid expenses and other assets 12,921 8,979 9,128
Goodwill and other intangible
assets 13,377 13,436 13,456
------ ------ ------
Total assets $1,017,956 $946,145 $905,160
========== ======== ========
Liabilities and Stockholders' Equity
------------------------------------
Deposits $845,147 $824,480 $795,065
Advances from Federal Home
Loan Bank - - 13,900
Securities sold under agreement
to repurchase 9,404 - -
Other borrowings - - 1,657
Accrued expenses and other
liabilities 4,848 8,518 5,731
----- ----- -----
Total liabilities 859,399 832,998 816,353
------- ------- -------
Preferred stock 23,456 23,367 -
Common stock 73,546 26,546 25,689
Unearned compensation (292) (358) (380)
Retained earnings 61,539 63,240 63,578
Accumulated other comprehensive
income (loss), net 308 352 (80)
--- --- ---
Total stockholders' equity 158,557 113,147 88,807
------- ------- ------
Total liabilities and
stockholders' equity $1,017,956 $946,145 $905,160
========== ======== ========
Common stock, shares outstanding 11,050,658 6,699,550 6,693,903
HERITAGE FINANCIAL CORPORATION
CONDENSED STATEMENTS OF INCOME (LOSS)
(Dollar amounts in thousands, except per share amounts; unaudited)
Three Months Ended Nine Months Ended
-------------------- -----------------
September June September September September
30, 2009 30, 2009 30, 2008 30, 2009 30, 2008
---------- -------- ---------- ---------- ----------
Interest income:
Interest and
fees on loans $12,583 $12,637 $13,692 $38,115 $41,366
Taxable interest
on investment
securities 598 558 425 1,603 1,194
Nontaxable interest
on investment
securities 63 58 51 176 145
Interest on
federal funds
sold and interest
earning deposits 60 56 14 161 134
Dividends on
Federal Home
Loan Bank stock - - 11 - 31
--- --- --- --- ---
Total interest
income 13,304 13,309 14,193 40,055 42,870
------ ------ ------ ------ ------
Interest expense:
Deposits 2,753 2,968 4,252 9,084 14,300
Borrowed funds 22 6 85 28 261
--- --- --- --- ---
Total interest
expense 2,775 2,974 4,337 9,112 14,561
----- ----- ----- ----- ------
Net interest
income 10,529 10,335 9,856 30,943 28,309
Provision for
loan losses 4,650 4,540 1,760 14,440 2,830
----- ----- ----- ------ -----
Net interest
income after
provision for
loan losses 5,879 5,795 8,096 16,503 25,479
----- ----- ----- ------ ------
Non-interest income:
Gain on sales
of loans 42 105 112 244 384
Brokered mortgage
income 28 53 41 120 193
Service charges on
deposits 1,086 1,030 1,059 3,104 3,072
Rental income 37 36 77 109 240
Merchant Visa
income 802 769 819 2,254 2,285
Other income 110 279 143 583 597
--- --- --- --- ---
Total non-interest
income 2,105 2,272 2,251 6,414 6,771
----- ----- ----- ----- -----
Non-interest expense:
Salaries & employee
benefits 3,658 3,697 3,658 11,186 11,044
Occupancy and
equipment 952 956 954 2,940 2,896
Data processing 433 428 400 1,270 1,170
Marketing 283 234 135 743 434
Merchant Visa 671 633 669 1,869 1,845
Professional
services 230 182 169 554 493
State and local
taxes 240 260 233 695 710
Impairment loss on
securities 29 59 147 263 1,259
Federal deposit
insurance 369 751 131 1,266 287
Other expense 747 826 764 2,733 2,378
--- --- --- ----- -----
Total non-interest
expense 7,612 8,026 7,260 23,519 22,516
----- ----- ----- ------ ------
Income (loss)
before federal
income taxes 372 41 3,087 (602) 9,734
Federal income tax
expense (benefit) 60 (50) 1,006 (411) 3,189
--- --- ----- ---- -----
Net income (loss) $312 $91 $2,081 $(191) $6,545
==== === ====== ===== ======
Dividends accrued
and discount
accreted on
preferred shares $330 $330 $- $989 $-
==== ==== === ==== ===
Net income (loss)
applicable to
common shareholders $(18) $(239) $2,081 $(1,180) $6,545
==== ===== ====== ======= ======
Basic earnings/
(loss) per
common share $(0.00) $(0.04) $0.31 $(0.17) $0.98
Diluted earnings/
(loss) per
common share $(0.00) $(0.04) $0.31 $(0.17) $0.98
Average number
of common shares
outstanding 7,070,697 6,615,989 6,601,432 6,813,277 6,595,977
Average number
of diluted
common shares
outstanding 7,070,697 6,615,989 6,643,259 6,813,277 6,642,588
HERITAGE FINANCIAL CORPORATION
FINANCIAL STATISTICS
(Dollar amounts in thousands, except per share amounts; unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
September June September September September
30, 2009 30, 2009 30, 2008 30, 2009 30, 2008
---------- -------- ---------- ---------- ----------
Performance Ratios:
-------------------
Net interest
margin 4.58% 4.59% 4.66% 4.62% 4.56%
Efficiency
ratio 60.25% 63.66% 59.97% 62.96% 64.18%
Return on
average assets 0.13% 0.04% 0.92% -0.03% 0.99%
Return on average
common equity -0.08% -1.07% 9.25% -1.72% 9.89%
Average Balances:
-----------------
Average
assets $975,500 $967,781 $898,243 $963,248 $886,608
Average
earning
assets 912,010 903,433 838,617 896,187 828,835
Average total
loans 785,596 787,687 806,531 790,523 790,035
Average
deposits 841,569 846,377 787,852 838,384 782,825
Average equity 117,635 113,365 89,241 115,006 88,413
Average
tangible
common equity 80,819 76,559 75,775 78,200 74,927
As of Period End
----------------
September June September
30, 2009 30, 2009 30, 2008
---------- -------- ----------
Nonperforming Assets:
---------------------
Nonaccrual loans
by type:
Commercial $4,362 $2,970 $1,247
Real estate
mortgages 676 465 -
Real estate
construction 30,644 16,077 6,915
Consumer - - 121
--- --- ---
Total nonaccrual
loans 35,682 19,512 8,283
Restructured loans - 3,264 -
--- ----- ---
Total nonperforming
loans 35,682 22,776 8,283
Other real estate
owned 151 301 169
--- --- ---
Nonperforming
assets 35,833 23,077 8,452
Allowance for loan
losses to:
Total loans 3.20% 3.02% 1.56%
Nonperforming loans 70.21% 104.09% 152.46%
Nonperforming loans
to total loans 4.56% 2.90% 1.02%
Nonperforming assets
to total assets 3.52% 2.39% 0.93%
Financial Measures:
-------------------
Book value per
common share $12.23 $13.11 $13.27
Tangible book value
per common share $11.02 $11.11 $11.26
Stockholders' equity
to total assets 15.58% 11.52% 9.81%
Tangible common equity
to tangible assets 12.12% 7.82% 8.45%
Tier 1 leverage capital
to average assets 15.12% 10.27% 8.53%
Total capital to
risk-weighted assets 20.22% 13.99% 10.55%
Loans to deposits
ratio 89.70% 90.68% 100.61%
HERITAGE FINANCIAL CORPORATION
FINANCIAL STATISTICS
(Dollar amounts in thousands; unaudited)
Three months ended Three months ended
September 30, 2009 September 30, 2008
-------------------- --------------------
Interest Interest
Average Earned/ Average Average Earned/ Average
Balance Paid Rate Balance Paid Rate
--------- ---- ---- ------- ---- ----
Interest Earning
Assets:
Loans, net $761,475 $12,583 6.56% $795,093 $13,692 6.85%
Investments:
Taxable 59,027 598 4.02% 31,550 425 5.36%
Nontaxable 7,609 63 3.31% 5,638 51 3.54%
Interest earning
deposits 80,333 60 0.30% 2,944 14 1.98%
Federal Home Loan
Bank stock 3,566 - 0.00% 3,392 11 1.33%
----- --- ---- ----- --- ----
Total interest
earning assets 912,010 13,304 5.79% 838,617 14,193 6.73%
Non-interest
earning assets 63,490 59,626
------ ------
Total assets $975,500 $898,243
======== ========
Interest Bearing
Liabilities:
Certificates of
deposit $318,146 1,904 2.37% $335,209 2,762 3.28%
Savings accounts 80,131 176 0.87% 96,363 428 1.77%
Interest bearing
demand and money
market accounts 321,438 673 0.83% 250,682 1,062 1.69%
------- --- ---- ------- ----- ----
Total interest
bearing deposits 719,715 2,753 1.52% 682,254 4,252 2.48%
FHLB advances and
other borrowings 3 - 1.73% 10,768 85 3.15%
Securities sold
under agreement
to repurchase 11,675 22 0.75% - - -
------ --- ---- --- --- ---
Total interest
bearing
liabilities 731,393 2,775 1.51% 693,022 4,337 2.49%
Non-interest bearing
deposits 121,854 105,598
Other non-interest
bearing liabilities 4,618 5,382
Stockholders' equity 117,635 89,241
------- ------
Total liabilities
& stockholders'
equity $975,500 $893,243
======== ========
Net interest
income $10,529 $9,856
======= ======
Net interest spread 4.28% 4.24%
Net interest margin 4.58% 4.66%
Average interest
earning assets to
average interest
bearing liabilities 124.69% 121.01%
HERITAGE FINANCIAL CORPORATION
FINANCIAL STATISTICS
(Dollar amounts in thousands; unaudited)
September 30, December 31, September 30,
2009 2008 2008
------------- ------------- --------------
% of % of % of
Balance Total Balance Total Balance Total
------- ----- ------- ----- ------- -----
Loan Composition
----------------
Commercial $443,553 56.6% $443,821 54.9% $445,948 54.9%
Real estate mortgages:
One to four family
residential 53,686 6.9% 57,535 7.1% 57,727 7.1%
Five or more family
residential and
commercial real
estate 158,670 20.2% 157,542 19.5% 160,879 19.8%
------- ---- ------- ---- ------- ----
Total real estate
mortgages 212,356 27.1% 215,077 26.6% 218,606 26.9%
Real estate construction:
One to four family
residential 54,863 7.0% 71,159 8.8% 77,790 9.6%
Five or more family
residential and
commercial real
estate 52,057 6.7% 59,572 7.3% 52,009 6.4%
------ --- ------ --- ------ ---
Total real estate
construction 106,920 13.7% 130,731 16.1% 129,799 16.0%
Consumer 21,973 2.8% 21,255 2.6% 20,106 2.4%
------ --- ------ --- ------ ---
Gross loans 784,802 100.2% 810,884 100.2% 814,459 100.2%
Deferred loan fees (1,627) -0.2% (1,854) -0.2% (1,926) -0.2%
------ ---- ------ ---- ------ ----
Total loans $783,175 100.0% $809,030 100.0% $812,533 100.0%
======== ===== ======== ===== ======== =====
Deposit Composition
-------------------
Non-interest demand
deposits $122,062 14.4% $115,551 14.0% $108,844 13.7%
NOW accounts 206,361 24.4% 122,104 14.8% 123,534 15.5%
Money market accounts 117,286 13.9% 141,716 17.2% 130,166 16.4%
Savings accounts 78,672 9.3% 98,715 12.0% 98,931 12.4%
------ --- ------ ---- ------ ----
Total non-maturity
deposits 524,381 62.0% 478,086 58.0% 461,475 58.0%
Certificate of
deposit accounts 320,766 38.0% 346,394 42.0% 333,590 42.0%
------- ---- ------- ---- ------- ----
Total deposits $845,147 100.0% $824,480 100.0% $795,065 100.0%
======== ===== ======== ===== ======== =====
SOURCE Heritage Financial Corporation
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