| Over a week ago | ||||
Virtual Meetings to be… Virtual Meetings to be held June 9-10 hosted by Piper Sandler. | ||||
Virtual Meetings to be… Virtual Meetings to be held June 9-10 hosted by Piper Sandler. | ||||
Virtual Meetings to be… Virtual Meetings to be held June 9-10 hosted by Piper Sandler. | ||||
| Over a month ago | ||||
Recorded Q1 provision for… Recorded Q1 provision for credit losses on loans of $10.0M due primarily to forecasted credit deterioration due to the impact of the COVID-19 pandemic. Reports Q1 net charge-offs $417K vs. ($190K) a year ago. Tangible book value per share was $15.10 from $15.07 at previous quarter end. | ||||
| Over a quarter ago | ||||
Heritage Financial… Heritage Financial announced that its board has authorized the repurchase of up to 5% of the company's outstanding shares or approximately 1.8 million shares. The number, timing and price of shares repurchased will depend on business and market conditions, and other factors, including opportunities to deploy the company's capital. The new stock repurchase program follows the previous stock repurchase program approved in 2014, which allowed for the buyback of approximately 1.5 million shares. Under the previous program, 1,512,600 shares were repurchased. | ||||
West Coast Bank Plane… West Coast Bank Plane Trip will begin in Denver on February 24 and ends in Seattle on February 26. | |
Reports Q4 provision for… Reports Q4 provision for loan losses up $1.1M or 234.3% to $1.6M from $466K for the linked-quarter ended September 30, 2019 due primarily to an increase in Q4 net charge-offs of $1.6M to $1.9M vs. net-charge-offs of $311K during the linked-quarter ended September 30, 2019. Tangible book value per share was $15.07 vs. $14.90 at previous quarter end. | |
DA Davidson analyst… DA Davidson analyst Jeffrey Rulis downgraded Heritage Financial to Neutral from Buy with a $31 price target. The analyst notes that the shares remain a "quality core holding", but sees the drivers of further stock price advance as limited after a "steep ascent". Rulis adds that while Heritage Financial offers a "proven history of successful strategic execution and an enviable footprint in the Pacific Northwest," greater upside potential can be had in other peer bank names over the next 12-18 months. | |
DA Davidson analyst… DA Davidson analyst Jeffrey Rulis downgraded Heritage Financial to Neutral from Buy with a $31 price target. | |
Q3 provision for loan… Q3 provision for loan losses decreased $901,000, or 65.9%, to $466,000 from $1.4M for Q2 due primarily to a decrease in net-charge-offs to $311K during Q3 vs. $1.2M during Q2. Tangible book value per share was $14.90 vs. $14.56 at previous quarter end. Q3 return on average assets was 1.31%, return on average equity was 8.86% and return on average tangible common equity was 13.66% for the quarter ended September 30, 2019 compared to 1.20%, 8.19% and 12.89% for the quarter ended June 30, 2019, respectively. |