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HERITAGE FINANCIAL CORPORATION (Nasdaq: HFWA | Quote | Chart | News | PowerRating) Brian L. Vance, President and CEO of Heritage Financial Corporation ("Company"), today reported net income for the three months ended June 30, 2009 of $91,000 compared to net income of $1.8 million for the quarter ended June 30, 2008. Including preferred stock dividends, net loss applicable to common shareholders for the quarter ended June 30, 2009 was $239,000, or $0.04 per diluted common share, compared with earnings applicable to common shareholders of $1.8 million, or $0.27 per diluted common share for the quarter ended June 30, 2008. For the six months ended June 30, 2009, the net loss applicable to common shareholders was $1.2 million, or $0.18 per diluted common share compared to earnings applicable to common shareholders of $4.5 million, or $0.67 per diluted common share for the six months ended June 30, 2008. The decrease in earnings from the prior year periods ended June 30, 2008 is substantially attributable to the increased provision for loan losses.
Mr. Vance commented, "Although we are beginning to see encouraging pockets of economic improvement, we believe the Pacific Northwest will likely not see measurable or sustainable economic growth and real estate value stabilization until well into 2010. Therefore, as a result of the increased risk of loss in the loan portfolio, we continue to provision for loan losses at amounts substantially higher than we have historically. As a result of the higher provisions, our allowance for loan losses has increased to 3.02% of total loans. In addition, even with increases in nonperforming loans during the second quarter of 2009, we maintained an allowance for loan losses of over 100% to nonperforming loans. While we believe these strong coverage ratios are important in these difficult economic times, we also believe all credit metrics will likely continue to deteriorate through at least the balance of this year. One reason is the continuing struggles of the housing industry. While we believe we have maintained prudent levels of single-family residential construction exposure, a large part of this portfolio is in developed lots. This specific sector remains quite problematic and we believe will be the last to show signs of recovery. If this sector remains depressed for a continued period of time, even otherwise strong borrowers will ultimately show weakness likely resulting in an increase in our nonperforming loans and credit losses."
"We continue to focus on maintaining a strong balance sheet. In addition to the coverage ratios, the Company is very well-capitalized with a total risk-based capital ratio of 13.99%. We continue to grow our core deposits, with non-maturity deposits increasing 8% since year-end and 12% from a year ago. Average earning assets during the current quarter increased 9% from the prior year quarter ended June 30. We continue to maintain a strong liquidity position with cash and other liquidity sources totaling over $300 million. We have lowered our loan to deposit ratio from 98% a year ago to 91% today."
"We also continue to improve our core operating performance," Mr. Vance continued. "We have increased our net interest margin to 4.59% in the current quarter from 4.55% in the prior year quarter ended June 30. We have increased our net interest income by 10% year over year. Even with much higher FDIC assessments, we have improved our efficiency ratio on a linked-quarter basis. We believe our model of building a strong balance sheet and solid core operating income will position us well for the future."
The Company's total assets increased $20.6 million to $966.8 million at June 30, 2009 from $946.1 million at December 31, 2008, and increased $65.3 million from June 30, 2008. Total loans decreased $23.9 million from December 31, 2008 and decreased $12.7 million from June 30, 2008. The decrease in loans during the first six months of fiscal 2009 was substantially a result of a combination of construction loan payoffs, prepayment of single-family residential mortgages, and seasonal paydowns of agricultural lines of credit. Real estate construction loans account for only 14.5% of total loans and account for only 8.0% of total loans in the single-family residential construction sector.
Deposits increased $17.6 million to $842.1 million at June 30, 2009 from $824.5 million at December 31, 2008 and increased $41.1 million from June 30, 2008. Since December 31, 2008, non-maturity deposits (total deposits less certificate of deposit accounts) have increased $37.4 million, or 7.8%. As a result, the percentage of certificate of deposit accounts to total deposits decreased to 38.8% at June 30, 2009 from 42.0% at December 31, 2008.
Much 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 measures affecting public deposits. These measures included allowing some public certificate of deposit accounts to run-off and converting others to insured deposit accounts rather than renewing them. As a result, total public deposit balances decreased $43 million to $89 million at June 30, 2009 from $132 million at December 31, 2008. This lowered the Company's uninsured public deposit accounts to $10 million at June 30, 2009 (which are fully collateralized) from $125 million at December 31, 2008.
At June 30, 2009, the Company's capital position was 11.52% of total assets compared to 11.70% of total assets at March 31, 2009. The total risk-based capital ratio was 13.99% at June 30, 2009 compared to 14.10% at March 31, 2009.
Net interest income before provision for loan losses was $10.3 million for the quarter ended June 30, 2009 compared to $9.4 million for the quarter ended June 30, 2008, an increase of 10.1%. For the six months ended June 30, 2009, net interest income before provision for loan losses was $20.4 million compared to $18.5 million for the six months ended June 30, 2008, an increase of 10.6%. These increases were the result of growth in earning assets and the net interest margin. Average earning assets increased 9.2% to $903 million for the quarter ended June 30, 2009 from $827 million for the quarter ended June 30, 2008. The net interest margin (net interest income divided by average earning assets) increased to 4.59% for the quarter ended June 30, 2009 compared to 4.55% for the quarter ended June 30, 2008.
The loan loss provision in the second quarter of 2009 of $4.5 million decreased $710,000 from $5.3 million in the first quarter of 2009 and increased $3.8 million from $710,000 in the prior year quarter ended June 30, 2008. The Company had net charge-offs in the second quarter of 2009 of $988,000 compared to $518,000 in the first quarter of 2009 and $156,000 in the prior year quarter ended June 30, 2008. The allowance for loan losses as a percent of total loans increased to 3.02% at June 30, 2009 from 2.56% at March 31, 2009 and 1.41% at June 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 may lead to increases in potential problem loans and loan losses. Management continues to see weakness specifically within its residential construction portfolio, as well as developing weaknesses in its commercial and industrial portfolio. Management is committed to ongoing and careful review of all existing and new loans to minimize loss exposure.
Nonperforming assets (nonperforming loans plus other real estate owned) at June 30, 2009 were $23.1 million, or 2.39% of total assets, an increase from $15.4 million, or 1.61% of total assets at March 31, 2009 and an increase from $8.5 million, or 0.94% of total assets, at June 30, 2008. The increase during the quarter ended June 30, 2009 was primarily attributable to two residential construction borrower relationships totaling approximately $6.9 million being placed on non-accrual status and a restructured commercial loan totaling $3.2 million. At June 30, 2009, the Company's coverage of allowance for loan losses to nonperforming loans was 104.1%. Despite the strong coverage ratio, management expects the provision for loan losses to continue at high levels until there is measurable improvement in the local economic markets.
Non-interest income was $2.3 million for the three months ended June 30, 2009 and the comparable period in June 30, 2008. Non-interest income decreased slightly to $4.3 million for the six months ended June 30, 2009 compared to $4.5 million for the same period in 2008.
Non-interest expense was $8.0 million for the quarter ended June 30, 2009 compared to $8.3 million for the quarter ended June 30, 2008. For the six months ended June 30, 2009, non-interest expense was $15.9 million compared to $15.3 million for the six months ended June 30, 2008. The variances in non-interest expenses were substantially the result of the following:
-- Increased FDIC assessment rates and a special FDIC assessment. For the
three and six months ended June 30, 2009, Federal deposit insurance
expenses increased $632,000 and $740,000, respectively, from the same
periods in the prior year.
-- Impairment loss on securities decreased from $1.1 million for each of
the three and six months ended June 30, 2008 to $59,000 and $234,000,
respectively, for the three and six months ended June 30, 2009.
-- An assessment attributable to uncollateralized public deposits of a
failed bank in the amount of $239,000 during the six months ended June
30, 2009.
Earnings Conference Call
The Company will hold a telephone conference call to discuss this earnings release on July 30, 2009, at 11:00 a.m. Pacific time. To access the call, please dial (800) 230-1093 a few minutes prior to 11:00 am PDT. The call will be available for replay ending August 14, 2009, by dialing (800) 475-6701 -- access code 106447.
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 excludes goodwill and other intangible assets. Management has presented these non-GAAP financial measures in this earnings release because it believes that it provides more 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.
Forward-Looking Statements
This press release contains statements that the Company believes are "forward-looking statements." These statements relate to the Company's financial condition, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. 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. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially include, but are not limited to, the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general 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 and our bank subsidiaries by the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions, Division of Banks 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 or to write-down assets; our ability to control operating costs and expenses; 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; our ability to manage loan delinquency rates; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; legislative or regulatory changes that adversely affect our business; 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; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and other risks detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008. The Company does not undertake to update any forward-looking statement that may be made on behalf of the Company.
HERITAGE FINANCIAL CORPORATION
CONDENSED STATEMENTS OF FINANCIAL CONDITION
(Dollar amounts in thousands; unaudited)
June 30, December 31, June 30,
2009 2008 2008
Assets
Cash on hand and in banks $21,874 $31,478 $30,337
Interest earning deposits 60,613 29,156 793
Investment securities available for
sale 55,727 31,922 35,999
Investment securities held to
maturity 10,294 12,081 3,252
Loans held for sale 2,431 304 160
Loans receivable 784,867 808,726 797,591
Less: Allowance for loan losses (23,707) (15,423) (11,244)
Loans receivable, net 761,160 793,303 786,347
Other real estate owned 301 2,031 665
Premises and equipment, net 16,411 15,721 14,753
Federal Home Loan Bank stock 3,566 3,566 3,316
Accrued interest receivable 3,918 4,168 4,082
Prepaid expenses and other assets 17,071 8,979 8,302
Goodwill and other intangible assets 13,397 13,436 13,475
Total assets $966,763 $946,145 $901,481
Liabilities and Stockholders' Equity
Deposits $842,103 $824,480 $800,989
Advances from Federal Home Loan Bank - - 5,605
Securities sold under agreement to
repurchase 9,163 - -
Other borrowings - - 1,322
Accrued expenses and other
liabilities 4,123 8,518 6,270
Total liabilities 855,389 832,998 814,186
Preferred stock 23,426 23,367 -
Common stock 26,776 26,546 25,526
Unearned compensation (314) (358) (403)
Retained earnings 61,557 63,240 62,433
Accumulated other comprehensive
income (loss), net (71) 352 (261)
Total stockholders' equity 111,374 113,147 87,295
Total liabilities and stockholders'
equity $966,763 $946,145 $901,481
HERITAGE FINANCIAL CORPORATION
CONDENSED STATEMENTS OF INCOME (LOSS)
(Dollar amounts in thousands, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2009 2009 2008 2009 2008
Interest income:
Interest and fees
on loans $12,637 $12,895 $13,506 $25,532 $27,674
Taxable interest on
investment securities 558 447 377 1,005 769
Nontaxable interest
on investment
securities 58 55 50 113 95
Interest on federal
funds sold and
interest earning
deposits 56 44 32 100 120
Dividends on
Federal Home
Loan Bank Stock - - 11 - 19
Total interest
income 13,309 13,441 13,976 26,750 28,677
Interest expense:
Deposits 2,968 3,363 4,508 6,331 10,048
Borrowed funds 6 - 79 6 176
Total interest
expense 2,974 3,363 4,587 6,337 10,224
Net interest
income 10,335 10,078 9,389 20,413 18,453
Provision for loan
losses 4,540 5,250 710 9,790 1,070
Net interest
income after
provision for
loan losses 5,795 4,828 8,679 10,623 17,383
Non-interest income:
Gain on sales of
loans 105 97 229 202 271
Brokered mortgage
income 53 39 64 92 152
Service charges on
deposits 1,030 989 1,023 2,019 2,013
Rental income 36 36 80 72 163
Merchant visa income 769 682 766 1,451 1,466
Other income 279 194 112 473 455
Total non-interest
income 2,272 2,037 2,274 4,309 4,520
Non-interest expense:
Salaries & employee
benefits 3,697 3,831 3,665 7,528 7,386
Occupancy and
equipment 956 1,033 954 1,989 1,942
Data processing 428 409 386 837 770
Marketing 234 226 195 460 298
Merchant Visa 633 565 615 1,198 1,177
Professional
services 182 141 163 323 326
State and local taxes 260 195 239 455 476
Impairment loss on
securities 59 175 1,112 234 1,112
Federal deposit
insurance 751 145 119 896 156
Other expense 826 1,160 838 1,986 1,613
Total non-interest
expense 8,026 7,880 8,286 15,906 15,256
Income (loss)
before federal
income taxes 41 (1,015) 2,667 (974) 6,647
Federal income tax
expense (benefit) (50) (421) 863 (471) 2,183
Net income (loss) $91 $(594) $1,804 $(503) $4,464
Dividends accrued
and discount accreted
on preferred shares $330 $329 $- $659 $-
Net income (loss)
applicable to common
shareholders $(239) $(923) $1,804 $(1,162) $4,464
Basic earnings/(loss)
per common share $(0.04) $(0.14) $0.27 $(0.18) $0.67
Diluted earnings/(loss)
per common share $(0.04) $(0.14) $0.27 $(0.18) $0.67
Average number of
common shares
outstanding 6,615,989 6,610,410 6,598,888 6,613,298 6,593,220
Average number of
diluted common
shares outstanding 6,615,989 6,610,410 6,645,380 6,613,298 6,642,262
HERITAGE FINANCIAL CORPORATION
FINANCIAL STATISTICS
(Dollar amounts in thousands, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2009 2009 2008 2009 2008
Performance Ratios:
Net interest margin 4.59% 4.68% 4.55% 4.64% 4.50%
Efficiency ratio 63.66% 65.04% 71.05% 64.34% 66.41%
Return on average
assets 0.04% -0.25% 0.82% -0.11% 1.02%
Return on average
common equity -1.07% -4.13% 8.15% -2.60% 10.20%
Average Balances:
Average assets $967,781 $946,140 $884,062 $957,020 $880,727
Average earning
assets 903,433 872,749 827,398 888,143 823,890
Average total
loans 787,687 801,618 790,754 793,027 784,287
Average deposits 846,377 827,044 781,018 836,765 778,262
Average equity 113,365 113,979 88,747 113,670 87,995
Average tangible
common equity 76,559 77,182 75,260 76,869 74,498
As of Period End
June 30, March 31, June 30,
2009 2009 2008
Nonperforming Assets
Nonaccrual loans by
type:
Commercial $2,970 $3,608 $111
Real estate
mortgages 465 - -
Real estate
construction 16,077 9,798 7,643
Consumer - 10 37
Total nonaccrual
loans 19,512 13,416 7,791
Restructured loans 3,264 - -
Total nonperforming
loans 22,776 13,416 7,791
Other real estate
owned 301 2,022 665
Nonperforming
assets 23,077 15,438 8,456
Allowance for loan
losses to:
Total loans 3.02% 2.56% 1.41%
Nonperforming loans 104.09% 150.23% 144.32%
Nonperforming loans
to total loans 2.90% 1.71% 0.98%
Nonperforming assets
to total assets 2.39% 1.61% 0.94%
Financial Measures
Book value per common
share $13.11 $13.19 $13.05
Tangible book value per
common share $11.11 $11.19 $11.03
Stockholders' equity to
total assets 11.52% 11.70% 9.68%
Tangible common equity
to tangible assets 7.82% 7.96% 8.31%
Tier 1 leverage capital
to average assets 10.27% 10.50% 8.51%
Total capital to risk-
weighted assets 13.99% 14.10% 10.75%
Loans to deposits
ratio 90.68% 91.46% 98.19%
HERITAGE FINANCIAL CORPORATION
FINANCIAL STATISTICS
(Dollar amounts in thousands; unaudited)
Three months ending Three months ending
June 30, 2009 June 30, 2008
Interest Interest
Average Earned/ Average Average Earned/ Average
Balance Paid Rate Balance Paid Rate
Interest
Earning
Assets:
Loans, net $767,710 $12,637 6.60% $778,023 $13,506 6.98%
Investments:
Taxable 54,060 558 4.14% 34,503 377 4.39%
Nontaxable 6,869 58 3.36% 5,653 50 3.55%
Interest earning
deposits 71,228 56 0.32% 5,986 32 2.15%
Federal Home
Loan
Bank stock 3,566 - 0.00% 3,233 11 1.41%
Total interest
earning
assets 903,433 13,309 5.91% 827,398 13,976 6.79%
Non-interest
Earning
assets 64,348 56,664
Total
assets $967,781 $884,062
Interest Bearing
Liabilities:
Certificates of
deposit $321,851 2,059 2.57% $345,329 3,123 3.64%
Savings
accounts 82,073 206 1.01% 90,421 376 1.67%
Interest bearing
demand and
money market
accounts 322,468 703 0.87% 237,044 1,009 1.71%
Total Interest
bearing
deposits 726,392 2,968 1.64% 672,794 4,508 2.69%
FHLB advances
and other
borrowings - - - 8,103 79 3.94%
Securities sold
under agreement
to repurchase 2,988 6 0.75% - - -
Total interest
bearing
liabilities 729,380 2,974 1.64% 680,897 4,587 2.71%
Non-interest
bearing
deposits 119,985 108,224
Other non-
interest
bearing
liabilities 5,051 6,194
Stockholders'
equity 113,365 88,747
Total
liabilities &
stockholders'
equity $967,781 $884,062
Net interest
income $10,335 $9,389
Net interest
spread 4.27% 4.08%
Net interest
margin 4.59% 4.55%
Average interest
earning assets to
average interest
bearing
liabilities 123.86% 121.52%
HERITAGE FINANCIAL CORPORATION
FINANCIAL STATISTICS
(Dollar amounts in thousands; unaudited)
June 30, 2009 December 31, 2008 June 30, 2008
% of % of % of
Balance Total Balance Total Balance Total
Loan Composition
Commercial $436,599 55.5% $443,821 54.9% $445,570 55.9%
Real estate
mortgages:
One to four
family
residential 53,168 6.8% 57,535 7.1% 54,976 6.9%
Five or more
family
residential
and commercial
real
estate 160,673 20.4% 157,542 19.5% 162,463 20.4%
Total
real
estate
mortgages 213,841 27.2% 215,077 26.6% 217,439 27.3%
Real estate
construction:
One to four
family
residential 62,961 8.0% 71,159 8.8% 71,831 9.0%
Five or more
family
residential
and commercial
real
estate 52,086 6.5% 59,572 7.3% 46,397 5.8%
Total
real
estate
construction 115,047 14.5% 130,731 16.1% 118,228 14.8%
Consumer 23,459 3.0% 21,255 2.6% 18,452 2.2%
Gross
loans 788,946 100.2% 810,884 100.2% 799,689 100.2%
Deferred loan
fees (1,648) -0.2% (1,854) -0.2% (1,938) -0.2%
Total
loans $787,298 100.0% $809,030 100.0% $797,751 100.0%
Deposit Composition
Non-interest
demand
deposits $121,309 14.4% $115,551 14.0% $115,774 14.5%
NOW accounts 197,411 23.4% 122,104 14.8% 119,940 15.0%
Money market
accounts 115,156 13.7% 141,716 17.2% 120,692 15.1%
Savings accounts 81,591 9.7% 98,715 12.0% 101,977 12.7%
Total non-
maturity
deposits 515,467 61.2% 478,086 58.0% 458,383 57.2%
Certificate of
deposit
accounts 326,636 38.8% 346,394 42.0% 342,606 42.8%
Total
deposits $842,103 100.0% $824,480 100.0% $800,989 100.0%
SOURCE Heritage Financial Corporation
http://www.HF-WA.com
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