Heritage Financial Corp., Commencement Bank and Timberland Bancorp reported profitable quarters this week.
▪ Heritage Financial: The parent company of Olympia-based Heritage Bank earned a net income of $9.3 million in the first quarter, compared with $9.1 million in the same quarter a year ago. On a per share basis, the company earned 31 cents versus 30 cents a year ago. Heritage also announced that it will increase its quarterly dividend to 13 cents from 12 cents.
▪ Commencement Bank: The Tacoma-based bank, which recently acquired Thurston First Bank in Olympia, reported net income of $569,000, versus $272,000 a year ago. On a per share basis, the bank earned 17 cents compared with 12 cents a year ago. Total loans soared 55 percent, rising to $234.5 million.
▪ Timberland Bancorp: The parent company of Hoquiam-based Timberland Bank reported net income of $3.13 million for its fiscal second quarter, compared with $2.38 million in the same quarter a year ago. Earnings per share were 42 cents versus 34 cents. The company also announced a quarterly dividend of 11 cents.