Heritage Financial Corp., the parent company of Heritage Bank, reported a $9.9 million profit in the fourth quarter, the company announced Thursday.
Because of strong loan growth, Heritage earned net income of $9.9 million in the quarter, or 33 cents a share, compared with net income of $9.5 million, or 32 cents a share in the same period a year ago.
For the year, the company earned a $38.9 million profit.
“I was particularly pleased with our loan growth and our expense control,” President and Chief Executive Brian Vance said in a statement. “We had previously guided 2016 loan growth at the 6 percent to 8 percent range and finished the year with 10 percent net loan growth, boosted by strong fourth quarter loan production.”
The company also announced a 12-cent cash dividend.
Heritage’s stock has traded between $16.40 and $26.98 a share. It closed Thursday at $26.35.