Parent company of Heritage Bank shows quarterly improvement after net loss
The parent company of Olympia-based Heritage Bank reported a slightly lower quarterly profit in the third quarter than in the year-ago period, but it soared when compared to the net loss announced in the second quarter of the year.
Heritage Financial earned $16.6 million in the quarter, which was down from the $17.9 million profit in the same period a year ago, but earnings rose sharply after a $6.1 million loss in the second quarter.
“We are pleased with our third-quarter financial performance,” said Jeffrey Deuel, president and chief executive, in a statement. “The overlay of COVID-19 has been difficult for everyone; however, the Heritage team has navigated these challenges and we are focused on improving our financial results and effectively managing risk.”
The company also announced it is closing nine bank branches.
—Rolf Boone
