Heritage Financial Q3 Profit Falls Despite 31.7% Revenue Growth

Heritage Financial Corp. (HFWA) reported lower third-quarter earnings compared with the same period last year, even as revenue rose sharply. The bank posted net income of $18.72 million, or $0.46 per share, down from $19.17 million, or $0.55 per share, a year earlier. Excluding items, adjusted earnings came in at $22.82 million, or $0.55 per share. Revenue for the period increased 31.7% to $86.51 million from $65.69 million last year.