Heritage Bank parent posts $2.9M in net income in 3Q



Heritage Financial Corp., parent of Olympia-based Heritage Bank, reported Wednesday a net income of $2.9 million for the quarter ended Sept. 30, or 19 cents per diluted share.

That’s up from $1.8 million in the same quarter one year ago and slightly below its $3.2 million net income for the quarter that ended June 30. The third-quarter net income raises Heritage’s total income to date for the calendar year to $10.2 million, the company reported.

Heritage’s total assets climbed during the quarter to $1.37 billion. Its originated loans increased by $18.3 million, to $872 million, which officials attributed primarily to growth in commercial business loans.

Heritage has one Clark County branch, in downtown Vancouver, and it recently purchased an east Vancouver site at Southeast 164th Avenue and 18th Street for a second local branch. In September, the bank opened its Portland metro-area headquarters in downtown Vancouver.