Every material Form 8-K Heritage Financial filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Heritage Financial named Karen Saunders, a former KPMG audit partner, to its board and the board of Heritage Bank, effective January 1, 2025. Director Deborah Gavin said she will not stand for re-election at the 2025 annual meeting, and the company said her decision was not due to any disagreement over operations, policies, or practices. The filing covers board changes and a deferred compensation participation agreement for CEO-level executive Matthew Ray, with no financial results reported.
Karen Saunders, age 60, joins the board and Heritage Bank board effective January 1, 2025, and will serve on the Audit and Finance and Risk and Technology Committees
Deborah J. Gavin informed the company on December 13, 2024, that she will not stand for re-election; her term expires at the 2025 Annual Meeting
The board determined Saunders is independent under Nasdaq listing standards
Matthew T. Ray's deferred compensation agreement vests 10% per year, becoming fully vested after ten anniversaries of the January 1, 2025 award date
Heritage Financial reported third quarter 2024 net income of $11.4 million, or $0.33 per diluted share, down from $14.2 million, or $0.41, in the second quarter and $18.2 million, or $0.51, a year earlier. The results include a $6.9 million pre-tax loss on the sale of investment securities, which the company tied to a balance sheet repositioning. The board also declared a $0.23 quarterly dividend per share.
Net income was $11.4 million, or $0.33 per diluted share, versus $14.2 million, or $0.41, in Q2 2024 and $18.2 million, or $0.51, in Q3 2023.
A $6.9 million pre-tax loss on the sale of $78.0 million of investment securities reduced diluted earnings per share by $0.16.
Loans receivable rose $146.9 million, or 3.2%, and total deposits rose $192.8 million, or 3.5%, in the quarter.
Quarterly dividend of $0.23 per share is payable November 20, 2024 to shareholders of record on November 6, 2024.
Heritage Financial Corporation (HFWA) said Nicholas Bley will become Executive Vice President and Chief Operating Officer of Heritage Bank and Executive Vice President of Heritage, effective October 28, 2024. The filing describes an employment agreement with a $400,008 base salary and a $300,000 signing bonus, which matters to shareholders as a senior executive hire with defined pay and severance terms.
Role effective October 28, 2024; employment agreement dated July 23, 2024, runs through June 30, 2027
Annual base salary of $400,008; one-time signing bonus of $300,000 payable January 15, 2025
Target annual cash incentive of 40% of base salary; one-time restricted stock unit award with grant value of approximately $350,000
Bley previously held various titles at JPMorgan Chase & Co., most recently Managing Director and Commercial Real Estate Senior Regional Sales Manager
Heritage Financial reported second quarter 2024 net income of $14.2 million, or $0.41 per diluted share, up from $5.7 million in the first quarter but down from $16.8 million in the second quarter of 2023. The company also declared a $0.23 quarterly dividend and announced a CEO succession plan, with Bryan McDonald named President of Heritage Financial and CEO of Heritage Bank effective July 1, 2024. Shareholders see a sequential profit recovery alongside a year-over-year decline, which included a $1.9 million pre-tax loss on securities sales.
Net income $14.2 million, or $0.41 per diluted share, versus $5.7 million, or $0.16, in Q1 2024 and $16.8 million, or $0.48, in Q2 2023
Q2 included a $1.9 million pre-tax loss on sale of investment securities, which reduced diluted EPS by $0.04
Net interest margin was 3.29%, down from 3.32% in Q1 2024 and 3.56% in Q2 2023; loans receivable rose $104.5 million, or 2.4%
Quarterly cash dividend of $0.23 per share payable August 21, 2024 to holders of record August 7, 2024; Jeff Deuel remains CEO of Heritage Financial until May 6, 2025
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Heritage Financial filing is on SEC EDGAR ↗. 8-K briefs of other companies →