Heritage Financial (HFWA) Q4 FY2023 earnings: revenue $51 million, down 27.2% on the year

Heritage Financial Corp. (HFWA) reported revenue of $51 million for Q4 FY2023, the quarter ended 31 December 2023, down 27.2% on the same quarter a year earlier. Net income was $6 million, down 72.4% on the year, and diluted earnings per share $0.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$51 milliondown 27.2%

Net income$6 milliondown 72.4%

Diluted EPS$0.18

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	50.7	61.9	n/a	n/a
Interest expense	20.4	17.8	n/a	n/a
Pre-tax income	6.6	21.8	n/a	n/a
Income tax	0.3	3.6	n/a	n/a
Effective tax rate	5.2%	16.4%	n/a
Net income	6.2	18.2	n/a	n/a
Net margin	12.3%	29.4%	n/a
Diluted EPS	$0.18	$0.51	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	31.0	31.1	n/a	n/a
Capital expenditure	1.1	3.8	n/a	n/a
Free cash flow	29.8	27.3	n/a	n/a
Cash from investing	-10.3	52.1	n/a	n/a
Cash from financing	-16.2	29.0	n/a	n/a
Depreciation and amortisation	0.8	0.6	n/a	n/a
Buybacks	0.0	2.6	n/a	n/a
Dividends paid	7.7	7.7	n/a	n/a
Dividend per share	n/a	$0.22	n/a	n/a
Diluted shares, weighted	n/a	35m	n/a	n/a
Shares outstanding at period end	35m	35m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	853	814	n/a	n/a
Deposits	5,600	5,635	n/a	n/a
Other liabilities	722	702	n/a	n/a
Total liabilities and equity	7,175	7,151	n/a	n/a
Fixed assets	74.9	76.4	n/a	n/a
Goodwill	241	241	n/a	n/a
Intangible assets	4.8	5.4	n/a	n/a
Securities held for sale or to maturity	1,874	1,894	n/a	n/a
Loans	4,288	4,220	n/a	n/a
Cash and equivalents	225	221	n/a	n/a
Other assets	468	493	n/a	n/a
Total assets	7,175	7,151	n/a	n/a

Questions

What was Heritage Financial's revenue in Q4 FY2023?

Heritage Financial (HFWA) reported revenue of $51 million for Q4 FY2023, the quarter ended 31 December 2023, down 27.2% on the same quarter a year earlier.

How much did Heritage Financial earn in Q4 FY2023?

Net income for Q4 FY2023 was $6 million, down 72.4% on the year, and diluted earnings per share $0.18.

When did Heritage Financial report Q4 FY2023 results?

Heritage Financial filed its 10-K for the year that ended with the quarter on 27 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	61.9	50.7	48.6	56.4	54.8	57.1	57.6	56.5	65.7	66.3	77.9	84.1
Interest expense	17.8	20.4	22.8	25.5	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	21.8	6.6	6.9	16.0	13.1	16.3	16.2	14.5	22.3	25.7	22.4	20.7
Tax rate	16%	5%	16%	11%	13%	27%	14%	16%	14%	13%	15%	15%
Net income	18.2	6.2	5.7	14.2	11.4	11.9	13.9	12.2	19.2	22.2	18.9	17.5
Net margin	29%	12%	12%	25%	21%	21%	24%	22%	29%	34%	24%	21%
Diluted EPS	$0.51	$0.18	$0.16	$0.41	$0.33	$0.34	$0.40	$0.36	$0.55	$0.65	$0.48	$0.42
Operating cash flow	31.1	31.0	12.9	6.8	24.2	20.6	19.3	22.5	25.1	28.0	14.0	23.1
Capital expenditure	3.8	1.1	0.9	0.8	0.9	0.8	1.2	1.6	0.7	5.7	1.3	2.0
Free cash flow	27.3	29.8	12.0	6.0	23.2	19.8	18.1	20.9	24.4	22.3	12.7	21.1
Buybacks	2.6	0.0	6.1	4.4	7.5	4.4	0.8	4.6	0.0	0.0	1.0	10.1
Dividends paid	7.7	7.7	8.0	8.0	7.9	7.9	8.2	8.2	8.1	8.2	8.2	9.9
Shares outstanding	35m	35m	35m	34m	34m	34m	34m	34m	34m	34m	41m	41m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0001046025-24-000015: the filing on EDGAR. All of Heritage Financial Corp.'s filings: EDGAR company page.

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