Heritage Financial (HFWA) reported third-quarter loan and deposit growth, a wider net interest margin, and completion of the Kitsap Bank systems conversion in late September as planned. Total loans rose $133 million and the loan portfolio yield reached 5.76%, while total deposits grew $148 million. Net interest margin expanded to 4.05% from 3.99% in the second quarter. Non-accrual loans increased $16.6 million to just over $32 million, or 0.55% of total loans, mainly due to a commercial and industrial relationship involving several transportation companies. The company expects annualized loan growth in the mid-single-digit range over the next couple of quarters.
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