The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Heritage Financial in Wash. sells more lower-yielding securities

Heritage Financial in Olympia, Wash., sold more securities and restructured its bank-owned life insurance in the fourth quarter.

The $7.1 billion-asset company said in a press release that its quarterly profit still doubled that of a year earlier, totaling $11.9 million.

Heritage sold $35.6 million of lower-yielding investment securities at a $3.9 million pretax loss. Proceeds were used to fund higher-yielding loan growth. (The company sold $78 million of investment securities at a $6.9 million pretax loss in the third quarter.)

The company incurred nearly $3 million of expenses from restructuring its BOLI portfolio.

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