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.