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Heritage Financial reports Q4 net loss

Heritage Financial reported a net loss for Q4 2008 of $194,000

Heritage Financial Corporation has reported a net loss for the fourth quarter ended December 31, 2008 of $194,000, or $0.05 per diluted share, as compared to a net income of $2.77 million, or $0.42 per diluted share, for the fourth quarter ended December 31, 2007.

Net interest income for the fourth quarter of 2008 was $10.03 million, as compared with $9.14 million in the same quarter of 2007. Net interest margin for the quarter was 4.67%, compared with 4.39% in the corresponding quarter of 2007.

Net income for the year ended December 31, 2008 was $6.35 million, or $0.93 per diluted share, as compared with $10.71 million, or $1.61 per diluted share, for the year ended December 31, 2007.

Net interest income before provision for loan losses was $38.34 million for the year 2008, an increase of 4.7% from $36.62 million for the year 2007. The net interest margin increased to 4.59% for the year ended December 31, 2008, compared to 4.50% for the year ended December 31, 2007.

The company’s total assets increased $60 million to $946.1 million at December 31, 2008 from $886.1 million at December 31, 2007. Net loans increased $24.4 million, or 3.2%, to $793.3 million at December 31, 2008 from $768.9 million at December 31, 2007.