NASDAQ : HFWA
Heritage Financial Corporation — Financial statements
Financials · Banks - Regional · United States
Last price 28.91 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.17B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 309.52M | 262.90M | 247.47M | 217.28M | 174.28M | 189.83M |
| Interest Income on Investments | 57.88M | 51.34M | 62.24M | 67.18M | 53.18M | 23.00M |
| Total Interest Income | 367.40M | 314.24M | 309.71M | 284.46M | 227.46M | 212.83M |
| Interest Paid on Deposits | 83.08M | 79.34M | 75.07M | 39.35M | 6.77M | 6.16M |
| Interest Paid on Borrowings | 4.66M | 10.49M | 25.28M | 19.96M | 1.30M | 882.00K |
| Total Interest Expense | 87.75M | 89.83M | 100.35M | 59.31M | 8.07M | 7.04M |
| Net Interest Income | 279.65M | 224.41M | 209.36M | 225.16M | 219.38M | 205.79M |
| Gain (Loss) on Sale of Assets | 8.00K | 1.55M | 2.00K | 469.00K | 4.41M | |
| Gain (Loss) on Sale of Investments | -217.00K | -10.74M | -22.74M | -10.63M | -256.00K | 29.00K |
| Other Non-Interest Income | 35.47M | 32.47M | 28.64M | 28.95M | 28.75M | 26.54M |
| Total Non-Interest Income | 35.25M | 21.73M | 7.47M | 18.66M | 29.59M | 34.62M |
| Revenues Before Loan Losses | 314.90M | 246.14M | 216.84M | 243.82M | 248.98M | 240.40M |
| Provision for Loan Losses | -494.00K | 1.97M | 6.28M | 4.28M | -1.43M | -29.37M |
| Revenue | 315.40M | 244.17M | 210.56M | 239.54M | 250.40M | 269.78M |
| Salaries and Employee Benefits | 125.61M | 99.08M | 94.18M | 95.76M | 88.30M | 85.10M |
| Occupancy Expenses | 15.56M | 12.32M | 12.91M | 19.16M | 17.46M | 17.24M |
| Federal Deposit Insurance | 3.65M | 3.21M | 3.26M | 3.31M | 2.02M | 2.11M |
| Amortization of Goodwill & Intangibles | 8.24M | 1.17M | 1.64M | 2.43M | 2.75M | 3.11M |
| Selling, General & Administrative | 46.58M | 32.01M | 29.13M | 27.60M | 23.84M | 26.19M |
| Other Non-Interest Expense | 24.68M | 17.77M | 17.18M | 18.36M | 16.60M | 15.52M |
| Total Non-Interest Expense | 224.32M | 165.57M | 158.30M | 166.62M | 150.97M | 149.27M |
| EBT Excluding Unusual Items | 91.08M | 78.60M | 52.26M | 72.92M | 99.44M | 120.51M |
| Pretax Income | 91.08M | 78.60M | 52.26M | 72.92M | 99.44M | 120.51M |
| Income Tax Expense | 13.63M | 11.07M | 9.00M | 11.16M | 17.56M | 22.47M |
| Net Income | 77.45M | 67.53M | 43.26M | 61.76M | 81.88M | 98.03M |
| Net Income to Common | 77.45M | 67.53M | 43.26M | 61.76M | 81.88M | 98.03M |
| Basic Shares Outstanding | 38.62M | 34.00M | 34.47M | 35.02M | 35.10M | 35.68M |
| Diluted Shares Outstanding | 39.08M | 34.46M | 34.90M | 35.26M | 35.46M | 35.97M |
| EPS (Basic) | 2.01 | 1.99 | 1.26 | 1.76 | 2.33 | 2.75 |
| EPS (Diluted) | 1.99 | 1.96 | 1.24 | 1.75 | 2.31 | 2.73 |
| Dividend Per Share | 0.49 | 0.96 | 0.92 | 0.88 | 0.84 | 0.81 |
| Effective Tax Rate | 14.97% | 14.09% | 17.22% | 15.30% | 17.66% | 18.65% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 187.07M | 233.09M | 117.10M | 224.97M | 103.59M | 1.71B |
| Investment Securities | 259.36M | 394.21M | 423.74M | 476.42M | 584.87M | 528.90M |
| Trading Asset Securities | 14.43M | 23.87M | 23.20M | 30.11M | 15.22M | |
| Mortgage-Backed Securities | 1.34B | 1.05B | 1.23B | 1.60B | 1.70B | 865.13M |
| Total Investments | 1.60B | 1.46B | 1.68B | 2.10B | 2.32B | 1.41B |
| Gross Loans | 5.88B | 4.80B | 4.81B | 4.35B | 4.06B | 3.83B |
| Allowance for Loan Losses | -61.34M | -52.58M | -52.47M | -48.00M | -42.99M | -42.36M |
| Other Adjustments to Gross Loans | -11.85M | -11.21M | -12.99M | -12.52M | -11.89M | |
| Net Loans | 5.82B | 4.73B | 4.75B | 4.29B | 4.01B | 3.77B |
| Property, Plant & Equipment | 98.30M | 94.49M | 93.98M | 98.50M | 99.63M | 106.97M |
| Goodwill | 279.03M | 240.94M | 240.94M | 240.94M | 240.94M | 240.94M |
| Other Intangible Assets | 44.33M | 1.98M | 3.15M | 4.79M | 7.23M | 9.98M |
| Loans Held for Sale | 1.48M | |||||
| Accrued Interest Receivable | 24.29M | 19.28M | 19.48M | 19.52M | 18.55M | 14.66M |
| Restricted Cash | 9.80M | |||||
| Other Current Assets | 305.35M | 64.48M | 51.88M | 24.08M | ||
| Other Long-Term Assets | 147.60M | 182.87M | 181.68M | 125.66M | 122.25M | 120.54M |
| Total Assets | 8.52B | 6.97B | 7.11B | 7.17B | 6.98B | 7.43B |
| Accrued Expenses | 102.71M | 38.96M | 93.12M | 142.33M | 131.85M | 93.05M |
| Interest Bearing Deposits | 5.22B | 3.88B | 3.58B | 3.62B | 3.70B | 3.95B |
| Institutional Deposits | 443.60M | 450.80M | 260.90M | 103.70M | 100.00M | |
| Non-Interest Bearing Deposits | 1.97B | 1.60B | 1.65B | 1.72B | 2.10B | 2.34B |
| Total Deposits | 7.19B | 5.92B | 5.68B | 5.60B | 5.91B | 6.39B |
| Short-Term Borrowings | 121.90M | 34.43M | 406.87M | 523.20M | 76.70M | 66.12M |
| Current Portion of Leases | 4.85M | |||||
| Accrued Interest Payable | 149.00K | 214.00K | 250.00K | 70.00K | 73.00K | |
| Other Current Liabilities | 17.42M | |||||
| Long-Term Leases | 17.54M | 24.90M | 25.50M | 24.40M | 28.80M | |
| Trust Preferred Securities | 22.57M | 22.35M | 22.06M | 21.77M | 21.47M | 21.18M |
| Other Long-Term Liabilities | 7.37M | 10.98M | 8.78M | 2.87M | -25.54M | |
| Total Liabilities | 7.43B | 6.05B | 6.24B | 6.32B | 6.18B | 6.58B |
| Common Stock | 698.91M | 531.10M | 531.67M | 549.75M | 552.40M | 551.80M |
| Retained Earnings | 448.18M | 421.62M | 387.10M | 375.99M | 345.35M | 293.24M |
| Comprehensive Income & Other | -63.27M | -31.21M | -55.24M | -72.48M | -99.85M | 9.40M |
| Shareholders' Equity | 1.08B | 921.50M | 863.53M | 853.26M | 797.89M | 854.43M |
| Total Liabilities & Equity | 8.52B | 6.97B | 7.11B | 7.17B | 6.98B | 7.43B |
| Total Debt | 144.47M | 79.17M | 453.82M | 570.46M | 122.58M | 116.11M |
| Net Cash (Debt) | 42.60M | 168.36M | -312.86M | -322.29M | 11.12M | 1.61B |
| Net Cash Per Share | 1.09 | 4.89 | -8.96 | -9.14 | 0.31 | 44.83 |
| Filing Date Shares Outstanding | 40.58M | 41.13M | 33.99M | 34.91M | 35.11M | 35.11M |
| Total Common Shares Outstanding | 40.58M | 33.96M | 33.99M | 34.91M | 35.11M | 35.11M |
| Book Value Per Share | 26.71 | 27.13 | 25.40 | 24.44 | 22.73 | 24.34 |
| Tangible Book Value | 760.46M | 678.59M | 619.43M | 607.53M | 549.73M | 603.52M |
| Tangible Book Value Per Share | 18.74 | 19.98 | 18.22 | 17.40 | 15.66 | 17.19 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 67.53M | 43.26M | 61.76M | 81.88M | 98.03M | |
| Depreciation & Amortization | 2.13M | 3.23M | 5.60M | 3.09M | -18.63M | |
| Gain (Loss) on Sale of Assets | -1.48M | -610.00K | -403.00K | -4.44M | ||
| Gain (Loss) on Sale of Investments | 35.40M | 42.59M | 28.69M | 190.00K | -384.00K | |
| Provision for Credit Losses | 1.97M | 6.28M | 4.28M | -1.43M | -29.37M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 26.00K | 343.00K | 2.11M | 7.10M | ||
| Other Operating Activities | -17.15M | -33.75M | 5.48M | 5.86M | 17.20M | |
| Operating Cash Flow | 94.82M | 64.48M | 109.52M | 94.46M | 69.53M | |
| Capital Expenditures | -9.16M | -3.46M | -10.38M | -4.02M | -3.02M | |
| Sale of Property, Plant and Equipment | 52.00K | 7.54M | 78.00K | 2.21M | 10.62M | |
| Investment in Securities | 143.96M | 379.54M | 207.97M | -981.72M | -531.51M | |
| Divestitures | -13.83M | |||||
| Net Decrease (Increase) in Loans Originated / Sold - Investing | 21.60M | -464.58M | -280.66M | -225.15M | 699.11M | |
| Other Investing Activities | 30.30M | -4.94M | 3.37M | 901.00K | -11.44M | |
| Investing Cash Flow | 186.75M | -85.90M | -93.45M | -1.21B | 163.76M | |
| Short-Term Debt Issued | 536.40M | 1.46B | 1.89B | 50.05M | 15.16M | |
| Total Debt Issued | 536.40M | 1.46B | 1.89B | 50.05M | 15.16M | |
| Short-Term Debt Repaid | -899.40M | -1.58B | -1.44B | -54.29M | ||
| Total Debt Repaid | -899.40M | -1.58B | -1.44B | -54.29M | ||
| Net Debt Issued (Repaid) | -363.00M | -117.00M | 453.40M | -4.24M | 15.16M | |
| Repurchase of Common Stock | -5.52M | -22.42M | -6.97M | -3.20M | -22.89M | |
| Common Dividends Paid | -32.65M | -31.78M | -30.82M | -29.49M | -28.94M | |
| Net Increase (Decrease) in Deposit Accounts | 235.59M | 84.74M | -310.30M | -469.45M | 783.35M | |
| Financing Cash Flow | -165.58M | -86.45M | 105.31M | -506.38M | 746.68M | |
| Net Cash Flow | 115.99M | -107.87M | 121.38M | -1.62B | 979.97M | |
| Free Cash Flow | 85.66M | 61.02M | 99.15M | 90.44M | 66.51M | |
| Free Cash Flow Margin | 35.08% | 28.98% | 41.39% | 36.12% | 24.65% | |
| Free Cash Flow Per Share | 2.49 | 1.75 | 2.81 | 2.55 | 1.85 | |
| Cash Interest Paid | 90.14M | 112.22M | 46.13M | 7.71M | 6.79M | |
| Cash Income Tax Paid | 2.69M | 1.77M | 3.20M | 5.04M | 9.89M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.19B | 803.08M | 836.76M | 746.53M | 1.08B | 859.47M |
| Last Close Price | 28.47 | 23.04 | 22.91 | 19.11 | 26.14 | 20.22 |
| PE Ratio | 14.77 | 11.89 | 19.34 | 12.09 | 13.14 | 8.77 |
| PS Ratio | 3.66 | 3.29 | 3.97 | 3.12 | 4.29 | 3.19 |
| PB Ratio | 1.07 | 0.87 | 0.97 | 0.88 | 1.35 | 1.01 |
| P/FCF Ratio | 14.36 | 9.38 | 13.71 | 7.53 | 11.89 | 12.92 |
| P/OCF Ratio | 12.82 | 8.47 | 12.98 | 6.82 | 11.39 | 12.36 |
| Debt / Equity Ratio | 0.13 | 0.09 | 0.53 | 0.67 | 0.15 | 0.14 |
| Debt / FCF Ratio | 0.92 | 7.44 | 5.75 | 1.35 | 1.75 | |
| Net Debt / Equity Ratio | -0.04 | -0.18 | 0.36 | 0.38 | -0.01 | -1.89 |
| Net Debt / FCF Ratio | -1.97 | 5.13 | 3.25 | -0.12 | -24.25 | |
| Return on Equity (ROE) | 7.79% | 7.57% | 5.04% | 7.48% | 9.91% | 11.71% |
| Return on Assets (ROA) | 1.00% | 0.96% | 0.61% | 0.87% | 1.14% | 1.40% |
| Earnings Yield | 6.77% | 8.41% | 5.17% | 8.27% | 7.61% | 11.41% |
| FCF Yield | 6.96% | 10.67% | 7.29% | 13.28% | 8.41% | 7.74% |
| Dividend Yield | 3.41% | 4.06% | 3.74% | 4.12% | 2.74% | 3.31% |
| Payout Ratio | 50.33% | 48.35% | 73.46% | 49.91% | 36.02% | 29.52% |
| Buyback Yield / Dilution | -13.24% | 1.27% | 1.02% | 0.58% | 1.42% | 0.54% |
| Total Shareholder Return | -9.73% | 5.33% | 4.76% | 4.70% | 4.16% | 3.85% |