HERITAGE FINANCIAL CORP /WA/ HFWA
Heritage Financial Corporation is a bank holding company that was incorporated in the State of Washington in August 1997. We are primarily engaged in the business of planning, directing, and coordinating the business activities of our wholly-owned subsidiary and single reportable segment, Heritage Bank.
Heritage Bank is headquartered in Olympia, Washington and conducts business from its 50 branch offices located throughout Washington State, the greater Portland, Oregon area, Eugene, Oregon and Boise, Idaho and its one loan production office in Spokane, Washington as of December 31, 2025. Heritage Bank also does business under the Whidbey Island Bank name on Whidbey Island, Washington. On January 31, 2026, Heritage completed its acquisition of Olympic and Olympic's wholly-owned banking subsidiary, Kitsap Bank. The acquisition added 16 branch offices to the franchise, doing business under the Kitsap Bank name as a division of Heritage Bank. The deposits of the Bank are insured by the FDIC.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $314.2M | $309.7M | $284.5M | $227.5M | $212.8M | $214.3M | $217.8M | $199.4M | $147.7M | $138.5M |
| Interest expense | $224.4M | $209.4M | $225.2M | $219.4M | $7.0M | $13.3M | $18.2M | $12.4M | $8.3M | $6.0M |
| Pre-tax income | $78.6M | $52.3M | $72.9M | $99.4M | $120.5M | $53.2M | $81.0M | $64.3M | $60.1M | $52.7M |
| Income tax | $11.1M | $9.0M | $11.2M | $17.6M | $22.5M | $6.6M | $13.5M | $11.2M | $18.4M | $13.8M |
| Net income | $67.5M | $43.3M | $61.8M | $81.9M | $98.0M | $46.6M | $67.6M | $53.1M | $41.8M | $38.9M |
| EPS, basic | 1.99 | 1.26 | 1.76 | 2.33 | 2.75 | 1.29 | 1.84 | 1.49 | 1.39 | 1.30 |
| EPS, diluted | 1.96 | 1.24 | 1.75 | 2.31 | 2.73 | 1.29 | 1.83 | 1.49 | 1.39 | 1.30 |
| Shares, diluted (wtd. avg.) | $34.5M | $34.9M | $35.3M | $35.5M | $36.0M | $36.2M | $37.0M | $35.4M | $29.8M | $29.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $233.1M | $117.1M | $225.0M | $103.6M | $1.72B | $743.3M | $228.6M | $161.9M | $103.0M | $103.7M |
| Property, plant and equipment | $74.7M | $71.6M | $74.9M | $76.9M | $79.4M | $85.5M | $87.9M | $81.1M | $60.3M | $63.9M |
| Goodwill | $240.9M | $240.9M | $240.9M | $240.9M | $240.9M | $240.9M | $240.9M | $240.9M | $119.0M | $119.0M |
| Other intangibles | $2.0M | $3.2M | $4.8M | $7.2M | $10.0M | $13.1M | $16.6M | $20.6M | $6.1M | $7.4M |
| Total assets | $6.97B | $7.11B | $7.17B | $6.98B | $7.43B | $6.62B | $5.55B | $5.32B | $4.11B | $3.88B |
| Total liabilities | $6.05B | $6.24B | $6.32B | $6.18B | $6.58B | $5.79B | $4.74B | $4.56B | $3.60B | $3.40B |
| Retained earnings | $421.6M | $387.1M | $376.0M | $345.3M | $293.2M | $224.4M | $212.5M | $176.4M | $149.0M | $125.3M |
| Total equity | $921.5M | $863.5M | $853.3M | $797.9M | $854.4M | $820.4M | $809.3M | $760.7M | $508.3M | $481.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $94.8M | $64.5M | $109.5M | $94.5M | $69.5M | $70.3M | $92.5M | $90.4M | $73.5M | $54.0M |
| Depreciation and amortisation | $956.0K | $1.6M | $3.2M | $341.0K | -$21.7M | -$3.6M | $14.1M | $17.6M | $10.7M | $12.7M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | $0 |
| Capital expenditure | $9.2M | $3.5M | $10.4M | $4.0M | $3.0M | $7.0M | $13.0M | $23.3M | $3.1M | $6.7M |
| Investing cash flow | $186.8M | -$85.9M | -$93.4M | -$1.21B | $163.8M | -$538.5M | -$125.3M | -$109.6M | -$241.4M | -$252.9M |
| Financing cash flow | -$165.6M | -$86.5M | $105.3M | -$506.4M | $746.7M | $983.0M | $99.5M | $78.1M | $167.2M | $176.1M |
| Dividends paid | $32.6M | $31.8M | $30.8M | $29.5M | $28.9M | $28.9M | $30.9M | $25.8M | $18.3M | $21.6M |
| Buybacks | $5.5M | $22.4M | $7.0M | $3.2M | $22.9M | $19.1M | $8.6M | $1.7M | $737.0K | $2.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012703.
Others in SIC 6036
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| FLG | FLAGSTAR BANK, NATIONAL ASSOCIATION | $5.61B | — | -25.0% |
| BBT | Beacon Financial Corp | $2.67B | 31.0x | 81.1% |
| NBBK | NB Bancorp, Inc. | $1.01B | 17.3x | 14.8% |
| SMBC | SOUTHERN MISSOURI BANCORP, INC. | $817.0M | 14.3x | 11.7% |
| TCBX | Third Coast Bancshares, Inc. | $767.0M | 12.2x | — |
| GCBC | GREENE COUNTY BANCORP INC | $607.0M | 19.5x | 13.5% |
| HBCP | HOME BANCORP, INC. | $553.8M | 12.0x | 4.9% |
| PBFS | Pioneer Bancorp, Inc./MD | $460.6M | 22.3x | 5.8% |