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Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and its owners in the United States. It accepts various deposit products, such as noninterest demand deposits, interest bearing demand deposits, money market accounts, savings accounts, personal checking accounts, and certificates of deposit. The company also offers commercial business loans, including lines of credit, term equipment financing and term owner-occupied, and non-owner occupied CRE loans; real estate construction and land development loans, as well as residential construction loans, and commercial and multifamily construction loans; residential real estate loans; and originate loans that are guaranteed by the U.S. SBA, and secured and unsecured consumer loans and lines of credit. In addition, it provides investment advice, online banking, online statements, mobile banking with mobile deposit, Visa debit cards, and access. The company was formerly known as Heritage Financial Corporation, M.H.C. and changed its name to Heritage Financial Corporation in 1998. Heritage Financial Corporation was founded in 1927 and is headquartered in Olympia, Washington.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $246M | - | $68M | $86M | 7.3% | 13.5% | 56.1% |
| 2024 | $217M | - | $43M | $61M | 5.0% | -11.1% | -30.0% |
| 2023 | $244M | - | $62M | $99M | 7.2% | -2.1% | -24.6% |
| 2022 | $249M | - | $82M | $90M | 10.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 248.98 | 243.82 | 216.84 | 246.14 |
| Operating Revenue | - | 248.98 | 243.82 | 216.84 | 246.14 |
| Selling General And Administration | - | 95.75 | 105.32 | 102.78 | 108.48 |
| Interest Income | - | 227.46 | 284.46 | 309.71 | 314.24 |
| Interest Expense | - | 8.07 | 59.31 | 100.35 | 89.83 |
| Net Interest Income | - | 219.38 | 225.16 | 209.36 | 224.40 |
| Pretax Income | - | 99.44 | 72.92 | 52.26 | 78.60 |
| Tax Provision | - | 17.56 | 11.16 | 9 | 11.07 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.08 | 0 | 0.27 | 0 |
| Net Income Continuous Operations | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Net Income From Continuing And Discontinued Operation | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Net Income From Continuing Operation Net Minority Interest | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Net Income | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Net Income Common Stockholders | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Net Income Including Noncontrolling Interests | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Normalized Income | - | 81.49 | 61.75 | 41.97 | 67.53 |
| Diluted NI Availto Com Stockholders | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Basic Average Shares | - | 35.10 | 35.48 | 34.47 | 34 |
| Diluted Average Shares | - | 35.46 | 35.48 | 34.90 | 34.46 |
| Reconciled Depreciation | - | 3.09 | 5.60 | 3.23 | 2.13 |
| Total Unusual Items | - | 0.47 | 0 | 1.55 | 0.01 |
| Total Unusual Items Excluding Goodwill | - | 0.47 | 0 | 1.55 | 0.01 |
| Gain On Sale Of Security | - | -0.26 | -12.23 | -22.74 | -10.74 |
| Depreciation Amortization Depletion Income Statement | - | 2.75 | 2.43 | 1.64 | 1.17 |
| Depreciation And Amortization In Income Statement | - | 2.75 | 2.43 | 1.64 | 1.17 |
| General And Administrative Expense | - | 94.11 | 103.40 | 101.79 | 107.23 |
| Other Gand A | 16.53 | - | - | - | - |
| Salaries And Wages | - | 92.09 | 100.08 | 98.53 | 104.02 |
| Insurance And Claims | - | 2.02 | 3.31 | 3.26 | 3.21 |
| Selling And Marketing Expense | - | 1.64 | 1.93 | 0.99 | 1.25 |
| Amortization | - | 2.75 | 2.43 | 1.64 | 1.17 |
| Amortization Of Intangibles Income Statement | - | 2.75 | 2.43 | 1.64 | 1.17 |
| Occupancy And Equipment | - | 17.46 | 19.16 | 19.29 | 18.88 |
| Professional Expense And Contract Services Expense | - | 2.50 | 4.23 | 2.52 | 4.26 |
| Other Non Interest Expense | - | 32.50 | 35.48 | 32.08 | 32.77 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Heritage Financial Corporationthis co. | HFWA | $1.1B | 16.86↑ premium | 1.24 | 7.3% | - |
| First Mid Bancshares, Inc. | FMBH | $1.2B | 12.94 | 1.24 | 9.6% | - |
| Strive Asset Management, LLC | ASST | $1.2B | - | 2.03 | -3.0% | - |
| Exzeo Group, Inc. | XZO | $1.1B | 13.79 | 4.49 | 32.6% | 7.44 |
| Preferred Bank | PFBC |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.1B |
| 8.51 |
| 1.44 |
| 16.9% |
| - |
| United Fire Group, Inc. | UFCS | $1.1B | 9.51 | 1.19 | 12.6% | - |
| Univest Financial Corporation | UVSP | $1.1B | 12.37 | 1.19 | 9.6% | - |
| Metropolitan Bank Holding Corp. | MCB | $1.1B | 15.75 | 1.51 | 9.6% | - |
| Old Second Bancorp, Inc. | OSBC | $1.1B | 13.72 | 1.23 | 9.0% | - |
| Peer Median | - | 12.94 | 1.34 | 9.6% | 7.44 | |