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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 |
| Pretax Income | - | 99.44 | 72.92 | 52.26 | 78.60 |
| Tax Provision | - | 17.56 | 11.16 | 9 | 11.07 |
| Net Income | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Net Income Common Stockholders | - | 81.88 | 61.76 | 43.26 | 67.53 |
| Interest Expense | - | 8.07 | 59.31 | 100.35 | 89.83 |
| Interest Income | - | 227.46 | 284.46 | 309.71 | 314.24 |
| Selling General And Administration | - | 95.75 | 105.32 | 102.78 | 108.48 |
| Normalized Income | - | 81.49 | 61.75 | 41.97 | 67.53 |
| Market Cap | 1,091.88 | 1,091.88 | 1,091.88 | 1,091.88 | 1,091.88 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Heritage Financial Corporationthis co. | HFWA | - | 16.17↑ premium | 1.18 | 7.3% | - |
| Silvercrest Asset Management Group Inc. | SAMG | $107M | 23.59 | 2.04 | 5.8% | 9.86 |
| Sound Financial Bancorp, Inc. | SFBC | $98M | 14.04 | 0.96 | 6.5% | - |
| Kestrel Group Ltd | KG | $89M | 1.12 | 0.58 | 36.4% | - |
| Vroom, Inc. | VRM |
| - |
| - |
| - |
| - |
| - |
| - |
| $80M |
| - |
| 0.69 |
| -45.5% |
| 57.65 |
| Siebert Financial Corp. | SIEB | $72M | 13.46 | 0.79 | 5.7% | - |
| eHealth, Inc. | EHTH | $62M | - | 0.10 | 6.8% | 7.11 |
| MarketWise, Inc. | MKTW | $47M | 7.64 | -3.69 | -2.6% | -3.48 |
| GoHealth, Inc. | GOCO | $31M | - | 0.45 | 4834.1% | -7.69 |
| Peer Median | - | 13.46 | 0.63 | 6.1% | 7.11 | |