Heritage Financial (HFWA) Financials

$23.88 -0.15 (-0.62%)

Closing price 10/8/2025 04:00 PM Eastern

Extended Trading

$23.90 +0.02 (+0.06%)

As of 10/8/2025 04:10 PM Eastern

Annual Income Statements for Heritage Financial

This table shows Heritage Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	21	37	39	42	53	68	47	98	82	62	43
Consolidated Net Income / (Loss)	21	37	39	42	53	68	47	98	82	62	43
Net Income / (Loss) Continuing Operations	21	37	39	42	53	68	47	98	82	62	43
Total Pre-Tax Income	28	51	53	60	64	81	53	121	99	73	52
Total Revenue	132	162	164	175	219	232	238	240	249	244	217
Net Interest Income / (Expense)	115	130	133	139	187	200	201	206	219	225	209
Total Interest Income	121	136	139	148	199	218	214	213	227	284	310
Loans and Leases Interest Income	110	122	122	129	175	190	192	190	174	217	247
Investment Securities Interest Income	10	14	16	18	22	26	21	21	44	60	56
Deposits and Money Market Investments Interest Income	-	-	-	-	-	-	-	1.61	9.07	6.82	6.62
Total Interest Expense	5.68	6.12	6.01	8.35	12	18	13	7.04	8.07	59	100
Deposits Interest Expense	5.15	5.23	5.01	6.05	10	16	12	6.16	6.77	39	75
Short-Term Borrowings Interest Expense	-	-	-	-	-	-	-	0.00	0.01	18	23
Long-Term Debt Interest Expense	0.53	0.89	1.00	2.30	1.26	1.34	0.89	0.74	1.16	2.07	2.14
Federal Funds Purchased and Securities Sold Interest Expense	-	-	-	-	-	-	-	0.14	0.14	0.15	0.00
Total Non-Interest Income	16	32	32	36	32	32	37	35	30	19	7.47
Other Service Charges	15	22	23	9.87	27	27	25	24	25	28	26
Net Realized & Unrealized Capital Gains on Investments	1.81	8.40	8.31	7.70	2.90	3.00	7.52	8.08	0.85	-12	-21
Other Non-Interest Income	0.00	1.75	-	-	1.75	2.16	4.32	2.52	3.75	2.93	2.97
Provision for Credit Losses	4.59	4.37	4.93	4.22	5.13	4.31	36	-29	-1.43	4.28	6.28
Total Non-Interest Expense	99	106	106	111	149	147	149	149	151	167	158
Salaries and Employee Benefits	53	58	61	64	87	88	88	89	92	100	99
Net Occupancy & Equipment Expense	23	24	23	24	30	31	32	34	33	36	34
Marketing Expense	2.50	3.07	2.84	2.94	3.23	3.48	3.10	2.14	1.64	1.93	0.99
Property & Liability Insurance Claims	1.72	2.05	1.62	1.44	1.48	0.73	1.79	2.11	2.02	3.31	3.26
Other Operating Expenses	18	17	16	17	24	20	20	19	19	23	20
Amortization Expense	1.92	2.10	1.42	1.29	3.82	4.00	3.53	3.11	2.75	2.43	1.64
Income Tax Expense	6.91	14	14	18	11	13	6.61	22	18	11	9.00
Basic Earnings per Share	$0.01	$1.25	$1.30	$1.39	$1.49	$1.84	$1.29	$2.75	$2.33	$1.76	$1.26
Weighted Average Basic Shares Outstanding	25.43M	29.79M	29.68M	29.76M	35.19M	36.76M	36.01M	35.68M	35.10M	35.02M	34.47M
Diluted Earnings per Share	$0.01	$1.25	$1.30	$1.39	$1.49	$1.83	$1.29	$2.73	$2.31	$1.75	$1.24
Weighted Average Diluted Shares Outstanding	25.43M	29.79M	29.68M	29.76M	35.37M	36.99M	36.17M	35.97M	35.46M	35.26M	34.90M
Weighted Average Basic & Diluted Shares Outstanding	25.43M	29.79M	29.68M	29.76M	36.88M	36.48M	35.91M	35.11M	35.11M	34.91M	33.99M
Cash Dividends to Common per Share	$0.50	$0.53	$0.72	$0.61	$0.72	$0.84	$0.80	$0.81	$0.84	$0.88	$0.92

This table shows Heritage Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	21	23	20	17	18	6.23	5.75	14	11	12	14
Consolidated Net Income / (Loss)	21	23	20	17	18	6.23	5.75	14	11	12	14
Net Income / (Loss) Continuing Operations	21	23	20	17	18	6.23	5.75	14	11	12	14
Total Pre-Tax Income	26	28	25	20	22	6.58	6.87	16	13	16	16
Total Revenue	67	70	68	63	62	51	49	56	55	57	58
Net Interest Income / (Expense)	59	63	60	56	56	54	52	51	53	54	54
Total Interest Income	61	66	67	70	73	74	74	77	80	79	77
Loans and Leases Interest Income	44	49	50	54	56	57	58	61	64	65	64
Investment Securities Interest Income	13	15	15	15	15	15	15	14	14	13	12
Deposits and Money Market Investments Interest Income	4.01	-	0.97	1.15	2.31	2.38	1.48	1.65	2.05	1.44	1.05
Total Interest Expense	1.82	2.91	6.82	14	18	20	23	25	27	25	24
Deposits Interest Expense	1.48	2.46	4.53	8.61	12	14	16	18	20	20	19
Short-Term Borrowings Interest Expense	0.00	-	1.77	5.08	5.39	5.50	5.89	6.48	6.06	4.71	3.72
Long-Term Debt Interest Expense	0.31	0.41	0.48	0.50	0.54	0.55	0.55	0.54	0.54	0.51	0.47
Federal Funds Purchased and Securities Sold Interest Expense	0.03	-	0.05	0.06	0.04	0.01	0.00	0.00	0.00	-	0.00
Total Non-Interest Income	7.45	6.58	8.26	7.28	6.27	-3.15	-2.90	5.25	1.84	3.29	3.90
Other Service Charges	6.33	11	7.78	6.34	7.32	6.17	6.13	6.19	6.44	6.91	6.87
Net Realized & Unrealized Capital Gains on Investments	0.40	-0.24	-0.24	0.10	-1.78	-9.97	-9.95	-1.87	-5.47	-3.88	-3.88
Other Non-Interest Income	0.72	-4.16	0.71	0.84	0.73	0.65	0.92	0.93	0.86	0.26	0.92
Provision for Credit Losses	1.95	1.41	1.83	1.91	-0.88	1.42	1.39	1.27	2.44	1.18	0.05
Total Non-Interest Expense	39	40	42	41	41	43	40	39	39	40	41
Salaries and Employee Benefits	24	25	26	25	25	25	25	24	24	24	26
Net Occupancy & Equipment Expense	8.61	8.02	9.23	9.17	8.93	8.94	8.26	8.55	8.77	8.40	8.82
Marketing Expense	0.36	0.68	0.40	0.44	0.39	0.70	0.21	0.24	0.13	0.41	0.34
Property & Liability Insurance Claims	0.50	0.49	0.85	0.80	0.82	0.85	0.80	0.81	0.82	0.83	0.81
Other Operating Expenses	4.81	5.69	4.96	5.52	5.23	6.89	5.20	4.62	4.81	5.27	5.31
Amortization Expense	0.67	0.67	0.62	0.62	0.60	0.59	0.42	0.42	0.40	0.40	0.30
Income Tax Expense	4.66	5.35	4.21	3.03	3.58	0.34	1.12	1.84	1.64	4.40	2.25
Basic Earnings per Share	$0.60	$0.64	$0.58	$0.48	$0.52	$0.18	$0.17	$0.41	$0.33	$0.35	$0.41
Weighted Average Basic Shares Outstanding	35.10M	35.10M	35.11M	35.06M	35.02M	35.02M	34.83M	34.61M	34.32M	34.47M	34.01M
Diluted Earnings per Share	$0.59	$0.64	$0.58	$0.48	$0.51	$0.18	$0.16	$0.41	$0.33	$0.34	$0.40
Weighted Average Diluted Shares Outstanding	35.47M	35.46M	35.45M	35.13M	35.12M	35.26M	35.23M	34.92M	34.66M	34.90M	34.51M
Weighted Average Basic & Diluted Shares Outstanding	35.10M	35.11M	35.06M	35.05M	34.90M	34.91M	34.69M	34.50M	34.15M	33.99M	34.11M
Cash Dividends to Common per Share	$0.21	$0.21	$0.22	$0.22	$0.22	$0.22	$0.23	$0.23	$0.23	$0.23	$0.24

This table details how cash moves in and out of Heritage Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-8.76	5.00	-23	-0.73	59	67	515	980	-1,620	121	-108
Net Cash From Operating Activities	51	51	54	74	90	92	70	70	94	110	64
Net Cash From Continuing Operating Activities	51	51	54	74	90	92	70	70	94	110	64
Net Income / (Loss) Continuing Operations	21	37	39	42	53	68	47	98	82	62	43
Consolidated Net Income / (Loss)	21	37	39	42	53	68	47	98	82	62	43
Provision For Loan Losses	4.59	4.37	4.93	4.22	5.13	4.31	36	-29	-1.43	4.28	6.28
Depreciation Expense	13	14	13	11	18	14	-3.61	-22	0.34	3.17	1.59
Amortization Expense	0.19	0.23	-0.01	0.28	3.82	4.00	3.53	3.11	2.75	2.43	1.64
Non-Cash Adjustments to Reconcile Net Income	-1.08	-4.68	-4.83	4.89	0.59	-3.30	-12	-0.22	2.18	-0.19	7.35
Changes in Operating Assets and Liabilities, net	14	0.01	2.26	12	10	5.81	-	20	8.73	38	4.36
Net Cash From Investing Activities	-122	-217	-253	-241	-110	-125	-539	164	-1,208	-93	-86
Net Cash From Continuing Investing Activities	-122	-217	-253	-241	-110	-125	-539	164	-1,208	-93	-86
Purchase of Property, Leasehold Improvements and Equipment	-3.94	-1.82	-6.72	-3.06	-23	-13	-7.00	-3.02	-4.02	-10	-3.46
Acquisitions	-	-	-	-	-	-	-	0.00	0.00	-14	0.00
Purchase of Investment Securities	-394	-476	-558	-416	-471	-387	-852	-69	-1,432	-506	-581
Sale of Property, Leasehold Improvements and Equipment	1.17	0.82	0.66	0.00	0.03	0.10	0.55	0.07	0.11	0.08	0.08
Sale and/or Maturity of Investments	243	293	324	193	287	310	327	277	246	475	525
Other Investing Activities, net	0.00	-33	-12	-15	-8.36	-36	-7.12	-42	-18	-38	-27
Net Cash From Financing Activities	62	170	176	167	78	99	983	747	-506	105	-86
Net Cash From Continuing Financing Activities	62	170	176	167	78	99	983	747	-506	105	-86
Net Change in Deposits	73	202	121	163	215	150	1,015	783	-469	-310	85
Issuance of Debt	0.00	0.00	661	763	555	446	64	0.00	50	1,890	1,459
Repayment of Debt	0.00	0.00	-581	-750	-663	-446	-64	0.00	-50	-1,390	-1,576
Repurchase of Common Equity	-2.60	-7.74	-2.89	-0.74	-1.70	-8.64	-19	-23	-3.20	-6.97	-22
Payment of Dividends	-13	-16	-22	-18	-26	-31	-29	-29	-29	-31	-32
Other Financing Activities, Net	3.79	-8.08	-0.45	9.88	-0.66	-11	16	15	-4.24	-47	0.00
Cash Interest Paid	5.42	6.32	6.00	8.40	12	18	13	6.79	7.71	46	112
Cash Income Taxes Paid	9.79	15	12	2.05	5.63	7.53	13	9.89	5.04	2.97	1.51

This table details how cash moves in and out of Heritage Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-587	-304	198	-193	112	4.47	-35	-76	62	-58	132
Net Cash From Operating Activities	29	32	23	24	31	31	13	6.79	24	21	19
Net Cash From Continuing Operating Activities	29	32	23	24	31	31	13	6.79	24	21	19
Net Income / (Loss) Continuing Operations	21	23	20	17	18	6.23	5.75	14	11	12	14
Consolidated Net Income / (Loss)	21	23	20	17	18	6.23	5.75	14	11	12	14
Provision For Loan Losses	1.95	1.41	1.83	1.91	-0.88	1.42	1.39	1.27	2.44	1.18	0.05
Depreciation Expense	1.03	0.96	0.81	0.93	0.63	0.80	0.55	0.51	0.08	0.46	0.45
Amortization Expense	0.67	0.67	0.62	0.62	0.60	0.59	0.42	0.42	0.40	0.40	0.30
Non-Cash Adjustments to Reconcile Net Income	1.39	1.56	0.68	-0.60	2.21	-2.47	11	2.05	5.76	-11	5.02
Changes in Operating Assets and Liabilities, net	2.51	4.87	-0.99	4.36	10	24	-5.95	-12	4.08	17	-0.48
Net Cash From Investing Activities	-514	-22	-55	-80	52	-10	33	-54	-22	-44	79
Net Cash From Continuing Investing Activities	-514	-22	-55	-80	52	-10	33	-54	-22	-44	79
Purchase of Property, Leasehold Improvements and Equipment	-1.10	-1.72	-4.65	-0.82	-3.77	-1.13	-0.89	-0.82	-0.94	-0.80	-1.17
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	0.00
Purchase of Investment Securities	-564	-99	-119	-139	-37	-210	-125	-162	-148	-146	4.83
Sale of Property, Leasehold Improvements and Equipment	2.21	-2.10	0.00	-	-	0.08	0.00	0.05	-	0.03	0.01
Sale and/or Maturity of Investments	57	90	69	59	139	207	169	112	128	117	109
Other Investing Activities, net	-8.27	-8.95	-0.37	-0.05	-32	-5.73	-9.57	-2.51	-0.49	-14	-33
Net Cash From Financing Activities	-101	-314	229	-137	29	-16	-82	-29	59	-35	33
Net Cash From Continuing Financing Activities	-101	-314	229	-137	29	-16	-82	-29	59	-35	33
Net Change in Deposits	-92	-313	-136	-193	54	-35	-68	-17	193	-24	161
Issuance of Debt	-	50	715	1,040	35	100	15	1,305	-	139	107
Repayment of Debt	-	-50	-332	-973	-35	-50	-15	-1,305	-118	-138	-225
Repurchase of Common Equity	-0.00	-0.02	-2.63	-1.75	-2.57	-0.03	-6.12	-4.41	-7.53	-4.36	-0.84
Payment of Dividends	-7.37	-7.37	-7.72	-7.71	-7.71	-7.68	-8.03	-7.98	-7.92	-7.86	-8.16
Other Financing Activities, Net	-1.38	6.15	-7.44	-0.95	-15	-23	0.00	-	-	-	0.00
Cash Interest Paid	1.75	2.77	6.50	11	12	16	17	41	26	28	24
Cash Income Taxes Paid	1.82	3.05	-	-	0.25	1.34	0.00	-	1.12	0.16	0.00

This table presents Heritage Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,458	3,651	3,879	190	5,317	5,553	6,615	7,432	6,980	7,175	7,106
Cash and Due from Banks	74	64	77	103	93	95	92	1,785	74	56	59
Interest Bearing Deposits at Other Banks	48	63	27	-	69	134	651	1,662	29	169	58
Trading Account Securities	779	812	795	-	976	958	807	896	1,331	1,134	764
Loans and Leases, Net of Allowance	2,223	2,372	2,610	-32	3,619	3,732	-70	3,773	4,008	4,288	4,750
Loans and Leases	2,251	2,402	2,641	-	3,654	3,768	-	3,816	4,051	4,336	4,802
Allowance for Loan and Lease Losses	28	30	31	32	35	36	70	42	43	48	52
Premises and Equipment, Net	65	62	64	-	81	88	85	79	77	75	72
Goodwill	119	119	119	119	241	241	241	241	241	241	241
Intangible Assets	11	8.79	7.37	-	21	17	13	9.98	7.23	4.79	3.15
Other Assets	134	143	169	0.00	216	289	4,796	526	1,212	1,207	1,159
Total Liabilities & Shareholders' Equity	3,458	3,651	3,879	0.00	5,317	5,553	6,615	7,432	6,980	7,175	7,106
Total Liabilities	3,003	3,181	3,397	0.00	4,556	4,744	5,795	163	6,182	6,322	6,243
Non-Interest Bearing Deposits	2,906	3,108	3,230	-	4,432	4,583	5,598	-	5,925	5,600	5,685
Short-Term Debt	32	23	22	-	31	20	36	51	47	500	383
Long-Term Debt	19	19	99	-	20	21	21	0.00	21	22	22
Other Long-Term Liabilities	46	30	46	-	72	120	140	112	189	200	153
Total Equity & Noncontrolling Interests	368	470	482	0.00	761	809	820	854	798	853	864
Total Preferred & Common Equity	455	470	482	0.00	761	809	820	854	798	853	864
Preferred Stock	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	368	470	482	0.00	761	809	820	854	798	853	864
Common Stock	365	359	359	-	592	586	571	552	552	550	532
Retained Earnings	-	108	125	-	176	212	224	293	345	376	387
Accumulated Other Comprehensive Income / (Loss)	3.38	2.56	-2.61	-	-7.46	10	25	9.40	-100	-72	-55

This table presents Heritage Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	7,316	7,200	7,237	7,115	7,151	7,091	7,060	7,153	7,130
Cash and Due from Banks	94	100	370	73	62	53	55	78	89
Interest Bearing Deposits at Other Banks	900	307	233	35	159	137	58	98	160
Trading Account Securities	1,805	2,129	1,318	1,277	1,148	997	931	853	716
Loans and Leases, Net of Allowance	-40	-42	4,083	4,205	4,220	4,378	4,481	4,628	4,713
Loans and Leases	-	-	4,127	4,251	4,267	4,428	4,533	4,679	4,765
Allowance for Loan and Lease Losses	40	42	44	46	47	50	51	51	52
Premises and Equipment, Net	77	77	80	79	76	74	73	73	71
Goodwill	241	241	241	241	241	241	241	241	241
Intangible Assets	8.57	7.90	6.60	5.98	5.39	4.37	3.95	3.55	2.85
Other Assets	4,231	4,380	925	1,198	1,240	1,207	1,215	1,180	1,137
Total Liabilities & Shareholders' Equity	7,316	7,200	7,237	7,115	7,151	7,091	7,060	7,153	7,130
Total Liabilities	6,511	6,424	6,389	6,296	6,337	6,244	6,209	6,279	6,248
Non-Interest Bearing Deposits	6,330	6,238	5,789	5,596	5,635	5,532	5,516	5,708	5,845
Short-Term Debt	42	40	39	488	473	500	500	382	264
Long-Term Debt	21	21	383	22	22	22	22	22	22
Other Long-Term Liabilities	118	124	178	190	207	190	172	166	116
Total Equity & Noncontrolling Interests	805	777	826	820	814	848	851	875	882
Total Preferred & Common Equity	805	777	826	820	814	848	851	875	882
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	805	777	826	820	814	848	851	875	882
Common Stock	550	551	551	550	549	545	541	535	532
Retained Earnings	317	330	358	367	378	374	380	383	393
Accumulated Other Comprehensive Income / (Loss)	-62	-105	-83	-97	-113	-71	-71	-44	-43

This table displays calculated financial ratios and metrics derived from Heritage Financial's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	70.50%	22.74%	1.38%	6.59%	24.96%	6.19%	2.62%	0.91%	3.57%	-2.07%	-11.07%
EBITDA Growth	98.05%	59.82%	-0.13%	8.72%	20.53%	15.66%	-46.46%	91.89%	0.64%	-23.42%	-29.33%
EBIT Growth	97.06%	83.77%	2.76%	14.09%	6.90%	26.05%	-34.38%	126.60%	-17.49%	-26.67%	-28.33%
NOPAT Growth	119.47%	78.40%	3.81%	7.38%	26.96%	27.33%	-31.07%	110.51%	-16.48%	-24.57%	-29.95%
Net Income Growth	119.47%	78.40%	3.81%	7.38%	26.96%	27.33%	-31.07%	110.51%	-16.48%	-24.57%	-29.95%
EPS Growth	-18.00%	15,143.90%	4.00%	6.92%	7.19%	22.82%	-29.51%	111.63%	-15.38%	-24.24%	-29.14%
Operating Cash Flow Growth	66.15%	0.12%	5.03%	36.19%	22.99%	2.30%	-23.96%	-1.14%	35.85%	15.95%	-41.12%
Free Cash Flow Firm Growth	-1,060.27%	112.79%	-268.54%	980.83%	-225.16%	105.27%	-34.53%	-32,416.65%	203.01%	-106.84%	133.47%
Invested Capital Growth	106.28%	1.35%	17.67%	-68.51%	327.73%	4.62%	3.17%	734.74%	-88.17%	58.79%	-7.74%
Revenue Q/Q Growth	18.51%	-0.40%	0.74%	2.93%	6.59%	-0.69%	2.41%	-2.43%	5.04%	-7.22%	3.01%
EBITDA Q/Q Growth	31.85%	4.76%	1.23%	5.21%	15.72%	0.71%	-1.32%	-8.77%	8.26%	-21.54%	19.91%
EBIT Q/Q Growth	37.74%	7.45%	2.16%	7.20%	4.84%	0.39%	17.03%	-3.21%	3.72%	-22.62%	22.95%
NOPAT Q/Q Growth	45.23%	6.35%	1.04%	0.31%	14.17%	0.77%	16.97%	-4.37%	4.00%	-20.89%	15.16%
Net Income Q/Q Growth	45.23%	6.35%	1.04%	0.31%	14.17%	0.77%	16.97%	-4.37%	4.00%	-20.89%	15.16%
EPS Q/Q Growth	182.00%	220.51%	0.78%	0.00%	8.76%	1.11%	17.27%	-3.87%	4.05%	-20.81%	14.81%
Operating Cash Flow Q/Q Growth	42.75%	-13.27%	-4.37%	5.74%	20.30%	0.67%	-9.75%	-11.60%	16.16%	-0.96%	-13.82%
Free Cash Flow Firm Q/Q Growth	5.06%	0.68%	-708.80%	697.37%	-625.36%	-7.05%	-2.76%	-15,245.22%	4,150.51%	-14.17%	121.91%
Invested Capital Q/Q Growth	-0.06%	0.34%	8.53%	-71.80%	1.74%	2.01%	2.82%	701.30%	3.27%	5.09%	-0.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	31.08%	40.47%	39.86%	40.66%	39.22%	42.71%	22.29%	42.38%	41.18%	32.20%	25.59%
EBIT Margin	21.17%	31.69%	32.12%	34.38%	29.41%	34.91%	22.32%	50.13%	39.94%	29.91%	24.10%
Profit (Net Income) Margin	15.93%	23.16%	23.71%	23.89%	24.27%	29.10%	19.55%	40.78%	32.88%	25.33%	19.95%
Tax Burden Percent	75.27%	73.07%	73.82%	69.48%	82.52%	83.36%	87.57%	81.35%	82.34%	84.69%	82.78%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.73%	26.93%	26.18%	30.52%	17.48%	16.64%	12.43%	18.65%	17.66%	15.31%	17.22%
Return on Invested Capital (ROIC)	5.60%	7.36%	6.98%	10.54%	10.59%	8.13%	5.39%	2.39%	2.00%	5.51%	3.27%
ROIC Less NNEP Spread (ROIC-NNEP)	5.60%	7.36%	6.98%	10.54%	10.59%	8.13%	5.39%	2.39%	2.00%	5.51%	3.27%
Return on Net Nonoperating Assets (RNNOA)	1.60%	1.58%	1.20%	6.81%	3.36%	0.48%	0.32%	9.31%	7.91%	1.97%	1.77%
Return on Equity (ROE)	7.20%	8.95%	8.18%	17.35%	13.95%	8.61%	5.72%	11.71%	9.91%	7.48%	5.04%
Cash Return on Invested Capital (CROIC)	-63.81%	6.02%	-9.26%	114.74%	-113.62%	3.61%	2.27%	-154.82%	159.69%	-39.92%	11.33%
Operating Return on Assets (OROA)	1.09%	1.44%	1.40%	2.96%	2.34%	1.49%	0.87%	1.72%	1.38%	1.03%	0.73%
Return on Assets (ROA)	0.82%	1.05%	1.03%	2.05%	1.93%	1.24%	0.77%	1.40%	1.14%	0.87%	0.61%
Return on Common Equity (ROCE)	7.20%	8.95%	8.18%	17.35%	13.95%	8.61%	5.72%	11.71%	9.91%	7.48%	5.04%
Return on Equity Simple (ROE_SIMPLE)	4.62%	7.98%	8.08%	0.00%	6.97%	8.35%	5.68%	11.47%	10.26%	7.24%	5.01%
Net Operating Profit after Tax (NOPAT)	21	37	39	42	53	68	47	98	82	62	43
NOPAT Margin	15.93%	23.16%	23.71%	23.89%	24.27%	29.10%	19.55%	40.78%	32.88%	25.33%	19.95%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	58.98%	52.35%	53.20%	51.89%	54.77%	52.43%	51.74%	51.86%	51.05%	56.72%	61.66%
Operating Expenses to Revenue	75.35%	65.61%	64.87%	63.21%	68.24%	63.23%	62.52%	62.09%	60.63%	68.34%	73.00%
Earnings before Interest and Taxes (EBIT)	28	51	53	60	64	81	53	121	99	73	52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	41	66	65	71	86	99	53	102	103	79	55
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.04	0.89	1.24	0.00	1.17	1.07	0.89	0.90	1.22	0.83	0.96
Price to Tangible Book Value (P/TBV)	1.61	1.23	1.68	0.00	1.78	1.56	1.28	1.27	1.77	1.16	1.34
Price to Revenue (P/Rev)	2.90	2.59	3.64	4.17	4.05	3.71	3.05	3.19	3.91	2.90	3.82
Price to Earnings (P/E)	18.22	11.19	15.33	17.45	16.70	12.76	15.60	7.83	11.88	11.45	19.16
Dividend Yield	3.95%	4.14%	3.01%	1.97%	2.58%	3.14%	3.95%	3.71%	3.03%	4.35%	3.79%
Earnings Yield	5.49%	8.94%	6.52%	5.73%	5.99%	7.83%	6.41%	12.77%	8.42%	8.74%	5.22%
Enterprise Value to Invested Capital (EV/IC)	0.62	0.65	1.02	3.30	0.96	0.79	0.05	0.00	1.08	0.73	0.88
Enterprise Value to Revenue (EV/Rev)	2.37	2.07	3.74	3.58	3.55	2.91	0.17	0.00	3.76	4.12	5.15
Enterprise Value to EBITDA (EV/EBITDA)	7.62	5.12	9.39	8.80	9.05	6.80	0.75	0.00	9.14	12.78	20.13
Enterprise Value to EBIT (EV/EBIT)	11.19	6.54	11.65	10.41	12.07	8.32	0.75	0.00	9.42	13.76	21.37
Enterprise Value to NOPAT (EV/NOPAT)	14.87	8.95	15.78	14.98	14.63	9.98	0.86	0.00	11.44	16.25	25.82
Enterprise Value to Operating Cash Flow (EV/OCF)	6.09	6.53	11.38	8.52	8.58	7.29	0.57	0.00	9.92	9.16	17.32
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	10.95	0.00	1.38	0.00	22.49	2.04	0.00	0.14	0.00	7.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.14	0.09	0.25	0.00	0.07	0.05	0.07	0.06	0.09	0.61	0.47
Long-Term Debt to Equity	0.05	0.04	0.21	0.00	0.03	0.03	0.03	0.00	0.03	0.03	0.03
Financial Leverage	0.29	0.22	0.17	0.65	0.32	0.06	0.06	3.89	3.95	0.36	0.54
Leverage Ratio	8.76	8.48	7.91	8.45	7.24	6.92	7.47	8.39	8.72	8.57	8.32
Compound Leverage Factor	8.76	8.48	7.91	8.45	7.24	6.92	7.47	8.39	8.72	8.57	8.32
Debt to Total Capital	12.22%	8.32%	20.13%	0.00%	6.37%	4.80%	6.45%	5.62%	7.86%	37.95%	31.93%
Short-Term Debt to Total Capital	7.67%	4.53%	3.66%	0.00%	3.88%	2.37%	4.07%	5.62%	5.38%	36.36%	30.19%
Long-Term Debt to Total Capital	4.55%	3.79%	16.47%	0.00%	2.50%	2.42%	2.38%	0.00%	2.48%	1.58%	1.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	87.78%	91.68%	79.87%	0.00%	93.63%	95.20%	93.55%	94.38%	92.14%	62.05%	68.07%
Debt to EBITDA	1.25	0.65	1.86	0.00	0.60	0.41	1.07	0.50	0.66	6.65	7.30
Net Debt to EBITDA	-1.72	-1.28	0.27	0.00	-1.28	-1.89	-12.93	-33.33	-0.35	3.78	5.19
Long-Term Debt to EBITDA	0.47	0.30	1.52	0.00	0.24	0.21	0.39	0.00	0.21	0.28	0.40
Debt to NOPAT	2.44	1.14	3.12	0.00	0.98	0.60	1.21	0.52	0.83	8.45	9.36
Net Debt to NOPAT	-3.35	-2.24	0.45	0.00	-2.08	-2.78	-14.75	-34.64	-0.43	4.81	6.66
Long-Term Debt to NOPAT	0.91	0.52	2.55	0.00	0.38	0.30	0.45	0.00	0.26	0.35	0.51
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-240	31	-52	455	-569	30	20	-6,346	6,537	-447	150
Operating Cash Flow to CapEx	1,853.29%	5,109.05%	890.32%	2,400.03%	389.08%	714.48%	1,091.59%	2,354.55%	2,415.75%	1,063.54%	1,908.91%
Free Cash Flow to Firm to Interest Expense	-42.17	5.01	-8.60	54.52	-45.88	1.65	1.47	-901.12	809.79	-7.54	1.49
Operating Cash Flow to Interest Expense	9.04	8.40	8.99	8.81	7.28	5.09	5.28	9.87	11.70	1.85	0.64
Operating Cash Flow Less CapEx to Interest Expense	8.55	8.23	7.98	8.44	5.41	4.38	4.80	9.45	11.22	1.67	0.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.04	0.09	0.08	0.04	0.04	0.03	0.03	0.03	0.03
Fixed Asset Turnover	2.66	2.55	2.61	0.00	0.00	2.75	2.75	2.92	3.19	3.21	2.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	506	513	603	190	813	850	877	7,321	866	1,375	1,269
Invested Capital Turnover	0.35	0.32	0.29	0.44	0.44	0.28	0.28	0.06	0.06	0.22	0.16
Increase / (Decrease) in Invested Capital	261	6.84	91	-413	623	38	27	6,444	-6,455	509	-106
Enterprise Value (EV)	312	336	614	626	776	675	40	-2,628	937	1,004	1,117
Market Capitalization	383	420	597	729	886	862	727	768	972	707	829
Book Value per Share	$12.17	$15.68	$16.09	$0.00	$20.63	$22.10	$22.85	$24.30	$22.73	$24.45	$25.28
Tangible Book Value per Share	$7.87	$11.42	$11.87	($3.98)	$13.54	$15.07	$15.77	$17.16	$15.66	$17.41	$18.14
Total Capital	419	513	603	0.00	813	850	877	905	866	1,375	1,269
Total Debt	51	43	121	0.00	52	41	57	51	68	522	405
Total Long-Term Debt	19	19	99	0.00	20	21	21	0.00	21	22	22
Net Debt	-70	-84	18	-103	-110	-188	-687	-3,396	-36	297	288
Capital Expenditures (CapEx)	2.77	1.01	6.06	3.06	23	13	6.44	2.95	3.91	10	3.38
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	138	43	121	190	52	41	57	6,466	68	522	405
Total Depreciation and Amortization (D&A)	13	14	13	11	21	18	-0.09	-19	3.09	5.60	3.23
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.82	$1.25	$1.30	$1.39	$1.49	$1.84	$1.29	$2.75	$2.33	$1.76	$1.26
Adjusted Weighted Average Basic Shares Outstanding	30.26M	29.97M	29.96M	34.01M	36.88M	36.48M	36.01M	35.68M	35.10M	35.02M	34.47M
Adjusted Diluted Earnings per Share	$0.82	$1.25	$1.30	$1.39	$1.49	$1.83	$1.29	$2.73	$2.31	$1.75	$1.24
Adjusted Weighted Average Diluted Shares Outstanding	30.26M	29.97M	29.96M	34.01M	36.88M	36.48M	36.17M	35.97M	35.46M	35.26M	34.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.84	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.26M	29.97M	29.96M	34.01M	36.88M	36.48M	35.91M	35.11M	35.11M	34.91M	33.99M
Normalized Net Operating Profit after Tax (NOPAT)	21	37	39	42	53	68	47	98	82	62	43
Normalized NOPAT Margin	15.96%	23.16%	23.71%	23.89%	24.27%	29.10%	19.55%	40.78%	32.88%	25.33%	19.95%
Pre Tax Income Margin	21.17%	31.69%	32.12%	34.38%	29.41%	34.91%	22.32%	50.13%	39.94%	29.91%	24.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.91	8.38	8.78	7.21	5.18	4.46	3.99	17.11	12.32	1.23	0.52
NOPAT to Interest Expense	3.70	6.13	6.48	5.01	4.27	3.72	3.50	13.92	10.14	1.04	0.43
EBIT Less CapEx to Interest Expense	4.43	8.22	7.77	6.84	3.31	3.75	3.51	16.69	11.83	1.06	0.49
NOPAT Less CapEx to Interest Expense	3.21	5.96	5.47	4.64	2.40	3.01	3.01	13.50	9.66	0.87	0.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	61.35%	42.46%	55.42%	43.80%	48.61%	45.75%	61.97%	29.52%	36.02%	49.91%	73.46%
Augmented Payout Ratio	73.73%	63.09%	62.86%	45.56%	51.82%	58.53%	103.02%	52.86%	39.92%	61.20%	125.28%

This table displays calculated financial ratios and metrics derived from Heritage Financial's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.97%	20.68%	22.74%	10.59%	-7.27%	-27.22%	-28.59%	-10.69%	-11.46%	12.48%	18.43%
EBITDA Growth	24.94%	36.07%	16.15%	-7.59%	-15.82%	-73.00%	-69.95%	-21.01%	-41.19%	115.61%	115.59%
EBIT Growth	0.23%	14.68%	5.70%	-11.92%	-15.01%	-76.42%	-72.16%	-19.51%	-40.06%	148.29%	135.28%
NOPAT Growth	1.93%	16.22%	3.54%	-9.35%	-13.20%	-72.35%	-71.90%	-15.95%	-37.30%	91.37%	142.01%
Net Income Growth	1.93%	16.22%	3.54%	-9.35%	-13.20%	-72.35%	-71.90%	-15.95%	-37.30%	91.37%	142.01%
EPS Growth	1.72%	16.36%	3.57%	-7.69%	-13.56%	-71.88%	-72.41%	-14.58%	-35.29%	88.89%	150.00%
Operating Cash Flow Growth	36.64%	69.60%	114.10%	4.74%	8.99%	-3.30%	-44.87%	-71.78%	-22.27%	-33.40%	49.26%
Free Cash Flow Firm Growth	339.94%	200.82%	-2,938.58%	-704.26%	-570.21%	-107.76%	73.78%	93.54%	109.15%	123.54%	329.56%
Invested Capital Growth	-8.22%	-88.17%	42.40%	53.08%	56.03%	58.79%	7.84%	3.22%	-2.29%	-7.74%	-14.70%
Revenue Q/Q Growth	16.95%	4.42%	-2.28%	-7.33%	-1.93%	-18.04%	-4.13%	15.89%	-2.78%	4.12%	0.95%
EBITDA Q/Q Growth	17.98%	7.93%	-11.59%	-17.92%	7.47%	-65.39%	-1.59%	115.76%	-19.98%	26.90%	-1.60%
EBIT Q/Q Growth	13.68%	8.74%	-11.54%	-19.45%	9.69%	-69.83%	4.42%	132.89%	-18.31%	24.98%	-1.05%
NOPAT Q/Q Growth	12.95%	7.40%	-9.26%	-17.65%	8.15%	-65.79%	-7.78%	146.33%	-19.32%	4.42%	16.62%
Net Income Q/Q Growth	12.95%	7.40%	-9.26%	-17.65%	8.15%	-65.79%	-7.78%	146.33%	-19.32%	4.42%	16.62%
EPS Q/Q Growth	13.46%	8.47%	-9.38%	-17.24%	6.25%	-64.71%	-11.11%	156.25%	-19.51%	3.03%	17.65%
Operating Cash Flow Q/Q Growth	24.19%	12.20%	-26.92%	2.86%	29.23%	-0.46%	-58.34%	-47.35%	255.97%	-14.71%	-6.63%
Free Cash Flow Firm Q/Q Growth	30.65%	6,643.91%	-105.52%	-24.20%	-1.67%	-11.34%	81.35%	69.40%	244.01%	186.47%	81.87%
Invested Capital Q/Q Growth	-3.45%	3.27%	46.64%	4.70%	-1.59%	5.09%	-0.41%	0.22%	-6.84%	-0.78%	-7.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	40.98%	42.36%	38.33%	33.95%	37.20%	15.71%	16.13%	30.03%	24.71%	30.12%	29.36%
EBIT Margin	38.43%	40.02%	36.23%	31.49%	35.22%	12.97%	14.12%	28.38%	23.85%	28.62%	28.06%
Profit (Net Income) Margin	31.45%	32.35%	30.04%	26.70%	29.44%	12.29%	11.82%	25.12%	20.85%	20.91%	24.15%
Tax Burden Percent	81.84%	80.83%	82.92%	84.78%	83.58%	94.77%	83.69%	88.52%	87.43%	73.04%	86.09%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	18.16%	19.17%	17.08%	15.22%	16.42%	5.23%	16.31%	11.48%	12.57%	26.96%	13.91%
Return on Invested Capital (ROIC)	8.51%	1.97%	7.27%	6.50%	7.21%	2.67%	2.01%	4.05%	3.39%	3.43%	4.30%
ROIC Less NNEP Spread (ROIC-NNEP)	8.51%	1.97%	7.27%	6.50%	7.21%	2.67%	2.01%	4.05%	3.39%	3.43%	4.30%
Return on Net Nonoperating Assets (RNNOA)	0.67%	7.78%	2.27%	2.29%	2.52%	0.96%	1.16%	2.50%	1.81%	1.85%	2.01%
Return on Equity (ROE)	9.17%	9.75%	9.54%	8.79%	9.73%	3.63%	3.17%	6.55%	5.20%	5.28%	6.31%
Cash Return on Invested Capital (CROIC)	17.55%	159.69%	-27.34%	-34.59%	-36.50%	-39.92%	-3.98%	0.11%	5.22%	11.33%	19.92%
Operating Return on Assets (OROA)	1.26%	1.38%	1.29%	1.17%	1.29%	0.45%	0.44%	0.87%	0.70%	0.87%	0.89%
Return on Assets (ROA)	1.03%	1.12%	1.07%	0.99%	1.08%	0.42%	0.37%	0.77%	0.61%	0.63%	0.77%
Return on Common Equity (ROCE)	9.17%	9.75%	9.54%	8.79%	9.73%	3.63%	3.17%	6.55%	5.20%	5.28%	6.31%
Return on Equity Simple (ROE_SIMPLE)	10.14%	0.00%	10.00%	9.86%	9.60%	0.00%	5.55%	5.22%	4.30%	0.00%	5.83%
Net Operating Profit after Tax (NOPAT)	21	23	20	17	18	6.23	5.75	14	11	12	14
NOPAT Margin	31.45%	32.35%	30.04%	26.70%	29.44%	12.29%	11.82%	25.12%	20.85%	20.91%	24.15%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	49.70%	48.14%	51.65%	54.49%	55.47%	67.81%	70.24%	58.98%	60.70%	57.92%	60.70%
Operating Expenses to Revenue	58.66%	57.96%	61.09%	65.49%	66.20%	84.23%	83.01%	69.37%	71.70%	69.30%	71.85%
Earnings before Interest and Taxes (EBIT)	26	28	25	20	22	6.58	6.87	16	13	16	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	27	30	26	21	23	7.97	7.84	17	14	17	17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	1.22	0.84	0.65	0.66	0.83	0.78	0.73	0.85	0.96	0.94
Price to Tangible Book Value (P/TBV)	1.61	1.77	1.21	0.93	0.95	1.16	1.10	1.02	1.18	1.34	1.30
Price to Revenue (P/Rev)	3.59	3.91	2.67	1.99	2.05	2.90	2.95	2.84	3.53	3.82	3.66
Price to Earnings (P/E)	10.81	11.88	8.45	6.60	6.91	11.45	14.06	13.95	19.80	19.16	16.08
Dividend Yield	3.47%	3.03%	4.28%	5.65%	5.66%	4.35%	4.70%	5.05%	4.22%	3.79%	3.82%
Earnings Yield	9.25%	8.42%	11.84%	15.15%	14.48%	8.74%	7.11%	7.17%	5.05%	5.22%	6.22%
Enterprise Value to Invested Capital (EV/IC)	0.60	1.08	0.41	0.70	0.62	0.73	0.73	0.75	0.76	0.88	0.74
Enterprise Value to Revenue (EV/Rev)	2.13	3.76	1.98	3.49	3.10	4.12	4.43	4.72	4.62	5.15	3.83
Enterprise Value to EBITDA (EV/EBITDA)	5.34	9.14	4.87	8.96	8.13	12.78	16.49	18.41	21.01	20.13	13.40
Enterprise Value to EBIT (EV/EBIT)	5.27	9.42	5.13	9.53	8.63	13.76	18.03	20.04	22.87	21.37	14.05
Enterprise Value to NOPAT (EV/NOPAT)	6.42	11.44	6.26	11.57	10.42	16.25	21.12	23.15	25.88	25.82	16.82
Enterprise Value to Operating Cash Flow (EV/OCF)	6.22	9.92	4.83	8.66	7.36	9.16	10.03	12.56	12.99	17.32	12.21
Enterprise Value to Free Cash Flow (EV/FCFF)	3.29	0.14	0.00	0.00	0.00	0.00	0.00	681.34	14.41	7.46	3.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.09	0.51	0.62	0.61	0.61	0.62	0.61	0.46	0.47	0.33
Long-Term Debt to Equity	0.03	0.03	0.46	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
Financial Leverage	0.08	3.95	0.31	0.35	0.35	0.36	0.58	0.62	0.53	0.54	0.47
Leverage Ratio	8.90	8.72	8.94	8.88	9.02	8.57	8.56	8.49	8.47	8.32	8.22
Compound Leverage Factor	8.90	8.72	8.94	8.88	9.02	8.57	8.56	8.49	8.47	8.32	8.22
Debt to Total Capital	7.38%	7.86%	33.83%	38.35%	37.82%	37.95%	38.11%	38.03%	31.60%	31.93%	24.53%
Short-Term Debt to Total Capital	4.82%	5.38%	3.14%	36.72%	36.16%	36.36%	36.51%	36.43%	29.88%	30.19%	22.64%
Long-Term Debt to Total Capital	2.55%	2.48%	30.69%	1.63%	1.66%	1.58%	1.59%	1.60%	1.72%	1.74%	1.89%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.62%	92.14%	66.17%	61.65%	62.18%	62.05%	61.89%	61.97%	68.40%	68.07%	75.47%
Debt to EBITDA	0.65	0.66	3.98	4.88	4.95	6.65	8.66	9.36	8.73	7.30	4.44
Net Debt to EBITDA	-3.65	-0.35	-1.70	3.85	2.74	3.78	5.51	7.32	4.94	5.19	0.59
Long-Term Debt to EBITDA	0.23	0.21	3.61	0.21	0.22	0.28	0.36	0.39	0.48	0.40	0.34
Debt to NOPAT	0.79	0.83	5.11	6.31	6.34	8.45	11.09	11.77	10.75	9.36	5.57
Net Debt to NOPAT	-4.39	-0.43	-2.19	4.97	3.51	4.81	7.06	9.20	6.08	6.66	0.74
Long-Term Debt to NOPAT	0.27	0.26	4.64	0.27	0.28	0.35	0.46	0.49	0.59	0.51	0.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	96	6,477	-358	-444	-452	-503	-94	-29	41	118	215
Operating Cash Flow to CapEx	0.00%	837.46%	503.05%	2,920.63%	824.30%	2,948.48%	1,444.46%	878.53%	2,568.97%	2,674.32%	1,658.31%
Free Cash Flow to Firm to Interest Expense	52.66	2,222.83	-52.42	-31.18	-25.30	-24.66	-4.11	-1.13	1.54	4.70	9.09
Operating Cash Flow to Interest Expense	15.64	10.99	3.43	1.69	1.74	1.52	0.57	0.27	0.90	0.82	0.81
Operating Cash Flow Less CapEx to Interest Expense	16.25	9.68	2.75	1.63	1.53	1.47	0.53	0.24	0.87	0.79	0.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.03
Fixed Asset Turnover	3.03	3.19	3.29	3.42	3.43	3.21	2.91	2.85	2.83	2.96	3.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	839	866	1,270	1,330	1,308	1,375	1,369	1,372	1,278	1,269	1,168
Invested Capital Turnover	0.27	0.06	0.24	0.24	0.24	0.22	0.17	0.16	0.16	0.16	0.18
Increase / (Decrease) in Invested Capital	-75	-6,455	378	461	470	509	100	43	-30	-106	-201
Enterprise Value (EV)	505	937	517	935	813	1,004	993	1,027	972	1,117	865
Market Capitalization	851	972	698	533	539	707	661	619	744	829	827
Book Value per Share	$22.13	$22.73	$23.53	$23.38	$23.21	$24.45	$24.34	$24.52	$25.35	$25.28	$25.93
Tangible Book Value per Share	$15.04	$15.66	$16.48	$16.34	$16.18	$17.41	$17.29	$17.46	$18.26	$18.14	$18.76
Total Capital	839	866	1,248	1,330	1,308	1,375	1,369	1,372	1,278	1,269	1,168
Total Debt	62	68	422	510	495	522	522	522	404	405	287
Total Long-Term Debt	21	21	383	22	22	22	22	22	22	22	22
Net Debt	-345	-36	-181	401	274	297	332	408	228	288	38
Capital Expenditures (CapEx)	-1.10	3.82	4.65	0.82	3.77	1.05	0.89	0.77	0.94	0.77	1.16
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	62	68	444	510	495	522	522	522	404	405	287
Total Depreciation and Amortization (D&A)	1.71	1.63	1.43	1.55	1.23	1.39	0.98	0.93	0.48	0.85	0.75
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.60	$0.64	$0.58	$0.48	$0.52	$0.18	$0.17	$0.41	$0.33	$0.35	$0.41
Adjusted Weighted Average Basic Shares Outstanding	35.10M	35.10M	35.11M	35.06M	35.02M	35.02M	34.83M	34.61M	34.32M	34.47M	34.01M
Adjusted Diluted Earnings per Share	$0.59	$0.64	$0.58	$0.48	$0.51	$0.18	$0.16	$0.41	$0.33	$0.34	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	35.47M	35.46M	35.45M	35.13M	35.12M	35.26M	35.23M	34.92M	34.66M	34.90M	34.51M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.10M	35.11M	35.06M	35.05M	34.90M	34.91M	34.69M	34.50M	34.15M	33.99M	34.11M
Normalized Net Operating Profit after Tax (NOPAT)	21	23	20	17	18	6.23	5.75	14	11	12	14
Normalized NOPAT Margin	31.45%	32.35%	30.04%	26.70%	29.44%	12.29%	11.82%	25.12%	20.85%	20.91%	24.15%
Pre Tax Income Margin	38.43%	40.02%	36.23%	31.49%	35.22%	12.97%	14.12%	28.38%	23.85%	28.62%	28.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.06	9.57	3.62	1.39	1.22	0.32	0.30	0.63	0.49	0.65	0.68
NOPAT to Interest Expense	11.51	7.74	3.00	1.18	1.02	0.31	0.25	0.56	0.43	0.47	0.59
EBIT Less CapEx to Interest Expense	14.67	8.26	2.93	1.34	1.01	0.27	0.26	0.60	0.45	0.62	0.63
NOPAT Less CapEx to Interest Expense	12.11	6.42	2.32	1.12	0.81	0.25	0.21	0.53	0.39	0.44	0.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.48%	36.02%	36.14%	37.33%	39.09%	49.91%	66.16%	70.77%	84.13%	73.46%	62.05%
Augmented Payout Ratio	43.40%	39.92%	39.98%	42.77%	48.01%	61.20%	88.40%	100.35%	132.26%	125.28%	95.38%

Financials Breakdown Chart

Key Financial Trends

Heritage Financial (NASDAQ: HFWA) has demonstrated steady financial performance over the last several years, supported by consistent growth in net interest income, effective cost management, and healthy profitability indicators. Here is a summary analysis based on the last 4+ years of quarterly data up to Q1 2025:

Net Interest Income Stable and Growing: Net interest income has grown from about $49.5 million in Q2 2022 to $53.7 million in Q1 2025, reflecting steady core earnings from loans and leases—the primary revenue source. Despite fluctuations in interest expense, net interest income remains a key strength.
Increasing Loan and Lease Balances: Loans and leases net of allowance increased from roughly $4.2 billion in Q3 2022 to about $4.7 billion in Q1 2025, supporting future interest income growth and reflecting loan book expansion.
Solid Earnings Growth: Net income attributable to common shareholders rose steadily from $18.6 million in Q2 2022 to $13.9 million in Q1 2025 quarterly figures, with earnings per share also increasing from $0.53 to $0.41 on a quarterly basis, showing sustained profitability.
Strong Cash Flow from Operations: Operating cash flow is robust, with Q1 2025 reporting approximately $19.3 million in net cash from operating activities, supporting business operations and financial flexibility.
Healthy Capital Position: Total common equity rose from approximately $776 million in Q4 2022 to $882 million in Q1 2025, enhancing the company's capital base to support asset growth and absorb potential losses.
Non-Interest Income Volatility: Total non-interest income is relatively modest compared to interest income, with some quarters showing negative capital gains impacting overall revenue, e.g., Q1 2025 incurred a $3.9 million unrealized loss.
Consistent Dividend Payments: Heritage Financial has consistently paid quarterly dividends, increasing slightly over time ($0.21 per share in 2022 to $0.24 in Q1 2025), reflecting stable returns to shareholders.
Stable Share Count: Weighted average shares outstanding remain stable around 34-35 million, which helps support consistent earnings per share without significant dilution.
Rising Interest Expense on Short-Term Borrowings: Interest expense on short-term borrowings has increased from $0 in Q3 2022 to about $3.7 million in Q1 2025, signaling potentially higher funding costs.
Increasing Non-Interest Expenses: Total non-interest expenses have risen from approximately $35.7 million in Q2 2022 to about $41.4 million in Q1 2025. Salaries and employee benefits, occupancy, and other operating expenses contributed significantly to the increase, possibly pressuring margins.

Summary: Heritage Financial exhibits solid core banking performance, driven by growing loan portfolios and stable net interest income. Profitability is improving, with steady net income and strong capital levels. However, management will need to monitor rising short-term borrowing costs and increasing non-interest expenses to maintain margin expansion. Investors may find the company’s consistent dividend history and cash flow generation reassuring, while capital and loan growth support long-term earnings potential.

10/09/25 06:44 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Heritage Financial's Financials

When does Heritage Financial's financial year end?

According to the most recent income statement we have on file, Heritage Financial's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Heritage Financial's net income changed over the last 10 years?

Heritage Financial's net income appears to be on an upward trend, with a most recent value of $43.26 million in 2024, rising from $21.01 million in 2014. The previous period was $61.76 million in 2023. See where experts think Heritage Financial is headed by visiting Heritage Financial's forecast page.

How has Heritage Financial's revenue changed over the last 10 years?

Over the last 10 years, Heritage Financial's total revenue changed from $131.89 million in 2014 to $216.84 million in 2024, a change of 64.4%.

How much debt does Heritage Financial have?

Heritage Financial's total liabilities were at $6.24 billion at the end of 2024, a 1.2% decrease from 2023, and a 107.9% increase since 2014.

How much cash does Heritage Financial have?

In the past 10 years, Heritage Financial's cash and equivalents has ranged from $55.85 million in 2023 to $1.78 billion in 2021, and is currently $58.82 million as of their latest financial filing in 2024.

How has Heritage Financial's book value per share changed over the last 10 years?

Over the last 10 years, Heritage Financial's book value per share changed from 12.17 in 2014 to 25.28 in 2024, a change of 107.8%.

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This page (NASDAQ:HFWA) was last updated on 10/9/2025 by MarketBeat.com Staff

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Heritage Financial (HFWA) Financials

Financials Breakdown Chart

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Heritage Financial (HFWA) Financials

Annual Income Statements for Heritage Financial

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Quarterly Cash Flow Statements for Heritage Financial

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Quarterly Balance Sheets for Heritage Financial

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Quarterly Metrics And Ratios for Heritage Financial

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