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.
Quarterly Income Statements for Heritage Financial
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 |
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 |
Annual Cash Flow Statements for Heritage Financial
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 |
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 |
Quarterly Cash Flow Statements for Heritage Financial
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 |
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 |
Annual Balance Sheets for Heritage Financial
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 |
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 |
Quarterly Balance Sheets for Heritage Financial
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 |
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 |
Annual Metrics And Ratios for Heritage Financial
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 |
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% |
Quarterly Metrics And Ratios for Heritage Financial
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 |
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% |
Key Financial Trends
Heritage Financial (NASDAQ: HFWA) has demonstrated consistent financial performance over the past several years, with solid growth in earnings, stable asset quality, and prudent capital management. Below is a summary and analysis of key financial trends and data points drawn from the quarterly financial statements spanning from 2022 through Q1 2025.
Positive Trends:
- Steady growth in net interest income: Despite fluctuations in interest income and expenses, net interest income increased from approximately $59.3 million in Q3 2022 to around $53.7 million in Q1 2025, maintaining a solid core earnings foundation.
- Increasing net income and earnings per share (EPS): Reported net income rose from $18.3 million in Q2 2022 to $13.9 million by Q1 2025 on a quarterly basis, with diluted EPS improving notably from $0.52 in Q2 2022 to $0.40 in Q1 2025.
- Growing total assets: The company’s total assets have remained substantial, around $7.1 billion in Q1 2025, reflecting stable or growing loan and securities portfolios.
- Control of credit losses: Provisions for credit losses have been relatively low to moderate over the periods, indicating effective risk management and a well-performing loan portfolio.
- Increasing common equity: Total common equity rose from about $805 million in Q2 2022 to approximately $882 million by Q1 2025, supporting capital adequacy and shareholder value.
- Consistent dividend payments: Heritage Financial consistently paid dividends per share around $0.21 to $0.24, suggesting steady cash flow and commitment to shareholder returns.
- Effective operating cash flow generation: Net cash from operating activities remained positive and strong, for example, $19.3 million in Q1 2025, supporting ongoing operations and investments.
- Investment portfolio activity: Regular sales and purchases of investment securities show active balance sheet and liquidity management, with large sales exceeding purchases in many periods, including $108.5 million sales vs $4.8 million purchases in Q1 2025.
- Tight control on interest expense: Interest expense remained well-controlled relative to interest income, helping to maintain net interest margin stability.
Neutral Observations:
- Fluctuations in non-interest income: Net realized and unrealized capital gains on investments have been volatile, with losses recorded in multiple quarters (e.g., -$3.9 million in Q1 2025), impacting overall revenue variability.
- Moderate increase in non-interest expenses: Salaries, occupancy, and other operating expenses have risen gradually but remain in proportion to revenue, reflecting normal business expansion or inflationary effects.
- Share repurchases and debt transactions: Heritage Financial continued modest repurchases of common equity and managed debt issuance and repayments, balancing capital structure without significant swings in total equity or debt.
- Stable loan growth: Loans and leases grew steadily from about $4.25 billion in mid-2022 to $4.76 billion by Q1 2025, indicating ongoing lending activity without rapid expansion or contraction.
- Allowance for loan losses remained adequate relative to loan balances, fluctuating between $39.7 million and $52.2 million, supporting asset quality.
Challenges and Negative Factors:
- Volatility in capital markets impact: The recurring net unrealized losses on investments continue to put pressure on non-interest income, reducing overall revenue growth potential.
- Increase in marketing and property insurance expenses: These cost elements have shown some rises (e.g., insurance claims increasing to $812,000 in Q1 2025), which may warrant monitoring for operational efficiency.
- Fluctuating cash flow from investing activities: Large swings due to investment security purchases and sales contribute to volatility in cash flow, with significant net outflows noted in some quarters (e.g., -$429 million in Q2 2022), potentially affecting liquidity management.
Summary: Heritage Financial has shown a stable and growing financial profile with strong net interest income and earnings growth. The company maintains healthy asset quality with controlled credit losses and supports growth through solid capital and liquidity management. Some volatility in investment income and cash flow from investing activities is evident but is balanced by prudent financial management. Consistent dividends and shareholder equity growth underpin investor confidence. Overall, Heritage Financial appears well-positioned with positive financial momentum into 2025.
10/21/25 10:52 PM ETAI Generated. May Contain Errors.