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Heritage Financial (HFWA) Financials

Heritage Financial logo
$22.87 +0.36 (+1.60%)
Closing price 04:00 PM Eastern
Extended Trading
$22.87 0.00 (0.00%)
As of 04:04 PM Eastern
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Annual Income Statements for Heritage Financial

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

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
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

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
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

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
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

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
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

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
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

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
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%

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
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 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.

Frequently Asked Questions About Heritage Financial's Financials

When does Heritage Financial's fiscal year end?

According to the most recent income statement we have on file, Heritage Financial's financial year ends in December. Their financial 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. View Heritage Financial's forecast to see where analysts expect Heritage Financial to go next.

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 10/21/2025 by MarketBeat.com Staff
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