Heritage Financial Corp (HFWA) Financial Statements
Industry: Savings Institutions, Not Federally Chartered
In fiscal 2025, Heritage Financial reported revenue of $246.1M, up 13.5% from $216.8M the year before. Net income was $67.5M (a 27.4% net margin), or $1.96 per diluted share. Net interest income was $224.4M, and the efficiency ratio (noninterest expense / revenue) was 67.3%. Operating activities generated $94.8M of cash, leaving $85.7M of free cash flow. At fiscal year end, Heritage Financial held $6.97B in total assets against $6.05B in total liabilities, including $233.1M of cash and equivalents.
Open the full interactive Heritage Financial financials → Quarterly statements, key ratios, valuation history and price charts.
Heritage Financial Key Stats
| Share Price | $27.09 |
|---|---|
| Market Cap | $1.13B |
| P/E Ratio | 13.8 |
| Revenue YoY Growth | +13.5% |
| 52-Week Range | $20.91 – $30.99 |
| Shares Outstanding | 41.1 million (basic, 2026 Q2) |
Heritage Financial Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $201.0M | $205.8M | $219.4M | $225.2M | $209.4M | $224.4M |
| Provision for Credit Losses | $36.1M | -$29.4M | -$1.4M | $4.3M | $6.3M | $2.0M |
| Noninterest Income | $37.2M | $34.6M | $29.6M | $18.7M | $7.5M | $21.7M |
| Noninterest Expense | $148.9M | $149.3M | $151.0M | $166.6M | $158.3M | $165.6M |
| Revenue | $238.2M | $240.4M | $249.0M | $243.8M | $216.8M | $246.1M |
| Pre-Tax Income | $53.2M | $120.5M | $99.4M | $72.9M | $52.3M | $78.6M |
| Income Tax | $6.6M | $22.5M | $17.6M | $11.2M | $9.0M | $11.1M |
| Net Income | $46.6M | $98.0M | $81.9M | $61.8M | $43.3M | $67.5M |
| Diluted EPS | $1.29 | $2.73 | $2.31 | $1.75 | $1.24 | $1.96 |
Heritage Financial Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $65.7M | $66.3M | $77.9M | $84.1M |
| Net Income | $19.2M | $22.2M | $18.9M | $17.5M |
| Diluted EPS | $0.55 | $0.65 | $0.48 | $0.42 |
Heritage Financial Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $743.3M | $1.72B | $103.6M | $225.0M | $117.1M | $233.1M |
| Loans (Net) | $4.40B | — | — | $4.29B | $4.75B | $4.73B |
| Total Assets | $6.62B | $7.43B | $6.98B | $7.17B | $7.11B | $6.97B |
| Deposits | $5.60B | $6.38B | $5.92B | $5.60B | $5.68B | $5.92B |
| Total Long-Term Debt | $20.9M | $21.2M | $21.5M | $21.8M | $22.1M | $22.4M |
| Total Liabilities | $5.79B | $6.58B | $6.18B | $6.32B | $6.24B | $6.05B |
| Shareholders' Equity | $820.4M | $854.4M | $797.9M | $853.3M | $863.5M | $921.5M |
Heritage Financial Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $70.3M | $69.5M | $94.5M | $109.5M | $64.5M | $94.8M |
| Cash From Investing | -$538.5M | $163.8M | -$1.21B | -$93.4M | -$85.9M | $186.8M |
| Cash From Financing | $983.0M | $746.7M | -$506.4M | $105.3M | -$86.5M | -$165.6M |
| Free Cash Flow | $63.3M | $66.5M | $90.4M | $99.1M | $61.0M | $85.7M |
Figures from Heritage Financial's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Heritage Financial financials page for every line item.
Heritage Financial Company Profile
| Ticker | HFWA |
|---|---|
| Exchange | Nasdaq |
| Industry | Savings Institutions, Not Federally Chartered |
| Headquarters | Olympia, Washington |
| Incorporated in | Washington |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001046025 |
Frequently Asked Questions
What was Heritage Financial's revenue in fiscal 2025?
Heritage Financial (HFWA) reported revenue of $246.1M for fiscal 2025.
What is Heritage Financial's annual revenue history?
Heritage Financial's annual revenue by fiscal year: 2020: $238.2M; 2021: $240.4M; 2022: $249.0M; 2023: $243.8M; 2024: $216.8M; 2025: $246.1M.
What was Heritage Financial's net income in fiscal 2025?
Heritage Financial reported net income of $67.5M for fiscal 2025.
What was Heritage Financial's earnings per share (EPS) in fiscal 2025?
Heritage Financial's diluted EPS was $1.96 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Heritage Financial generate in fiscal 2025?
Heritage Financial generated $85.7M of free cash flow in fiscal 2025.
What was Heritage Financial's revenue last quarter?
In its most recent reported quarter (2026 Q2), Heritage Financial reported revenue of $84.1M.
How much debt does Heritage Financial have?
Heritage Financial reported $22.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Heritage Financial are outstanding?
Heritage Financial reported a weighted average of 41.1 million basic shares outstanding in 2026 Q2.
What is Heritage Financial's market cap?
Based on its latest closing price, Heritage Financial (HFWA) has a market capitalization of about $1.13B.
When does Heritage Financial's fiscal year end?
Heritage Financial's fiscal year end, as registered with the SEC, is December 31.
Where is Heritage Financial headquartered?
Heritage Financial lists its business address in Olympia, Washington in its SEC filings.
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