Heritage Financial Corporation (HFWA)

Name: Heritage Financial Corporation Financial Statements
Creator: Quarter Results

Financial Services | Banks Regional

Latest reporting period: 2025-03-31

Latest Quarter

2025-03-31

Revenue

$81.3M

Net Income

$13.9M

Operating Margin

19.9%

Free Cash Flow

$85.7M

Debt / Assets

86.8%

Values are in USD and rounded to the nearest whole number unless noted.

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Income statement quarterly history for Heritage Financial Corporation (HFWA).
Income Statement (Quarterly)	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Revenue	81,269,000	82,250,000	81,654,000	81,828,000
Cost of Revenue	81,269,000	0	29,298,000	26,737,000
Gross Profit	0	55,870,000	52,356,000	55,091,000
Operating Expenses
R&D Expenses	0	0	0	0
SG&A Expenses	335,000	25,470,000	25,319,000	25,504,000
Operating Expenses	335,000	39,540,000	54,795,000	8,723,000
Operating Income	16,159,000	17,184,000	18,606,000	21,054,000
Interest Expense	0	25,197,000	26,859,000	25,469,000
Income Before Tax	16,159,000	16,330,000	13,066,000	15,995,000
Income Tax Expense	2,248,000	4,402,000	1,643,000	1,836,000
Net Income	13,911,000	11,928,000	11,423,000	14,159,000
Per Share
EPS	0.41	0.35	0.33	0.41
EPS Diluted	0.00	0.00	0.00	0.00

Income statement annual history for Heritage Financial Corporation (HFWA).
Income Statement (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	335,968,000	317,185,000	239,538,000	248,976,000	240,404,000
Cost of Revenue	92,613,000	106,630,000	63,590,000	0	0
Gross Profit	243,355,000	210,555,000	239,538,000	248,976,000	240,404,000
Operating Expenses
R&D Expenses	0	0	0	0	0
SG&A Expenses	121,129,000	102,775,000	105,325,000	95,750,000	111,558,000
Operating Expenses	165,566,000	158,296,000	243,818,000	37,775,000	3,039,000
Operating Income	77,789,000	74,337,000	97,026,000	99,436,000	0
Interest Expense	89,831,000	100,348,000	59,310,000	8,072,000	7,042,000
Income Before Tax	78,603,000	52,259,000	72,915,000	99,436,000	120,507,000
Income Tax Expense	11,071,000	9,001,000	11,160,000	17,561,000	22,472,000
Net Income	67,532,000	43,258,000	61,755,000	81,875,000	98,035,000
Per Share
EPS	1.99	1.26	1.76	2.33	2.72
EPS Diluted	0.00	0.00	0.00	0.00	0.00

Balance sheet quarterly history for Heritage Financial Corporation (HFWA).
Balance Sheet (Quarterly)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Assets
Cash and Cash Equivalents	52,587,000	117,100,000	224,973,000	103,590,000
Short Term Investments	607,522,000	764,394,000	1,134,353,000	1,331,443,000
Net Receivables	4,749,962,000	19,483,000	0	18,547,000
Inventory	0	0	-4,251,295,000	-122,137,000
Total Current Assets	5,410,071,000	900,977,000	244,491,000	1,453,580,000
Property Plant Equipment	74,690,000	71,580,000	74,899,000	76,930,000
Goodwill and Intangibles	242,918,000	244,092,000	245,732,000	248,166,000
Total Assets	6,967,350,000	7,106,278,000	7,174,957,000	6,980,100,000
Liabilities
Account Payables	0	0	0	0
Short Term Debt	20,000,000	0	0	51,341,000
Total Current Liabilities	4,579,813,000	5,684,613,000	4,418,943,000	5,315,493,000
Long Term Debt	22,350,000	405,058,000	21,765,000	21,473,000
Total Liabilities	6,045,846,000	6,242,751,000	6,321,696,000	21,473,000
Shareholders Equity
Retained Earnings	421,619,000	387,097,000	375,989,000	345,346,000
Total Shareholders Equity	921,504,000	863,527,000	853,261,000	797,893,000

Balance sheet annual history for Heritage Financial Corporation (HFWA).
Balance Sheet (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Assets
Cash and Cash Equivalents	52,587,000	117,100,000	224,973,000	103,590,000	1,723,292,000
Short Term Investments	607,522,000	764,394,000	1,134,353,000	1,331,443,000	894,335,000
Net Receivables	4,749,962,000	19,483,000	0	18,547,000	14,657,000
Inventory	0	0	-4,251,295,000	-122,137,000	0
Total Current Assets	5,410,071,000	900,977,000	244,491,000	1,453,580,000	5,824,398,000
Property Plant Equipment	74,690,000	71,580,000	74,899,000	76,930,000	79,370,000
Goodwill and Intangibles	242,918,000	244,092,000	245,732,000	248,166,000	250,916,000
Total Assets	6,967,350,000	7,106,278,000	7,174,957,000	6,980,100,000	7,432,412,000
Liabilities
Account Payables	0	0	0	0	0
Short Term Debt	20,000,000	0	0	51,341,000	0
Total Current Liabilities	4,579,813,000	5,684,613,000	4,418,943,000	5,315,493,000	0
Long Term Debt	22,350,000	405,058,000	21,765,000	21,473,000	21,180,000
Total Liabilities	6,045,846,000	6,242,751,000	6,321,696,000	21,473,000	6,577,980,000
Shareholders Equity
Retained Earnings	421,619,000	387,097,000	375,989,000	345,346,000	293,238,000
Total Shareholders Equity	921,504,000	863,527,000	853,261,000	797,893,000	854,432,000

Cash flow quarterly history for Heritage Financial Corporation (HFWA).
Cash Flow Statement (Quarterly)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Operating Activities
Net Income	67,532,000	43,258,000	61,755,000	81,875,000
Depreciation & Amortization	0	3,231,000	5,604,000	3,091,000
Stock Based Compensation	4,943,000	4,344,000	4,325,000	3,795,000
Change in Working Capital	5,166,000	4,364,000	24,872,000	9,605,000
Operating Cash Flow	94,819,000	64,483,000	109,523,000	94,456,000
Investing Activities
Capital Expenditure	-9,156,000	-3,459,000	-10,376,000	-4,016,000
Investments	0	-3,459,000	-10,376,000	-4,016,000
Investing Cash Flow	186,750,000	-85,903,000	-93,446,000	-1,207,779,000
Financing Activities
Debt Repayment	-363,000,000	-117,000,000	-1,389,700,000	-50,050,000
Common Stock Issued/Repurchased	-5,517,000	-22,418,000	-6,974,000	-3,196,000
Dividends Paid	-32,649,000	-31,776,000	-30,820,000	-29,491,000
Financing Cash Flow	-165,580,000	-86,453,000	105,306,000	-506,379,000
Summary
Free Cash Flow	85,663,000	61,024,000	99,147,000	90,440,000
Net Change in Cash	2,268,000	-107,873,000	121,383,000	-1,619,702,000

Cash flow annual history for Heritage Financial Corporation (HFWA).
Cash Flow Statement (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Operating Activities
Net Income	67,532,000	43,258,000	61,755,000	81,875,000	98,035,000
Depreciation & Amortization	0	3,231,000	5,604,000	3,091,000	-18,628,000
Stock Based Compensation	4,943,000	4,344,000	4,325,000	3,795,000	3,666,000
Change in Working Capital	5,166,000	4,364,000	24,872,000	9,605,000	-13,543,000
Operating Cash Flow	94,819,000	64,483,000	109,523,000	94,456,000	69,530,000
Investing Activities
Capital Expenditure	-9,156,000	-3,459,000	-10,376,000	-4,016,000	-3,018,000
Investments	0	-3,459,000	-10,376,000	-4,016,000	-3,018,000
Investing Cash Flow	186,750,000	-85,903,000	-93,446,000	-1,207,779,000	163,763,000
Financing Activities
Debt Repayment	-363,000,000	-117,000,000	-1,389,700,000	-50,050,000	0
Common Stock Issued/Repurchased	-5,517,000	-22,418,000	-6,974,000	-3,196,000	-22,889,000
Dividends Paid	-32,649,000	-31,776,000	-30,820,000	-29,491,000	-28,937,000
Financing Cash Flow	-165,580,000	-86,453,000	105,306,000	-506,379,000	746,677,000
Summary
Free Cash Flow	85,663,000	61,024,000	99,147,000	90,440,000	66,512,000
Net Change in Cash	2,268,000	-107,873,000	121,383,000	-1,619,702,000	979,970,000