Heritage Financial Corporation (HFWA) Financial Statements (2025 and earlier)

Company Profile

Business Address 201 FIFTH AVENUE S.W.
OLYMPIA, WA 98501
State of Incorp. WA
Fiscal Year End December 31
Industry (SIC) 6036 - Savings Institutions, Not Federally Chartered (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2025
MRQ
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments117,100224,973103,5901,723,292743,322228,568
Cash and cash equivalent117,100224,973103,5901,723,292743,322228,568
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss2,300   
Total current assets:117,100227,273103,5901,723,292743,322228,568
Noncurrent Assets
Operating lease, right-of-use asset 22,40023,60022,70027,60018,000 
Property, plant and equipment71,58074,89976,93079,37085,45287,888
Intangible assets, net (including goodwill)244,092245,732248,166250,916254,027257,552
Goodwill240,939240,939240,939240,939240,939240,939
Intangible assets, net (excluding goodwill)3,1534,7937,2279,97713,08816,613
Investment, proportional amortization method, elected, amount187,200206,800    
Total noncurrent assets:525,272551,031347,796357,886357,479345,440
Other undisclosed assets6,463,9066,396,6536,528,7145,351,2345,514,5174,978,962
TOTAL ASSETS:7,106,2787,174,9576,980,1007,432,4126,615,3185,552,970
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt383,000500,00046,59750,83935,68320,169
Total current liabilities:383,000500,00046,59750,83935,68320,169
Noncurrent Liabilities
Liabilities, other than long-term debt81,200107,900109,20041,50053,80050,700
Investment program, proportional amortization method, elected, commitment81,200107,900109,20041,50053,80050,700
Total noncurrent liabilities:81,200107,900109,20041,50053,80050,700
Other undisclosed liabilities5,778,5515,713,7966,026,4106,485,6415,705,3964,672,790
Total liabilities:6,242,7516,321,6966,182,2076,577,9805,794,8794,743,659
Equity
Equity, attributable to parent863,527853,261797,893854,432820,439809,311
Common stock531,674549,748552,397551,798571,021586,459
Accumulated other comprehensive income (loss)(55,244)(72,476)(99,850)9,39625,01810,378
Retained earnings387,097375,989345,346293,238224,400212,474
Total equity:863,527853,261797,893854,432820,439809,311
TOTAL LIABILITIES AND EQUITY:7,106,2787,174,9576,980,1007,432,4126,615,3185,552,970

Income Statement (P&L) ($ in thousands)

3/31/2025
TTM
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Revenues309,738284,808227,834216,504220,882220,604
Net investment income309,712284,465227,457212,831214,320217,850
Cost of revenue(4,889)(4,059) (27,298)(36,106)(4,311)
Cost of product and service sold(4,889)(4,059)    
Provision for loan, lease, and other losses   (27,298)(36,106)(4,311)
Gross profit:304,849280,749227,834189,206184,776216,293
Operating expenses(37,779)(45,816)(44,320)(43,470)(44,606)(43,340)
Operating income:267,070234,933183,514145,736140,170172,953
Nonoperating income3,3763,1643,7472,5204,319 
Bank owned life insurance income2,9672,9343,7472,5204,319 
Interest and debt expense  (59,310)(8,072)(7,042)(13,323)(18,168)
Other undisclosed loss from continuing operations before equity method investments, income taxes     (77,986)(73,740)
Income from continuing operations before equity method investments, income taxes:270,446178,787179,189141,21453,18081,045
Other undisclosed loss from continuing operations before income taxes(218,187)(105,872)(79,753)(20,707)  
Income from continuing operations before income taxes:52,25972,91599,436120,50753,18081,045
Income tax expense(9,001)(11,160)(17,561)(22,472)(6,610)(13,488)
Income from continuing operations:43,25861,75581,87598,03546,57067,557
Income before gain (loss) on sale of properties:98,03546,57067,557
Net income available to common stockholders, diluted:43,25861,75581,87598,03546,57067,557

Comprehensive Income ($ in thousands)

3/31/2025
TTM
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Net income:43,25861,75581,87598,03546,57067,557
Comprehensive income:43,25861,75581,87598,03546,57067,557
Other undisclosed comprehensive income (loss), net of tax, attributable to parent17,23227,374(109,246)(15,622)14,64017,833
Comprehensive income (loss), net of tax, attributable to parent:60,49089,129(27,371)82,41361,21085,390

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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