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Heritage Financial (HFWA)

Market Price (3/10/2026): $25.18 | Market Cap: $855.1 Mil
Sector: Financials | Industry: Regional Banks

Heritage Financial (HFWA)

Market Price (3/10/2026): $25.18
Market Cap: $855.1 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6%, FCF Yield is 10%	Weak multi-year price returns 3Y Excs Rtn is -65%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -85%		Key risks HFWA key risks include [1] concentrated credit risk from its commercial real estate loan portfolio (60.8%), Show more.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%
3	Low stock price volatility Vol 12M is 31%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6%, FCF Yield is 10%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -85%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%
3	Low stock price volatility Vol 12M is 31%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
5	Weak multi-year price returns 3Y Excs Rtn is -65%
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%
7	Key risks HFWA key risks include [1] concentrated credit risk from its commercial real estate loan portfolio (60.8%), Show more.

Valuation, Metrics & Events

	3/10/26	2025	2024	2023	2022
Share Price CYE	$25.18	$23.65	$24.50	$21.39	$30.64
Market Cap CYE ($ Mil)	855.1	803.1	835.6	746.5	1,075.6
Total Debt ($ Mil)	42.4	42.4	405.1	521.8	21.5
Total Cash ($ Mil)	233.1	233.1	117.1	225.0	103.6
Enterprise Value ($ Mil)	664.3	845.5	1,240.7	1,268.3	1,097.1
Valuation Ratios
P/S TTM	3.5	3.3	3.9	3.1	4.3
P/EBIT TTM	-	-	-	-	-
P/E TTM	12.7	11.9	19.3	12.1	13.1
P/FCF TTM	10.0	9.4	13.7	7.5	11.9
Sector Ratios
P/S TTM (Sector)	3.1	3.1	3.2	2.8	2.8
P/EBIT TTM (Sector)	7.2	7.5	8.3	7.2	7.7
P/E TTM (Sector)	11.1	11.1	11.7	9.8	9.6
P/FCF TTM (Sector)	8.7	8.8	8.7	7.6	6.4

	3/10/26	2025	2024
Share Price CYE	$25.18	$23.65	$24.50
Market Cap CYE ($ Mil)	855.1	803.1	835.6
Total Debt ($ Mil)	42.4	42.4	405.1
Total Cash ($ Mil)	233.1	233.1	117.1
Enterprise Value ($ Mil)	664.3	845.5	1,240.7
Valuation Ratios
P/S TTM	3.5	3.3	3.9
P/EBIT TTM	-	-	-
P/E TTM	12.7	11.9	19.3
P/FCF TTM	10.0	9.4	13.7
Sector Ratios
P/S TTM (Sector)	3.1	3.1	3.2
P/EBIT TTM (Sector)	7.2	7.5	8.3
P/E TTM (Sector)	11.1	11.1	11.7
P/FCF TTM (Sector)	8.7	8.8	8.7

	HFWA	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.2
Rev Chg Q	16.3%	7.2%
Rev Chg LTM	13.5%	6.6%
Rev Chg 3Y Avg	0.1%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	38.5%	20.7%
Net Inc Mgn	27.4%	12.8%
VALUATION	LOW
P/S	3.5	3.2
P/CFO	9.0	15.7
P/FCF	10.0	20.6
P/E	12.7	24.5

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Metric	Value	Date	Source
Number of Banking Offices	51	6262025	Link
Net Interest Margin	3.64%	9302025	Link
Net Charge-offs to Average Gross Loans (Annualized)	0.03%	9302025	Link
Deposit Pipeline	149,000,000	9302025	Link
Average Interest Rate for New Commercial Loans	6.67%	9302025	Link
Average Interest Rate for All New Loans	6.71%	9302025	Link
Assets to Equity Ratio	7.8x	11072025	Link
Allowance for Bad Loans	258%	11072025	Link
Percentage of Liabilities from Low Risk Funding	96%	11072025	Link
Loans to Assets Ratio	67%	11072025	Link
Loans to Deposits Ratio	80%	11072025	Link
Level of Bad Loans	0.4%	11072025	Link

Recent
2/27/2026	Earnings Release	Rev: $86 Mil (A) vs. $null (E) EPS: 0.65 (A) vs. $- (E)
Upcoming
4/23/2026	Earnings Release	Rev: $80 Mil (E) EPS: $0.57 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Heritage Financial (HFWA) stock has gained about 5% since 11/30/2025 because of the following key factors:

1. Heritage Financial surpassed Q4 2025 earnings estimates, reporting diluted earnings per share (EPS) of $0.65, exceeding the consensus estimate of $0.57 by $0.08 on January 22, 2026. This strong performance was supported by a net interest margin increase to 3.72% from 3.64% in the previous quarter, and a $62.7 million rise in deposits.

2. The company announced the acquisition of Olympic Bancorp, Inc., with regulatory and shareholder approvals secured and the merger expected to close around January 31, 2026. This strategic move is anticipated to enhance profitability and growth in the Puget Sound market, with Olympic's loan portfolio expected to reprice at higher yields and lower deposit costs, potentially boosting Heritage Financial's net interest margin closer to 4%.

3. Improved sentiment in the broader regional banking sector contributed to the stock's positive trend. Following a challenging period, the sector began a rebound in 2025, fueled by subsiding rate fears and expectations for Federal Reserve policy to be more dovish in 2026, easing pressure on funding costs for banks. Analysts expressed bullish views on regional banks for 2026, citing benefits from regulatory changes and improving loan growth prospects.

Updated on 3/1/2026 Show less

Stock Movement Drivers

3M

6M

1Y

3Y

Fundamental Drivers
The 6.2% change in HFWA stock from 11/30/2025 to 3/9/2026 was primarily driven by a 13.6% change in the company's Net Income Margin (%).
(LTM values as of) 11302025 3092026 Change
Stock Price ($) 23.72 25.19 6.2%
Change Contribution By:
Total Revenues ($ Mil) 237 246 3.9%
Net Income Margin (%) 24.2% 27.4% 13.6%
P/E Multiple 14.1 12.7 -10.0%
Shares Outstanding (Mil) 34 34 0.0%
Cumulative Contribution 6.2%

LTM = Last Twelve Months as of date shown

Market Drivers
11/30/2025 to 3/9/2026
Return Correlation
HFWA 6.2%
Market (SPY) -0.7% 26.1%
Sector (XLF) -5.6% 49.5%

Fundamental Drivers
The 5.2% change in HFWA stock from 8/31/2025 to 3/9/2026 was primarily driven by a 25.3% change in the company's Net Income Margin (%).
(LTM values as of) 8312025 3092026 Change
Stock Price ($) 23.96 25.19 5.2%
Change Contribution By:
Total Revenues ($ Mil) 226 246 8.9%
Net Income Margin (%) 21.9% 27.4% 25.3%
P/E Multiple 16.5 12.7 -23.1%
Shares Outstanding (Mil) 34 34 0.2%
Cumulative Contribution 5.2%

LTM = Last Twelve Months as of date shown
Market Drivers
8/31/2025 to 3/9/2026
Return Correlation
HFWA 5.2%
Market (SPY) 5.4% 32.0%
Sector (XLF) -6.5% 54.3%

Fundamental Drivers
The 3.8% change in HFWA stock from 2/28/2025 to 3/9/2026 was primarily driven by a 37.5% change in the company's Net Income Margin (%).
(LTM values as of) 2282025 3092026 Change
Stock Price ($) 24.26 25.19 3.8%
Change Contribution By:
Total Revenues ($ Mil) 217 246 13.5%
Net Income Margin (%) 19.9% 27.4% 37.5%
P/E Multiple 19.1 12.7 -33.8%
Shares Outstanding (Mil) 34 34 0.4%
Cumulative Contribution 3.8%

LTM = Last Twelve Months as of date shown
Market Drivers
2/28/2025 to 3/9/2026
Return Correlation
HFWA 3.8%
Market (SPY) 15.2% 49.1%
Sector (XLF) -2.5% 62.7%

Fundamental Drivers
The 3.4% change in HFWA stock from 2/28/2023 to 3/9/2026 was primarily driven by a 21.2% change in the company's P/E Multiple.
(LTM values as of) 2282023 3092026 Change
Stock Price ($) 24.37 25.19 3.4%
Change Contribution By:
Total Revenues ($ Mil) 249 246 -1.1%
Net Income Margin (%) 32.9% 27.4% -16.6%
P/E Multiple 10.4 12.7 21.2%
Shares Outstanding (Mil) 35 34 3.4%
Cumulative Contribution 3.4%

LTM = Last Twelve Months as of date shown
Market Drivers
2/28/2023 to 3/9/2026
Return Correlation
HFWA 3.4%
Market (SPY) 77.5% 40.9%
Sector (XLF) 47.3% 61.4%

(LTM values as of)	11302025	3092026	Change
Stock Price ($)	23.72	25.19	6.2%
Change Contribution By:
Total Revenues ($ Mil)	237	246	3.9%
Net Income Margin (%)	24.2%	27.4%	13.6%
P/E Multiple	14.1	12.7	-10.0%
Shares Outstanding (Mil)	34	34	0.0%
Cumulative Contribution			6.2%

	Return	Correlation
HFWA	6.2%
Market (SPY)	-0.7%	26.1%
Sector (XLF)	-5.6%	49.5%

(LTM values as of)	8312025	3092026	Change
Stock Price ($)	23.96	25.19	5.2%
Change Contribution By:
Total Revenues ($ Mil)	226	246	8.9%
Net Income Margin (%)	21.9%	27.4%	25.3%
P/E Multiple	16.5	12.7	-23.1%
Shares Outstanding (Mil)	34	34	0.2%
Cumulative Contribution			5.2%

	Return	Correlation
HFWA	5.2%
Market (SPY)	5.4%	32.0%
Sector (XLF)	-6.5%	54.3%

(LTM values as of)	2282025	3092026	Change
Stock Price ($)	24.26	25.19	3.8%
Change Contribution By:
Total Revenues ($ Mil)	217	246	13.5%
Net Income Margin (%)	19.9%	27.4%	37.5%
P/E Multiple	19.1	12.7	-33.8%
Shares Outstanding (Mil)	34	34	0.4%
Cumulative Contribution			3.8%

	Return	Correlation
HFWA	3.8%
Market (SPY)	15.2%	49.1%
Sector (XLF)	-2.5%	62.7%

(LTM values as of)	2282023	3092026	Change
Stock Price ($)	24.37	25.19	3.4%
Change Contribution By:
Total Revenues ($ Mil)	249	246	-1.1%
Net Income Margin (%)	32.9%	27.4%	-16.6%
P/E Multiple	10.4	12.7	21.2%
Shares Outstanding (Mil)	35	34	3.4%
Cumulative Contribution			3.4%

	Return	Correlation
HFWA	3.4%
Market (SPY)	77.5%	40.9%
Sector (XLF)	47.3%	61.4%

Return vs. Risk

Price Returns Compared
2021 2022 2023 2024 2025 2026 Total [1]
Returns
HFWA Return 8% 29% -27% 20% 1% 8% 33%
Peers Return 18% -1% -9% 15% 3% -2% 25%
S&P 500 Return 27% -19% 24% 23% 16% -2% 79%

Monthly Win Rates [3]
HFWA Win Rate 58% 50% 33% 42% 42% 67%
Peers Win Rate 62% 47% 43% 53% 50% 33%
S&P 500 Win Rate 75% 42% 67% 75% 67% 33%

Max Drawdowns [4]
HFWA Max Drawdown -3% -1% -49% -20% -14% 0%
Peers Max Drawdown -5% -15% -37% -21% -22% -2%
S&P 500 Max Drawdown -1% -25% -1% -2% -15% -2%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: COLB, BANR, WAFD, GBCI, FIBK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/9/2026 (YTD)

How Low Can It Go

Unique Key Event HFWA S&P 500
2022 Inflation Shock 2022 Inflation Shock
2022 Inflation Shock% Loss % Loss -55.3% -25.4%
2022 Inflation Shock% Gain to Breakeven % Gain to Breakeven 123.7% 34.1%
2022 Inflation ShockTime to Breakeven Time to Breakeven Not Fully Recovered days 464 days
2020 Covid Pandemic 2020 Covid Pandemic
2020 Covid Pandemic% Loss % Loss -44.6% -33.9%
2020 Covid Pandemic% Gain to Breakeven % Gain to Breakeven 80.5% 51.3%
2020 Covid PandemicTime to Breakeven Time to Breakeven 296 days 148 days
2018 Correction 2018 Correction
2018 Correction% Loss % Loss -32.0% -19.8%
2018 Correction% Gain to Breakeven % Gain to Breakeven 47.0% 24.7%
2018 CorrectionTime to Breakeven Time to Breakeven Not Fully Recovered days 120 days
2008 Global Financial Crisis 2008 Global Financial Crisis
2008 Global Financial Crisis% Loss % Loss -64.2% -56.8%
2008 Global Financial Crisis% Gain to Breakeven % Gain to Breakeven 179.6% 131.3%
2008 Global Financial CrisisTime to Breakeven Time to Breakeven 2,832 days 1,480 days

Compare to COLB, BANR, WAFD, GBCI, FIBK

In The Past
Heritage Financial's stock fell -55.3% during the 2022 Inflation Shock from a high on 11/7/2022. A -55.3% loss requires a 123.7% gain to breakeven.

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About Heritage Financial (HFWA)

Business Description

Analogies

Products

Customers

Suppliers

Management

Key Risks

Emerging Threats

Market Size

Revenue Drivers

Capital Allocation

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and individuals in the United States. The company accepts various deposit products, such as noninterest demand deposits, interest bearing demand deposits, money market accounts, savings accounts, personal checking accounts, and certificates of deposit. Its loan portfolio includes commercial and industrial loans, owner-occupied and non-owner occupied commercial real estate loans, one-to-four family residential loans, real estate construction and land development loans, consumer loans, commercial business loans, lines of credit, term equipment financing, and term real estate loans, as well as commercial business loans to a range of businesses in industries that include real estate and rental and leasing, healthcare, accommodation and food services, retail trade, and construction. The company also originates loans that are guaranteed by the U.S. Small Business Administration; and offers trust services, as well as objective advice. As of January 27, 2022, it had a network of 49 banking offices located in Washington and Oregon. The company was formerly known as Heritage Financial Corporation, M.H.C. and changed its name to Heritage Financial Corporation in 1998. Heritage Financial Corporation was founded in 1927 and is headquartered in Olympia, Washington.

AI Analysis | Feedback
Here are 1-3 brief analogies for Heritage Financial (HFWA):

Like Wells Fargo, but focused on communities in the Pacific Northwest.

A publicly traded community bank, similar to a smaller U.S. Bancorp.

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Deposit Services: Heritage Financial provides various deposit accounts, including checking, savings, money market, and certificates of deposit, for individuals and businesses.

Commercial Lending: The company offers a range of loans to businesses, encompassing commercial real estate, construction, and commercial & industrial loans.

Residential Real Estate Lending: They provide mortgage loans and home equity lines of credit to individuals for purchasing or refinancing residential properties.

Consumer Lending: Heritage Financial offers personal, auto, and other installment loans to individual customers.

Treasury Management Services: Businesses can utilize services such as cash management, payment processing, and fraud protection to optimize their financial operations.

Wealth Management Services: Through its subsidiaries, the company provides investment advisory, financial planning, and trust services to help clients manage and grow their assets.

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AI Analysis | Feedback
Heritage Financial (HFWA) is a bank holding company, and its primary subsidiary, Heritage Bank, provides a broad range of financial services.

Like most banks, Heritage Financial does not have a few "major customers" in the traditional sense where a significant portion of its revenue comes from a select number of entities. Instead, its revenue is generated from a diversified base of many individuals and businesses through interest on loans, fees for services, and other financial products.

Given its business model, Heritage Financial serves the following categories of customers:

Individuals and Families: This category includes consumers seeking personal banking services such as checking and savings accounts, certificates of deposit (CDs), mortgages, home equity loans, personal loans, and wealth management services.

Small to Medium-sized Businesses (SMBs): Heritage Financial provides services to a wide array of businesses, including commercial loans, lines of credit, business checking and savings accounts, treasury management services, and payment processing solutions. These businesses span various industries within their operating footprint.

Commercial Real Estate Investors and Developers: The bank offers financing solutions for the acquisition, development, construction, and refinancing of commercial properties, serving both individual investors and larger development firms.

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Bryan D. McDonald, President and Chief Executive Officer

Mr. McDonald was promoted to President and CEO of Heritage Financial Corporation effective May 6, 2025. He also became President and CEO of Heritage Bank effective July 1, 2024. Prior to these roles, he served as President and Chief Operating Officer of Heritage Bank from 2021 to 2024, and Executive Vice President and Chief Operating Officer from 2018 to 2021. He joined Heritage as Executive Vice President and Chief Lending Officer in May 2014, following the merger with Washington Banking Company (Whidbey Island Bank). Before the merger, he was the President and Chief Executive Officer of Whidbey Island Bank from January 2012 to May 2014, having joined in 2006 as Commercial Banking Manager and becoming Chief Operating Officer in 2010.

Donald J. Hinson, Executive Vice President and Chief Financial Officer

Mr. Hinson was promoted to Executive Vice President and Chief Financial Officer in September 2012. He previously held the title of Senior Vice President and Chief Financial Officer from 2007 to 2012. Mr. Hinson joined Heritage in 2005 as Vice President and Controller. Before joining Heritage, he spent over ten years, from 1994 to 2005, in the banking audit practices of Knight, Vale and Gregory and RSM McGladrey. He is a licensed Certified Public Accountant.

Nicholas M. Bley, Executive Vice President and Chief Operations Officer

Mr. Bley joined Heritage Financial Corporation as Executive Vice President in October 2024, also serving as Executive Vice President and Chief Operations Officer of Heritage Bank. Before joining Heritage, he held various positions at JPMorgan Chase & Co., with his most recent role being Managing Director and Commercial Real Estate Senior Regional Sales Manager. He previously led a multifamily lending unit for 12 years that originated over $1.0 billion in loans annually.

Tony Chalfant, Executive Vice President and Chief Credit Officer

Mr. Chalfant has served as Executive Vice President and Chief Credit Officer of Heritage Financial Corporation and Heritage Bank since July 1, 2020. He joined Heritage Bank in 2018 as Senior Vice President, Regional Credit Officer, through the acquisition of Puget Sound Bank, where he served as Executive Vice President, Chief Credit Officer for 13 years and was a founding shareholder. His career began with the U.S. Comptroller of the Currency, where he worked for eight years, followed by 11 years in commercial lending and leadership positions with U.S. Bank.

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The key risks to Heritage Financial (HFWA) primarily revolve around its core banking operations and the broader economic environment.

Credit Risk: A significant portion of Heritage Financial's loan portfolio is concentrated in commercial real estate (60.8%) and commercial and industrial loans (17.5%) as of December 31, 2024. The company's Risk Committee specifically oversees credit risk, defined as the potential for financial loss or reputational damage from a borrower's failure to meet contractual obligations. This risk was evident in the second quarter of 2025, when Heritage downgraded $38.2 million of loans to substandard, including substantial amounts of non-owner occupied commercial real estate loans and commercial and industrial loans.

Market and Liquidity Risk: As a financial institution, Heritage Financial is susceptible to market fluctuations, particularly changes in interest rates, which are overseen by its Risk Committee. In the second quarter of 2025, the company incurred a pre-tax loss of $6.9 million from the strategic sale of investment securities to reposition its balance sheet. This action, aimed at improving net interest margin by purchasing higher-yielding securities, highlights the impact of interest rate movements on the value of its assets. Additionally, economic models used by Heritage incorporate macroeconomic factors such as interest rates to determine potential loan loss rates.

Operational and Cybersecurity Risk: Heritage Financial faces ongoing operational risks, including those related to technology and cybersecurity. While the company reported no identified data breaches in 2024 and maintains an Information Security Framework, the potential for a material data breach remains a significant concern given the evolving threat landscape and the sensitive nature of financial data. The increasing sophistication of cyber threats, including those leveraging advanced technologies like generative AI, makes cybersecurity a persistent and growing risk for financial institutions.

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The increasing competition from digital-only banks (neobanks) and specialized fintech platforms poses a clear emerging threat to Heritage Financial.

These competitors often offer lower fees, higher interest rates on deposits, faster loan approvals, and more seamless digital experiences, directly challenging Heritage Financial's traditional branch-based community banking model. They are attracting customers, particularly younger demographics, who prioritize digital convenience over physical presence and personal relationships, thereby eroding HFWA's customer base for core banking products like deposits and loans. This shift towards digital-first banking models and specialized financial services directly threatens the relevance and market share of conventional community banks.

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Heritage Financial (HFWA) operates primarily in Washington, Oregon, and Idaho, providing a range of financial services including commercial, industrial, residential, and consumer loans, various deposit products, and wealth management services.

For its core banking services, the addressable market size in Washington is identifiable:

Commercial Banking in Washington: The market size for the Commercial Banking industry in Washington is projected to be $16.8 billion in 2025. This industry encompasses banks that offer financial services to retail and business clients, including commercial, industrial, and consumer loans, and accept deposits.

Specific addressable market sizes for Commercial Real Estate Lending and Wealth Management solely within Heritage Financial's operating regions (Washington, Oregon, and Idaho) are not explicitly available as singular figures in the provided search results. While there is qualitative information indicating a strong and growing wealth management market in the Pacific Northwest, and discussions on commercial real estate trends and lending activities in the region, precise total addressable market sizes for these specific product categories within the defined geographic region were not found.

Therefore, the market sizes for other main products or services are currently null based on the available information.

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Heritage Financial (HFWA) Expected Drivers of Future Revenue Growth:

Over the next 2-3 years, Heritage Financial (HFWA) is anticipated to drive revenue growth through several key strategies and market dynamics:

Strategic Merger with Olympic Bancorp: The pending merger with Olympic Bancorp is a significant driver expected to enhance profitability and expand Heritage Financial's market presence, particularly in the Puget Sound area. This acquisition is poised to add to the company's operations and better position it for growth.

Continued Loan Growth: Heritage Financial expects to see sustained loan growth, with a particular focus on higher-yielding loans and commercial loan commitments. Management anticipates loan balances to resume more normal growth levels in 2026 as loan payoffs moderate. The company's strategic hiring of bankers and branch expansion in high-growth markets like Seattle, Portland, Eugene, Oregon, and Boise, Idaho, are also contributing to increasing its loan portfolio.

Net Interest Margin (NIM) Expansion: An improving net interest margin is a crucial component of revenue growth. Heritage Financial has demonstrated an increase in its net interest margin due to a combination of increased loan yields and a reduction in higher-cost borrowings. The company also expects continued decreases in the cost of deposits, further supporting NIM expansion.

Deposit Growth and Stable Funding: The company has experienced notable increases in total deposits, including a rise in noninterest-bearing deposits. This growth in deposits provides a more stable and lower-cost funding base, which in turn supports loan growth and allows for the pay down of more expensive borrowings, thereby positively impacting net interest income.

Strategic Balance Sheet Repositioning: Heritage Financial has been actively repositioning its balance sheet by selling lower-yielding investment securities and reinvesting the proceeds into higher-yielding loan opportunities. This strategic reallocation of assets is designed to optimize the earning potential of its portfolio and contribute to overall revenue growth.

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Share Repurchases

Heritage Financial authorized a new stock repurchase program in April 2024, allowing for the repurchase of up to 5% of its outstanding shares, or approximately 1.7 million shares. This program superseded a previous authorization from March 2020.

During the second quarter of 2024, the company repurchased 240,153 shares of common stock for $4.4 million.

In the third quarter of 2024, Heritage Financial repurchased $7.5 million in common stock, followed by an additional $4.4 million in common stock repurchases during the fourth quarter of 2024. For the full year 2024, the company repurchased 1,051,760 shares.

In the second quarter of 2025, the company repurchased common stock totaling $4.6 million.

Share Issuance

No significant public share issuances by Heritage Financial were identified within the last 3-5 years.

Inbound Investments

No large inbound investments by third-parties (e.g., strategic partners or private equity firms) in Heritage Financial were explicitly reported within the last 3-5 years.

Outbound Investments

On September 25, 2025, Heritage Financial announced a definitive agreement to acquire Olympic Bancorp, Inc. (the holding company for Kitsap Bank) in an all-stock transaction valued at approximately $176.6 million. This acquisition is expected to close in the first quarter of 2026 and will be Heritage's first acquisition since 2018.

Capital Expenditures

Heritage Financial reported an increase in non-interest expense in the nine months ended September 30, 2025, partly due to a gain on the sale of premises and equipment of $423.

The company's balance sheet for the nine months ended September 30, 2025, listed "Premises and equipment, net" as $20,037,000.

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Latest Trefis Analyses

Title Date
0 DASHBOARDS
1 Can Heritage Financial Stock Hold Up When Markets Turn? 10/17/2025
2 Heritage Financial (HFWA) Operating Cash Flow Comparison 02/17/2025
3 Heritage Financial (HFWA) Net Income Comparison 02/15/2025
Title
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Unique Key Date Ticker Company Category Trade Strategy 6M Fwd Rtn 12M Fwd Rtn 12M Max DD
NDAQ_2282026_Insider_Buying_45D_2Buy_200K 02282026 NDAQ Nasdaq Insider Insider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days 0.0% 0.0% 0.0%
JEF_2272026_Dip_Buyer_ValueBuy 02272026 JEF Jefferies Financial Dip Buy DB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin 0.0% 0.0% 0.0%
PAYO_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE 02272026 PAYO Payoneer Global Dip Buy DB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap 0.0% 0.0% 0.0%
FOUR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG 02272026 FOUR Shift4 Payments Dip Buy DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap 0.0% 0.0% 0.0%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE 02202026 COIN Coinbase Global Dip Buy DB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap 2.6% 2.6% -6.5%

Recent Active Movers

1D

1W

1M

Top Gainers
Ticker Company Mkt Cap (B) 1D Rtn YTD Rtn
XENE Xenon Pharmaceuticals 5.0 49.6% 40.0%
HIMS Hims & Hers Health 5.0 40.8% -31.8%
QURE uniQure 1.1 26.1% -24.8%
DNTH Dianthus Therapeutics 3.0 21.5% 92.3%
AXTI AXT 1.7 19.1% 135.8%
DYN Dyne Therapeutics 2.5 19.0% -9.6%
SLDB Solid Biosciences 0.8 18.8% 42.2%
RCKT Rocket Pharmaceuticals 0.6 15.9% 45.6%
AAOI Applied Optoelectronics 7.0 15.7% 217.3%
AEHR Aehr Test Systems 1.2 14.8% 102.5%
Top Losers
Ticker Company Mkt Cap (B) 1D Rtn YTD Rtn
OLMA Olema Pharmaceuticals 1.4 -25.8% -36.0%
ENGN enGene 0.4 -18.8% -21.9%
ORIC ORIC Pharmaceuticals 1.2 -15.0% 42.4%
TRVI Trevi Therapeutics 1.7 -12.0% -6.5%
PBF PBF Energy 4.4 -11.9% 41.7%
MBX MBX Biosciences 1.0 -8.5% -11.4%
RCAT Red Cat 1.4 -8.2% 77.7%
VG Venture Global 28.0 -7.8% 68.8%
GO Grocery Outlet 0.6 -7.7% -39.8%
EVMN Evommune 0.7 -7.1% 43.7%

Top Gainers
Ticker Company Mkt Cap (B) 1W Rtn YTD Rtn
DAWN Day One Biopharmaceuticals 2.2 105.7% 128.9%
QURE uniQure 1.1 71.3% -24.8%
SOC Sable Offshore 1.4 64.8% 57.1%
AMPX Amprius Technologies 2.2 52.9% 124.6%
BW Babcock & Wilcox Enterprises 1.4 49.9% 112.8%
XENE Xenon Pharmaceuticals 5.0 47.5% 40.0%
ZD Ziff Davis 1.6 43.7% 14.5%
DNTH Dianthus Therapeutics 3.0 43.4% 92.3%
IOVA Iovance Biotherapeutics 2.0 42.7% 98.2%
TNGX Tango Therapeutics 1.8 42.7% 85.7%
Top Losers
Ticker Company Mkt Cap (B) 1W Rtn YTD Rtn
PSIX Power Solutions International 1.2 -39.0% -8.4%
HROW Harrow 1.3 -34.4% -28.3%
GO Grocery Outlet 0.6 -34.3% -39.8%
OLMA Olema Pharmaceuticals 1.4 -33.4% -36.0%
SES SES AI 0.4 -29.5% -35.0%
ENGN enGene 0.4 -29.5% -21.9%
DSGR Distribution Solutions 1.0 -28.5% -21.6%
HYMC Hycroft Mining 1.7 -27.2% 70.8%
TBPH Theravance Biopharma 0.7 -26.1% -25.2%
TDUP ThredUp 0.5 -25.5% -41.6%

Top Gainers
Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
AAOI Applied Optoelectronics 7.0 190.1% 217.3%
FSLY Fastly 3.2 174.2% 114.4%
IOVA Iovance Biotherapeutics 2.0 129.2% 98.2%
CRCL Circle Internet 25.7 122.7% 41.0%
DAWN Day One Biopharmaceuticals 2.2 103.5% 128.9%
KOS Kosmos Energy 1.2 96.9% 182.1%
NKTR Nektar Therapeutics 1.3 96.9% 63.6%
SOC Sable Offshore 1.4 93.3% 57.1%
AXTI AXT 1.7 88.7% 135.8%
ACHC Acadia Healthcare 2.2 84.0% 74.1%
Top Losers
Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
KELYB Kelly Services 0.5 -62.0% 65.8%
MNKD MannKind 0.8 -51.4% -52.7%
GRAL GRAIL 1.8 -47.0% -41.8%
EOSE Eos Energy Enterprises 1.7 -45.3% -46.2%
NSP Insperity 0.8 -44.0% -41.7%
CWH Camping World 0.5 -42.7% -23.2%
KD Kyndryl 3.0 -40.7% -50.8%
SHLS Shoals Technologies 1.0 -40.4% -32.4%
RUN Sunrun 2.6 -40.3% -38.4%
ARRY Array Technologies 1.0 -39.5% -27.0%

More From Trefis

Research & Analysis

Latest Ideas

Dip Buying Opportunities

Earnings Reaction Data

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Peer Comparisons
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Financials
HFWA COLB BANR WAFD GBCI FIBK Median
Name Heritage. Columbia. Banner WaFd Glacier . First In.
Mkt Price 25.19 27.11 59.45 30.84 44.14 34.02 32.43
Mkt Cap 0.9 8.0 2.0 2.4 5.7 3.4 2.9
Rev LTM 246 2,301 654 745 1,004 1,059 875
Op Inc LTM - - - - - - -
FCF LTM 86 706 248 215 348 278 263
FCF 3Y Avg 82 665 257 269 336 337 303
CFO LTM 95 746 257 248 374 306 282
CFO 3Y Avg 90 692 269 295 378 363 329

Growth & Margins
HFWA COLB BANR WAFD GBCI FIBK Median
Name Heritage. Columbia. Banner WaFd Glacier . First In.
Rev Chg LTM 13.5% 19.3% 8.5% 2.7% 24.0% 5.9% 11.0%
Rev Chg 3Y Avg 0.1% 24.4% 1.7% 1.9% 5.0% -1.3% 1.8%
Rev Chg Q 16.3% 47.2% 4.2% 11.6% 38.2% 19.8% 18.0%
QoQ Delta Rev Chg LTM 3.9% 11.1% 1.0% 2.8% 9.0% 5.1% 4.5%
Op Mgn LTM - - - - - - -
Op Mgn 3Y Avg - - - - - - -
QoQ Delta Op Mgn LTM - - - - - - -
CFO/Rev LTM 38.5% 32.4% 39.4% 33.3% 37.3% 28.9% 35.3%
CFO/Rev 3Y Avg 37.7% 33.4% 43.2% 40.5% 44.2% 35.4% 39.1%
FCF/Rev LTM 34.8% 30.7% 37.9% 28.9% 34.6% 26.2% 32.6%
FCF/Rev 3Y Avg 34.5% 32.1% 41.2% 37.0% 39.2% 32.8% 35.8%

Valuation
HFWA COLB BANR WAFD GBCI FIBK Median
Name Heritage. Columbia. Banner WaFd Glacier . First In.
Mkt Cap 0.9 8.0 2.0 2.4 5.7 3.4 2.9
P/S 3.5 3.5 3.1 3.2 5.7 3.2 3.4
P/EBIT - - - - - - -
P/E 12.7 14.6 10.4 9.8 24.0 11.3 12.0
P/CFO 9.0 10.8 7.9 9.6 15.3 11.2 10.2
Total Yield 11.7% 11.0% 12.9% 13.8% 7.0% 14.5% 12.3%
Dividend Yield 3.8% 4.2% 3.3% 3.5% 2.8% 5.7% 3.7%
FCF Yield 3Y Avg 10.4% 10.5% 12.3% 11.2% 6.5% 10.1% 10.5%
D/E 0.0 0.5 0.1 1.0 0.1 0.1 0.1
Net D/E -0.8 0.1 -0.1 -0.6 -0.8 -0.3 -0.5

Returns
HFWA COLB BANR WAFD GBCI FIBK Median
Name Heritage. Columbia. Banner WaFd Glacier . First In.
1M Rtn -10.6% -14.4% -8.0% -8.5% -17.0% -12.4% -11.5%
3M Rtn 4.8% -3.0% -7.0% -3.6% 2.8% 1.7% -0.7%
6M Rtn 2.7% 3.2% -10.7% -0.3% -9.6% 6.3% 1.2%
12M Rtn 9.8% 14.3% -4.0% 10.9% -1.6% 24.9% 10.3%
3Y Rtn 21.0% 36.3% 17.1% 8.1% 19.4% 30.7% 20.2%
1M Excs Rtn -9.3% -12.1% -6.8% -7.4% -15.3% -10.4% -9.9%
3M Excs Rtn 5.9% -2.1% -6.5% -2.5% 4.0% 3.2% 0.5%
6M Excs Rtn -1.2% -1.5% -15.6% -6.1% -14.6% 2.5% -3.8%
12M Excs Rtn -9.1% -3.8% -22.5% -7.4% -18.5% 6.6% -8.2%
3Y Excs Rtn -65.3% -58.5% -65.3% -71.7% -64.9% -50.7% -65.1%

Comparison Analyses
null

FDIC Bank Data

Capital & Deposits
Assets
Loans

Bank Capital
null
Bank Deposits
null

Bank Assets
null

Bank Loans
null

FDA Approved Drugs Data
Expand for More
Post-Approval Fwd Returns
FDA
App # Brand
Name Generic
Name Dosage
Form FDA
Approval 3M
Rtn 6M
Rtn 1Y
Rtn 2Y
Rtn Total
Rtn
ANDA218896   TRANEXAMIC ACID tranexamic acid solution 6022025 7.9% 7.3% 13.5% 13.5% 13.5%
ANDA217854   DOXYCYCLINE HYCLATE doxycycline hyclate injectable 7232024 -0.4% 14.4% 17.9% 22.6% 22.6%
ANDA216677   DOCETAXEL docetaxel injectable 2282024 -2.7% 29.3% 42.7% 57.6% 50.3%
ANDA205950   TRIMETHOBENZAMIDE HYDROCHLORIDE trimethobenzamide hydrochloride capsule 11212023 8.1% 12.1% 53.8% 40.3% 59.8%
ANDA216309   BACLOFEN baclofen injectable 8102023 -9.0% 0.6% 19.4% 33.3% 52.3%
ANDA215829   VERAPAMIL HYDROCHLORIDE verapamil hydrochloride injectable 3172022 -6.0% 6.6% -10.6% -22.4% 15.5%
ANDA208058   LURASIDONE HYDROCHLORIDE lurasidone hydrochloride tablet 9042019 7.9% -5.4% -16.8% 4.6% 26.8%
ANDA205136   MECLIZINE HYDROCHLORIDE meclizine hydrochloride tablet 2222019 -9.1% -20.5% -15.8% -19.8% 0.3%
ANDA204669   OCTREOTIDE ACETATE octreotide acetate injectable 12272018 4.8% 1.3% -0.1% -15.1% 14.0%
ANDA203765   OCTREOTIDE ACETATE octreotide acetate injectable 9072018 -10.9% -14.8% -28.4% -39.1% -8.9%
...

Financials

Annual
Quarterly

$ Mil | FY: 12/31 LTM 2025 2024 2023 2022 2021 2020
Period End 12/31/2025 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Filing Date 2/27/2026 2/27/2026 2/27/2025 2/27/2024 2/24/2023 2/25/2022 2/26/2021
Key Financials
Total Revenue 246 246 217 244 249 240 238
Net Income 68 68 43 62 82 98 47
EPS 1.99 1.99 1.26 1.76 2.33 2.75 1.29
Growth Rates
Total Revenue Growth 13.5% 13.5% -11.1% -2.1% 3.6% 0.9% 2.6%
Net Income Growth 56.1% 56.1% -30.0% -24.6% -16.5% 110.5% -31.1%
Margins
Net Income Margin 27.4% 27.4% 19.9% 25.3% 32.9% 40.8% 19.5%
Cash & Debt
Total Cash 768 768 881 1,359 1,435 2,618 1,545
Total Debt 42 42 405 522 21 21 21
Net Debt / (Cash) -725 -725 -476 -838 -1,414 -2,596 -1,525
Cash Flows
Net Cash from Operations 95 95 64 110 94 70 70
Free Cash from Operations 86 86 61 99 90 67 63
Returns to Shareholders
Dividends 33 33 32 31 29 29 29
Share Repurchases 6 6 22 7 3 23 19
$ Mil | FY: 12/31 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1
Period End 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Filing Date 2/27/2026 11/7/2025 8/8/2025 5/6/2025 2/27/2025 11/6/2024 8/9/2024 5/7/2024 2/27/2024 11/9/2023 8/4/2023 5/4/2023
Key Financials Quarterly
Total Revenue 66 66 56 58 57 55 56 49 51 62 63 68
Net Income 22 19 12 14 12 11 14 6 6 18 17 20
EPS 0.66 0.56 0.36 0.41 0.35 0.33 0.41 0.17 0.18 0.52 0.48 0.58
Key Financials TTM
Total Revenue TTM 246 237 226 226 217 211 218 224 244 263 268 262
Net Income TTM 68 57 49 51 43 38 44 47 62 78 81 83
Growth Rates Quarterly
Total Revenue Growth 16.3% 19.9% 0.3% 18.4% 12.5% -11.5% -10.7% -28.6% -27.2% -7.3% 10.6% 22.7%
Net Income Growth 86.4% 67.8% -13.7% 142.0% 91.4% -37.3% -16.0% -71.9% -72.4% -13.2% -9.4% 3.5%
Margins Quarterly
Net Income Margin 33.5% 29.2% 21.6% 24.2% 20.9% 20.8% 25.1% 11.8% 12.3% 29.4% 26.7% 30.0%
Cash & Debt
Total Cash 768 807 839 892 881 1,028 1,045 1,186 1,359 1,368 1,385 1,620
Total Debt 42 160 285 287 405 404 522 522 522 472 472 405
Net Debt / (Cash) -725 -647 -554 -605 -476 -624 -523 -664 -838 -896 -913 -1,215
Cash Flows Quarterly
FCF from Operations 28 25 23 19 21 24 7 13 31 31 24 23
Cash Flows TTM
FCF from Operations TTM 95 87 87 71 64 75 82 99 110 111 108 107
Returns to Shareholders Quarterly
Dividends 8 8 8 8 8 8 8 8 8 8 8 8
Share Repurchases 0 0 5 1 4 8 4 6 0 3 2 3
Return on Invested Capital (ROIC) Quarterly
ROIC - - - - - - - - - - - -
Return on Invested Capital (ROIC) TTM
ROIC TTM - - - - - - - - - - - -

Segment Financials
Revenue by Segment
$ Mil 2025 2024 2023 2022 2021
Commercial banking 217 244 249 240 238
Total 217 244 249 240 238

Price Behavior

Behavior Stats
Betas Matrix
Behavior vs Other Asset Classes

Price Behavior
Market Price $25.19
Market Cap ($ Bil) 0.9
First Trading Date 05/07/1998
Distance from 52W High -11.2%
    50 Days 200 Days
DMA Price $25.95 $23.93
DMA Trend up up
Distance from DMA -2.9% 5.2%
3M 1YR
Volatility 34.2% 31.0%
Downside Capture 71.90 84.32
Upside Capture 103.75 78.91
Correlation (SPY) 27.2% 49.4%

HFWA Betas & Captures as of 2/28/2026

1M 2M 3M 6M 1Y 3Y
Beta 0.63 1.00 0.74 0.84 0.79 0.93
Up Beta 0.32 1.90 1.89 1.76 0.68 0.92
Down Beta 0.19 0.10 -0.02 0.64 0.92 0.86
Up Capture 129% 163% 112% 72% 68% 69%
Bmk +ve Days 9 20 31 70 142 431
Stock +ve Days 12 20 32 60 123 369
Down Capture 40% 75% 45% 64% 87% 101%
Bmk -ve Days 12 21 30 54 109 320
Stock -ve Days 8 20 28 62 124 375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y

5Y

10Y

Based On 1-Year Data
Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with HFWA
HFWA 9.4% 30.9% 0.31 -
Sector ETF (XLF) 3.0% 19.3% 0.03 62.4%
Equity (SPY) 19.6% 19.1% 0.81 49.3%
Gold (GLD) 77.6% 26.1% 2.18 -5.8%
Commodities (DBC) 20.2% 17.2% 0.92 4.4%
Real Estate (VNQ) 6.1% 16.4% 0.19 46.2%
Bitcoin (BTCUSD) -24.3% 45.7% -0.47 19.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data
Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with HFWA
HFWA 3.0% 31.7% 0.14 -
Sector ETF (XLF) 10.5% 18.7% 0.44 60.5%
Equity (SPY) 13.4% 17.0% 0.62 39.6%
Gold (GLD) 24.0% 17.2% 1.14 -3.7%
Commodities (DBC) 11.8% 19.0% 0.50 7.6%
Real Estate (VNQ) 5.3% 18.8% 0.18 40.8%
Bitcoin (BTCUSD) 7.1% 56.8% 0.35 13.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data
Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with HFWA
HFWA 7.4% 32.9% 0.30 -
Sector ETF (XLF) 13.5% 22.2% 0.56 68.6%
Equity (SPY) 15.2% 17.9% 0.73 50.1%
Gold (GLD) 14.9% 15.6% 0.79 -9.2%
Commodities (DBC) 8.9% 17.6% 0.42 16.1%
Real Estate (VNQ) 6.2% 20.7% 0.26 46.2%
Bitcoin (BTCUSD) 65.7% 66.8% 1.05 10.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest
Short Interest: As Of Date 2132026
Short Interest: Shares Quantity 1.7 Mil
Short Interest: % Change Since 1312026 25.2%
Average Daily Volume 0.3 Mil
Days-to-Cover Short Interest 6.2 days
Basic Shares Quantity 34.0 Mil
Short % of Basic Shares 4.9%

Returns Analyses
Title
0 Can Heritage Financial Stock Hold Up When Markets Turn?

Earnings Returns History
Expand for More
Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
1/22/2026 -5.5% -8.6% -2.8%
10/23/2025 0.3% -2.6% 2.0%
7/24/2025 0.8% -3.1% 6.1%
4/24/2025 -1.7% 0.2% 1.5%
1/23/2025 -0.8% 2.9% -1.9%
10/24/2024 -0.1% 2.8% 19.7%
7/25/2024 0.6% -1.0% 1.2%
4/26/2024 -1.2% 5.7% 1.9%
...
SUMMARY STATS
# Positive 6 11 15
# Negative 17 12 8
Median Positive 0.7% 2.9% 5.9%
Median Negative -1.4% -5.5% -4.2%
Max Positive 5.7% 6.6% 19.7%
Max Negative -5.5% -13.0% -17.8%

SEC Filings
Expand for More
Report Date Filing Date Filing
12/31/2025 02/27/2026 10-K
09/30/2025 11/07/2025 10-Q
06/30/2025 08/08/2025 10-Q
03/31/2025 05/06/2025 10-Q
12/31/2024 02/27/2025 10-K
09/30/2024 11/06/2024 10-Q
06/30/2024 08/09/2024 10-Q
03/31/2024 05/07/2024 10-Q
12/31/2023 02/27/2024 10-K
09/30/2023 11/09/2023 10-Q
06/30/2023 08/04/2023 10-Q
03/31/2023 05/04/2023 10-Q
12/31/2022 02/24/2023 10-K
09/30/2022 11/09/2022 10-Q
06/30/2022 08/09/2022 10-Q
03/31/2022 05/04/2022 10-Q

Insider Activity
Expand for More
# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 McDonald, Bryan President 401(K) Plan Buy 11242025 22.32 19,106 426,446 700,022 Form
2 Curran, Amy E EVP Director Commercial Lend Direct Sell 3182025 23.77 858 20,395 578,871 Form
3 Deuel, Jeffrey J CEO Direct Sell 3182025 23.66 7,033 166,387 1,677,494 Form
4 Hinson, Donald EVPand Chief Financial Officer Direct Sell 3182025 23.59 3,420 80,681 992,874 Form
5 Wilson, Kelli Ann EVP Chief Banking Officer Direct Sell 1262026 26.48 1,900 50,307 100,032 Form

HFWA Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE
null

null

INVESTMENT THESIS
null
null

Mechanism: null

Supporting Evidence:

PRIMARY RISK
null
null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI Threshold Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline Event & Metric To Watch

Key Events in Last 6 Months

Date Event Stock Impact

Risk Management

Position Sizing

null

null

null

Diversification Alternatives

How Is The Market Pricing HFWA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What HFWA Makes & Who Pays

TTM figures based on

HFWA Evolution: Price Return by Era

① Structure

0

② Volume / Momentum

0

③ Catalyst

0

Combined Score

0 / 12

1 Price Structure & Trend · ▾

▲

Current $

20D SMA $ Below

50D SMA $ Slope: % Below

200D SMA $ Slope: % Below

✕ — trading days ago

52W High

$

From 52W High

%

All-Time High

$

From ATH

%

52W Low

$

From 52W Low

%

2 Momentum ▾

↑

5D

%

20D

%

63D

%

126D

%

252D

%

3 Relative Strength vs. SPY ▾

↑

20D
%

63D
%

126D
%

252D
%

RS Trend

%

RS Character

4 Institutional Footprint & Volume ▾

↓

◈

Score

Up/Down Vol 20D

Up/Down Vol 60D

OBV Slope 20D

OBV Slope 60D

Hi-Conv Up Days

Past 60D

Hi-Conv Down Days

Past 60D

Volume Trend

20D avg vs 60D avg

5 Volatility ▾

≈

HV 20D

%

HV 60D

%

HV 252D

%

Compression Ratio

ATR 14D

%

6 Key Price Levels Range · Vol ▾

◈

Nearest Resistance

$

% away · touches

Nearest Support

$

% away · touches

2nd Support

$

touches

Risk / Reward

×

Approach Volume

Current Price

$

7 Earnings Reaction History ▾

★

%

Earnings Day Return · Vol Spike ×

5D

%

10D

%

20D

%

Post Vol

×

%

Earnings Day Return · Vol Spike ×

5D

%

10D

%

20D

%

Post Vol

×

8 How the Verdict Is Derived Three Pillars ▾

Pillar Score

① Structure 0

② Vol / Mom 0

③ Catalyst 0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.

Industry Resources
Financials Resources
Federal Reserve Economic Data
Federal Reserve
FDIC Data
American Banker
The Banker
Banking Technology

External Quote Links
0 Y Finance Barrons
1 TradingView Morningstar
2 SeekingAlpha ValueLine
3 Motley Fool Robinhood
4 CNBC Etrade
5 MarketWatch Unusual Whales
6 YCharts Perplexity Finance
7 FinViz

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					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
ANDA218896	TRANEXAMIC ACID	tranexamic acid	solution	6022025	7.9%	7.3%	13.5%	13.5%	13.5%
ANDA217854	DOXYCYCLINE HYCLATE	doxycycline hyclate	injectable	7232024	-0.4%	14.4%	17.9%	22.6%	22.6%
ANDA216677	DOCETAXEL	docetaxel	injectable	2282024	-2.7%	29.3%	42.7%	57.6%	50.3%
ANDA205950	TRIMETHOBENZAMIDE HYDROCHLORIDE	trimethobenzamide hydrochloride	capsule	11212023	8.1%	12.1%	53.8%	40.3%	59.8%
ANDA216309	BACLOFEN	baclofen	injectable	8102023	-9.0%	0.6%	19.4%	33.3%	52.3%
ANDA215829	VERAPAMIL HYDROCHLORIDE	verapamil hydrochloride	injectable	3172022	-6.0%	6.6%	-10.6%	-22.4%	15.5%
ANDA208058	LURASIDONE HYDROCHLORIDE	lurasidone hydrochloride	tablet	9042019	7.9%	-5.4%	-16.8%	4.6%	26.8%
ANDA205136	MECLIZINE HYDROCHLORIDE	meclizine hydrochloride	tablet	2222019	-9.1%	-20.5%	-15.8%	-19.8%	0.3%
ANDA204669	OCTREOTIDE ACETATE	octreotide acetate	injectable	12272018	4.8%	1.3%	-0.1%	-15.1%	14.0%
ANDA203765	OCTREOTIDE ACETATE	octreotide acetate	injectable	9072018	-10.9%	-14.8%	-28.4%	-39.1%	-8.9%
ANDA207035	ACETAMINOPHEN	acetaminophen	tablet, extended release	5312018	12.3%	9.7%	-10.5%	-37.3%	4.2%
ANDA205210	DOXAZOSIN MESYLATE	doxazosin mesylate	tablet	2132018	7.9%	21.9%	10.6%	-4.4%	13.7%
ANDA207935	DUTASTERIDE	dutasteride	capsule	10132017	7.5%	4.1%	12.1%	-7.1%	14.3%
ANDA209171	AMANTADINE HYDROCHLORIDE	amantadine hydrochloride	capsule	6122017	3.0%	21.4%	31.7%	19.2%	32.7%
ANDA207880	DESMOPRESSIN ACETATE	desmopressin acetate	tablet	5262017	11.0%	29.5%	38.4%	29.3%	42.6%
ANDA205530	ACETAZOLAMIDE	acetazolamide	tablet	10272016	49.4%	54.4%	78.9%	86.2%	96.0%
ANDA205532	LITHIUM CARBONATE	lithium carbonate	tablet, extended release	9292016	47.8%	42.5%	71.2%	108.4%	97.7%
ANDA204945	TROSPIUM CHLORIDE	trospium chloride	tablet	8302016	24.5%	38.1%	45.6%	105.0%	90.1%
ANDA206975	BUPROPION HYDROCHLORIDE	bupropion hydrochloride	tablet	8192016	27.1%	43.1%	49.6%	107.8%	94.9%
ANDA207433	DESIPRAMINE HYDROCHLORIDE	desipramine hydrochloride	tablet	5052016	0.9%	6.9%	51.6%	90.9%	106.2%
ANDA204582	BUSPIRONE HYDROCHLORIDE	buspirone hydrochloride	tablet	9182015	-0.8%	-2.3%	0.3%	56.3%	96.1%
ANDA205126	CARISOPRODOL	carisoprodol	tablet	7082015	5.9%	7.7%	-0.7%	60.8%	107.7%
ANDA202315	CALCIUM ACETATE	calcium acetate	capsule	6292015	7.0%	7.0%	-3.5%	57.4%	104.9%
ANDA202885	CALCIUM ACETATE	calcium acetate	tablet	1222015	7.6%	12.1%	11.5%	73.3%	130.4%
ANDA204279	HYDROXYZINE HYDROCHLORIDE	hydroxyzine hydrochloride	tablet	8202014	6.2%	2.2%	12.0%	17.7%	129.4%
ANDA202150	MOEXIPRIL HYDROCHLORIDE AND HYDROCHLOROTHIAZIDE	hydrochlorothiazide	tablet	3072014	-10.5%	-7.8%	-8.4%	3.6%	109.0%
ANDA202436	TRANEXAMIC ACID	tranexamic acid	injectable	2112014	-5.5%	-4.9%	0.7%	4.7%	126.3%
ANDA091431	AMLODIPINE BESYLATE AND BENAZEPRIL HYDROCHLORIDE	amlodipine besylate	capsule	12302013	-0.5%	-5.0%	7.6%	17.5%	123.6%
ANDA201964	FELODIPINE	felodipine	tablet, extended release	11082013	0.1%	-2.5%	9.6%	27.0%	132.0%
ANDA201507	HYDROXYZINE PAMOATE	hydroxyzine pamoate	capsule	6032013	7.5%	21.2%	13.1%	29.4%	172.9%
ANDA200856	DOXYCYCLINE HYCLATE	doxycycline hyclate	tablet, delayed release	4302013	15.0%	19.1%	19.6%	28.4%	180.1%
ANDA202644	NIFEDIPINE	nifedipine	capsule	4252013	17.6%	20.5%	20.8%	33.2%	184.1%
ANDA201336	FLUOXETINE HYDROCHLORIDE	fluoxetine hydrochloride	capsule	10012012	-0.3%	-4.2%	8.6%	11.9%	166.7%
ANDA200892	ETHOSUXIMIDE	ethosuximide	capsule	9252012	-0.5%	1.7%	15.6%	17.2%	174.1%
ANDA202845	DIFLUNISAL	diflunisal	tablet	3082012	7.9%	13.2%	17.8%	55.0%	224.1%
ANDA091605	DOXYCYCLINE	doxycycline	tablet	12202011	6.5%	9.7%	17.7%	39.2%	221.7%
ANDA077344	DONEPEZIL HYDROCHLORIDE	donepezil hydrochloride	tablet	5312011	-11.1%	-11.8%	4.8%	15.7%	218.0%
ANDA200502	NARATRIPTAN	naratriptan hydrochloride	tablet	2282011	-10.8%	-19.4%	-3.7%	4.2%	188.5%
ANDA090937	GLYBURIDE	glyburide	tablet	2282011	-10.8%	-19.4%	-3.7%	4.2%	188.5%
ANDA091254	PRAMIPEXOLE DIHYDROCHLORIDE	pramipexole dihydrochloride	tablet	11302010	8.7%	-1.1%	-7.2%	13.3%	214.5%
ANDA078551	PRAMIPEXOLE DIHYDROCHLORIDE	pramipexole dihydrochloride	tablet	10082010	-6.1%	-1.0%	-21.2%	7.9%	193.8%
ANDA090402	TACROLIMUS	tacrolimus	capsule	7012010	-6.0%	-6.3%	-13.0%	2.6%	189.8%
ANDA078728	GLIPIZIDE AND METFORMIN HYDROCHLORIDE	glipizide	tablet	6232010	-6.1%	-5.6%	-11.4%	2.1%	197.8%
ANDA091256	BETHANECHOL CHLORIDE	bethanechol chloride	tablet	5042010	2.9%	-7.0%	-8.0%	-9.7%	186.7%
ANDA078879	TEMOZOLOMIDE	temozolomide	capsule	3012010	0.8%	-15.4%	0.4%	-6.5%	190.6%
ANDA040858	HYDRALAZINE HYDROCHLORIDE	hydralazine hydrochloride	tablet	2262010	1.2%	-12.3%	1.4%	-3.3%	191.8%
ANDA077585	GALANTAMINE HYDROBROMIDE	galantamine hydrobromide	tablet	9152009	11.1%	21.0%	6.7%	-4.9%	246.6%
ANDA079009	GLYBURIDE AND METFORMIN HYDROCHLORIDE	glyburide	tablet	6032009	-1.2%	2.7%	20.0%	2.5%	245.8%
ANDA078554	VENLAFAXINE HYDROCHLORIDE	venlafaxine hydrochloride	tablet	1092009	-3.0%	-10.0%	19.3%	16.4%	264.2%
ANDA040904	ACETAZOLAMIDE	acetazolamide	capsule, extended release	12102008	-20.2%	-0.5%	6.4%	9.8%	255.3%
ANDA078489	ALPRAZOLAM	alprazolam	tablet, extended release	10172008	-16.6%	-17.8%	-2.8%	7.0%	208.9%
ANDA077769	RISPERIDONE	risperidone	tablet	10162008	-7.6%	-14.4%	1.3%	11.5%	221.9%
ANDA076228	RISPERIDONE	risperidone	tablet	6302008	-21.6%	-23.5%	-24.4%	-2.1%	182.1%
ANDA077724	PRAMIPEXOLE DIHYDROCHLORIDE	pramipexole dihydrochloride	tablet	2192008	-14.7%	-26.5%	-39.0%	-24.3%	127.6%
ANDA078615	CETIRIZINE HYDROCHLORIDE ALLERGY	cetirizine hydrochloride	tablet	12282007	-12.4%	-18.5%	-36.9%	-27.9%	129.0%
ANDA040734	METHIMAZOLE	methimazole	tablet	12142007	-9.8%	-15.0%	-40.1%	-30.2%	119.9%
ANDA065173	PAROMOMYCIN SULFATE	paromomycin sulfate	capsule	12142007	-9.8%	-15.0%	-40.1%	-30.2%	119.9%
ANDA040682	BENZONATATE	benzonatate	capsule	7302007	-4.8%	-20.5%	-37.9%	-44.4%	94.6%
ANDA076377	TERBINAFINE HYDROCHLORIDE	terbinafine hydrochloride	tablet	7022007	-6.4%	-15.4%	-36.0%	-48.3%	94.7%
ANDA077811	NIMODIPINE	nimodipine	capsule	5022007	2.9%	-5.2%	-14.2%	-48.9%	101.8%
ANDA077299	SERTRALINE HYDROCHLORIDE	sertraline hydrochloride	tablet	2062007	-5.3%	-5.4%	-16.5%	-46.8%	91.2%
ANDA077345	SERTRALINE HYDROCHLORIDE	sertraline hydrochloride	tablet	2062007	-5.3%	-5.4%	-16.5%	-46.8%	91.2%
ANDA077663	SERTRALINE HYDROCHLORIDE	sertraline hydrochloride	tablet	2062007	-5.3%	-5.4%	-16.5%	-46.8%	91.2%
ANDA076465	SERTRALINE HYDROCHLORIDE	sertraline hydrochloride	tablet	8112006	-4.9%	-4.7%	-9.3%	-42.0%	79.3%
ANDA077213	CITALOPRAM HYDROBROMIDE	citalopram hydrobromide	tablet	3312006	-8.5%	-8.9%	-11.2%	-36.0%	67.2%

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
HFWA Return	8%	29%	-27%	20%	1%	8%	33%
Peers Return	18%	-1%	-9%	15%	3%	-2%	25%
S&P 500 Return	27%	-19%	24%	23%	16%	-2%	79%
Monthly Win Rates [3]
HFWA Win Rate	58%	50%	33%	42%	42%	67%
Peers Win Rate	62%	47%	43%	53%	50%	33%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
HFWA Max Drawdown	-3%	-1%	-49%	-20%	-14%	0%
Peers Max Drawdown	-5%	-15%	-37%	-21%	-22%	-2%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-2%

Unique Key	Event	HFWA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-55.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	123.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-44.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	80.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	296 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-32.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	47.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-64.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	179.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2,832 days	1,480 days

	Title	Date
0	DASHBOARDS
1	Can Heritage Financial Stock Hold Up When Markets Turn?	10/17/2025
2	Heritage Financial (HFWA) Operating Cash Flow Comparison	02/17/2025
3	Heritage Financial (HFWA) Net Income Comparison	02/15/2025

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
NDAQ_2282026_Insider_Buying_45D_2Buy_200K	02282026	NDAQ	Nasdaq	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JEF_2272026_Dip_Buyer_ValueBuy	02272026	JEF	Jefferies Financial	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
PAYO_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02272026	PAYO	Payoneer Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.0%	0.0%	0.0%
FOUR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02272026	FOUR	Shift4 Payments	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.0%	0.0%	0.0%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	COIN	Coinbase Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	2.6%	2.6%	-6.5%

	HFWA	COLB	BANR	WAFD	GBCI	FIBK	Median
Name	Heritage.	Columbia.	Banner	WaFd	Glacier .	First In.
Mkt Price	25.19	27.11	59.45	30.84	44.14	34.02	32.43
Mkt Cap	0.9	8.0	2.0	2.4	5.7	3.4	2.9
Rev LTM	246	2,301	654	745	1,004	1,059	875
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	86	706	248	215	348	278	263
FCF 3Y Avg	82	665	257	269	336	337	303
CFO LTM	95	746	257	248	374	306	282
CFO 3Y Avg	90	692	269	295	378	363	329

Market Price	$25.19
Market Cap ($ Bil)	0.9
First Trading Date	05/07/1998
Distance from 52W High	-11.2%
	50 Days	200 Days
DMA Price	$25.95	$23.93
DMA Trend	up	up
Distance from DMA	-2.9%	5.2%
	3M	1YR
Volatility	34.2%	31.0%
Downside Capture	71.90	84.32
Upside Capture	103.75	78.91
Correlation (SPY)	27.2%	49.4%

	1M	2M	3M	6M	1Y	3Y
Beta	0.63	1.00	0.74	0.84	0.79	0.93
Up Beta	0.32	1.90	1.89	1.76	0.68	0.92
Down Beta	0.19	0.10	-0.02	0.64	0.92	0.86
Up Capture	129%	163%	112%	72%	68%	69%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	12	20	32	60	123	369
Down Capture	40%	75%	45%	64%	87%	101%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	8	20	28	62	124	375

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HFWA
HFWA	9.4%	30.9%	0.31	-
Sector ETF (XLF)	3.0%	19.3%	0.03	62.4%
Equity (SPY)	19.6%	19.1%	0.81	49.3%
Gold (GLD)	77.6%	26.1%	2.18	-5.8%
Commodities (DBC)	20.2%	17.2%	0.92	4.4%
Real Estate (VNQ)	6.1%	16.4%	0.19	46.2%
Bitcoin (BTCUSD)	-24.3%	45.7%	-0.47	19.1%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HFWA
HFWA	7.4%	32.9%	0.30	-
Sector ETF (XLF)	13.5%	22.2%	0.56	68.6%
Equity (SPY)	15.2%	17.9%	0.73	50.1%
Gold (GLD)	14.9%	15.6%	0.79	-9.2%
Commodities (DBC)	8.9%	17.6%	0.42	16.1%
Real Estate (VNQ)	6.2%	20.7%	0.26	46.2%
Bitcoin (BTCUSD)	65.7%	66.8%	1.05	10.1%

Short Interest: As Of Date	2132026
Short Interest: Shares Quantity	1.7 Mil
Short Interest: % Change Since 1312026	25.2%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	6.2 days
Basic Shares Quantity	34.0 Mil
Short % of Basic Shares	4.9%

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
1/22/2026	-5.5%	-8.6%	-2.8%
10/23/2025	0.3%	-2.6%	2.0%
7/24/2025	0.8%	-3.1%	6.1%
4/24/2025	-1.7%	0.2%	1.5%
1/23/2025	-0.8%	2.9%	-1.9%
10/24/2024	-0.1%	2.8%	19.7%
7/25/2024	0.6%	-1.0%	1.2%
4/26/2024	-1.2%	5.7%	1.9%
...
SUMMARY STATS
# Positive	6	11	15
# Negative	17	12	8
Median Positive	0.7%	2.9%	5.9%
Median Negative	-1.4%	-5.5%	-4.2%
Max Positive	5.7%	6.6%	19.7%
Max Negative	-5.5%	-13.0%	-17.8%

Report Date	Filing Date	Filing
12/31/2025	02/27/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/08/2025	10-Q
03/31/2025	05/06/2025	10-Q
12/31/2024	02/27/2025	10-K
09/30/2024	11/06/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/07/2024	10-Q
12/31/2023	02/27/2024	10-K
09/30/2023	11/09/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/24/2023	10-K
09/30/2022	11/09/2022	10-Q
06/30/2022	08/09/2022	10-Q
03/31/2022	05/04/2022	10-Q

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	McDonald, Bryan	President	401(K) Plan	Buy	11242025	22.32	19,106	426,446	700,022	Form
2	Curran, Amy E	EVP Director Commercial Lend	Direct	Sell	3182025	23.77	858	20,395	578,871	Form
3	Deuel, Jeffrey J	CEO	Direct	Sell	3182025	23.66	7,033	166,387	1,677,494	Form
4	Hinson, Donald	EVPand Chief Financial Officer	Direct	Sell	3182025	23.59	3,420	80,681	992,874	Form
5	Wilson, Kelli Ann	EVP Chief Banking Officer	Direct	Sell	1262026	26.48	1,900	50,307	100,032	Form

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Heritage Financial (HFWA)

Market Price (3/10/2026): $25.18 | Market Cap: $855.1 MilSector: Financials | Industry: Regional Banks

Heritage Financial (HFWA)

Market Price (3/10/2026): $25.18Market Cap: $855.1 MilSector: FinancialsIndustry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Heritage Financial (HFWA)

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Heritage Financial (HFWA)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

HFWA Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

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Market Price (3/10/2026): $25.18 | Market Cap: $855.1 Mil
Sector: Financials | Industry: Regional Banks

Market Price (3/10/2026): $25.18
Market Cap: $855.1 Mil
Sector: Financials
Industry: Regional Banks