The bank maintains a conservative capital structure with an equity-to-assets ratio of 0.13, supporting an expanded asset base of $8.5 billion as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'97 |
|---|
| Cash & Short Term Investments | 3.41B | 660.11M | 881.49M | 1.36B | 1.44B | 2.62B | 1.55B | 1.18B | 1.14B | 913.54M | 898.39M | 945.23M | 874.61M | 309.2M | 251.38M | 268.36M | 167M | 107.23M | 60.63M | 34.46M | 26.43M | 28M | 19.34M | 27.93M | 37.99M | 45.78M | 21.46M | 18.5M | 74.6M |
| Cash & Due from Banks | 98.26M | 52.59M | 117.1M | 224.97M | 103.59M | 1.72B | 743.32M | 228.57M | 161.91M | 103.02M | 103.75M | 133.36M | 131.76M | 146.06M | 107.09M | 123.76M | 167M | 107.23M | 60.63M | 34.46M | 26.43M | 28M | 19.34M | 27.93M | 37.99M | 45.78M | 21.46M | 18.5M | 74.6M |
| Short Term Investments | 1B | 607.52M | 764.39M | 1.13B | 1.33B | 894.34M | 802.16M | 952.31M | 976.1M | 810.53M | 794.64M | 811.87M | 742.85M | 163.13M | 144.29M | 144.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1B | 607.52M | 6.22B | 6.16B | 6.11B | 5.05B | 5.21B | 4.69B | 4.6B | 3.63B | 3.42B | 3.19B | 3.01B | 1.4B | 1.15B | 1.16B | 1.12B | 797.66M | 837.61M | 808.94M | 782.58M | 689.62M | 638.82M | 571.42M | 514.39M | 523.14M | 516.14M | 456.1M | 310.9M |
| Investments Growth % | -177.83% | -90.23% | 0.91% | 0.91% | 20.85% | -2.94% | 11% | 2.02% | 26.64% | 6.26% | 7.02% | 6.13% | 114.46% | 21.48% | -0.74% | 3.89% | 40.34% | -4.77% | 3.54% | 3.37% | 13.48% | 7.95% | 11.8% | 11.09% | -1.67% | 1.35% | 13.16% | 46.7% | - |
| Long-Term Investments | 10.95B | 0 | 5.45B | 5.03B | 4.77B | 4.16B | 4.4B | 3.74B | 3.62B | 2.82B | 2.62B | 2.38B | 2.26B | 1.24B | 1.01B | 1.02B | 1.12B | 797.66M | 837.61M | 808.94M | 782.58M | 689.62M | 638.82M | 571.42M | 514.39M | 523.14M | 516.14M | 456.1M | 310.9M |
| Accounts Receivables | 24.28M | 4.75B | 19.48M | 19.52M | 18.55M | 14.66M | 19.42M | 14.45M | 15.4M | 12.24M | 10.93M | 10.47M | 9.84M | 5.46M | 4.82M | 5.12M | 4.63M | 4.02M | 4.17M | 4.4M | 4.3M | 3.57M | 2.95M | 2.78M | 2.88M | 3.2M | 3.69M | 2.9M | 2.3M |
| Goodwill & Intangibles | 329.25M | 242.92M | 244.09M | 245.73M | 248.17M | 250.92M | 254.03M | 257.55M | 261.55M | 125.12M | 126.4M | 127.82M | 129.92M | 30.98M | 14.1M | 14.53M | 14.96M | 13.36M | 13.44M | 13.51M | 4.3M | 3.57M | 2.95M | 2.78M | 2.88M | 3.2M | 3.69M | 2.9M | 2.3M |
| Goodwill | 279.03M | 240.94M | 240.94M | 240.94M | 240.94M | 240.94M | 240.94M | 240.94M | 240.94M | 119.03M | 119.03M | 119.03M | 119.03M | 29.36M | 13.01M | 13.01M | 13.01M | 13.01M | 13.01M | 13.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 50.23M | 1.98M | 3.15M | 4.79M | 7.23M | 9.98M | 13.09M | 16.61M | 20.61M | 6.09M | 7.37M | 8.79M | 10.89M | 1.61M | 1.09M | 1.51M | 1.95M | 346K | 424K | 502K | 4.3M | 3.57M | 2.95M | 2.78M | 2.88M | 3.2M | 3.69M | 2.9M | 2.3M |
| PP&E (Net) | 100.51M | 74.69M | 71.58M | 74.9M | 76.93M | 79.37M | 85.45M | 87.89M | 81.1M | 60.33M | 63.91M | 61.89M | 64.94M | 34.35M | 24.75M | 22.98M | 21.75M | 16.39M | 15.72M | 14.82M | 15.68M | 15.8M | 16.88M | 17.45M | 18.03M | 18.98M | 19.51M | 18.9M | 15.9M |
| Other Assets | 0 | 0 | 436.69M | 448.41M | 130.97M | 128.13M | 114.24M | 110.83M | 101.67M | 83.44M | 78.67M | 67.04M | 51.84M | 16.88M | 4.44M | 20.43M | 26.68M | 57.89M | 5.6M | 3.4M | 10.24M | 7.52M | 12.64M | 14.7M | 14.66M | 11.91M | 5.5M | 6.8M | 3.6M |
| Total Current Assets | 6.79B | 5.41B | 900.98M | 1.38B | 1.75B | 2.82B | 1.76B | 1.36B | 1.25B | 1.03B | 988.67M | 1.01B | 946.32M | 337.58M | 278.31M | 281.67M | 180.6M | 120.42M | 69.25M | 43.02M | 30.73M | 31.57M | 22.29M | 30.71M | 40.87M | 48.97M | 25.16M | 21.4M | 76.9M |
| Total Non-Current Assets | 429.76M | 317.61M | 6.21B | 5.8B | 5.23B | 4.62B | 4.86B | 4.19B | 4.06B | 3.09B | 2.89B | 2.64B | 2.51B | 1.32B | 1.07B | 1.09B | 1.19B | 894.43M | 876.89M | 843.03M | 822.16M | 719.58M | 674.98M | 610.21M | 553.71M | 560.67M | 548.37M | 489.6M | 339M |
| Total Assets | 8.5B | 6.97B | 7.11B | 7.17B | 6.98B | 7.43B | 6.62B | 5.55B | 5.32B | 4.11B | 3.88B | 3.65B | 3.46B | 1.66B | 1.35B | 1.37B | 1.37B | 1.01B | 946.14M | 886.05M | 852.89M | 751.15M | 697.27M | 640.92M | 594.59M | 609.64M | 573.53M | 511M | 415.9M |
| Asset Growth % | 15.41% | -1.96% | -0.96% | 2.79% | -6.09% | 12.35% | 19.13% | 4.44% | 29.26% | 6.04% | 6.25% | 5.58% | 108.42% | 23.3% | -1.71% | 0.1% | 34.77% | 7.26% | 6.78% | 3.89% | 13.54% | 7.73% | 8.79% | 7.79% | -2.47% | 6.3% | 12.24% | 22.87% | - |
| Return on Assets (ROA) | 0.98% | 0.96% | 0.61% | 0.87% | 1.14% | 1.4% | 0.77% | 1.24% | 1.13% | 1.05% | 1.03% | 1.05% | 0.82% | 0.64% | 0.98% | 0.48% | 1.12% | 0.06% | 0.69% | 1.23% | 1.32% | 1.45% | 1.43% | 1.44% | 1.57% | 1.18% | 1.1% | 1.17% | 1.03% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 42.42M | 42.35M | 405.06M | 521.76M | 68.07M | 72.02M | 56.57M | 40.76M | 51.79M | 144.33M | 121.42M | 42.64M | 51.26M | 29.42M | 16.02M | 23.09M | 19.03M | 10.44M | 0 | 16.94M | 40.54M | 79.8M | 40.9M | 31.1M | 0 | 8M | 24.13M | 2.8M | 700K |
| Net Debt | -55.84M | -10.24M | 287.96M | 296.79M | -35.52M | -1.65B | -686.75M | -187.8M | -110.12M | 41.31M | 17.68M | -90.72M | -80.5M | -116.64M | -91.06M | -100.67M | -147.97M | -96.79M | -60.63M | -17.52M | 14.11M | 51.8M | 21.56M | 3.17M | -37.99M | -37.78M | 2.66M | -15.7M | -73.9M |
| Long-Term Debt | 22.42M | 22.35M | 405.06M | 521.76M | 21.47M | 21.18M | 20.89M | 20.59M | 20.3M | 112.51M | 99.32M | 19.42M | 19.08M | 0 | 0 | 0 | 0 | 0 | 0 | 14.99M | 40.54M | 39.9M | 0 | 0 | 0 | 0 | 1M | 0 | 0 |
| Short-Term Debt | 20M | 20M | 0 | 0 | 46.6M | 50.84M | 35.68M | 20.17M | 31.49M | 31.82M | 22.1M | 23.21M | 32.18M | 29.42M | 16.02M | 23.09M | 19.03M | 10.44M | 0 | 1.95M | 0 | 39.9M | 40.9M | 31.1M | 0 | 8M | 23.13M | 2.8M | 700K |
| Other Liabilities | 7.34B | 1.44B | 153.08M | 200.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.79M | -31.27M | 8.14M | 5.76M | 5.07M | 8.04M | 6.17M | 6.9M | 5.7M |
| Total Current Liabilities | 20M | 4.58B | 5.68B | 5.6B | 6.16B | 6.56B | 5.77B | 4.72B | 4.54B | 3.49B | 3.3B | 3.16B | 2.98B | 1.44B | 1.15B | 1.17B | 1.17B | 856.36M | 833M | 786.1M | 725.92M | 676.4M | 628.18M | 572.93M | 517.12M | 523.08M | 483.36M | 408.8M | 316.3M |
| Total Non-Current Liabilities | 7.36B | 1.47B | 558.14M | 721.82M | 21.47M | 21.18M | 20.89M | 20.59M | 20.3M | 112.51M | 99.32M | 19.42M | 19.08M | 0 | 0 | 0 | 0 | 0 | 0 | 14.99M | 48.33M | 8.63M | 8.14M | 5.76M | 5.07M | 8.04M | 7.17M | 6.9M | 5.7M |
| Total Liabilities | 7.38B | 6.05B | 6.24B | 6.32B | 6.18B | 6.58B | 5.79B | 4.74B | 4.56B | 3.6B | 3.4B | 3.18B | 3B | 1.44B | 1.15B | 1.17B | 1.17B | 856.36M | 833M | 801.09M | 774.25M | 685.03M | 636.32M | 578.69M | 522.19M | 531.12M | 490.52M | 415.7M | 322M |
| Total Equity | 1.12B | 921.5M | 863.53M | 853.26M | 797.89M | 854.43M | 820.44M | 809.31M | 760.72M | 508.31M | 481.76M | 469.97M | 454.51M | 215.76M | 198.94M | 202.52M | 202.28M | 158.5M | 113.15M | 84.97M | 78.64M | 66.12M | 60.94M | 62.23M | 72.4M | 78.53M | 83M | 95.3M | 93.9M |
| Equity Growth % | 41.09% | 6.71% | 1.2% | 6.94% | -6.62% | 4.14% | 1.38% | 6.39% | 49.66% | 5.51% | 2.51% | 3.4% | 110.65% | 8.46% | -1.77% | 0.12% | 27.62% | 40.08% | 33.17% | 8.05% | 18.93% | 8.49% | -2.07% | -14.04% | -7.81% | -5.39% | -12.9% | 1.49% | - |
| Equity / Assets (Capital Ratio) | 13.13% | 13.23% | 12.15% | 11.89% | 11.43% | 11.5% | 12.4% | 14.57% | 14.31% | 12.36% | 12.42% | 12.87% | 13.14% | 13.01% | 14.78% | 14.79% | 14.79% | 15.62% | 11.96% | 9.59% | 9.22% | 8.8% | 8.74% | 9.71% | 12.18% | 12.88% | 14.47% | 18.65% | 22.58% |
| Return on Equity (ROE) | 7.58% | 7.57% | 5.04% | 7.48% | 9.91% | 11.71% | 5.71% | 8.61% | 8.36% | 8.44% | 8.18% | 8.11% | 6.27% | 4.62% | 6.61% | 3.22% | 7.4% | 0.43% | 6.41% | 13.09% | 14.57% | 16.49% | 15.56% | 13.23% | 12.49% | 8.62% | 6.7% | 5.71% | 4.58% |
| Book Value per Share | 28.53 | 26.78 | 24.74 | 24.20 | 22.50 | 23.75 | 22.68 | 21.88 | 21.51 | 17.03 | 16.23 | 15.76 | 17.84 | 13.93 | 13.18 | 13.07 | 18.10 | 20.24 | 17.02 | 12.74 | 11.93 | 10.39 | 9.03 | 8.80 | 9.29 | 9.19 | 8.60 | 8.24 | 8.32 |
| Tangible BV per Share | 20.11 | 19.72 | 17.75 | 17.23 | 15.50 | 16.78 | 15.66 | 14.92 | 14.11 | 12.84 | 11.97 | 11.48 | 12.74 | 11.93 | 12.25 | 12.13 | 16.76 | 18.53 | 15.00 | 10.71 | 11.28 | 9.83 | 8.59 | 8.41 | 8.92 | 8.82 | 8.22 | 7.99 | 8.11 |
| Common Stock | 716.43M | 531.1M | 531.67M | 549.75M | 552.4M | 551.8M | 571.02M | 586.46M | 591.81M | 360.59M | 359.06M | 359.45M | 364.74M | 138.66M | 121.83M | 126.62M | 0 | 0 | 0 | 0 | 0 | 17.61M | 11.88M | 18.43M | 33.59M | 45.69M | 54.08M | 69.8M | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 126.62M | 128.44M | 73.53M | 26.55M | 24.98M | 24.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 432.25M | 421.62M | 387.1M | 375.99M | 345.35M | 293.24M | 224.4M | 212.47M | 176.37M | 149.01M | 125.31M | 107.96M | 86.39M | 78.27M | 75.36M | 74.26M | 73.65M | 61.98M | 63.24M | 60.78M | 55.65M | 50.35M | 50.66M | 44.85M | 39.67M | 33.77M | 30M | 26.9M | 24.6M |
| Accumulated OCI | -33M | -31.21M | -55.24M | -72.48M | -99.85M | 9.4M | 25.02M | 10.38M | -7.46M | -1.3M | -2.61M | 2.56M | 3.38M | -1.16M | 1.74M | 1.74M | 377K | -233K | 352K | -351K | -1.06M | -1.83M | -1.6M | -1.05M | -862K | -933K | -1.07M | -1.5M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.49M | 23.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regional CRE concentration exposure
As reported in recent financial filings, Heritage Financial Corporation expanded its total assets to $8.5 billion in 2026Q1, marking a notable increase from the $7.0 billion level maintained throughout 2025, which suggests a shift toward more aggressive balance sheet growth in the current fiscal period.
The recent asset growth appears to be driven by a deliberate expansion of the balance sheet rather than mere valuation adjustments. Investors should monitor whether this trajectory is sustainable or if it reflects a temporary surge in loan demand that may pressure capital ratios if not managed with commensurate equity growth.
Based on the provided quarterly data, HFWA maintains an equity-to-assets ratio of 0.13 as of 2026Q1, which, when paired with an exceptionally low debt-to-equity profile, suggests a fortress-like capital position that provides a significant buffer against potential credit volatility in the Pacific Northwest market.
This capital structure indicates a management team that prioritizes solvency over aggressive leverage-driven returns. While this conservative stance likely limits ROE upside, it provides the bank with substantial flexibility to navigate economic downturns without the immediate need for dilutive capital raises.
According to the bank's balance sheet data, the investment securities portfolio remains a dominant component of total assets at $1.0 billion in 2026Q1, serving as a primary liquidity engine that allows the institution to manage duration risk while maintaining a stable funding base for operations.
The significant allocation to investment securities relative to total assets suggests that the bank relies heavily on its securities portfolio to manage liquidity needs. This strategy warrants further investigation into the duration of these assets, as rising interest rates could potentially impact the market value of this portfolio.
As indicated by the bank's geographic and sectoral footprint, the concentration of assets within the Washington and Oregon markets, combined with a reliance on CRE lending, creates a non-obvious risk profile that may be masked by the bank's currently strong capital and liquidity ratios.
While the balance sheet appears robust on the surface, the high degree of regional and asset-class concentration suggests that the bank is highly sensitive to localized economic shocks. Investors should monitor whether the current allowance for credit losses is sufficient to cover potential downturns in the specific commercial real estate segments favored by the bank.
Quick answers to the most common questions about buying HFWA stock.
As of 2025, Heritage Financial Corporation (HFWA) had total assets of $6.97B including $5.41B in current assets.
Heritage Financial Corporation (HFWA) carries total debt of $42.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Heritage Financial Corporation (HFWA) has total shareholders' equity (book value) of $921.5M ($26.78 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Heritage Financial Corporation (HFWA) reported a current ratio of 1.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.