HERITAGE FINANCIAL CORP /WA/'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), HERITAGE FINANCIAL CORP /WA/ reported net income of $67.5M (+56.1% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest and fees on loans | $262.9M | $247.5M | $217.3M | $174.3M |
| Taxable interest on investment securities | $45.0M | $55.0M | $58.5M | $40.6M |
| Nontaxable interest on investment securities | $549.0K | $651.0K | $1.9M | $3.5M |
| Interest on interest earning deposits | $5.8M | $6.6M | $6.8M | $9.1M |
| Total interest income | $314.2M | $309.7M | $284.5M | $227.5M |
| Deposits | $79.3M | $75.1M | $39.4M | $6.8M |
| Junior subordinated debentures | $1.9M | $2.1M | $2.1M | $1.2M |
| Securities sold under agreement to repurchase | $0 | $0 | $153.0K | — |
| Borrowings | $8.6M | $23.1M | $17.7M | — |
| Total interest expense | $89.8M | $100.3M | $59.3M | $8.1M |
| Net interest income | $224.4M | $209.4M | $225.2M | $219.4M |
| Provision for credit losses | $2.0M | $6.3M | $4.3M | — |
| Net interest income after provision for credit losses | $222.4M | $203.1M | $220.9M | $220.8M |
| Service charges, other fees and card revenue | $19.7M | $19.0M | $19.3M | — |
| Loss on sale of investment securities, net | ($10.7M) | ($22.7M) | ($12.2M) | — |
| Gain on sale of loans, net | $0 | $26.0K | $343.0K | $633.0K |
| Interest rate swap fees | $496.0K | $409.0K | $230.0K | $402.0K |
| Bank owned life insurance income | $4.4M | $3.0M | $2.9M | $3.7M |
| Gain on sale of other assets, net | $8.0K | $1.6M | $2.0K | $469.0K |
| Other income | $7.8M | $6.2M | $8.1M | $5.3M |
| Total noninterest income | $21.7M | $7.5M | $18.7M | $29.6M |
| Compensation and employee benefits | $104.0M | $98.5M | $100.1M | $92.1M |
| Occupancy and equipment | $18.9M | $19.3M | $19.2M | $17.5M |
| Data processing | $15.0M | $14.9M | $18.1M | $16.8M |
| Marketing | $1.3M | $988.0K | $1.9M | $1.6M |
| Professional services | $4.3M | $2.5M | $4.2M | $2.5M |
| State/municipal business and use taxes | $4.9M | $4.9M | $4.1M | — |
| Federal deposit insurance premium | $3.2M | $3.3M | $3.3M | $2.0M |
| Amortization of intangible assets | $1.2M | $1.6M | $2.4M | $2.8M |
| Other expense | $12.9M | $12.3M | $13.4M | $12.1M |
| Total noninterest expense | $165.6M | $158.3M | $166.6M | $151.0M |
| Income before income taxes | $78.6M | $52.3M | $72.9M | $99.4M |
| Income tax expense | $11.1M | $9.0M | $11.2M | $17.6M |
| Net income | $67.5M | $43.3M | $61.8M | $81.9M |
| Basic earnings per common share (in dollars per share) | $1.99 | $1.26 | $1.76 | $2.33 |
| Diluted earnings per common share (in dollars per share) | $1.96 | $1.24 | $1.75 | $2.31 |
| Dividends declared per share (in dollars per share) | $0.96 | $0.92 | $0.88 | $0.84 |
| Average number of basic shares outstanding (in shares) | 34.0M | 34.5M | 35.0M | 35.1M |
| Average number of diluted shares outstanding (in shares) | 34.5M | 34.9M | 35.3M | 35.5M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest and fees on loans | $81.9M | $76.4M | $66.4M | $65.4M |
| Taxable interest on investment securities | $14.5M | $12.6M | $11.1M | $11.6M |
| Nontaxable interest on investment securities | $128.0K | $129.0K | $138.0K | $137.0K |
| Interest on interest earning deposits | $1.1M | $1.5M | $1.8M | $1.4M |
| Total interest income | $97.7M | $90.7M | $79.5M | $78.5M |
| Deposits | $21.4M | $20.7M | $20.1M | $20.1M |
| Junior subordinated debentures | $431.0K | $430.0K | $474.0K | $472.0K |
| Borrowings | $1.0M | $279.0K | $1.5M | $2.9M |
| Interest Expense, Operating, Total | $22.9M | $21.5M | $22.1M | $23.5M |
| Net interest income | $74.8M | $69.2M | $57.4M | $55.0M |
| (Reversal of) provision for credit losses | ($921.0K) | ($1.0M) | $1.8M | $956.0K |
| Net interest income after (reversal of) provision for credit losses | $75.7M | $70.2M | $55.6M | $54.0M |
| Service charges, other fees and card revenue | $6.2M | $5.5M | $5.3M | $4.9M |
| Loss on sale of investment securities, net | ($217.0K) | $0 | $0 | ($6.9M) |
| Interest rate swap fees | $3.0K | — | $96.0K | $19.0K |
| Bank owned life insurance income | $1.5M | $1.1M | $1.0M | $1.3M |
| Gain on sale of other assets, net | $0 | $0 | $0 | $5.0K |
| Other income | $1.9M | $2.1M | $2.0M | $2.1M |
| Total noninterest income | $9.3M | $8.7M | $8.3M | $1.5M |
| Compensation and employee benefits | $35.8M | $34.0M | $26.1M | $25.5M |
| Occupancy and equipment | $6.0M | $5.3M | $4.7M | $4.8M |
| Data processing | $10.2M | $5.1M | $3.8M | $3.7M |
| Marketing | $437.0K | $383.0K | $284.0K | $336.0K |
| Professional services | $939.0K | $2.8M | $1.3M | $1.1M |
| State/municipal business and use taxes | $1.8M | $1.7M | $1.2M | $1.2M |
| Federal deposit insurance premium | $881.0K | $1.0M | $796.0K | $810.0K |
| Foreclosed Real Estate Expense | $44.0K | $4.0K | — | — |
| Amortization of intangible assets | $3.0M | $2.1M | $284.0K | $302.0K |
| Other expense | $5.3M | $4.2M | $3.2M | $3.3M |
| Total noninterest expense | $64.3M | $56.6M | $41.6M | $41.1M |
| Income before income taxes | $20.7M | $22.4M | $22.3M | $14.5M |
| Income tax expense | $3.2M | $3.5M | $3.1M | $2.2M |
| Basic earnings per share (in dollars per share) | $0.42 | $0.49 | $0.56 | $0.36 |
| Diluted earnings per share (in dollars per share) | $0.42 | $0.48 | $0.55 | $0.36 |
| Dividends declared per share (in dollars per share) | $0.24 | $0.24 | $0.24 | $0.24 |
| Average Number of Basic Common Shares Outstanding (in shares) | 41.1M | 38.7M | 34.0M | 34.0M |
| Average number of diluted shares outstanding (in shares) | 41.5M | 39.1M | 34.4M | 34.4M |
| Net Income | $17.5M | $18.9M | $19.2M | $12.2M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash on hand and in banks | $52.6M | $58.8M | $55.9M | $74.3M |
| Interest earning deposits | $180.5M | $58.3M | $169.1M | $29.3M |
| Cash and cash equivalents | $233.1M | $117.1M | $225.0M | $103.6M |
| Investment securities available for sale, at fair value, net (amortized cost of $647,505 and $835,592, respectively) | $607.5M | $764.4M | $1.1B | — |
| Investment securities held to maturity, at amortized cost, net (fair value of $625,287 and $623,452, respectively) | $674.1M | $703.3M | $739.4M | — |
| Total investment securities | $1.3B | $1.5B | $1.9B | $673.4M |
| Loans receivable | $4.8B | $4.8B | $4.3B | $4.1B |
| Allowance for credit losses on loans | ($52.6M) | ($52.5M) | ($48.0M) | ($43.0M) |
| Loans receivable, net | $4.7B | $4.7B | $4.3B | $4.0B |
| Premises and equipment, net | $74.7M | $71.6M | $74.9M | $76.9M |
| Federal Home Loan Bank stock, at cost | $5.2M | $21.5M | $4.2M | $8.9M |
| Bank owned life insurance | $106.0M | $111.7M | $125.7M | $122.1M |
| Accrued interest receivable | $19.3M | $19.5M | $19.5M | $18.5M |
| Prepaid expenses and other assets | $273.9M | $303.5M | $318.6M | $296.2M |
| Other intangible assets, net | $2.0M | $3.2M | $4.8M | $7.2M |
| Goodwill | $240.9M | $240.9M | $240.9M | $240.9M |
| Total assets | $7.0B | $7.1B | $7.2B | $7.0B |
| Noninterest-Bearing Deposit Liabilities | $1.6B | $1.7B | — | — |
| Interest-Bearing Deposit Liabilities | $4.3B | $4.0B | — | — |
| Total deposits | $5.9B | $5.7B | $5.6B | $5.9B |
| Borrowings | $20.0M | $383.0M | $500.0M | — |
| Junior subordinated debentures | $22.4M | $22.1M | $21.8M | $21.5M |
| Accrued expenses and other liabilities | $83.3M | $153.1M | $200.1M | $189.3M |
| Total liabilities | $6.0B | $6.2B | $6.3B | $6.2B |
| Preferred stock, no par value, 2,500,000 shares authorized; no shares issued and outstanding, respectively | 0 | 0 | 0 | 0 |
| Common stock, no par value, 50,000,000 shares authorized; 33,963,500 and 33,990,827 shares issued and outstanding, respectively | 531.1M | 531.7M | 549.7M | 552.4M |
| Retained earnings | $421.6M | $387.1M | $376.0M | $345.3M |
| Accumulated other comprehensive loss, net | ($31.2M) | ($55.2M) | ($72.5M) | ($99.8M) |
| Total stockholders’ equity | $921.5M | $863.5M | $853.3M | $797.9M |
| Total liabilities and stockholders’ equity | $7.0B | $7.1B | $7.2B | $7.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash on hand and in banks | $102.6M | $98.3M | $74.0M | $90.8M |
| Interest earning deposits | $101.8M | $169.9M | $171.5M | $163.3M |
| Cash and cash equivalents | $204.4M | $268.1M | $245.5M | $254.1M |
| Investment securities available for sale, at fair value, net (amortized cost of $1,020,125 and $647,505, respectively) | $971.4M | $1.0B | $631.2M | $656.5M |
| Investment securities held to maturity, at amortized cost, net (fair value of $607,782 and $625,287, respectively) | $661.8M | $668.3M | $681.6M | $689.8M |
| Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss, Total | $1.6B | $1.7B | $1.3B | $1.3B |
| Loans receivable | $5.7B | $5.7B | $4.8B | $4.8B |
| Allowance for credit losses on loans | ($59.5M) | ($60.6M) | ($54.0M) | ($52.5M) |
| Loans receivable, net | $5.7B | $5.7B | $4.7B | $4.7B |
| Premises and equipment, net | $98.0M | $100.5M | $70.4M | $71.1M |
| Federal Home Loan Bank stock, at cost | $12.7M | $6.1M | $10.5M | $16.1M |
| Bank owned life insurance | $146.3M | $144.9M | $105.5M | $104.5M |
| Accrued interest receivable | $23.1M | $24.3M | $19.1M | $18.6M |
| Prepaid expenses and other assets | $297.5M | $293.4M | $289.7M | $294.2M |
| Other intangible assets, net | $47.3M | $50.2M | $2.3M | $2.5M |
| Goodwill | $279.0M | $279.0M | $240.9M | $240.9M |
| Other Real Estate, Foreclosed Assets, and Repossessed Assets | $755.0K | $755.0K | — | — |
| Total assets | $8.4B | $8.5B | $7.0B | $7.1B |
| Noninterest-Bearing Deposit Liabilities | $2.0B | $2.1B | $1.6B | $1.6B |
| Interest-Bearing Deposit Liabilities | $5.1B | $5.2B | $4.2B | $4.2B |
| Total deposits | $7.0B | $7.2B | $5.9B | $5.8B |
| Borrowings | $166.3M | $20.0M | $138.0M | $263.2M |
| Junior subordinated debentures | $22.5M | $22.4M | $22.3M | $22.2M |
| Accrued expenses and other liabilities | $93.4M | $91.8M | $90.1M | $112.6M |
| Total liabilities | $7.3B | $7.4B | $6.1B | $6.2B |
| Preferred stock, no par value, 2,500,000 shares authorized; no shares issued and outstanding, respectively | 0 | 0 | 0 | 0 |
| Common stock, no par value, 50,000,000 shares authorized; 40,906,122 and 33,963,500 shares issued and outstanding, respectively | 707.9M | 716.4M | 529.9M | 528.8M |
| Retained earnings | $439.8M | $432.3M | $407.6M | $396.6M |
| Accumulated other comprehensive loss, net | ($38.0M) | ($33.0M) | ($33.4M) | ($37.2M) |
| Total stockholders’ equity | $1.1B | $1.1B | $904.1M | $888.2M |
| Total liabilities and stockholders’ equity | $8.4B | $8.5B | $7.0B | $7.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $67.5M | $43.3M | $61.8M | $81.9M |
| Depreciation, amortization and accretion | $956.0K | $1.6M | $3.2M | $341.0K |
| Provision for credit losses | $2.0M | $6.3M | $4.3M | ($1.4M) |
| Stock-based compensation expense | $4.9M | $4.3M | $4.3M | $3.8M |
| Amortization of intangible assets | $1.2M | $1.6M | $2.4M | $2.8M |
| Tax Credit, Investment, Amortization Cash Flow | $24.7M | — | — | — |
| Origination of mortgage loans held for sale | $0 | ($1.3M) | ($14.8M) | ($15.2M) |
| Proceeds from sale of mortgage loans held for sale | $0 | $1.3M | $15.2M | $17.3M |
| Total Deferred tax expense (benefit) | ($17.9M) | ($15.3M) | — | — |
| Bank owned life insurance income | ($4.4M) | ($3.0M) | ($2.9M) | ($3.7M) |
| Gain on sale of mortgage loans held for sale, net | $0 | ($26.0K) | ($343.0K) | ($633.0K) |
| Loss on sale of investment securities, net | $10.7M | $22.7M | $12.2M | — |
| Gain on sale of premises and equipment | $0 | $1.5M | $0 | — |
| Gain on sale of branch | $0 | $0 | ($610.0K) | — |
| Other | $5.2M | $4.4M | $24.9M | $9.6M |
| Net cash provided by operating activities | $94.8M | $64.5M | $109.5M | $94.5M |
| Loan originations and purchases, net of payments | ($21.6M) | $464.6M | $280.7M | ($225.1M) |
| Maturities and repayments of investment securities available for sale | $125.3M | $130.5M | $178.9M | $181.5M |
| Maturities and repayments of investment securities held to maturity | $28.5M | $35.2M | $26.1M | $28.3M |
| Purchase of investment securities available for sale | ($88.2M) | ($33.1M) | ($178.4M) | ($790.9M) |
| Proceeds from sales of investment securities available for sale | $141.7M | $273.6M | $219.7M | $30.4M |
| Purchase of premises and equipment | ($9.2M) | ($3.5M) | ($10.4M) | ($4.0M) |
| Proceeds from sales of other loans | $0 | $7.5M | $0 | — |
| Proceeds from redemption of Federal Home Loan Bank stock | $40.5M | $47.6M | $50.3M | $2.0M |
| Purchases of Federal Home Loan Bank stock | ($24.1M) | ($64.9M) | ($45.6M) | ($3.0M) |
| Proceeds from sales of premises and equipment | $52.0K | $81.0K | $78.0K | $106.0K |
| Purchases of bank owned life insurance | ($136.0K) | ($18.5M) | ($1.4M) | $230.0K |
| Proceeds from bank owned life insurance death benefit | $502.0K | $1.2M | $20.0K | $2.1M |
| Payments for (Proceeds from) Life Insurance Policies | $13.6M | $29.8M | — | — |
| Capital contributions to tax credit partnerships | ($63.3M) | ($26.7M) | ($38.2M) | ($18.2M) |
| Net cash paid related to branch divestiture | $0 | $0 | ($13.8M) | — |
| Net cash provided (used) by investing activities | $186.8M | ($85.9M) | ($93.4M) | ($1.2B) |
| Net increase (decrease) in deposits | $235.6M | $84.7M | ($310.3M) | ($469.4M) |
| Proceeds from borrowings | $536.4M | $1.5B | $1.9B | — |
| Repayment of borrowings | $899.4M | $1.6B | $1.4B | — |
| Common stock cash dividends paid | ($32.6M) | ($31.8M) | ($30.8M) | ($29.5M) |
| Net decrease in securities sold under agreement to repurchase | $0 | $0 | ($46.6M) | — |
| Repurchase of common stock | ($5.5M) | ($22.4M) | ($7.0M) | ($3.2M) |
| Net cash (used) provided by financing activities | ($165.6M) | ($86.5M) | $105.3M | ($506.4M) |
| Net increase (decrease) in cash and cash equivalents | $116.0M | ($107.9M) | $121.4M | ($1.6B) |
| Cash and cash equivalents at beginning of period | $117.1M | $225.0M | $103.6M | $1.7B |
| Cash and cash equivalents at end of period | $233.1M | $117.1M | $225.0M | $103.6M |
| Cash paid for interest | $90.1M | $112.2M | $46.1M | $7.7M |
| Cash paid for income taxes, net of refunds | $2.7M | $1.5M | $3.0M | $5.0M |
| Investment in LIHTC partnerships and related funding commitment | $326.0K | $100.0K | $37.0M | $85.9M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $36.5M | $18.9M | $45.3M | $26.1M |
| Depreciation, amortization and accretion, net | ($2.4M) | ($1.0M) | $678.0K | $637.0K |
| (Reversal of) provision for credit losses | ($2.0M) | ($1.0M) | $2.8M | $1.0M |
| Stock-based compensation expense | $2.9M | $1.3M | $3.7M | $2.5M |
| Amortization of intangible assets | $5.0M | $2.1M | $889.0K | $605.0K |
| Tax Credit, Investment, Amortization Cash Flow | $11.8M | $5.9M | — | — |
| Bank owned life insurance income | ($2.6M) | ($1.1M) | ($3.2M) | ($2.2M) |
| Deferred Income Tax Expense (Benefit) | ($11.1M) | ($11.4M) | $913.0K | $895.0K |
| Loss on sale of investment securities available for sale, net | $217.0K | $0 | $10.7M | $10.7M |
| Other | ($1.3M) | $296.0K | $5.0M | $1.4M |
| Net cash provided by operating activities | $37.1M | $14.0M | $66.8M | $41.8M |
| Loan originations and purchases, net of payments | $6.5M | ($16.5M) | ($35.1M) | ($28.4M) |
| Maturities and repayments of investment securities available for sale | $68.4M | $38.8M | $95.0M | $64.5M |
| Maturities and repayments of investment securities held to maturity | $12.0M | $5.7M | $21.1M | $13.1M |
| Purchase of investment securities available for sale | ($359.9M) | ($315.9M) | ($84.7M) | ($84.7M) |
| Purchase of premises and equipment | ($3.3M) | ($1.3M) | ($3.4M) | ($2.8M) |
| Purchase of bank owned life insurance | ($39.0K) | ($39.0K) | ($39.0K) | ($39.0K) |
| Proceeds from bank owned life insurance death benefit | $759.0K | $759.0K | $502.0K | $502.0K |
| Purchases of Federal Home Loan Bank stock | ($28.6M) | ($6.0M) | ($21.0M) | ($13.8M) |
| Proceeds from surrender of bank owned life insurance | $0 | $0 | $5.1M | $5.1M |
| Proceeds from sales of investment securities available for sale | $231.6M | $193.5M | $141.7M | $141.7M |
| Proceeds from redemption of Federal Home Loan Bank stock | $22.1M | $6.1M | $32.1M | $19.2M |
| Proceeds from sales of premises and equipment | $0 | $0 | $52.0K | $52.0K |
| Capital contributions to tax credit partnerships | ($4.1M) | ($2.4M) | ($57.7M) | ($34.2M) |
| Cash Acquired from Acquisition | $155.2M | $155.2M | — | — |
| Net cash provided by investing activities | $87.6M | $90.9M | $163.7M | $137.0M |
| Net (decrease) increase in deposits | ($270.5M) | ($60.7M) | $172.9M | $99.8M |
| Proceeds from borrowings | $635.8M | $134.0M | $467.4M | $306.5M |
| Repayment of borrowings | $489.5M | $134.0M | $712.4M | $426.3M |
| Common stock cash dividends paid | ($18.0M) | ($8.2M) | ($24.5M) | ($16.4M) |
| Repurchase of common stock | ($11.1M) | ($960.0K) | ($5.5M) | ($5.4M) |
| Net cash used by financing activities | ($153.4M) | ($69.8M) | ($102.1M) | ($41.8M) |
| Net increase (decrease) in cash and cash equivalents | ($28.7M) | $35.1M | $128.4M | $137.0M |
| Cash and cash equivalents at beginning of period | $233.1M | $233.1M | $117.1M | $117.1M |
| Cash and cash equivalents at end of period | $204.4M | $268.1M | $245.5M | $254.1M |
| Cash paid for interest | $43.0M | $20.2M | $69.7M | $47.5M |
| Cash paid for income taxes, net of refunds | $3.4M | — | $1.1M | $800.0K |
| Transfers of loans receivable to other real estate owned | $755.0K | $755.0K | — | — |
| Investment in LIHTC partnership and related funding commitment | $35.0K | $35.0K | $142.0K | $142.0K |
| Right of use assets obtained in exchange for new operating lease liabilities | $1.0M | $1.0M | $3.2M | $2.7M |
| Transfers of premises and equipment classified as held for sale to prepaid expenses and other assets from premises and equipment, net | $1.8M | $0 | $93.0K | $93.0K |
| Transfer of Bank Owned Life Insurance to Prepaid Expenses and Other Assets Due to Surrender | $0 | $0 | $8.5M | $8.5M |
| Business Combination, Recognized Asset Acquired, Asset | $1.6B | $1.6B | — | — |
| Business Combination, Recognized Liability Assumed, Liability | ($1.4B) | ($1.4B) | — | — |
| Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less) | $146.9M | $146.9M | — | — |
HERITAGE FINANCIAL CORP /WA/ score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.