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 07, 2021, it had a network of 61 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.
IPO Year:
Exchange: NASDAQ
Website: hf-wa.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 4/24/2023 | $31.00 → $23.00 | Outperform → Mkt Perform | Keefe Bruyette |
| 6/29/2022 | $27.00 → $29.00 | Neutral → Buy | DA Davidson |
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Third Quarter 2024 Highlights Net income was $11.4 million, or $0.33 per diluted share, compared to $14.2 million, or $0.41 per diluted share, for the second quarter of 2024.Results include a pre-tax loss on sale of securities of $6.9 million, or $0.16 per diluted share on an after-tax basis.Loans receivable increased $146.9 million, or 3.2% (12.9% annualized).Deposits increased $192.8 million, or 3.5% (13.9% annualized).Non-interest bearing deposits increased $82.9 million, or 5.2% (20.6% annualized).Net interest margin was 3.33%, compared to 3.29% for the second quarter of 2024.Cost of total deposits was 1.42%, compared to 1.34% for the second quarter of 2024.Noninterest expense to average
OLYMPIA, Wash., Oct. 23, 2024 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ:HFWA) (the "Company" or "Heritage"), the parent company of Heritage Bank (the "Bank"), announces that Nicholas ("Nic") Bley will become the Executive Vice President and Chief Operating Officer ("COO") of Heritage Bank and Executive Vice President of Heritage, effective October 28, 2024. Mr. Bley held various titles with JPMorgan Chase & Co. over the past 16 years with his most recent role being the Managing Director and Commercial Real Estate Senior Regional Sales Manager. While with JPMorgan Chase & Co., Mr. Bley also held a variety of leadership positions with broad experience including sales management,
OLYMPIA, Wash., Oct. 1, 2024 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ:HFWA) (the "Company" or "Heritage") anticipates issuing its third quarter earnings release on Thursday, October 24, 2024 before the market opens. The Company has scheduled a telephone conference call to discuss the third quarter earnings on Thursday, October 24, 2024 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). There will be a live question-and-answer session following the presentation. Participants may register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time. Register for the call with the below lin
Second Quarter 2024 Highlights Net income was $14.2 million, or $0.41 per diluted share, for the second quarter compared to $5.7 million, or $0.16 per diluted share, for the first quarter.The second quarter results include a loss on sale of securities of $1.9 million, or $0.04 per diluted share.Loans receivable increased $104.5 million, or 2.4% (9.5% annualized), during the second quarter.Net interest margin was 3.29% for the second quarter compared to 3.32% for the first quarter.Cost of total deposits was 1.34% for the second quarter compared to 1.19% for the first quarter.Noninterest expense to average total assets was 2.21% for the second quarter compared to 2.29% for the first quarter.De
OLYMPIA, Wash., July 3, 2024 /PRNewswire/ -- Heritage Financial Corporation ("Company" or "Heritage") (NASDAQ:HFWA) anticipates issuing its second quarter earnings release on Thursday, July 25, 2024 before the market opens. The Company has scheduled a telephone conference call to discuss the second quarter earnings on Thursday, July 25, 2024 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). To access the conference call, call the numbers listed below: Live Conference Call (833) 470-1428 Access Code 281184 Replay of Conference Call (866) 813-9403 Access Code 638306 The conference call will be recorded and will be available following the live conference call for replay twenty-four hours a
Retiring Chief Executive Jeff Deuel Remains CEO of Heritage Financial Corporation until May 2025; Bryan McDonald Named President and CEO of Heritage Bank and President of Heritage Financial Corporation OLYMPIA, Wash., June 25, 2024 /PRNewswire/ -- Heritage Financial Corporation (Nasdaq GS: HFWA) (the "Company or "Heritage"), the parent company of Heritage Bank (the "Bank"), has named Bryan D. McDonald to succeed Jeffrey J. Deuel as President and CEO of Heritage Bank and President of Heritage Financial Corporation, effective July 1, 2024. Mr. McDonald has held the titles of President and Chief Operating Officer of Heritage Bank since 2018.
Net income was $5.7 million, or $0.16 per diluted share, for the first quarter of 2024 compared to $6.2 million, or $0.18 per diluted share, for the fourth quarter of 2023.Significant items in the first quarter of 2024 results include a loss on sale of securities of $10.0 million, or $0.22 per diluted share, and costs relating to expense management measures of $1.1 million, or $0.02 per diluted share.Loans receivable increased $92.5 million, or 2.1% (8.4% annualized), during the first quarter of 2024.Net interest margin was 3.32% for the first quarter of 2024 compared to 3.41% for the fourth quarter of 2023.Cost of total deposits was 1.19% for the first quarter of 2024 compared to 1.01% for
OLYMPIA, Wash., April 2, 2024 /PRNewswire/ -- Heritage Financial Corporation ("Company" or "Heritage") (NASDAQ:HFWA) anticipates issuing its first quarter earnings release on Thursday, April 25, 2024 before the market opens. The Company has scheduled a telephone conference call to discuss the first quarter earnings on Thursday, April 25, 2024 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). To access the conference call, call the numbers listed below: Live Conference Call (833) 470-1428 Access Code 070217 Replay of Conference Call (866) 813-9403 Access Code 294191 The conference call will be recorded and will be available following the live conference
OLYMPIA, Wash., Feb. 7, 2024 /PRNewswire/ -- Heritage Financial Corporation ("Company") (NASDAQ:HFWA), the holding company for Heritage Bank ("Bank"), announced that on February 6, 2024 Director Eric K. Chan announced that he resigned from the Boards of Directors of the Company and the Bank effective as of that date. Mr. Chan was appointed to the Board on January 1, 2023, and resigned as the result of his new position of Chief Business and Strategy Officer at The Gap. Brian L. Vance, Board Chair, commented, "We are sorry to see Eric resign his board position with us. He has been a valuable resource to the Board during his tenure with Heritage, and we wish him the best with his new position
Net income was $6.2 million, or $0.18 per diluted share, for the fourth quarter of 2023 compared to $18.2 million, or $0.51 per diluted share, for the third quarter of 2023.Significant items in the fourth quarter of 2023 results include a loss on sale of securities totaling $10.0 million, or $0.22 per diluted share, and costs relating to expense management measures totaling $2.0 million, or $0.04 per diluted share.Book value per share increased to $24.44 at December 31, 2023, compared to $23.31 at September 30, 2023. Tangible book value per share increased to $17.40 at December 31, 2023, compared to $16.25 at September 30, 2023(1). Capital remains strong with a leverage ratio of 10.0% and a
Keefe Bruyette downgraded Heritage Financial Corp. from Outperform to Mkt Perform and set a new price target of $23.00 from $31.00 previously
DA Davidson upgraded Heritage Financial Corp. from Neutral to Buy and set a new price target of $29.00 from $27.00 previously
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Third Quarter 2024 Highlights Net income was $11.4 million, or $0.33 per diluted share, compared to $14.2 million, or $0.41 per diluted share, for the second quarter of 2024.Results include a pre-tax loss on sale of securities of $6.9 million, or $0.16 per diluted share on an after-tax basis.Loans receivable increased $146.9 million, or 3.2% (12.9% annualized).Deposits increased $192.8 million, or 3.5% (13.9% annualized).Non-interest bearing deposits increased $82.9 million, or 5.2% (20.6% annualized).Net interest margin was 3.33%, compared to 3.29% for the second quarter of 2024.Cost of total deposits was 1.42%, compared to 1.34% for the second quarter of 2024.Noninterest expense to average
OLYMPIA, Wash., Oct. 1, 2024 /PRNewswire/ -- Heritage Financial Corporation (NASDAQ:HFWA) (the "Company" or "Heritage") anticipates issuing its third quarter earnings release on Thursday, October 24, 2024 before the market opens. The Company has scheduled a telephone conference call to discuss the third quarter earnings on Thursday, October 24, 2024 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). There will be a live question-and-answer session following the presentation. Participants may register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time. Register for the call with the below lin
Second Quarter 2024 Highlights Net income was $14.2 million, or $0.41 per diluted share, for the second quarter compared to $5.7 million, or $0.16 per diluted share, for the first quarter.The second quarter results include a loss on sale of securities of $1.9 million, or $0.04 per diluted share.Loans receivable increased $104.5 million, or 2.4% (9.5% annualized), during the second quarter.Net interest margin was 3.29% for the second quarter compared to 3.32% for the first quarter.Cost of total deposits was 1.34% for the second quarter compared to 1.19% for the first quarter.Noninterest expense to average total assets was 2.21% for the second quarter compared to 2.29% for the first quarter.De
OLYMPIA, Wash., July 3, 2024 /PRNewswire/ -- Heritage Financial Corporation ("Company" or "Heritage") (NASDAQ:HFWA) anticipates issuing its second quarter earnings release on Thursday, July 25, 2024 before the market opens. The Company has scheduled a telephone conference call to discuss the second quarter earnings on Thursday, July 25, 2024 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). To access the conference call, call the numbers listed below: Live Conference Call (833) 470-1428 Access Code 281184 Replay of Conference Call (866) 813-9403 Access Code 638306 The conference call will be recorded and will be available following the live conference call for replay twenty-four hours a
Net income was $5.7 million, or $0.16 per diluted share, for the first quarter of 2024 compared to $6.2 million, or $0.18 per diluted share, for the fourth quarter of 2023.Significant items in the first quarter of 2024 results include a loss on sale of securities of $10.0 million, or $0.22 per diluted share, and costs relating to expense management measures of $1.1 million, or $0.02 per diluted share.Loans receivable increased $92.5 million, or 2.1% (8.4% annualized), during the first quarter of 2024.Net interest margin was 3.32% for the first quarter of 2024 compared to 3.41% for the fourth quarter of 2023.Cost of total deposits was 1.19% for the first quarter of 2024 compared to 1.01% for
OLYMPIA, Wash., April 2, 2024 /PRNewswire/ -- Heritage Financial Corporation ("Company" or "Heritage") (NASDAQ:HFWA) anticipates issuing its first quarter earnings release on Thursday, April 25, 2024 before the market opens. The Company has scheduled a telephone conference call to discuss the first quarter earnings on Thursday, April 25, 2024 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). To access the conference call, call the numbers listed below: Live Conference Call (833) 470-1428 Access Code 070217 Replay of Conference Call (866) 813-9403 Access Code 294191 The conference call will be recorded and will be available following the live conference
Net income was $6.2 million, or $0.18 per diluted share, for the fourth quarter of 2023 compared to $18.2 million, or $0.51 per diluted share, for the third quarter of 2023.Significant items in the fourth quarter of 2023 results include a loss on sale of securities totaling $10.0 million, or $0.22 per diluted share, and costs relating to expense management measures totaling $2.0 million, or $0.04 per diluted share.Book value per share increased to $24.44 at December 31, 2023, compared to $23.31 at September 30, 2023. Tangible book value per share increased to $17.40 at December 31, 2023, compared to $16.25 at September 30, 2023(1). Capital remains strong with a leverage ratio of 10.0% and a
OLYMPIA, Wash., Jan. 4, 2024 /PRNewswire/ -- Heritage Financial Corporation ("Company" or "Heritage") (NASDAQ:HFWA) anticipates issuing its fourth quarter and year-end earnings release on Thursday, January 25, 2024 before the market opens. The Company has scheduled a telephone conference call to discuss the fourth quarter and year-end earnings on Thursday, January 25, 2024 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). To access the conference call, call the numbers listed below: Live Conference Call (833) 470-1428 Access Code 290327 Replay of Conference Call (866) 813-9403 Access Code 301843 The conference call will be recorded and will be available following the live conference c
OLYMPIA, Wash., Sept. 27, 2023 /PRNewswire/ -- Heritage Financial Corporation ("Company" or "Heritage") (NASDAQ:HFWA) anticipates issuing its third quarter earnings release on Thursday, October 19, 2023 before the market opens. The Company has scheduled a telephone conference call to discuss the third quarter earnings on Thursday, October 19, 2023 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time). To access the conference call, call the numbers listed below: Live Conference Call (833) 470-1428Access Code 934719 Replay of Conference Call (866) 813-9403Access Code 930230 The conference call will be recorded and will be available following the live conference call for replay twenty-four
Net income was $16.8 million, or $0.48 per diluted share, for the second quarter of 2023 compared to $20.5 million, or $0.58 per diluted share, for the first quarter of 2023.Loans receivable increased $123.9 million, or 3.0% in the second quarter of 2023. Capital remains strong with a leverage ratio of 9.9% and a total capital ratio of 14.1% at June 30, 2023. The ratio of nonperforming assets to total assets at June 30, 2023 and March 31, 2023 was 0.07%.Net interest margin was 3.56% for the second quarter of 2023 compared to 3.91% for the first quarter of 2023.Cost of total deposits was 0.61% for the second quarter of 2023 compared to 0.31% for the first quarter of 2023.Total deposits decrea
OLYMPIA, Wash., Jan. 5, 2023 /PRNewswire/ -- Heritage Bank ("Heritage" or "Bank"), a wholly-owned subsidiary of Heritage Financial Corporation (NASDAQ:HFWA), is pleased to announce the appointment of Matt Ray as Executive Vice President Chief Lending Officer, Amy Curran as Executive Vice President Director of Commercial Banking, Kelli Wilson as Executive Vice President Chief Banking Officer and Sabrina Robison as Executive Vice President Chief Human Resources Officer. Robison assumed her new executive title in September 2022, while Ray, Curran and Wilson assumed their new executive roles on January 1, 2023. Wilson will succeed Cindy Hirman who is scheduled to retire in April 2023. Jeff Deuel
OLYMPIA, Wash., Dec. 21, 2022 /PRNewswire/ -- Heritage Financial Corporation ("Heritage") (NASDAQ:HFWA) is pleased to announce the appointment of Eric K. Chan to its Board of Directors. Mr. Chan was also appointed to the Board of Directors of Heritage's wholly-owned subsidiary, Heritage Bank. The appointment is effective January 1, 2023. "We are pleased to welcome Eric to our board of directors," said Brian L. Vance, Board Chair. "Eric brings the depth of finance and operational experience we were searching for along with extensive executive leadership experience. Eric's backg
OLYMPIA, Wash., Nov. 9, 2021 /PRNewswire/ -- Heritage Financial Corporation ("Heritage") (NASDAQ:HFWA), is pleased to announce the appointment of Trevor Dryer and Gail Giacobbe to its Board of Directors. Mr. Dryer and Ms. Giacobbe were also appointed to the Board of Directors of Heritage's wholly-owned subsidiary, Heritage Bank. The appointments are effective January 1, 2022. "We are pleased to welcome Trevor and Gail to our board of directors," said Brian L. Vance, Board Chair. "Trevor is a fintech and small business lending subject matter expert with executive leadership ex
OLYMPIA, Wash., Dec. 21, 2020 /PRNewswire/ -- Heritage Financial Corporation ("Heritage") (NASDAQ: HFWA), is pleased to announce the appointment of Fred Rivera to its Board of Directors. Mr. Rivera was also appointed to the Board of Director of Heritage's wholly-owned subsidiary, Heritage Bank. The appointments were effective December 17, 2020. "We are pleased to welcome Fred to our boards of directors," said Brian L. Vance, Board Chairman. "Fred brings a great deal of business acumen to our board including his legal background, his financial services experience, as well as financial industry regulatory and compliance experience along with his community leadership in the Puget Sound regi
Heritage Financial (NASDAQ:HFWA) reported quarterly earnings of $0.45 per share which beat the analyst consensus estimate of $0.40 by 12.5 percent. The company reported quarterly sales of $56.359 million which missed the analyst consensus estimate of $58.293 million by 3.32 percent. This is a 10.69 percent decrease over sales of $63.105 million the same period last year.
Keefe, Bruyette & Woods analyst Kelly Motta maintains Heritage Financial (NASDAQ:HFWA) with a Market Perform and maintains $20 price target.
Retiring Chief Executive Jeff Deuel Remains CEO of Heritage Financial Corporation until May 2025; Bryan McDonald Named President and CEO of Heritage Bank and President of Heritage Financial CorporationOLYMPIA, Wash., June 25, 2024 /PRNewswire/ -- Heritage Financial Corporation (Nasdaq GS: HFWA) (the "Company or "Heritage"), the parent company of Heritage Bank (the "Bank"), has named Bryan D. McDonald to succeed Jeffrey J. Deuel as President and CEO of Heritage Bank and President of Heritage Financial Corporation, effective July 1, 2024. Mr. McDonald has held the titles of President and Chief Operating Officer of Heritage Bank since 2018.
Heritage Financial (NASDAQ:HFWA) reported quarterly earnings of $0.40 per share which met the analyst consensus estimate. This is a 31.03 percent decrease over earnings of $0.58 per share from the same period last year. The company reported quarterly sales of $48.630 million which missed the analyst consensus estimate of $59.894 million by 18.81 percent. This is a 28.59 percent decrease over sales of $68.100 million the same period last year.
Stephens & Co. analyst Andrew Terrell reiterates Heritage Financial (NASDAQ:HFWA) with a Equal-Weight and maintains $22 price target.
Tuesday marks the last chance for investors to receive the next dividend payout from Heritage Financial (NASDAQ:HFWA). What's Happening The company announced on Wednesday that it would pay shareholders a quarterly dividend of 23 cents per share. On Wednesday, Heritage Financial will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 23 cents lower than it would have opened on any other day. In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Wednesday. Shareholders who own HFWA as of the end of Tuesday's session are eligible to receive the 23 c
DA Davidson analyst Jeff Rulis maintains Heritage Financial (NASDAQ:HFWA) with a Buy and lowers the price target from $24 to $23.
Keefe, Bruyette & Woods analyst Kelly Motta maintains Heritage Financial (NASDAQ:HFWA) with a Market Perform and lowers the price target from $23 to $22.
Heritage Financial (NASDAQ:HFWA) reported quarterly earnings of $0.44 per share which missed the analyst consensus estimate of $0.45 by 2.22 percent. The company reported quarterly sales of $50.72 million which missed the analyst consensus estimate of $62.03 million by 18.23 percent. This is a 27.22 percent decrease over sales of $69.69 million the same period last year.
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