Heritage Financial Corporation
NASDAQ: HFWA · FINANCIAL SERVICES · BANKS - REGIONAL
Updated 2026-06-02
Heritage Financial Corporation (HFWA) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $852.89M | $886.05M | $946.14M | $1.01B | $1.37B | $1.37B | $1.35B | $1.66B | $3.46B | $3.65B | $3.88B | $4.11B | $5.32B | $5.55B | $6.62B | $7.43B | $6.98B | $7.17B | $7.11B | $6.97B |
| Cash & equivalents | $26.43M | $34.46M | $60.63M | $107.23M | $167.00M | $123.76M | $107.09M | $146.06M | $131.76M | $133.36M | $103.75M | $103.02M | $161.91M | $228.57M | $743.32M | $1.72B | $103.59M | $224.97M | $117.10M | $52.59M |
| Current assets | $30.73M | $43.02M | $69.25M | $120.42M | $180.60M | $281.67M | $278.31M | $337.58M | $884.44M | $955.70M | $909.32M | $925.79M | $1.15B | $1.20B | $1.56B | $2.63B | $1.45B | $1.38B | $900.98M | $5.41B |
| Total liabilities | $774.25M | $801.09M | $833.00M | $856.36M | $1.17B | $1.17B | $1.15B | $1.44B | $19.08M | $19.42M | $99.32M | $112.51M | $20.30M | $20.59M | $20.89M | $21.18M | $21.47M | $6.32B | $6.24B | $6.05B |
| Current liabilities | $725.92M | $786.10M | $833.00M | $856.36M | $1.17B | $1.17B | $1.15B | $1.44B | $44.28M | $23.18M | $2.47B | $2.62B | $3.48B | $3.57B | $4.70B | $5.45B | $5.32B | $5.60B | $5.68B | $4.58B |
| Long-term debt | $3.37M | $694000.00 | — | — | — | $0.00 | $0.00 | $0.00 | $19.08M | $19.42M | $19.72M | $20.01M | $20.30M | $20.59M | $20.89M | $21.18M | $21.47M | $21.77M | $405.06M | $42.35M |
| Shareholder equity | $78.64M | $84.97M | $113.15M | $158.50M | $202.28M | $202.52M | $198.94M | $215.76M | $3.44B | $3.63B | $3.78B | $4.00B | $5.30B | $5.53B | $6.59B | $7.41B | $6.96B | $853.26M | $863.53M | $921.50M |
| Retained earnings | $55.65M | $60.78M | $63.24M | $61.98M | $73.65M | $74.26M | $75.36M | $78.27M | $86.39M | $107.96M | $125.31M | $149.01M | $176.37M | $212.47M | $224.40M | $293.24M | $345.35M | $375.99M | $387.10M | $421.62M |
| Accounts receivable | $4.30M | $4.40M | $4.17M | $4.02M | $4.63M | $5.12M | $4.82M | $5.46M | $9.84M | $10.47M | $10.93M | $12.24M | $15.40M | $14.45M | $19.42M | $14.66M | $18.55M | $19.52M | $19.48M | $4.75B |
| Inventory | $225000.00 | $616000.00 | $2.33M | $1.53M | $3.79M | $6.31M | $7.34M | $4.56M | $8.94M | $2.02M | $-115.42M | $-115.26M | $-179.30M | $-243.85M | $-762.74M | $-1.75B | $-122.14M | $-4.25B | — | — |
| Goodwill | $13.08M | $13.01M | $13.01M | $13.01M | $13.01M | $13.01M | $13.01M | $29.36M | $119.03M | $119.03M | $119.03M | $119.03M | $240.94M | $240.94M | $240.94M | $240.94M | $240.94M | $240.94M | $240.94M | $240.94M |
Frequently asked questions
What is Heritage Financial Corporation's revenue?
Heritage Financial Corporation's trailing twelve-month revenue is $265.57M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is HFWA?
In its most recent fiscal year, HFWA ran a gross margin of 72.43%, an operating margin of 23.15%, and a net margin of 20.10%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does HFWA generate?
HFWA produced $85.66M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is HFWA's balance sheet healthy?
HFWA holds $52.59M in cash and equivalents against $42.35M in long-term debt, on $921.50M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.