Heritage Financial (HFWA)
Runs Heritage Bank, lending to small and mid-sized businesses across Washington, Oregon, and Idaho.
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Operates Heritage Bank, a single-segment commercial lender serving small and mid-sized businesses and retail depositors along the I-5 corridor from Washington through Oregon into Idaho. Growth has come mainly through acquiring smaller Pacific Northwest banks rather than opening new branches organically.
Heritage Bank is a Washington state-chartered, FDIC-insured commercial bank built around relationship lending to small and mid-sized businesses, funded mainly by core deposits from the same communities it lends to. Commercial business loans make up the large majority of the book, so credit performance there drives results.
The branch network runs the I-5 corridor from northern Washington through Portland and Eugene, Oregon, into Boise, Idaho. Acquired banks with strong local recognition keep their own names — Whidbey Island Bank and Kitsap Bank both operate as such today.
Growth has come mainly through acquiring smaller Pacific Northwest banks, from FDIC-assisted deals in 2010 through a merger of equals on Whidbey Island and, most recently, a Kitsap Peninsula bank. The operating bank traces to a 1927 Olympia mutual savings and loan, converted to stock ownership and Nasdaq-listed since 1998.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | Capital One Financial | Target | Target: — | Target: $33 |
| Jul 28, 2026 | Stephens | Target | Target: $30 | Target: $32 |
| Apr 27, 2026 | Piper Sandler | Reiterate | Rating: —Target: $35 | Target: $32 |
| Feb 5, 2026 | Piper Sandler | Reiterate | Rating: —Target: — | Target: $35 |
| Jan 26, 2026 | Stephens | Target | Target: $26 | Target: $30 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $102.6M · Total debt $188.7M · Total assets $8.43B · Shareholders' equity $1.11B
- Revenue
- $62.2M
- Operating income
- −$22.4M
- Net income
- $17.5M
HistoryDividendAnnual yield
| Institutions | ≈ 81.19% | 33.47M shares | |
|---|---|---|---|
| 194 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 1.52% | 626.6K shares | |
| 21 holders · as of Sep 15, 2026 | |||
| Other | ≈ 17.29% | 7.13M shares | |
| remainder | |||
41.22M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 14.10% | 5.81M | as of Jun 30, 2026 |
Jennison Associates LLCInstitution | 8.58% | 3.54M | as of Jun 30, 2026 |
Victory Capital Management IncInstitution | 5.73% | 2.36M | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 4.96% | 2.04M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.81% | 1.98M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Frederick B. Rivera | director | −1,300 | $28.57 |
| Sep 3, 2026 | Brian Charneski | director | −13,675 | $29.18 |
| Aug 13, 2026 | Matthew T. Ray | officer: EVP Chief Lending Officer | −3,692 | $30.10 |
| Aug 5, 2026 | Tony Chalfant | officer: EVP Chief Credit Officer | −3,234 | $29.92 |
| Aug 5, 2026 | Jeffrey S. Lyon | director | −10,000 | $30.00 |
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Heritage Financial | $28.22 | −0.07% | $1.15B | 13.3 | 12.1 | 3.4 | +48.9% |
| Columbia Banking System | $29.91 | +1.94% | $8.46B | 11.9 | 9.4 | 2.4 | +33.1% |
| Banner | $68.88 | −0.01% | $2.37B | 11.5 | 11.3 | 3.6 | +6.1% |
| WaFd | $31.60 | +0.30% | $2.39B | 9.9 | 9.3 | 1.7 | +10.3% |
| Glacier Bancorp | $44.16 | 0.00% | $5.83B | 18.1 | 13.1 | 3.8 | +36.8% |
| First Interstate BancSystem | $36.54 | −0.11% | $3.58B | 11.3 | 13.2 | 3.8 | +6.3% |
| Median | 11.5 | 11.3 | 3.6 | +10.3% |