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HFWA Heritage Financial

Heritage Financial Corporation is an Olympia-based bank holding company with Heritage Bank, a full-service commercial bank, as its sole wholly-owned banking subsidiary. Heritage Bank has a branching network of 61 banking offices in Washington and Oregon. Heritage Bank also does business under the Whidbey Island Bank name on Whidbey Island.

Company profile

Ticker
HFWA
Exchange
CEO
Jeffrey J. Deuel
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
911857900
SEC advisor number
801-114336
FINRA CRD number
285149
AUM ?
$199.56M (as of 12 Mar 21)
Accounts
1,099 (as of 12 Mar 21)
Employees
7 (6 investment advisory or research)
Address
Heritage Financial
201 FIFTH AVENUE S.W.
P O BOX 1578
OLYMPIA
WA 98501
Phone
3609431500

HFWA stock data

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Calendar

25 Feb 21
12 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 743.32M 743.32M 743.32M 743.32M 743.32M 743.32M
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) 2.09M (positive/no burn)
Cash used (since last report) n/a n/a n/a n/a 7.09M n/a
Cash remaining n/a n/a n/a n/a 736.23M n/a
Runway (months of cash) n/a n/a n/a n/a 352.6 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Mar 21 Huntley Cindy M Common Stock Payment of exercise Dispose F No No 29.66 471 13.97K 21,110
15 Mar 21 Huntley Cindy M Common Stock Option exercise Aquire M No No 29.66 563 16.7K 21,581
15 Mar 21 Huntley Cindy M Common Stock Option exercise Aquire M No No 29.66 431 12.78K 21,018
15 Mar 21 Huntley Cindy M Common Stock Option exercise Aquire M No No 29.66 529 15.69K 20,587
15 Mar 21 Huntley Cindy M Common Stock Option exercise Aquire M No No 29.66 277 8.22K 20,058
15 Mar 21 Huntley Cindy M Common Stock Option exercise Aquire M No No 29.66 476 14.12K 19,781
15 Mar 21 Huntley Cindy M RSU Common Stock Option exercise Dispose M No No 29.66 563 16.7K 0
15 Mar 21 Huntley Cindy M RSU Common Stock Option exercise Dispose M No No 29.66 431 12.78K 2,586
15 Mar 21 Huntley Cindy M RSU Common Stock Option exercise Dispose M No No 29.66 529 15.69K 1,058
15 Mar 21 Huntley Cindy M RSU Common Stock Option exercise Dispose M No No 29.66 277 8.22K 277

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Largest transactions
Shares Bought/sold Change

Financial report summary

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Risks
  • The outbreak of COVID-19 has adversely affected certain industries in which our customers operate and may impair their ability to fulfill their obligations to us. Further, the spread of the outbreak has disrupted banking and other financial activity in the areas in which we operate, could lead to an economic recession or other additional severe disruptions in the U.S. economy, and could potentially create business continuity issues for us.
  • Our strategy of pursuing acquisitions and de novo branching exposes us to financial and operational risks that could adversely affect us.
  • Our business strategy includes significant growth plans, and our financial condition and results of operations could be negatively affected if we are not successful in executing this strategy or if we fail to grow or manage our growth effectively.
  • Our loan portfolio is concentrated in loans with a higher risk of loss.
  • Our ACL on loans may prove to be insufficient to absorb losses in our loan portfolio.
  • If our ACL on loans is not sufficient to cover actual loan losses our earnings could decrease.
  • The current economic condition in the market areas we serve may adversely impact our earnings and could increase the credit risk associated with our loan portfolio.
  • Fluctuating interest rates can adversely affect our profitability.
  • Our investment securities portfolio may be negatively impacted by fluctuations in market value and interest rates.
  • Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions and limit our ability to get regulatory approval of acquisitions.
  • We rely on other companies to provide key components of our business infrastructure.
  • If our enterprise risk management framework is not effective at mitigating risk and loss to us, we could suffer unexpected losses and our results of operations could be materially adversely affected.
  • We are subject to certain risks in connection with our data management or aggregation.
  • Our business may be adversely affected by an increasing prevalence of fraud and other financial crimes.
  • Managing reputational risk is important to attracting and maintaining customers, investors and employees.
  • We are dependent on key personnel and the loss of one or more of those key personnel may materially and adversely affect our prospects.
  • Our ability to sustain or improve upon existing performance is dependent upon our ability to respond to technological change, and we may have fewer resources than some of our competitors to continue to invest in technological improvements.
  • New or changing tax, accounting, and regulatory rules and interpretations could significantly impact strategic initiatives, results of operations, cash flows, and financial condition.
  • If the goodwill we have recorded in connection with acquisitions becomes impaired, our earnings and capital could be reduced.
  • Uncertainty relating to the LIBOR calculation process and potential phasing out of LIBOR may adversely affect our results of operations.
  • Decreased volumes and lower gains on sales of mortgage loans sold could adversely impact our noninterest income.
  • Ineffective liquidity management could adversely affect our financial results and condition.
  • Our growth or future losses may require us to raise additional capital in the future, but that capital may not be available when it is needed or the cost of that capital may be very high; further, the resulting dilution of our equity may adversely affect the market price of our common stock.
  • Societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.
  • We rely on dividends from Heritage Bank for substantially all of our revenue at the holding company level.
Management Discussion
  • Net income was $46.6 million, or $1.29 per diluted common share, for the year ended December 31, 2020 compared to $67.6 million, or $1.83 per diluted common share, for the year ended December 31, 2019. Net income decreased $21.0 million, or 31.1%, for the year ended December 31, 2020 compared to the year ended December 31, 2019 primarily due to an increase in the provision for credit losses of $31.8 million as a result of estimated credit losses forecasted due to the COVID-19 pandemic and its impact on the economy, offset partially by a decrease in income tax expense of $6.9 million due to lower pre-tax income as well as a provision in the CARES Act permitting the recognition of a benefit from net operating losses related to prior acquisitions.
Content analysis
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