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Pacific Northwest community bank offering commercial and retail banking across Washington and Oregon.
Pacific Northwest community bank offering commercial and retail banking across Washington and Oregon.
Earns mainly the spread between loan interest and deposit costs, with commercial real estate and business loans the larger part, plus fees from deposit accounts and mortgages. Its footprint was assembled through a string of bank acquisitions, and it competes with much larger banks for the same customers.
Moat: narrow (scale, distribution). Established Pacific Northwest branch franchise built through community-bank mergers.
Headquarters: Olympia, Washington, US · Founded: 1927 · Employees: 755
Size Heritage Financial (HFWA) is a United States Financials company (Regional Banks) with a market value of $1.15B, the 2161st largest of 3,117 United States companies the cockpit tracks. Shares closed at $28.39 on 6 Nov 2026.
Performance Over six months the shares gained 3.2%, against +8.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 21.5% over the last twelve months (peer median +9.9%); the operating margin is 28.9% (peer median 38.9%).
Valuation It trades at 1.06× book value against a peer median of 1.18× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 7.8%; Heritage Financial delivers 7.8%, so the price asks less than the business earns today.
Short interest Short interest is 8.0% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $403M | $336M | $317M | $303M | $257M |
| Revenue growth | — | +6% | +5% | +18% | — |
| Net income | $77.5M | $67.5M | $43.3M | $61.8M | $81.9M |
| Free cash flow | n/a | $85.7M | $64.0M | $99.1M | $90.4M |
| Capital expenditure | n/a | $9.29M | $22.0M | $11.8M | $4.25M |
| Total debt | $144M | $64.7M | $430M | $547M | $92.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Heritage Financial HFWA | $1.15B | +3% | +22% | 8% | 1.06× | 7.8% |
| Banner BANR | $2.55B | +7% | +2% | 10% | 1.20× | 10.1% |
| Columbia Banking System COLB | $8.62B | +1% | +22% | 11% | 1.19× | 9.3% |
| Glacier Bancorp GBCI | $6.27B | -1% | +21% | 9% | 1.45× | 11.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HFWA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | -1.1% | 9th highest of 21 |
| 6-month return | +3.2% | +8.4% | 4th lowest of 20 |
| Return on equity | 7.8% | 11.9% | 6th lowest of 21 |
| Price / book | 1.06× | 1.18× | 10th cheapest of 21 |
| Trailing P/E | 14.1× | 11.1× | 4th most expensive of 21 |
| ROE the price implies | 7.8% | 9.1% | 8th least demanding of 21 |
| ROE delivered | 7.8% | 12.0% | 6th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Heritage Financial HFWA | United States | $1.15B | +3% | +22% | 8% | 1.06× | 7.8% | 7.8% |
| Miyazaki Bank 8393.T | Japan | $1.16B | +8% | +8% | 7% | 0.77× | 6.2% | 7.0% |
| TOMONY 8600.T | Japan | $1.13B | +6% | +12% | 6% | 0.60× | 4.5% | 5.9% |
| Metropolitan Bank MCB | United States | $1.17B | +5% | +12% | 13% | 1.20× | 11.3% | 13.1% |
| First Bank of Toyama 7184.T | Japan | $1.12B | +10% | +14% | 10% | 0.90× | 7.9% | 10.2% |
| Oita Bank 8392.T | Japan | $1.18B | +13% | +25% | 5% | 0.69× | 6.2% | 4.7% |
| Univest Financial UVSP | United States | $1.10B | +4% | +2% | 10% | 1.16× | 9.1% | 10.0% |
| Preferred Bank PFBC | United States | $1.22B | +8% | 0% | 17% | 1.54× | 10.3% | 16.9% |
| SJF Bank A/S SJF.CO | Denmark | $1.22B | +60% | -2% | 12% | 1.71× | 6.1% | 12.0% |
| Five Star Bancorp FSBC | United States | $1.08B | +6% | +18% | 15% | 1.75× | 10.4% | 14.8% |
| Ujjivan Small Finance Bank UJJIVANSFB.NS | India | $1.23B | -5% | +21% | 17% | 1.53× | 23.8% | 16.6% |
| Northeast Bank NBN | United States | $1.08B | +1% | +9% | 20% | 1.72× | 11.8% | 20.0% |
| San ju San Financial 7322.T | Japan | $1.08B | +1% | +23% | 5% | 0.72× | 6.9% | 5.4% |
| Horizon Bancorp HBNC | United States | $1.07B | +13% | +424% | 16% | 1.52× | 12.0% | 15.7% |
| CNB Financial CCNE | United States | $1.06B | +15% | +26% | 13% | 1.24× | 9.0% | 13.2% |
| Bank of Jiujiang 6190.HK | Hong Kong | $1.06B | +55% | -2% | 1% | 0.20× | 3.5% | 1.5% |
| Community Trust Bancorp CTBI | United States | $1.26B | +4% | +8% | 13% | 1.43× | 9.8% | 12.9% |
| Mercantile Bank MBWM | United States | $1.05B | +16% | +5% | 14% | 1.41× | 11.5% | 13.6% |
| Forbright FRBT | United States | $1.04B | n/a | +11% | 11% | 1.01× | 6.4% | n/a |
| Karnataka Bank KTKBANK.NS | India | $1.28B | +20% | +3% | 12% | 0.87× | 12.6% | 11.7% |
| Business First Bancshares BFST | United States | $1.04B | +16% | +7% | 10% | 1.02× | 8.6% | 10.1% |