Trade Heritage Financial Corp/WA - HFWA CFD

Heritage Financial Co Company profile

About Heritage Financial Corp

Heritage Financial Corporation is a bank holding company, which primarily engages in the business activities of its financial institution subsidiary, Heritage Bank (the Bank). The Company’s business consists primarily of commercial lending and deposit relationships with small to medium sized businesses and their owners in its market areas and attracting deposits from the general public. The Company’s business activities generally are limited to passive investment activities and oversight of its investment in the Bank. The Company also make real estate construction and land development loans and consumer loans. It ceases indirect auto loan originations, included in its consumer portfolio. The Company additionally originate for sale or for investment purposes residential real estate loans on single family properties located primarily in its markets.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Heritage Financial Corp interest income decreased 1% to $212.8M. Net interest income after loan loss provision increased 4% to $207.9M. Net income applicable to common stockholders increased from $46.6M to $98M. Net interest income after loan loss provision reflects Interest on other interest earning asset increase from $703K to $1.6M, Non-Taxable Int. on Invt. Secs. increase of 7% to $3.9M.

Equity composition

Common Stock no Par, 05/11, 50M auth., 15,648,809 issd. Insiders owns 7.49%. Pref. Stock Ser. A no Par, 12/10, 2.5M auth., 1/98, 6,612,500 shares issd. @ $10 by Ryan, Beck & Co. in conversion from mutual to stock form. 1/98, 3,139,012 shares issd. in conversion of Bank's common stock. FY'03 Q's are reclassified. 9/05, 5% stock dividend.