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Heritage Financial
Heritage Financial (HFWA) investor relations material
Heritage Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
Net income for Q4 2025 was $22.2 million, with adjusted diluted EPS up 29% year-over-year and ROA improving to 1.29% from 0.99% year-over-year.
Regulatory and shareholder approvals were received for the Olympic Bancorp acquisition, expected to close by January 31, 2026, positioning as the 5th largest bank headquartered in Washington.
The merger is expected to enhance profitability, efficiency, and growth in the Puget Sound market, with pro forma assets estimated at $8.6 billion.
Maintained a disciplined approach to risk, with net charge-offs on loans to average loans at 0.03% for 2025 and a strong capital position.
Return on average assets rose to 1.27% from 1.09% in the prior quarter.
Financial highlights
Q4 2025 net income: $22.2 million; net interest margin: 3.72%; efficiency ratio: 62.5%.
Net interest income increased $1 million (1.7%) from the prior quarter, driven by higher net interest margin.
Total assets at quarter-end were $6.97 billion; total deposits grew $62.7 million in Q4 to $5.92 billion.
Loans receivable at year-end: $4.8 billion; loan portfolio grew 5.54% year-over-year.
Tangible book value per share at year-end: $19.98.
Outlook and guidance
Pro forma assets post-Olympic Bancorp acquisition estimated at $8.6 billion.
EPS guidance for 2026: $2.48; for 2027: $2.84.
Efficiency ratio expected to decline, driven more by revenue growth than expense cuts, with further improvement post-merger.
Loan growth anticipated to resume at historical levels in 2026 as elevated payoffs subside.
Management remains focused on long-term financial results and successful integration of Olympic Bancorp.
Address the increase in classified and nonaccrual loans
Olympic acquisition: integration and synergies?
Sustainability of lower deposit costs?
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Next Heritage Financial earnings date
Q1 202623 Apr, 2026
Heritage Financial
Next Heritage Financial earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Heritage Financial Corporation is a bank holding company operating through its subsidiary, Heritage Bank. It offers a range of financial services, including personal and commercial banking, mortgage lending, and wealth management. The company serves individuals and businesses across Washington and Oregon. Heritage Financial Corporation is headquartered in Olympia, Washington, and its shares are listed on the NASDAQ.
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