Heritage Financial Corporation (HFWA) Balance Sheet
HFWA balance sheet, 2025
December 31, 2025 · U.S. dollars$6.97B assets = $6.05B liabilities + $921.5M equity
Both columns are drawn to the same scale: what HFWA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HFWA financial health
Descriptive bands, not a rating. Fiscal 2025.
HFWA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.88B2016 | $6.97B2025 | +6.7%/yr | |
| Total liabilities | $99.3M2016 | $6.05B2025 | +57.9%/yr | |
| Shareholders’ equity | $3.78B2016 | $921.5M2025 | −14.5%/yr | |
| Cash & short-term investments | $898.4M2016 | $660.1M2025 | −3.4%/yr | |
| Total debt | $121.4M2016 | $42.4M2025 | −11.0%/yr | |
| Net cash (debt) | $777.0M2016 | $617.8M2025 | −$159.2M | |
| Working capital | −$1.56B2016 | $830.3M2025 | +$2.4B | |
| Book value per share | $127.302016 | $26.782025 | −15.9%/yr | |
| Debt / equity | 0.032016 | 0.052025 | +0.01 | |
| Shares outstanding | 29.7M2016 | 34.4M2025 | +1.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HFWA assets
HFWA liabilities and equity
HFWA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HFWA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $660.1M | $881.5M | $1.36B | $1.44B | $2.62B | $1.55B | $1.18B | $1.14B | $913.5M | $898.4M |
| Cash & equivalents | $52.6M | $117.1M | $225.0M | $103.6M | $1.72B | $743.3M | $228.6M | $161.9M | $103.0M | $103.7M |
| Short-term investments | $607.5M | $764.4M | $1.13B | $1.33B | $894.3M | $802.2M | $952.3M | $976.1M | $810.5M | $794.6M |
| Receivables | $4.75B | $19.5M | $19.5M | $18.5M | $14.7M | $19.4M | $14.4M | $15.4M | $12.2M | $10.9M |
| Inventory | $0 | $0 | −$4.25B | −$122.1M | −$1.75B | −$762.7M | −$243.9M | −$179.3M | −$115.3M | −$115.4M |
| Other current assets | $0 | $0 | $4.25B | $122.1M | $1.75B | $762.7M | $243.9M | $179.3M | $115.3M | $115.4M |
| Total current assets | $5.41B | $901.0M | $1.38B | $1.45B | $2.63B | $1.56B | $1.20B | $1.15B | $925.8M | $909.3M |
| Property, plant & equipment (net) | $74.7M | $71.6M | $74.9M | $76.9M | $79.4M | $85.5M | $87.9M | $81.1M | $60.3M | $63.9M |
| Goodwill & intangible assets | $242.9M | $244.1M | $245.7M | $248.2M | $250.9M | $254.0M | $257.6M | $261.6M | $125.1M | $126.4M |
| Long-term investments | $1.28B | $1.47B | $1.87B | $2.10B | $1.28B | $4.40B | $3.74B | $3.62B | $2.82B | $2.62B |
| Other non-current assets | $0 | $4.42B | $3.60B | $3.10B | $3.19B | $307.5M | $274.1M | $198.2M | $182.8M | $158.0M |
| Total assets | $6.97B | $7.11B | $7.17B | $6.98B | $7.43B | $6.62B | $5.55B | $5.32B | $4.11B | $3.88B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $5.91B | $6.38B | $5.60B | $4.58B | $4.43B | $3.39B | $3.23B |
| Short-term debt | $20.0M | — | $505.2M | $51.3M | $55.6M | $39.2M | $25.0M | $31.5M | $124.3M | $101.7M |
| Total current liabilities | $4.58B | $5.68B | $5.60B | $5.32B | $5.45B | $4.70B | $3.57B | $3.48B | $2.62B | $2.47B |
| Long-term debt | $42.4M | $405.1M | $21.8M | $21.5M | $21.2M | $20.9M | $20.6M | $20.3M | $20.0M | $19.7M |
| Other long-term liabilities | $1.42B | $153.1M | $700.1M | $0 | $0 | $0 | $0 | $0 | $92.5M | $79.6M |
| Total liabilities | $6.05B | $6.24B | $6.32B | $21.5M | $21.2M | $20.9M | $20.6M | $20.3M | $112.5M | $99.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $531.1M | $531.7M | $549.7M | $552.4M | $551.8M | $571.0M | $586.5M | $591.8M | $360.6M | $359.1M |
| Retained earnings (deficit) | $421.6M | $387.1M | $376.0M | $345.3M | $293.2M | $224.4M | $212.5M | $176.4M | $149.0M | $125.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$31.2M | −$55.2M | −$72.5M | −$99.8M | $9.4M | $25.0M | $10.4M | −$7.5M | −$1.3M | −$2.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $921.5M | $863.5M | $853.3M | $6.96B | $7.41B | $6.59B | $5.53B | $5.30B | $4.00B | $3.78B |
| Key figures | ||||||||||
| Total debt | $42.4M | $405.1M | $521.8M | $72.8M | $76.8M | $60.1M | $45.6M | $51.8M | $144.3M | $121.4M |
| Net cash (debt) | $617.8M | $476.4M | $837.6M | $1.36B | $2.54B | $1.49B | $1.14B | $1.09B | $769.2M | $777.0M |
| Working capital | $830.3M | −$4.78B | −$4.22B | −$3.86B | −$2.82B | −$3.13B | −$2.38B | −$2.32B | −$1.69B | −$1.56B |
| Tangible book value | $678.6M | $619.4M | $607.5M | $6.71B | $7.16B | $6.34B | $5.27B | $5.04B | $3.88B | $3.65B |
| Book value per share | $26.78 | $24.74 | $24.20 | $196.22 | $206.02 | $182.32 | $149.58 | $149.74 | $134.03 | $127.30 |
| Shares outstanding | 34.4M | 34.9M | 35.3M | 35.5M | 36.0M | 36.2M | 37.0M | 35.4M | 29.8M | 29.7M |
| Current ratio | 1.18 | 0.16 | 0.25 | 0.27 | 0.48 | 0.33 | 0.33 | 0.33 | 0.35 | 0.37 |
| Quick ratio | 1.18 | 0.16 | 0.25 | 0.27 | 0.48 | 0.33 | 0.33 | 0.33 | 0.35 | 0.37 |
| Debt / equity | 0.05 | 0.47 | 0.61 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.04 | 0.03 |
| Equity / assets | 13.2% | 12.2% | 11.9% | 99.7% | 99.7% | 99.7% | 99.6% | 99.6% | 97.3% | 97.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $102.6M | $1.10B | $660.1M | $807.4M | $839.3M | $891.5M | $881.5M | $1.03B | $1.05B | $1.19B | $1.36B | $1.37B |
| Cash & equivalents | $102.6M | $98.3M | $52.6M | $245.5M | $254.1M | $248.7M | $117.1M | $175.6M | $113.8M | $189.6M | $225.0M | $220.5M |
| Short-term investments | $879.9M | $1.00B | $607.5M | $561.9M | $585.2M | $642.9M | $764.4M | $852.8M | $931.2M | $996.5M | $1.13B | $1.15B |
| Receivables | $23.1M | $24.3M | $4.75B | $19.1M | $18.6M | $19.7M | $19.5M | $20.1M | $19.9M | $19.9M | $19.5M | $18.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$5.58B | −$4.62B | −$4.59B | $36.3M | −$239.3M |
| Other current assets | $0 | $5.66B | $0 | $0 | $0 | $0 | $0 | $5.58B | $4.62B | $4.59B | $0 | $239.3M |
| Total current assets | $125.6M | $6.79B | $5.41B | $826.5M | $857.9M | $911.2M | $901.0M | $1.05B | $1.06B | $1.21B | $1.38B | $1.39B |
| Property, plant & equipment (net) | $98.0M | $100.5M | $74.7M | $70.4M | $71.1M | $71.1M | $71.6M | $72.5M | $73.2M | $74.1M | $74.9M | $76.4M |
| Goodwill & intangible assets | $326.3M | $329.3M | $242.9M | $243.2M | $243.5M | $243.8M | $244.1M | $244.5M | $244.9M | $245.3M | $245.7M | $246.3M |
| Long-term investments | $1.63B | $1.67B | $1.28B | $1.31B | $1.35B | $1.41B | $1.47B | $1.57B | $1.66B | $1.73B | $1.87B | $1.89B |
| Other non-current assets | $6.25B | $0 | $0 | $4.56B | $4.55B | $4.49B | $4.42B | $4.22B | $4.02B | $3.84B | $3.60B | $3.55B |
| Total assets | $8.43B | $8.50B | $6.97B | $7.01B | $7.07B | $7.13B | $7.11B | $7.15B | $7.06B | $7.09B | $7.17B | $7.15B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $5.64B |
| Short-term debt | $166.2M | $20.0M | $20.0M | $138.0M | $263.2M | $264.4M | $388.6M | $382.0M | $500.0M | $500.0M | $505.2M | $23.2M |
| Total current liabilities | $166.2M | $20.0M | $4.58B | $5.86B | $5.78B | $5.85B | $5.68B | $5.71B | $5.52B | $5.53B | $5.60B | $5.87B |
| Long-term debt | $188.7M | $42.4M | $42.4M | $160.3M | $285.4M | $286.5M | $405.1M | $404.0M | $521.9M | $521.8M | $21.8M | $471.7M |
| Other long-term liabilities | $6.97B | $7.32B | $1.42B | $90.1M | $112.6M | $116.5M | $153.1M | $166.4M | $171.8M | $189.5M | $700.1M | $0 |
| Total liabilities | $7.32B | $7.38B | $6.05B | $6.11B | $6.18B | $6.25B | $6.24B | $6.28B | $6.21B | $6.24B | $6.32B | $6.34B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $707.9M | $716.4M | $531.1M | $529.9M | $528.8M | $532.1M | $531.7M | $534.9M | $541.3M | $544.6M | $549.7M | $548.7M |
| Retained earnings (deficit) | $439.8M | $432.3M | $421.6M | $407.6M | $396.6M | $392.7M | $387.1M | $383.1M | $379.7M | $373.6M | $376.0M | $377.5M |
| Accumulated other comprehensive income | −$38.0M | −$33.0M | −$31.2M | −$33.4M | −$37.2M | −$43.3M | −$55.2M | −$43.5M | −$70.5M | −$70.7M | −$72.5M | −$112.6M |
| Total shareholders' equity | $1.11B | $1.12B | $921.5M | $904.1M | $888.2M | $881.5M | $863.5M | $874.5M | $850.5M | $847.6M | $853.3M | $813.5M |
| Key figures | ||||||||||||
| Total debt | $188.7M | $42.4M | $42.4M | $160.3M | $285.4M | $286.5M | $405.1M | $404.0M | $521.9M | $521.8M | $521.8M | $494.9M |
| Net cash (debt) | −$86.2M | $1.06B | $617.8M | $647.1M | $553.9M | $605.0M | $476.4M | $624.4M | $523.1M | $664.3M | $837.6M | $873.2M |
| Working capital | −$40.6M | $6.77B | $830.3M | −$5.03B | −$4.93B | −$4.93B | −$4.78B | −$4.66B | −$4.45B | −$4.33B | −$4.22B | −$4.48B |
| Tangible book value | $783.4M | $786.4M | $678.6M | $660.9M | $644.7M | $637.7M | $619.4M | $630.0M | $605.6M | $602.3M | $607.5M | $567.2M |
| Book value per share | $27.49 | $28.53 | $26.78 | $26.27 | $25.74 | $25.55 | $24.99 | $25.23 | $24.36 | $24.06 | $24.32 | $23.17 |
| Shares outstanding | 40.4M | 39.1M | 34.4M | 34.4M | 34.5M | 34.5M | 34.6M | 34.7M | 34.9M | 35.2M | 35.1M | 35.1M |
| Current ratio | 0.76 | 339.27 | 1.18 | 0.14 | 0.15 | 0.16 | 0.16 | 0.18 | 0.19 | 0.22 | 0.25 | 0.24 |
| Quick ratio | 0.76 | 56.18 | 1.18 | 0.14 | 0.15 | 0.16 | 0.16 | 0.18 | 0.19 | 0.22 | 0.25 | 0.24 |
| Debt / equity | 0.17 | 0.04 | 0.05 | 0.18 | 0.32 | 0.33 | 0.47 | 0.46 | 0.61 | 0.62 | 0.61 | 0.61 |
| Equity / assets | 13.2% | 13.1% | 13.2% | 12.9% | 12.6% | 12.4% | 12.2% | 12.2% | 12.0% | 12.0% | 11.9% | 11.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
HFWA financial position
At the end of fiscal 2025 (December 31, 2025), Heritage Financial had total assets of $7.0 billion (down 2.0% from a year earlier), total liabilities of $6.0 billion and shareholders' equity of $921.5 million. It held $660.1 million in cash and short-term investments against $42.4 million of debt, a net cash position of $617.8 million. Its current ratio was 1.18. In the latest quarter (ended June 30, 2026) total assets were $8.4 billion and equity $1.1 billion.
Related: HFWA income statement, HFWA cash flow statement, HFWA key metrics. See the HFWA stock overview for the latest quote and news.
HFWA balance sheet FAQ
What are Heritage Financial's total assets?
Heritage Financial reported total assets of $7.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.1 billion a year earlier.
How much debt does Heritage Financial have?
Heritage Financial had $42.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.05.
How much cash does Heritage Financial have?
Heritage Financial held $660.1 million in cash and short-term investments at the end of fiscal 2025; with $42.4 million of debt that is net cash of $617.8 million.
What is Heritage Financial's book value?
Heritage Financial's shareholders' equity (book value) was $921.5 million at the end of fiscal 2025, or $26.78 per share.
What is Heritage Financial's current ratio?
Heritage Financial had current assets of $5.4 billion and current liabilities of $4.6 billion, a current ratio of 1.18 (it can cover its short-term obligations).
How much goodwill does Heritage Financial have?
Heritage Financial carried $242.9 million of goodwill and intangible assets, 3.5% of total assets, at the end of fiscal 2025.