Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 000-29480 HERITAGE FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Washington 9 ...

Average Interest Earning Assets Composition 37 ROAE (GAAP) and ROATCE (non-GAAP) Net Income (GAAP) and PTPP Income (nonGAAP), in millions 38 14% Tier 1 Leverage Ratio LIQUIDITY POSITION Liquidity Sources – At fair value – Includes FHLB borrowing availability of $1.42 billion at December 31, 2023 based on pledged assets, however, maximum credit capacity is 45% of the Bank's total assets one quarter in arrears or $3.22 billion Ticker HFWA Exchange NASDAQ Stock price $20.63 Market capitalization (in millions) ...

Heritage Financial Corporation (NASDAQ:HFWA) Q4 2023 Earnings Conference Call January 25, 2024 1:00 PM ET Company Participants Jeff Deuel - Chief Executive Officer Bryan McDonald - President and Chief Operating Officer Don Hinson - Chief Financial Officer Tony Chalfant - Chief Credit Officer Conference Call Participants Jeff Rulis - D.A. Davidson Matt Fedorjaka - KBW Operator Hello, everyone and welcome to today’s call. My name is Drew, and I’ll be your conference operator today. At this time, I would like ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 000-29480 HERITAGE FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Was ...

Heritage Financial Corporation (NASDAQ:HFWA) Q3 2023 Earnings Conference Call October 19, 2023 1:00 PM ET Company Participants Jeffrey Deuel - CEO Donald Hinson - CFO Bryan McDonald - President and COO Anthony Chalfant - Chief Credit Officer Conference Call Participants Matthew Clark - Piper Sandler Jeff Rulis - D.A. Davidson David Feaster - Raymond James Andrew Terrell - Stephens Kelly Motta - KBW Timothy Coffey - Janney Operator Thank you all for joining. I would like to welcome you all to the Heritage Fi ...

FORWARD LOOKING STATEMENTS Non-GAAP Financial Information 2 Heritage Branch OVERVIEW Eugene-Springfield, OR Boise–Nampa, Idaho Allocate capital to organically grow our core banking business Improve operational efficiencies and rationalize branch network Closed/Consolidated 36 branches since the beginning of 2010, including 12 branches in 2021 and one branch in 2023. 5 Objective: Invest in technologies that enable Community Banking @ Scale TECHNOLOGY INNOVATION Build Commercial Loans 360 (CL360) • Streamline ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 000-29480 HERITAGE FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Washingt ...

Heritage Financial Corporation (NASDAQ:HFWA) Q2 2023 Earnings Conference Call July 20, 2023 1:00 PM ET Company Participants Jeffrey Deuel - CEO Donald Hinson - CFO Bryan McDonald - President and COO Anthony Chalfant - Chief Credit Officer Conference Call Participants David Feaster - Raymond James Matthew Clark - Piper Sandler Jeffrey Rulis - D.A. Davidson Andrew Terrell - Stephens Inc. Kelly Motta - Keefe, Bruyette, & Woods, Inc. Timothy Coffey - Janney Montgomery Scott LLC Operator Hello, and welcome to ...

Financial Performance - Net income for the three months ended March 31, 2023, increased by $700,000, or 3.5%, to $20.5 million, compared to $19.8 million for the same period in 2022[121] - Income before income taxes rose by $1.3 million, or 5.7%, to $24.7 million for the three months ended March 31, 2023[134] - Effective income tax rate increased to 17.1% for the three months ended March 31, 2023, compared to 15.3% for the same period in 2022[134] - Retained earnings increased by $12.7 million, or 3.7%, to $358.0 million as of March 31, 2023[135] - Total stockholders' equity rose by $28.2 million, or 3.5%, to $826.1 million, driven by $20.5 million in net income[153] Interest Income and Expenses - Net interest income rose by $12.9 million, or 27.5%, to $59.8 million for the three months ended March 31, 2023, primarily due to increased interest earned on interest-earning assets following market interest rate hikes[121] - Total interest income rose by $18.1 million, or 37.2%, to $66.7 million for the three months ended March 31, 2023, driven primarily by increased yields on interest-earning assets[125] - Total interest expense surged by $5.2 million, or 313.5%, to $6.8 million during the three months ended March 31, 2023, due to competitive rate pressures and increased borrowing costs[127] - The net interest margin for the three months ended March 31, 2023, was 3.91%, compared to 2.84% for the same period in 2022[122] - Net interest margin improved by 107 basis points to 3.91% for the three months ended March 31, 2023, compared to 2.84% for the same period in 2022[128] Credit Losses and Provisions - The provision for credit losses for the three months ended March 31, 2023, was $1.8 million, compared to a $3.6 million reversal of provision for credit losses in the same period of 2022[121] - Provision for credit losses on loans increased by $4.2 million, or 167.9%, to $1.7 million for the three months ended March 31, 2023, reflecting an increase in loans receivable[130] - The company may need to record additional provisions for credit losses if future economic conditions deteriorate, as required by the CECL model under ASC 326[120] - Allowance for Credit Losses (ACL) on loans increased by $4.136 million, or 10.3%, to $44.469 million compared to the previous year[143] - The ACL on loans to nonaccrual loans ratio improved significantly from 244.04% to 923.55%, an increase of 278.4%[143] Loans and Receivables - Average loans receivable increased to $4,039,395 thousand with interest earned of $50,450 thousand, yielding 5.07% for the three months ended March 31, 2023[122] - Loans receivable increased by $76.6 million, or 1.9%, to $4.08 billion, with new loans funded amounting to $138.1 million during the first quarter of 2023[138] - Loan yield increased to 5.07% for the three months ended March 31, 2023, up from 4.41% for the same period in 2022[126] - Owner-occupied and non-owner occupied commercial real estate loans totaled $2.5 billion, with office loans representing 22.8% of this segment[140] - The largest increase in the loan portfolio was in commercial and multifamily construction loans, which rose by $56.5 million, or 26.4%[139] Assets and Deposits - Total assets increased by $256.7 million, or 3.7%, to $7.24 billion as of March 31, 2023, primarily due to an increase in cash and cash equivalents and loans receivable[135] - Cash and cash equivalents rose by $197.9 million, or 191.0%, to $301.5 million compared to December 31, 2022[135] - Total deposits decreased by $135.8 million, or 2.3%, to $5.79 billion, reflecting a decrease in customer deposits[135] - Total deposits decreased by $135.8 million, or 2.3%, to $5.789 billion, attributed to competitive pricing pressures and customers moving funds to higher yielding investments[146] - Money market accounts increased by $92.316 million, or 8.7%, reflecting an increase in public deposits[146] Market Conditions and Economic Outlook - The Federal Open Market Committee increased the federal funds rate by a cumulative 475 basis points from March 2022 through March 2023 to combat inflation[119] - The company anticipates potential impacts on loan growth and credit quality due to ongoing economic pressures and inflationary conditions[120] - Management believes capital sources are adequate to meet all reasonably foreseeable cash requirements, with no material changes since the 2022 Annual Form 10-K[160] - Interest rate risk is the primary market risk, with management regularly reviewing exposure to changes in interest rates[166] - The company does not engage in trading activities or high-risk derivative instruments, minimizing exposure to market risks[167] Liquidity and Capital - Total available liquidity as of March 31, 2023, is $3,471,093,000, with net availability of $3,087,993,000[160] - Cash and cash equivalents amount to $301,481,000, while unencumbered investment securities available for sale total $1,116,013,000[160] - The Company maintained a common equity Tier 1 capital ratio of 12.9% as of March 31, 2023, up from 12.8% at the end of 2022[157] - The Bank's available borrowing capacity with the Federal Home Loan Bank was $1.2 billion, with $383.1 million in advances outstanding[148] - The Company has a credit facility with the Federal Reserve Bank with available borrowing capacity of $640.6 million, with no borrowings outstanding[149]

Heritage Financial Corporation (NASDAQ:HFWA) Q1 2023 Earnings Conference Call April 20, 2023 1:00 PM ET Company Participants Jeffrey Deuel - CEO Donald Hinson - CFO Bryan McDonald - President and COO Anthony Chalfant - Chief Credit Officer Conference Call Participants Jeff Rulis - D.A. Davidson Andrew Terrell - Stephens Adam Butler - Piper Sandler David Feaster - Raymond James Operator Hello everyone. Thank you for attending today's Heritage Financial Corporation Q1 2023 Earnings Call. My name is Sierra, an ...