Heritage Financial Corporation Financial Ratios — HFWA Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	4.75	6.66	4.62	6.29	8.16	8.18	8.41	8.3	8.62	5.84	11.95	9.4	6.77	4.69	7.22
Return on Assets (%)	0.48	0.98	0.64	0.82	1.05	1.03	1.05	1.13	1.24	0.77	1.4	1.14	0.87	0.61	0.96
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.59	6.57	7.74	11.23	9.92	8.61	6.85	9.81	7.8	-0.04	-7.75	1.24	2.3	1.49	0.87
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	12.5	27.09	18.42	21.18	31.69	32.12	34.38	29.41	34.91	22.32	50.13	39.94	29.91	24.1	31.93
Profit Margin (%)	8.91	18.48	12.45	15.94	23.16	23.71	23.89	24.27	29.1	19.55	40.78	32.88	25.33	19.95	27.44
Net Income to Common Margin (%)	8.91	18.48	12.45	15.94	23.16	23.71	23.89	24.27	29.1	19.55	40.78	32.88	25.33	19.95	27.44
Effective Tax Rate (%)	28.77	31.78	32.42	24.73	26.93	26.18	30.52	17.48	16.64	12.43	18.65	17.66	15.31	17.22	14.08
Dvd Payout Ratio (%)	90.67	91.66	69.68	61.35	42.46	55.42	43.8	48.61	45.75	61.97	29.52	36.02	49.91	73.46	48.35
Sustainable Growth Rate (%)	0.44	0.56	1.4	2.43	4.7	3.65	4.73	4.27	4.68	2.22	8.42	6.01	3.39	1.24	3.73

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	19	19	99	113	20	21	21	21	21	522	405	42
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	19	19	99	113	20	21	21	21	21	522	405	42
Total Debt/EBITDA	- -	- -	- -	1.29	1.21	7.03	9.38	0.95	1.14	-240.08	-1.14	6.95	93.11	125.37	19.88
Net Debt/EBITDA	-47.15	-22.7	-24.53	-7.61	-7.09	-0.31	0.79	-6.6	-11.48	8,303.85	91.37	-26.57	52.96	89.12	-89.55
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	14.67	14.66	13.08	13.05	12.8	12.49	12.39	14.45	14.39	12.02	11.37	12.86	12.9	12.93	13.67
Long-Term Debt/Equity (%)	- -	- -	- -	4.2	4.13	20.62	22.13	2.67	2.54	2.55	2.48	2.69	61.15	46.91	4.6
Long-Term Debt/Capital (%)	- -	- -	- -	4.06	3.99	17.02	18.09	2.57	2.51	2.56	2.45	2.34	36.05	30.6	4.26
Long-Term Debt/Total Assets (%)	- -	- -	- -	0.55	0.53	2.56	2.74	0.38	0.37	0.32	0.28	0.31	7.27	5.7	0.61
Total Debt/Equity (%)	- -	- -	- -	4.2	4.13	20.62	22.13	2.67	2.54	2.55	2.48	2.69	61.15	46.91	4.6
Total Debt/Capital (%)	- -	- -	- -	4.06	3.99	17.02	18.09	2.57	2.51	2.56	2.45	2.34	36.05	30.6	4.26
Total Debt/Total Assets (%)	- -	- -	- -	0.55	0.53	2.56	2.74	0.38	0.37	0.32	0.28	0.31	7.27	5.7	0.61
Net Debt to Equity	-61.11	-53.83	-67.7	-24.79	-24.24	-0.92	1.87	-18.61	-25.7	-88.05	-199.21	-10.29	34.78	33.35	-20.7
Net Debt/Capital (%)	-160.48	-118.84	-206.12	-33.29	-32.23	-0.92	1.83	-22.6	-35.19	-989.83	198.6	-10.07	24.28	23.86	-25.03
EBITDA	3	5	6	15	16	14	12	21	18	- -	-19	3	6	3	2
EBITDA-CapEx	-1	1	1	11	14	7	9	-2	5	-7	-22	-1	-5	- -	-7
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	14.67	14.66	13.08	13.05	12.8	12.49	12.39	14.45	14.39	12.02	11.37	12.86	12.9	12.93	13.67
Long-Term Debt/Equity (%)	- -	- -	- -	4.2	4.13	20.62	22.13	2.67	2.54	2.55	2.48	2.69	61.15	46.91	4.6
Long-Term Debt/Capital (%)	- -	- -	- -	4.06	3.99	17.02	18.09	2.57	2.51	2.56	2.45	2.34	36.05	30.6	4.26
Long-Term Debt/Total Assets (%)	- -	- -	- -	0.55	0.53	2.56	2.74	0.38	0.37	0.32	0.28	0.31	7.27	5.7	0.61
Total Debt/Equity (%)	- -	- -	- -	4.2	4.13	20.62	22.13	2.67	2.54	2.55	2.48	2.69	61.15	46.91	4.6
Total Debt/Capital (%)	- -	- -	- -	4.06	3.99	17.02	18.09	2.57	2.51	2.56	2.45	2.34	36.05	30.6	4.26
Total Debt/Total Assets (%)	- -	- -	- -	0.55	0.53	2.56	2.74	0.38	0.37	0.32	0.28	0.31	7.27	5.7	0.61
CFO/Total Liabilities	1.79	2.43	2.14	1.71	1.62	1.59	2.04	1.98	1.95	1.21	1.06	1.53	1.73	1.03	1.57
CFO/CapEx	6.67	7.23	5.94	13.03	28.22	8.03	24	3.89	7.09	10.05	23.04	23.52	10.56	18.64	10.36
Altman's Z-Score	0.23	0.25	0.22	0.17	0.19	0.23	0.25	0.23	0.23	0.17	0.17	0.21	0.18	0.19	0.2

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	15.02	14.44	14.96	17.24	15.95	15.34	15.1	15.81	15.55	14.07	14.11	15	12.81	11.12	12.7
Days Sales Outstanding	24.3	25.27	24.4	21.18	22.89	23.79	24.17	23.08	23.47	25.94	25.87	24.34	28.49	32.83	28.74
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	194	222	265	446	561	764	917	1,046	1,040	842	872	1,076	759	844	804
- Cash & Cash Equivalents	124	107	146	132	133	104	103	162	229	743	1,723	104	225	117	233
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	19	19	99	113	20	21	21	21	21	522	405	42
Enterprise Value	-75	-30	-45	-409	-365	-35	116	-72	-120	-682	-1,724	-338	-79	368	79
Total Capital	201	197	217	470	487	584	622	788	820	816	866	919	1,448	1,324	995
Total Debt/Capital (%)	- -	- -	- -	4.06	3.99	17.02	18.09	2.57	2.51	2.56	2.45	2.34	36.05	30.6	4.26
Total Debt / EV	- -	- -	- -	-0.05	-0.05	-2.85	0.97	-0.28	-0.17	-0.03	-0.01	-0.06	-6.64	1.1	0.54
EV/Sales	- -	- -	- -	- -	- -	- -	0.66	- -	- -	- -	- -	- -	- -	1.7	0.32
EV/EBITDA	- -	- -	- -	- -	- -	- -	9.63	- -	- -	- -	- -	- -	- -	113.89	37.01
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	1.57	- -	- -	- -	- -	- -	- -	5.71	0.83
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	1.51	- -	- -	- -	- -	- -	- -	5.42	0.76
Diluted Market Cap	195	222	265	447	562	765	919	1,051	1,047	846	879	1,087	759	855	815
Diluted Enterprise Value	71	115	119	334	448	760	929	910	839	124	-823	1,004	1,056	1,143	624
EV per Share	- -	- -	- -	- -	- -	- -	3.88	- -	- -	- -	- -	- -	- -	10.68	2.32
TTM Sales	73	72	77	132	162	164	175	219	232	238	240	249	244	217	246
TTM EBITDA	3	5	6	15	16	14	12	21	18	- -	-19	3	6	3	2
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	21	28	31	51	51	54	74	90	92	70	70	94	110	64	95
TTM Free Cash Flow to Firm	24	32	36	55	53	61	77	114	106	77	73	98	120	68	104

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	8.11	6.99	7.34	8.09	10.55	12.6	12.01	9.25	9.92	10.94	12.12	11.03	6.33	12.58	7.84
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-75	-30	-45	-409	-365	-35	116	-72	-120	-682	-1,724	-338	-79	368	79
Low Price	10.21	12.34	13.25	15.19	15.44	16.4	22.5	27.98	25.24	14.65	20.95	23.31	14.85	16.55	19.84
EV/Sales	- -	- -	- -	- -	- -	- -	0.66	- -	- -	- -	- -	- -	- -	1.7	0.32
EV/EBITDA	- -	- -	- -	- -	- -	- -	9.63	- -	- -	- -	- -	- -	- -	113.89	37.01
Price/Earnings	29.74	16.71	27.64	21.24	14.97	19.64	21.93	19.71	15.4	18.09	8.89	13.14	12.29	19.52	11.91
Price/Earnings Average	30.87	15.86	24.44	20.29	14.04	14.22	19.19	21.82	15.85	16.54	9.37	11.6	11.48	16.52	11.98
Price/Earnings High	35.8	17.71	28.62	22.56	15.73	20.19	23.68	24.81	18.08	21.99	11.23	14.72	17.93	21.97	13.55
Price/Earnings Low	24.17	14.03	21.42	18.38	12.27	12.51	16.02	18.56	13.73	11.33	7.62	9.99	8.53	13.19	9.99
Price/Book Value	0.96	1.12	1.22	0.99	1.2	1.58	1.8	1.36	1.3	1.06	1.03	1.2	0.82	0.92	0.84
Price/Book Value Average	1	1.07	1.08	0.95	1.13	1.14	1.57	1.51	1.34	0.97	1.09	1.06	0.77	0.78	0.85
Price/Book Value High	1.16	1.19	1.26	1.05	1.26	1.62	1.94	1.71	1.53	1.29	1.3	1.34	1.2	1.03	0.96
Price/Book Value Low	0.78	0.94	0.95	0.86	0.98	1	1.31	1.28	1.16	0.66	0.88	0.91	0.57	0.62	0.71
Price/Tangible Book Value	1.03	1.2	1.43	1.37	1.64	2.15	2.39	2.1	1.89	1.49	1.44	1.96	1.25	1.36	1.18
Price/Tangible Book Value Average	1.07	1.14	1.27	1.31	1.54	1.56	2.09	2.32	1.94	1.36	1.52	1.73	1.17	1.15	1.19
Price/Tangible Book Value High	1.24	1.27	1.48	1.46	1.72	2.21	2.58	2.64	2.21	1.81	1.82	2.19	1.82	1.53	1.35
Price/Tangible Book Value Low	0.84	1.01	1.11	1.19	1.34	1.37	1.75	1.97	1.68	0.93	1.24	1.49	0.87	0.92	0.99
Price/Sales	2.65	3.09	3.44	3.39	3.47	4.66	5.24	4.78	4.48	3.54	3.63	4.32	3.11	3.89	3.27
Price/Sales Average	2.75	2.93	3.04	3.23	3.25	3.37	4.58	5.3	4.61	3.23	3.82	3.81	2.91	3.29	3.29
Price/Sales High	3.19	3.27	3.56	3.6	3.64	4.79	5.66	6.02	5.26	4.3	4.58	4.84	4.54	4.38	3.72
Price/Sales Low	2.15	2.59	2.67	2.93	2.84	2.97	3.83	4.5	4	2.21	3.11	3.29	2.16	2.63	2.74
Price/Cash Flow	9.29	7.95	8.57	8.69	10.92	14.16	12.47	11.57	11.25	11.98	12.54	11.39	6.93	13.09	8.48
Price/Cash Flow Average	9.64	7.54	7.57	8.31	10.24	10.25	10.91	12.8	11.58	10.95	13.21	10.05	6.47	11.08	8.53
Price/Cash Flow High	11.18	8.42	8.87	9.23	11.48	14.56	13.46	14.56	13.2	14.56	15.84	12.76	10.11	14.74	9.65
Price/Cash Flow Low	7.55	6.67	6.64	7.52	8.95	9.02	9.11	10.89	10.03	7.5	10.75	8.66	4.81	8.85	7.11
Price/Free Cash Flow Average	8.42	6.63	6.49	7.73	9.9	9.12	10.51	10.23	10.21	10	12.76	9.74	5.91	10.65	7.89
Price/Free Cash Flow High	9.76	7.4	7.6	8.59	11.09	12.95	12.96	11.64	11.64	13.3	15.3	12.37	9.24	14.17	8.92
Price/Free Cash Flow Low	6.59	5.87	5.68	7	8.65	8.02	8.77	8.71	8.85	6.85	10.39	8.39	4.39	8.5	6.57
EV/Sales Average	1.06	1.44	1.14	2.38	2.55	3.35	4.64	4.65	3.72	0.2	- -	3.48	4.12	4.62	2.51
EV/Sales High	1.5	1.78	1.66	2.74	2.94	4.76	5.71	5.37	4.36	1.27	- -	4.51	5.76	5.71	2.94
EV/Sales Low	0.46	1.1	0.77	2.08	2.14	2.94	3.88	3.86	3.1	- -	- -	2.96	3.38	3.96	1.97
EV/EBITDA Average	29.49	21.87	14.77	21.19	25.68	38.87	67.69	47.39	47.62	-547.51	42.07	280.65	179.42	310.23	290.22
EV/EBITDA High	41.74	27.07	21.5	24.41	29.62	55.33	83.31	54.79	55.93	-3,465.01	32.27	363.42	250.56	383.32	340.11
EV/EBITDA Low	12.87	16.75	9.91	18.48	21.54	34.15	56.63	39.32	39.74	2,239.35	51.25	238.16	146.98	265.66	227.11
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	12.56	14.69	17.1	17.55	18.84	25.75	30.8	29.72	28.3	23.39	24.44	30.64	21.39	24.5	23.65
High Price	15.12	15.57	17.71	18.64	19.8	26.48	33.25	37.4	33.22	28.43	30.86	34.34	31.21	27.58	26.92
Enterprise Value Average	77	103	88	314	413	549	812	1,016	863	48	-784	867	1,005	1,002	618
Enterprise Value High	110	128	128	361	476	781	999	1,175	1,013	301	-601	1,123	1,404	1,239	724
Enterprise Value Low	34	79	59	274	346	482	679	843	720	-195	-955	736	824	858	484

Shares Outstanding	15	15	16	30	30	30	30	37	37	36	35	35	35	34	34
Diluted Weighted Avg Shares	15	15	15	25	30	30	30	35	37	36	36	35	35	35	34
Basic Weighted Avg Shares	15	15	15	25	30	30	30	35	37	36	36	35	35	34	34
Revenue per Share	4.74	4.76	4.97	5.18	5.43	5.53	5.88	6.21	6.32	6.61	6.74	7.09	6.87	6.29	7.24
EBITDA per Share	0.17	0.31	0.38	0.58	0.54	0.48	0.4	0.61	0.49	- -	-0.52	0.09	0.16	0.09	0.06
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.42	0.88	0.62	0.83	1.26	1.31	1.4	1.51	1.84	1.29	2.75	2.33	1.74	1.26	1.99
Basic EPS from Cont Ops	0.42	0.88	0.62	0.83	1.26	1.31	1.4	1.51	1.84	1.29	2.75	2.33	1.74	1.26	1.99
Diluted EPS, GAAP	0.42	0.88	0.62	0.82	1.26	1.31	1.4	1.5	1.83	1.29	2.73	2.31	1.74	1.24	1.96
Diluted EPS from Cont Ops	0.42	0.88	0.62	0.82	1.26	1.31	1.4	1.5	1.83	1.29	2.73	2.31	1.74	1.24	1.96
Dividend per Share	0.38	0.81	0.43	0.51	0.53	0.73	0.62	0.73	0.84	0.8	0.81	0.84	0.87	0.92	0.96
Cash Flow per Share	1.35	1.85	2	2.02	1.73	1.82	2.47	2.57	2.52	1.95	1.95	2.69	3.09	1.87	2.79
Free Cash Flow per Basic Share	1.15	1.59	1.66	1.86	1.66	1.59	2.37	1.91	2.16	1.76	1.86	2.58	2.79	1.77	2.52
Cash & Equivalents per Share	17.39	16.67	19.98	34.39	31.73	30.27	30.7	32.34	32.13	42.91	73.37	40.88	38.31	25.58	22.58
Book Value per Share	13.02	13.08	14.02	17.74	15.69	16.32	17.13	21.83	21.73	22.09	23.69	25.57	26.09	26.66	28.02
Tangible Book Value per Share	12.18	12.26	11.94	12.76	11.49	11.97	12.88	14.18	15.01	15.73	16.92	15.66	17.12	17.97	19.96

Heritage Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)