Heritage Financial Corporation, incorporated on August 28, 1997, is a bank holding company. The Company is engaged in the business of planning, directing and coordinating the business activities of its bank subsidiary, Heritage Bank (the Bank). The Bank also makes real estate construction loans, land development loans and consumer loans, and originates first mortgage loans on residential properties primarily located in its market area.
Lending Activities
The Bank's lending activities focus on commercial business lending. The Bank also originates consumer loans, real estate construction and land development loans, and one- to four-family residential loans. The Bank offers various types of commercial business loans, including lines of credit, term equipment financing and term owner-occupied and non-owner occupied commercial real estate loans. It originates commercial real estate loans within its primary market areas with a preference for loans secured by owner-occupied properties. It originates one- to four-family residential construction loans for the construction of custom homes (where the home buyer is the borrower). It also provides financing to builders for the construction of pre-sold homes and, in selected cases, to builders for the construction of speculative residential property. As of December 31, 2016, its loans receivable was $2.61 billion.
Investment Activities
The Bank's investment securities available for sale include the United States treasury and the United States government-sponsored agencies; municipal securities; mortgage-backed securities and collateralized mortgage obligations, which include residential and commercial; collateralized loan obligations; corporate obligations, and other securities. Its investment securities held to maturity include the United States treasury and the United States government-sponsored agencies; municipal securities; mortgage-backed securities and collateralized mortgage obligations, which include residential and commercial, and private residential collateralized mortgage obligations. As of December 31, 2016, the Bank's investment securities available for sale included $794.6 million.
Sources of Funds
The Bank's primary sources of funds are deposits and loan repayments. Borrowings are used on a short-term basis to compensate for reductions in other sources of funds, such as deposit inflows. The Bank offers deposit accounts, including non-interest demand accounts, negotiable order of withdrawal (NOW) accounts, money market accounts, savings accounts and certificates of deposit (CDs) accounts. Noninterest demand deposits are non-interest bearing. NOW accounts are interest bearing. Money market accounts pay an interest rate that is tiered depending on the balance maintained in the account. Savings Accounts offer savings accounts that allow for unlimited deposits and withdrawals.
201 5th Ave SW,
The company trades on NASDAQ exchange. The company headquarter is located in Washington, WA. The company was established in the 1994.| Ticker | HFWA |
| Long Name | Heritage Financial Corporation |
| Short Name | Heritage Financial |