Heritage Bank

Financial Services banks financial management lending

Heritage Bank provides various financial services to small businesses and general public in the United States. The Company accepts various deposit products, such as noninterest demand accounts, NOW accounts, money market accounts, savings accounts, and certificates of deposit. Its loan portfolio includes commercial and industrial loans, owner-occupied and non-owner occupied commercial real estate loans, one-to-four family residential loans, real estate construction and land development loans, consumer loans, business lines of credit, term equipment financing, and term real estate loans, as well as commercial loans real estate related industries and businesses in agricultural, healthcare, legal, and other professions.

Market capitalization(2018-07-18)

$1.3 B

Total Loans(Q2, 2017)

$2.7 B

Type

Public

Olympia, US

Founded

1927

Size (employees)

760 (est)

Website

hf-wa.com

Heritage Bank was founded in 1927 and is headquartered in Olympia, US

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Key People/Management at Heritage Bank

Brian Vance

President and Chief Executive Officer

Jeffrey Deuel

EVP

Stephen Dennis

Retired Chief Executive Officer of Quadrant Homes

Kimberly Ellwanger

Retired Senior Director of Corporate Affairs and Associate General Counsel, Microsoft Corporation

Deborah Gavin

Retired Vice President of Finance and Controller of the Boeing Company

Jeffrey Lyon

Chairman & CEO, Kidder Mathews

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Heritage Bank Office Locations

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Heritage Bank has an office in Olympia

Olympia, US (HQ)

201 5th Ave SW

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Heritage Bank Financials and Metrics

Heritage Bank Revenue

Heritage Bank's revenue was reported to be $170.13 m in FY, 2016 which is a 25.3% increase from the previous period.

Summary

USD
Revenue (Q1, 2018)	50.8 m
Gross profit (Q1, 2018)	48.4 m
Gross profit margin (Q1, 2018), %	95.3%
Net income (Q1, 2018)	9.1 m
EBIT (Q1, 2018)	39.8 m
Market capitalization (18-Jul-2018)	1.3 b
Closing share price (18-Jul-2018)	35.3
Cash (31-Mar-2018)	130.3 m
EV	1.2 b

Heritage Bank's current market capitalization is $1.3 b.

Income Statement

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	71.4 m	121.1 m	135.7 m	170.1 m
Revenue growth, %		70%	12%	25%
Cost of goods sold			6.1 m	6 m	8.3 m
Gross profit			129.6 m	164.1 m

Quarterly

USD	Q1, 2018
Revenue	50.8 m
Cost of goods sold	2.4 m
Gross profit	48.4 m
Gross profit Margin, %	95%

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Balance Sheet

Annual

USD	FY, 2015	FY, 2016	FY, 2017
Cash	126.6 m	103.7 m	103 m
Accounts Receivable	10.5 m	101.7 m
Inventories
PP&E	61.9 m	63.9 m	60.3 m

Quarterly

USD	Q1, 2018
Cash	130.3 m
PP&E	62.1 m
Goodwill	187.5 m
Total Assets	4.7 b

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Cash Flow

Annual

USD	FY, 2013	FY, 2015	FY, 2016	FY, 2017
Net Income	9.6 m	37.5 m	38.9 m	41.8 m
Depreciation and Amortization		2.1 m	1.4 m	10.7 m
Inventories
Accounts Payable

Quarterly

USD	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Net Income	6.7 m	13.8 m	9.8 m	18.5 m	28 m	9.1 m	18 m	9.1 m
Depreciation and Amortization								2.6 m
Cash From Operating Activities								9.1 m
Purchases of PP&E								(71.5 m)

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Ratios

USD	Y, 2018
EV/EBIT	30.2 x
EV/CFO	131.5 x
Financial Leverage	7.4 x

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Heritage Bank Operating Metrics

Heritage Bank's Total Loans was reported to be $2.7b in Q2, 2017.

	FY, 2014	Q1, 2015	Q2, 2015	Q3, 2015	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Q2, 2017
Bank Branches	66				67				63
Non-accrual Loans	$11.57 m			$9.91 m	$9.67 m	$12.35 m	$13.86 m	$11.54 m	$10.91 m	$10.88 m	$10.97 m
Total Loans	$2.22 b	$2.26 b	$2.32 b	$2.38 b	$2.37 b	$2.43 b	$2.50 b	$2.55 b	$2.61 b	$2.63 b	$2.72 b