$1.1 B

HFWA Mkt cap, 14-Jun-2018

$50.8 M

Heritage Bank Revenue Q1, 2018
Heritage Bank Gross profit (Q1, 2018)48.4 M
Heritage Bank Gross profit margin (Q1, 2018), %95.3%
Heritage Bank Net income (Q1, 2018)9.1 M
Heritage Bank EBIT (Q1, 2018)39.8 M
Heritage Bank Cash, 31-Mar-2018130.3 M
Heritage Bank EV1 B

Heritage Bank Financials

Heritage Bank Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

71.4 m121.1 m135.7 m170.1 m

Revenue growth, %

70%12%25%

Cost of goods sold

6.1 m6 m8.3 m

Gross profit

129.6 m164.1 m

Gross profit Margin, %

95%96%

Sales and marketing expense

2.9 m

R&D expense

8.2 m

General and administrative expense

15.4 m

Operating expense total

110.6 m

Depreciation and amortization

1.3 m

EBIT

125.2 m127.6 m135.3 m

EBIT margin, %

92%75%

Pre tax profit

51.3 m52.7 m60.1 m

Income tax expense

13.8 m13.8 m18.4 m

Net Income

9.6 m21 m37.5 m38.9 m41.8 m

Quarterly

USDQ1, 2018

Revenue

50.8 m

Cost of goods sold

2.4 m

Gross profit

48.4 m

Gross profit Margin, %

95%

Sales and marketing expense

808 k

R&D expense

2.6 m

General and administrative expense

4.6 m

Operating expense total

36.7 m

Depreciation and amortization

795 k

EBIT

39.8 m

EBIT margin, %

78%

Pre tax profit

10.5 m

Income tax expense

1.4 m

Net Income

9.1 m

Heritage Bank Balance Sheet

Annual

USDFY, 2015FY, 2016FY, 2017

Cash

126.6 m103.7 m103 m

Accounts Receivable

10.5 m101.7 m

Inventories

PP&E

61.9 m63.9 m60.3 m

Goodwill

119 m119 m119 m

Total Assets

3.7 b3.9 b4.1 b

Accounts Payable

3.2 b3.4 b

Short-term debt

Long-term debt

79.6 m92.5 m

Total Debt

79.6 m92.5 m

Total Liabilities

3.4 b3.6 b

Retained Earnings

108 m125.3 m149 m

Total Equity

470 m481.8 m508.3 m

Debt to Equity Ratio

0.2 x

Debt to Assets Ratio

0 x

Financial Leverage

7.8 x8.1 x8.1 x

Quarterly

USDQ1, 2018

Cash

130.3 m

PP&E

62.1 m

Goodwill

187.5 m

Total Assets

4.7 b

Accounts Payable

3.9 b

Long-term debt

30.7 m

Total Debt

30.7 m

Total Liabilities

4 b

Retained Earnings

153.1 m

Total Equity

634.7 m

Financial Leverage

7.4 x

Heritage Bank Cash Flow

Annual

USDFY, 2013FY, 2015FY, 2016FY, 2017

Net Income

9.6 m37.5 m38.9 m41.8 m

Depreciation and Amortization

2.1 m1.4 m10.7 m

Accounts Receivable

5.5 m

Inventories

Accounts Payable

Cash From Operating Activities

51.4 m54 m73.5 m

Purchases of PP&E

(292.3 m)(274.4 m)

Cash From Investing Activities

(216.6 m)(252.9 m)(241.4 m)

Cash From Financing Activities

170.2 m176.1 m167.2 m

Interest Paid

6.3 m6 m8.4 m

Income Taxes Paid

15.3 m11.5 m2 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Net Income

6.7 m13.8 m9.8 m18.5 m28 m9.1 m18 m9.1 m

Depreciation and Amortization

2.6 m

Accounts Receivable

5.7 m5.2 m9.3 m10 m10.1 m1.4 m

Cash From Operating Activities

9.1 m

Purchases of PP&E

(71.5 m)

Cash From Investing Activities

86.4 m

Cash From Financing Activities

(68.3 m)

Interest Paid

2.4 m

Heritage Bank Ratios

USDY, 2018

EV/EBIT

25.9 x

EV/CFO

112.5 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, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 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
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