Heritage Financial Corporation (NASDAQ: HFWA or “the company”) was formed in 1997 and is based in Olympia, Washington. Heritage Bank (“the bank”), operates 50 branch offices primarily along the I-5 corridor of western Washington and in the greater Portland area. The bank traces its history to 1927.
The company’s business strategy is commercially oriented in terms of both lending and deposit gathering. Commercial loans (CRE and C&I) constitute about 80% of total loans. Other key elements of the strategy include i) expanding geographically through acquisitions and team lifts; ii) maintaining loan quality; iii) preserving a strong balance sheet in terms of capital and liquidity; iv) continuing to grow deposits from relationship banking with commercial and retail clients; and v) enhancing operational efficiencies primarily through technology solutions.
HeritageONE, the company’s extensive, multi-year technology initiative that is focused on the…
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