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Peer Analysis

Performance Ratios (%) HFWA Peer Median Peer Average
ROAA 1.00 1.12 1.08
ROAE 7.42 9.06 9.01
Net Interest Margin 4.17 3.94 3.97
Efficiency Ratio 61.48 54.43 57.11
Loans / Deposits 82.97 84.61 84.22
Asset Quality Ratios (%)
NPAs / Assets NA 0.53 0.53
NCOs / Avg Loans 0.07 0.02 0.03
Reserves / Loans 0.94 0.94 1.00
Reserves / NPAs NA 122.00 290.44
Capital Ratios (%)
Tier 1 Capital 11.85 12.04 12.35
Tangible Equity / Tangible Assets 9.65 9.47 9.48
Total Equity / Total Assets 14.14 12.10 12.50
Market Ratios
Price / Earnings (x) 22.25 17.36 17.01
Price / Book (%) 150.63 134.53 142.82
Dividend Yield (%) 2.23 2.78 2.22
Data for trailing four quarters

Heritage Financial Corporation's peer group consists of the following: Bank of Marin Bancorp (BMRC), Banner Corporation (BANR), Cascade Bancorp (CACB), CenterState Bank Corporation (CSFL), CoBiz Financial Inc. (COBZ), Columbia Banking System, Inc. (COLB), CU Bancorp (CUNB), CVB Financial Corp. (CVBF), First Interstate BancSystem, Inc. (FIBK), Glacier Bancorp, Inc. (GBCI), Guaranty Bancorp (GBNK), Heritage Commerce Corp (HTBK), Heritage Financial Corporation (HFWA), HomeStreet, Inc. (HMST), Lakeland Bancorp, Inc. (LBAI), Mercantile Bank Corporation (MBWM), Pacific Continental Corporation (PCBK), Pacific Premier Bancorp, Inc. (PPBI), State Bank Financial Corporation (STBZ), TriCo Bancshares (TCBK), Westamerica Bancorporation (WABC)

Heritage Financial Corporation's financial data is as of 9/30/2018.

Peer financial data is as of 9/30/2018 except for these companies:

Cascade Bancorp's financial data is as of 3/31/2017.
CoBiz Financial Inc.'s financial data is as of 6/30/2018.
Pacific Continental Corporation's financial data is as of 9/30/2017.
CU Bancorp's financial data is as of 6/30/2017.
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