Peer Analysis

Performance Ratios (%) HFWA Peer Median Peer Average
ROAA 1.07 1.26 1.23
ROAE 7.72 10.71 10.15
Net Interest Margin 4.26 3.95 3.98
Efficiency Ratio 61.14 55.88 56.37
Loans / Deposits 82.44 91.64 85.80
Asset Quality Ratios (%)
NPAs / Assets NA 0.53 0.54
NCOs / Avg Loans 0.06 0.02 0.06
Reserves / Loans 0.96 0.82 0.91
Reserves / NPAs NA 112.66 168.64
Capital Ratios (%)
Tier 1 Capital 12.12 12.37 12.66
Tangible Equity / Tangible Assets 9.87 9.62 9.71
Total Equity / Total Assets 14.31 12.46 12.62
Market Ratios
Price / Earnings (x) 20.73 15.73 16.01
Price / Book (%) 149.73 143.55 149.51
Dividend Yield (%) 2.33 2.63 2.25
Data for trailing four quarters

Heritage Financial Corporation's peer group consists of the following: Bank of Marin Bancorp (BMRC), Banner Corporation (BANR), Bryn Mawr Bank Corporation (BMTC), Byline Bancorp, Inc. (BY), CenterState Bank Corporation (CSFL), CoBiz Financial Inc. (COBZ), CVB Financial Corp. (CVBF), Glacier Bancorp, Inc. (GBCI), Guaranty Bancorp (GBNK), Heritage Commerce Corp (HTBK), HomeStreet, Inc. (HMST), Lakeland Bancorp, Inc. (LBAI), Mercantile Bank Corporation (MBWM), Pacific Premier Bancorp, Inc. (PPBI), Seacoast Banking Corporation of Florida (SBCF), Southside Bancshares, Inc. (SBSI), State Bank Financial Corporation (STBZ), TriCo Bancshares (TCBK), Westamerica Bancorporation (WABC)

Heritage Financial Corporation's financial data is as of 12/31/2018.

Peer financial data is as of 12/31/2018 except for these companies:

Bryn Mawr Bank Corporation's financial data is as of 3/31/2019.
Westamerica Bancorporation's financial data is as of 3/31/2019.
CoBiz Financial Inc.'s financial data is as of 6/30/2018.
Glacier Bancorp, Inc.'s financial data is as of 3/31/2019.
Mercantile Bank Corporation's financial data is as of 3/31/2019.
Guaranty Bancorp's financial data is as of 9/30/2018.
State Bank Financial Corporation's financial data is as of 9/30/2018.
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