HFWA on Nasdaq

HERITAGE FINANCIAL CORP /WA/

HERITAGE FINANCIAL CORP /WA/ is a bank holding company.1 It is headquartered in Olympia, Washington.1 Its shares trade on Nasdaq under the symbol HFWA.1

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Last updated Oct 20, 2026.

Overview

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  • TickerHFWA on Nasdaq1
  • IndustrySavings Institutions, Not Federally Chartered1
  • HeadquartersOlympia, Washington1
  • Incorporated inWA2
  • Business address201 Fifth Avenue S.W., P O Box 1578, Olympia, Wa 985012
  • Filer categoryLarge accelerated filer2

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Heritage Financial Corporation is a bank holding company that was incorporated in the State of Washington in August 1997. We are primarily engaged in the business of planning, directing, and coordinating the business activities of our wholly-owned subsidiary and single reportable segment, Heritage Bank.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Deposit Account brought in 61% of the revenue HERITAGE FINANCIAL CORP /WA/ broke down this way in fiscal 2025.

  1. Deposit Account$12.0M561%up 6% from 2024
  2. Credit and Debit Card$7.7M539%down 0% from 2024
Products and services by year
Products and services202320242025
Deposit Account$11.0M$11.3M$12.0M
Credit and Debit Card$8.3M$7.8M$7.7M

Financial statements

Net income67895$67.5M in 2025−0% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $67.6M$67.6M20192020: $46.6M$46.6M2020−31%2021: $98.0M$98.0M2021+111%2022: $81.9M$81.9M2022−16%2023: $61.8M$61.8M2023−25%2024: $43.3M$43.3M2024−30%2025: $67.5M$67.5M2025+56%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Interest and fees on loans$262.9M$247.5M$217.3M
Taxable interest on investment securities$45.0M$55.0M$58.5M
Nontaxable interest on investment securities$549.0K$651.0K$1.9M
Interest on interest earning deposits$5.8M$6.6M$6.8M
Total interest income$314.2M$309.7M$284.5M
Deposits$79.3M$75.1M$39.4M
Junior subordinated debentures$1.9M$2.1M$2.1M
Securities sold under agreement to repurchase$0$0$153.0K
Borrowings$8.6M$23.1M$17.7M
Total interest expense$89.8M$100.3M$59.3M
Net interest income$224.4M$209.4M$225.2M
Provision for credit losses$2.0M$6.3M$4.3M
Net interest income after provision for credit losses$222.4M$203.1M$220.9M
Loss on sale of investment securities, net-$10.7M-$22.7M-$12.2M
Gain on sale of loans, net$0$26.0K$343.0K
Interest rate swap fees$496.0K$409.0K$230.0K
Bank owned life insurance income$4.4M$3.0M$2.9M
Gain on sale of other assets, net$8.0K$1.6M$2.0K
Other income$7.8M$6.2M$8.1M
Total noninterest income$21.7M$7.5M$18.7M
Compensation and employee benefits$104.0M$98.5M$100.1M
Occupancy and equipment$18.9M$19.3M$19.2M
Data processing$15.0M$14.9M$17.1M
Marketing$1.3M$988.0K$1.9M
Professional services$4.3M$2.5M$4.2M
State/municipal business and use taxes$4.9M$4.9M$4.1M
Federal deposit insurance premium$3.2M$3.3M$3.3M
Amortization of intangible assets$1.2M$1.6M$2.4M
Other expense$12.9M$12.3M$14.3M
Total noninterest expense$165.6M$158.3M$166.6M
Income before income taxes$78.6M$52.3M$72.9M
Income tax expense$11.1M$9.0M$11.2M
Net income$67.5M$43.3M$61.8M
Basic earnings per common share (in dollars per share)$1.99$1.26$1.76
Diluted earnings per common share (in dollars per share)$1.96$1.24$1.75
Dividends declared per share (in dollars per share)$0.96$0.92$0.88
Average number of basic shares outstanding (in shares)34.0M shares34.5M shares35.0M shares
Average number of diluted shares outstanding (in shares)34.5M shares34.9M shares35.3M shares

Compare HERITAGE FINANCIAL CORP /WA/ with another company

Corporate structure

HERITAGE FINANCIAL CORP /WA/ sits at the top of its group. 9 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of HERITAGE FINANCIAL CORP /WA/

  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G on HERITAGE FINANCIAL CORP /WA/, latest Oct 8, 2026 (5 filings since Feb 10, 2023)
  • VICTORY CAPITAL MANAGEMENT INC Filed SCHEDULE 13G/A on HERITAGE FINANCIAL CORP /WA/, latest May 11, 2026 (2 filings since Aug 8, 2025)
  • JENNISON ASSOCIATES LLC Filed SCHEDULE 13G/A on HERITAGE FINANCIAL CORP /WA/, latest May 6, 2026 (5 filings since Nov 12, 2024)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on HERITAGE FINANCIAL CORP /WA/, latest Apr 30, 2026
  • BlackRock Filed SCHEDULE 13G/A on HERITAGE FINANCIAL CORP /WA/, latest Apr 24, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on HERITAGE FINANCIAL CORP /WA/, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
  • Prudential Financial Filed SCHEDULE 13G/A on HERITAGE FINANCIAL CORP /WA/, latest May 15, 2025 (3 filings since Nov 14, 2024)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on HERITAGE FINANCIAL CORP /WA/, latest Feb 14, 2022
  • HERITAGE FINANCIAL CORP /WA/ Olympia, Washington
    • HBCDE Partner, LLC Subsidiary · Washington, United States
    • HBCDE Sub-CDE 1, LLC Subsidiary · Washington, United States
    • HBCDE Sub-CDE 2, LLC Subsidiary · Washington, United States
    • HBCDE Sub-CDE 3, LLC Subsidiary · Washington, United States
    • HBCDE Sub-CDE 4, LLC Subsidiary · Washington, United States
    • HBCDE, LLC Subsidiary · Washington, United States
    • Heritage Bank Subsidiary · Washington, United States
    • Washington Banking Master Trust Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What HERITAGE FINANCIAL CORP /WA/ reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$119.2M5 Dec 31, 2025$112.2M5 Dec 31, 2024+6.3%
Accumulated depreciation$44.5M5 Dec 31, 2025$40.6M5 Dec 31, 2024+9.8%
Property and equipment, net$74.7M5 Dec 31, 2025$71.6M5 Dec 31, 2024+4.3%
Operating-lease assets (leased space)$19.8M5 Dec 31, 2025$22.4M5 Dec 31, 2024−11.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$233.1M5 Dec 31, 2025$117.1M5 Dec 31, 2024+99.1%
Debt securities available for sale$607.5M5 Dec 31, 2025$764.4M9 Dec 31, 2024−20.5%
Loans, net of allowance$4.7B5 Dec 31, 2025$4.7B5 Dec 31, 2024−0.4%
Deposits held (banks)$5.9B5 Dec 31, 2025$5.7B5 Dec 31, 2024+4.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$240.9M5 Dec 31, 2025$240.9M5 Dec 31, 20240%
Finite-lived intangibles, net$2.0M5 Dec 31, 2025$3.2M5 Dec 31, 2024−37.2%

Properties, in its own words

The main office of the Company and the Bank is located at 201 Fifth Avenue SW, in downtown Olympia, Washington. In addition to this main office, which includes a full-service banking office, the Company has three administrative office locations in Tacoma, Everett and Burlington, Washington and one loan production office in Spokane, Washington. The Bank's branch network at December 31, 2025 was comprised of 50 branches located throughout Washington, Oregon and Idaho. The Company leased 24 properties and owned 30 properties at December 31, 2025. In the opinion of management, all properties are adequately covered by insurance, are in good state of repair and are adequate to meet our present and immediately foreseeable needs.

Item 2 of the 10-K filed Feb 27, 2026.4

Leadership

Who has led HERITAGE FINANCIAL CORP /WA/, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Donald Rhodes V.2006–2009
  2. Brian L. Vance2007–2014
  3. Jeffrey J. Deuel2020–now

Chair

  1. Donald Rhodes V.2006–2014

President

  1. Michael Broadhead2006–2014
  2. Brian L. Vance2007–2014
  3. Jeffrey J. Deuel2019–2021
  4. Bryan McDonald2022–now

Chief financial officer

  1. Edward D. Cameron2007

Chief operating officer

  1. Bryan McDonald2018–2024
  2. Nicholas M. Bley2024–now
2010201520202025
Board members and other officers (42)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • HBCDE Partner, LLC Washington3
  • HBCDE Sub-CDE 1, LLC Washington3
  • HBCDE Sub-CDE 2, LLC Washington3
  • HBCDE Sub-CDE 3, LLC Washington3
  • HBCDE Sub-CDE 4, LLC Washington3
  • HBCDE, LLC Washington3
  • Heritage Bank Washington3
  • Washington Banking Master Trust Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 23, 20268-K Results of operations; Regulation FD disclosure; Other events63
  2. May 8, 20268-K Shareholder vote64
  3. Apr 23, 20268-K Results of operations; Regulation FD disclosure; Other events65
  4. Apr 10, 20268-K Financial statements and exhibits66
  5. Mar 23, 20268-K Other events67
  6. Feb 2, 20268-K Completed an acquisition or sale; Regulation FD disclosure68
  7. Jan 22, 20268-K Shareholder vote69
  8. Jan 22, 20268-K Results of operations; Regulation FD disclosure70
  9. Jan 16, 20268-K Other events71
  10. Dec 30, 20258-K Other events72
  11. Dec 19, 20258-K Executive or director change73
  12. Oct 23, 20258-K Results of operations; Regulation FD disclosure; Other events74
  13. Feb 27, 2020New chief executive Jeffrey J. Deuel becomes CEO13
  14. Apr 11, 2007New chief executive Brian L. Vance becomes CEO14
  15. Apr 4, 2006New chief executive Donald Rhodes V. becomes CEO15

Calendar

Coming up

  1. Oct 22, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.56 a share, on Oct 23, 2025.75

When it reported results

  1. Jul 23, 2026Reported quarterly or annual results63
  2. Apr 23, 2026Reported quarterly or annual results65
  3. Jan 22, 2026Reported quarterly or annual results70
  4. Oct 23, 2025Reported quarterly or annual results74
  5. Jul 24, 2025Reported quarterly or annual results76
  6. Apr 24, 2025Reported quarterly or annual results77
  7. Jan 23, 2025Reported quarterly or annual results78
  8. Oct 24, 2024Reported quarterly or annual results79

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

416 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 274 insider forms, 29 large holders, 52 other. The latest 20:

  1. Oct 8, 2026SCHEDULE 13G EDGAR
  2. Sep 15, 20264 EDGAR
  3. Sep 3, 20264 EDGAR
  4. Aug 13, 20264 EDGAR
  5. Aug 13, 20264 EDGAR
  6. Aug 7, 202610-Q EDGAR
  7. Aug 6, 2026144 EDGAR
  8. Aug 5, 2026144 EDGAR
  9. Aug 5, 20264 EDGAR
  10. Aug 5, 20264 EDGAR
  11. Aug 4, 2026144 EDGAR
  12. Jul 30, 2026144 EDGAR
  13. Jul 30, 20264 EDGAR
  14. Jul 23, 20268-K EDGAR
  15. Jul 20, 20264 EDGAR
  16. Jun 17, 20264 EDGAR
  17. Jun 17, 20264 EDGAR
  18. Jun 17, 20264 EDGAR
  19. Jun 17, 20264 EDGAR
  20. Jun 17, 20264 EDGAR

The 416 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

30 open-market trades by officers, directors and large owners since October 2021: 7 buys and 23 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Rivera Frederick BDirectorSale1,300$28.57$37.1KForm 4
Sep 3, 2026CHARNESKI BRIANDirectorSale13,675$29.18$399.0KForm 4
Aug 13, 2026Ray Matthew T.EVP Chief Lending OfficerSale3,692$30.10$111.1KForm 4
Aug 5, 2026LYON JEFFREY SDirectorSale10,000$30.00$300.0KForm 4
Aug 5, 2026Chalfant TonyEVP Chief Credit OfficerSale3,234$29.92$96.8KForm 4
Jul 30, 2026Wilson Kelli AnnEVP Chief Banking OfficerSale3,778$29.69$112.2KForm 4
Jun 9, 2026Hinson DonaldEVPand Chief Financial OfficerSale3,842$28.37$109.0KForm 4
May 1, 2026Robison Sabrina CEVP Chief HR OfficerSale5,440$27.60$150.1KForm 4
Feb 11, 2026Chalfant TonyEVP Chief Credit OfficerSale4,668$27.65$129.1KForm 4
Feb 3, 2026Rivera Frederick BDirectorSale1,800$26.31$47.4KForm 4
Jan 26, 2026Wilson Kelli AnnEVP Chief Banking OfficerSale1,900$26.48$50.3KForm 4
Nov 20, 2025McDonald BryanPresidentBuy19,106$22.32$426.4KForm 4
Mar 17, 2025Curran Amy E.EVP Director Commercial LendSale858$23.77$20.4KForm 4
Mar 17, 2025Deuel Jeffrey JCEOSale7,033$23.66$166.4KForm 4
Mar 17, 2025Hinson DonaldEVPand Chief Financial OfficerSale3,420$23.59$80.7KForm 4
Jan 27, 2025Rivera Frederick BDirectorSale4,000$25.43$101.7KForm 4
Nov 7, 2024Chalfant TonyEVP Chief Credit OfficerSale2,975$26.50$78.8KForm 4
Dec 14, 2023Rivera Frederick BDirectorBuy100$21.64$2.2KForm 4
Dec 11, 2023Rivera Frederick BDirectorBuy600$20.23$12.1KForm 4
Sep 13, 2023CHARNESKI BRIANDirectorBuy5,000$16.70$83.5KForm 4

All 30 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Bryan D. McDonaldPresident and Chief Executive Officer of Heritage Financial Corporation and Heritage Bank54$610.6K$1.3M88
2025Jeffrey J. DeuelRetired Chief Executive Officer of Heritage Financial Corporation (effective May 2025)$252.8K$1.0M88
2025Donald J. HinsonExecutive Vice President and Chief Financial Officer of Heritage Financial Corporation and Heritage Bank$439.4K$922.3K88
2025Tony W. ChalfantExecutive Vice President and Chief Credit Officer of Heritage Financial Corporation and Heritage Bank$370.6K$796.4K88
2025Matthew T. RayExecutive Vice President and Chief Lending Officer of Heritage Financial Corporation and Heritage Bank$372.1K$710.8K88
2025Nicholas M. BleyExecutive Vice President of Heritage Financial Corporation and Executive Vice President and Chief Operating Officer of Heritage Bank$408.0K$616.2K88
2024Jeffrey J. DeuelRetired Chief Executive Officer of Heritage Financial Corporation (effective May 2025)$721.7K$1.6M88
2024Bryan D. McDonaldPresident and Chief Executive Officer of Heritage Financial Corporation and Heritage Bank54$493.4K$1.0M88
2024Donald J. HinsonExecutive Vice President and Chief Financial Officer of Heritage Financial Corporation and Heritage Bank$406.3K$798.7K88
2024Nicholas M. BleyExecutive Vice President of Heritage Financial Corporation and Executive Vice President and Chief Operating Officer of Heritage Bank$71.2K$723.3K88
2024Tony W. ChalfantExecutive Vice President and Chief Credit Officer of Heritage Financial Corporation and Heritage Bank$339.3K$688.4K88
2023Jeffrey J. DeuelRetired Chief Executive Officer of Heritage Financial Corporation (effective May 2025)$686.3K$1.6M88
2023Bryan D. McDonaldPresident and Chief Executive Officer of Heritage Financial Corporation and Heritage Bank54$436.1K$948.8K88
2023Donald J. HinsonExecutive Vice President and Chief Financial Officer of Heritage Financial Corporation and Heritage Bank$378.4K$786.3K88
2023Tony W. ChalfantExecutive Vice President and Chief Credit Officer of Heritage Financial Corporation and Heritage Bank$322.6K$697.2K88

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,811,114$172.1M0.0%+249,332
Jennison Associates LLC3,538,159$104.8M0.1%+324,686
Victory Capital Management Inc2,360,915$69.9M0.0%−108,400
Dimensional Fund Advisors LP2,044,399$60.6M0.0%+87,922
State Street Corp1,982,257$58.7M0.0%+185,732
Vanguard Capital Management LLC1,834,712$54.3M0.0%−13,194
Geode Capital Management, LLC1,103,769$32.7M0.0%+168,967
Alliancebernstein L.P.1,136,479$29.5M0.0%−8,441
Vanguard Portfolio Management LLC749,714$22.2M0.0%+96,023
Basswood Capital Management, L.l.c.689,010$20.4M0.9%−9,894
Boston Partners677,105$20.1M0.0%−13,214
Wellington Management Group Llp528,113$15.6M0.0%−100,207
Algebris (uk) Ltd469,403$13.9M0.9%−49,006
Morgan Stanley455,987$13.5M0.0%−23,846
Northern Trust Corp440,623$13.1M0.0%+27,507
Charles Schwab Investment Management Inc399,435$11.8M0.0%+22,392
Bank of New York Mellon Corp398,963$11.8M0.0%+19,568
Two Sigma Investments, LP389,206$11.5M0.0%−101,204
Rhino Investment Partners, Inc373,459$11.1M3.3%+43,000
Manufacturers Life Insurance Company, The308,640$9.1M0.0%−713
Bridgeway Capital Management, LLC301,412$8.9M0.2%+12,833
Arrowstreet Capital, Limited Partnership298,120$8.8M0.0%−135,392
Heartland Advisors Inc275,000$8.1M0.4%No change
Vanguard Fiduciary Trust Co274,788$8.1M0.0%+7,886
Hotchkis & Wiley Capital Management LLC264,739$7.8M0.0%−5,300

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How HERITAGE FINANCIAL CORP /WA/ is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHERITAGE FINANCIAL CORP /WA/1
  • CIK0001046025
  • Employer ID (EIN)91-18579004
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inWashington4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6036 Savings Institutions, Not Federally Chartered1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address201 Fifth Avenue S.W., P O Box 1578, Olympia, WA 985011
  • Mailing address205 5Th Ave Sw, P O Box 1578, Olympia, WA 985011
  • Phone36094315001
  • Shares outstanding40,915,558 as of Jul 29, 202611
  • Public float$796.9M as of Jun 30, 20254
  • AuditorCrowe LLP, Sacramento, California PCAOB ID 173; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceSep 15, 19971
  • Filings1,652 in all: 4 (944), 8-K (263), 10-Q (86), SC 13G/A (53), 3 (35), 10-K (29), DEF 14A (29), 11-K (27)1
    All 38 form types

    425 (23), SC 13G (23), 144 (12), S-8 (12), SCHEDULE 13G/A (11), DEFA14A (10), CORRESP (9), UPLOAD (9), 4/A (8), 424B3 (7), EFFECT (7), S-4 (7), S-4/A (7), 5 (6), 8-K/A (6), ARS (4), 10-K/A (3), PRE 14A (3), SCHEDULE 13G (3), 10-Q/A (2), 424B5 (2), S-1/A (2), S-3 (2), S-3ASR (2), 3/A (1), 424B1 (1), 424B2 (1), 8-A12G (1), S-1 (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Mar 20, 2026
    Latest 8-K (8-K) Jul 23, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, no par valueHFWANasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks HERITAGE FINANCIAL CORP /WA/ names in Item 1A of its 10-K filed Feb 27, 2026: 42 risks under these headings, as written.4

  • Market and Interest Rate Risks
  • The Company’s business is subject to interest rate risk, and fluctuations in interest rates or monetary policy may adversely affect the Company’s business, financial condition, results of operations and growth prospects.
  • The Company could recognize additional losses on securities held in the Company’s securities portfolio, particularly if interest rates increase or economic and market conditions deteriorate.
  • The Company cannot guarantee that its stock repurchase program will be fully implemented or that it will enhance long-term shareholder value.
  • Credit Risks
  • The Company’s business depends on its ability to manage credit risk.
  • The Company’s high concentration of large loans to certain borrowers may increase the Company’s credit risk.
  • The Company’s allowance for credit losses may prove to be insufficient to absorb potential losses in its loan portfolio.
  • A decline in the business and economic conditions in the Company’s market areas could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects.
  • Negative changes in the economy affecting real estate values and liquidity, as well as environmental factors, could impair the value of collateral securing the Company’s real estate loans and result in loan and other losses.
  • Many of the Company’s loans are to commercial borrowers, which have a higher degree of risk than other types of loans.
  • Nonperforming assets take significant time and resources to resolve and adversely affect the Company’s net interest income.
The other 32 risks
  • Liquidity and Funding Risks
  • Liquidity risks could affect the Company’s operations and jeopardize its business, financial condition, results of operations and growth prospects.
  • The Company may not be able to maintain a strong core deposit base or other low cost funding sources.
  • The Company’s liquidity is largely dependent on dividends from the Bank.
  • The Company may need to raise additional capital in the future, and failure to maintain sufficient capital would adversely affect its business, financial condition, results of operations, growth prospects and ability to maintain regulatory compliance with capital requirements.
  • The Company may be adversely affected by changes in the actual or perceived soundness or condition of other financial institutions.
  • Operational, Strategic and Reputational Risks
  • The Company may not be successful in implementing its organic growth strategy, which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects.
  • In addition to the Company’s organic growth strategy, it intends to expand business by acquiring other banks and financial services companies, but may not be successful in doing so, either because of an inability to find suitable acquisition candidates, constrained capital resources or otherwise.
  • The occurrence of fraudulent activity, breaches or failures of the Company’s information security controls or cybersecurity related incidents could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects.
  • Issues with the use of artificial intelligence in our marketplace may result in reputational harm or liability, or could otherwise adversely affect the Company’s business.
  • The Company depends on information technology and telecommunications systems, and any systems failures, interruptions or data breaches involving these systems could adversely affect the Company’s operations and financial condition.
  • The Company has a continuing need for technological change, and may not have the resources to effectively implement new technologies or may experience operational challenges when implementing new technologies.
  • The Company’s use of third party vendors and its other ongoing third party business relationships is subject to increasing regulatory requirements and attention.
  • The Company is highly dependent on its management team and employees, and the loss of any of these individuals, or the inability to attract and retain qualified personnel, could harm the Company’s ability to implement its strategic plan and impair the Company’s relationships with customers.
  • The Company faces intense competition from other banks and non-bank financial services companies that could hurt its business.
  • The Company’s dividend policy may change.
  • Future issuances of common stock could result in dilution, which could cause the Company’s common stock price to decline.
  • The Company may issue shares of preferred stock in the future, which could make it difficult for another company to acquire the Company or could otherwise adversely affect holders of the Company’s common stock, which could depress the price of the Company’s common stock.
  • The Company’s business and operations may be adversely affected by weak economic conditions and global trade.
  • Severe weather, natural disasters, pandemics, military conflicts, acts of war or terrorism or other adverse external events could significantly impact the Company’s business.
  • Legal, Accounting and Compliance Risks
  • The Company’s risk management framework may not be effective in mitigating risks or losses to the Company.
  • The Company’s accounting estimates and risk management processes and controls rely on analytical and forecasting techniques and models and assumptions, which may not accurately predict future events.
  • Changes in accounting policies or standards could materially impact the Company’s financial statements.
  • The obligations associated with being a public company require significant resources and management attention, which divert time and attention from the Company’s business operations.
  • The financial reporting resources the Company has put in place may not be sufficient to ensure the accuracy of the additional information the Company is required to disclose as a publicly listed company.
  • Litigation and regulatory actions, including possible enforcement actions, could subject the Company to significant fines, penalties, judgments or other requirements resulting in increased expenses or restrictions on the Company’s business.
  • The Company is subject to extensive regulation, and the regulatory framework that applies to the Company, together with any future legislative or regulatory changes, may significantly affect its operations.
  • There is uncertainty surrounding potential legal, regulatory and policy changes by new presidential administrations in the United States that may directly affect financial institutions and the global economy.
  • Banking regulators periodically examine the Company’s business, and the Company may be required to remediate adverse examination findings.
  • Regulations relating to privacy, information security and data protection could increase the Company’s costs, affect or limit how the Company collects and use personal information and adversely affect its business opportunities.
  • The Federal Reserve may require the Company to commit capital resources to support the Bank.
  • The level of the Company’s commercial real estate portfolio may subject the Company to heightened regulatory scrutiny.
  • If the goodwill that the Company recorded in connection with the Company’s recent acquisitions becomes impaired, it could have a negative impact on its financial condition and results of operations.

Legal proceedings

Neither the Company nor any of its subsidiaries is a party, and no property of these entities is subject, to any material pending legal proceedings, other than ordinary routine litigation incidental to their businesses.

The opening of Item 3, Legal Proceedings.4

Sources

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