HERITAGE FINANCIAL CORP /WA/
For the period ended Mar 20, 2026. Filed Mar 20, 2026.
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Mar 20, 2026 · Filed Mar 20, 2026
Contents
Summary Compensation Table
The following table shows the aggregate compensation for services rendered to Heritage or its subsidiaries by our NEOs paid or accrued for the years ended December 31, 2025, 2024, and 2023:
| Name and Principal Position · Year · Salary($) · Bonus · Stock Awards($)(1) · Non-Equity Incentive Plan Compensation($)(2) · Change in Pension Value & Nonqualified Deferred Compensation Earnings($)(3) · All Other Compensation($)(4) · Total($) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jeffrey J. DeuelRetired Chief Executive Officer of Heritage Financial Corporation(effective May 2025) | 2025 | 252,804 | — | 443,702 | 152,906 | 14,883 | 147,948 | 1,012,243 | ||||
| 2024 | 721,721 | — | 424,302 | 339,209 | 1,660 | 143,309 | 1,630,201 | |||||
| 2023 | 686,306 | — | 381,365 | 281,386 | 11,371 | 249,212 | 1,609,640 | |||||
| Bryan D. McDonaldPresident and Chief Executive Officer of Heritage Financial Corporation and Heritage Bank | 2025 | 610,616 | — | 256,632 | 356,852 | 9,259 | 112,121 | 1,345,480 | ||||
| 2024 | 493,446 | — | 202,236 | 208,728 | 1,017 | 95,657 | 1,001,084 | |||||
| 2023 | 436,128 | — | 181,754 | 160,931 | 6,948 | 163,062 | 948,823 | |||||
| Donald J. HinsonExecutive Vice President and Chief Financial Officer of Heritage Financial Corporation and Heritage Bank | 2025 | 439,446 | — | 173,188 | 212,635 | 10,494 | 86,571 | 922,334 | ||||
| 2024 | 406,300 | — | 157,700 | 152,780 | 1,164 | 80,741 | 798,685 | |||||
| 2023 | 378,400 | — | 138,523 | 124,115 | 8,122 | 137,135 | 786,295 | |||||
| Tony W. ChalfantExecutive Vice President and Chief Credit Officer of Heritage Financial Corporation and Heritage Bank | 2025 | 370,572 | — | 146,036 | 184,688 | 3,308 | 91,805 | 796,409 | ||||
| 2024 | 339,303 | — | 132,994 | 128,596 | 335 | 87,163 | 688,391 | |||||
| 2023 | 322,628 | — | 119,531 | 116,791 | 2,017 | 136,243 | 697,210 | |||||
| Nicholas M. Bley(5)Executive Vice President of Heritage Financial Corporation and Executive Vice President and Chief Operating Officer of Heritage Bank | 2025 | 408,008 | — | — | 197,423 | — | 10,770 | 616,201 | ||||
| 2024 | 71,233 | 300,000 | 350,019 | — | — | 2,000 | 723,252 | |||||
| Matthew T. Ray (6)Executive Vice President and Chief Lending Officer of Heritage Financial Corporation and Heritage Bank | 2025 | 372,130 | — | 147,361 | 180,063 | — | 11,205 | 710,759 | ||||
(1) The amounts in the "Stock Awards" column reflect the aggregate grant date fair value, computed in accordance with FASB ASC Topic 718, of the restricted stock unit awards granted to each NEO for the applicable covered year. Awards subject to performance conditions for Messrs. Deuel, McDonald, Hinson, Chalfant, and Ray are reported assuming target level performance, the probable outcome at the time of grant. The February 25, 2025 grant date fair value for the time-vested restricted stock units and the portion of the performance-vested restricted stock units measured by return on average assets was $24.29 per unit and the grant date fair value for the portion of the performance-vested restricted stock units measured by total shareholder return was $25.24 per unit under the Monte Carlo method. The "Stock Awards" column for performance-based restricted stock units have been adjusted to properly reflect the grant date fair value using the Monte Carlo method used for accounting purposes. For a discussion of the valuation assumptions used in calculating these amounts, see the Consolidated Financial Statements Note 15 in the Form 10-K for the year ended December 31, 2025. If performance-vested restricted stock unit awards were reported assuming maximum level performance, the combined values reported above for stock awards for 2025 would have been as follows: $555,701 for Mr. Deuel, $321,417 for Mr. McDonald, $216,899 for Mr. Hinson, $182,898 for Mr. Chalfant, and $184,558 for Mr. Ray.
(2) The amounts in the "Non-Equity Incentive Plan Compensation" column reflect the actual earnings under the MIP. The material terms of the MIP for 2025 are described in the Compensation Discussion and Analysis under “2025 Annual Cash Incentive Award Determinations.”
(3) The amounts in the "Change in Pension Value & Nonqualified Deferred Compensation Earnings" column consist of above-market interest earned under the Deferred Compensation Plan.
(4) The following table reflects all other compensation to our NEOs for 2025:
| Name | Employer 401(k) Match ($) | Cell Phone ($) | Deferred Compensation Plan Contributions ($) | Club Membership ($) | Automobile Provision ($) | Executive Life Insurance ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| Jeffrey J. Deuel | 10,500 | 240 | 131,819 | 3,744 | 1,042 | 603 | 147,948 |
| Bryan D. McDonald | 10,500 | 360 | 96,300 | — | 4,369 | 592 | 112,121 |
| Donald J. Hinson | 10,500 | 360 | 74,923 | — | — | 788 | 86,571 |
| Tony W. Chalfant | 10,500 | 360 | 61,977 | 18,091 | — | 877 | 91,805 |
| Nicholas M. Bley | 10,500 | 270 | — | — | — | — | 10,770 |
| Matthew T. Ray | 10,500 | 360 | — | — | — | 345 | 11,205 |
(5) Mr. Bley was hired as Executive Vice President of the Company and Executive Vice President and Chief Operating Officer of the Bank on October 28, 2024.
(6) Mr. Ray was not an NEO in 2024 and 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.