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
Use of Competitive Data
The Compensation Committee reviews its peer group every two years and engaged Pearl Meyer in 2025 to update the peer group companies and competitive compensation study. The Committee used the results in making pay decisions in 2025.
During 2025, the Compensation Committee approved a peer group based, generally, on the following criteria:
commercial banks located in the U.S. and publicly-traded financial institutions;
asset size range of 0.5 to 2.0 times Heritage;
operating revenue of 0.5 to 2.0 times Heritage;
consider banks throughout the U.S. but give priority to Western U.S. banks; and
comparable business model.
The resulting benchmarking peer group consisted of the following 20 companies:
| Peer Banks | ||
|---|---|---|
| Amerant Bancorp Inc. | Heritage Commerce Corp. | S&T Bancorp, Inc. |
| Bank of Marin Bancorp | Lakeland Financial Corporation | 1st Source Corporation |
| Byline Bancorp, Inc. | Mercantile Bank Corporation | Stock Yards Bancorp, Inc. |
| California BanCorp. | Old Second Bancorp, Inc. | TriCo Bancshares |
| Community West Bancshares | Origin Bancorp, Inc. | Univest Financial Corporation |
| First Mid Bancshares, Inc. | Sierra Bancorp | Veritex Holdings, Inc. |
| Five Star Bancorp | Southside Bancshares, Inc. | |
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