Heritage Financial officer reports stock and RSU transactions

Heritage Financial Corp. reported equity transactions by executive Matthew Ray, its EVP Chief Lending Officer, on 12/15/2025.

Rhea-AI Filing Summary

Heritage Financial Corp. reported equity transactions by executive Matthew Ray, its EVP Chief Lending Officer, on 12/15/2025. He acquired 832 shares of common stock at $25.43 per share and disposed of 178 shares at the same price.

Following these trades, Ray directly owned 22,660 shares of Heritage Financial common stock. The filing also shows activity in restricted stock units, with 832 units tied to common stock at a $0 exercise price and 3,332 derivative securities beneficially owned after the transaction.

Insider Trade Summary

832 shares exercised/converted

Exercise 3 txns

Insider Ray Matthew T.

Role EVP Chief Lending Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	832	$25.43	$21K
Exercise	Common Stock	832	$25.43	$21K
Exercise Price or Tax Liability	Common Stock	178	$25.43	$5K

Holdings After Transaction: Restricted Stock Units — 3,332 contracts (Direct); Common Stock — 22,660 shares (Direct)

Footnotes (1)

1. F1. Represents award pursuant to 2023 Omnibus Equity Plan; shares vest one fifth over a five year period. Each restricted stock unit represents the right to receive one share of the Issuer's Common Stock upon vesting.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider stock transactions were reported for Heritage Financial (HFWA)?

The filing shows that EVP Chief Lending Officer Matthew Ray acquired 832 shares of Heritage Financial common stock and disposed of 178 shares, both at $25.43 per share on 12/15/2025.

How many Heritage Financial (HFWA) shares does the executive own after these transactions?

After the reported transactions, Matthew Ray directly owned 22,660 shares of Heritage Financial common stock.

What derivative securities are reported for the Heritage Financial (HFWA) executive?

The filing lists restricted stock units with an exercise price of $0, including 832 units tied to common stock and 3,332 derivative securities beneficially owned following the transaction.

What was the transaction date in the Heritage Financial (HFWA) Form 4?

The equity transactions reported for Matthew Ray, EVP Chief Lending Officer of Heritage Financial, occurred on 12/15/2025.

What is Matthew Ray's role at Heritage Financial (HFWA) according to the filing?

The reporting person, Matthew Ray, is identified as an Officer of Heritage Financial, serving as EVP Chief Lending Officer.

Does the Form 4 filing show direct or indirect ownership for Heritage Financial (HFWA) shares?

The Form 4 indicates that the 22,660 shares of Heritage Financial common stock held after the transactions are owned in a direct ownership form.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 12/16/2025 - 12:47 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ray Matthew T.

(Last) (First) (Middle)

201 5TH AVE SW

(Street)

OLYMPIA WA 98501

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HERITAGE FINANCIAL CORP /WA/ [ HFWA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP Chief Lending Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/15/2025		M		832	A	$25.43	22,838	D
Common Stock	12/15/2025		F		178	D	$25.43	22,660	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0	12/15/2025		M			832	12/15/2025	12/15/2029	Common Stock	832(1)	$25.43	3,332	D

Explanation of Responses:

1. Represents award pursuant to 2023 Omnibus Equity Plan; shares vest one fifth over a five year period. Each restricted stock unit represents the right to receive one share of the Issuer's Common Stock upon vesting.

Remarks:

	/s/Kaylene Lahn Attorney in Fact for Matthew Ray	12/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.