[SCHEDULE 13G] Heritage Financial Corp SEC Filing

Rhea-AI Filing Summary

Victory Capital Management, Inc., a New-York-based registered investment adviser, has filed a Schedule 13G reporting passive ownership of 2,406,061 shares of Heritage Financial Corp. (HFWA) common stock as of 30 June 2025. The holding represents 7.05 % of HFWA’s outstanding shares, crossing the 5 % threshold that triggers a beneficial-ownership disclosure.

The filer reports sole voting power over 2,388,990 shares and sole dispositive power over the full 2,406,061 shares; no shares are held with shared voting or dispositive authority. Victory states the position was acquired and is held in the ordinary course of business and does not seek to influence control of the bank holding company. The certification section reiterates the passive nature of the investment and compliance with applicable U.S. and foreign regulatory regimes.

This disclosure signals increased institutional participation in HFWA’s equity base but does not, by itself, indicate any change in corporate strategy or governance.

Positive

• Institutional confidence: Victory Capital’s 7.05 % position introduces a sizable, reputable asset manager to HFWA’s shareholder base.

Negative

• None.

Insights

Financial Analyst

TL;DR: Passive 7 % stake by Victory Capital signals growing institutional interest; no immediate strategic implications for HFWA.

The filing shows a mid-sized asset manager has accumulated just over 7 % of HFWA. Although passive, the stake adds liquidity support and may broaden analyst coverage, potentially aiding valuation multiples. No activism language appears, reducing near-term governance risk. From a trading perspective, disclosure removes overhang uncertainty and could prompt index or peer-holder rebalancing. Impact on earnings or capital remains nil.

Corporate Governance Expert

TL;DR: 13G indicates passive intent; governance influence minimal barring future 13D conversion.

Victory Capital’s sole voting power suggests independent decision-making, yet the 13G certification confines the firm to non-influential behavior. Unless ownership rises above 10 % or shifts to a 13D, HFWA’s board composition and strategic direction remain unaffected. Nonetheless, a concentrated 7 % holder can sway routine matters if other investors are dispersed, so management should maintain engagement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

HERITAGE FINANCIAL CORP /WA/

(Name of Issuer)

Common Stock

(Title of Class of Securities)

42722X106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 42722X106

1

Names of Reporting Persons

Victory Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,388,990.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,406,061.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,406,061.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.05 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: HERITAGE FINANCIAL CORP /WA/
(b)	Address of issuer's principal executive offices: 201 Fifth Avenue SW Olympia, Wa 98501
Item 2.
(a)	Name of person filing: Victory Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: 15935 La Cantera Pkwy San Antonio, TX 78256
(c)	Citizenship: New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 42722X106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,406,061
(b)	Percent of class: 7.05 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,388,990
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,406,061
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Victory Capital Management, Inc. is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Victory Capital Management, Inc.

Signature:	Barry Garrett
Name/Title:	Chief Compliance Officer
Date:	08/08/2025

FAQ

How many HFWA shares does Victory Capital own?

Victory Capital beneficially owns 2,406,061 shares of Heritage Financial Corp. common stock.

What percentage of HFWA does the 2.4 M shares represent?

The stake equals 7.05 % of HFWA’s outstanding common shares.

Does Victory Capital seek to influence Heritage Financial’s control?

No. The Schedule 13G filing certifies the stake is held solely in the ordinary course of business without intent to influence control.

What voting power does Victory Capital have over the HFWA shares?

The firm reports sole voting power over 2,388,990 shares and no shared voting authority.

When was the ownership threshold crossed?

The event date triggering the filing is June 30, 2025.