V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough
Banking

Heritage Financial Executive Compensation (FY25)

HFWA · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 8, 2026
278 figures on this page: 267 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Bryan McDonald, President and Chief Executive Officer of Heritage Financial Corporation and Heritage Bank, received $1,345,480 in total compensation for fiscal 2025, and McDonald's total was 34.9% higher than the $997,120 reported for fiscal 2024. For fiscal 2025, the company reported a chief executive pay ratio of 16.4:1, against median employee compensation of $82,014. Shareholders supported the say-on-pay proposal with 98.0% of votes cast for or against in favor at the meeting held May 7, 2026 for fiscal 2025. The disclosed peer group names 1st Source Corporation, Amerant Bancorp Inc., Bank of Marin Bancorp, Byline Bancorp, Inc. and California BanCorp., among others.
Chief executive, fiscal 2025
◇
Bryan McDonald
Median of the other named officers
$796,409
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 7, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Bryan McDonald: $997,120 → $1,345,480 (34.9% higher)
Say-on-pay support: 98.0% → 98.0% (0.0 points higher)
CEO pay ratio: 20.9:1 → 16.4:1 (21.5% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Heritage Financial's chief executive and what were they paid?
Bryan McDonald, President and Chief Executive Officer of Heritage Financial Corporation and Heritage Bank, received $1,345,480 in total compensation for fiscal 2025. McDonald's total was 34.9% higher than the $997,120 reported for fiscal 2024.
What was Heritage Financial's say-on-pay result?
Shareholders supported the say-on-pay proposal with 98.0% of votes cast for or against in favor at the meeting held May 7, 2026 for fiscal 2025.
Which companies are in Heritage Financial's peer group?
The disclosed peer group names 1st Source Corporation, Amerant Bancorp Inc., Bank of Marin Bancorp, Byline Bancorp, Inc. and California BanCorp., among others.
What is Heritage Financial's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 16.4:1, against median employee compensation of $82,014.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Deuel
President and Chief Executive Officer of Heritage Financial Corporation
◇—◇—◇◇◇◇
Bryan McDonald
President and Chief Operating Officer of Heritage Bank
◇—◇—◇◇◇◇
Donald Hinson
Executive Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
Tony Chalfant
Executive Vice President and Chief Credit Officer
◇—◇—◇◇◇◇
Matthew Ray
Executive Vice President and Chief Lending Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Deuel
Chief Executive Officer of Heritage Financial Corporation
◇—◇—◇—◇◇
Bryan McDonald
President of Heritage Financial Corporation and President and Chief Executive Officer of Heritage Bank
◇—◇—◇—◇◇
Donald Hinson
Executive Vice President and Chief Financial Officer of Heritage Financial Corporation and Heritage Bank
◇—◇—◇—◇◇
Nicholas Bley
Executive Vice President of Heritage Financial Corporation and Executive Vice President and Chief Operating Officer of Heritage Bank
◇◇◇———◇◇
Tony Chalfant
Executive Vice President and Chief Credit Officer of Heritage Financial Corporation and Heritage Bank
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bryan McDonald
President and Chief Executive Officer of Heritage Financial Corporation and Heritage Bank
◇—◇—◇◇◇◇
Jeffrey Deuel
Retired Chief Executive Officer of Heritage Financial Corporation
Departed during or after this year
◇—◇—◇◇◇◇
Donald Hinson
Executive Vice President and Chief Financial Officer of Heritage Financial Corporation and Heritage Bank
◇—◇—◇◇◇◇
Tony Chalfant
Executive Vice President and Chief Credit Officer of Heritage Financial Corporation and Heritage Bank
◇—◇—◇◇◇◇
Matthew Ray
Executive Vice President and Chief Lending Officer of Heritage Financial Corporation and Heritage Bank
◇—◇—◇—◇◇
Nicholas Bley
Executive Vice President of Heritage Financial Corporation and Executive Vice President and Chief Operating Officer of Heritage Bank
◇———◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Bryan D. McDonaldRSU◇——◇——◇
Bryan D. McDonaldPSU◇◇◇—◇—◇
Donald J. HinsonRSU◇——◇——◇
Donald J. HinsonPSU◇◇◇—◇—◇
Jeffrey J. DeuelRSU◇——◇——◇
Jeffrey J. DeuelPSU◇◇◇—◇—◇
Matthew T. RayRSU◇——◇——◇
Matthew T. RayPSU◇◇◇—◇—◇
Tony W. ChalfantRSU◇——◇——◇
Tony W. ChalfantPSU◇◇◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Bryan McDonaldRSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
Tony ChalfantRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Matthew RayRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Jeffrey DeuelRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Donald HinsonRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Nicholas BleyRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian L. Vance
Board chair
◇◇————◇
Brian S. Charneski
Lead independent director
◇◇————◇
Jeffrey S. Lyon
◇◇————◇
Frederick B. Rivera
◇◇————◇
Kimberly T. Ellwanger
◇◇————◇
Ann Watson
◇◇————◇
Trevor D. Dryer
◇◇————◇
Karen R. Saunders
◇◇————◇
Gail B. Giacobbe
◇◇————◇
Bryan D. McDonald, Jeffrey J. Deuel and Scott T. Allan served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 3x annual cash retainer ($150,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • 1st Source Corporation SRCE
  • Amerant Bancorp Inc. AMTB
  • Bank of Marin Bancorp BMRC
  • Byline Bancorp, Inc. BY
  • California BanCorp. BCAL
  • Community West Bancshares CWBC
  • First Mid Bancshares, Inc. FMBH
  • Five Star Bancorp FSBC
  • Heritage Commerce Corp. HTBK
  • Lakeland Financial Corporation LKFN
  • Mercantile Bank Corporation MBWM
  • Old Second Bancorp, Inc. OSBC
  • Origin Bancorp, Inc. OBK
  • S&T Bancorp, Inc. STBA
  • Sierra Bancorp BSRR
  • Southside Bancshares, Inc. SBSI
  • Stock Yards Bancorp, Inc. SYBT
  • TriCo Bancshares TCBK
  • Univest Financial Corporation UVSP
  • Veritex Holdings, Inc. VBTX

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 7, 2026=◇◇◇
2024May 5, 2025=◇◇◇
2023May 6, 2024=◇◇◇
2022May 3, 2023=◇◇◇
2021May 3, 2022=◇◇◇
2020May 4, 2021=◇◇◇
2019May 4, 2020=◇◇◇
2018May 1, 2019=◇◇◇
2017May 2, 2018=◇◇◇
2016May 3, 2017=◇◇◇
2015May 4, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
Email me this page as a cited PDF
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Heritage Financial files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact Heritage Financial disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Heritage Financial sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for a Velarion Pro seat
Full platform access for one person: every industry we cover, peer positioning, and the written analysis. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.
Join the list for Peer Group Review
Whether Heritage Financial's disclosed peer group is defensible, who names Heritage Financial back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
278 figures on this page: 267 cited to the filing that reported them, 11 calculated from figures it prints.
267 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001628280-26-032612
  2. 0001628280-26-019987
    CEO Pay Ratio · DIRECTOR COMPENSATION · Director Compensation · Grants of Plan-Based Awards · and 2 more sections
  3. 0001046025-25-000106
  4. 0001046025-25-000077
    Summary Compensation Table
  5. 0001046025-24-000111
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001046025-24-000072
    Summary Compensation Table
  7. 0001046025-23-000124
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001046025-22-000073
  9. 0001046025-21-000082
  10. 0001046025-20-000100
  11. 0001046025-19-000079
  12. 0001046025-18-000099
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001046025-17-000075
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001046025-16-000178
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Heritage Financial executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/HFWA (accessed 2026).
Short form: data: Velarion
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Heritage Financial and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Heritage Financial discloses

The companies named in HFWA's own disclosed peer group.

1st Source CorporationAmerant Bancorp Inc.Bank of Marin BancorpByline Bancorp, Inc.California BanCorp.Community West BancsharesFirst Mid Bancshares, Inc.Five Star BancorpHeritage Commerce Corp.Lakeland Financial CorporationMercantile Bank CorporationOld Second Bancorp, Inc.Origin Bancorp, Inc.S&T Bancorp, Inc.Sierra BancorpSouthside Bancshares, Inc.Stock Yards Bancorp, Inc.TriCo BancsharesUnivest Financial Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy