HFWA Heritage Financial Corp
XNAS 28.44 DelayedStock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
HFWA
$28.44
—
Key stats
$28.44
- 52-Week Range
- $21.32 – $31.25
- YTD
- +20.00%
- IV Rank (30D)
- 52.52
- Straddle Price
- $2.90
- P/C Vol Ratio
- 0.85
- Market Cap
- $1.1B
- Open
- $27.67
- Day Range
- $27.64 – $28.59
- Volume
- 100,072
- Prev Close
- $27.68
Fair Value
+50.0% vs price
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 5.15% |
| Beta vs SPY | 0.73 |
| Cost of Equity (CAPM) | 8.82% (VRP-adj) |
| WACC | 8.77% |
| Volatility Risk Premium | +58.7pp (IV − HV30) |
| Effective Tax Rate | 14.5% |
| Rev. Growth (YoY, DCF input) | +24.2% |
| DCF Horizon | 12 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.10 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.1B |
| Return on Equity (TTM) | 7.0% |
| Book / Price | 113.2% — banking bias active (P/B is primary) |
| Bank Quality Adj | ×0.70 (target ROE vs peer median) |
| Gross Margin (TTM) | 75.3% |
| FCF Margin (TTM) | 22.7% |
| Debt / Equity | 0.02 |
| Quality Score | 5/6 — high quality (12y DCF) |
| Market-Implied Growth | -3.2% (reverse-DCF on current price) |
| SMA 50 | $28.34 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $27.66 |
| Bollinger Width / SMA20 | 21.8% (drives anchor stability) |
| Net Debt | $-0.1B |
| Market Cap | $1B |
Peers used for multiples: AUB, CHCO, INDB, MKTX, SFNC, STBA, TMP, UCB
Blended Fair Value
$62.97
Deviation
+50.0%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $151.11 | 28% | |
| DDM (Gordon) | $26.67 | 23% | |
| Peer P/E | $19.42 | 9% | median 12.3× · 7 peers |
| Peer EV/EBITDA | n/a | 0% | median 10.2× · 7 peers |
| Peer P/B | $37.29 | 13% | median 1.2× · 8 peers |
| Peer P/S | $22.61 | 4% | median 3.0× · 8 peers |
| Market Anchor (SMA50) | $28.34 | 23% | stability 41% (BB-width) |
| Options Expected (B-L 30d) | $27.29 | 0% | 6 strikes · skew -2.18 |
As of 2026-10-22 · updated
Related
About
- Industry (SIC)
- SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED (6036) · industry map
- Exchange
- XNAS
- Market Cap
- $1.1B
- Employees
- 755
- List Date
- 1998-01-09
- CIK
- 0001046025
- Next Earnings
- 2026-10-22 (Pre-Market)
- EPS Forecast
- $0.57 (5 est.)
- Headquarters
- Olympia, WA
- Homepage
- https://www.hf-wa.com
Heritage Financial Corp is a bank holding company. The company, through its subsidiary, provides commercial lending and deposit relationships with small businesses and their owners in its market areas and attracts deposits from the general public. It accepts various deposit products, such as non-interest demand accounts, money market accounts, savings accounts, and certificates of deposit. Besides, the Bank also makes real estate construction loans, land development loans, and consumer loans, and originates first mortgage loans on residential properties mainly located in its market area. Geogr…
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 2.16% | -1.34% | -6.12% | -4.73% | 6.86% | 8.90% | 0.96% |
| Feb | 8.33% | 6.98% | -3.96% | -4.03% | 0.64% | -0.15% | 1.30% |
| Mar | 6.41% | -1.49% | -22.52% | 5.44% | -3.41% | -1.78% | -2.89% |
| Apr | -1.75% | -2.81% | -17.63% | -6.53% | -6.09% | 5.24% | -4.93% |
| May | 0.97% | 5.84% | -6.09% | -0.71% | 1.48% | -1.30% | 0.03% |
| Jun | -14.84% | -2.40% | -2.12% | 1.52% | 4.15% | 9.30% | -0.73% |
| Jul | -1.59% | 0.70% | 14.39% | 29.44% | -9.15% | -1.75% | 5.34% |
| Aug | 5.95% | -1.96% | -6.92% | 0.40% | 10.44% | -4.80% | 0.52% |
| Sep | 0.63% | 1.46% | -7.64% | -4.73% | -0.45% | -3.26% | -2.33% |
| Oct | -4.17% | 26.13% | -0.37% | 10.69% | -8.15% | 2.01%* | 4.36% |
| Nov | -7.61% | -0.75% | 10.61% | 14.01% | 6.07% | -- | 4.47% |
| Dec | 3.82% | -5.78% | 13.47% | -6.77% | -1.66% | -- | 0.62% |
| Total | -4.05% | 23.33% | -34.96% | 32.31% | -1.33% | 11.92% | 4.54% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $27.67
SMA 50: $28.31
SMA 200: $27.66
Current: $28.46
EMA 12: $27.69
EMA 26: $27.84
MACD: -0.1503 | Signal: 0.1327
BEARISH
ADX (14): 21.88
WEAK TREND
+DI: 30.74
−DI: 22.29
Momentum Oscillators
RSI (14): 58.09
NEUTRAL
Stoch %K: 72.90
Stoch %D: 61.70
Williams %R: -6.44
Volume & Volatility
BB Upper: $28.54
BB Lower: $26.80
NEUTRAL
OBV: 4,258,813
Vol SMA 20: 308,282
Vol ROC: -72.75%
ATR: $0.55
True Range: $0.95
HV 20: 20.0%
HV 30: 17.9%
HV 60: 16.7%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL (Confidence Level: 6/10)
Key Drivers:
- Technical signals indicating a consolidation phase
- Recent news headlines showing mixed sentiment
- Options market pricing a moderate move by expiration
Primary Risks:
- Bearish catalysts could trigger a decline to the lower Bollinger Band ($26.12)
- Bullish news or technical breakouts could propel price above the upper Bollinger Band ($28.03)
Investment Thesis: Heritage Financial (HFWA) is experiencing a consolidation phase, with both bullish and bearish signals present in the technical indicators. Recent news headlines have been mixed, and options market expectations are pricing a moderate move by expiration.
Recent News Sentiment Impact: The overall sentiment from recent headlines has been neutral, with no significant catalysts driving price movements.
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): Consolidation
- Medium-term (1-3 months): Neutral
- Long-term (3-12 months): Uptrend
Support/Resistance Levels:
- Lower Bollinger Band: $26.12
- Middle Bollinger Band: $27.08
- Upper Bollinger Band: $28.03
- SMA 20: $27.08
- SMA 50: $26.65
- EMA 12: $27.02
Momentum Signals:
- RSI (14): 57.57 (neutral)
- MACD: Bullish signal (0.06 / Signal: 0.04 / Histogram: 0.02)
Volume Analysis:
- Volume SMA 20: 240730.30
- On-Balance Volume (OBV): 4422299.54
- Volume Rate of Change: 7.92%
News & Sentiment Analysis
Recent Headlines Summary:
- Insider sale (neutral)
- Quarterly dividend declaration (positive) 3-6. M&A class action firm investigations (neutral)
Sentiment Assessment: Mixed sentiment from recent headlines, with no significant catalysts driving price movements.
Catalyst Identification: No imminent earnings or major news events to drive market expectations.
Market Narrative: The mixed news headlines and consolidation phase in technical indicators suggest a neutral market narrative.
Risk & Volatility Assessment
Risk Assessment:
- Beta: 0.97 (vs SPY)
- Alpha: -0.04
- Correlation: 0.40
- Stock Volatility: 0.29
Volatility Regime:
- Current volatility is moderate, relative to historical levels.
Options Market Signals:
- IV Rank: 76.2% (High - shows if volatility is historically high/low)
- Current IV: 339.5%
- Expected Move: $2.90 (23 DTE), 7-DTE: $2.90
- Volume Flow: 20 calls vs 119 puts
- Open Interest: 15 calls vs 183 puts
- Put/Call Volume Ratio: 5.95 (Bearish sentiment)
- Put/Call OI Ratio: 12.20
Downside Protection:
- Support levels at the lower Bollinger Band ($26.12) and SMA 50 ($26.65)
Market Context & Positioning
Sector Performance:
- Heritage Financial is performing in line with its sector (Financials).
Institutional Activity:
- No significant institutional activity or volume patterns suggesting institutional interest.
Correlation Analysis:
- Correlation coefficient: 0.40
Relative Valuation:
- Position within trading range, potentially near the lower end of the range.
Key Levels & Action Items
Critical Price Levels:
- Lower Bollinger Band ($26.12)
- Middle Bollinger Band ($27.08)
Breakout/Breakdown Levels:
- Upper Bollinger Band ($28.03)
- SMA 20 ($27.08)
Time-Sensitive Catalysts:
- No imminent earnings or major news events to drive market expectations.
Risk Management:
- Stop-loss levels at the lower Bollinger Band ($26.12) and SMA 50 ($26.65)
- Position sizing considerations based on volatility and technical signals.
By analyzing the provided data, I have assessed the current situation of Heritage Financial (HFWA) as a neutral market narrative with mixed sentiment from recent headlines. The technical indicators suggest a consolidation phase, while options market expectations are pricing a moderate move by expiration.
Generated
News
All HFWA news →
Earnings History
13 of 13 under expected move
Avg Expected Move
12.34%
Avg Actual Move
2.93%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2023-07-20 | Pre-Market | 10.31% | 2.70% | 0.26x | Within |
| 2023-10-19 | Pre-Market | 11.65% | 7.42% | 0.64x | Within |
| 2024-01-29 | Pre-Market | 5.10% | 0.58% | 0.11x | Within |
| 2024-04-26 | Pre-Market | 6.52% | 1.22% | 0.19x | Within |
| 2024-07-25 | Pre-Market | 15.59% | 5.36% | 0.34x | Within |
| 2024-10-24 | Pre-Market | 9.37% | 2.24% | 0.24x | Within |
| 2025-01-23 | Pre-Market | 9.15% | 1.02% | 0.11x | Within |
| 2025-04-24 | Pre-Market | 11.97% | 0.04% | 0.00x | Within |
| 2025-07-24 | Pre-Market | 14.42% | 6.85% | 0.48x | Within |
| 2025-10-23 | Pre-Market | 21.21% | 0.30% | 0.01x | Within |
| 2026-01-22 | After-Close | 16.70% | 5.54% | 0.33x | Within |
| 2026-04-23 | After-Close | 15.79% | 4.44% | 0.28x | Within |
| 2026-07-23 | Pre-Market | 12.59% | 0.36% | 0.03x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
HFWA Options Activity & IV Rank
HFWA IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 51.1%
7-DTE IV: —
Expected Move: $2.90
7-DTE Move: $2.90
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 13
Put Volume: 11
P/C Volume: 0.846
NEUTRAL
Call OI: 13
Put OI: 11
P/C OI: 0.846
Total OI: 24
ATM Options Pricing
ATM Call: $0.38
ATM Put: $2.52
Call %: 1.3%
Put %: 8.9%
Chain Summary
Chain Volume: 206
Chain OI: 290
Last Updated: 10/22/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Not enough history yet to rank today's net dealer gamma against this name's own record.
Gamma percentile
—
vs own history
GEX tilt
+0.85
OI-weighted, today
Vanna tilt
+1.00
δ-sensitivity to IV
Charm tilt
-1.00
δ-decay vs time
Vanna tilt +1.00: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -1.00: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 3 ATM contracts, 0k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
No data
30 DTE / 10d
—
—
pts
EXTREME
ATM 49.0% / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)52.5MediumOct 22
Straddle Price (30 DTE)$2.90Oct 22
Beta Analysis
Risk Metrics
Beta: 0.4856
Alpha: 17.77%
Correlation: 0.2400
R-Squared: 5.8%
Stock Volatility: 25.8%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own HFWA
3 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Renaissance Technologies Hedge fund Jim Simons | $3.9M | #1589 of 3138 | -77.1% | 13F | |
| Millennium Management Hedge fund Izzy Englander | $712K | #3047 of 3716 | -97.1% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $18K | #3766 of 4729 | -88.2% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
HFWA Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 35,605,392 (as of 2026-03-31)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
1 filers$287.31K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $287.31K | 100.00% | 2026-06-30 |
1 filers$524.27K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Simplex Trading, LLC Custodian | $524.27K | 100.00% | 2026-06-30 |
HFWA Insider Trading (Form 4)
Latest: 2026-09-15Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Frederick B Rivera | Director | Sell (S) | −1,300 | $28.57 | -$37.1K | EDGAR |
| 2026-09-03 | Brian Charneski | Director | Sell (S) | −13,675 | $29.18 | -$399.1K | EDGAR |
| 2026-08-13 | Matthew T. Ray | EVP Chief Lending Officer | Sell (S) | −3,692 | $30.10 | -$111.1K | EDGAR |
| 2026-08-05 | Tony Chalfant | EVP Chief Credit Officer | Sell (S) | −3,234 | $29.92 | -$96.8K | EDGAR |
| 2026-08-05 | Jeffrey S Lyon | Director | Sell (S) | −10,000 | $30.00 | -$300.0K | EDGAR |
| 2026-07-30 | Kelli Ann Wilson | EVP Chief Banking Officer | Sell (S) | −3,778 | $29.69 | -$112.2K | EDGAR |
| 2026-07-20 | William Glasby | EVP Chief Information Officer | Mixed | +9,436 | $30.52 | $288.0K | EDGAR |
| 2026-06-17 | Scott Tanton Allan | Director | Grant (A) | +1,999 RSU | — | EDGAR | |
| 2026-06-17 | Karen R Saunders | Director | Grant (A) | +1,999 RSU | — | EDGAR | |
| 2026-06-17 | Brian L Vance | Director | Grant (A) | +1,999 RSU | — | EDGAR | |
| 2026-06-17 | Ann Watson | Director | Grant (A) | +1,999 RSU | — | EDGAR | |
| 2026-06-17 | Jeffrey S Lyon | Director | Grant (A) | +1,999 RSU | — | EDGAR | |
| 2026-06-17 | Frederick B Rivera | Director | Grant (A) | +1,999 RSU | — | EDGAR | |
| 2026-06-17 | Brian Charneski | Director | Grant (A) | +1,999 RSU | — | EDGAR | |
| 2026-06-17 | Gail B. Giacobbe | Director | Grant (A) | +1,999 RSU | — | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
HFWA Insider Holdings
21 insiders · @ $28.46
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Brian L Vance | Director | 102,657 | $2.92M | -$3.15M | 62 | 2026-06-17 |
| 2 | Jeffrey J Deuel | CEO | 72,956 | $2.08M | -$381.4K | 43 | 2025-05-07 |
| 3 | Bryan McDonald | President | 67,417 | $1.92M | $97.7K | 34 | 2026-03-18 |
| 4 | Brian Charneski | Director | 44,709 | $1.27M | -$530.5K | 41 | 2026-09-03 |
| 5 | Donald Hinson | EVPand Chief Financial Officer | 41,241 | $1.17M | -$465.1K | 54 | 2026-06-10 |
| 6 | Jeffrey S Lyon | Director | 40,719 | $1.16M | -$177.9K | 39 | 2026-08-05 |
| 7 | Kimberly T Ellwanger | Director | 35,037 | $997.2K | $35.4K | 32 | 2026-06-17 |
| 8 | Sabrina C Robison | EVP Chief HR Officer | 32,931 | $937.2K | -$150.1K | 32 | 2026-05-04 |
| 9 | Amy E. Curran | EVP Director Commercial Lend | 30,029 | $854.6K | -$20.4K | 12 | 2026-06-15 |
| 10 | Ann Watson | Director | 26,121 | $743.4K | $29.1K | 24 | 2026-06-17 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
HFWA Board & Officers
As of SEC filings through Sep 15, 2026Directors 10
- Kimberly T Ellwanger · since Apr 27, 2006
- Brian Charneski · on file since May 2006
- Brian L Vance · on file since Feb 2007
- Jeffrey S Lyon · on file since Jan 2008
- Ann Watson · since Oct 30, 2012
- Frederick B Rivera · since Dec 17, 2020
- Gail B. Giacobbe · since Jan 1, 2022
- Trevor D. Dryer · since Jan 1, 2022
- Karen R Saunders · since Jan 1, 2025
- Scott Tanton Allan · since Jan 1, 2026
Officers 9
- Bryan McDonald · President · listed since Mar 2025
- Donald Hinson · EVPand Chief Financial Officer · listed since Sep 2012
- Nicholas M Bley · EVP Chief Operating Officer · since Oct 28, 2024
- Thomas J Henning · EVP Chief Risk Officer · since May 4, 2016
- Tony Chalfant · EVP Chief Credit Officer · since Jul 1, 2020
- Sabrina C Robison · EVP Chief HR Officer · listed since Dec 2022
- Kelli Ann Wilson · EVP Chief Banking Officer · since Jan 1, 2023
- Matthew T. Ray · EVP Chief Lending Officer · since Jan 1, 2023
- Amy E. Curran · EVP Director Commercial Lend · since Jan 1, 2023
Changes in the last 10 years (43)
| Aug 13, 2026 | William Glasby reported in an SEC filing no longer being EVP Chief Information Officer |
| Jan 1, 2026 | Scott Tanton Allan became a director |
| May 7, 2025 | Jeffrey J Deuel reported in an SEC filing no longer being a director |
| May 7, 2025 | Jeffrey J Deuel reported in an SEC filing no longer being CEO |
| May 5, 2025 | Deborah J Gavin reported in an SEC filing no longer being a director |
| Mar 19, 2025 | Bryan McDonald listed as President (previously President and COO) in SEC filings |
| Jan 1, 2025 | Karen R Saunders became a director |
| Oct 28, 2024 | Nicholas M Bley became EVP Chief Operating Officer |
| Feb 7, 2024 | Eric Kayen Chan reported in an SEC filing no longer being a director |
| May 4, 2023 | John A Clees reported in an SEC filing no longer being a director |
| May 4, 2023 | Anthony Pickering reported in an SEC filing no longer being a director |
| Apr 4, 2023 | Cindy M Hirman reported in an SEC filing no longer being EVP Chief Banking Officer |
| Jan 1, 2023 | Matthew T. Ray became EVP Chief Lending Officer |
| Jan 1, 2023 | Kelli Ann Wilson became EVP Chief Banking Officer |
| Jan 1, 2023 | Eric Kayen Chan became a director |
| Jan 1, 2023 | Amy E. Curran became EVP Director Commercial Lend |
| Dec 21, 2022 | Sabrina C Robison listed as EVP Chief HR Officer (previously SVP Chief HR Officer) in SEC filings |
| May 4, 2022 | Gragg E Miller reported in an SEC filing no longer being a director |
| Feb 24, 2022 | Jeffrey J Deuel listed as CEO (previously President & CEO) in SEC filings |
| Feb 24, 2022 | Bryan McDonald listed as President and COO (previously EVP and COO) in SEC filings |
| Jan 1, 2022 | Trevor D. Dryer became a director |
| Jan 1, 2022 | Gail B. Giacobbe became a director |
| Jul 26, 2021 | Steven A Gahler reported in an SEC filing no longer being EVP Chief Marketing Officer |
| May 5, 2021 | Stephen Dennis reported in an SEC filing no longer being a director |
| Mar 16, 2021 | David A Spurling reported in an SEC filing no longer being Chief Credit Officer |
| Mar 1, 2021 | William Glasby listed as EVP Chief Information Officer (previously EVP Chief Techonology Officer) in SEC filings |
| Mar 1, 2021 | Sabrina C Robison listed as SVP Chief HR Officer (previously SVP Human Resources Director) in SEC filings |
| Mar 1, 2021 | Cindy M Hirman listed as EVP Chief Banking Officer (previously EVP Director of Retail Banking) in SEC filings |
| Dec 17, 2020 | Frederick B Rivera became a director |
| Jul 1, 2020 | Tony Chalfant became EVP Chief Credit Officer |
| Feb 27, 2020 | Jeffrey J Deuel listed as President & CEO (previously President) in SEC filings |
| Feb 27, 2020 | Jeffrey J Deuel first listed as a director in an SEC filing |
| Sep 16, 2019 | Steven A Gahler became EVP Chief Marketing Officer |
| Jul 10, 2019 | Lisa Banner reported in an SEC filing no longer being EVP Director Shared Services |
| Mar 1, 2019 | Jeffrey J Deuel listed as President (previously Executive Vice President) in SEC filings |
| Aug 7, 2018 | Bryan McDonald listed as EVP and COO (previously EVP and CLO) in SEC filings |
| Jan 16, 2018 | Stephen Dennis became a director |
| Oct 2, 2017 | William Glasby became EVP Chief Techonology Officer |
| May 11, 2017 | Robert T Severns reported in an SEC filing no longer being a director |
| May 11, 2017 | Rhoda L Altom reported in an SEC filing no longer being a director |
| May 11, 2017 | Mark D Crawford reported in an SEC filing no longer being a director |
| May 11, 2017 | Gary B Christensen reported in an SEC filing no longer being a director |
| May 11, 2017 | David H Brown reported in an SEC filing no longer being a director |
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
HFWA Proposed Insider Sales (Form 144)
Latest: 2026-08-06
? Form 144 Guide
Last 30d:
0 filings
· Last 90d:
4 filings
· $619K notice value
· 4 unique filers
What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.
How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.
10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.
"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.
Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.
Top 90-day filers:
LYON JEFFREY S (1, $300K) · KELLI A WILSON (1, $112K) · Ray Matthew T. (1, $110K) · TONY CHALFANT (1, $97K)
| Filed | Filer | Role | Shares | Notice Value | Planned Sale | Broker | Plan | Link |
|---|---|---|---|---|---|---|---|---|
| 2026-08-06 | Ray Matthew T. | Officer | 3,692 | $109.8K | 2026-08-06 | Scott Elliott | — | EDGAR |
| 2026-08-05 | TONY CHALFANT | Officer | 3,234 | $96.8K | 2026-08-05 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
| 2026-08-04 | LYON JEFFREY S | Director | 10,000 | $300.1K | 2026-08-04 | Fidelity Investments | — | EDGAR |
| 2026-07-30 | KELLI A WILSON | Officer | 3,778 | $112.2K | 2026-07-30 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
| 2026-06-09 | DONALD HINSON | Officer | 3,842 | $109.0K | 2026-06-09 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
| 2026-02-11 | TONY CHALFANT | Officer | 4,668 | $129.1K | 2026-02-11 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
| 2026-02-03 | FREDERICK B RIVERA | Director | 1,800 | $47.3K | 2026-02-03 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
| 2026-01-26 | KELLI A WILSON | Officer | 1,900 | $50.3K | 2026-01-26 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
| 2025-03-17 | Deuel Jeffrey J | Officer | 7,033 | $166.4K | 2025-03-17 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
| 2025-03-17 | Hinson Donald | Officer | 3,420 | $80.0K | 2025-03-17 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
ETF Holders
81 ETFs hold HFWA
25 shown · $292.03M total exposure · 0.05% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | IJR iShares Core S&P Small-Cap ETF | iShares (BlackRock) | 0.07% | $68.2M | $103.1B | 2026-10-20 |
| 2 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $35.8M | — | 2026-09-30 |
| 3 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.04% | $29.1M | $75.1B | 2026-10-20 |
| 4 | DFSV Dimensional US Small Cap Value ETF | Dimensional | 0.08% | $21.4M | — | 2026-10-20 |
| 5 | VXF Vanguard Extended Market ETF | Vanguard | 0.01% | $12.8M | — | 2026-09-30 |
| 6 | DFAT Dimensional US Targeted Value ETF | Dimensional | 0.04% | $12.7M | — | 2026-10-20 |
| 7 | KRE State Street® SPDR® S&P® Regional Banking ETF | SPDR (State Street) | 0.30% | $12.0M | $4.0B | 2026-10-20 |
| 8 | IWN iShares Russell 2000 Value ETF | iShares (BlackRock) | 0.08% | $10.7M | $13.7B | 2026-10-20 |
| 9 | SPSM State Street® SPDR® Portfolio S&P 600™ Small Cap ETF | SPDR (State Street) | 0.07% | $10.4M | $15.7B | 2026-10-20 |
| 10 | IJS iShares S&P Small-Cap 600 Value ETF | iShares (BlackRock) | 0.13% | $9.6M | $7.6B | 2026-10-20 |
| 11 | DFAS Dimensional US Small Cap ETF | Dimensional | 0.03% | $9.2M | — | 2026-10-20 |
| 12 | SMDV ProShares S&P SmallCap 600 Dividend Aristocrats ETF | ProShares | 1.37% | $8.9M | — | 2026-10-21 |
| 13 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.04% | $6.7M | — | 2026-09-30 |
| 14 | SLYV State Street® SPDR® S&P 600™ Small Cap Value ETF | SPDR (State Street) | 0.12% | $5.9M | $4.7B | 2026-10-20 |
| 15 | SCHA Schwab U.S. Small-Cap ETF | Nport | 0.02% | $5.4M | — | 2026-05-31 |
| 16 | BSVO EA Bridgeway Omni Small-Cap Value ETF | Nport | 0.22% | $5.3M | — | 2026-06-30 |
| 17 | XSVM Invesco S&P SmallCap Value with Momentum ETF | Invesco | 0.77% | $4.5M | — | 2026-10-20 |
| 18 | DFAC Dimensional US Core Equity 2 ETF | Dimensional | 0.01% | $4.4M | — | 2026-10-20 |
| 19 | DFMC Dimensional US Micro Cap ETF | Dimensional | 0.06% | $4.3M | — | 2026-10-20 |
| 20 | VIOO Vanguard S&P Small-Cap 600 ETF | Vanguard | 0.07% | $4.0M | — | 2026-09-30 |
| 21 | JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | JPMorgan | 0.09% | $2.6M | $2.9B | 2026-10-21 |
| 22 | VIOV Vanguard S&P Small-Cap 600 Value ETF | Vanguard | 0.13% | $2.3M | — | 2026-09-30 |
| 23 | AVSC Avantis U.S. Small Cap Equity ETF | Avantis | 0.06% | $2.0M | $3.1B | 2026-10-20 |
| 24 | ITOT iShares Core S&P Total U.S. Stock Market ETF | iShares (BlackRock) | 0.00% | $1.9M | $97.4B | 2026-10-20 |
| 25 | VFH Vanguard Financials ETF | Vanguard | 0.01% | $1.9M | — | 2026-09-30 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
13.95
TTM Diluted EPS
$2.04
TTM Revenue
$354.07M
TTM Net Income
$72.57M
TTM Op. Cash Flow
$89.53M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q1 '26 | 2026-03-31 | $99.37M | $18.95M | $0.48 | $13.97M |
| Q4 '25 | 2025-12-31 | $86.85M | $22.24M | $0.65 | $27.98M |
| Q3 '25 | 2025-09-30 | $87.83M | $19.17M | $0.55 | $25.07M |
| Q2 '25 | 2025-06-30 | $80.02M | $12.21M | $0.36 | $22.51M |
| Q1 '25 | 2025-03-31 | $81.27M | $13.91M | $0.40 | $19.25M |
| Q4 '24 | 2024-12-31 | $82.25M | $11.93M | $0.34 | $20.62M |
| Q3 '24 | 2024-09-30 | $81.65M | $11.42M | $0.33 | $24.17M |
| Q2 '24 | 2024-06-30 | $81.83M | $14.16M | $0.41 | $6.79M |
| Q1 '24 | 2024-03-31 | $71.45M | $5.75M | $0.16 | $12.90M |
| Q4 '23 | 2023-12-31 | $71.11M | $6.23M | $0.18 | $30.96M |
| Q3 '23 | 2023-09-30 | $79.74M | $18.22M | $0.51 | $31.10M |
| Q2 '23 | 2023-06-30 | $77.35M | $16.85M | $0.48 | $24.07M |
Q1 2026 • period ending 2026-03-31 • filed 2026-05-08
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
13.95
P/B
0.91
P/S
2.86
EV/EBITDA
11.05
EV/Sales
2.65
ROE
6.5%
ROA
0.9%
Div Yield
3.01%
FCF Yield
8.84%
Debt/Equity
0.02
Current Ratio
—
Market Cap
$1.01B
as of 2026-10-22
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
3.17M
SI % of Float
7.87%
Days to Cover
7.36
Short Vol Ratio
70.5%
Free Float
40.30M
Float %
98.5%
Short interest 2026-09-30 • Short volume 2026-10-21 • Float 2026-08-13