Heritage Financial Corporation (HFWA)

Total asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	240,902	261,588	267,624	267,038	259,556	252,619	247,108	263,310	271,408	274,840	266,804	220,033	202,681	192,376	195,892	222,867	229,009	231,013	230,880	223,672
Total assets	US$ in thousands	7,174,960	7,150,590	7,115,410	7,236,810	6,980,100	7,200,310	7,316,470	7,483,810	7,432,410	7,259,040	7,105,670	7,028,390	6,615,320	6,685,890	6,562,360	5,587,300	5,552,970	5,515,180	5,376,690	5,342,100
Total asset turnover		0.03	0.04	0.04	0.04	0.04	0.04	0.03	0.04	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $240,902K ÷ $7,174,960K
= 0.03

The total asset turnover ratio for Heritage Financial Corp. has remained stable at 0.04 for the last four quarters, indicating consistency in how efficiently the company generates revenues relative to its total assets. This suggests that the company is effectively utilizing its assets to generate sales. Additionally, the ratio has shown an improvement compared to the previous year, where it was at 0.03. Overall, a steady total asset turnover ratio signifies that Heritage Financial Corp. is efficiently managing its assets to generate revenue, which is a positive indicator of the company's operational performance.