Is HFWA or HWBK more undervalued in 2026?

CirclFi compares Heritage Financial Corporation (HFWA) and Hawthorn Bancshares, Inc. (HWBK) using 13 institutional-grade valuation models. HFWA has a Quality of Company score of 8.3/10 while HWBK scores 8.9/10.

Which is a better buy — HFWA or HWBK?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do HFWA and HWBK valuations compare?

HFWA at $27.34 and HWBK at $36.91 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

HFWA vs HWBK Valuation Comparison 2026 — Intrinsic Value Analysis

HFWA

Banks - Regional

Heritage Financial Corporation

Quality

8.3

out of 10

Value Trap

SAFE

Price

$27.34

Last close

Models

11/13

Active

HWBK

Banks - Regional

Hawthorn Bancshares, Inc.

Quality

8.9

out of 10

Value Trap

SAFE

Price

$36.91

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	HFWA Fair Value	HFWA Upside	HWBK Fair Value	HWBK Upside
Bayesian DCF	Intrinsic	$14.28	-47.8%	$32.66	-11.5%
Earnings Power Value	Intrinsic	$20.99	-23.2%	$39.95	+8.2%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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HFWA vs HWBK — Which Stock Is More Undervalued?

HWBK scores higher with a 8.9/10 quality rating vs HFWA's 8.3/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Heritage Financial Corporation (HFWA) and Hawthorn Bancshares, Inc. (HWBK) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

HFWA currently trades at $27.34 with a QOC of 8.3/10, while HWBK trades at $36.91 with a QOC of 8.9/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).