Heritage Financial Completes Merger with Olympic Bancorp

Heritage Financial Corporation completed its previously announced merger with Olympic Bancorp, Inc. on January 31, 2026. The pro forma financial information is prepared using the acquisition method of accounting under ASC 805.

Under the acquisition method, Olympic’s assets and liabilities at the merger date are recorded at fair value and added to Heritage. Any difference between the merger purchase price and the fair value of identifiable net assets, including core deposit intangibles, is recorded as goodwill, which is not amortized but reviewed for impairment at least annually.

The pro forma materials also reference merger consideration of approximately $185.0 million for all outstanding Olympic common stock, and they reflect the acquired operations beginning on the completion date.