Heritage Financial Corporation

Heritage Financial Corporation is a bank holding company that oversees the business activities of its single reportable segment, Heritage Bank. Heritage Bank, headquartered in Olympia, Washington, operates 50 branch offices across Washington State, the greater Portland, Oregon area, Eugene, Oregon, and Boise, Idaho, as of December 31, 2025. It also has one loan production office in Spokane, Washington. Heritage Bank conducts business under the Whidbey Island Bank name on Whidbey Island, Washington. On January 31, 2026, Heritage completed the acquisition of Olympic Bancorp, Inc. and its banking subsidiary, Kitsap Bank. This acquisition added 16 branch offices, which now operate under the Kitsap Bank name as a division of Heritage Bank. The deposits of Heritage Bank are insured by the FDIC. The company's primary business involves commercial lending and deposit relationships with small and medium-sized businesses and their owners in its market areas, along with attracting deposits from the general public. Heritage Financial Corporation also provides real estate construction and land development loans and consumer loans. Olympic shareholders received 45.0 shares of Heritage common stock for each share of Olympic common stock. The merger consideration totaled approximately $185.0 million, consisting of 7,167,600 shares of Heritage common stock, based on the closing price on January 30, 2026.