AcquisitionsMay 8, 2026, 01:01 PM
Heritage Financial Completes Olympic Bancorp Acquisition; Q1 Net Income +36%
AI Summary
Heritage Financial Corporation completed its acquisition of Olympic Bancorp, Inc. on January 31, 2026, in an all-stock transaction valued at approximately $185.0 million, issuing 7,167,600 shares of common stock. This strategic move significantly expanded the company's market presence and asset base. For the first quarter of 2026, Heritage Financial reported a substantial increase in net income to $18.9 million, up 36.2% year-over-year, with basic earnings per share rising to $0.49. Net interest income also saw a strong increase of 28.9% to $69.2 million, reflecting improved financial performance.
Key Highlights
- Completed acquisition of Olympic Bancorp on January 31, 2026, for approximately $185.0 million.
- Issued 7,167,600 shares of common stock for the Olympic Bancorp acquisition.
- Reported net income of $18.9 million for Q1 2026, a 36.2% increase from $13.9 million in Q1 2025.
- Basic earnings per share rose to $0.49 in Q1 2026, up 19.5% from $0.41 in Q1 2025.
- Net interest income increased by 28.9% to $69.2 million in Q1 2026 from $53.7 million in Q1 2025.
- Total assets grew to $8.50 billion as of March 31, 2026, from $6.97 billion at December 31, 2025.
- Total deposits increased to $7.25 billion as of March 31, 2026, from $5.92 billion at December 31, 2025.
- Declared a cash dividend of $0.24 per common share for the quarter.