OLYMPIA,
Wash., May 23, 2023 /PRNewswire/ -- Heritage
Financial Corporation (the "Company") (NASDAQ: HFWA), the parent
company of Heritage Bank (the "Bank"), announced today that Kroll
Bond Rating Agency, LLC ("KBRA") published and affirmed the
Company's senior unsecured debt rating of BBB+, the subordinated
debt rating of BBB, and the short-term debt rating of K2. KBRA
graded the outlook long-term ratings for the Company and the Bank
as stable on May 22, 2023.
KBRA also published and affirmed the Bank's deposit and senior
unsecured debt ratings of A-, the subordinated debt rating of BBB+,
and the short-term deposit and debt ratings of K2. In affirming its
ratings, KBRA cited the Bank's conservative balance sheet
stewardship, including its liquidity and capital management
practices.
"KBRA's latest report validates the financial strength and
stability of Heritage Bank," said Jeff
Deuel, Chief Executive Officer. "Their rating reinforces our
sound credit practices, strong financial performance, and proactive
management in response to the changing market conditions. It also
positions us as a reliable partner for our valued clients and
investors."
The complete KBRA press release on Heritage Financial
Corporation is available on KBRA's
website, https://www.krollbondratings.com. The KBRA press
release, credit ratings, and analysis constitute part of the
information contained therein are, and must be construed solely as,
statements of opinion of KBRA and not statements of fact or
recommendations of KBRA or the Company to purchase, sell or
hold any of the Company's securities.
Heritage Financial Corporation is an Olympia-based bank holding company with
Heritage Bank, a full-service commercial bank, as its sole
wholly-owned banking subsidiary. Heritage Bank has a branch network
of 51 banking offices in Washington, Oregon and Idaho. Heritage Bank does business under the
Whidbey Island Bank name on Whidbey Island. Heritage's stock is
traded on the NASDAQ Global Select Market under the symbol "HFWA".
More information about Heritage Financial Corporation can be found
on its website at www.hf-wa.com and more information
about Heritage Bank can be found on its website
at www.heritagebanknw.com.
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SOURCE Heritage Financial Corporation