KBRA Publishes and Affirms Ratings for Heritage Financial Corporation

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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