OLYMPIA, Wash., March 26, 2019 /PRNewswire/ -- Heritage Financial Corporation (HFWA), ("Heritage"), parent company of wholly-owned subsidiary Heritage Bank, is pleased to announce that S&P Global Market Intelligence ("S&P") ranked Heritage as the 34th best-performing U.S. community bank between $3 and $10 billion in assets based on financial performance for the year-ended December 31, 2018. S&P defined community banks as top-tier U.S. banks and thrifts with gross loans greater than 33.33% of assets, credit card loans less than 50% of the loan portfolio and assets between $3 and $10 billion. They further analyzed six metrics to define top-performing U.S. community banks, which included net interest margin, return on average tangible common equity, efficiency ratio, net charge-offs to average loans, adjusted Texas ratio and loan growth rate.
Brian Vance, chief executive officer of Heritage Financial Corporation, comments, "We are pleased with this recognition, especially in light of integrating two acquisitions during 2018 as well as various other strategic initiatives. We continually strive to be a top performer while maintaining our discipline and serving our communities."
About Heritage Financial Corporation
Heritage Financial Corporation is an Olympia-based bank holding company with Heritage Bank, a Washington state-chartered full-service commercial bank, as its sole wholly-owned banking subsidiary. Heritage Bank has a network of 63 banking offices to serve customers in Washington and Oregon. Heritage Bank also 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 the Heritage Bank website at www.HeritageBankNW.com.