Redemption of Long-term Debt

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Redemption of Long-term Debt

Redemption of Long-term Debt

(In Thousands)

During the first quarter of 2017, the Company redeemed the Heritage Financial Statutory Trust I junior subordinated debentures. The debentures were redeemed for an aggregate amount of $10,515, which included the principal amount of $10,310 and a prepayment penalty of $205. Prior to the redemption, the Company obtained all required board and regulatory approval.

During the third quarter of 2016, the Company incurred a prepayment penalty of $2,210 in connection with the prepayment of $38,886 in long-term borrowings from the Federal Home Loan Bank. Additionally, during the second quarter of 2016, the Company incurred a prepayment penalty of $329 in connection with the prepayment of $3,483 of similar long-term borrowings.

There were no other prepayments of long-term debt during the first nine months of 2017 or 2016.