Kroll Bond Rating Agency on Feb. 23 affirmed Bremer Financial Corp.'s BBB+ senior unsecured debt rating, BBB subordinated debt rating and K2 short-term debt rating.

It affirmed subsidiary Bremer Bank NA's deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+ and short-term deposit and debt ratings of K2.

The ratings reflect the Saint Paul, Minn.-based company's "consistent operating performance [and] significant deposit market shares in key operating geographies," among other factors, according to Kroll. They are, however, constrained by a high efficiency ratio and a high, albeit manageable, concentration in agricultural lending.

The outlook on all long-term ratings is "stable."