Heritage Bank Mortgage Rates, Fees & Info

Spicer, MN

LEI: 549300KUIZTYQRC0R888

Tax ID: 41-0880598

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Heritage Bank is a smaller bank specializing in Home Purchase and Refi loans. Heritage Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Willmar, Sioux City, Sioux Falls, Minneapolis, and St. Cloud among others. Heritage Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Heritage Bank is typically an average fee lendor.


Originations

916

Origination Dollar Volume (All Markets)

$187,560,000

Employee count

110

Awards

Heritage Bank 30 Year Conventional Loans gold Heritage Bank USDA Loans gold Heritage Bank USDA Loans bronze
Show all (3) awards

Relative Rate

Heritage Bank's average 30 year fixed rate mortgage of loans were 2.58%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.57%.

Relative Fees

Heritage Bank's average total fees for a 30 year fixed rate mortgage are $4,658.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Willmar, MN (FHA|USDA|VA) 234 $47,560,000 $203,248 $3,944 2.75%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 183 $27,205,000 $148,661 $4,278 2.47%
Outside of Metro Areas 157 $24,215,000 $154,236 $3,713 2.49%
SIOUX FALLS, SD (FHA|USDA|VA) 70 $23,750,000 $339,286 $4,235 3.15%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 103 $23,535,000 $228,495 $4,892 2.69%
ST. CLOUD, MN (FHA|USDA|VA) 19 $3,405,000 $179,211 $4,378 2.92%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $2,435,000 $2,435,000 $44,232 3.88%
RAPID CITY, SD (FHA|USDA|VA) 4 $2,240,000 $560,000 $3,928 2.50%
ROCHESTER, MN (FHA|USDA|VA) 12 $2,160,000 $180,000 $4,041 2.97%
Storm Lake, IA (FHA|USDA|VA) 18 $1,540,000 $85,556 $2,924 2.12%
PROVO-OREM, UT (FHA|USDA|VA) 5 $1,335,000 $267,000 $5,640 3.03%
FARGO, ND-MN (FHA|USDA|VA) 5 $1,285,000 $257,000 $3,979 3.16%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,280,000 $320,000 $4,100 2.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $1,275,000 $425,000 $8,704 4.00%
AMES, IA (FHA|USDA|VA) 1 $1,105,000 $1,105,000 $15,519 3.63%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 4 $1,080,000 $270,000 $5,050 3.03%
Brainerd, MN (FHA|USDA|VA) 5 $985,000 $197,000 $4,018 1.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $920,000 $460,000 $4,502 2.63%
Spirit Lake, IA (FHA|USDA|VA) 1 $915,000 $915,000 $11,547 3.88%
Yankton, SD (FHA|USDA|VA) 5 $905,000 $181,000 $5,441 2.50%
Marshall, MN (FHA|USDA|VA) 3 $785,000 $261,667 $6,752 2.83%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $780,000 $390,000 $8,435 2.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $775,000 $258,333 $5,200 3.43%
Alexandria, MN (FHA|USDA|VA) 6 $770,000 $128,333 $3,562 2.63%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $745,000 $745,000 $9,091 3.88%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 3 $665,000 $221,667 $3,125 3.30%
Stevens Point, WI (FHA|USDA|VA) 1 $615,000 $615,000 $8,070 3.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $590,000 $295,000 $6,693 2.25%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $575,000 $575,000 $7,965 3.93%
Brookings, SD (FHA|USDA|VA) 4 $570,000 $142,500 $3,054 1.88%
Aberdeen, SD (FHA|USDA|VA) 3 $565,000 $188,333 $3,008 2.92%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $555,000 $555,000 $10,803 3.75%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $545,000 $545,000 $3,757 3.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $515,000 $515,000 $7,947 2.38%
Sandpoint, ID (FHA|USDA|VA) 1 $515,000 $515,000 $10,711 3.25%
LINCOLN, NE (FHA|USDA|VA) 2 $460,000 $230,000 $2,201 2.69%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $450,000 $225,000 $4,316 4.45%
Bemidji, MN (FHA|USDA|VA) 3 $435,000 $145,000 $4,470 3.25%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $435,000 $435,000 $7,505 2.88%
GREELEY, CO (FHA|USDA|VA) 1 $425,000 $425,000 $5,861 3.00%
RENO, NV (FHA|USDA|VA) 1 $425,000 $425,000 $6,952 3.00%
Fergus Falls, MN (FHA|USDA|VA) 3 $405,000 $135,000 $3,865 2.04%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $405,000 $405,000 $5,974 2.88%
Watertown, SD (FHA|USDA|VA) 3 $385,000 $128,333 $4,483 1.88%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $330,000 $165,000 $2,737 4.37%
Red Wing, MN (FHA|USDA|VA) 3 $325,000 $108,333 $4,530 1.88%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $315,000 $315,000 $5,365 2.50%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $295,000 $295,000 $5,473 3.13%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $295,000 $295,000 $6,122 3.88%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $295,000 $295,000 $5,211 3.88%
Gallup, NM (FHA|USDA|VA) 1 $285,000 $285,000 $6,655 3.88%
LAWRENCE, KS (FHA|USDA|VA) 1 $265,000 $265,000 $4,527 2.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,571 3.00%
Hutchinson, MN (FHA|USDA|VA) 1 $255,000 $255,000 $4,261 2.63%
WILMINGTON, NC (FHA|USDA|VA) 1 $245,000 $245,000 $4,776 2.88%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,432 2.13%
WICHITA, KS (FHA|USDA|VA) 1 $185,000 $185,000 $8,956 3.00%
Menomonie, WI (FHA|USDA|VA) 1 $165,000 $165,000 $6,877 3.00%
Pierre, SD (FHA|USDA|VA) 1 $165,000 $165,000 $7,370 3.25%
MANKATO, MN (FHA|USDA|VA) 1 $155,000 $155,000 $2,468 3.88%
Winfield, KS (FHA|USDA|VA) 1 $155,000 $155,000 $3,158 2.38%
Albert Lea, MN (FHA|USDA|VA) 2 $150,000 $75,000 $2,657 1.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $145,000 $145,000 $4,015 2.88%
Owatonna, MN (FHA|USDA|VA) 1 $125,000 $125,000 $3,368 2.00%
Spencer, IA (FHA|USDA|VA) 1 $105,000 $105,000 $3,367 2.75%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $105,000 $105,000 $3,234 2.00%
Carroll, IA (FHA|USDA|VA) 1 $95,000 $95,000 $3,244 3.50%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $75,000 $75,000 $6,899 4.13%
New Ulm, MN (FHA|USDA|VA) 2 $60,000 $30,000 $1,819 1.63%

Heritage Bank's top markets include Willmar, Sioux City, Sioux Falls, Minneapolis, and St. Cloud among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 728 $155,600,000 $213,736 $3,565 2.61%
FHA 134 $23,320,000 $174,030 $7,376 3.02%
USDA 49 $7,575,000 $154,592 $5,326 2.73%
VA 5 $1,065,000 $213,000 $6,644 2.45%

For the 2021 period, Heritage Bank's most frequently originated loan type of loans were Conventional, with 728 originations. Their 2nd most popular type is FHA, with 134 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 512 $104,370,000 $203,848 $4,563 2.53%
Refi 220 $48,600,000 $220,909 $3,961 2.84%
Cash Out Refi 154 $31,460,000 $204,286 $4,142 2.74%
Other 16 $1,820,000 $113,750 $2,763 3.60%
Home Improvement 14 $1,310,000 $93,571 $1,838 3.88%

For the 2021, Heritage Bank's most frequently cited loan purpose of loans were Home Purchase, with 512 originations. The 2nd most popular reason of loans were Refi, with 220 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 614 $125,580,000 $204,528 $4,658 2.58%
15 Year 158 $30,230,000 $191,329 $3,684 2.36%
20 Year 80 $16,120,000 $201,500 $3,131 3.50%
10 Year 32 $6,370,000 $199,063 $1,768 2.79%
Other 25 $7,945,000 $317,800 $5,205 3.73%
5 Year 4 $720,000 $180,000 $0 4.11%
1 Year 3 $595,000 $198,333 $0 5.33%

For the 2021, Heritage Bank's most frequently cited loan length of loans were 30 Year, with 614 originations. The 2nd most popular length of loans were 15 Year, with 158 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 281 $53,395,000 $190,018
$1k-2k 182 $21,910,000 $120,385
$<1k 178 $11,330,000 $63,652
$3k-4k 178 $52,870,000 $297,022
$5k+ 38 $21,840,000 $574,737

$4,658 of loans were Heritage Bank's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 281 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 326 $47,000,000 $144,172
2.5-3% 297 $60,595,000 $204,024
3-4% 241 $71,635,000 $297,241
4-5% 39 $6,705,000 $171,923
5-6% 9 $945,000 $105,000
6-7% 4 $680,000 $170,000

During 2021, Heritage Bank's average interest rate of loans were 2.58%, while their most frequently originated rate bucket of loans were <2.5%, with 326 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 346 $51,930,000 $150,087 $4,359 2.87%
$200k-400k 271 $72,855,000 $268,838 $5,675 2.94%
$100,000 or less 225 $9,095,000 $40,422 $1,381 1.90%
$400k-600k 55 $26,585,000 $483,364 $6,756 2.97%
$600k-1MM 11 $8,515,000 $774,091 $10,855 3.78%
$1MM+ 8 $18,580,000 $2,322,500 $29,875 3.55%

2021 saw Heritage Bank place emphasis on $100k-200k loans with 346 originations, totaling $51,930,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 255 $25,405,000 $99,627 $3,288 2.22%
$50k-75k 209 $29,855,000 $142,847 $3,962 2.50%
$75k-100k 140 $29,950,000 $213,929 $4,690 2.90%
$100k-150k 128 $31,490,000 $246,016 $4,996 2.77%
$150k-250k 75 $21,245,000 $283,267 $4,657 2.84%
$250k+ 51 $23,435,000 $459,510 $6,981 3.15%

Heritage Bank lent most frequently to those with incomes in the $50k or less range, with 255 originations. The second most popular income band? $50k-75k, with 209 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 165 $34,395,000 $208,455 $4,335 2.79%
30-36% 164 $28,110,000 $171,402 $3,989 2.50%
<20% 90 $16,970,000 $188,556 $3,703 2.45%
44% 52 $7,260,000 $139,615 $3,626 2.16%
43% 47 $7,785,000 $165,638 $3,586 2.41%
38% 40 $6,520,000 $163,000 $3,949 2.57%
41% 38 $7,600,000 $200,000 $4,848 2.66%
36% 37 $6,685,000 $180,676 $4,567 2.54%
42% 32 $7,150,000 $223,438 $4,697 2.54%
40% 32 $5,160,000 $161,250 $3,776 2.48%
39% 31 $6,455,000 $208,226 $4,217 2.50%
37% 31 $5,295,000 $170,806 $3,945 2.91%
50-60% 24 $4,740,000 $197,500 $7,541 3.09%
47% 19 $6,415,000 $337,632 $6,706 3.22%
49% 19 $3,925,000 $206,579 $5,350 2.67%
45% 13 $2,315,000 $178,077 $4,519 2.64%
46% 12 $2,280,000 $190,000 $4,715 2.48%
48% 11 $2,135,000 $194,091 $4,511 2.45%

Heritage Bank lent most frequently to those with DTI ratios of 20-30%, with 165 originations. The next most common DTI ratio? 30-36%, with 164 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 771 $141,195,000 $183,132 $4,165 2.57%
Not applicable 58 $26,180,000 $451,379 $0 3.98%
Not provided 33 $7,335,000 $222,273 $4,558 2.74%
Black 26 $6,290,000 $241,923 $6,104 2.66%
Asian 15 $4,285,000 $285,667 $5,692 3.16%
American Indian 12 $2,020,000 $168,333 $4,866 2.64%
Asian Indian 1 $255,000 $255,000 $4,255 2.38%

Approval Rates

Total approvals of all applications
92.51%

Heritage Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.29%

Heritage Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 916 $187,560,000 $204,760

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
916 $187,560,000 $204,760

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 44 $4,560,000 $103,636 $2,449 2.79%
40-60% 101 $21,355,000 $211,436 $4,079 2.69%
60-80% 281 $71,325,000 $253,826 $4,211 2.92%
80-100% 368 $88,170,000 $239,592 $5,973 3.04%
Over 100% 3 $575,000 $191,667 $6,287 2.63%
Under 20% 119 $1,575,000 $13,235 $188 0.92%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Heritage Bank National Association 110 W South St Spicer, MN 56288 Full Service B&M $47,986
Heritage Bank National Association 140 N Phillips Ave Sioux Falls, SD 57104 Full Service B&M $5,988
Heritage Bank National Association 202 Cofield North Raymond, MN 56282 Full Service B&M $20,045
Heritage Bank National Association 242 1st Street, P.O. Box 189 Pennock, MN 56279 Full Service B&M $37,961
Heritage Bank National Association 310 1st Street Sw, P.O. Box 1124 Willmar, MN 56201 Full Service B&M $222,068
Heritage Bank National Association 4530 Singing Hills Boulevard Sioux City, IA 51106 Full Service B&M $18,630
Heritage Bank National Association 505 5th St Sioux City, IA 51101 Full Service B&M $16,417

For 2021, Heritage Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $22,790
Net interest income $21,461
Total noninterest income $5,833
Gross Fiduciary activities income $0
Service charges on deposit accounts $398
Trading account gains and fees $0
Additional Noninterest Income $5,435
Pre-tax net operating income $9,124
Securities gains (or losses, -) $0
Income before extraordinary items $8,904
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $8,904
Minority interest net income $0
Net income $8,904
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,904

Heritage Bank's gross interest income from loans was $22,790,000.
Heritage Bank's net interest income from loans was $21,461,000.
Heritage Bank's fee based income from loans was $398,000.
Heritage Bank's net income from loans was $8,904,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,329
Provision for credit losses $500
Total noninterest expense $17,670
Salaries and employee benefits $12,636
Premises and equipment expense $1,348
Additional noninterest expense $3,686
Applicable income taxes $220
Net charge-offs $680
Cash dividends $8,000

Heritage Bank's interest expense for loans was $1,329,000.
Heritage Bank's payroll and benefits expense were $12,636,000.
Heritage Bank's property, plant and equipment expenses $1,348,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $398,418
Deposits held in domestic offices $398,418
Deposits by Individuals, partnerships, and corporations $341,723
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $41,854
Deposits by Commercial banks and other depository institutions in U.S. $14,841
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $51,005
Demand deposits $51,005
Nontransaction accounts $347,413
Money market deposit accounts (MMDAs) $73,071
Other savings deposits (excluding MMDAs) $236,926
Total time deposits $37,416
Total time and savings deposits $347,413
Noninterest-bearing deposits $108,120
Interest-bearing deposits $290,298
Retail deposits $387,296
IRAs and Keogh plan accounts $2,832
Brokered deposits $5,084
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $467,757
Cash & Balances due from depository institutions $57,533
Interest-bearing balances $49,186
Total securities $50,153
Federal funds sold & reverse repurchase $0
Net loans and leases $341,335
Loan and leases loss allowance $3,921
Trading account assets $0
Bank premises and fixed assets $4,810
Other real estate owned $0
Goodwill and other intangibles $3,632
All other assets $10,294

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $467,757
Total Liabilities $422,293
Total deposits $398,418
Interest-bearing deposits $290,298
Deposits held in domestic offices $398,418
% insured (estimated) $73
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $19,089
Subordinated debt $0
All other liabilities $4,786

Issued Loan Types

Type Value (in 000's)
Net loans and leases $341,335
Loan and leases loss allowance $3,921
Total loans and leases (domestic) $345,256
All real estate loans $207,304
Real estate loans in domestic offices $207,304
Construction and development loans $10,985
Residential 1-4 family construction $4,525
Other construction, all land development and other land $6,460
Loans secured by nonfarm nonresidential properties $60,085
Nonfarm nonresidential secured by owner-occupied properties $42,165
Commercial real estate & other non-farm, non-residential $17,920
Multifamily residential real estate $39,894
1-4 family residential loans $61,683
Farmland loans $34,657
Loans held in foreign offices $0
Farm loans $27,506
Commercial and industrial loans $79,406
To non-U.S. addressees $0
Loans to individuals $30,690
Credit card loans $148
Related Plans $665
Consumer Auto Loans $75
Other loans to individuals $29,802
All other loans & leases $350
Loans to foreign governments and official institutions $0
Other loans $350
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Heritage Bank had $341,335,000 of loans outstanding in 2021. $207,304,000 of loans were in real estate loans. $10,985,000 of loans were in development loans. $39,894,000 of loans were in multifamily mortgage loans. $61,683,000 of loans were in 1-4 family mortgage loans. $27,506,000 of loans were in farm loans. $148,000 of loans were in credit card loans. $75,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 103 $27,623 $268,184
Nonfarm, nonresidential loans - <$100k 24 $1,018 $42,417
Nonfarm, nonresidential loans - $100-250k 22 $2,712 $123,273
Nonfarm, nonresidential loans - $250k-1MM 57 $23,893 $419,175
Commercial & Industrial, US addressed loans - <$1MM 426 $26,787 $62,880
Commercial & Industrial, US addressed loans - <$100k 312 $6,422 $20,583
Commercial & Industrial, US addressed loans - $100-250k 66 $7,446 $112,818
Commercial & Industrial, US addressed loans - $250k-1MM 48 $12,919 $269,146
Farmland loans - <$1MM 97 $15,546 $160,268
Farmland loans - <$100k 21 $929 $44,238
Farmland loans - $100-250k 35 $4,083 $116,657
Farmland loans - $250k-1MM 41 $10,534 $256,927
Agriculture operations loans - <$1MM 225 $13,705 $60,911
Agriculture operations loans - <$100k 143 $3,271 $22,874
Agriculture operations loans - $100-250k 51 $4,252 $83,373
Agriculture operations loans - $250k-1MM 31 $6,182 $199,419