Heritage Bank Mortgage Rates, Fees & Info

Erlanger, KY

LEI: 549300XT5WP4TMNXL317

Tax ID: 61-1174806

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Heritage Bank is a smaller bank specializing in Home Purchase and Refi loans. Heritage Bank has a high proportion of conventional loans. Their top (well, only) market is Cincinnati.

    Heritage Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    135

    Origination Dollar Volume (All Markets)

    $24,805,000

    Employee count

    184

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 132 $24,450,000 $185,227 $0 0.00%
    Outside of Metro Areas 3 $355,000 $118,333 $0 0.00%
    Heritage Bank's top markets include and Cincinnati among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 135 $24,805,000 $183,741 $0 0.00%

    For 2018, Heritage Bank's most frequently originated type of loan was Conventional, with 135 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 66 $9,030,000 $136,818 $0 0.00%
    Refi 55 $14,175,000 $257,727 $0 0.00%
    Home Improvement 11 $1,435,000 $130,455 $0 0.00%
    Other 3 $165,000 $55,000 $0 0.00%

    For 2018, Heritage Bank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 135 $24,805,000 $183,741 $0 0.00%

    For 2018, Heritage Bank's most frequently cited loan duration was Other, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 62 $4,010,000 $64,677 $0 0.00%
    $100k-200k 45 $6,115,000 $135,889 $0 0.00%
    $200k-400k 15 $3,865,000 $257,667 $0 0.00%
    $400k-600k 9 $4,315,000 $479,444 $0 0.00%
    $600k-1MM 3 $2,395,000 $798,333 $0 0.00%
    $1MM+ 1 $4,105,000 $4,105,000 $0 0.00%

    2018 saw Heritage Bank place emphasis on $100,000 or less loans with 62 originations, totaling $4,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 17 $1,505,000 $88,529 $0 0.00%
    $150k-250k 13 $1,295,000 $99,615 $0 0.00%
    $75k-100k 10 $940,000 $94,000 $0 0.00%
    $100k-150k 9 $1,425,000 $158,333 $0 0.00%
    $250k+ 7 $1,415,000 $202,143 $0 0.00%
    $50k or less 5 $365,000 $73,000 $0 0.00%

    Heritage Bank lent most frequently to those with incomes in the $50k-75k range, with 17 originations. The second most popular income band? $150k-250k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 135 $24,805,000 $183,741 $0 0.00%

    Heritage Bank lent most frequently to those with DTI ratios of Exempt%, with 135 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 73 $17,815,000 $244,041 $0 0.00%
    White 58 $6,640,000 $114,483 $0 0.00%
    Not provided 4 $350,000 $87,500 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.95%

    Heritage Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    77.04%

    Heritage Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 135 $24,805,000 $183,741

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $9,285,000 $844,091
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 123 $15,485,000 $125,894

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Heritage Bank, Inc. 1057 Ridgeway Avenue Falmouth, KY 41040 Full Service B&M $26,832
    Heritage Bank, Inc. 13447 Dixie Highway Walton, KY 41094 Full Service B&M $15,963
    Heritage Bank, Inc. 1818 Florence Pike Burlington, KY 41005 Full Service B&M $173,488
    Heritage Bank, Inc. 1911 Dixie Highway Fort Wright, KY 41011 Full Service B&M $36,624
    Heritage Bank, Inc. 2040 Declaration Drive Independence, KY 41051 Full Service B&M $23,566
    Heritage Bank, Inc. 2101 Medical Arts Drive Hebron, KY 41048 Full Service B&M $26,683
    Heritage Bank, Inc. 229 South Main Street Williamstown, KY 41097 Full Service B&M $5,201
    Heritage Bank, Inc. 235 Mary Grubbs Highway Walton, KY 41094 Full Service B&M $32,519
    Heritage Bank, Inc. 3600 Decoursey Avenue Covington, KY 41015 Full Service B&M $11,987
    Heritage Bank, Inc. 456 Commonwealth Avenue Erlanger, KY 41018 Full Service B&M $51,417
    Heritage Bank, Inc. 48 Broadway Dry Ridge, KY 41035 Full Service B&M $30,469
    Heritage Bank, Inc. 4929 Alexandria Pike Cold Spring, KY 41076 Full Service B&M $37,646
    Heritage Bank, Inc. 612 Buttermilk Pike Crescent Springs, KY 41017 Full Service B&M $34,574
    Heritage Bank, Inc. 6310 Tylersville Road Mason, OH 45040 Full Service B&M $2,801
    Heritage Bank, Inc. 647 Monmouth Street Newport, KY 41071 Full Service B&M $24,201
    Heritage Bank, Inc. 7434 U.S. Highway 42 Florence, KY 41042 Full Service B&M $46,895
    Heritage Bank, Inc. 7593 Alexandria Pike Alexandria, KY 41001 Full Service B&M $11,117
    Heritage Bank, Inc. 8751 U.S. Highway 42 Union, KY 41091 Full Service B&M $49,366
    Heritage Bank, Inc. U.S. Highway 27 Butler, KY 41006 Full Service B&M $25,262

    For 2018, Heritage Bank had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $34,472
    Net interest income $29,275
    Total noninterest income $4,154
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,192
    Trading account gains and fees $0
    Additional Noninterest Income $2,962
    Pre-tax net operating income $9,598
    Securities gains (or losses, -) $-25
    Income before extraordinary items $7,778
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,778
    Minority interest net income $0
    Net income $7,778
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,798

    Heritage Bank's gross interest income from loans was $34,472,000.
    Heritage Bank's net interest income from loans was $29,275,000.
    Heritage Bank's fee based income from loans was $1,192,000.
    Heritage Bank's net income from loans was $7,778,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,197
    Provision for credit losses $954
    Total noninterest expense $22,877
    Salaries and employee benefits $13,615
    Premises and equipment expense $1,979
    Additional noninterest expense $7,283
    Applicable income taxes $1,795
    Net charge-offs $410
    Cash dividends $1,194

    Heritage Bank's interest expense for loans was $5,197,000.
    Heritage Bank's payroll and benefits expense were $13,615,000.
    Heritage Bank's property, plant and equipment expenses $1,979,000.

    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 1.0%
    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 $787,889
    Deposits held in domestic offices $787,889
    Deposits by Individuals, partnerships, and corporations $586,049
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $201,840
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $481,086
    Demand deposits $210,363
    Nontransaction accounts $306,803
    Money market deposit accounts (MMDAs) $56,856
    Other savings deposits (excluding MMDAs) $80,295
    Total time deposits $169,652
    Total time and savings deposits $577,526
    Noninterest-bearing deposits $182,693
    Interest-bearing deposits $605,196
    Retail deposits $766,777
    IRAs and Keogh plan accounts $30,782
    Brokered deposits $2,432
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $898,294
    Cash & Balances due from depository institutions $92,882
    Interest-bearing balances $1,817
    Total securities $130,266
    Federal funds sold & reverse repurchase $22,481
    Net loans and leases $613,068
    Loan and leases loss allowance $7,251
    Trading account assets $0
    Bank premises and fixed assets $14,936
    Other real estate owned $1,302
    Goodwill and other intangibles $47
    All other assets $23,312

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $898,294
    Total Liabilities $822,275
    Total deposits $787,889
    Interest-bearing deposits $605,196
    Deposits held in domestic offices $787,889
    % insured (estimated) $64
    Federal funds purchased and repurchase agreements $20,624
    Trading liabilities $0
    Other borrowed funds $9,025
    Subordinated debt $0
    All other liabilities $4,737

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $613,068
    Loan and leases loss allowance $7,251
    Total loans and leases (domestic) $620,319
    All real estate loans $526,405
    Real estate loans in domestic offices $526,405
    Construction and development loans $63,774
    Residential 1-4 family construction $13,985
    Other construction, all land development and other land $49,789
    Loans secured by nonfarm nonresidential properties $275,862
    Nonfarm nonresidential secured by owner-occupied properties $133,889
    Commercial real estate & other non-farm, non-residential $141,973
    Multifamily residential real estate $52,314
    1-4 family residential loans $127,617
    Farmland loans $6,838
    Loans held in foreign offices $0
    Farm loans $3,404
    Commercial and industrial loans $77,871
    To non-U.S. addressees $0
    Loans to individuals $6,029
    Credit card loans $339
    Related Plans $1,536
    Consumer Auto Loans $1,057
    Other loans to individuals $3,097
    All other loans & leases $6,610
    Loans to foreign governments and official institutions $0
    Other loans $5,431
    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 $11,430
    Non 1-4 family restructured loans & leases $9,624
    Total loans and leases (foreign) $0

    Heritage Bank had $613,068,000 of loans outstanding in 2018. $526,405,000 of loans were in real estate loans. $63,774,000 of loans were in development loans. $52,314,000 of loans were in multifamily mortgage loans. $127,617,000 of loans were in 1-4 family mortgage loans. $3,404,000 of loans were in farm loans. $339,000 of loans were in credit card loans. $1,057,000 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 399 $94,414 $236,627
    Nonfarm, nonresidential loans - <$100k 95 $9,471 $99,695
    Nonfarm, nonresidential loans - $100-250k 129 $16,613 $128,783
    Nonfarm, nonresidential loans - $250k-1MM 175 $68,330 $390,457
    Commercial & Industrial, US addressed loans - <$1MM 491 $55,609 $113,257
    Commercial & Industrial, US addressed loans - <$100k 333 $11,831 $35,529
    Commercial & Industrial, US addressed loans - $100-250k 99 $16,116 $162,788
    Commercial & Industrial, US addressed loans - $250k-1MM 59 $27,662 $468,847
    Farmland loans - <$1MM 46 $5,653 $122,891
    Farmland loans - <$100k 17 $628 $36,941
    Farmland loans - $100-250k 21 $2,525 $120,238
    Farmland loans - $250k-1MM 8 $2,500 $312,500
    Agriculture operations loans - <$1MM 26 $1,391 $53,500
    Agriculture operations loans - <$100k 20 $618 $30,900
    Agriculture operations loans - $100-250k 6 $773 $128,833