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 two markets are Cincinnati and Maysville .

    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

    116

    Origination Dollar Volume (All Markets)

    $41,240,000

    Employee count

    193

    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) 112 $34,200,000 $305,357 $0 0.00%
    Outside of Metro Areas 3 $6,065,000 $2,021,667 $0 0.00%
    Maysville, KY (FHA|USDA|VA) 1 $975,000 $975,000 $0 0.00%
    Heritage Bank's top markets include Cincinnati and Maysville 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 116 $41,240,000 $355,517 $0 0.00%

    For 2019, Heritage Bank's most frequently originated type of loan was Conventional, with 116 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 64 $20,830,000 $325,469 $0 0.00%
    Refi 37 $18,215,000 $492,297 $0 0.00%
    Home Improvement 13 $2,115,000 $162,692 $0 0.00%
    Other 2 $80,000 $40,000 $0 0.00%

    For 2019, Heritage Bank's most frequently cited loan purpose was Home Purchase, with 64 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 116 $41,240,000 $355,517 $0 0.00%

    For 2019, Heritage Bank's most frequently cited loan duration was Other, with 116 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 50 $3,360,000 $67,200 $0 0.00%
    $100k-200k 30 $4,120,000 $137,333 $0 0.00%
    $200k-400k 19 $4,705,000 $247,632 $0 0.00%
    $600k-1MM 7 $5,905,000 $843,571 $0 0.00%
    $1MM+ 5 $20,955,000 $4,191,000 $0 0.00%
    $400k-600k 5 $2,195,000 $439,000 $0 0.00%

    2019 saw Heritage Bank place emphasis on $100,000 or less loans with 50 originations, totaling $3,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 12 $4,000,000 $333,333 $0 0.00%
    $50k or less 8 $840,000 $105,000 $0 0.00%
    $75k-100k 8 $1,430,000 $178,750 $0 0.00%
    $100k-150k 7 $1,145,000 $163,571 $0 0.00%
    $50k-75k 7 $615,000 $87,857 $0 0.00%
    $150k-250k 6 $750,000 $125,000 $0 0.00%

    Heritage Bank lent most frequently to those with incomes in the $250k+ range, with 12 originations. The second most popular income band? $50k or less, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 116 $41,240,000 $355,517 $0 0.00%

    Heritage Bank lent most frequently to those with DTI ratios of Exempt%, with 116 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 68 $32,460,000 $477,353 $0 0.00%
    White 46 $8,700,000 $189,130 $0 0.00%
    Not provided 2 $80,000 $40,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.04%

    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
    87.07%

    Heritage Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 116 $41,240,000 $355,517

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 21 $26,155,000 $1,245,476
    Single Family (1-4 Units):Manufactured 2 $170,000 $85,000
    Single Family (1-4 Units):Site-Built 93 $14,915,000 $160,376

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Heritage Bank, Inc. 1057 Ridgeway Avenue Falmouth, KY 41040 Full Service B&M $28,178
    Heritage Bank, Inc. 1818 Florence Pike Burlington, KY 41005 Full Service B&M $221,174
    Heritage Bank, Inc. 1911 Dixie Highway Fort Wright, KY 41011 Full Service B&M $42,741
    Heritage Bank, Inc. 2040 Declaration Drive Independence, KY 41051 Full Service B&M $24,404
    Heritage Bank, Inc. 2101 Medical Arts Drive Hebron, KY 41048 Full Service B&M $26,775
    Heritage Bank, Inc. 229 South Main Street Williamstown, KY 41097 Full Service B&M $7,395
    Heritage Bank, Inc. 235 Mary Grubbs Highway Walton, KY 41094 Full Service B&M $49,602
    Heritage Bank, Inc. 3600 Decoursey Avenue Covington, KY 41015 Full Service B&M $8,959
    Heritage Bank, Inc. 456 Commonwealth Avenue Erlanger, KY 41018 Full Service B&M $56,504
    Heritage Bank, Inc. 48 Broadway Dry Ridge, KY 41035 Full Service B&M $33,024
    Heritage Bank, Inc. 4929 Alexandria Pike Cold Spring, KY 41076 Full Service B&M $38,732
    Heritage Bank, Inc. 612 Buttermilk Pike Crescent Springs, KY 41017 Full Service B&M $62,478
    Heritage Bank, Inc. 6310 Tylersville Road Mason, OH 45040 Full Service B&M $4,076
    Heritage Bank, Inc. 647 Monmouth Street Newport, KY 41071 Full Service B&M $22,755
    Heritage Bank, Inc. 7434 U.S. Highway 42 Florence, KY 41042 Full Service B&M $47,614
    Heritage Bank, Inc. 7593 Alexandria Pike Alexandria, KY 41001 Full Service B&M $25,915
    Heritage Bank, Inc. 8751 U.S. Highway 42 Union, KY 41091 Full Service B&M $57,852
    Heritage Bank, Inc. U.S. Highway 27 Butler, KY 41006 Full Service B&M $29,383

    For 2019, Heritage Bank had 18 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $39,758
    Net interest income $32,032
    Total noninterest income $5,650
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,239
    Trading account gains and fees $0
    Additional Noninterest Income $4,411
    Pre-tax net operating income $10,918
    Securities gains (or losses, -) $-293
    Income before extraordinary items $9,290
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,290
    Minority interest net income $0
    Net income $9,290
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,544

    Heritage Bank's gross interest income from loans was $39,758,000.
    Heritage Bank's net interest income from loans was $32,032,000.
    Heritage Bank's fee based income from loans was $1,239,000.
    Heritage Bank's net income from loans was $9,290,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,726
    Provision for credit losses $820
    Total noninterest expense $25,944
    Salaries and employee benefits $15,933
    Premises and equipment expense $2,037
    Additional noninterest expense $7,974
    Applicable income taxes $1,335
    Net charge-offs $165
    Cash dividends $1,974

    Heritage Bank's interest expense for loans was $7,726,000.
    Heritage Bank's payroll and benefits expense were $15,933,000.
    Heritage Bank's property, plant and equipment expenses $2,037,000.

    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 0.0%
    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 $854,189
    Deposits held in domestic offices $854,189
    Deposits by Individuals, partnerships, and corporations $646,156
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $208,031
    Deposits by Commercial banks and other depository institutions in U.S. $2
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $514,675
    Demand deposits $211,052
    Nontransaction accounts $339,514
    Money market deposit accounts (MMDAs) $54,463
    Other savings deposits (excluding MMDAs) $83,757
    Total time deposits $201,293
    Total time and savings deposits $643,137
    Noninterest-bearing deposits $211,052
    Interest-bearing deposits $643,137
    Retail deposits $823,560
    IRAs and Keogh plan accounts $31,887
    Brokered deposits $3,572
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $975,651
    Cash & Balances due from depository institutions $89,513
    Interest-bearing balances $72,350
    Total securities $149,382
    Federal funds sold & reverse repurchase $25,143
    Net loans and leases $666,950
    Loan and leases loss allowance $7,906
    Trading account assets $0
    Bank premises and fixed assets $15,717
    Other real estate owned $363
    Goodwill and other intangibles $18
    All other assets $28,565

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $975,651
    Total Liabilities $889,192
    Total deposits $854,189
    Interest-bearing deposits $643,137
    Deposits held in domestic offices $854,189
    % insured (estimated) $62
    Federal funds purchased and repurchase agreements $23,932
    Trading liabilities $0
    Other borrowed funds $5,457
    Subordinated debt $0
    All other liabilities $5,614

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $666,950
    Loan and leases loss allowance $7,906
    Total loans and leases (domestic) $674,856
    All real estate loans $569,924
    Real estate loans in domestic offices $569,924
    Construction and development loans $71,885
    Residential 1-4 family construction $15,544
    Other construction, all land development and other land $56,341
    Loans secured by nonfarm nonresidential properties $328,987
    Nonfarm nonresidential secured by owner-occupied properties $161,239
    Commercial real estate & other non-farm, non-residential $167,748
    Multifamily residential real estate $41,389
    1-4 family residential loans $122,207
    Farmland loans $5,456
    Loans held in foreign offices $0
    Farm loans $3,316
    Commercial and industrial loans $90,685
    To non-U.S. addressees $0
    Loans to individuals $5,775
    Credit card loans $342
    Related Plans $1,527
    Consumer Auto Loans $1,091
    Other loans to individuals $2,815
    All other loans & leases $5,156
    Loans to foreign governments and official institutions $0
    Other loans $4,109
    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 $10,463
    Non 1-4 family restructured loans & leases $8,761
    Total loans and leases (foreign) $0

    Heritage Bank had $666,950,000 of loans outstanding in 2019. $569,924,000 of loans were in real estate loans. $71,885,000 of loans were in development loans. $41,389,000 of loans were in multifamily mortgage loans. $122,207,000 of loans were in 1-4 family mortgage loans. $3,316,000 of loans were in farm loans. $342,000 of loans were in credit card loans. $1,091,000 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 437 $101,979 $233,362
    Nonfarm, nonresidential loans - <$100k 93 $9,225 $99,194
    Nonfarm, nonresidential loans - $100-250k 152 $18,860 $124,079
    Nonfarm, nonresidential loans - $250k-1MM 192 $73,894 $384,865
    Commercial & Industrial, US addressed loans - <$1MM 557 $47,791 $85,801
    Commercial & Industrial, US addressed loans - <$100k 327 $10,409 $31,832
    Commercial & Industrial, US addressed loans - $100-250k 141 $18,020 $127,801
    Commercial & Industrial, US addressed loans - $250k-1MM 89 $19,362 $217,551
    Farmland loans - <$1MM 41 $4,379 $106,805
    Farmland loans - <$100k 15 $566 $37,733
    Farmland loans - $100-250k 19 $1,894 $99,684
    Farmland loans - $250k-1MM 7 $1,919 $274,143
    Agriculture operations loans - <$1MM 23 $1,515 $65,870
    Agriculture operations loans - <$100k 16 $567 $35,438
    Agriculture operations loans - $100-250k 7 $948 $135,429