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 an above 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

    146

    Origination Dollar Volume (All Markets)

    $50,220,000

    Employee count

    196

    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) 136 $43,150,000 $317,279 $0 0.00%
    Outside of Metro Areas 10 $7,070,000 $707,000 $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 146 $50,220,000 $343,973 $0 0.00%

    For 2020, Heritage Bank's most frequently originated type of loan was Conventional, with 146 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 77 $30,055,000 $390,325 $0 0.00%
    Refi 46 $12,930,000 $281,087 $0 0.00%
    Home Improvement 15 $5,895,000 $393,000 $0 0.00%
    Other 8 $1,340,000 $167,500 $0 0.00%

    For 2020, Heritage Bank's most frequently cited loan purpose was Home Purchase, with 77 originations. The 2nd most popular reason was Refi, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 146 $50,220,000 $343,973 $0 0.00%

    For 2020, Heritage Bank's most frequently cited loan duration was Other, with 146 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 50 $6,930,000 $138,600 $0 0.00%
    $100,000 or less 40 $2,620,000 $65,500 $0 0.00%
    $200k-400k 33 $9,345,000 $283,182 $0 0.00%
    $600k-1MM 10 $6,920,000 $692,000 $0 0.00%
    $1MM+ 7 $21,685,000 $3,097,857 $0 0.00%
    $400k-600k 6 $2,720,000 $453,333 $0 0.00%

    2020 saw Heritage Bank place emphasis on $100k-200k loans with 50 originations, totaling $6,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $3,285,000 $193,235 $0 0.00%
    $50k or less 15 $1,455,000 $97,000 $0 0.00%
    $150k-250k 14 $3,430,000 $245,000 $0 0.00%
    $50k-75k 10 $1,130,000 $113,000 $0 0.00%
    $250k+ 7 $2,225,000 $317,857 $0 0.00%
    $75k-100k 7 $1,235,000 $176,429 $0 0.00%

    Heritage Bank lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $50k or less, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 146 $50,220,000 $343,973 $0 0.00%

    Heritage Bank lent most frequently to those with DTI ratios of Exempt%, with 146 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 73 $36,395,000 $498,562 $0 0.00%
    White 72 $13,700,000 $190,278 $0 0.00%
    Black 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.04%

    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
    97.26%

    Heritage Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 146 $50,220,000 $343,973

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 3 $6,145,000 $2,048,333
    Multifamily:Site-Built 17 $20,025,000 $1,177,941
    Single Family (1-4 Units):Manufactured 3 $195,000 $65,000
    Single Family (1-4 Units):Site-Built 123 $23,855,000 $193,943

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Heritage Bank, Inc. 1057 Ridgeway Avenue Falmouth, KY 41040 Full Service B&M $33,929
    Heritage Bank, Inc. 1818 Florence Pike Burlington, KY 41005 Full Service B&M $250,251
    Heritage Bank, Inc. 1911 Dixie Highway Fort Wright, KY 41011 Full Service B&M $48,388
    Heritage Bank, Inc. 2040 Declaration Drive Independence, KY 41051 Full Service B&M $37,994
    Heritage Bank, Inc. 2101 Medical Arts Drive Hebron, KY 41048 Full Service B&M $40,151
    Heritage Bank, Inc. 229 South Main Street Williamstown, KY 41097 Full Service B&M $15,458
    Heritage Bank, Inc. 235 Mary Grubbs Highway Walton, KY 41094 Full Service B&M $57,254
    Heritage Bank, Inc. 3600 Decoursey Avenue Covington, KY 41015 Full Service B&M $12,644
    Heritage Bank, Inc. 456 Commonwealth Avenue Erlanger, KY 41018 Full Service B&M $89,428
    Heritage Bank, Inc. 48 Broadway Dry Ridge, KY 41035 Full Service B&M $39,908
    Heritage Bank, Inc. 4929 Alexandria Pike Cold Spring, KY 41076 Full Service B&M $49,740
    Heritage Bank, Inc. 612 Buttermilk Pike Crescent Springs, KY 41017 Full Service B&M $73,428
    Heritage Bank, Inc. 6310 Tylersville Road Mason, OH 45040 Full Service B&M $18,612
    Heritage Bank, Inc. 647 Monmouth Street Newport, KY 41071 Full Service B&M $27,118
    Heritage Bank, Inc. 7434 U.S. Highway 42 Florence, KY 41042 Full Service B&M $74,114
    Heritage Bank, Inc. 7593 Alexandria Pike Alexandria, KY 41001 Full Service B&M $32,471
    Heritage Bank, Inc. 8751 U.S. Highway 42 Union, KY 41091 Full Service B&M $82,462
    Heritage Bank, Inc. 9749 Montgomery Road Cincinnati, OH 45242 Full Service B&M $18,540
    Heritage Bank, Inc. U.S. Highway 27 Butler, KY 41006 Full Service B&M $33,882

    For 2020, Heritage Bank had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $41,545
    Net interest income $36,162
    Total noninterest income $6,287
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,206
    Trading account gains and fees $0
    Additional Noninterest Income $5,081
    Pre-tax net operating income $14,575
    Securities gains (or losses, -) $0
    Income before extraordinary items $12,351
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,351
    Minority interest net income $0
    Net income $12,351
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,351

    Heritage Bank's gross interest income from loans was $41,545,000.
    Heritage Bank's net interest income from loans was $36,162,000.
    Heritage Bank's fee based income from loans was $1,206,000.
    Heritage Bank's net income from loans was $12,351,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,383
    Provision for credit losses $2,895
    Total noninterest expense $24,979
    Salaries and employee benefits $14,027
    Premises and equipment expense $2,452
    Additional noninterest expense $8,500
    Applicable income taxes $2,224
    Net charge-offs $140
    Cash dividends $1,168

    Heritage Bank's interest expense for loans was $5,383,000.
    Heritage Bank's payroll and benefits expense were $14,027,000.
    Heritage Bank's property, plant and equipment expenses $2,452,000.

    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 0.0%
    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 $1,136,265
    Deposits held in domestic offices $1,136,265
    Deposits by Individuals, partnerships, and corporations $864,230
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $271,070
    Deposits by Commercial banks and other depository institutions in U.S. $965
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $728,078
    Demand deposits $296,418
    Nontransaction accounts $408,187
    Money market deposit accounts (MMDAs) $77,587
    Other savings deposits (excluding MMDAs) $114,782
    Total time deposits $215,817
    Total time and savings deposits $839,847
    Noninterest-bearing deposits $296,418
    Interest-bearing deposits $839,847
    Retail deposits $1,093,386
    IRAs and Keogh plan accounts $32,714
    Brokered deposits $13,547
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,278,325
    Cash & Balances due from depository institutions $208,169
    Interest-bearing balances $190,870
    Total securities $241,105
    Federal funds sold & reverse repurchase $2,275
    Net loans and leases $775,665
    Loan and leases loss allowance $10,660
    Trading account assets $0
    Bank premises and fixed assets $17,729
    Other real estate owned $282
    Goodwill and other intangibles $4
    All other assets $33,096

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,278,325
    Total Liabilities $1,177,066
    Total deposits $1,136,265
    Interest-bearing deposits $839,847
    Deposits held in domestic offices $1,136,265
    % insured (estimated) $61
    Federal funds purchased and repurchase agreements $32,317
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $8,484

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $775,665
    Loan and leases loss allowance $10,660
    Total loans and leases (domestic) $786,325
    All real estate loans $609,905
    Real estate loans in domestic offices $609,905
    Construction and development loans $71,946
    Residential 1-4 family construction $12,066
    Other construction, all land development and other land $59,880
    Loans secured by nonfarm nonresidential properties $373,903
    Nonfarm nonresidential secured by owner-occupied properties $171,794
    Commercial real estate & other non-farm, non-residential $202,109
    Multifamily residential real estate $40,360
    1-4 family residential loans $119,728
    Farmland loans $3,968
    Loans held in foreign offices $0
    Farm loans $2,693
    Commercial and industrial loans $165,800
    To non-U.S. addressees $0
    Loans to individuals $5,391
    Credit card loans $207
    Related Plans $1,572
    Consumer Auto Loans $1,052
    Other loans to individuals $2,560
    All other loans & leases $2,968
    Loans to foreign governments and official institutions $0
    Other loans $2,042
    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 $8,813
    Non 1-4 family restructured loans & leases $7,671
    Total loans and leases (foreign) $0

    Heritage Bank had $775,665,000 of loans outstanding in 2020. $609,905,000 of loans were in real estate loans. $71,946,000 of loans were in development loans. $40,360,000 of loans were in multifamily mortgage loans. $119,728,000 of loans were in 1-4 family mortgage loans. $2,693,000 of loans were in farm loans. $207,000 of loans were in credit card loans. $1,052,000 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 508 $126,971 $249,943
    Nonfarm, nonresidential loans - <$100k 86 $4,160 $48,372
    Nonfarm, nonresidential loans - $100-250k 179 $24,108 $134,682
    Nonfarm, nonresidential loans - $250k-1MM 243 $98,703 $406,185
    Commercial & Industrial, US addressed loans - <$1MM 527 $54,395 $103,216
    Commercial & Industrial, US addressed loans - <$100k 319 $9,124 $28,602
    Commercial & Industrial, US addressed loans - $100-250k 121 $14,210 $117,438
    Commercial & Industrial, US addressed loans - $250k-1MM 87 $31,061 $357,023
    Farmland loans - <$1MM 35 $2,999 $85,686
    Farmland loans - <$100k 15 $524 $34,933
    Farmland loans - $100-250k 16 $1,532 $95,750
    Farmland loans - $250k-1MM 4 $943 $235,750
    Agriculture operations loans - <$1MM 21 $1,370 $65,238
    Agriculture operations loans - <$100k 15 $579 $38,600
    Agriculture operations loans - $100-250k 6 $791 $131,833