Heritage Bank Mortgage Rates, Fees & Info
Erlanger, KYLEI: 549300XT5WP4TMNXL317
Tax ID: 61-1174806
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Mortgage Data
Bank Data
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.
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Originations
103Origination Dollar Volume (All Markets)
$38,615,000Employee count
201Top 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) | 94 | $35,340,000 | $375,957 | $0 | 0.00% |
| Outside of Metro Areas | 9 | $3,275,000 | $363,889 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 103 | $38,615,000 | $374,903 | $0 | 0.00% |
For 2021, Heritage Bank's most frequently originated type of loan was Conventional, with 103 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 56 | $17,480,000 | $312,143 | $0 | 0.00% |
| Refi | 41 | $20,325,000 | $495,732 | $0 | 0.00% |
| Home Improvement | 6 | $810,000 | $135,000 | $0 | 0.00% |
For 2021, Heritage Bank's most frequently cited loan purpose was Home Purchase, with 56 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 103 | $38,615,000 | $374,903 | $0 | 0.00% |
For 2021, Heritage Bank's most frequently cited loan duration was Other, with 103 originations.
Loan Sizing
2021 saw Heritage Bank place emphasis on $100k-200k loans with 46 originations, totaling $6,360,000 in origination value.
Applicant Income
Heritage Bank lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $50k or less, with 9 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 103 | $38,615,000 | $374,903 | $0 | 0.00% |
Heritage Bank lent most frequently to those with DTI ratios of Exempt%, with 103 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.36%
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 origination97.09%
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 | 103 | $38,615,000 | $374,903 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Heritage Bank, Inc. | 1057 Ridgeway Avenue Falmouth, KY 41040 | Full Service B&M | $38,800 |
| Heritage Bank, Inc. | 1818 Florence Pike Burlington, KY 41005 | Full Service B&M | $212,333 |
| Heritage Bank, Inc. | 1911 Dixie Highway Fort Wright, KY 41011 | Full Service B&M | $57,285 |
| Heritage Bank, Inc. | 2040 Declaration Drive Independence, KY 41051 | Full Service B&M | $52,069 |
| Heritage Bank, Inc. | 2101 Medical Arts Drive Hebron, KY 41048 | Full Service B&M | $55,546 |
| Heritage Bank, Inc. | 229 South Main Street Williamstown, KY 41097 | Full Service B&M | $22,222 |
| Heritage Bank, Inc. | 235 Mary Grubbs Highway Walton, KY 41094 | Full Service B&M | $69,236 |
| Heritage Bank, Inc. | 3600 Decoursey Avenue Covington, KY 41015 | Full Service B&M | $17,433 |
| Heritage Bank, Inc. | 456 Commonwealth Avenue Erlanger, KY 41018 | Full Service B&M | $200,625 |
| Heritage Bank, Inc. | 48 Broadway Dry Ridge, KY 41035 | Full Service B&M | $44,833 |
| Heritage Bank, Inc. | 4929 Alexandria Pike Cold Spring, KY 41076 | Full Service B&M | $53,699 |
| Heritage Bank, Inc. | 612 Buttermilk Pike Crescent Springs, KY 41017 | Full Service B&M | $89,034 |
| Heritage Bank, Inc. | 6310 Tylersville Road Mason, OH 45040 | Full Service B&M | $26,498 |
| Heritage Bank, Inc. | 647 Monmouth Street Newport, KY 41071 | Full Service B&M | $35,012 |
| Heritage Bank, Inc. | 7434 U.S. Highway 42 Florence, KY 41042 | Full Service B&M | $77,143 |
| Heritage Bank, Inc. | 7593 Alexandria Pike Alexandria, KY 41001 | Full Service B&M | $40,876 |
| Heritage Bank, Inc. | 8751 U.S. Highway 42 Union, KY 41091 | Full Service B&M | $92,874 |
| Heritage Bank, Inc. | 9749 Montgomery Road Cincinnati, OH 45242 | Full Service B&M | $21,637 |
| Heritage Bank, Inc. | U.S. Highway 27 Butler, KY 41006 | Full Service B&M | $40,092 |
For 2021, Heritage Bank had 19 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $44,427 |
| Net interest income | $41,533 |
| Total noninterest income | $7,343 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,404 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $5,939 |
| Pre-tax net operating income | $19,022 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $15,504 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $15,504 |
| Minority interest net income | $0 |
| Net income | $15,504 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $15,504 |
Heritage Bank's gross interest income from loans was $44,427,000.
Heritage Bank's net interest income from loans was $41,533,000.
Heritage Bank's fee based income from loans was $1,404,000.
Heritage Bank's net income from loans was $15,504,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,894 |
| Provision for credit losses | $592 |
| Total noninterest expense | $29,262 |
| Salaries and employee benefits | $17,629 |
| Premises and equipment expense | $2,502 |
| Additional noninterest expense | $9,131 |
| Applicable income taxes | $3,518 |
| Net charge-offs | $-71 |
| Cash dividends | $1,549 |
Heritage Bank's interest expense for loans was $2,894,000.
Heritage Bank's payroll and benefits expense were $17,629,000.
Heritage Bank's property, plant and equipment expenses $2,502,000.
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 | $1,315,246 |
| Deposits held in domestic offices | $1,315,246 |
| Deposits by Individuals, partnerships, and corporations | $1,018,043 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $296,157 |
| Deposits by Commercial banks and other depository institutions in U.S. | $1,046 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $873,297 |
| Demand deposits | $331,970 |
| Nontransaction accounts | $441,949 |
| Money market deposit accounts (MMDAs) | $98,353 |
| Other savings deposits (excluding MMDAs) | $144,421 |
| Total time deposits | $199,175 |
| Total time and savings deposits | $983,276 |
| Noninterest-bearing deposits | $331,970 |
| Interest-bearing deposits | $983,276 |
| Retail deposits | $1,276,335 |
| IRAs and Keogh plan accounts | $32,711 |
| Brokered deposits | $10,770 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,463,835 |
| Cash & Balances due from depository institutions | $255,237 |
| Interest-bearing balances | $241,404 |
| Total securities | $425,940 |
| Federal funds sold & reverse repurchase | $418 |
| Net loans and leases | $727,674 |
| Loan and leases loss allowance | $11,323 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $17,173 |
| Other real estate owned | $19 |
| Goodwill and other intangibles | $0 |
| All other assets | $37,374 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,463,835 |
| Total Liabilities | $1,351,779 |
| Total deposits | $1,315,246 |
| Interest-bearing deposits | $983,276 |
| Deposits held in domestic offices | $1,315,246 |
| % insured (estimated) | $61 |
| Federal funds purchased and repurchase agreements | $28,188 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $8,345 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $727,674 |
| Loan and leases loss allowance | $11,323 |
| Total loans and leases (domestic) | $738,997 |
| All real estate loans | $623,212 |
| Real estate loans in domestic offices | $623,212 |
| Construction and development loans | $66,532 |
| Residential 1-4 family construction | $13,149 |
| Other construction, all land development and other land | $53,383 |
| Loans secured by nonfarm nonresidential properties | $378,198 |
| Nonfarm nonresidential secured by owner-occupied properties | $166,854 |
| Commercial real estate & other non-farm, non-residential | $211,344 |
| Multifamily residential real estate | $47,329 |
| 1-4 family residential loans | $125,221 |
| Farmland loans | $5,932 |
| Loans held in foreign offices | $0 |
| Farm loans | $3,190 |
| Commercial and industrial loans | $103,255 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $7,134 |
| Credit card loans | $258 |
| Related Plans | $1,987 |
| Consumer Auto Loans | $1,062 |
| Other loans to individuals | $3,827 |
| All other loans & leases | $2,289 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $1,511 |
| 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 | $6,290 |
| Non 1-4 family restructured loans & leases | $5,442 |
| Total loans and leases (foreign) | $0 |
Heritage Bank had $727,674,000 of loans outstanding in 2021. $623,212,000 of loans were in real estate loans. $66,532,000 of loans were in development loans. $47,329,000 of loans were in multifamily mortgage loans. $125,221,000 of loans were in 1-4 family mortgage loans. $3,190,000 of loans were in farm loans. $258,000 of loans were in credit card loans. $1,062,000 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 | 477 | $116,670 | $244,591 |
| Nonfarm, nonresidential loans - <$100k | 72 | $3,741 | $51,958 |
| Nonfarm, nonresidential loans - $100-250k | 182 | $23,315 | $128,104 |
| Nonfarm, nonresidential loans - $250k-1MM | 223 | $89,614 | $401,857 |
| Commercial & Industrial, US addressed loans - <$1MM | 542 | $56,701 | $104,614 |
| Commercial & Industrial, US addressed loans - <$100k | 324 | $10,331 | $31,886 |
| Commercial & Industrial, US addressed loans - $100-250k | 133 | $15,377 | $115,617 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 85 | $30,993 | $364,624 |
| Farmland loans - <$1MM | 32 | $2,604 | $81,375 |
| Farmland loans - <$100k | 14 | $403 | $28,786 |
| Farmland loans - $100-250k | 15 | $1,331 | $88,733 |
| Farmland loans - $250k-1MM | 3 | $870 | $290,000 |
| Agriculture operations loans - <$1MM | 16 | $980 | $61,250 |
| Agriculture operations loans - <$100k | 10 | $392 | $39,200 |
| Agriculture operations loans - $100-250k | 5 | $568 | $113,600 |
| Agriculture operations loans - $250k-1MM | 1 | $20 | $20,000 |