Heritage Bank Mortgage Rates, Fees & Info

Olympia, WA

LEI: 549300Z2B4FHRYOXTS09

Tax ID: 91-1618099

4.9 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Heritage Bank is a smaller bank specializing in Refi and Home Purchase loans. Heritage Bank has a high proportion of conventional loans. Their top markets include Seattle, Bellingham, Portland, Oak Harbor, and Bremerton among others. Heritage Bank has an 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

522

Origination Dollar Volume (All Markets)

$330,490,000

Employee count

767

Relative Rate

Heritage Bank's average 30 year fixed rate mortgage of loans were 3.16%.

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

This yields a difference of 0.01%.

Relative Fees

Heritage Bank's average total fees for a 30 year fixed rate mortgage are $4,810.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 159 $98,505,000 $619,528 $4,822 3.00%
BELLINGHAM, WA (FHA|USDA|VA) 84 $52,010,000 $619,167 $4,775 3.10%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 31 $50,115,000 $1,616,613 $4,324 2.93%
Oak Harbor, WA (FHA|USDA|VA) 105 $38,395,000 $365,667 $4,859 3.02%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 6 $35,610,000 $5,935,000 $2,818 3.42%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 52 $19,550,000 $375,962 $4,358 2.97%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 34 $10,660,000 $313,529 $4,273 3.07%
Outside of Metro Areas 10 $8,590,000 $859,000 $8,072 3.04%
YAKIMA, WA (FHA|USDA|VA) 14 $4,160,000 $297,143 $4,568 3.04%
Heber, UT (FHA|USDA|VA) 1 $3,605,000 $3,605,000 $27,307 3.13%
LONGVIEW, WA (FHA|USDA|VA) 6 $2,720,000 $453,333 $6,778 3.02%
Centralia, WA (FHA|USDA|VA) 5 $1,445,000 $289,000 $3,528 2.50%
WENATCHEE, WA (FHA|USDA|VA) 4 $1,260,000 $315,000 $3,620 3.01%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $1,170,000 $585,000 $7,912 3.19%
Prineville, OR (FHA|USDA|VA) 1 $875,000 $875,000 $12,188 3.38%
Shelton, WA (FHA|USDA|VA) 3 $685,000 $228,333 $4,940 2.71%
SALEM, OR (FHA|USDA|VA) 1 $545,000 $545,000 $5,024 3.25%
Ellensburg, WA (FHA|USDA|VA) 2 $320,000 $160,000 $2,388 2.81%
Port Angeles, WA (FHA|USDA|VA) 2 $270,000 $135,000 $3,278 2.75%

Heritage Bank's top markets include Seattle, Bellingham, Portland, Oak Harbor, and Bremerton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 509 $326,485,000 $641,424 $4,805 3.03%
VA 13 $4,005,000 $308,077 $5,505 2.63%

For the 2021 period, Heritage Bank's most frequently originated loan type of loans were Conventional, with 509 originations. Their 2nd most popular type is VA, with 13 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 214 $91,230,000 $426,308 $4,109 2.83%
Home Purchase 156 $189,290,000 $1,213,397 $7,001 3.27%
Cash Out Refi 136 $43,950,000 $323,162 $4,056 3.01%
Other 10 $4,350,000 $435,000 $4,149 3.01%
Home Improvement 6 $1,670,000 $278,333 $2,712 3.25%

For the 2021, Heritage Bank's most frequently cited loan purpose of loans were Refi, with 214 originations. The 2nd most popular reason of loans were Home Purchase, with 156 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 316 $123,010,000 $389,272 $4,810 3.16%
15 Year 119 $41,545,000 $349,118 $3,481 2.25%
10 Year 37 $44,185,000 $1,194,189 $2,781 3.64%
30+ year 23 $14,405,000 $626,304 $12,073 3.59%
Other 12 $89,480,000 $7,456,667 $0 3.19%
20 Year 10 $7,950,000 $795,000 $5,012 2.93%
1 Year 4 $6,610,000 $1,652,500 $0 5.00%
5 Year 1 $3,305,000 $3,305,000 $0 3.50%

For the 2021, Heritage Bank's most frequently cited loan length of loans were 30 Year, with 316 originations. The 2nd most popular length of loans were 15 Year, with 119 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 202 $72,570,000 $359,257
$1k-2k 80 $20,890,000 $261,125
$5k+ 62 $49,380,000 $796,452
$2k-3k 50 $16,240,000 $324,800
$3k-4k 44 $17,620,000 $400,455

$4,810 of loans were Heritage Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 202 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 236 $155,490,000 $658,856
2.5-3% 150 $81,230,000 $541,533
<2.5% 121 $80,465,000 $665,000
4-5% 15 $13,305,000 $887,000

During 2021, Heritage Bank's average interest rate of loans were 3.16%, while their most frequently originated rate bucket of loans were 3-4%, with 236 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 193 $55,715,000 $288,679 $3,774 2.95%
$400k-600k 140 $67,140,000 $479,571 $5,298 3.14%
$100k-200k 92 $14,240,000 $154,783 $2,974 2.89%
$1MM+ 45 $166,525,000 $3,700,556 $12,641 3.19%
$600k-1MM 33 $25,435,000 $770,758 $9,286 3.11%
$100,000 or less 19 $1,435,000 $75,526 $2,734 2.89%

2021 saw Heritage Bank place emphasis on $200k-400k loans with 193 originations, totaling $55,715,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 89 $33,415,000 $375,449 $4,660 2.97%
$250k+ 83 $63,265,000 $762,229 $7,950 2.92%
$50k-75k 80 $19,990,000 $249,875 $4,036 3.03%
$75k-100k 76 $22,720,000 $298,947 $3,991 3.05%
$150k-250k 69 $29,535,000 $428,043 $4,997 2.89%
$50k or less 33 $5,605,000 $169,848 $3,358 3.03%

Heritage Bank lent most frequently to those with incomes in the $100k-150k range, with 89 originations. The second most popular income band? $250k+, with 83 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 113 $42,025,000 $371,903 $4,299 2.93%
<20% 95 $37,645,000 $396,263 $4,694 2.84%
30-36% 87 $37,605,000 $432,241 $5,014 2.84%
38% 19 $6,325,000 $332,895 $4,412 2.97%
42% 18 $9,040,000 $502,222 $5,745 3.15%
36% 18 $7,120,000 $395,556 $5,582 3.22%
40% 18 $7,320,000 $406,667 $4,807 2.95%
41% 16 $7,900,000 $493,750 $7,400 3.40%
44% 13 $4,715,000 $362,692 $4,589 3.21%
37% 12 $3,900,000 $325,000 $4,065 2.85%
43% 12 $6,830,000 $569,167 $5,719 2.75%
46% 10 $2,760,000 $276,000 $4,307 2.86%
39% 10 $4,450,000 $445,000 $6,585 2.95%
45% 9 $2,135,000 $237,222 $3,324 3.39%
49% 5 $2,335,000 $467,000 $3,820 2.95%
48% 4 $1,600,000 $400,000 $5,070 3.34%
47% 3 $975,000 $325,000 $4,621 3.29%
50-60% 2 $680,000 $340,000 $6,953 3.63%

Heritage Bank lent most frequently to those with DTI ratios of 20-30%, with 113 originations. The next most common DTI ratio? <20%, with 95 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 366 $150,770,000 $411,940 $4,843 2.93%
Not applicable 46 $139,770,000 $3,038,478 $0 3.69%
Not provided 78 $29,560,000 $378,974 $5,063 3.03%
Asian 19 $6,245,000 $328,684 $3,410 2.96%
American Indian 5 $1,795,000 $359,000 $6,088 3.20%
Black 3 $865,000 $288,333 $3,814 3.25%
Native Hawaiian 3 $785,000 $261,667 $2,924 3.21%
Filipino 1 $365,000 $365,000 $7,004 2.75%
Guamanian 1 $335,000 $335,000 $2,286 3.00%

Approval Rates

Total approvals of all applications
86.83%

Heritage Bank has an average approval rate.

Pick Rate

Approvals leading to origination
76.89%

Heritage Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 522 $330,490,000 $633,123

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
522 $330,490,000 $633,123

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 141 $47,305,000 $335,496 $3,690 2.80%
40-60% 152 $103,390,000 $680,197 $4,827 3.03%
60-80% 152 $152,960,000 $1,006,316 $5,921 3.24%
80-100% 45 $20,205,000 $449,000 $5,894 3.15%
Under 20% 25 $4,595,000 $183,800 $3,387 2.71%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Heritage Bank 100 North Main Street Ellensburg, WA 98926 Full Service B&M $20,992
Heritage Bank 1119 Pacific Avenue, Suite 300 Tacoma, WA 98402 Full Service B&M $136,758
Heritage Bank 11832 Mukilteo Speedway Mukilteo, WA 98275 Full Service B&M $125,097
Heritage Bank 1201 Ne Lloyd Blvd., Suite 290 Portland, OR 97232 Full Service B&M $27,067
Heritage Bank 12803 Canyon Road E Puyallup, WA 98373 Full Service B&M $88,404
Heritage Bank 1307 East Main Street Puyallup, WA 98372 Full Service B&M $166,514
Heritage Bank 1420 5th Ave, Suite 3600 Seattle, WA 98101 Full Service B&M $152,746
Heritage Bank 1504 132nd St Se Mill Creek, WA 98012 Full Service B&M $107,614
Heritage Bank 15211 Pacific Ave S Tacoma, WA 98444 Full Service B&M $53,701
Heritage Bank 165 E. Mcelroy Dr. Camano Island, WA 98282 Full Service B&M $82,471
Heritage Bank 1700 Urban Ave Mount Vernon, WA 98273 Full Service B&M $40,846
Heritage Bank 1722 South Union Avenue Tacoma, WA 98405 Full Service B&M $239,849
Heritage Bank 1800 South Burlington Boulevard Burlington, WA 98233 Full Service B&M $155,422
Heritage Bank 32303 Pacific Highway S Federal Way, WA 98003 Full Service B&M $99,672
Heritage Bank 3866 S 74th St Tacoma, WA 98409 Full Service Cyber Office $0
Heritage Bank 401 N. Main Coupeville, WA 98239 Full Service B&M $90,256
Heritage Bank 415 W James St Kent, WA 98032 Full Service B&M $53,088
Heritage Bank 4220-172nd Street Northeast Arlington, WA 98223 Full Service B&M $112,521
Heritage Bank 4400 Pacific Avenue Se Lacey, WA 98503 Full Service B&M $162,053
Heritage Bank 450 Sw Bayshore Drive Oak Harbor, WA 98277 Full Service B&M $142,533
Heritage Bank 4627 S Meridian Puyallup, WA 98373 Full Service B&M $72,277
Heritage Bank 5119 Olympic Drive Nw Gig Harbor, WA 98335 Full Service B&M $61,429
Heritage Bank 535 Market Street, Suite A Friday Harbor, WA 98250 Full Service B&M $68,118
Heritage Bank 537 West Second Toppenish, WA 98948 Full Service B&M $102,707
Heritage Bank 5590 S Harbor Ave Freeland, WA 98249 Full Service B&M $183,271
Heritage Bank 5615 Evergreen Way Everett, WA 98203 Full Service B&M $78,176
Heritage Bank 19510 58th Ave W Lynnwood, WA 98036 Full Service B&M $74,429
Heritage Bank 201 5th Avenue, S.W. Olympia, WA 98501 Limited, Mobile/Seasonal Office $0
Heritage Bank 201 5th Avenue, S.W. Olympia, WA 98501 Full Service B&M $252,851
Heritage Bank 20333 Ballinger Way, Ne Shoreline, WA 98155 Full Service B&M $133,683
Heritage Bank 2202 Commercial Ave. Anacortes, WA 98221 Full Service B&M $120,726
Heritage Bank 2205 South First Street Yakima, WA 98903 Full Service B&M $92,670
Heritage Bank 26317 72nd Avenue Nw Stanwood, WA 98292 Full Service B&M $62,297
Heritage Bank 265 York Street Bellingham, WA 98225 Full Service B&M $159,727
Heritage Bank 2811 19th Avenue, Suite A Forest Grove, OR 97116 Full Service B&M $48,391
Heritage Bank 301 E Wallace Kneeland Blvd, Suite 115 Shelton, WA 98584 Full Service B&M $71,433
Heritage Bank 301 West Yakima Avenue Yakima, WA 98902 Full Service B&M $50,718
Heritage Bank 314 East Main Street Hillsboro, OR 97123 Full Service B&M $141,240
Heritage Bank 5801 Tacoma Mall Blvd Tacoma, WA 98409 Full Service B&M $156,390
Heritage Bank 675 Ne Midway Blvd Oak Harbor, WA 98277 Full Service B&M $50,198
Heritage Bank 700 Washington Street, Suite 708 Vancouver, WA 98660 Full Service B&M $77,049
Heritage Bank 7632 Sw Durham Road, Suite 125 Tigard, OR 97224 Full Service B&M $133,198
Heritage Bank 850 Trosper Road Sw Tumwater, WA 98512 Full Service B&M $61,545
Heritage Bank 900 Cooper Point Southwest Olympia, WA 98502 Full Service B&M $142,350
Heritage Bank 920 West Bakerview Road Bellingham, WA 98226 Full Service B&M $76,165
Heritage Bank 927 Commerce Avenue Longview, WA 98632 Full Service B&M $100,621
Heritage Bank 9515 Ne Windsor Street Beaverton, OR 97006 Full Service B&M $92,265
Heritage Bank 1000 Braodway, Suite 2170 Portland, OR 97205 Full Service B&M $180,116
Heritage Bank 1000 South 13th St Kelso, WA 98626 Full Service B&M $55,899
Heritage Bank 1001 D Street Ne Auburn, WA 98002 Full Service B&M $94,258
Heritage Bank 1005 Wood Ave Sumner, WA 98390 Full Service B&M $87,501
Heritage Bank 1031 State Avenue Marysville, WA 98270 Full Service B&M $38,571
Heritage Bank 10318 Gravelly Lake Dr Sw Tacoma, WA 98499 Full Service B&M $144,682
Heritage Bank 105 1st St, #101 Langley, WA 98260 Full Service B&M $60,963
Heritage Bank 10500 Ne 8th St, Ste 1500 Bellevue, WA 98004 Full Service B&M $699,966

For 2021, Heritage Bank had 55 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $212,831
Net interest income $206,514
Total noninterest income $35,788
Gross Fiduciary activities income $0
Service charges on deposit accounts $6,281
Trading account gains and fees $0
Additional Noninterest Income $29,507
Pre-tax net operating income $126,897
Securities gains (or losses, -) $29
Income before extraordinary items $103,058
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $103,058
Minority interest net income $0
Net income $103,058
Sale, conversion, retirement of capital stock, net $0
Net operating income $103,034

Heritage Bank's gross interest income from loans was $212,831,000.
Heritage Bank's net interest income from loans was $206,514,000.
Heritage Bank's fee based income from loans was $6,281,000.
Heritage Bank's net income from loans was $103,058,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,317
Provision for credit losses $-29,372
Total noninterest expense $144,777
Salaries and employee benefits $85,391
Premises and equipment expense $16,748
Additional noninterest expense $42,638
Applicable income taxes $23,868
Net charge-offs $526
Cash dividends $46,000

Heritage Bank's interest expense for loans was $6,317,000.
Heritage Bank's payroll and benefits expense were $85,391,000.
Heritage Bank's property, plant and equipment expenses $16,748,000.

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 $6,397,803
Deposits held in domestic offices $6,397,803
Deposits by Individuals, partnerships, and corporations $6,202,832
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $183,754
Deposits by Commercial banks and other depository institutions in U.S. $11,217
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $984,260
Demand deposits $559,205
Nontransaction accounts $5,413,543
Money market deposit accounts (MMDAs) $1,120,174
Other savings deposits (excluding MMDAs) $3,950,530
Total time deposits $342,839
Total time and savings deposits $5,838,598
Noninterest-bearing deposits $2,347,422
Interest-bearing deposits $4,050,381
Retail deposits $6,298,022
IRAs and Keogh plan accounts $41,625
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $7,429,804
Cash & Balances due from depository institutions $1,723,292
Interest-bearing balances $1,661,915
Total securities $1,277,728
Federal funds sold & reverse repurchase $0
Net loans and leases $3,774,777
Loan and leases loss allowance $42,361
Trading account assets $0
Bank premises and fixed assets $105,794
Other real estate owned $0
Goodwill and other intangibles $251,256
All other assets $296,957

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $7,429,804
Total Liabilities $6,559,942
Total deposits $6,397,803
Interest-bearing deposits $4,050,381
Deposits held in domestic offices $6,397,803
% insured (estimated) $58
Federal funds purchased and repurchase agreements $50,839
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $111,300

Issued Loan Types

Type Value (in 000's)
Net loans and leases $3,774,777
Loan and leases loss allowance $42,361
Total loans and leases (domestic) $3,817,138
All real estate loans $2,900,589
Real estate loans in domestic offices $2,900,589
Construction and development loans $237,894
Residential 1-4 family construction $55,834
Other construction, all land development and other land $182,060
Loans secured by nonfarm nonresidential properties $2,051,912
Nonfarm nonresidential secured by owner-occupied properties $919,312
Commercial real estate & other non-farm, non-residential $1,132,600
Multifamily residential real estate $199,475
1-4 family residential loans $362,752
Farmland loans $48,556
Loans held in foreign offices $0
Farm loans $21,013
Commercial and industrial loans $523,269
To non-U.S. addressees $0
Loans to individuals $126,697
Credit card loans $6,611
Related Plans $3,183
Consumer Auto Loans $113,830
Other loans to individuals $3,073
All other loans & leases $245,570
Loans to foreign governments and official institutions $0
Other loans $59,846
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $85,437
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $58,016
Non 1-4 family restructured loans & leases $57,227
Total loans and leases (foreign) $0

Heritage Bank had $3,774,777,000 of loans outstanding in 2021. $2,900,589,000 of loans were in real estate loans. $237,894,000 of loans were in development loans. $199,475,000 of loans were in multifamily mortgage loans. $362,752,000 of loans were in 1-4 family mortgage loans. $21,013,000 of loans were in farm loans. $6,611,000 of loans were in credit card loans. $113,830,000 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 1,075 $371,433 $345,519
Nonfarm, nonresidential loans - <$100k 45 $1,112 $24,711
Nonfarm, nonresidential loans - $100-250k 235 $30,117 $128,157
Nonfarm, nonresidential loans - $250k-1MM 795 $340,204 $427,930
Commercial & Industrial, US addressed loans - <$1MM 3,160 $322,939 $102,196
Commercial & Industrial, US addressed loans - <$100k 1,600 $36,207 $22,629
Commercial & Industrial, US addressed loans - $100-250k 720 $68,768 $95,511
Commercial & Industrial, US addressed loans - $250k-1MM 840 $217,964 $259,481
Farmland loans - <$1MM 80 $13,782 $172,275
Farmland loans - <$100k 9 $316 $35,111
Farmland loans - $100-250k 38 $4,304 $113,263
Farmland loans - $250k-1MM 33 $9,162 $277,636
Agriculture operations loans - <$1MM 122 $10,417 $85,385
Agriculture operations loans - <$100k 61 $1,551 $25,426
Agriculture operations loans - $100-250k 39 $3,926 $100,667
Agriculture operations loans - $250k-1MM 22 $4,940 $224,545