Heritage Bank
Heritage Bank reported total assets of $8.4 bn at Q2 2026, up 19.2% on a year earlier, the 191st largest of 497 banks in our US coverage. The CET1 capital ratio at Heritage Bank was 12.34%, and the uninsured share of Heritage Bank was 39.09%. Source: FDIC Call Reports.
Key takeaways
- On net interest margin, Heritage Bank climbed from 231st to 113th among 500 US banks between and (1 = highest; FDIC Call Reports).
- Since , Heritage Bank has taken over 3 institutions; the latest was Kitsap Bank on (FDIC Call Reports).
- Over the year to , the net interest margin of Heritage Bank rose by 0.62 pp to 4.12%, a bigger rise than at 95% of covered banks (FDIC Call Reports).
What sets Heritage Bank apart
How large is Heritage Bank?
The balance sheet of Heritage Bank at : assets $8.4 bn, deposits $7.0 bn, net loans $5.7 bn (loans equal to 80.76% of deposits). Securities make up 19.4% of total assets at Heritage Bank. Since , when Heritage Bank held $3.7 bn, its assets grew 129.1%. In the year to , deposits at Heritage Bank rose 21.7% while its total assets rose 19.2%. At , Heritage Bank employed 981 full-time equivalent staff across 69 offices, about $8.6 mn of assets per employee and $102.1 mn of deposits per office.
How much funding at Heritage Bank is uninsured?
At Heritage Bank, uninsured deposits (above the FDIC limit) made up 39.09% of domestic deposits at (-1.87 pp on a year earlier); Heritage Bank ranks 202nd of 500 on this measure. In dollars, Heritage Bank estimated $2.8 bn of uninsured deposits.
Key facts, Q2 2026
| Metric | Value | Change from a year earlier | US rank |
|---|---|---|---|
| Total deposits | $7.0 bn | +21.7% | 185th of 499 |
| Net loans and leases | $5.7 bn | +20.5% | 191st of 500 |
| Loan-to-deposit ratio | 80.76% | -0.85 pp | 333rd of 500 |
| Tier 1 leverage ratio | 10.23% | +0.06 pp | 265th of 500 |
| Total risk-based capital ratio | 13.23% | -0.24 pp | 336th of 448 |
| Net interest margin | 4.12% | +0.62 pp | 113th of 500 |
| Return on assets (ROA) | 1.05% | +0.21 pp | 366th of 500 |
| Efficiency ratio | 67.54% | +5.24 pp | 415th of 500 (1 = lowest) |
| Unrealized gain/loss on held-to-maturity securities | Loss of $54.1 mn | Narrowed by $6.1 mn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $48.7 mn | Widened by $933,000 | |
| Noncurrent loans to total loans | 0.27% | -0.12 pp | 90th of 500 (1 = lowest) |
| Net charge-offs to average loans | 0.03% | 0.00 pp | 156th of 500 (1 = lowest) |
US rank of Heritage Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Heritage Bank: assets, deposits and loans
- Total assets $8.4bn
- Deposits $7.0bn
- Net loans $5.7bn
Capital and securities
The CET1 ratio of Heritage Bank stood at 12.34% in , -0.18 pp year on year. Low and high at Heritage Bank since : 11.32% () to 13.83% (). Equity capital of Heritage Bank at : $1.1 bn, or 13.3% of total assets. Heritage Bank also reported a total capital ratio of 13.23% for , and a tier 1 leverage ratio of 10.23%.
On held-to-maturity securities, Heritage Bank carried an unrealized loss of $54.1 mn at , equal to 4.8% of equity capital. The loss narrowed by $6.1 mn over the year. Its deepest point: $110.6 mn in . The available-for-sale portfolio of Heritage Bank showed an unrealized loss of $48.7 mn at ; the loss widened by $933,000 over the year.
Heritage Bank: capital ratios
- Total capital 13%
- CET1 12%
- Tier 1 leverage 10%
Heritage Bank: unrealized securities gains and losses
- Available for sale -$49mn
- Held to maturity -$54mn
Profitability and loan quality
For the year to , Heritage Bank earned a return on equity of 7.88%; return on assets: 1.05%. Net interest margin at Heritage Bank: 4.12%, +0.62 pp in a year. Heritage Bank net income: $41.8 mn, up 40.1% year on year. The efficiency ratio of Heritage Bank was 67.54%: about 68 cents cost per revenue dollar, against 59 cents at the median peer.
At , noncurrent loans were 0.27% of total loans at Heritage Bank; net charge-offs: 0.03% of average loans. Gross loans and leases at Heritage Bank: $5.7 bn, up 20.4% in a year.
Heritage Bank: profitability
- Return on equity 7.9%
- Net interest margin 4.1%
- Return on assets 1.0%
Peer group of Heritage Bank
The peer group of Heritage Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 4 share the charter type of Heritage Bank (state nonmember bank), 6 sit in the same size group ($1 bn to $10 bn) and 0 have head offices in Washington. Against them, Heritage Bank shows CET1 ratio 12.34% against a peer median of 13.09%, return on equity 7.88% against a peer median of 11.79% and uninsured deposit share 39.09% against a peer median of 29.54%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Cross River Bank | State nonmember bank | NJ | $8.5 bn | not reported | 0.99% | 33.35% | |
| Forbright Bank | State nonmember bank | MD | $8.5 bn | not reported | 5.25% | 13.95% | |
| German American Bank | State nonmember bank | IN | $8.4 bn | 13.31% | 13.05% | 42.83% | |
| Heritage Bank | State nonmember bank | WA | $8.4 bn | 12.34% | 7.88% | 39.09% | |
| CNB Bank | State member bank | PA | $8.4 bn | 13.09% | 12.34% | 28.83% | |
| BankPlus | State member bank | MS | $8.4 bn | not reported | 11.23% | 18.52% | |
| Poppy Bank | State nonmember bank | CA | $8.3 bn | 12.82% | 14.33% | 30.25% | |
. FDIC Call Reports.
Last eight quarters
Two years at Heritage Bank, to : assets +17.8%, deposits +23.4%, equity +25.9%. Staff 750 to 981; offices 50 to 69.
| Metric | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $7.1 bn | $7.1 bn | $7.1 bn | $7.1 bn | $7.0 bn | $7.0 bn | $8.5 bn | $8.4 bn |
| Total deposits | $5.7 bn | $5.7 bn | $5.8 bn | $5.8 bn | $5.9 bn | $5.9 bn | $7.3 bn | $7.0 bn |
| Bank equity capital | $890.9 mn | $878.0 mn | $895.6 mn | $903.8 mn | $915.8 mn | $933.2 mn | $1.1 bn | $1.1 bn |
| CET1 ratio | 12.59% | 12.28% | 12.48% | 12.52% | 12.67% | 12.95% | 12.32% | 12.34% |
| Return on equity (ROE) | 5.60% | 5.77% | 7.10% | 6.68% | 7.58% | 8.30% | 8.66% | 7.88% |
| Uninsured share of domestic deposits | 39.26% | 39.96% | 39.74% | 40.96% | 42.54% | 41.01% | 39.03% | 39.09% |
| Full-time equivalent employees | 750 | 751 | 757 | 747 | 745 | 744 | 986 | 981 |
| Number of offices | 50 | 50 | 50 | 50 | 50 | 50 | 67 | 69 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Heritage Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Puget Sound Bank (FDIC certificate 57955).
- . Absorbed Premier Community Bank (FDIC certificate 35013).
- . Absorbed Kitsap Bank (FDIC certificate 6161).
Questions and identifiers
What were the total assets of Heritage Bank?
Heritage Bank reported $8.4 bn at in its Call Report. That makes Heritage Bank the 191st largest of 497 banks in our US coverage.
Is Heritage Bank the same as its holding company?
No. This page covers Heritage Bank, FDIC certificate 29012; HERITAGE FINANCIAL CORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Heritage Bank profitable?
Heritage Bank reported net income of $41.8 mn for the year to ; annualized return on equity: 7.88%. So yes: Heritage Bank made a profit over these months.
When is data for Heritage Bank next updated?
Figures from Heritage Bank for are due after .
Where can I check the figures for Heritage Bank?
In the FDIC BankFind Suite record for certificate 29012, and in the Call Reports of Heritage Bank (RSSD ID 881478) at the FFIEC Central Data Repository.