Applications / Mortgage Analytics / Lenders / Minnesota / Heritage Bank
Spicer, MN · National bank · OCC · $393 million assets · 232 loans in 2025
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232
loans originated, 2025
376
applications, 2025
38
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Heritage Bank, a national bank in Minnesota, lends far beyond its home state: it made loans in 38 states and 66 metros in 2025, most of them to home buyers.
Purchases were 86.2% of its loans. Its typical loan was $320,000, against $200,000 at similar lenders (national banks making between half and twice as many loans), larger than at nearly nine in ten of them. Jumbo loans (larger than the conforming limit) were 5.6% of its lending, against 2.0%.
FHA loans (insured by the Federal Housing Administration) were 12.9% of its lending, a higher share than at more than nine in ten similar lenders; the typical one made none. The share was 19.5% in 2024. Borrowers with low and moderate incomes took 25.1% of its loans, near the middle of its peers.
Its largest market is non-metro Minnesota, where it ranked 69 of 536 lenders. In Minneapolis-St. Paul-Bloomington, MN-WI its share rounds to 0.0%; Bell Bank led. In 2025 it lent for the first time in Panama City-Panama City Beach, FL and Lake Havasu City-Kingman, AZ.
It made 232 loans in 2025, against 1,251 in 2020. Its count fell 4% while similar lenders made 5% more. Because its loans grew larger, its lending rose to $90.5 million from $70.9 million.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Heritage Bank took 376 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 86.2% · Refinance 9.1% · Other 2.6% · Home improvement 2.2%
Conventional 84.9% · FHA 12.9% · VA 1.3% · USDA (RHS or FSA) 0.9% · of 232 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Minnesota | 97 | 41.8% |
| Iowa | 27 | 11.6% |
| Texas | 12 | 5.2% |
| South Dakota | 10 | 4.3% |
| Florida | 9 | 3.9% |
| Arizona | 6 | 2.6% |
| New York | 6 | 2.6% |
| Georgia | 5 | 2.2% |
| Massachusetts | 4 | 1.7% |
| Pennsylvania | 4 | 1.7% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 25 |
| Sioux City | 17 |
| St. Cloud | 7 |
| Sioux Falls | 7 |
| Phoenix-Mesa-Chandler | 4 |
| Dallas-Plano-Irving | 3 |
| Las Vegas-Henderson-North Las Vegas | 3 |
| New York-Jersey City-White Plains | 3 |
| Rochester | 3 |
| Boston | 2 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300KUIZTYQRC0R888 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 901358 | 2012–2023 |
| Respondent ID (the HMDA filer code before 2018) | 115401 | 2012–2017 |
Established 8 October 1964. Reported under HMDA 2012-2025.
Mergers, name changes, data editions and corrections: Heritage Bank's data.
Heritage Bank's data
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Heritage Bank and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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