Heritage Bank (Olympia, WA)
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Data as of · sourced from FFIEC call reports. How we update
Heritage Bank is an FDIC-insured commercial bank headquartered in Olympia, WA, established in 1927 (FDIC certificate 29012), and it is supervised by the FDIC. At Q2 2026 it reported total assets of $8.42B, up 19.2% from Q2 2025, the 4th largest of 29 banks headquartered in Washington. Its CET1 capital ratio was 12.34% at Q2 2026, above regulatory requirements.
- Charter
- Commercial bank
- Regulator
- FDIC
- Deposit insurance
- FDIC
- FDIC certificate
- 29012
- Headquarters
- Olympia, WA
- Established
- 1927
- Total assets, Q2 2026
- $8.42B
- Assets vs Q2 2025
- +19.2%
- CET1 ratio, Q2 2026
- 12.34%
- Domestic offices
- 69 FDIC institution directory, current count
- Routing number
- 325170835
- Holding company
- HERITAGE FINANCIAL CORPORATION
- Asset rank in state
- 4th of 29 in Washington
Heritage Bank, based in Olympia, Washington, reported $8.4 billion in assets at June 30, 2026, up 19.2% from a year earlier. It grew its loan book 20.4% over the year, 3.5 times the median of 5.9% for the 895 banks with $1 billion to $10 billion in assets. It also pays an average of 1.24% on its deposits and borrowings, lower than about three-quarters of banks its size (median 2.01%).
Earnings jumped: net income for the quarter was $20 million, 39% above the same quarter a year earlier. Problem loans roughly halved over the year: loans on nonaccrual or 90 or more days past due, net of government guarantees are down to 0.20% of loans from 0.34%. Profitability lags: it returns 7.0% a year on shareholders' equity, lower than about three-quarters of banks its size (median 12.6%).
As of June 30, 2026, Heritage Bank reported a CET1 capital ratio of 12.34%, a return on assets of 0.92%, a nonperforming-loan ratio of 0.27% and a Texas ratio of 1.41%. The figures come from its call report filed with the FFIEC.
Of the 29 banks headquartered in Washington, Heritage Bank is the 4th largest by total assets at Q2 2026. Quarter on quarter (Q1 2026 to Q2 2026), its total assets fell 0.8% to $8.42B, loans rose 0.4% and deposits fell 3.0%. Non-owner-occupied commercial real estate loans made up 29.8% of its total loans on June 30, 2026, its largest category; next came owner-occupied commercial real estate loans at 21.3%. The FDIC Summary of Deposits lists 67 offices for it, in 52 cities across 3 states; its Tacoma 5 offices book 9% of its branch deposits. Judged on its Q2 2026 call report, Heritage Bank meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 201 5th Ave Sw, Olympia, WA 98501
- County
- Thurston
- Metro Area
- Olympia-Lacey-Tumwater, WA
- Charter
- Commercial bank, state charter, Fed non-member, FDIC-supervised
- Primary Regulator
- FDIC
- FDIC Region
- San Francisco (Region 14)
- Federal Reserve member
- No
- Federal Reserve district
- District 12, San Francisco
- Fiduciary (trust) powers
- Trust powers not granted
- Call Report form
- FFIEC 041
- Established
- January 1, 1927
- Former names
- Heritage Savings Bank (1993-2004); Heritage Bank, A Federal Savings Bank (1990-1993)
- Domestic offices
- 69 FDIC institution directory, current count
- Employees (FTE)
- 981
- Domestic deposits
- $7.04B
- Allowance for credit losses
- $59.5M
- Net charge-offs (YTD)
- $786K
- Average total assets
- $8.48B
- Average total loans
- $5.74B
- Average interest-bearing deposits
- $5.13B
- Tax status
- C corporation
- Ownership
- Stock
- Community bank
- No
- FDIC-insured since
- August 9, 1989
- FDIC Cert
- 29012
- Fed RSSD
- 881478
- SEC CIK
- 1046025 → filed by HERITAGE FINANCIAL CORPORATION
- Website
- www.heritagebanknw.com →
- Parent Holding Company
- HERITAGE FINANCIAL CORPORATION (RSSD 2166124) · HFWA
Management
Senior officers at parent holding company, from SEC Form 3/4/5 disclosures
| Name | Role | Title |
|---|---|---|
| Jeffrey J Deuel | CEO | CEO |
| Bryan Mcdonald | PRES | President |
| Donald Hinson | CFO | EVPand Chief Financial Officer |
| Nicholas M Bley | COO | EVP Chief Operating Officer |
| Tony Chalfant | CCO | EVP Chief Credit Officer |
| William Glasby | CIO | EVP Chief Information Officer |
Profitability
Q2 annualizedCapital & Liquidity
Balance Sheet
Income Statement
Operating & Funding
Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. How we compute these figures
Quarterly trends
Over the 12 quarters to Q2 2026, Heritage Bank's total assets ran between $6.96B (Q4 2025) and $8.49B (Q1 2026), and it earned a profit in all 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$8.42B total assets against $7.07B; $7.30B total liabilities against $6.16B.
$5.69B net loans and leases against $4.72B; $7.04B total deposits against $5.79B.
$1.63B securities against $1.35B; $204.4M cash and balances due against $254.1M.
$97.7M total interest income against $78.5M; $22.4M total interest expense against $23.0M.
$75.2M net interest income against $55.5M.
$9.8M total noninterest income against $8.7M; $62.5M total noninterest expense against $39.5M.
-$921K provision for credit losses against $956K.
$19.5M net income against $14.0M.
0.92% return on assets against 0.79%; 4.00% net interest margin against 3.52%.
12.34% CET1 capital ratio against 12.52%; 10.23% tier 1 leverage ratio against 10.18%.
Inside the full Heritage Bank terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeWatch flags
Automated conditions triggered on this bank's latest filing. Advisory only; see the source metric pages for full context. Each flag is tagged Regulatory when it cites an official supervisory threshold, or BRR analysis when it's our own band, informed by our data and models.
Commercial real estate loans are between 200% and 300% of total capital, approaching the 2006 interagency guidance threshold of 300% that triggers heightened supervisory attention. BankRegReports early-warning band below the 300% guidance.
Heritage Bank rankings
Its closest position to the top of a national ranking is 189 of 4,196, for total assets; its furthest is 1,604 of 2,134, for CET1 ratio.
Banks merged into Heritage Bank
- Kitsap Bank, effective February 1, 2026
Quarterly trend: last 8 quarters
Across the 8 quarters to Q2 2026, its return on assets ran from 0.72% (Q3 2024) to 1.38% (Q4 2025) and its net interest margin ran from 3.34% (Q3 2024) to 4.12% (Q1 2026).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 12.34% | 0.92% | 0.27% | 1.41% | 4.00% |
| Q1 2026 | 12.32% | 1.05% | 0.26% | 1.36% | 4.12% |
| Q4 2025 | 12.95% | 1.38% | 0.44% | 2.53% | 3.78% |
| Q3 2025 | 12.67% | 1.21% | 0.44% | 2.50% | 3.69% |
| Q2 2025 | 12.52% | 0.79% | 0.39% | 2.27% | 3.52% |
| Q1 2025 | 12.48% | 0.88% | 0.09% | 0.50% | 3.40% |
| Q4 2024 | 12.28% | 0.76% | 0.11% | 0.63% | 3.40% |
| Q3 2024 | 12.59% | 0.72% | 0.23% | 1.38% | 3.34% |
Swipe the table sideways to see every column.
Branch Network
View all 67 branches → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Heritage Bank (main office) | Olympia , WA | 98501 | $398.4M |
| Bellevue Commercial Banking Center Branch | Bellevue , WA | 98004 | $390.9M |
| Portland Branch | Portland , OR | 97205 | $340.4M |
| Downtown Seattle Branch | Seattle , WA | 98101 | $201.1M |
| Puyallup East Main Branch | Puyallup , WA | 98372 | $192.6M |
| Allenmore Branch | Tacoma , WA | 98405 | $183.8M |
| Bethel Branch | Port Orchard , WA | 98366 | $182.6M |
| Hillsboro Branch | Hillsboro , OR | 97123 | $171.9M |
| Anacortes Branch | Anacortes , WA | 98221 | $169.0M |
| Oak Harbor Branch | Oak Harbor , WA | 98277 | $160.3M |
| Tacoma Mall Blvd | Tacoma , WA | 98409 | $158.8M |
| Freeland Branch | Freeland , WA | 98249 | $151.7M |
| Longview Branch | Longview , WA | 98632 | $146.9M |
| Silverdale Branch | Silverdale , WA | 98383 | $141.6M |
| Lacey Branch | Lacey , WA | 98503 | $135.4M |
| Canyon Road Branch | Puyallup , WA | 98373 | $126.9M |
| Lakewood Branch | Tacoma , WA | 98499 | $123.1M |
| Downtown Tacoma Branch | Tacoma , WA | 98402 | $123.0M |
| Tigard Commercial Banking Center Branch | Portland , OR | 97223 | $121.4M |
| Gig Harbor Branch | Gig Harbor , WA | 98335 | $116.7M |
| Lloyd Office | Portland , OR | 97232 | $115.5M |
| Burlington Branch | Burlington , WA | 98233 | $115.3M |
| Shoreline Branch | Shoreline , WA | 98155 | $113.2M |
| West Olympia Branch | Olympia , WA | 98502 | $111.0M |
| East Bremerton Branch | Bremerton , WA | 98310 | $110.6M |
Events & Regulatory History
Mergers, charter changes, enforcement actions, FDIC assistance, and (if applicable) failure events recorded against this institution. Click a year to see what else was happening across US banking that year.
| Date | Category | Event | Source |
|---|---|---|---|
| February 1, 2026 | Structure Change | Acquired Kitsap Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| January 31, 2026 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| July 2, 2018 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| July 2, 2018 | Structure Change | Acquired Premier Community Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| January 16, 2018 | Structure Change | Acquired Puget Sound Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| January 16, 2018 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| May 1, 2014 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| May 1, 2014 | Structure Change | Acquired Whidbey Island Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| July 15, 2013 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| July 15, 2013 | Structure Change | Acquired Valley Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| June 20, 2013 | Structure Change | Acquired Central Valley Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| June 20, 2013 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| January 10, 2013 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| January 10, 2013 | Structure Change | Acquired Northwest Commercial Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| November 6, 2010 | Structure Change | Acquired Pierce Commercial Bank Failure, Government Assistance Provided for the acquired bank | FFIEC NIC |
| November 5, 2010 | Merger | Participated in FDIC Assisted Merger | FDIC |
| July 31, 2010 | Structure Change | Acquired The Cowlitz Bank Failure, Government Assistance Provided for the acquired bank | FFIEC NIC |
| July 30, 2010 | Merger | Participated in FDIC Assisted Merger | FDIC |
| June 1, 2006 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| June 1, 2006 | Structure Change | Acquired Washington State Bank, National Association Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| November 21, 1998 | Structure Change | Acquired North Pacific Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| November 20, 1998 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
Sourced from the bank event history (FDIC, Federal Reserve NIC, OCC, and OTS). Showing the most recent 22 events, scroll the table for the full history.
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- 2.9% of deposits in WA, rank 10 of 61 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- Mortgage lending (HMDA)
- 645 applications, 372 loans originated, $214.3M originated, across 4 states
- Period: Calendar year 2025. Source: FFIEC HMDA loan application register.
- SBA 7(a) lending
- 47 loans, $36.2M approved, $770K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2025 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
- Not on file
- Enforcement actions, Consumer complaints, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources
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Frequently asked about Heritage Bank
What are Heritage Bank's total assets?
As of the Q2 2026 filing, Heritage Bank reported total assets of $8.42 billion in its FFIEC call report.
Where is Heritage Bank headquartered?
It is headquartered in Olympia, WA, United States.
When was Heritage Bank founded?
It was established in 1927, per the FDIC institution directory.
Is Heritage Bank FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #29012). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates Heritage Bank?
Heritage Bank's primary federal regulator is the FDIC.
What is Heritage Bank's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 12.34% in its Q2 2026 call report, above regulatory requirements.
How many branches does Heritage Bank operate?
It operates 69 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is Heritage Bank's Texas Ratio?
Its Texas Ratio is 1.41% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.
What was Heritage Bank previously called?
The charter now named Heritage Bank has also operated as Heritage Savings Bank (1993-2004), Heritage Bank, A Federal Savings Bank (1990-1993), per FDIC structure-change records.
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