Heritage Bank
Olympia, Washington, Thurston County
$8.4B in total assets, the 198th largest of 4,309 US banks and 4th of 29 headquartered in Washington.
- FDIC certificate
- 29012
- Established
- 1927
- Owned by
- Heritage Financial Corp
- Primary regulator
- FDIC
- Website
- www.heritagebanknw.com
At a glance
Compared with 11 banks headquartered in Washington with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $8.4B | 98% | $2.1B | |
| Loans | $5.7B | 98% | $1.1B | |
| Deposits | $7.0B | 98% | $1.6B | |
| Return on assets | 1.15% | 82% | 0.90% | |
| Net interest margin | 4.12% | 73% | 3.70% | |
| Efficiency ratio | 67.5% | 36% | 70.0% | |
| Equity to assets | 13.32% | 82% | 11.38% | |
| Loans to deposits | 82% | 27% | 88% |
Growth
Total assets grew 3.5% a year over the last 5 years and 8.4% a year over 10 years, including 3 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Jan 2026 | Kitsap Bank Port Orchard, WA | $1.7B |
| Jul 2018 | Premier Community Bank Hillsboro, OR | $381M |
| Jan 2018 | Puget Sound Bank Bellevue, WA | $556M |
| May 2014 | Whidbey Island Bank Coupeville, WA | $1.7B |
| Jul 2013 | Valley Bank Puyallup, WA | $233M |
| Jun 2013 | Central Valley Bank Toppenish, WA, an affiliate under the same holding company | $179M |
| Jan 2013 | Northwest Commercial Bank Lakewood, WA | $69M |
| Nov 2010 | Pierce Commercial Bank Tacoma, WA | $221M |
| Jul 2010 | The Cowlitz Bank Longview, WA | $489M |
| Jun 2006 | Washington State Bank, National Association Federal Way, WA | $55M |
| Nov 1998 | North Pacific Bank Tacoma, WA | $86M |
Where they operate
67 branches in 20 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Pierce County, WA | $1.3B | 7.1% | 7 of 22 |
| King County, WA | $913M | 0.9% | 14 of 38 |
| Kitsap County, WA | $837M | 19.8% | 2 of 13 |
| Thurston County, WA | $700M | 13.1% | 1 of 15 |
| Island County, WA | $515M | 40.0% | 1 of 7 |
| Snohomish County, WA | $466M | 2.3% | 11 of 22 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net loss of 3 branches since 2016 (70 to 67, −4.3%). 9 opened, 23 acquired, 35 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 70 | |||
| 2016 | Closed 4 in Washington | 0 | 4 | −4 | 66 |
| 2017 | Opened TacomaClosed 5 in Washington | 1 | 5 | −4 | 62 |
| 2018 | Acquired Premier Community Bank and Puget Sound BankOpened Tacoma, closed 4 in Washington | 9 | 4 | +5 | 67 |
| 2019 | Closed Bellingham and Issaquah | 0 | 2 | −2 | 65 |
| 2020 | Closed Tacoma | 0 | 1 | −1 | 64 |
| 2021 | Closed 12 in 2 states | 0 | 12 | −12 | 52 |
| 2022 | Opened EugeneClosed Tacoma | 1 | 1 | 0 | 52 |
| 2023 | Opened Boise and EverettClosed 4 in Washington | 2 | 4 | −2 | 50 |
| 2024 | Opened Eugene and PortlandClosed Eugene and Tigard | 2 | 2 | 0 | 50 |
| 2026 through Q2 | Acquired Kitsap BankOpened Spokane | 17 | 0 | +17 | 67 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Commercial real estate | 51% | 28% | |
| Business (C&I) | 13% | 6% | |
| 1-4 family residential | 12% | 32% | |
| Multifamily | 9% | 11% | |
| Construction and land | 7% | 6% | |
| Agricultural | 0% | 1% | |
| Consumer | 0% | 12% | |
| Other | 7% | 2% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 57% | 52% | |
| Noninterest-bearing | 28% | 20% | |
| Time deposits | 15% | 28% |
Brokered deposits are 0.0% of deposits (peers 1.2%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.20% | 0.57% |
| Net charge-offs, annualized | 0.03% | 0.02% |
| Reserves to loans | 1.03% | 1.16% |
| Leverage ratio | 10.23% | 11.44% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Washington
Largest competitors in Pierce County, WA
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/banks/heritage-bank-olympia-wa