Heritage Bank National Association
Spicer, Minnesota, Kandiyohi County
$361M in total assets, the 2,232nd largest of 4,309 US banks and 72nd of 225 headquartered in Minnesota.
- FDIC certificate
- 19254
- Established
- 1964
- Owned by
- Heritage Bancshares Group Employee Stk Ownership Plan&tr
- Primary regulator
- OCC
- Website
- www.heritagebankna.com
At a glance
Compared with 150 banks headquartered in Minnesota with $100 million to $1 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $361M | 65% | $277M | |
| Loans | $308M | 70% | $181M | |
| Deposits | $286M | 60% | $243M | |
| Return on assets | 0.09% | 3% | 1.25% | |
| Net interest margin | 3.78% | 37% | 4.00% | |
| Efficiency ratio | 106.2% | 98% | 61.0% | |
| Equity to assets | 10.49% | 70% | 9.54% | |
| Loans to deposits | 108% | 91% | 82% |
Growth
Total assets grew -4.2% a year over the last 5 years and -0.4% a year over 10 years, without acquisitions.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Jul 2011 | Heritage Bank, National Association Holstein, IA | $137M |
| Oct 2004 | Farmers' State Bank of Raymond Raymond, MN | $23M |
| Oct 1989 | The Citizens National Bank of Madelia Madelia, MN | $15M |
| Oct 1989 | State Bank of Pennock Pennock, MN | $10M |
Where they operate
5 branches in 2 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Kandiyohi County, MN | $280M | 16.6% | 2 of 13 |
| Minnehaha County, SD | $6M | 0.0% | 26 of 26 |
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 7 branches since 2016 (12 to 5, −58.3%). 1 opened, 0 acquired, 8 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 12 | |||
| 2017 | Opened Sioux Falls | 1 | 0 | +1 | 13 |
| 2019 | Closed Holstein | 0 | 1 | −1 | 12 |
| 2020 | Sold 5 branches to United Bank of Iowa | 0 | 5 | −5 | 7 |
| 2023 | Closed Sioux City | 0 | 1 | −1 | 6 |
| 2024 | Closed Sioux City | 0 | 1 | −1 | 5 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| 1-4 family residential | 57% | 28% | |
| Commercial real estate | 13% | 25% | |
| Multifamily | 10% | 4% | |
| Business (C&I) | 9% | 15% | |
| Farmland | 5% | 10% | |
| Consumer | 2% | 4% | |
| Agricultural | 2% | 8% | |
| Construction and land | 1% | 5% | |
| Other | 0% | 1% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 53% | 49% | |
| Time deposits | 27% | 30% | |
| Noninterest-bearing | 20% | 21% |
Brokered deposits are 4.8% of deposits (peers 3.6%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 3.84% | 0.46% |
| Net charge-offs, annualized | 0.05% | 0.00% |
| Reserves to loans | 1.86% | 1.20% |
| Leverage ratio | 10.81% | 10.05% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Minnesota
Largest competitors in Kandiyohi County, MN
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-spicer-mn