Southern Michigan Bank & Trust Mortgage Rates, Fees & Info

Coldwater, MI

LEI: 2549006ONI6N95VKB649

Tax ID: 38-1053740

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Southern Michigan Bank & Trust is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Southern Michigan Bank & Trust has a high proportion of conventional loans. Their top markets include Coldwater, Kalamazoo, Battle Creek, Detroit, and Hillsdale among others. Southern Michigan Bank & Trust has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Southern Michigan Bank & Trust is typically a low fee lendor.


Originations

426

Origination Dollar Volume (All Markets)

$98,550,000

Employee count

204

Awards

Southern Michigan Bank & Trust 30 Year Conventional Loans silver Southern Michigan Bank & Trust 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Southern Michigan Bank & Trust's average 30 year fixed rate mortgage of loans were 3.41%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.26%.

Relative Fees

Southern Michigan Bank & Trust's average total fees for a 30 year fixed rate mortgage are $2,668.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Coldwater, MI (FHA|USDA|VA) 122 $19,920,000 $163,279 $2,303 3.49%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 38 $13,220,000 $347,895 $3,045 3.45%
BATTLE CREEK, MI (FHA|USDA|VA) 77 $13,005,000 $168,896 $2,686 3.36%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $13,005,000 $13,005,000 $0 3.75%
Hillsdale, MI (FHA|USDA|VA) 66 $10,160,000 $153,939 $2,387 3.32%
Sturgis, MI (FHA|USDA|VA) 56 $9,310,000 $166,250 $2,363 3.43%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $3,440,000 $860,000 $2,000 3.21%
Angola, IN (FHA|USDA|VA) 14 $2,600,000 $185,714 $2,240 4.03%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $2,595,000 $2,595,000 $0 3.95%
Outside of Metro Areas 10 $2,210,000 $221,000 $3,757 3.07%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $1,605,000 $1,605,000 $3,360 3.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 7 $1,285,000 $183,571 $2,972 3.05%
ANN ARBOR, MI (FHA|USDA|VA) 4 $890,000 $222,500 $2,400 2.91%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $840,000 $420,000 $0 3.50%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $700,000 $350,000 $3,236 3.50%
JACKSON, MI (FHA|USDA|VA) 5 $635,000 $127,000 $2,290 3.15%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $605,000 $201,667 $2,263 2.71%
Auburn, IN (FHA|USDA|VA) 2 $570,000 $285,000 $0 4.55%
Kendallville, IN (FHA|USDA|VA) 2 $320,000 $160,000 $2,316 3.00%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $290,000 $145,000 $2,333 3.44%
BAY CITY, MI (FHA|USDA|VA) 1 $265,000 $265,000 $2,552 2.63%
Holland, MI (FHA|USDA|VA) 1 $255,000 $255,000 $2,585 3.25%
Adrian, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,982 2.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $215,000 $215,000 $3,197 2.75%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $185,000 $185,000 $3,212 2.75%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,330 2.75%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,308 2.63%

Southern Michigan Bank & Trust's top markets include Coldwater, Kalamazoo, Battle Creek, Detroit, and Hillsdale among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 426 $98,550,000 $231,338 $2,503 3.40%

For the 2021 period, Southern Michigan Bank & Trust's most frequently originated loan type of loans were Conventional, with 426 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 149 $48,265,000 $323,926 $2,523 3.67%
Refi 131 $26,875,000 $205,153 $2,280 3.21%
Cash Out Refi 118 $19,750,000 $167,373 $2,846 3.12%
Home Improvement 16 $1,010,000 $63,125 $907 4.25%
Other 12 $2,650,000 $220,833 $1,785 3.89%

For the 2021, Southern Michigan Bank & Trust's most frequently cited loan purpose of loans were Home Purchase, with 149 originations. The 2nd most popular reason of loans were Refi, with 131 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 158 $29,960,000 $189,620 $2,668 3.41%
15 Year 120 $20,280,000 $169,000 $2,477 2.95%
10 Year 55 $25,705,000 $467,364 $2,052 3.68%
20 Year 31 $4,705,000 $151,774 $2,449 3.32%
5 Year 29 $6,395,000 $220,517 $0 4.35%
Other 29 $10,905,000 $376,034 $2,046 3.71%
1 Year 4 $600,000 $150,000 $0 4.66%

For the 2021, Southern Michigan Bank & Trust's most frequently cited loan length of loans were 30 Year, with 158 originations. The 2nd most popular length of loans were 15 Year, with 120 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 297 $47,985,000 $161,566
$1k-2k 37 $6,795,000 $183,649
$3k-4k 9 $1,885,000 $209,444
$2k-3k 6 $1,390,000 $231,667
$5k+ 6 $2,620,000 $436,667

$2,668 of loans were Southern Michigan Bank & Trust's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 297 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 158 $53,470,000 $338,418
2.5-3% 138 $23,300,000 $168,841
4-5% 69 $11,695,000 $169,493
<2.5% 43 $8,915,000 $207,326
5-6% 17 $1,075,000 $63,235

During 2021, Southern Michigan Bank & Trust's average interest rate of loans were 3.41%, while their most frequently originated rate bucket of loans were 3-4%, with 158 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 159 $22,615,000 $142,233 $2,483 3.20%
$100,000 or less 132 $8,940,000 $67,727 $1,987 3.73%
$200k-400k 106 $28,500,000 $268,868 $2,731 3.28%
$400k-600k 18 $8,760,000 $486,667 $5,514 3.26%
$1MM+ 6 $25,670,000 $4,278,333 $3,360 3.75%
$600k-1MM 5 $4,065,000 $813,000 $3,656 3.97%

2021 saw Southern Michigan Bank & Trust place emphasis on $100k-200k loans with 159 originations, totaling $22,615,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 91 $8,605,000 $94,560 $2,252 3.54%
$50k-75k 87 $12,015,000 $138,103 $2,387 3.27%
$100k-150k 68 $12,370,000 $181,912 $2,461 3.24%
$75k-100k 59 $10,435,000 $176,864 $2,441 3.25%
$150k-250k 33 $9,045,000 $274,091 $3,246 3.04%
$250k+ 22 $9,150,000 $415,909 $3,634 3.07%

Southern Michigan Bank & Trust lent most frequently to those with incomes in the $50k or less range, with 91 originations. The second most popular income band? $50k-75k, with 87 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 114 $18,260,000 $160,175 $2,507 3.18%
30-36% 49 $8,315,000 $169,694 $2,497 3.32%
<20% 30 $5,080,000 $169,333 $2,132 3.18%
40% 20 $4,750,000 $237,500 $2,724 3.14%
42% 16 $2,790,000 $174,375 $2,429 3.09%
36% 13 $1,625,000 $125,000 $2,250 3.37%
37% 13 $2,805,000 $215,769 $2,527 3.21%
46% 13 $1,865,000 $143,462 $2,330 3.31%
38% 12 $2,320,000 $193,333 $2,570 3.47%
45% 10 $1,500,000 $150,000 $2,554 3.10%
39% 10 $1,810,000 $181,000 $2,966 3.43%
41% 10 $1,430,000 $143,000 $2,586 3.21%
43% 10 $1,560,000 $156,000 $2,508 3.01%
49% 9 $2,205,000 $245,000 $3,036 3.21%
44% 8 $1,270,000 $158,750 $2,465 3.22%
47% 8 $1,240,000 $155,000 $2,454 3.25%
48% 5 $915,000 $183,000 $3,672 3.20%
50-60% 5 $1,035,000 $207,000 $2,534 3.78%
>60% 2 $50,000 $25,000 $520 5.25%

Southern Michigan Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 49 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 367 $62,635,000 $170,668 $2,490 3.29%
Not applicable 54 $35,110,000 $650,185 $0 4.23%
Black 3 $515,000 $171,667 $3,689 3.04%
Asian 1 $225,000 $225,000 $3,401 2.25%
Not provided 1 $65,000 $65,000 $0 4.25%

Approval Rates

Total approvals of all applications
87.11%

Southern Michigan Bank & Trust has an average approval rate.

Pick Rate

Approvals leading to origination
84.53%

Southern Michigan Bank & Trust has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 426 $98,550,000 $231,338

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
426 $98,550,000 $231,338

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 39 $17,145,000 $439,615 $2,187 3.38%
40-60% 107 $23,155,000 $216,402 $2,386 3.21%
60-80% 183 $40,425,000 $220,902 $2,703 3.35%
80-100% 82 $16,420,000 $200,244 $2,649 3.46%
Over 100% 1 $505,000 $505,000 $0 3.50%
Under 20% 13 $425,000 $32,692 $670 5.27%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
SOUTHERN TRUST MORTGAGE LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Southern Michigan Bank & Trust 10 East Carlton Road Hillsdale, MI 49242 Full Service B&M $125,533
Southern Michigan Bank & Trust 235 East Main Street Centreville, MI 49032 Full Service B&M $17,927
Southern Michigan Bank & Trust 345 North Washington Constantine, MI 49042 Full Service B&M $41,723
Southern Michigan Bank & Trust 405 North Broadway Union City, MI 49094 Limited, Drive-thru $0
Southern Michigan Bank & Trust 441 East Chicago Street Coldwater, MI 49036 Limited, Drive-thru $3,570
Southern Michigan Bank & Trust 45-51 West Pearl Street Coldwater, MI 49036 Full Service B&M $321,165
Southern Michigan Bank & Trust 51 West Pearl Street Coldwater, MI 49036 Limited, Drive-thru $0
Southern Michigan Bank & Trust 531 West Kilgore Portage, MI 49024 Full Service B&M $89,192
Southern Michigan Bank & Trust 5350 Beckley Road, B Drive North Battle Creek, MI 49015 Full Service B&M $94,236
Southern Michigan Bank & Trust 58665 U.S. 131 Three Rivers, MI 49093 Full Service B&M $89,259
Southern Michigan Bank & Trust 650 Trade Centre Way, Suite 120 Portage, MI 49002 Full Service B&M $0
Southern Michigan Bank & Trust 1110 West Michigan Avenue Marshall, MI 49068 Full Service B&M $66,678
Southern Michigan Bank & Trust 136 North Nottawa Mendon, MI 49072 Full Service B&M $28,730
Southern Michigan Bank & Trust 2 West Chicago Street, Suite A Coldwater, MI 49036 Full Service B&M $0
Southern Michigan Bank & Trust 202 North Main Street Tekonsha, MI 49092 Full Service B&M $23,468
Southern Michigan Bank & Trust 225 North Broadway Union City, MI 49094 Full Service B&M $52,008

For 2021, Southern Michigan Bank & Trust had 16 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,103
Net interest income $34,432
Total noninterest income $9,056
Gross Fiduciary activities income $2,267
Service charges on deposit accounts $1,357
Trading account gains and fees $0
Additional Noninterest Income $5,432
Pre-tax net operating income $15,509
Securities gains (or losses, -) $5
Income before extraordinary items $12,685
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $12,685
Minority interest net income $0
Net income $12,685
Sale, conversion, retirement of capital stock, net $0
Net operating income $12,680

Southern Michigan Bank & Trust's gross interest income from loans was $37,103,000.
Southern Michigan Bank & Trust's net interest income from loans was $34,432,000.
Southern Michigan Bank & Trust's fee based income from loans was $1,357,000.
Southern Michigan Bank & Trust's net income from loans was $12,685,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,671
Provision for credit losses $1,500
Total noninterest expense $26,479
Salaries and employee benefits $15,567
Premises and equipment expense $2,897
Additional noninterest expense $8,015
Applicable income taxes $2,829
Net charge-offs $-31
Cash dividends $3,884

Southern Michigan Bank & Trust's interest expense for loans was $2,671,000.
Southern Michigan Bank & Trust's payroll and benefits expense were $15,567,000.
Southern Michigan Bank & Trust's property, plant and equipment expenses $2,897,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $983,120
Deposits held in domestic offices $983,120
Deposits by Individuals, partnerships, and corporations $765,502
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $217,618
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $648,965
Demand deposits $271,749
Nontransaction accounts $334,155
Money market deposit accounts (MMDAs) $121,935
Other savings deposits (excluding MMDAs) $109,892
Total time deposits $102,328
Total time and savings deposits $711,371
Noninterest-bearing deposits $271,748
Interest-bearing deposits $711,372
Retail deposits $940,332
IRAs and Keogh plan accounts $13,680
Brokered deposits $3,057
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,157,088
Cash & Balances due from depository institutions $116,981
Interest-bearing balances $88,525
Total securities $245,846
Federal funds sold & reverse repurchase $271
Net loans and leases $733,234
Loan and leases loss allowance $9,320
Trading account assets $0
Bank premises and fixed assets $14,933
Other real estate owned $0
Goodwill and other intangibles $15,175
All other assets $30,648

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,157,088
Total Liabilities $1,036,453
Total deposits $983,120
Interest-bearing deposits $711,372
Deposits held in domestic offices $983,120
% insured (estimated) $58
Federal funds purchased and repurchase agreements $20,609
Trading liabilities $0
Other borrowed funds $22,753
Subordinated debt $0
All other liabilities $9,971

Issued Loan Types

Type Value (in 000's)
Net loans and leases $733,234
Loan and leases loss allowance $9,320
Total loans and leases (domestic) $742,554
All real estate loans $612,607
Real estate loans in domestic offices $612,607
Construction and development loans $47,059
Residential 1-4 family construction $8,910
Other construction, all land development and other land $38,149
Loans secured by nonfarm nonresidential properties $350,759
Nonfarm nonresidential secured by owner-occupied properties $73,616
Commercial real estate & other non-farm, non-residential $277,143
Multifamily residential real estate $59,472
1-4 family residential loans $112,227
Farmland loans $43,090
Loans held in foreign offices $0
Farm loans $20,324
Commercial and industrial loans $100,992
To non-U.S. addressees $0
Loans to individuals $2,715
Credit card loans $0
Related Plans $199
Consumer Auto Loans $641
Other loans to individuals $1,875
All other loans & leases $5,916
Loans to foreign governments and official institutions $0
Other loans $3,200
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $2,731
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $199
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Southern Michigan Bank & Trust had $733,234,000 of loans outstanding in 2021. $612,607,000 of loans were in real estate loans. $47,059,000 of loans were in development loans. $59,472,000 of loans were in multifamily mortgage loans. $112,227,000 of loans were in 1-4 family mortgage loans. $20,324,000 of loans were in farm loans. $0 of loans were in credit card loans. $641,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 278 $58,832 $211,626
Nonfarm, nonresidential loans - <$100k 65 $3,062 $47,108
Nonfarm, nonresidential loans - $100-250k 88 $10,051 $114,216
Nonfarm, nonresidential loans - $250k-1MM 125 $45,719 $365,752
Commercial & Industrial, US addressed loans - <$1MM 331 $25,463 $76,927
Commercial & Industrial, US addressed loans - <$100k 184 $3,414 $18,554
Commercial & Industrial, US addressed loans - $100-250k 83 $7,881 $94,952
Commercial & Industrial, US addressed loans - $250k-1MM 64 $14,168 $221,375
Farmland loans - <$1MM 108 $16,362 $151,500
Farmland loans - <$100k 28 $952 $34,000
Farmland loans - $100-250k 43 $5,948 $138,326
Farmland loans - $250k-1MM 37 $9,462 $255,730
Agriculture operations loans - <$1MM 121 $6,512 $53,818
Agriculture operations loans - <$100k 82 $2,013 $24,549
Agriculture operations loans - $100-250k 27 $1,790 $66,296
Agriculture operations loans - $250k-1MM 12 $2,709 $225,750