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
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Mortgage Data
Bank 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
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Southern Michigan Bank & Trust - 2021
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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
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.
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 |
