Southern Michigan Bank & Trust Mortgage Rates, Fees & Info
Coldwater, MILEI: 2549006ONI6N95VKB649
Tax ID: 38-1053740
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Bank Data
Review & Overview
Southern Michigan Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. Southern Michigan Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Coldwater, Lansing, Kalamazoo, Battle Creek, and Hillsdale among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)Southern Michigan Bank & Trust has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.47% | 4/21/24 |
| 30 Year Conventional Refi | 7.16% | 4/21/24 |
| 30 Year Cash-out Refi | 7.15% | 4/21/24 |
| 15 Year Conventional Purchase | 6.58% | 4/21/24 |
| 15 Year Conventional Refi | 7.50% | 4/21/24 |
| 15 Year Cash-out Refi | 7.50% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Southern Michigan Bank & Trust Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
315Origination Dollar Volume (All Markets)
$51,035,000Employee count
195Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Coldwater, MI (FHA|USDA|VA) | 124 | $15,210,000 | $122,661 | $0 | 0.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 3 | $10,725,000 | $3,575,000 | $0 | 0.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 16 | $5,630,000 | $351,875 | $0 | 0.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 52 | $5,080,000 | $97,692 | $0 | 0.00% |
| Hillsdale, MI (FHA|USDA|VA) | 48 | $4,740,000 | $98,750 | $0 | 0.00% |
| Sturgis, MI (FHA|USDA|VA) | 46 | $4,410,000 | $95,870 | $0 | 0.00% |
| JACKSON, MI (FHA|USDA|VA) | 8 | $1,200,000 | $150,000 | $0 | 0.00% |
| Angola, IN (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $520,000 | $260,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| Holland, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| Adrian, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Decatur, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| Marion, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| MONROE, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Southern Michigan Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 315 | $51,035,000 | $162,016 | $0 | 0.00% |
For 2019, Southern Michigan Bank & Trust's most frequently originated type of loan was Conventional, with 315 originations.
Loan Reason
For 2019, Southern Michigan Bank & Trust's most frequently cited loan purpose was Home Purchase, with 119 originations. The 2nd most popular reason was Refi, with 114 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 315 | $51,035,000 | $162,016 | $0 | 0.00% |
For 2019, Southern Michigan Bank & Trust's most frequently cited loan duration was Other, with 315 originations.
Loan Sizing
2019 saw Southern Michigan Bank & Trust place emphasis on $100,000 or less loans with 158 originations, totaling $7,840,000 in origination value.
Applicant Income
Southern Michigan Bank & Trust lent most frequently to those with incomes in the $50k or less range, with 89 originations. The second most popular income band? $100k-150k, with 59 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 315 | $51,035,000 | $162,016 | $0 | 0.00% |
Southern Michigan Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 315 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.78%
Southern Michigan Bank & Trust has an average approval rate.
Pick Rate
Approvals leading to origination87.62%
Southern Michigan Bank & Trust has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 315 | $51,035,000 | $162,016 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SOUTHERN TRUST MORTGAGE LLC | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| SOUTHERN TRUST MORTGAGE LLC | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
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 | $66,559 |
| Southern Michigan Bank & Trust | 107 North Main Street Camden, MI 49232 | Limited, Drive-thru | $12,986 |
| Southern Michigan Bank & Trust | 1110 West Michigan Avenue Marshall, MI 49068 | Full Service B&M | $22,432 |
| Southern Michigan Bank & Trust | 136 North Nottawa Mendon, MI 49072 | Full Service B&M | $22,118 |
| 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 | $19,125 |
| Southern Michigan Bank & Trust | 225 North Broadway Union City, MI 49094 | Full Service B&M | $37,873 |
| Southern Michigan Bank & Trust | 235 East Main Street Centreville, MI 49032 | Full Service B&M | $13,823 |
| Southern Michigan Bank & Trust | 345 North Washington Constantine, MI 49042 | Full Service B&M | $36,121 |
| 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 | $2,159 |
| Southern Michigan Bank & Trust | 45-51 West Pearl Street Coldwater, MI 49036 | Full Service B&M | $229,898 |
| 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 | $44,606 |
| Southern Michigan Bank & Trust | 5350 Beckley Road, B Drive North Battle Creek, MI 49015 | Full Service B&M | $50,299 |
| Southern Michigan Bank & Trust | 58665 U.S. 131 Three Rivers, MI 49093 | Full Service B&M | $76,410 |
For 2019, Southern Michigan Bank & Trust had 16 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $32,490 |
| Net interest income | $26,827 |
| Total noninterest income | $7,357 |
| Gross Fiduciary activities income | $2,085 |
| Service charges on deposit accounts | $2,082 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,190 |
| Pre-tax net operating income | $10,597 |
| Securities gains (or losses, -) | $366 |
| Income before extraordinary items | $8,975 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $8,975 |
| Minority interest net income | $0 |
| Net income | $8,975 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $8,674 |
Southern Michigan Bank & Trust's gross interest income from loans was $32,490,000.
Southern Michigan Bank & Trust's net interest income from loans was $26,827,000.
Southern Michigan Bank & Trust's fee based income from loans was $2,082,000.
Southern Michigan Bank & Trust's net income from loans was $8,975,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $5,663 |
| Provision for credit losses | $225 |
| Total noninterest expense | $23,362 |
| Salaries and employee benefits | $13,134 |
| Premises and equipment expense | $2,739 |
| Additional noninterest expense | $7,489 |
| Applicable income taxes | $1,988 |
| Net charge-offs | $158 |
| Cash dividends | $4,358 |
Southern Michigan Bank & Trust's interest expense for loans was $5,663,000.
Southern Michigan Bank & Trust's payroll and benefits expense were $13,134,000.
Southern Michigan Bank & Trust's property, plant and equipment expenses $2,739,000.
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 | 1.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 1.0% |
| HELOC loans | 0.0% |
| All other family | 1.0% |
| 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 | $658,013 |
| Deposits held in domestic offices | $658,013 |
| Deposits by Individuals, partnerships, and corporations | $539,110 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $118,903 |
| 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 | $71,273 |
| Demand deposits | $39,316 |
| Nontransaction accounts | $586,740 |
| Money market deposit accounts (MMDAs) | $90,805 |
| Other savings deposits (excluding MMDAs) | $351,489 |
| Total time deposits | $144,446 |
| Total time and savings deposits | $618,697 |
| Noninterest-bearing deposits | $39,316 |
| Interest-bearing deposits | $618,697 |
| Retail deposits | $600,837 |
| IRAs and Keogh plan accounts | $14,960 |
| Brokered deposits | $5,651 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $806,619 |
| Cash & Balances due from depository institutions | $66,472 |
| Interest-bearing balances | $52,292 |
| Total securities | $123,436 |
| Federal funds sold & reverse repurchase | $265 |
| Net loans and leases | $558,851 |
| Loan and leases loss allowance | $5,184 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $16,386 |
| Other real estate owned | $83 |
| Goodwill and other intangibles | $14,911 |
| All other assets | $26,215 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $806,619 |
| Total Liabilities | $715,464 |
| Total deposits | $658,013 |
| Interest-bearing deposits | $618,697 |
| Deposits held in domestic offices | $658,013 |
| % insured (estimated) | $68 |
| Federal funds purchased and repurchase agreements | $15,401 |
| Trading liabilities | $0 |
| Other borrowed funds | $32,857 |
| Subordinated debt | $0 |
| All other liabilities | $9,193 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $558,851 |
| Loan and leases loss allowance | $5,184 |
| Total loans and leases (domestic) | $564,035 |
| All real estate loans | $428,315 |
| Real estate loans in domestic offices | $428,315 |
| Construction and development loans | $17,977 |
| Residential 1-4 family construction | $6,480 |
| Other construction, all land development and other land | $11,497 |
| Loans secured by nonfarm nonresidential properties | $249,960 |
| Nonfarm nonresidential secured by owner-occupied properties | $61,843 |
| Commercial real estate & other non-farm, non-residential | $188,117 |
| Multifamily residential real estate | $52,669 |
| 1-4 family residential loans | $71,107 |
| Farmland loans | $36,602 |
| Loans held in foreign offices | $0 |
| Farm loans | $22,932 |
| Commercial and industrial loans | $105,839 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $3,674 |
| Credit card loans | $0 |
| Related Plans | $190 |
| Consumer Auto Loans | $866 |
| Other loans to individuals | $2,618 |
| All other loans & leases | $3,275 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $894 |
| Non 1-4 family restructured loans & leases | $13 |
| Total loans and leases (foreign) | $0 |
Southern Michigan Bank & Trust had $558,851,000 of loans outstanding in 2019. $428,315,000 of loans were in real estate loans. $17,977,000 of loans were in development loans. $52,669,000 of loans were in multifamily mortgage loans. $71,107,000 of loans were in 1-4 family mortgage loans. $22,932,000 of loans were in farm loans. $0 of loans were in credit card loans. $866,000 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 | 272 | $55,641 | $204,563 |
| Nonfarm, nonresidential loans - <$100k | 71 | $3,032 | $42,704 |
| Nonfarm, nonresidential loans - $100-250k | 90 | $11,068 | $122,978 |
| Nonfarm, nonresidential loans - $250k-1MM | 111 | $41,541 | $374,243 |
| Commercial & Industrial, US addressed loans - <$1MM | 262 | $21,245 | $81,088 |
| Commercial & Industrial, US addressed loans - <$100k | 156 | $3,153 | $20,212 |
| Commercial & Industrial, US addressed loans - $100-250k | 51 | $4,594 | $90,078 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 55 | $13,498 | $245,418 |
| Farmland loans - <$1MM | 111 | $15,725 | $141,667 |
| Farmland loans - <$100k | 35 | $1,301 | $37,171 |
| Farmland loans - $100-250k | 46 | $6,677 | $145,152 |
| Farmland loans - $250k-1MM | 30 | $7,747 | $258,233 |
| Agriculture operations loans - <$1MM | 102 | $7,908 | $77,529 |
| Agriculture operations loans - <$100k | 61 | $2,064 | $33,836 |
| Agriculture operations loans - $100-250k | 23 | $2,299 | $99,957 |
| Agriculture operations loans - $250k-1MM | 18 | $3,545 | $196,944 |