Southern Michigan Bank & Trust Mortgage Rates, Fees & Info

Coldwater, MI

LEI: 2549006ONI6N95VKB649

Tax ID: 38-1053740

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

Originations

315

Origination Dollar Volume (All Markets)

$51,035,000

Employee count

195

Top 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%

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

Their top states include:

Michigan (FHA|USDA|VA)

Indiana (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Ohio (FHA|USDA|VA)

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.

INTERRA CREDIT UNION
Similarity Rank: 162

OMNI Community Credit Union
Similarity Rank: 192

Kellogg Community Credit Union
Similarity Rank: 224

ARBOR FINANCIAL CREDIT UNION
Similarity Rank: 228

MORTGAGE 1 INCORPORATED
Similarity Rank: 240

SUMMIT HOME MORTGAGE, LLC
Similarity Rank: 320

Horizon Bank
Similarity Rank: 434

Honor Credit Union
Similarity Rank: 598

County National Bank
Similarity Rank: 650

CONSUMERS
Similarity Rank: 672

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

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	119	$18,375,000	$154,412	$0	0.00%
Refi	114	$25,610,000	$224,649	$0	0.00%
Cash Out Refi	37	$5,115,000	$138,243	$0	0.00%
Home Improvement	24	$1,110,000	$46,250	$0	0.00%
Other	21	$825,000	$39,286	$0	0.00%

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

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	158	$7,840,000	$49,620	$0	0.00%
$100k-200k	100	$14,650,000	$146,500	$0	0.00%
$200k-400k	50	$13,260,000	$265,200	$0	0.00%
$400k-600k	3	$1,445,000	$481,667	$0	0.00%
$1MM+	2	$12,430,000	$6,215,000	$0	0.00%
$600k-1MM	2	$1,410,000	$705,000	$0	0.00%

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

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	89	$6,325,000	$71,067	$0	0.00%
$100k-150k	59	$8,275,000	$140,254	$0	0.00%
$50k-75k	58	$5,900,000	$101,724	$0	0.00%
$75k-100k	51	$6,725,000	$131,863	$0	0.00%
$150k-250k	29	$5,295,000	$182,586	$0	0.00%
$250k+	12	$13,650,000	$1,137,500	$0	0.00%

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

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	295	$46,195,000	$156,593	$0	0.00%
Not applicable	16	$4,540,000	$283,750	$0	0.00%
Not provided	1	$205,000	$205,000	$0	0.00%
Asian	3	$95,000	$31,667	$0	0.00%

Approval Rates

Total approvals of all applications
88.78%

Southern Michigan Bank & Trust has an average approval rate.

Pick Rate

Approvals leading to origination
87.62%

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

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	5	$13,355,000	$2,671,000
Single Family (1-4 Units):Manufactured	20	$1,180,000	$59,000
Single Family (1-4 Units):Site-Built	290	$36,500,000	$125,862

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