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 Refi and Home Purchase loans. Southern Michigan Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Coldwater, Kalamazoo, Battle Creek, Detroit, and Hillsdale among others. We have data for 25 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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Originations

516

Origination Dollar Volume (All Markets)

$101,810,000

Employee count

193

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)	192	$28,540,000	$148,646	$0	0.00%
KALAMAZOO-PORTAGE, MI (FHA\|USDA\|VA)	36	$14,840,000	$412,222	$0	0.00%
BATTLE CREEK, MI (FHA\|USDA\|VA)	86	$12,880,000	$149,767	$0	0.00%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	9	$9,945,000	$1,105,000	$0	0.00%
Hillsdale, MI (FHA\|USDA\|VA)	72	$9,860,000	$136,944	$0	0.00%
Outside of Metro Areas	13	$8,105,000	$623,462	$0	0.00%
Sturgis, MI (FHA\|USDA\|VA)	54	$7,630,000	$141,296	$0	0.00%
Angola, IN (FHA\|USDA\|VA)	13	$2,925,000	$225,000	$0	0.00%
JACKSON, MI (FHA\|USDA\|VA)	8	$1,500,000	$187,500	$0	0.00%
Holland, MI (FHA\|USDA\|VA)	5	$1,175,000	$235,000	$0	0.00%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	5	$865,000	$173,000	$0	0.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA\|USDA\|VA)	4	$530,000	$132,500	$0	0.00%
ELKHART-GOSHEN, IN (FHA\|USDA\|VA)	3	$495,000	$165,000	$0	0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	3	$475,000	$158,333	$0	0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	1	$335,000	$335,000	$0	0.00%
FORT WAYNE, IN (FHA\|USDA\|VA)	1	$315,000	$315,000	$0	0.00%
LOUISVILLE, KY (FHA\|USDA\|VA)	2	$310,000	$155,000	$0	0.00%
COLUMBUS, OH (FHA\|USDA\|VA)	2	$260,000	$130,000	$0	0.00%
Auburn, IN (FHA\|USDA\|VA)	1	$195,000	$195,000	$0	0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA\|USDA\|VA)	1	$145,000	$145,000	$0	0.00%
MONROE, MI (FHA\|USDA\|VA)	1	$135,000	$135,000	$0	0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA\|USDA\|VA)	1	$125,000	$125,000	$0	0.00%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$95,000	$95,000	$0	0.00%
ANN ARBOR, MI (FHA\|USDA\|VA)	1	$75,000	$75,000	$0	0.00%
LAFAYETTE-WEST LAFAYETTE, IN (FHA\|USDA\|VA)	1	$55,000	$55,000	$0	0.00%

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

Their top states include:

Michigan (FHA|USDA|VA)

Indiana (FHA|USDA|VA)

Ohio (FHA|USDA|VA)

Maryland (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Similar Lenders

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CONSUMERS
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MORTGAGE 1 INCORPORATED
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	516	$101,810,000	$197,306	$0	0.00%

For 2020, Southern Michigan Bank & Trust's most frequently originated type of loan was Conventional, with 516 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	254	$53,740,000	$211,575	$0	0.00%
Home Purchase	130	$27,530,000	$211,769	$0	0.00%
Cash Out Refi	109	$18,485,000	$169,587	$0	0.00%
Home Improvement	16	$1,150,000	$71,875	$0	0.00%
Other	7	$905,000	$129,286	$0	0.00%

For 2020, Southern Michigan Bank & Trust's most frequently cited loan purpose was Refi, with 254 originations. The 2nd most popular reason was Home Purchase, with 130 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	516	$101,810,000	$197,306	$0	0.00%

For 2020, Southern Michigan Bank & Trust's most frequently cited loan duration was Other, with 516 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	196	$28,370,000	$144,745	$0	0.00%
$100,000 or less	180	$11,130,000	$61,833	$0	0.00%
$200k-400k	116	$31,230,000	$269,224	$0	0.00%
$400k-600k	15	$7,175,000	$478,333	$0	0.00%
$600k-1MM	6	$4,560,000	$760,000	$0	0.00%
$1MM+	3	$19,345,000	$6,448,333	$0	0.00%

2020 saw Southern Michigan Bank & Trust place emphasis on $100k-200k loans with 196 originations, totaling $28,370,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	109	$9,275,000	$85,092	$0	0.00%
$100k-150k	106	$19,830,000	$187,075	$0	0.00%
$50k-75k	101	$12,565,000	$124,406	$0	0.00%
$75k-100k	76	$12,990,000	$170,921	$0	0.00%
$150k-250k	51	$12,125,000	$237,745	$0	0.00%
$250k+	22	$12,160,000	$552,727	$0	0.00%

Southern Michigan Bank & Trust lent most frequently to those with incomes in the $50k or less range, with 109 originations. The second most popular income band? $100k-150k, with 106 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	516	$101,810,000	$197,306	$0	0.00%

Southern Michigan Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 516 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	492	$83,270,000	$169,248	$0	0.00%
Not applicable	21	$18,145,000	$864,048	$0	0.00%
Not provided	1	$205,000	$205,000	$0	0.00%
Asian	1	$135,000	$135,000	$0	0.00%
American Indian	1	$55,000	$55,000	$0	0.00%

Approval Rates

Total approvals of all applications
86.06%

Southern Michigan Bank & Trust has an average approval rate.

Pick Rate

Approvals leading to origination
77.33%

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

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	516	$101,810,000	$197,306

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	7	$16,775,000	$2,396,429
Single Family (1-4 Units):Manufactured	24	$2,050,000	$85,417
Single Family (1-4 Units):Site-Built	485	$82,985,000	$171,103

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
SOUTHERN TRUST MORTGAGE LLC	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	2	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	$99,428
Southern Michigan Bank & Trust	1110 West Michigan Avenue Marshall, MI 49068	Full Service B&M	$26,364
Southern Michigan Bank & Trust	136 North Nottawa Mendon, MI 49072	Full Service B&M	$26,215
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	$21,896
Southern Michigan Bank & Trust	225 North Broadway Union City, MI 49094	Full Service B&M	$43,695
Southern Michigan Bank & Trust	235 East Main Street Centreville, MI 49032	Full Service B&M	$15,318
Southern Michigan Bank & Trust	345 North Washington Constantine, MI 49042	Full Service B&M	$33,209
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	$2,589
Southern Michigan Bank & Trust	45-51 West Pearl Street Coldwater, MI 49036	Full Service B&M	$290,865
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	$57,325
Southern Michigan Bank & Trust	5350 Beckley Road, B Drive North Battle Creek, MI 49015	Full Service B&M	$67,109
Southern Michigan Bank & Trust	58665 U.S. 131 Three Rivers, MI 49093	Full Service B&M	$84,171
Southern Michigan Bank & Trust	650 Trade Centre Way, Suite 120 Portage, MI 49002	Full Service B&M	$0

For 2020, Southern Michigan Bank & Trust had 16 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$31,761
Net interest income	$27,234
Total noninterest income	$8,508
Gross Fiduciary activities income	$2,048
Service charges on deposit accounts	$1,433
Trading account gains and fees	$0
Additional Noninterest Income	$5,027
Pre-tax net operating income	$9,473
Securities gains (or losses, -)	$0
Income before extraordinary items	$7,765
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$7,765
Minority interest net income	$0
Net income	$7,765
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$7,765

Southern Michigan Bank & Trust's gross interest income from loans was $31,761,000.
Southern Michigan Bank & Trust's net interest income from loans was $27,234,000.
Southern Michigan Bank & Trust's fee based income from loans was $1,433,000.
Southern Michigan Bank & Trust's net income from loans was $7,765,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,527
Provision for credit losses	$2,600
Total noninterest expense	$23,669
Salaries and employee benefits	$13,822
Premises and equipment expense	$2,844
Additional noninterest expense	$7,003
Applicable income taxes	$1,708
Net charge-offs	$-5
Cash dividends	$2,994

Southern Michigan Bank & Trust's interest expense for loans was $4,527,000.
Southern Michigan Bank & Trust's payroll and benefits expense were $13,822,000.
Southern Michigan Bank & Trust's property, plant and equipment expenses $2,844,000.

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	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	$839,818
Deposits held in domestic offices	$839,818
Deposits by Individuals, partnerships, and corporations	$686,013
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$153,805
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	$89,794
Demand deposits	$45,783
Nontransaction accounts	$750,024
Money market deposit accounts (MMDAs)	$127,419
Other savings deposits (excluding MMDAs)	$501,059
Total time deposits	$121,547
Total time and savings deposits	$794,035
Noninterest-bearing deposits	$45,783
Interest-bearing deposits	$794,035
Retail deposits	$786,986
IRAs and Keogh plan accounts	$14,549
Brokered deposits	$5,651
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$993,967
Cash & Balances due from depository institutions	$97,373
Interest-bearing balances	$78,219
Total securities	$208,380
Federal funds sold & reverse repurchase	$231
Net loans and leases	$629,771
Loan and leases loss allowance	$7,789
Trading account assets	$0
Bank premises and fixed assets	$15,609
Other real estate owned	$0
Goodwill and other intangibles	$15,053
All other assets	$27,550

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$993,967
Total Liabilities	$893,626
Total deposits	$839,818
Interest-bearing deposits	$794,035
Deposits held in domestic offices	$839,818
% insured (estimated)	$61
Federal funds purchased and repurchase agreements	$20,083
Trading liabilities	$0
Other borrowed funds	$22,808
Subordinated debt	$0
All other liabilities	$10,917

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$629,771
Loan and leases loss allowance	$7,789
Total loans and leases (domestic)	$637,560
All real estate loans	$462,789
Real estate loans in domestic offices	$462,789
Construction and development loans	$33,080
Residential 1-4 family construction	$6,570
Other construction, all land development and other land	$26,510
Loans secured by nonfarm nonresidential properties	$256,817
Nonfarm nonresidential secured by owner-occupied properties	$73,452
Commercial real estate & other non-farm, non-residential	$183,365
Multifamily residential real estate	$54,512
1-4 family residential loans	$80,131
Farmland loans	$38,249
Loans held in foreign offices	$0
Farm loans	$21,318
Commercial and industrial loans	$146,364
To non-U.S. addressees	$0
Loans to individuals	$3,084
Credit card loans	$0
Related Plans	$122
Consumer Auto Loans	$852
Other loans to individuals	$2,110
All other loans & leases	$4,005
Loans to foreign governments and official institutions	$0
Other loans	$1,334
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	$401
Non 1-4 family restructured loans & leases	$6
Total loans and leases (foreign)	$0

Southern Michigan Bank & Trust had $629,771,000 of loans outstanding in 2020. $462,789,000 of loans were in real estate loans. $33,080,000 of loans were in development loans. $54,512,000 of loans were in multifamily mortgage loans. $80,131,000 of loans were in 1-4 family mortgage loans. $21,318,000 of loans were in farm loans. $0 of loans were in credit card loans. $852,000 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	267	$56,161	$210,341
Nonfarm, nonresidential loans - <$100k	65	$2,760	$42,462
Nonfarm, nonresidential loans - $100-250k	85	$10,754	$126,518
Nonfarm, nonresidential loans - $250k-1MM	117	$42,647	$364,504
Commercial & Industrial, US addressed loans - <$1MM	713	$54,931	$77,042
Commercial & Industrial, US addressed loans - <$100k	506	$13,896	$27,462
Commercial & Industrial, US addressed loans - $100-250k	116	$12,556	$108,241
Commercial & Industrial, US addressed loans - $250k-1MM	91	$28,479	$312,956
Farmland loans - <$1MM	112	$16,552	$147,786
Farmland loans - <$100k	32	$1,178	$36,813
Farmland loans - $100-250k	49	$6,894	$140,694
Farmland loans - $250k-1MM	31	$8,480	$273,548
Agriculture operations loans - <$1MM	105	$7,184	$68,419
Agriculture operations loans - <$100k	63	$1,900	$30,159
Agriculture operations loans - $100-250k	27	$1,997	$73,963
Agriculture operations loans - $250k-1MM	15	$3,287	$219,133