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 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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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
516Origination Dollar Volume (All Markets)
$101,810,000Employee count
193Top 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% |
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 | 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
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
2020 saw Southern Michigan Bank & Trust place emphasis on $100k-200k loans with 196 originations, totaling $28,370,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications86.06%
Southern Michigan Bank & Trust has an average approval rate.
Pick Rate
Approvals leading to origination77.33%
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
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 |