Southern Michigan Bank & Trust Mortgage Rates, Fees & Info

Coldwater, MI

LEI: 2549006ONI6N95VKB649

Tax ID: 38-1053740

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

Review & 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 by origination volume include: Coldwater, Kalamazoo, Battle Creek, Detroit, and Hillsdale among others. We have data for 27 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. Southern Michigan Bank & Trust is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	7.47%	4/18/24
30 Year Conventional Refi	7.16%	4/18/24
30 Year Cash-out Refi	7.15%	4/18/24
15 Year Conventional Purchase	6.58%	4/18/24
15 Year Conventional Refi	7.50%	4/18/24
15 Year Cash-out Refi	7.50%	4/18/24
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

Purchase Price:

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This is not an official calculator from Southern Michigan Bank & Trust. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

426

Origination Dollar Volume (All Markets)

$98,550,000

Employee count

204

Awards

Southern Michigan Bank & Trust 30 Year Conventional Loans silver

Show all (2) awards

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)	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.

Their top states include:

Michigan (FHA|USDA|VA)

Indiana (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Illinois (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.

KALSEE CREDIT UNION
Similarity Rank: 120

First State Bank of Middlebury
Similarity Rank: 189

Farmers State Bank
Similarity Rank: 240

INTERRA CREDIT UNION
Similarity Rank: 399

BlueOx Credit Union
Similarity Rank: 406

County National Bank
Similarity Rank: 651

SUMMIT HOME MORTGAGE, LLC
Similarity Rank: 741

Kellogg Community Credit Union
Similarity Rank: 799

OAK MORTGAGE, LLC
Similarity Rank: 900

MORTGAGE CENTER L.C
Similarity Rank: 992

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	426	$98,550,000	$231,338	$2,503	3.40%

For 2021, Southern Michigan Bank & Trust's most frequently originated type of loan was Conventional, with 426 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Southern Michigan Bank & Trust's most frequently cited loan purpose was Home Purchase, with 149 originations. The 2nd most popular reason was 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 2021, Southern Michigan Bank & Trust's most frequently cited loan duration was 30 Year, with 158 originations. The 2nd most popular length was 15 Year, with 120 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	297	$47,985,000	$161,566
$1k-2k	37	$6,795,000	$183,649
$3k-4k	7	$1,445,000	$206,429
$2k-3k	6	$1,390,000	$231,667
$5k+	6	$2,620,000	$436,667
$4k-5k	2	$440,000	$220,000

Southern Michigan Bank & Trust's average total fees were $2,668, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.41%, while their most frequently originated rate bucket for loans was 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
87.57%

Southern Michigan Bank & Trust has an average approval rate.

Pick Rate

Approvals leading to origination
86.38%

Southern Michigan Bank & Trust has an 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	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
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

For 2021, Southern Michigan Bank & Trust had 16 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$37,103
Net interest income	$34,432
Total noninterest income	$9,056
Gross Fiduciary activities income	$2,267
Service charges on deposit accounts	$1,357
Trading account gains and fees	$0
Additional Noninterest Income	$5,432
Pre-tax net operating income	$15,509
Securities gains (or losses, -)	$5
Income before extraordinary items	$12,685
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$12,685
Minority interest net income	$0
Net income	$12,685
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$12,680

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.

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	0.0%
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	$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