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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.47% 12/16/24
    30 Year Conventional Refi 7.16% 12/16/24
    30 Year Cash-out Refi 7.15% 12/16/24
    15 Year Conventional Purchase 6.58% 12/16/24
    15 Year Conventional Refi 7.50% 12/16/24
    15 Year Cash-out Refi 7.50% 12/16/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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 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