Commodore Bank Mortgage Rates, Fees & Info

Somerset, OH

LEI: 25490081ZRNCBNUFA124

Tax ID: 31-4264680

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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

    Commodore Bank is a smaller bank specializing in Refi and Home Purchase loans. Commodore Bank has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Cambridge, and Zanesville among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Commodore Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Commodore Bank 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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    Originations

    37

    Origination Dollar Volume (All Markets)

    $5,345,000

    Employee count

    22

    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
    COLUMBUS, OH (FHA|USDA|VA) 35 $5,165,000 $147,571 $2,460 4.76%
    Cambridge, OH (FHA|USDA|VA) 1 $145,000 $145,000 $2,005 3.99%
    Zanesville, OH (FHA|USDA|VA) 1 $35,000 $35,000 $1,538 2.60%
    Commodore Bank's top markets include Columbus, Cambridge, and Zanesville among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Commodore Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Columbus Metro Federal Credit Union
    Similarity Rank: 224
    TrueCore Federal Credit Union
    Similarity Rank: 360
    Victory Community Bank
    Similarity Rank: 420
    First Federal Savings and Loan Association
    Similarity Rank: 420
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 728
    North Valley Bank
    Similarity Rank: 768
    CME Federal Credit Union
    Similarity Rank: 820
    BMI Federal Credit Union
    Similarity Rank: 870
    THE VINTON COUNTY NATIONAL BANK
    Similarity Rank: 935
    KEMBA FINANCIAL
    Similarity Rank: 952

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 37 $5,345,000 $144,459 $2,414 4.68%

    For 2018, Commodore Bank's most frequently originated type of loan was Conventional, with 37 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 15 $2,295,000 $153,000 $1,910 4.46%
    Home Purchase 13 $2,165,000 $166,538 $3,171 4.92%
    Cash Out Refi 8 $830,000 $103,750 $2,091 4.60%
    Other 1 $55,000 $55,000 $4,578 5.65%

    For 2018, Commodore Bank's most frequently cited loan purpose was Refi, with 15 originations. The 2nd most popular reason was Home Purchase, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 15 $3,335,000 $222,333 $2,652 4.38%
    15 Year 10 $670,000 $67,000 $1,937 6.07%
    10 Year 7 $495,000 $70,714 $1,907 3.71%
    30 Year 4 $820,000 $205,000 $3,351 4.56%
    Other 1 $25,000 $25,000 $1,477 2.60%

    For 2018, Commodore Bank's most frequently cited loan duration was 20 Year, with 15 originations. The 2nd most popular length was 15 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 4 $760,000 $190,000

    Commodore Bank's average total fees were $3,351, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 17 $3,785,000 $222,647
    2.5-3% 5 $235,000 $47,000
    6-7% 5 $205,000 $41,000
    3-4% 4 $720,000 $180,000
    5-6% 4 $340,000 $85,000
    7-8% 2 $60,000 $30,000

    During 2018, Commodore Bank's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 4-5%, with 17 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 16 $710,000 $44,375 $1,866 5.12%
    $100k-200k 11 $1,725,000 $156,818 $2,355 4.28%
    $200k-400k 10 $2,910,000 $291,000 $3,094 4.44%

    2018 saw Commodore Bank place emphasis on $100,000 or less loans with 16 originations, totaling $710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 12 $1,200,000 $100,000 $2,195 4.01%
    $75k-100k 7 $1,085,000 $155,000 $1,802 4.85%
    $150k-250k 6 $880,000 $146,667 $2,596 5.50%
    $50k-75k 6 $630,000 $105,000 $3,371 5.10%
    $100k-150k 5 $1,345,000 $269,000 $2,331 4.51%
    $250k+ 1 $205,000 $205,000 $3,358 5.10%

    Commodore Bank lent most frequently to those with incomes in the $50k or less range, with 12 originations. The second most popular income band? $75k-100k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 5 $845,000 $169,000 $1,848 3.91%
    30-36% 5 $525,000 $105,000 $2,339 3.66%
    <20% 5 $665,000 $133,000 $2,350 4.63%
    37% 4 $420,000 $105,000 $1,989 6.31%
    41% 3 $675,000 $225,000 $4,333 5.08%
    >60% 2 $370,000 $185,000 $2,007 4.67%
    42% 2 $490,000 $245,000 $2,507 4.49%
    43% 2 $450,000 $225,000 $3,132 4.43%
    44% 2 $150,000 $75,000 $1,669 4.68%
    40% 1 $45,000 $45,000 $1,402 6.75%
    39% 1 $35,000 $35,000 $1,538 2.60%
    36% 1 $265,000 $265,000 $3,555 4.50%

    Commodore Bank lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 30-36%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $5,345,000 $144,459 $2,414 4.68%

    Approval Rates

    Total approvals of all applications
    93.18%

    Commodore Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.19%

    Commodore Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1746.0 1 $75,000 $75,000
    NA 36 $5,270,000 $146,389

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 37 $5,345,000 $144,459

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $210,000 $35,000 $1,467 4.11%
    40-60% 6 $920,000 $153,333 $2,051 4.22%
    60-80% 18 $2,560,000 $142,222 $3,047 5.09%
    80-100% 7 $1,655,000 $236,429 $2,456 4.53%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    CENTRAL BANC MORTGAGE CORPORATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Commodore Bank 100 East Main Street Somerset, OH 43783 Full Service B&M $33,385
    Commodore Bank 12101 Lancaster Street Millersport, OH 43046 Full Service B&M $31,340
    Commodore Bank 202 Commodore Court Hebron, OH 43025 Full Service Retail $5,783

    For 2018, Commodore Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,057
    Net interest income $2,666
    Total noninterest income $412
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $150
    Trading account gains and fees $0
    Additional Noninterest Income $262
    Pre-tax net operating income $-8
    Securities gains (or losses, -) $0
    Income before extraordinary items $31
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $31
    Minority interest net income $0
    Net income $31
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $31

    Commodore Bank's gross interest income from loans was $3,057,000.
    Commodore Bank's net interest income from loans was $2,666,000.
    Commodore Bank's fee based income from loans was $150,000.
    Commodore Bank's net income from loans was $31,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $391
    Provision for credit losses $208
    Total noninterest expense $2,878
    Salaries and employee benefits $1,252
    Premises and equipment expense $431
    Additional noninterest expense $1,195
    Applicable income taxes $-39
    Net charge-offs $140
    Cash dividends $0

    Commodore Bank's interest expense for loans was $391,000.
    Commodore Bank's payroll and benefits expense were $1,252,000.
    Commodore Bank's property, plant and equipment expenses $431,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    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 0.6%
    Other individual loans 0.0%
    Auto loans 1.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $67,256
    Deposits held in domestic offices $67,256
    Deposits by Individuals, partnerships, and corporations $60,637
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $6,619
    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 $33,909
    Demand deposits $9,535
    Nontransaction accounts $33,347
    Money market deposit accounts (MMDAs) $3,069
    Other savings deposits (excluding MMDAs) $19,295
    Total time deposits $10,982
    Total time and savings deposits $57,721
    Noninterest-bearing deposits $9,144
    Interest-bearing deposits $58,112
    Retail deposits $66,047
    IRAs and Keogh plan accounts $1,938
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $82,223
    Cash & Balances due from depository institutions $2,474
    Interest-bearing balances $71
    Total securities $24,600
    Federal funds sold & reverse repurchase $0
    Net loans and leases $45,900
    Loan and leases loss allowance $388
    Trading account assets $0
    Bank premises and fixed assets $4,153
    Other real estate owned $1,057
    Goodwill and other intangibles $43
    All other assets $3,996

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $82,223
    Total Liabilities $75,989
    Total deposits $67,256
    Interest-bearing deposits $58,112
    Deposits held in domestic offices $67,256
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $4,123
    Trading liabilities $0
    Other borrowed funds $3,000
    Subordinated debt $0
    All other liabilities $1,610

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $45,900
    Loan and leases loss allowance $388
    Total loans and leases (domestic) $46,288
    All real estate loans $35,957
    Real estate loans in domestic offices $35,957
    Construction and development loans $885
    Residential 1-4 family construction $721
    Other construction, all land development and other land $164
    Loans secured by nonfarm nonresidential properties $2,997
    Nonfarm nonresidential secured by owner-occupied properties $1,635
    Commercial real estate & other non-farm, non-residential $1,362
    Multifamily residential real estate $48
    1-4 family residential loans $30,884
    Farmland loans $1,143
    Loans held in foreign offices $0
    Farm loans $385
    Commercial and industrial loans $3,841
    To non-U.S. addressees $0
    Loans to individuals $5,039
    Credit card loans $539
    Related Plans $15
    Consumer Auto Loans $1,475
    Other loans to individuals $3,010
    All other loans & leases $1,066
    Loans to foreign governments and official institutions $0
    Other loans $59
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Commodore Bank had $45,900,000 of loans outstanding in 2018. $35,957,000 of loans were in real estate loans. $885,000 of loans were in development loans. $48,000 of loans were in multifamily mortgage loans. $30,884,000 of loans were in 1-4 family mortgage loans. $385,000 of loans were in farm loans. $539,000 of loans were in credit card loans. $1,475,000 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 27 $2,091 $77,444
    Nonfarm, nonresidential loans - <$100k 10 $389 $38,900
    Nonfarm, nonresidential loans - $100-250k 12 $144 $12,000
    Nonfarm, nonresidential loans - $250k-1MM 5 $1,558 $311,600
    Commercial & Industrial, US addressed loans - <$1MM 57 $3,841 $67,386
    Commercial & Industrial, US addressed loans - <$100k 42 $1,068 $25,429
    Commercial & Industrial, US addressed loans - $100-250k 8 $695 $86,875
    Commercial & Industrial, US addressed loans - $250k-1MM 7 $2,078 $296,857
    Farmland loans - <$1MM 10 $1,143 $114,300
    Farmland loans - <$100k 5 $141 $28,200
    Farmland loans - $100-250k 3 $325 $108,333
    Farmland loans - $250k-1MM 2 $677 $338,500
    Agriculture operations loans - <$1MM 9 $385 $42,778
    Agriculture operations loans - <$100k 8 $177 $22,125
    Agriculture operations loans - $250k-1MM 1 $208 $208,000