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, Mount Vernon, 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 an above 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

    92

    Origination Dollar Volume (All Markets)

    $19,640,000

    Employee count

    24

    Awards

    Commodore Bank 30 Year Conventional Loans gold Commodore Bank 30 Year Conventional Loans gold
    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
    COLUMBUS, OH (FHA|USDA|VA) 89 $19,145,000 $215,112 $2,956 3.06%
    Mount Vernon, OH (FHA|USDA|VA) 2 $450,000 $225,000 $3,077 2.56%
    Zanesville, OH (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.00%
    Commodore Bank's top markets include Columbus, Mount Vernon, 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.

    Commodore Bank
    Similarity Rank: 153
    Mechanics Bank
    Similarity Rank: 396
    First Federal Savings and Loan Association
    Similarity Rank: 620
    Kingston National Bank
    Similarity Rank: 708
    Columbus Metro Federal Credit Union
    Similarity Rank: 864
    EDUCATION FIRST CREDIT UNION, INC.
    Similarity Rank: 1230
    TrueCore Federal Credit Union
    Similarity Rank: 1488
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1584
    The Richwood Banking Company
    Similarity Rank: 1869
    The Community Bank
    Similarity Rank: 1950

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 92 $19,640,000 $213,478 $2,959 3.09%

    For 2020, Commodore Bank's most frequently originated type of loan was Conventional, with 92 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 60 $12,110,000 $201,833 $2,776 2.78%
    Home Purchase 27 $5,855,000 $216,852 $3,385 3.86%
    Cash Out Refi 5 $1,675,000 $335,000 $3,226 2.73%

    For 2020, Commodore Bank's most frequently cited loan purpose was Refi, with 60 originations. The 2nd most popular reason was Home Purchase, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 44 $9,680,000 $220,000 $2,964 2.92%
    15 Year 17 $3,525,000 $207,353 $2,844 2.90%
    20 Year 13 $2,435,000 $187,308 $2,565 3.11%
    30+ year 10 $3,110,000 $311,000 $4,235 3.24%
    10 Year 6 $350,000 $58,333 $1,340 4.58%
    Other 2 $540,000 $270,000 $3,265 3.18%

    For 2020, Commodore Bank's most frequently cited loan duration was 30 Year, with 44 originations. The 2nd most popular length was 15 Year, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 30 $6,310,000 $210,333
    3-4% 29 $7,355,000 $253,621
    2.5-3% 25 $5,025,000 $201,000
    5-6% 4 $370,000 $92,500
    4-5% 2 $220,000 $110,000
    6-7% 2 $360,000 $180,000

    During 2020, Commodore Bank's average interest rate for loans was 2.92%, while their most frequently originated rate bucket for loans was <2.5%, with 30 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 40 $10,840,000 $271,000 $3,177 2.93%
    $100k-200k 29 $4,345,000 $149,828 $2,544 3.12%
    $100,000 or less 16 $1,080,000 $67,500 $1,698 3.52%
    $400k-600k 7 $3,375,000 $482,143 $4,845 2.96%

    2020 saw Commodore Bank place emphasis on $200k-400k loans with 40 originations, totaling $10,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 26 $5,640,000 $216,923 $2,812 3.03%
    $75k-100k 22 $4,270,000 $194,091 $2,922 3.22%
    $150k-250k 15 $5,045,000 $336,333 $3,772 2.74%
    $50k-75k 13 $2,395,000 $184,231 $2,940 3.46%
    $50k or less 11 $1,185,000 $107,727 $2,100 3.21%
    $250k+ 5 $1,105,000 $221,000 $2,969 2.73%

    Commodore Bank lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $75k-100k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 25 $5,785,000 $231,400 $3,027 2.78%
    <20% 16 $3,220,000 $201,250 $2,719 2.93%
    30-36% 11 $2,145,000 $195,000 $2,837 2.97%
    39% 6 $1,160,000 $193,333 $2,723 2.88%
    37% 6 $1,660,000 $276,667 $3,510 3.31%
    38% 4 $860,000 $215,000 $3,057 2.88%
    41% 3 $265,000 $88,333 $2,298 3.13%
    36% 3 $885,000 $295,000 $3,486 3.29%
    43% 3 $765,000 $255,000 $4,155 4.33%
    45% 2 $270,000 $135,000 $2,133 2.69%
    42% 2 $370,000 $185,000 $2,706 2.88%
    46% 2 $390,000 $195,000 $2,674 2.75%
    40% 2 $100,000 $50,000 $0 5.43%
    50-60% 1 $515,000 $515,000 $4,206 3.13%
    44% 1 $215,000 $215,000 $2,559 3.25%
    47% 1 $235,000 $235,000 $2,970 3.00%

    Commodore Bank lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? <20%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 92 $19,640,000 $213,478 $2,959 3.09%

    Approval Rates

    Total approvals of all applications
    95.96%

    Commodore Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    96.74%

    Commodore Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 92 $19,640,000 $213,478

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $180,000 $90,000
    Single Family (1-4 Units):Site-Built 90 $19,460,000 $216,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,580,000 $131,667 $2,396 3.13%
    40-60% 21 $4,915,000 $234,048 $2,941 2.76%
    60-80% 46 $10,240,000 $222,609 $3,080 3.11%
    80-100% 11 $2,715,000 $246,818 $3,336 3.45%
    Under 20% 2 $190,000 $95,000 $1,662 4.05%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    CENTERSTATE BANK CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    CENTERSTATE BANK CORPORATION Conventional home mortgage Trouble during payment process 2 50.0%
    CENTERSTATE BANK CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Commodore Bank 100 East Main Street Somerset, OH 43783 Full Service B&M $33,950
    Commodore Bank 12101 Lancaster Street Millersport, OH 43046 Full Service B&M $29,625
    Commodore Bank 202 Commodore Court Hebron, OH 43025 Full Service Retail $5,775

    For 2020, Commodore Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $2,498
    Net interest income $2,315
    Total noninterest income $721
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $111
    Trading account gains and fees $0
    Additional Noninterest Income $610
    Pre-tax net operating income $140
    Securities gains (or losses, -) $1
    Income before extraordinary items $137
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $137
    Minority interest net income $0
    Net income $137
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $136

    Commodore Bank's gross interest income from loans was $2,498,000.
    Commodore Bank's net interest income from loans was $2,315,000.
    Commodore Bank's fee based income from loans was $111,000.
    Commodore Bank's net income from loans was $137,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $183
    Provision for credit losses $75
    Total noninterest expense $2,821
    Salaries and employee benefits $1,208
    Premises and equipment expense $419
    Additional noninterest expense $1,194
    Applicable income taxes $4
    Net charge-offs $28
    Cash dividends $75

    Commodore Bank's interest expense for loans was $183,000.
    Commodore Bank's payroll and benefits expense were $1,208,000.
    Commodore Bank's property, plant and equipment expenses $419,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 3.0%
    Real Estate loans 4.0%
    Construction & Land Development loans 7.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 3.0%
    HELOC loans 0.0%
    All other family 4.0%
    Commercial & industrial loans 1.0%
    Personal loans 0.0%
    Credit card loans 1.4%
    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 $75,700
    Deposits held in domestic offices $75,700
    Deposits by Individuals, partnerships, and corporations $68,010
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $7,690
    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 $41,497
    Demand deposits $12,504
    Nontransaction accounts $34,203
    Money market deposit accounts (MMDAs) $4,246
    Other savings deposits (excluding MMDAs) $22,137
    Total time deposits $7,818
    Total time and savings deposits $63,196
    Noninterest-bearing deposits $12,504
    Interest-bearing deposits $63,196
    Retail deposits $74,440
    IRAs and Keogh plan accounts $1,803
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $84,366
    Cash & Balances due from depository institutions $4,832
    Interest-bearing balances $96
    Total securities $17,283
    Federal funds sold & reverse repurchase $17,571
    Net loans and leases $35,955
    Loan and leases loss allowance $470
    Trading account assets $0
    Bank premises and fixed assets $4,071
    Other real estate owned $863
    Goodwill and other intangibles $133
    All other assets $3,658

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $84,366
    Total Liabilities $77,122
    Total deposits $75,700
    Interest-bearing deposits $63,196
    Deposits held in domestic offices $75,700
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,422

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $35,955
    Loan and leases loss allowance $470
    Total loans and leases (domestic) $36,425
    All real estate loans $27,997
    Real estate loans in domestic offices $27,997
    Construction and development loans $2,564
    Residential 1-4 family construction $1,691
    Other construction, all land development and other land $873
    Loans secured by nonfarm nonresidential properties $2,760
    Nonfarm nonresidential secured by owner-occupied properties $1,303
    Commercial real estate & other non-farm, non-residential $1,457
    Multifamily residential real estate $0
    1-4 family residential loans $21,545
    Farmland loans $1,128
    Loans held in foreign offices $0
    Farm loans $394
    Commercial and industrial loans $3,959
    To non-U.S. addressees $0
    Loans to individuals $4,074
    Credit card loans $493
    Related Plans $165
    Consumer Auto Loans $1,149
    Other loans to individuals $2,267
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $35,955,000 of loans outstanding in 2020. $27,997,000 of loans were in real estate loans. $2,564,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $21,545,000 of loans were in 1-4 family mortgage loans. $394,000 of loans were in farm loans. $493,000 of loans were in credit card loans. $1,149,000 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 16 $2,600 $162,500
    Nonfarm, nonresidential loans - <$100k 3 $64 $21,333
    Nonfarm, nonresidential loans - $100-250k 8 $604 $75,500
    Nonfarm, nonresidential loans - $250k-1MM 5 $1,932 $386,400
    Commercial & Industrial, US addressed loans - <$1MM 116 $3,958 $34,121
    Commercial & Industrial, US addressed loans - <$100k 97 $1,561 $16,093
    Commercial & Industrial, US addressed loans - $100-250k 13 $1,200 $92,308
    Commercial & Industrial, US addressed loans - $250k-1MM 6 $1,197 $199,500
    Farmland loans - <$1MM 8 $1,128 $141,000
    Farmland loans - <$100k 2 $75 $37,500
    Farmland loans - $100-250k 3 $302 $100,667
    Farmland loans - $250k-1MM 3 $751 $250,333
    Agriculture operations loans - <$1MM 9 $394 $43,778
    Agriculture operations loans - <$100k 8 $144 $18,000
    Agriculture operations loans - $100-250k 1 $250 $250,000