Byron Bank Mortgage Rates, Fees & Info

Byron, IL

LEI: 254900KE9OJJUH139Q12

Tax ID: 36-1694689

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

Review & Overview

Byron Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Byron Bank has a high proportion of conventional loans. Their top markets by origination volume include: Rockford, Rochelle, Chicago, Dixon, and Freeport among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

Byron 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. Byron 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.

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	7.06%	11/21/24
30 Year Conventional Refi	6.39%	11/21/24
30 Year Cash-out Refi	6.83%	11/21/24
15 Year Conventional Purchase	6.43%	11/21/24
15 Year Conventional Refi	5.86%	11/21/24
15 Year Cash-out Refi	5.86%	11/21/24
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.

Byron Bank Mortgage Calculator

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

Originations

498

Origination Dollar Volume (All Markets)

$81,520,000

Employee count

Awards

Byron Bank 30 Year Conventional Loans gold

Show all (4) 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
ROCKFORD, IL (FHA\|USDA\|VA)	271	$41,955,000	$154,815	$1,654	3.05%
Rochelle, IL (FHA\|USDA\|VA)	147	$21,955,000	$149,354	$1,512	2.86%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	22	$4,730,000	$215,000	$1,784	2.81%
Dixon, IL (FHA\|USDA\|VA)	11	$1,765,000	$160,455	$1,565	3.16%
Freeport, IL (FHA\|USDA\|VA)	9	$1,715,000	$190,556	$1,597	3.47%
JANESVILLE-BELOIT, WI (FHA\|USDA\|VA)	10	$1,580,000	$158,000	$2,002	3.37%
Outside of Metro Areas	6	$1,340,000	$223,333	$1,826	2.61%
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	3	$775,000	$258,333	$1,864	2.87%
Whitewater, WI (FHA\|USDA\|VA)	3	$765,000	$255,000	$2,320	3.12%
Sterling, IL (FHA\|USDA\|VA)	2	$730,000	$365,000	$1,378	2.82%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	2	$550,000	$275,000	$2,355	2.82%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$535,000	$535,000	$5,174	2.95%
IOWA CITY, IA (FHA\|USDA\|VA)	1	$505,000	$505,000	$1,224	2.71%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$485,000	$485,000	$4,269	2.62%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	1	$465,000	$465,000	$2,314	2.55%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	1	$325,000	$325,000	$3,433	2.89%
FOND DU LAC, WI (FHA\|USDA\|VA)	1	$245,000	$245,000	$2,279	3.24%
TUCSON, AZ (FHA\|USDA\|VA)	1	$245,000	$245,000	$3,105	2.99%
RACINE, WI (FHA\|USDA\|VA)	1	$245,000	$245,000	$1,760	2.64%
CHARLESTON-NORTH CHARLESTON, SC (FHA\|USDA\|VA)	1	$175,000	$175,000	$1,812	2.64%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	1	$175,000	$175,000	$0	4.81%
SUMTER, SC (FHA\|USDA\|VA)	1	$135,000	$135,000	$1,688	3.07%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,270	2.70%

Byron Bank's top markets include Rockford, Rochelle, Chicago, Dixon, and Freeport among others.

Their top states include:

Illinois (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Iowa (FHA|USDA|VA)

Similar Lenders

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

First Savings Bank of Hegewisch
Similarity Rank: 45

Liberty Bank for Savings
Similarity Rank: 153

Rock Valley Credit Union
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HERITAGE CREDIT UNION
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First Community Credit Union
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SENB Bank
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AMERITRUST MORTGAGE CORPORATION
Similarity Rank: 861

First Financial Credit Union
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The Equitable Bank, S.S.B.
Similarity Rank: 1166

FINANCIAL PLUS
Similarity Rank: 1220

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	498	$81,520,000	$163,695	$1,651	2.99%

For 2021, Byron Bank's most frequently originated type of loan was Conventional, with 498 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	200	$30,430,000	$152,150	$1,213	2.64%
Home Purchase	172	$30,240,000	$175,814	$2,404	3.45%
Cash Out Refi	120	$20,100,000	$167,500	$1,612	2.92%
Other	5	$635,000	$127,000	$1,248	2.65%
Home Improvement	1	$115,000	$115,000	$0	3.75%

For 2021, Byron Bank's most frequently cited loan purpose was Refi, with 200 originations. The 2nd most popular reason was Home Purchase, with 172 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	212	$37,370,000	$176,274	$1,886	3.14%
15 Year	169	$25,605,000	$151,509	$1,454	2.41%
Other	49	$8,605,000	$175,612	$988	4.02%
20 Year	36	$5,720,000	$158,889	$1,378	3.43%
10 Year	26	$3,450,000	$132,692	$1,293	2.75%
5 Year	3	$145,000	$48,333	$0	3.82%
3 Year	2	$360,000	$180,000	$0	3.75%
1 Year	1	$265,000	$265,000	$0	4.50%

For 2021, Byron Bank's most frequently cited loan duration was 30 Year, with 212 originations. The 2nd most popular length was 15 Year, with 169 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	406	$63,280,000	$155,862
$1k-2k	13	$3,125,000	$240,385
$2k-3k	4	$1,150,000	$287,500
$3k-4k	4	$1,350,000	$337,500
$4k-5k	1	$425,000	$425,000

Byron Bank's average total fees were $1,886, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 406 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	153	$26,535,000	$173,431
2.5-3%	152	$26,870,000	$176,776
<2.5%	144	$22,300,000	$154,861
4-5%	49	$5,815,000	$118,673

During 2021, Byron Bank's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 153 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	226	$31,620,000	$139,912	$1,507	2.87%
$100,000 or less	141	$9,675,000	$68,617	$1,571	3.18%
$200k-400k	113	$30,255,000	$267,743	$1,908	3.00%
$400k-600k	15	$6,955,000	$463,667	$2,640	2.72%
$1MM+	2	$2,120,000	$1,060,000	$0	3.75%
$600k-1MM	1	$895,000	$895,000	$0	3.85%

2021 saw Byron Bank place emphasis on $100k-200k loans with 226 originations, totaling $31,620,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	132	$22,110,000	$167,500	$1,649	2.92%
$50k-75k	93	$11,545,000	$124,140	$1,589	2.77%
$75k-100k	71	$11,195,000	$157,676	$1,525	2.85%
$150k-250k	63	$14,295,000	$226,905	$1,790	2.79%
$50k or less	63	$6,325,000	$100,397	$1,772	2.99%
$250k+	27	$7,035,000	$260,556	$1,748	2.89%

Byron Bank lent most frequently to those with incomes in the $100k-150k range, with 132 originations. The second most popular income band? $50k-75k, with 93 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	119	$18,895,000	$158,782	$1,671	2.81%
30-36%	96	$15,510,000	$161,563	$1,558	2.87%
<20%	79	$11,505,000	$145,633	$1,478	2.90%
40%	17	$3,295,000	$193,824	$1,920	2.91%
36%	17	$2,995,000	$176,176	$1,622	2.86%
43%	17	$3,015,000	$177,353	$1,790	2.96%
42%	13	$2,185,000	$168,077	$1,675	2.85%
37%	13	$2,485,000	$191,154	$1,615	2.79%
45%	13	$1,545,000	$118,846	$1,875	3.07%
38%	11	$1,975,000	$179,545	$1,955	2.83%
44%	11	$1,905,000	$173,182	$1,990	3.21%
41%	10	$1,650,000	$165,000	$1,505	2.95%
39%	9	$1,435,000	$159,444	$1,515	2.83%
46%	7	$1,465,000	$209,286	$2,417	2.68%
48%	7	$935,000	$133,571	$1,757	2.73%
47%	6	$1,140,000	$190,000	$1,846	2.61%
49%	2	$280,000	$140,000	$1,594	3.02%
50-60%	2	$290,000	$145,000	$0	3.91%

Byron Bank lent most frequently to those with DTI ratios of 20-30%, with 119 originations. The next most common DTI ratio? 30-36%, with 96 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	434	$70,150,000	$161,636	$1,653	2.88%
Not applicable	42	$7,490,000	$178,333	$0	4.17%
Not provided	14	$1,970,000	$140,714	$1,683	2.91%
Vietnamese	2	$680,000	$340,000	$0	4.08%
Black	2	$500,000	$250,000	$1,287	2.99%
Asian	2	$430,000	$215,000	$1,265	2.13%
Asian Indian	1	$195,000	$195,000	$2,476	3.03%
American Indian	1	$105,000	$105,000	$953	2.90%

Approval Rates

Total approvals of all applications
91.65%

Byron Bank has an average approval rate.

Pick Rate

Approvals leading to origination
86.35%

Byron Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	498	$81,520,000	$163,695

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	498	$81,520,000	$163,695

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	44	$4,890,000	$111,136	$1,371	2.66%
40-60%	94	$13,100,000	$139,362	$1,436	2.59%
60-80%	249	$42,755,000	$171,707	$1,603	3.09%
80-100%	106	$20,470,000	$193,113	$2,135	3.24%
Under 20%	3	$125,000	$41,667	$1,113	3.56%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Byron Bank	11159 Highway 76 Poplar Grove, IL 61065	Full Service B&M	$63,237
Byron Bank	200 North Walnut Byron, IL 61010	Full Service B&M	$209,949
Byron Bank	5653 N. Junction Way Davis Junction, IL 61020	Full Service B&M	$21,112

For 2021, Byron Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$10,588
Net interest income	$9,615
Total noninterest income	$4,522
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$182
Trading account gains and fees	$0
Additional Noninterest Income	$4,340
Pre-tax net operating income	$5,336
Securities gains (or losses, -)	$0
Income before extraordinary items	$4,966
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$4,966
Minority interest net income	$0
Net income	$4,966
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$4,966

Byron Bank's gross interest income from loans was $10,588,000.
Byron Bank's net interest income from loans was $9,615,000.
Byron Bank's fee based income from loans was $182,000.
Byron Bank's net income from loans was $4,966,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$973
Provision for credit losses	$240
Total noninterest expense	$8,561
Salaries and employee benefits	$4,977
Premises and equipment expense	$688
Additional noninterest expense	$2,896
Applicable income taxes	$370
Net charge-offs	$-8
Cash dividends	$2,645

Byron Bank's interest expense for loans was $973,000.
Byron Bank's payroll and benefits expense were $4,977,000.
Byron Bank's property, plant and equipment expenses $688,000.

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	3.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	1.0%
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	0.1%
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	$300,129
Deposits held in domestic offices	$300,129
Deposits by Individuals, partnerships, and corporations	$232,892
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$66,989
Deposits by Commercial banks and other depository institutions in U.S.	$248
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$146,816
Demand deposits	$58,623
Nontransaction accounts	$153,313
Money market deposit accounts (MMDAs)	$37,432
Other savings deposits (excluding MMDAs)	$24,653
Total time deposits	$91,228
Total time and savings deposits	$241,506
Noninterest-bearing deposits	$58,613
Interest-bearing deposits	$241,516
Retail deposits	$272,005
IRAs and Keogh plan accounts	$13,429
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$336,312
Cash & Balances due from depository institutions	$25,281
Interest-bearing balances	$21,992
Total securities	$114,207
Federal funds sold & reverse repurchase	$1,617
Net loans and leases	$185,078
Loan and leases loss allowance	$2,497
Trading account assets	$0
Bank premises and fixed assets	$2,688
Other real estate owned	$149
Goodwill and other intangibles	$381
All other assets	$6,911

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$336,312
Total Liabilities	$302,592
Total deposits	$300,129
Interest-bearing deposits	$241,516
Deposits held in domestic offices	$300,129
% insured (estimated)	$76
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$1,213
Subordinated debt	$0
All other liabilities	$1,250

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$185,078
Loan and leases loss allowance	$2,497
Total loans and leases (domestic)	$187,575
All real estate loans	$148,306
Real estate loans in domestic offices	$148,306
Construction and development loans	$3,476
Residential 1-4 family construction	$1,403
Other construction, all land development and other land	$2,073
Loans secured by nonfarm nonresidential properties	$69,858
Nonfarm nonresidential secured by owner-occupied properties	$37,161
Commercial real estate & other non-farm, non-residential	$32,697
Multifamily residential real estate	$17,111
1-4 family residential loans	$48,158
Farmland loans	$9,703
Loans held in foreign offices	$0
Farm loans	$5,530
Commercial and industrial loans	$23,603
To non-U.S. addressees	$0
Loans to individuals	$6,891
Credit card loans	$667
Related Plans	$37
Consumer Auto Loans	$2,720
Other loans to individuals	$3,467
All other loans & leases	$3,245
Loans to foreign governments and official institutions	$0
Other loans	$15
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	$1,411
Non 1-4 family restructured loans & leases	$1,208
Total loans and leases (foreign)	$0

Byron Bank had $185,078,000 of loans outstanding in 2021. $148,306,000 of loans were in real estate loans. $3,476,000 of loans were in development loans. $17,111,000 of loans were in multifamily mortgage loans. $48,158,000 of loans were in 1-4 family mortgage loans. $5,530,000 of loans were in farm loans. $667,000 of loans were in credit card loans. $2,720,000 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	175	$36,863	$210,646
Nonfarm, nonresidential loans - <$100k	42	$1,991	$47,405
Nonfarm, nonresidential loans - $100-250k	76	$9,511	$125,145
Nonfarm, nonresidential loans - $250k-1MM	57	$25,361	$444,930
Commercial & Industrial, US addressed loans - <$1MM	176	$12,773	$72,574
Commercial & Industrial, US addressed loans - <$100k	128	$3,795	$29,648
Commercial & Industrial, US addressed loans - $100-250k	29	$3,209	$110,655
Commercial & Industrial, US addressed loans - $250k-1MM	19	$5,769	$303,632
Farmland loans - <$1MM	32	$4,648	$145,250
Farmland loans - <$100k	10	$357	$35,700
Farmland loans - $100-250k	15	$1,981	$132,067
Farmland loans - $250k-1MM	7	$2,310	$330,000
Agriculture operations loans - <$1MM	21	$1,027	$48,905
Agriculture operations loans - <$100k	17	$306	$18,000
Agriculture operations loans - $100-250k	1	$89	$89,000
Agriculture operations loans - $250k-1MM	3	$632	$210,667