Peoples Bank Mortgage Rates, Fees & Info

Clive, IA

LEI: 254900QIPUZ7PAK59X63

Tax ID: 42-0463300

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

Review & Overview

Peoples Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Peoples Bank has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Ames, Spencer, Pella, and Omaha among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peoples 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. Peoples 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	6.52%	11/21/24
30 Year Conventional Refi	6.06%	11/21/24
30 Year Cash-out Refi	6.70%	11/21/24
30 Year FHA Purchase	6.27%	11/21/24
30 Year FHA Refi	6.27%	11/21/24
30 Year USDA Purchase	6.27%	11/21/24
15 Year Conventional Refi	6.25%	11/21/24
15 Year Cash-out Refi	6.25%	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.

Peoples Bank Mortgage Calculator

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This is not an official calculator from Peoples Bank. 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

277

Origination Dollar Volume (All Markets)

$51,035,000

Employee count

Awards

Peoples Bank 30 Year Conventional Loans bronze

Peoples Bank 30 Year Conventional Loans gold

Show all (3) 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
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	193	$42,655,000	$221,010	$2,705	4.70%
Outside of Metro Areas	53	$3,405,000	$64,245	$8,368	6.34%
AMES, IA (FHA\|USDA\|VA)	23	$2,105,000	$91,522	$1,924	5.70%
Spencer, IA (FHA\|USDA\|VA)	1	$1,085,000	$1,085,000	$0	4.96%
Pella, IA (FHA\|USDA\|VA)	1	$485,000	$485,000	$2,224	3.63%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	2	$410,000	$205,000	$2,141	3.06%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	1	$365,000	$365,000	$2,579	3.38%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	1	$355,000	$355,000	$2,413	3.75%
Fort Dodge, IA (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,180	3.75%
Burlington, IA-IL (FHA\|USDA\|VA)	1	$15,000	$15,000	$0	5.78%

Peoples Bank's top markets include Des Moines, Ames, Spencer, Pella, and Omaha among others.

Their top states include:

Iowa (FHA|USDA|VA)

Nebraska (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

Kansas (FHA|USDA|VA)

Similar Lenders

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

FINANCIAL PLUS Credit Union
Similarity Rank: 63

Raccoon Valley Bank
Similarity Rank: 145

Community Choice Credit Union
Similarity Rank: 255

Luana Savings Bank
Similarity Rank: 322

Peoples Bank
Similarity Rank: 380

Fidelity Bank
Similarity Rank: 388

Premier Credit Union
Similarity Rank: 574

I. H. MISSISSIPPI VALLEY CREDIT UNION
Similarity Rank: 640

GREATER IOWA CREDIT UNION
Similarity Rank: 640

Farmers State Bank
Similarity Rank: 1008

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	213	$47,365,000	$222,371	$3,311	4.70%
HELOC	64	$3,670,000	$57,344	n/a	6.34%

For 2019, Peoples Bank's most frequently originated type of loan was Conventional, with 213 originations. Their 2nd most popular type was HELOC, with 64 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	74	$17,920,000	$242,162	$5,005	4.58%
Refi	69	$11,555,000	$167,464	$1,815	5.37%
Cash Out Refi	69	$18,155,000	$263,116	$2,314	4.06%
Other	42	$2,140,000	$50,952	$938	6.46%
Home Improvement	23	$1,265,000	$55,000	$7,325	6.28%

For 2019, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 74 originations. The 2nd most popular reason was Refi, with 69 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	112	$30,200,000	$269,643	$2,578	3.84%
5 Year	95	$8,355,000	$87,947	$4,212	6.18%
Other	19	$1,945,000	$102,368	$1,991	6.10%
15 Year	17	$5,925,000	$348,529	$7,418	3.57%
1 Year	11	$965,000	$87,727	$0	6.55%
10 Year	11	$1,635,000	$148,636	$740	6.93%
20 Year	9	$1,895,000	$210,556	$8,423	5.02%
3 Year	3	$115,000	$38,333	$0	6.30%

For 2019, Peoples Bank's most frequently cited loan duration was 30 Year, with 112 originations. The 2nd most popular length was 5 Year, with 95 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	24	$2,310,000	$96,250
$1k-2k	18	$3,690,000	$205,000
$2k-3k	6	$1,910,000	$318,333
$3k-4k	2	$530,000	$265,000
$4k-5k	1	$385,000	$385,000

Peoples Bank's average total fees were $2,578, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 24 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	108	$29,650,000	$274,537
5-6%	67	$5,415,000	$80,821
6-7%	35	$2,795,000	$79,857
4-5%	28	$9,530,000	$340,357
7-8%	28	$1,530,000	$54,643
2.5-3%	6	$1,700,000	$283,333
Over 8%	5	$415,000	$83,000

During 2019, Peoples Bank's average interest rate for loans was 3.84%, while their most frequently originated rate bucket for loans was 3-4%, with 108 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	117	$4,715,000	$40,299	$6,541	6.24%
$200k-400k	81	$22,955,000	$283,395	$2,752	3.98%
$100k-200k	51	$7,635,000	$149,706	$2,261	4.71%
$400k-600k	23	$10,575,000	$459,783	$2,130	3.92%
$1MM+	3	$3,515,000	$1,171,667	$0	4.70%
$600k-1MM	2	$1,640,000	$820,000	$0	4.75%

2019 saw Peoples Bank place emphasis on $100,000 or less loans with 117 originations, totaling $4,715,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	71	$14,445,000	$203,451	$2,453	4.76%
$150k-250k	40	$9,250,000	$231,250	$3,795	4.88%
$50k-75k	39	$4,865,000	$124,744	$4,762	5.13%
$50k or less	35	$2,115,000	$60,429	$5,935	5.64%
$75k-100k	32	$4,350,000	$135,938	$2,165	5.07%
$250k+	18	$5,870,000	$326,111	$2,242	4.10%

Peoples Bank lent most frequently to those with incomes in the $100k-150k range, with 71 originations. The second most popular income band? $150k-250k, with 40 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	71	$12,145,000	$171,056	$3,017	4.87%
30-36%	45	$7,185,000	$159,667	$2,080	5.08%
<20%	41	$6,985,000	$170,366	$6,984	5.13%
39%	14	$2,750,000	$196,429	$1,926	5.13%
36%	9	$695,000	$77,222	$1,652	5.78%
43%	8	$2,020,000	$252,500	$2,151	3.75%
41%	7	$1,945,000	$277,857	$3,113	3.99%
37%	7	$1,145,000	$163,571	$2,488	5.22%
44%	5	$1,535,000	$307,000	$2,020	4.03%
40%	4	$750,000	$187,500	$2,132	4.38%
45%	4	$980,000	$245,000	$2,316	5.10%
48%	3	$805,000	$268,333	$3,330	3.75%
38%	3	$785,000	$261,667	$3,252	5.56%
42%	2	$490,000	$245,000	$2,920	3.88%
49%	1	$215,000	$215,000	$2,312	3.63%
47%	1	$65,000	$65,000	$0	6.00%

Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? 30-36%, with 45 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	233	$38,475,000	$165,129	$3,317	5.10%
Not applicable	27	$8,145,000	$301,667	$0	5.50%
Not provided	15	$4,175,000	$278,333	$3,461	4.13%
Black	1	$175,000	$175,000	$1,960	4.25%
Asian	1	$65,000	$65,000	$2,104	3.63%

Approval Rates

Total approvals of all applications
95.67%

Peoples 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
97.47%

Peoples 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	277	$51,035,000	$184,242

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	7	$5,365,000	$766,429
Single Family (1-4 Units):Manufactured	2	$180,000	$90,000
Single Family (1-4 Units):Site-Built	268	$45,490,000	$169,739

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	45	$3,145,000	$69,889	$1,081	6.13%
40-60%	30	$6,290,000	$209,667	$6,794	5.21%
60-80%	93	$23,635,000	$254,140	$3,215	4.43%
80-100%	58	$14,150,000	$243,966	$2,923	4.25%
Over 100%	3	$495,000	$165,000	$1,715	6.89%
Under 20%	38	$1,660,000	$43,684	$5,601	6.17%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION	Conventional home mortgage	Struggling to pay mortgage	3	21.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION	Conventional home mortgage	Trouble during payment process	4	28.6%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	1	7.1%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION	Home equity loan or line of credit (HELOC)	Closing on a mortgage	1	7.1%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION	Home equity loan or line of credit (HELOC)	Struggling to pay mortgage	2	14.3%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	7.1%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION	Other type of mortgage	Trouble during payment process	2	14.3%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Peoples Bank	1021 Main Street Scranton, IA 51462	Full Service B&M	$26,953
Peoples Bank	116 West State Street Jefferson, IA 50129	Full Service B&M	$51,086
Peoples Bank	1185 Southeast University Avenue Waukee, IA 50263	Full Service B&M	$13,830
Peoples Bank	12701 University Avenue Clive, IA 50325	Full Service B&M	$41,337
Peoples Bank	205 East Main Street Grand Junction, IA 50107	Full Service B&M	$28,989
Peoples Bank	303 Main Street Rippey, IA 50235	Full Service B&M	$15,115
Peoples Bank	338 West Walnut Street, P. O. Box 697 Ogden, IA 50212	Full Service B&M	$7,815
Peoples Bank	401 Main Street Guthrie Center, IA 50115	Full Service B&M	$49,988
Peoples Bank	804 Greenwood Hills Drive Adel, IA 50003	Full Service B&M	$29,589

For 2019, Peoples Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$14,903
Net interest income	$11,394
Total noninterest income	$2,818
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$486
Trading account gains and fees	$0
Additional Noninterest Income	$2,332
Pre-tax net operating income	$2,475
Securities gains (or losses, -)	$286
Income before extraordinary items	$2,676
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$2,676
Minority interest net income	$0
Net income	$2,676
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$2,398

Peoples Bank's gross interest income from loans was $14,903,000.
Peoples Bank's net interest income from loans was $11,394,000.
Peoples Bank's fee based income from loans was $486,000.
Peoples Bank's net income from loans was $2,676,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,509
Provision for credit losses	$945
Total noninterest expense	$10,792
Salaries and employee benefits	$6,555
Premises and equipment expense	$844
Additional noninterest expense	$3,393
Applicable income taxes	$85
Net charge-offs	$-4
Cash dividends	$3,500

Peoples Bank's interest expense for loans was $3,509,000.
Peoples Bank's payroll and benefits expense were $6,555,000.
Peoples Bank's property, plant and equipment expenses $844,000.

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	4.0%
Nonfarm, nonresidential loans	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	1.0%
HELOC loans	2.0%
All other family	1.0%
Commercial & industrial loans	1.0%
Personal loans	0.0%
Credit card loans	0.0%
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	$269,386
Deposits held in domestic offices	$269,386
Deposits by Individuals, partnerships, and corporations	$216,622
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$51,538
Deposits by Commercial banks and other depository institutions in U.S.	$1,226
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$93,438
Demand deposits	$55,046
Nontransaction accounts	$175,948
Money market deposit accounts (MMDAs)	$59,574
Other savings deposits (excluding MMDAs)	$24,830
Total time deposits	$91,544
Total time and savings deposits	$214,340
Noninterest-bearing deposits	$55,046
Interest-bearing deposits	$214,340
Retail deposits	$239,299
IRAs and Keogh plan accounts	$6,135
Brokered deposits	$4,400
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$341,175
Cash & Balances due from depository institutions	$8,031
Interest-bearing balances	$2,265
Total securities	$74,104
Federal funds sold & reverse repurchase	$0
Net loans and leases	$228,254
Loan and leases loss allowance	$2,298
Trading account assets	$0
Bank premises and fixed assets	$7,898
Other real estate owned	$250
Goodwill and other intangibles	$15,366
All other assets	$7,272

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$341,175
Total Liabilities	$297,148
Total deposits	$269,386
Interest-bearing deposits	$214,340
Deposits held in domestic offices	$269,386
% insured (estimated)	$77
Federal funds purchased and repurchase agreements	$2,831
Trading liabilities	$0
Other borrowed funds	$23,864
Subordinated debt	$0
All other liabilities	$1,067

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$228,254
Loan and leases loss allowance	$2,298
Total loans and leases (domestic)	$230,552
All real estate loans	$175,932
Real estate loans in domestic offices	$175,932
Construction and development loans	$22,078
Residential 1-4 family construction	$14,749
Other construction, all land development and other land	$7,329
Loans secured by nonfarm nonresidential properties	$53,366
Nonfarm nonresidential secured by owner-occupied properties	$19,163
Commercial real estate & other non-farm, non-residential	$34,203
Multifamily residential real estate	$14,795
1-4 family residential loans	$47,424
Farmland loans	$38,269
Loans held in foreign offices	$0
Farm loans	$30,584
Commercial and industrial loans	$16,361
To non-U.S. addressees	$0
Loans to individuals	$3,775
Credit card loans	$613
Related Plans	$64
Consumer Auto Loans	$1,564
Other loans to individuals	$1,534
All other loans & leases	$3,900
Loans to foreign governments and official institutions	$0
Other loans	$132
Loans to depository institutions and acceptances of other banks	$332
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$308
Non 1-4 family restructured loans & leases	$107
Total loans and leases (foreign)	$0

Peoples Bank had $228,254,000 of loans outstanding in 2019. $175,932,000 of loans were in real estate loans. $22,078,000 of loans were in development loans. $14,795,000 of loans were in multifamily mortgage loans. $47,424,000 of loans were in 1-4 family mortgage loans. $30,584,000 of loans were in farm loans. $613,000 of loans were in credit card loans. $1,564,000 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	117	$17,620	$150,598
Nonfarm, nonresidential loans - <$100k	65	$2,575	$39,615
Nonfarm, nonresidential loans - $100-250k	30	$4,546	$151,533
Nonfarm, nonresidential loans - $250k-1MM	22	$10,499	$477,227
Commercial & Industrial, US addressed loans - <$1MM	252	$11,620	$46,111
Commercial & Industrial, US addressed loans - <$100k	213	$4,228	$19,850
Commercial & Industrial, US addressed loans - $100-250k	25	$3,152	$126,080
Commercial & Industrial, US addressed loans - $250k-1MM	14	$4,240	$302,857
Farmland loans - <$1MM	148	$19,682	$132,986
Farmland loans - <$100k	64	$2,727	$42,609
Farmland loans - $100-250k	51	$7,110	$139,412
Farmland loans - $250k-1MM	33	$9,845	$298,333
Agriculture operations loans - <$1MM	417	$19,507	$46,779
Agriculture operations loans - <$100k	336	$7,203	$21,438
Agriculture operations loans - $100-250k	57	$6,515	$114,298
Agriculture operations loans - $250k-1MM	24	$5,789	$241,208