Central Bank Mortgage Rates, Fees & Info

Provo, UT

LEI: 254900TG3REX549BAZ53

Tax ID: 87-0271990

5 stars - out of 5 stars, based on 17 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Central Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Central Bank has a high proportion of conventional loans. Their top markets include Provo, Salt Lake City, Heber, Ogden, and St. George among others. Central Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Central Bank is typically an average fee lendor.


Originations

303

Origination Dollar Volume (All Markets)

$102,855,000

Employee count

262

Relative Rate

Central Bank's average 30 year fixed rate mortgage of loans were 3.09%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.06%.

Relative Fees

Central Bank's average total fees for a 30 year fixed rate mortgage are $4,128.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PROVO-OREM, UT (FHA|USDA|VA) 247 $78,775,000 $318,927 $3,917 3.14%
SALT LAKE CITY, UT (FHA|USDA|VA) 27 $13,835,000 $512,407 $3,890 4.08%
Heber, UT (FHA|USDA|VA) 5 $5,075,000 $1,015,000 $6,382 4.15%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 11 $2,305,000 $209,545 $6,413 3.33%
ST. GEORGE, UT (FHA|USDA|VA) 6 $1,550,000 $258,333 $3,384 2.83%
Outside of Metro Areas 5 $995,000 $199,000 $3,624 2.98%
Vernal, UT (FHA|USDA|VA) 2 $320,000 $160,000 $3,388 3.19%

Central Bank's top markets include Provo, Salt Lake City, Heber, Ogden, and St. George among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 303 $102,855,000 $339,455 $3,945 3.24%

For the 2021 period, Central Bank's most frequently originated loan type of loans were Conventional, with 303 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 102 $27,920,000 $273,725 $3,844 2.99%
Refi 99 $27,235,000 $275,101 $3,306 3.02%
Home Purchase 98 $46,460,000 $474,082 $4,908 3.73%
Other 3 $695,000 $231,667 $3,469 3.21%
Home Improvement 1 $545,000 $545,000 $4,696 3.13%

For the 2021, Central Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 102 originations. The 2nd most popular reason of loans were Refi, with 99 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 210 $63,430,000 $302,048 $4,128 3.09%
15 Year 42 $7,880,000 $187,619 $3,002 2.34%
5 Year 22 $11,930,000 $542,273 $0 5.30%
1 Year 10 $11,350,000 $1,135,000 $0 5.64%
20 Year 10 $2,450,000 $245,000 $3,765 2.81%
10 Year 4 $570,000 $142,500 $2,747 2.41%
3 Year 3 $3,955,000 $1,318,333 $0 5.17%
Other 2 $1,290,000 $645,000 $9,174 3.81%

For the 2021, Central Bank's most frequently cited loan length of loans were 30 Year, with 210 originations. The 2nd most popular length of loans were 15 Year, with 42 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 83 $15,655,000 $188,614
$2k-3k 75 $24,225,000 $323,000
$3k-4k 45 $20,895,000 $464,333
$<1k 30 $6,140,000 $204,667
$5k+ 6 $3,160,000 $526,667

$4,128 of loans were Central Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 83 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 112 $34,170,000 $305,089
3-4% 110 $33,410,000 $303,727
<2.5% 46 $8,040,000 $174,783
5-6% 32 $25,370,000 $792,813
4-5% 3 $1,865,000 $621,667

During 2021, Central Bank's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 2.5-3%, with 112 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 139 $39,545,000 $284,496 $3,823 3.23%
$100k-200k 75 $11,645,000 $155,267 $2,610 2.99%
$400k-600k 59 $28,595,000 $484,661 $5,867 3.30%
$100,000 or less 15 $1,135,000 $75,667 $1,955 2.54%
$600k-1MM 8 $5,860,000 $732,500 $8,300 4.78%
$1MM+ 7 $16,075,000 $2,296,429 $0 5.41%

2021 saw Central Bank place emphasis on $200k-400k loans with 139 originations, totaling $39,545,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 68 $21,580,000 $317,353 $4,446 3.13%
$50k-75k 52 $13,200,000 $253,846 $3,658 3.07%
$75k-100k 51 $12,435,000 $243,824 $3,993 3.02%
$150k-250k 35 $14,215,000 $406,143 $5,134 3.11%
$50k or less 34 $5,030,000 $147,941 $2,632 2.78%
$250k+ 18 $11,660,000 $647,778 $4,845 3.74%

Central Bank lent most frequently to those with incomes in the $100k-150k range, with 68 originations. The second most popular income band? $50k-75k, with 52 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 95 $25,835,000 $271,947 $3,930 2.97%
30-36% 46 $12,100,000 $263,043 $3,818 3.00%
<20% 43 $11,675,000 $271,512 $3,628 2.84%
37% 12 $3,700,000 $308,333 $4,085 2.98%
42% 11 $4,275,000 $388,636 $4,449 3.10%
36% 10 $1,880,000 $188,000 $2,940 2.66%
44% 8 $2,530,000 $316,250 $4,345 3.00%
40% 8 $2,250,000 $281,250 $3,986 3.08%
39% 7 $2,765,000 $395,000 $5,447 3.20%
43% 7 $1,815,000 $259,286 $3,822 3.20%
41% 6 $2,100,000 $350,000 $4,971 2.98%
46% 5 $1,395,000 $279,000 $3,088 2.98%
38% 3 $1,125,000 $375,000 $4,485 3.13%
47% 3 $735,000 $245,000 $3,849 3.33%
48% 3 $1,305,000 $435,000 $6,351 3.08%
45% 2 $340,000 $170,000 $3,097 2.94%

Central Bank lent most frequently to those with DTI ratios of 20-30%, with 95 originations. The next most common DTI ratio? 30-36%, with 46 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 271 $82,065,000 $302,823 $3,952 3.07%
Not applicable 20 $17,680,000 $884,000 $0 5.43%
Not provided 6 $1,800,000 $300,000 $4,094 2.90%
Asian 5 $1,125,000 $225,000 $3,056 4.30%
Black 1 $185,000 $185,000 $3,267 3.25%

Approval Rates

Total approvals of all applications
91.73%

Central Bank has an average approval rate.

Pick Rate

Approvals leading to origination
81.54%

Central Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 303 $102,855,000 $339,455

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
303 $102,855,000 $339,455

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 56 $13,810,000 $246,607 $3,082 2.96%
40-60% 106 $36,520,000 $344,528 $4,116 3.12%
60-80% 111 $44,455,000 $400,495 $4,411 3.54%
80-100% 18 $5,950,000 $330,556 $4,541 3.13%
Under 20% 12 $2,120,000 $176,667 $2,191 2.99%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Central Mortgage Funding, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Central Bank 175 East Main St American Fork, UT 84003 Full Service B&M $120,286
Central Bank 1300 North State Street Provo, UT 84601 Full Service B&M $76,718
Central Bank 182 North Main Street Payson, UT 84651 Full Service B&M $83,378
Central Bank 385 N Main St Mapleton, UT 84664 Full Service B&M $93,313
Central Bank 415 North State St Orem, UT 84057 Full Service B&M $183,573
Central Bank 475 East Main Street Lehi, UT 84043 Full Service B&M $90,708
Central Bank 525 West Sunrise Way Lehi, UT 84043 Full Service B&M $23,849
Central Bank 75 North University Avenue Provo, UT 84601 Full Service B&M $200,274
Central Bank 75 North University Avenue Provo, UT 84601 Full Service B&M $247,531
Central Bank 801 S Pleasant Grove Blvd Pleasant Grove, UT 84062 Full Service B&M $47,091
Central Bank One North Main Street Spanish Fork, UT 84660 Full Service B&M $215,609

For 2021, Central Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $63,261
Net interest income $59,022
Total noninterest income $12,246
Gross Fiduciary activities income $0
Service charges on deposit accounts $718
Trading account gains and fees $0
Additional Noninterest Income $11,528
Pre-tax net operating income $31,101
Securities gains (or losses, -) $0
Income before extraordinary items $23,388
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $23,388
Minority interest net income $0
Net income $23,388
Sale, conversion, retirement of capital stock, net $0
Net operating income $23,388

Central Bank's gross interest income from loans was $63,261,000.
Central Bank's net interest income from loans was $59,022,000.
Central Bank's fee based income from loans was $718,000.
Central Bank's net income from loans was $23,388,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,239
Provision for credit losses $2,175
Total noninterest expense $37,992
Salaries and employee benefits $25,665
Premises and equipment expense $4,243
Additional noninterest expense $8,084
Applicable income taxes $7,713
Net charge-offs $544
Cash dividends $4,395

Central Bank's interest expense for loans was $4,239,000.
Central Bank's payroll and benefits expense were $25,665,000.
Central Bank's property, plant and equipment expenses $4,243,000.

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 $1,697,087
Deposits held in domestic offices $1,697,087
Deposits by Individuals, partnerships, and corporations $1,682,047
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $15,040
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 $877,977
Demand deposits $675,137
Nontransaction accounts $819,110
Money market deposit accounts (MMDAs) $405,858
Other savings deposits (excluding MMDAs) $215,615
Total time deposits $197,637
Total time and savings deposits $1,021,950
Noninterest-bearing deposits $675,137
Interest-bearing deposits $1,021,950
Retail deposits $1,574,958
IRAs and Keogh plan accounts $22,017
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,032,687
Cash & Balances due from depository institutions $46,448
Interest-bearing balances $2,100
Total securities $679,835
Federal funds sold & reverse repurchase $373,800
Net loans and leases $877,417
Loan and leases loss allowance $25,091
Trading account assets $0
Bank premises and fixed assets $33,567
Other real estate owned $3,116
Goodwill and other intangibles $495
All other assets $18,009

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,032,687
Total Liabilities $1,800,493
Total deposits $1,697,087
Interest-bearing deposits $1,021,950
Deposits held in domestic offices $1,697,087
% insured (estimated) $55
Federal funds purchased and repurchase agreements $89,582
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $13,824

Issued Loan Types

Type Value (in 000's)
Net loans and leases $877,417
Loan and leases loss allowance $25,091
Total loans and leases (domestic) $902,508
All real estate loans $812,299
Real estate loans in domestic offices $812,299
Construction and development loans $344,778
Residential 1-4 family construction $136,297
Other construction, all land development and other land $208,481
Loans secured by nonfarm nonresidential properties $333,172
Nonfarm nonresidential secured by owner-occupied properties $200,775
Commercial real estate & other non-farm, non-residential $132,397
Multifamily residential real estate $22,730
1-4 family residential loans $106,165
Farmland loans $5,454
Loans held in foreign offices $0
Farm loans $337
Commercial and industrial loans $71,856
To non-U.S. addressees $0
Loans to individuals $17,280
Credit card loans $2,158
Related Plans $410
Consumer Auto Loans $8,590
Other loans to individuals $6,122
All other loans & leases $736
Loans to foreign governments and official institutions $0
Other loans $736
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

Central Bank had $877,417,000 of loans outstanding in 2021. $812,299,000 of loans were in real estate loans. $344,778,000 of loans were in development loans. $22,730,000 of loans were in multifamily mortgage loans. $106,165,000 of loans were in 1-4 family mortgage loans. $337,000 of loans were in farm loans. $2,158,000 of loans were in credit card loans. $8,590,000 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 275 $86,244 $313,615
Nonfarm, nonresidential loans - <$100k 29 $1,286 $44,345
Nonfarm, nonresidential loans - $100-250k 85 $11,549 $135,871
Nonfarm, nonresidential loans - $250k-1MM 161 $73,409 $455,957
Commercial & Industrial, US addressed loans - <$1MM 869 $55,775 $64,183
Commercial & Industrial, US addressed loans - <$100k 615 $16,522 $26,865
Commercial & Industrial, US addressed loans - $100-250k 147 $14,743 $100,293
Commercial & Industrial, US addressed loans - $250k-1MM 107 $24,510 $229,065
Farmland loans - <$1MM 12 $3,328 $277,333
Farmland loans - <$100k 2 $130 $65,000
Farmland loans - $100-250k 3 $452 $150,667
Farmland loans - $250k-1MM 7 $2,746 $392,286
Agriculture operations loans - <$1MM 4 $337 $84,250
Agriculture operations loans - <$100k 2 $78 $39,000
Agriculture operations loans - $100-250k 2 $259 $129,500