Central Bank Mortgage Rates, Fees & Info

Provo, UT

LEI: 254900TG3REX549BAZ53

Tax ID: 87-0271990

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

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Mortgage Data

Bank Data

Review & 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 by origination volume include: Provo, Salt Lake City, Heber, Ogden, and St. George among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Central 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. Central 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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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.57% 3/27/24
30 Year Conventional Refi 6.49% 3/27/24
30 Year Cash-out Refi 6.65% 3/27/24
15 Year Conventional Purchase 5.82% 3/27/24
15 Year Conventional Refi 6.05% 3/27/24
15 Year Cash-out Refi 6.05% 3/27/24
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.

Central Bank Mortgage Calculator






Your Estimates

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This is not an official calculator from Central 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

303

Origination Dollar Volume (All Markets)

$102,855,000

Employee count

262

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
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.

Their top states include:
  • Utah (FHA|USDA|VA)
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    Product Mix

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

    For 2021, Central Bank's most frequently originated type of loan was Conventional, with 303 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Central Bank's most frequently cited loan purpose was Cash Out Refi, with 102 originations. The 2nd most popular reason was 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 2021, Central Bank's most frequently cited loan duration was 30 Year, with 210 originations. The 2nd most popular length was 15 Year, with 42 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 83 $15,655,000 $188,614
    $2k-3k 75 $24,225,000 $323,000
    $3k-4k 36 $16,530,000 $459,167
    $<1k 30 $6,140,000 $204,667
    $4k-5k 9 $4,365,000 $485,000
    $5k+ 6 $3,160,000 $526,667

    Central Bank's average total fees were $4,128, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.09%, while their most frequently originated rate bucket for loans was 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
    91.67%

    Central Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.78%

    Central Bank has an 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 1300 North State Street Provo, UT 84601 Full Service B&M $76,718
    Central Bank 175 East Main St American Fork, UT 84003 Full Service B&M $120,286
    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