Better Banks Mortgage Rates, Fees & Info

Peoria, IL

LEI: 254900UAJ26M2YIF0822

Tax ID: 37-0253320

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Mortgage Data

Bank Data

Review & Overview

Better Banks is a smaller bank specializing in Home Purchase and Refi loans. Better Banks has a high proportion of conventional loans. Their top markets by origination volume include: Peoria, Bloomington, Tucson, Chicago, and Nashville among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Better Banks 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.

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Originations

334

Origination Dollar Volume (All Markets)

$49,520,000

Employee count

73

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
PEORIA, IL (FHA|USDA|VA) 311 $44,245,000 $142,267 $0 0.00%
BLOOMINGTON, IL (FHA|USDA|VA) 6 $940,000 $156,667 $0 0.00%
Outside of Metro Areas 5 $855,000 $171,000 $0 0.00%
TUCSON, AZ (FHA|USDA|VA) 1 $745,000 $745,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $390,000 $195,000 $0 0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
DECATUR, IL (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
SPRINGFIELD, IL (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Macomb, IL (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
Galesburg, IL (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Ottawa, IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
Better Banks's top markets include Peoria, Bloomington, Tucson, Chicago, and Nashville among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 334 $49,520,000 $148,263 $0 0.00%

    For 2021, Better Banks's most frequently originated type of loan was Conventional, with 334 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 160 $26,600,000 $166,250 $0 0.00%
    Refi 80 $12,080,000 $151,000 $0 0.00%
    Cash Out Refi 71 $9,315,000 $131,197 $0 0.00%
    Other 20 $1,290,000 $64,500 $0 0.00%
    Home Improvement 3 $235,000 $78,333 $0 0.00%

    For 2021, Better Banks's most frequently cited loan purpose was Home Purchase, with 160 originations. The 2nd most popular reason was Refi, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 334 $49,520,000 $148,263 $0 0.00%

    For 2021, Better Banks's most frequently cited loan duration was Other, with 334 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 158 $9,880,000 $62,532 $0 0.00%
    $100k-200k 110 $16,080,000 $146,182 $0 0.00%
    $200k-400k 53 $14,765,000 $278,585 $0 0.00%
    $400k-600k 9 $4,375,000 $486,111 $0 0.00%
    $1MM+ 2 $2,840,000 $1,420,000 $0 0.00%
    $600k-1MM 2 $1,580,000 $790,000 $0 0.00%

    2021 saw Better Banks place emphasis on $100,000 or less loans with 158 originations, totaling $9,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 73 $11,195,000 $153,356 $0 0.00%
    $50k-75k 59 $5,225,000 $88,559 $0 0.00%
    $75k-100k 55 $6,765,000 $123,000 $0 0.00%
    $150k-250k 49 $10,365,000 $211,531 $0 0.00%
    $50k or less 45 $3,475,000 $77,222 $0 0.00%
    $250k+ 19 $7,845,000 $412,895 $0 0.00%

    Better Banks lent most frequently to those with incomes in the $100k-150k range, with 73 originations. The second most popular income band? $50k-75k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 334 $49,520,000 $148,263 $0 0.00%

    Better Banks lent most frequently to those with DTI ratios of Exempt%, with 334 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 298 $44,360,000 $148,859 $0 0.00%
    Not applicable 25 $3,265,000 $130,600 $0 0.00%
    Not provided 5 $1,085,000 $217,000 $0 0.00%
    Black 5 $715,000 $143,000 $0 0.00%
    American Indian 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.57%

    Better Banks 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
    91.62%

    Better Banks has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 334 $49,520,000 $148,263

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    334 $49,520,000 $148,263

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Better Banks 10225 North Knoxville Avenue Peoria, IL 61615 Full Service B&M $63,234
    Better Banks 1204 West Garfield Avenue Bartonville, IL 61607 Full Service B&M $24,038
    Better Banks 122 West Broadway Astoria, IL 61501 Full Service B&M $21,696
    Better Banks 200 West Williams Street Wyoming, IL 61491 Full Service B&M $24,060
    Better Banks 201 North 2nd Street Dunlap, IL 61525 Full Service B&M $51,641
    Better Banks 5600 South Adams Street Bartonville, IL 61607 Full Service B&M $76,806
    Better Banks 805 West Jackson Street Morton, IL 61550 Full Service B&M $23,446
    Better Banks 900 North Fourth Street Chillicothe, IL 61523 Full Service B&M $61,706

    For 2021, Better Banks had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,479
    Net interest income $11,928
    Total noninterest income $4,608
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $429
    Trading account gains and fees $0
    Additional Noninterest Income $4,179
    Pre-tax net operating income $4,288
    Securities gains (or losses, -) $-23
    Income before extraordinary items $4,055
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,055
    Minority interest net income $0
    Net income $4,055
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,076

    Better Banks's gross interest income from loans was $12,479,000.
    Better Banks's net interest income from loans was $11,928,000.
    Better Banks's fee based income from loans was $429,000.
    Better Banks's net income from loans was $4,055,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $551
    Provision for credit losses $574
    Total noninterest expense $11,674
    Salaries and employee benefits $5,464
    Premises and equipment expense $916
    Additional noninterest expense $5,294
    Applicable income taxes $210
    Net charge-offs $160
    Cash dividends $1,910

    Better Banks's interest expense for loans was $551,000.
    Better Banks's payroll and benefits expense were $5,464,000.
    Better Banks's property, plant and equipment expenses $916,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 7.0%
    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 0.4%
    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 $377,433
    Deposits held in domestic offices $377,433
    Deposits by Individuals, partnerships, and corporations $311,153
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $66,032
    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 $175,417
    Demand deposits $85,236
    Nontransaction accounts $202,016
    Money market deposit accounts (MMDAs) $44,134
    Other savings deposits (excluding MMDAs) $65,254
    Total time deposits $92,628
    Total time and savings deposits $292,197
    Noninterest-bearing deposits $82,819
    Interest-bearing deposits $294,614
    Retail deposits $344,941
    IRAs and Keogh plan accounts $3,760
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $411,263
    Cash & Balances due from depository institutions $20,800
    Interest-bearing balances $17,406
    Total securities $132,870
    Federal funds sold & reverse repurchase $0
    Net loans and leases $244,907
    Loan and leases loss allowance $3,013
    Trading account assets $0
    Bank premises and fixed assets $2,960
    Other real estate owned $1,001
    Goodwill and other intangibles $2,202
    All other assets $6,523

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $411,263
    Total Liabilities $378,940
    Total deposits $377,433
    Interest-bearing deposits $294,614
    Deposits held in domestic offices $377,433
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,507

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $244,907
    Loan and leases loss allowance $3,013
    Total loans and leases (domestic) $247,920
    All real estate loans $102,499
    Real estate loans in domestic offices $102,499
    Construction and development loans $4,688
    Residential 1-4 family construction $1,964
    Other construction, all land development and other land $2,724
    Loans secured by nonfarm nonresidential properties $12,147
    Nonfarm nonresidential secured by owner-occupied properties $10,978
    Commercial real estate & other non-farm, non-residential $1,169
    Multifamily residential real estate $1,792
    1-4 family residential loans $63,566
    Farmland loans $20,306
    Loans held in foreign offices $0
    Farm loans $8,856
    Commercial and industrial loans $24,265
    To non-U.S. addressees $0
    Loans to individuals $111,312
    Credit card loans $1,135
    Related Plans $4
    Consumer Auto Loans $102,545
    Other loans to individuals $7,628
    All other loans & leases $988
    Loans to foreign governments and official institutions $0
    Other loans $556
    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

    Better Banks had $244,907,000 of loans outstanding in 2021. $102,499,000 of loans were in real estate loans. $4,688,000 of loans were in development loans. $1,792,000 of loans were in multifamily mortgage loans. $63,566,000 of loans were in 1-4 family mortgage loans. $8,856,000 of loans were in farm loans. $1,135,000 of loans were in credit card loans. $102,545,000 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 51 $7,370 $144,510
    Nonfarm, nonresidential loans - <$100k 12 $372 $31,000
    Nonfarm, nonresidential loans - $100-250k 23 $2,875 $125,000
    Nonfarm, nonresidential loans - $250k-1MM 16 $4,123 $257,688
    Commercial & Industrial, US addressed loans - <$1MM 296 $14,840 $50,135
    Commercial & Industrial, US addressed loans - <$100k 264 $6,998 $26,508
    Commercial & Industrial, US addressed loans - $100-250k 15 $1,601 $106,733
    Commercial & Industrial, US addressed loans - $250k-1MM 17 $6,241 $367,118
    Farmland loans - <$1MM 41 $4,796 $116,976
    Farmland loans - <$100k 11 $264 $24,000
    Farmland loans - $100-250k 20 $1,808 $90,400
    Farmland loans - $250k-1MM 10 $2,724 $272,400
    Agriculture operations loans - <$1MM 43 $5,293 $123,093
    Agriculture operations loans - <$100k 24 $635 $26,458
    Agriculture operations loans - $100-250k 8 $904 $113,000
    Agriculture operations loans - $250k-1MM 11 $3,754 $341,273