Peoples Bank Mortgage Rates, Fees & Info

Bellingham, WA

LEI: 5493001VH4ZJNSI25781

Tax ID: 91-0362750

5 stars - out of 5 stars, based on 42 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Peoples Bank is a smaller bank specializing in Home Purchase and Refi loans. Peoples Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Bellingham, Mount Vernon, Oak Harbor, Seattle, and Wenatchee among others. Peoples 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. Peoples Bank is typically an average fee lendor.


Originations

1,791

Origination Dollar Volume (All Markets)

$650,145,000

Employee count

446

Awards

Peoples Bank 30 Year Conventional Loans bronze Peoples Bank 30 Year Conventional Loans bronze Peoples Bank VA Loans bronze
Show all (3) awards

Relative Rate

Peoples Bank's average 30 year fixed rate mortgage of loans were 3.11%.

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

This yields a difference of -0.04%.

Relative Fees

Peoples Bank's average total fees for a 30 year fixed rate mortgage are $4,426.

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
BELLINGHAM, WA (FHA|USDA|VA) 736 $271,990,000 $369,552 $4,345 3.11%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 384 $129,950,000 $338,411 $4,290 3.05%
Oak Harbor, WA (FHA|USDA|VA) 220 $83,060,000 $377,545 $5,230 3.16%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 142 $68,620,000 $483,239 $5,469 3.17%
WENATCHEE, WA (FHA|USDA|VA) 204 $60,450,000 $296,324 $4,520 3.16%
Outside of Metro Areas 46 $16,010,000 $348,043 $5,666 3.26%
Moses Lake, WA (FHA|USDA|VA) 19 $4,935,000 $259,737 $5,188 3.36%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 7 $3,665,000 $523,571 $6,920 3.13%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 8 $2,580,000 $322,500 $4,515 2.98%
Ellensburg, WA (FHA|USDA|VA) 6 $2,510,000 $418,333 $6,677 3.56%
Aberdeen, WA (FHA|USDA|VA) 3 $1,275,000 $425,000 $11,731 3.13%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $960,000 $480,000 $8,234 3.44%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 2 $820,000 $410,000 $10,233 2.50%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 3 $795,000 $265,000 $3,847 3.55%
YAKIMA, WA (FHA|USDA|VA) 3 $775,000 $258,333 $2,659 2.72%
Shelton, WA (FHA|USDA|VA) 2 $690,000 $345,000 $5,190 3.00%
Othello, WA (FHA|USDA|VA) 2 $650,000 $325,000 $5,523 2.88%
Centralia, WA (FHA|USDA|VA) 1 $235,000 $235,000 $3,158 2.75%
Port Angeles, WA (FHA|USDA|VA) 1 $175,000 $175,000 $3,359 3.25%

Peoples Bank's top markets include Bellingham, Mount Vernon, Oak Harbor, Seattle, and Wenatchee among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,728 $626,790,000 $362,726 $4,499 3.14%
VA 40 $14,860,000 $371,500 $6,595 2.56%
FHA 22 $8,370,000 $380,455 $11,173 3.00%
USDA 1 $125,000 $125,000 $4,702 2.38%

For the 2021 period, Peoples Bank's most frequently originated loan type of loans were Conventional, with 1,728 originations. Their 2nd most popular type is VA, with 40 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 732 $328,630,000 $448,948 $6,214 3.21%
Refi 603 $178,775,000 $296,476 $3,333 2.97%
Cash Out Refi 409 $127,575,000 $311,919 $3,801 3.16%
Other 40 $12,980,000 $324,500 $4,540 3.36%
Home Improvement 7 $2,185,000 $312,143 $4,029 3.56%

For the 2021, Peoples Bank's most frequently cited loan purpose of loans were Home Purchase, with 732 originations. The 2nd most popular reason of loans were Refi, with 603 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,367 $484,335,000 $354,305 $4,426 3.11%
15 Year 212 $69,090,000 $325,896 $3,245 2.83%
30+ year 87 $48,205,000 $554,080 $11,697 3.91%
20 Year 62 $14,850,000 $239,516 $3,371 2.97%
Other 25 $16,255,000 $650,200 $5,278 3.25%
10 Year 23 $8,145,000 $354,130 $2,897 2.80%
1 Year 11 $6,075,000 $552,273 $5,938 4.32%
3 Year 4 $3,190,000 $797,500 $0 3.58%

For the 2021, Peoples Bank's most frequently cited loan length of loans were 30 Year, with 1,367 originations. The 2nd most popular length of loans were 15 Year, with 212 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 692 $211,780,000 $306,040
$<1k 435 $142,945,000 $328,609
$2k-3k 227 $76,985,000 $339,141
$3k-4k 206 $75,140,000 $364,757
$5k+ 182 $98,610,000 $541,813

$4,426 of loans were Peoples Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 692 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 826 $277,970,000 $336,525
3-4% 737 $288,285,000 $391,160
<2.5% 137 $41,085,000 $299,891
4-5% 82 $40,320,000 $491,707
5-6% 9 $2,485,000 $276,111

During 2021, Peoples Bank's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 826 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 901 $267,545,000 $296,942 $4,032 3.11%
$400k-600k 490 $237,800,000 $485,306 $5,596 3.19%
$100k-200k 261 $41,195,000 $157,835 $3,077 3.01%
$600k-1MM 85 $62,345,000 $733,471 $10,502 3.29%
$100,000 or less 37 $2,545,000 $68,784 $2,449 2.56%
$1MM+ 17 $38,715,000 $2,277,353 $16,619 3.68%

2021 saw Peoples Bank place emphasis on $200k-400k loans with 901 originations, totaling $267,545,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 434 $158,750,000 $365,783 $4,844 3.11%
$75k-100k 344 $114,560,000 $333,023 $4,464 3.09%
$50k-75k 342 $91,050,000 $266,228 $3,996 3.04%
$150k-250k 299 $132,405,000 $442,826 $5,425 3.15%
$50k or less 154 $29,480,000 $191,429 $3,440 3.07%
$250k+ 102 $55,470,000 $543,824 $6,795 3.41%

Peoples Bank lent most frequently to those with incomes in the $100k-150k range, with 434 originations. The second most popular income band? $75k-100k, with 344 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 400 $130,570,000 $326,425 $4,244 3.02%
30-36% 334 $113,840,000 $340,838 $4,296 3.14%
<20% 133 $39,535,000 $297,256 $3,872 3.01%
44% 83 $28,595,000 $344,518 $5,130 3.22%
42% 76 $30,190,000 $397,237 $5,585 3.24%
39% 73 $27,975,000 $383,219 $5,174 3.15%
37% 73 $23,555,000 $322,671 $4,260 3.10%
40% 71 $26,975,000 $379,930 $5,257 3.08%
41% 71 $27,535,000 $387,817 $4,958 3.09%
43% 69 $23,065,000 $334,275 $5,126 3.15%
38% 62 $25,230,000 $406,935 $5,194 3.07%
36% 62 $21,130,000 $340,806 $4,551 3.12%
49% 49 $17,945,000 $366,224 $4,825 3.09%
45% 45 $16,975,000 $377,222 $4,387 3.24%
47% 43 $16,055,000 $373,372 $5,290 3.20%
48% 40 $15,240,000 $381,000 $5,650 3.08%
46% 29 $10,075,000 $347,414 $5,575 3.29%
50-60% 11 $3,915,000 $355,909 $6,598 3.81%
>60% 3 $2,315,000 $771,667 $12,566 3.67%

Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 400 originations. The next most common DTI ratio? 30-36%, with 334 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,503 $519,295,000 $345,506 $4,596 3.11%
Not provided 162 $55,440,000 $342,222 $4,653 3.08%
Not applicable 43 $42,205,000 $981,512 $0 3.67%
Asian 55 $22,605,000 $411,000 $5,392 3.04%
American Indian 15 $5,105,000 $340,333 $5,144 3.27%
Black 7 $2,655,000 $379,286 $4,644 3.34%
Asian Indian 2 $970,000 $485,000 $3,592 2.75%
Chinese 1 $915,000 $915,000 $8,736 2.75%
Other Pacific Islander 1 $525,000 $525,000 $4,981 3.25%
Native Hawaiian 1 $265,000 $265,000 $5,166 3.49%
Other Asian 1 $165,000 $165,000 $1,802 2.88%

Approval Rates

Total approvals of all applications
92.66%

Peoples Bank has an average approval rate.

Pick Rate

Approvals leading to origination
74.29%

Peoples Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,791 $650,145,000 $363,007

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,791 $650,145,000 $363,007

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 220 $50,670,000 $230,318 $3,571 2.97%
40-60% 531 $164,535,000 $309,859 $3,733 3.06%
60-80% 668 $283,950,000 $425,075 $5,214 3.28%
80-100% 328 $137,210,000 $418,323 $5,679 3.08%
Over 100% 7 $9,615,000 $1,373,571 $13,764 2.86%
Under 20% 36 $3,880,000 $107,778 $2,556 2.39%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 4 30.8%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 3 23.1%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Peoples Bank 2801 Bickford Ave North, Suite 101 Snohomish, WA 98290 Full Service Retail $57,602
Peoples Bank 107 S. Main Street Coupeville, WA 98239 Full Service B&M $55,179
Peoples Bank 1218 Commercial Street Anacortes, WA 98221 Full Service B&M $67,830
Peoples Bank 1333 Cornwall Avenue Bellingham, WA 98225 Full Service B&M $247,877
Peoples Bank 1401-12th Street Bellingham, WA 98225 Full Service Retail $73,699
Peoples Bank 15506 Main Street, Suite 105 Mill Creek, WA 98012 Full Service B&M $76,838
Peoples Bank 1700 Front Street Lynden, WA 98264 Full Service B&M $39,945
Peoples Bank 1801 Riverside Drive Mount Vernon, WA 98273 Full Service B&M $204,058
Peoples Bank 1895 Main Street Ferndale, WA 98248 Full Service B&M $108,475
Peoples Bank 200 East Main Street Everson, WA 98247 Full Service B&M $99,105
Peoples Bank 201 Main Street, Suite 101 Edmonds, WA 98020 Full Service B&M $61,603
Peoples Bank 2601 E Division St Mount Vernon, WA 98274 Full Service Retail $31,303
Peoples Bank 2702 Colby Avenue Everett, WA 98201 Full Service B&M $48,807
Peoples Bank 275 Southeast Pioneer Way, Suite 1 Oak Harbor, WA 98277 Full Service B&M $42,318
Peoples Bank 3100 Woburn Street Bellingham, WA 98226 Full Service B&M $203,450
Peoples Bank 3300 W. Mcgraw Street, Suite 102 Seattle, WA 98199 Full Service B&M $38,718
Peoples Bank 418 Grover Street Lynden, WA 98264 Full Service B&M $349,994
Peoples Bank 4183 Meridian Street Bellingham, WA 98226 Full Service B&M $199,398
Peoples Bank 5600 24th Avenue Nw Seattle, WA 98107 Full Service B&M $114,070
Peoples Bank 6920 Evergreen Way Everett, WA 98203 Full Service B&M $12,006
Peoples Bank 8070 Guide Meridian, #101 Lynden, WA 98264 Full Service Retail $29,807
Peoples Bank 822 S. Burlington Blvd. Burlington, WA 98233 Full Service B&M $87,724
Peoples Bank 901 North Mission Street Wenatchee, WA 98801 Full Service B&M $137,313

For 2021, Peoples Bank had 23 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $77,386
Net interest income $73,086
Total noninterest income $27,124
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,743
Trading account gains and fees $0
Additional Noninterest Income $25,381
Pre-tax net operating income $32,776
Securities gains (or losses, -) $-131
Income before extraordinary items $25,845
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $25,845
Minority interest net income $0
Net income $25,845
Sale, conversion, retirement of capital stock, net $0
Net operating income $25,948

Peoples Bank's gross interest income from loans was $77,386,000.
Peoples Bank's net interest income from loans was $73,086,000.
Peoples Bank's fee based income from loans was $1,743,000.
Peoples Bank's net income from loans was $25,845,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,300
Provision for credit losses $-5,350
Total noninterest expense $72,784
Salaries and employee benefits $47,613
Premises and equipment expense $9,204
Additional noninterest expense $15,967
Applicable income taxes $6,800
Net charge-offs $82
Cash dividends $2,684

Peoples Bank's interest expense for loans was $4,300,000.
Peoples Bank's payroll and benefits expense were $47,613,000.
Peoples Bank's property, plant and equipment expenses $9,204,000.

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 $2,551,091
Deposits held in domestic offices $2,551,091
Deposits by Individuals, partnerships, and corporations $2,526,473
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $24,618
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 $1,254,665
Demand deposits $867,676
Nontransaction accounts $1,296,426
Money market deposit accounts (MMDAs) $762,580
Other savings deposits (excluding MMDAs) $372,564
Total time deposits $161,283
Total time and savings deposits $1,683,415
Noninterest-bearing deposits $854,842
Interest-bearing deposits $1,696,249
Retail deposits $2,507,245
IRAs and Keogh plan accounts $35,358
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,815,737
Cash & Balances due from depository institutions $781,019
Interest-bearing balances $760,696
Total securities $219,608
Federal funds sold & reverse repurchase $0
Net loans and leases $1,742,101
Loan and leases loss allowance $30,226
Trading account assets $0
Bank premises and fixed assets $43,283
Other real estate owned $0
Goodwill and other intangibles $4,776
All other assets $24,950

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,815,737
Total Liabilities $2,563,672
Total deposits $2,551,091
Interest-bearing deposits $1,696,249
Deposits held in domestic offices $2,551,091
% insured (estimated) $62
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $12,581

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,742,101
Loan and leases loss allowance $30,226
Total loans and leases (domestic) $1,772,327
All real estate loans $1,369,245
Real estate loans in domestic offices $1,369,245
Construction and development loans $169,865
Residential 1-4 family construction $41,459
Other construction, all land development and other land $128,406
Loans secured by nonfarm nonresidential properties $678,998
Nonfarm nonresidential secured by owner-occupied properties $284,583
Commercial real estate & other non-farm, non-residential $394,415
Multifamily residential real estate $193,189
1-4 family residential loans $268,586
Farmland loans $58,607
Loans held in foreign offices $0
Farm loans $115,269
Commercial and industrial loans $137,602
To non-U.S. addressees $0
Loans to individuals $148,043
Credit card loans $0
Related Plans $644
Consumer Auto Loans $768
Other loans to individuals $146,631
All other loans & leases $2,168
Loans to foreign governments and official institutions $0
Other loans $2,168
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $43,742
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $3,791
Non 1-4 family restructured loans & leases $3,032
Total loans and leases (foreign) $0

Peoples Bank had $1,742,101,000 of loans outstanding in 2021. $1,369,245,000 of loans were in real estate loans. $169,865,000 of loans were in development loans. $193,189,000 of loans were in multifamily mortgage loans. $268,586,000 of loans were in 1-4 family mortgage loans. $115,269,000 of loans were in farm loans. $0 of loans were in credit card loans. $768,000 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 499 $165,066 $330,794
Nonfarm, nonresidential loans - <$100k 24 $937 $39,042
Nonfarm, nonresidential loans - $100-250k 140 $17,526 $125,186
Nonfarm, nonresidential loans - $250k-1MM 335 $146,603 $437,621
Commercial & Industrial, US addressed loans - <$1MM 1,093 $80,254 $73,425
Commercial & Industrial, US addressed loans - <$100k 639 $12,233 $19,144
Commercial & Industrial, US addressed loans - $100-250k 245 $22,648 $92,441
Commercial & Industrial, US addressed loans - $250k-1MM 209 $45,373 $217,096
Farmland loans - <$1MM 50 $8,917 $178,340
Farmland loans - <$100k 4 $168 $42,000
Farmland loans - $100-250k 24 $3,586 $149,417
Farmland loans - $250k-1MM 22 $5,163 $234,682
Agriculture operations loans - <$1MM 116 $17,965 $154,871
Agriculture operations loans - <$100k 27 $720 $26,667
Agriculture operations loans - $100-250k 43 $4,941 $114,907
Agriculture operations loans - $250k-1MM 46 $12,304 $267,478