Peoples Bank Mortgage Rates, Fees & Info

Bellingham, WA

LEI: 5493001VH4ZJNSI25781

Tax ID: 91-0362750

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

Review & Overview

Peoples Bank is a smaller bank specializing in Home Purchase 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 by origination volume include: Bellingham, Mount Vernon, Oak Harbor, Seattle, and Wenatchee among others. We have data for 16 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 a below 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
Home Equity Line of Credit (HELOC)	6.26%	12/16/24
30 Year Conventional Purchase	6.72%	12/16/24
30 Year Conventional Refi	6.54%	12/16/24
30 Year Cash-out Refi	6.76%	12/16/24
30 Year FHA Purchase	7.40%	12/16/24
30 Year VA Purchase	6.15%	12/16/24
30 Year USDA Purchase	6.27%	12/16/24
15 Year Conventional Purchase	6.29%	12/16/24
15 Year Conventional Refi	6.17%	12/16/24
15 Year Cash-out Refi	6.17%	12/16/24
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

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

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

1,043

Origination Dollar Volume (All Markets)

$342,325,000

Employee count

413

Awards

Show all (4) 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
BELLINGHAM, WA (FHA\|USDA\|VA)	347	$115,875,000	$333,934	$4,577	4.84%
MOUNT VERNON-ANACORTES, WA (FHA\|USDA\|VA)	252	$71,800,000	$284,921	$4,890	4.82%
Oak Harbor, WA (FHA\|USDA\|VA)	164	$53,580,000	$326,707	$5,837	4.68%
Seattle-Tacoma-Bellevue, WA (FHA\|USDA\|VA)	88	$49,590,000	$563,523	$5,651	4.93%
WENATCHEE, WA (FHA\|USDA\|VA)	138	$36,760,000	$266,377	$5,193	4.87%
Outside of Metro Areas	23	$5,925,000	$257,609	$5,888	5.14%
Moses Lake, WA (FHA\|USDA\|VA)	9	$1,985,000	$220,556	$4,179	5.06%
Ellensburg, WA (FHA\|USDA\|VA)	3	$1,565,000	$521,667	$10,452	5.26%
YAKIMA, WA (FHA\|USDA\|VA)	3	$1,085,000	$361,667	$5,046	5.00%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA\|USDA\|VA)	3	$985,000	$328,333	$5,635	4.63%
OLYMPIA-LACEY-TUMWATER, WA (FHA\|USDA\|VA)	2	$690,000	$345,000	$3,993	5.13%
SPOKANE-SPOKANE VALLEY, WA (FHA\|USDA\|VA)	3	$675,000	$225,000	$4,334	4.54%
Port Angeles, WA (FHA\|USDA\|VA)	3	$535,000	$178,333	$3,540	5.42%
KENNEWICK-RICHLAND, WA (FHA\|USDA\|VA)	2	$510,000	$255,000	$3,532	5.69%
Centralia, WA (FHA\|USDA\|VA)	1	$435,000	$435,000	$3,159	4.63%
Aberdeen, WA (FHA\|USDA\|VA)	2	$330,000	$165,000	$4,805	4.69%

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

Their top states include:

Washington (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.

Sno Falls Credit Union
Similarity Rank: 309

HORIZON
Similarity Rank: 420

Third Federal Savings and Loan Association of Cleveland
Similarity Rank: 614

NUMERICA CREDIT UNION
Similarity Rank: 897

Bank of the Pacific
Similarity Rank: 1260

SALAL
Similarity Rank: 1515

GESA
Similarity Rank: 1848

MORTGAGE LENDING GROUP LLC
Similarity Rank: 1870

SOUND
Similarity Rank: 1892

NorthWest Plus Credit Union
Similarity Rank: 1944

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	953	$313,725,000	$329,197	$4,742	4.87%
VA	44	$16,550,000	$376,136	$8,730	4.24%
FHA	34	$9,100,000	$267,647	$8,601	4.40%
USDA	9	$2,255,000	$250,556	$6,146	4.56%
HELOC	3	$695,000	$231,667	n/a	5.75%

For 2018, Peoples Bank's most frequently originated type of loan was Conventional, with 953 originations. Their 2nd most popular type was VA, with 44 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	764	$259,640,000	$339,843	$5,518	4.81%
Cash Out Refi	159	$45,875,000	$288,522	$3,758	4.86%
Refi	85	$27,765,000	$326,647	$3,731	4.78%
Other	35	$9,045,000	$258,429	$3,801	5.21%

For 2018, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 764 originations. The 2nd most popular reason was Cash Out Refi, with 159 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	795	$232,645,000	$292,635	$4,560	4.78%
30+ year	101	$45,605,000	$451,535	$10,139	5.12%
15 Year	74	$26,990,000	$364,730	$3,794	4.55%
20 Year	39	$9,225,000	$236,538	$3,959	4.95%
Other	15	$19,765,000	$1,317,667	$7,062	5.48%
1 Year	9	$4,215,000	$468,333	$4,172	6.64%
10 Year	8	$3,400,000	$425,000	$3,645	4.72%
5 Year	2	$480,000	$240,000	$0	6.39%

For 2018, Peoples Bank's most frequently cited loan duration was 30 Year, with 795 originations. The 2nd most popular length was 30+ year, with 101 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	424	$120,480,000	$284,151
$1k-2k	266	$67,410,000	$253,421
$2k-3k	109	$33,925,000	$311,239
$5k+	104	$51,450,000	$494,712
$3k-4k	66	$20,870,000	$316,212
$4k-5k	39	$12,585,000	$322,692

Peoples Bank's average total fees were $4,560, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 424 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	678	$207,180,000	$305,575
5-6%	266	$97,090,000	$365,000
3-4%	72	$24,620,000	$341,944
6-7%	21	$12,485,000	$594,524
7-8%	2	$900,000	$450,000

During 2018, Peoples Bank's average interest rate for loans was 4.78%, while their most frequently originated rate bucket for loans was 4-5%, with 678 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	612	$177,480,000	$290,000	$4,951	4.79%
$100k-200k	174	$27,980,000	$160,805	$3,568	4.91%
$400k-600k	172	$77,560,000	$450,930	$6,272	4.80%
$100,000 or less	38	$2,760,000	$72,632	$2,743	4.85%
$600k-1MM	30	$21,500,000	$716,667	$10,893	5.15%
$1MM+	17	$35,045,000	$2,061,471	$14,439	5.23%

2018 saw Peoples Bank place emphasis on $200k-400k loans with 612 originations, totaling $177,480,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	255	$86,465,000	$339,078	$5,317	4.75%
$50k-75k	228	$54,080,000	$237,193	$4,458	4.71%
$75k-100k	200	$56,790,000	$283,950	$5,205	4.88%
$150k-250k	156	$55,990,000	$358,910	$5,556	4.91%
$50k or less	94	$16,180,000	$172,128	$3,540	4.80%
$250k+	82	$39,340,000	$479,756	$6,405	4.96%

Peoples Bank lent most frequently to those with incomes in the $100k-150k range, with 255 originations. The second most popular income band? $50k-75k, with 228 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	191	$58,675,000	$307,199	$5,160	4.78%
20-30%	169	$52,785,000	$312,337	$4,613	4.88%
<20%	75	$19,045,000	$253,933	$4,027	4.75%
41%	59	$18,565,000	$314,661	$5,669	4.81%
42%	49	$16,375,000	$334,184	$6,669	4.91%
40%	46	$13,120,000	$285,217	$5,243	4.76%
49%	45	$13,165,000	$292,556	$4,698	4.78%
37%	44	$13,170,000	$299,318	$5,251	4.75%
46%	43	$12,625,000	$293,605	$4,948	4.84%
45%	42	$11,600,000	$276,190	$4,850	4.71%
44%	39	$12,465,000	$319,615	$5,407	4.85%
38%	38	$11,270,000	$296,579	$5,026	4.78%
36%	38	$10,420,000	$274,211	$4,322	4.90%
43%	35	$13,695,000	$391,286	$6,808	4.80%
39%	33	$10,235,000	$310,152	$4,464	4.63%
48%	31	$9,455,000	$305,000	$4,777	4.77%
47%	27	$8,365,000	$309,815	$5,412	4.78%
50-60%	5	$1,455,000	$291,000	$4,786	5.33%
>60%	5	$1,865,000	$373,000	$5,992	5.96%

Peoples Bank lent most frequently to those with DTI ratios of 30-36%, with 191 originations. The next most common DTI ratio? 20-30%, with 169 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	870	$259,300,000	$298,046	$5,056	4.81%
Not provided	100	$34,120,000	$341,200	$4,903	4.82%
Not applicable	28	$33,480,000	$1,195,714	$5,939	5.52%
Asian	29	$9,765,000	$336,724	$4,891	4.75%
American Indian	9	$3,205,000	$356,111	$5,556	5.29%
Black	4	$1,550,000	$387,500	$7,643	4.59%
Native Hawaiian or Islander	3	$905,000	$301,667	$7,285	4.88%

Approval Rates

Total approvals of all applications
91.72%

Peoples Bank has an average approval rate.

Pick Rate

Approvals leading to origination
74.88%

Peoples Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	1,043	$342,325,000	$328,212

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	2	$660,000	$330,000
Multifamily:Site-Built	17	$29,135,000	$1,713,824
Single Family (1-4 Units):Manufactured	37	$6,265,000	$169,324
Single Family (1-4 Units):Site-Built	987	$306,265,000	$310,299

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	78	$15,310,000	$196,282	$3,643	4.80%
40-60%	166	$61,600,000	$371,084	$4,555	4.79%
60-80%	416	$148,500,000	$356,971	$5,139	4.92%
80-100%	347	$109,035,000	$314,222	$5,304	4.77%
Over 100%	16	$5,610,000	$350,625	$12,390	4.31%
Under 20%	19	$2,015,000	$106,053	$2,357	4.88%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
Peoples Home Equity, Inc.	Conventional home mortgage	Closing on a mortgage	2	50.0%
Peoples Home Equity, Inc.	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	25.0%
Peoples Home Equity, Inc.	Other type of mortgage	Closing on a mortgage	1	25.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Peoples Bank	107 S. Main Street Coupeville, WA 98239	Full Service B&M	$39,321
Peoples Bank	111 Main Street Plaza, Suite 102 Edmonds, WA 98020	Full Service B&M	$22,856
Peoples Bank	1218 Commercial Street Anacortes, WA 98221	Full Service B&M	$36,422
Peoples Bank	1333 Cornwall Avenue Bellingham, WA 98225	Full Service B&M	$148,772
Peoples Bank	1401-12th Street Bellingham, WA 98225	Full Service Retail	$53,917
Peoples Bank	15506 Main Street, Suite 105 Mill Creek, WA 98012	Full Service B&M	$51,629
Peoples Bank	1700 Front Street Lynden, WA 98264	Full Service B&M	$27,658
Peoples Bank	1801 Riverside Drive Mount Vernon, WA 98273	Full Service B&M	$135,508
Peoples Bank	1895 Main Street Ferndale, WA 98248	Full Service B&M	$60,657
Peoples Bank	200 East Main Street Everson, WA 98247	Full Service B&M	$78,291
Peoples Bank	2601 E Division St Mount Vernon, WA 98274	Full Service Retail	$20,592
Peoples Bank	2702 Colby Avenue Everett, WA 98201	Full Service B&M	$36,256
Peoples Bank	275 Southeast Pioneer Way, Suite 1 Oak Harbor, WA 98277	Full Service B&M	$25,559
Peoples Bank	2801 Bickford Ave North, Suite 101 Snohomish, WA 98290	Full Service Retail	$45,470
Peoples Bank	3100 Woburn Street Bellingham, WA 98226	Full Service B&M	$129,739
Peoples Bank	3300 W. Mcgraw Street, Suite 102 Seattle, WA 98199	Full Service B&M	$32,653
Peoples Bank	418 Grover Street Lynden, WA 98264	Full Service B&M	$238,408
Peoples Bank	4183 Meridian Street Bellingham, WA 98226	Full Service B&M	$127,122
Peoples Bank	5600 24th Avenue Nw Seattle, WA 98107	Full Service B&M	$74,303
Peoples Bank	6920 Evergreen Way Everett, WA 98203	Full Service B&M	$15,153
Peoples Bank	8070 Guide Meridian, #101 Lynden, WA 98264	Full Service Retail	$17,805
Peoples Bank	822 S. Burlington Blvd. Burlington, WA 98233	Full Service B&M	$24,495
Peoples Bank	901 North Mission Street Wenatchee, WA 98801	Full Service B&M	$86,097

For 2018, Peoples Bank had 23 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$73,893
Net interest income	$69,585
Total noninterest income	$19,324
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$2,346
Trading account gains and fees	$0
Additional Noninterest Income	$16,978
Pre-tax net operating income	$29,530
Securities gains (or losses, -)	$0
Income before extraordinary items	$23,670
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$23,670
Minority interest net income	$0
Net income	$23,670
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$23,670

Peoples Bank's gross interest income from loans was $73,893,000.
Peoples Bank's net interest income from loans was $69,585,000.
Peoples Bank's fee based income from loans was $2,346,000.
Peoples Bank's net income from loans was $23,670,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,308
Provision for credit losses	$875
Total noninterest expense	$58,504
Salaries and employee benefits	$36,640
Premises and equipment expense	$8,179
Additional noninterest expense	$13,685
Applicable income taxes	$5,860
Net charge-offs	$237
Cash dividends	$1,769

Peoples Bank's interest expense for loans was $4,308,000.
Peoples Bank's payroll and benefits expense were $36,640,000.
Peoples Bank's property, plant and equipment expenses $8,179,000.

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	$1,525,508
Deposits held in domestic offices	$1,525,508
Deposits by Individuals, partnerships, and corporations	$1,503,588
Deposits by U.S. Government	$1
Deposits by States and political subdivisions in the U.S.	$21,919
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	$173,856
Demand deposits	$126,438
Nontransaction accounts	$1,351,652
Money market deposit accounts (MMDAs)	$785,134
Other savings deposits (excluding MMDAs)	$251,501
Total time deposits	$315,017
Total time and savings deposits	$1,399,070
Noninterest-bearing deposits	$488,929
Interest-bearing deposits	$1,036,579
Retail deposits	$1,418,636
IRAs and Keogh plan accounts	$36,400
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,731,729
Cash & Balances due from depository institutions	$215,296
Interest-bearing balances	$189,659
Total securities	$41,549
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,420,414
Loan and leases loss allowance	$17,993
Trading account assets	$0
Bank premises and fixed assets	$37,503
Other real estate owned	$248
Goodwill and other intangibles	$4,268
All other assets	$12,451

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,731,729
Total Liabilities	$1,529,597
Total deposits	$1,525,508
Interest-bearing deposits	$1,036,579
Deposits held in domestic offices	$1,525,508
% insured (estimated)	$72
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$4,089

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,420,414
Loan and leases loss allowance	$17,993
Total loans and leases (domestic)	$1,438,407
All real estate loans	$1,099,753
Real estate loans in domestic offices	$1,099,753
Construction and development loans	$126,166
Residential 1-4 family construction	$55,770
Other construction, all land development and other land	$70,396
Loans secured by nonfarm nonresidential properties	$558,663
Nonfarm nonresidential secured by owner-occupied properties	$240,132
Commercial real estate & other non-farm, non-residential	$318,531
Multifamily residential real estate	$118,735
1-4 family residential loans	$228,300
Farmland loans	$67,889
Loans held in foreign offices	$0
Farm loans	$106,455
Commercial and industrial loans	$90,443
To non-U.S. addressees	$0
Loans to individuals	$141,015
Credit card loans	$234
Related Plans	$1,055
Consumer Auto Loans	$258
Other loans to individuals	$139,468
All other loans & leases	$742
Loans to foreign governments and official institutions	$0
Other loans	$742
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$865
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$6,626
Non 1-4 family restructured loans & leases	$3,900
Total loans and leases (foreign)	$0

Peoples Bank had $1,420,414,000 of loans outstanding in 2018. $1,099,753,000 of loans were in real estate loans. $126,166,000 of loans were in development loans. $118,735,000 of loans were in multifamily mortgage loans. $228,300,000 of loans were in 1-4 family mortgage loans. $106,455,000 of loans were in farm loans. $234,000 of loans were in credit card loans. $258,000 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	496	$150,219	$302,861
Nonfarm, nonresidential loans - <$100k	41	$2,156	$52,585
Nonfarm, nonresidential loans - $100-250k	160	$21,055	$131,594
Nonfarm, nonresidential loans - $250k-1MM	295	$127,008	$430,536
Commercial & Industrial, US addressed loans - <$1MM	976	$61,952	$63,475
Commercial & Industrial, US addressed loans - <$100k	614	$11,962	$19,482
Commercial & Industrial, US addressed loans - $100-250k	186	$17,114	$92,011
Commercial & Industrial, US addressed loans - $250k-1MM	176	$32,876	$186,795
Farmland loans - <$1MM	78	$13,481	$172,833
Farmland loans - <$100k	8	$385	$48,125
Farmland loans - $100-250k	39	$5,033	$129,051
Farmland loans - $250k-1MM	31	$8,063	$260,097
Agriculture operations loans - <$1MM	194	$20,683	$106,613
Agriculture operations loans - <$100k	51	$1,627	$31,902
Agriculture operations loans - $100-250k	52	$5,150	$99,038
Agriculture operations loans - $250k-1MM	91	$13,906	$152,813