Peoples Bank Mortgage Rates, Fees & Info
Bellingham, WALEI: 5493001VH4ZJNSI25781
Tax ID: 91-0362750
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Bank Data
Review & 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 by origination volume include: Bellingham, Mount Vernon, Oak Harbor, Seattle, and Wenatchee among others. We have data for 19 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.26% | 4/21/24 |
| 30 Year Conventional Purchase | 6.72% | 4/21/24 |
| 30 Year Conventional Refi | 6.54% | 4/21/24 |
| 30 Year Cash-out Refi | 6.76% | 4/21/24 |
| 30 Year FHA Purchase | 7.40% | 4/21/24 |
| 30 Year VA Purchase | 6.15% | 4/21/24 |
| 30 Year USDA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.29% | 4/21/24 |
| 15 Year Conventional Refi | 6.17% | 4/21/24 |
| 15 Year Cash-out Refi | 6.17% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,791Origination Dollar Volume (All Markets)
$650,145,000Employee count
446Awards
Peoples Bank - 2021
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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) | 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% |
Their top states include:
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.
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Product Mix
For 2021, Peoples Bank's most frequently originated type of loan was Conventional, with 1,728 originations. Their 2nd most popular type was VA, with 40 originations.
Loan Reason
For 2021, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 732 originations. The 2nd most popular reason was Refi, with 603 originations.
Loan Duration/Length
For 2021, Peoples Bank's most frequently cited loan duration was 30 Year, with 1,367 originations. The 2nd most popular length was 15 Year, with 212 originations.
Origination Fees/Closing Costs
Peoples Bank's average total fees were $4,426, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 826 originations.
Loan Sizing
2021 saw Peoples Bank place emphasis on $200k-400k loans with 901 originations, totaling $267,545,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications93.12%
Peoples Bank has an average approval rate.
Pick Rate
Approvals leading to origination73.65%
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 |
LTV Distribution
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 | 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 | 2801 Bickford Ave North, Suite 101 Snohomish, WA 98290 | Full Service Retail | $57,602 |
| 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 |