The Monticello Banking Company Mortgage Rates, Fees & Info
Monticello, KYLEI: 54930020VWE4K0ME5605
Tax ID: 61-0284670
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Overview
The Monticello Banking Company is a smaller bank specializing in Home Purchase and Refi loans. The Monticello Banking Company has a high proportion of conventional loans. Their top markets include Bowling Green, Richmond, Somerset, Lexington, and Jackson among others. The Monticello Banking Company has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Monticello Banking Company is typically a low fee lendor.Originations
404Origination Dollar Volume (All Markets)
$91,580,000Employee count
193Awards
The Monticello Banking Company - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
The Monticello Banking Company's average 30 year fixed rate mortgage of loans were
3.28%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.13%.
Relative Fees
The Monticello Banking Company's average total fees for a 30 year fixed rate
mortgage are $2,127.
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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 198 | $22,220,000 | $112,222 | $1,827 | 3.71% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 51 | $16,705,000 | $327,549 | $2,137 | 3.51% |
| Richmond-Berea, KY (FHA|USDA|VA) | 14 | $15,530,000 | $1,109,286 | $2,287 | 3.90% |
| Somerset, KY (FHA|USDA|VA) | 68 | $10,640,000 | $156,471 | $1,988 | 3.36% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 27 | $6,555,000 | $242,778 | $2,203 | 3.48% |
| JACKSON, TN (FHA|USDA|VA) | 1 | $5,155,000 | $5,155,000 | $0 | 4.50% |
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 8 | $4,430,000 | $553,750 | $2,747 | 4.00% |
| Danville, KY (FHA|USDA|VA) | 11 | $2,845,000 | $258,636 | $1,952 | 3.23% |
| Glasgow, KY (FHA|USDA|VA) | 11 | $1,885,000 | $171,364 | $2,012 | 3.54% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 4 | $1,830,000 | $457,500 | $2,056 | 3.59% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $1,405,000 | $1,405,000 | $7,618 | 4.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $0 | 3.50% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $2,536 | 2.13% |
| London, KY (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $2,019 | 4.50% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,419 | 2.63% |
| Campbellsville, KY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,081 | 2.13% |
| Middlesborough, KY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,572 | 3.50% |
| OWENSBORO, KY (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.50% |
The Monticello Banking Company's top markets include Bowling Green, Richmond, Somerset, Lexington, and Jackson among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 404 | $91,580,000 | $226,683 | $1,950 | 3.60% |
For the 2021 period, The Monticello Banking Company's most frequently originated loan type of loans were Conventional, with 404 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 181 | $53,045,000 | $293,066 | $2,098 | 3.84% |
| Refi | 117 | $24,445,000 | $208,932 | $1,872 | 3.56% |
| Cash Out Refi | 103 | $14,005,000 | $135,971 | $1,864 | 3.23% |
| Home Improvement | 3 | $85,000 | $28,333 | $1,308 | 4.21% |
For the 2021, The Monticello Banking Company's most frequently cited loan purpose of loans were Home Purchase, with 181 originations. The 2nd most popular reason of loans were Refi, with 117 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 159 | $31,355,000 | $197,201 | $2,127 | 3.28% |
| Other | 105 | $45,295,000 | $431,381 | $1,793 | 4.29% |
| 15 Year | 65 | $6,955,000 | $107,000 | $1,825 | 3.05% |
| 20 Year | 48 | $5,970,000 | $124,375 | $1,774 | 3.80% |
| 10 Year | 23 | $1,605,000 | $69,783 | $1,530 | 3.87% |
| 5 Year | 2 | $30,000 | $15,000 | $1,048 | 5.13% |
| 1 Year | 2 | $370,000 | $185,000 | $0 | 4.30% |
For the 2021, The Monticello Banking Company's most frequently cited loan length of loans were 30 Year, with 159 originations. The 2nd most popular length of loans were Other, with 105 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 295 | $43,595,000 | $147,780 |
$2,127 of loans were The Monticello Banking Company's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 295 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 134 | $25,140,000 | $187,612 |
| 3-4% | 110 | $42,210,000 | $383,727 |
| 2.5-3% | 73 | $13,135,000 | $179,932 |
| <2.5% | 58 | $7,420,000 | $127,931 |
| 5-6% | 17 | $1,195,000 | $70,294 |
| 6-7% | 1 | $125,000 | $125,000 |
| 7-8% | 1 | $35,000 | $35,000 |
During 2021, The Monticello Banking Company's average interest rate of loans were 3.28%, while their most frequently originated rate bucket of loans were 4-5%, with 134 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 148 | $8,980,000 | $60,676 | $1,701 | 3.88% |
| $100k-200k | 137 | $19,135,000 | $139,672 | $1,974 | 3.36% |
| $200k-400k | 91 | $24,565,000 | $269,945 | $2,228 | 3.52% |
| $400k-600k | 13 | $6,605,000 | $508,077 | $2,409 | 3.33% |
| $1MM+ | 11 | $29,005,000 | $2,636,818 | $7,618 | 4.04% |
| $600k-1MM | 4 | $3,290,000 | $822,500 | $0 | 3.80% |
2021 saw The Monticello Banking Company place emphasis on $100,000 or less loans with 148 originations, totaling $8,980,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 87 | $7,505,000 | $86,264 | $1,902 | 3.61% |
| $50k-75k | 86 | $9,920,000 | $115,349 | $1,896 | 3.52% |
| $100k-150k | 55 | $8,485,000 | $154,273 | $1,852 | 3.50% |
| $75k-100k | 46 | $7,530,000 | $163,696 | $1,965 | 3.43% |
| $150k-250k | 31 | $7,465,000 | $240,806 | $2,216 | 3.33% |
| $250k+ | 15 | $5,885,000 | $392,333 | $2,376 | 3.52% |
The Monticello Banking Company lent most frequently to those with incomes in the $50k or less range, with 87 originations. The second most popular income band? $50k-75k, with 86 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 107 | $15,295,000 | $142,944 | $1,931 | 3.47% |
| 30-36% | 67 | $11,005,000 | $164,254 | $1,985 | 3.34% |
| <20% | 61 | $8,155,000 | $133,689 | $1,898 | 3.23% |
| 47% | 7 | $935,000 | $133,571 | $2,167 | 3.14% |
| 45% | 7 | $915,000 | $130,714 | $1,887 | 3.38% |
| 43% | 7 | $1,155,000 | $165,000 | $2,108 | 3.26% |
| 36% | 7 | $695,000 | $99,286 | $1,801 | 3.45% |
| 40% | 6 | $810,000 | $135,000 | $2,173 | 3.43% |
| 38% | 6 | $800,000 | $133,333 | $1,931 | 3.65% |
| 42% | 5 | $635,000 | $127,000 | $1,982 | 3.08% |
| 39% | 5 | $1,465,000 | $293,000 | $2,084 | 3.40% |
| 44% | 3 | $465,000 | $155,000 | $1,975 | 3.33% |
| 41% | 3 | $425,000 | $141,667 | $2,195 | 3.50% |
| >60% | 3 | $175,000 | $58,333 | $1,840 | 3.46% |
| 48% | 2 | $440,000 | $220,000 | $1,755 | 5.38% |
| 37% | 2 | $260,000 | $130,000 | $2,027 | 2.56% |
| 49% | 2 | $250,000 | $125,000 | $1,871 | 3.69% |
| 50-60% | 1 | $135,000 | $135,000 | $1,978 | 5.13% |
The Monticello Banking Company lent most frequently to those with DTI ratios of 20-30%, with 107 originations. The next most common DTI ratio? 30-36%, with 67 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 324 | $47,220,000 | $145,741 | $1,948 | 3.51% |
| Not applicable | 71 | $42,295,000 | $595,704 | $0 | 4.08% |
| Asian | 6 | $1,810,000 | $301,667 | $2,075 | 3.41% |
| Black | 3 | $255,000 | $85,000 | $1,942 | 2.89% |
Approval Rates
Total approvals of all applications84.35%
The Monticello Banking Company has a below average approval rate.
Pick Rate
Approvals leading to origination79.18%
The Monticello Banking Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2938.35 | 1 | $295,000 | $295,000 |
| NA | 403 | $91,285,000 | $226,514 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 404 | $91,580,000 | $226,683 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 41 | $4,005,000 | $97,683 | $1,792 | 3.31% |
| 40-60% | 86 | $16,380,000 | $190,465 | $1,811 | 3.34% |
| 60-80% | 161 | $36,855,000 | $228,913 | $2,045 | 3.68% |
| 80-100% | 101 | $31,595,000 | $312,822 | $1,988 | 3.81% |
| Under 20% | 11 | $1,935,000 | $175,909 | $2,224 | 3.61% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| The Monticello Banking Company | 50 North Main Monticello, KY 42633 | Full Service B&M | $74,105 |
| The Monticello Banking Company | 611 North Wallace Wilkinson Blvd Liberty, KY 42539 | Full Service B&M | $29,828 |
| The Monticello Banking Company | 651 Us 31 West Bypass, Suite 212 Bowling Green, KY 42101 | Full Service B&M | $4,624 |
| The Monticello Banking Company | 95 North Main Street Monticello, KY 42633 | Full Service B&M | $39,904 |
| The Monticello Banking Company | 997 Governors Lane, Suite 125 Lexington, KY 40513 | Full Service B&M | $12,455 |
| The Monticello Banking Company | 102 East Mound Street Harlan, KY 40831 | Full Service B&M | $86,414 |
| The Monticello Banking Company | 104 Springdale Drive Nicholasville, KY 40356 | Full Service B&M | $11,560 |
| The Monticello Banking Company | 1050 Wilkinson Trace, Thoroughbred Square, Suite 100 Bowling Green, KY 42103 | Full Service B&M | $22,844 |
| The Monticello Banking Company | 113 Smoky Way Danville, KY 40422 | Full Service B&M | $61,618 |
| The Monticello Banking Company | 1434 Happy Valley Road Glasgow, KY 42141 | Full Service B&M | $15,726 |
| The Monticello Banking Company | 1450 North Main Street Monticello, KY 42633 | Full Service B&M | $30,962 |
| The Monticello Banking Company | 181 Finance Street Harlan, KY 40831 | Full Service B&M | $39,187 |
| The Monticello Banking Company | 1840 Cave Mill Road Bowling Green, KY 42104 | Full Service B&M | $44,313 |
| The Monticello Banking Company | 2449 South Highway 127 Russell Springs, KY 42642 | Full Service B&M | $36,441 |
| The Monticello Banking Company | 28 Barnes Drive Monticello, KY 42633 | Full Service Retail | $147,717 |
| The Monticello Banking Company | 310 North Cross Street Albany, KY 42602 | Full Service B&M | $60,767 |
| The Monticello Banking Company | 3653 South Highway 27 Somerset, KY 42501 | Full Service B&M | $37,383 |
| The Monticello Banking Company | 475 East Highway 80 Somerset, KY 42501 | Full Service B&M | $126,088 |
For 2021, The Monticello Banking Company had 18 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $35,986 |
| Net interest income | $32,320 |
| Total noninterest income | $6,903 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $2,035 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $4,868 |
| Pre-tax net operating income | $14,658 |
| Securities gains (or losses, -) | $214 |
| Income before extraordinary items | $12,177 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $12,177 |
| Minority interest net income | $0 |
| Net income | $12,177 |
| Sale, conversion, retirement of capital stock, net | $60 |
| Net operating income | $12,001 |
The Monticello Banking Company's gross interest income from loans was $35,986,000.
The Monticello Banking Company's net interest income from loans was $32,320,000.
The Monticello Banking Company's fee based income from loans was $2,035,000.
The Monticello Banking Company's net income from loans was $12,177,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,666 |
| Provision for credit losses | $1,136 |
| Total noninterest expense | $23,429 |
| Salaries and employee benefits | $14,018 |
| Premises and equipment expense | $3,043 |
| Additional noninterest expense | $6,368 |
| Applicable income taxes | $2,695 |
| Net charge-offs | $-60 |
| Cash dividends | $4,000 |
The Monticello Banking Company's interest expense for loans was $3,666,000.
The Monticello Banking Company's payroll and benefits expense were $14,018,000.
The Monticello Banking Company's property, plant and equipment expenses $3,043,000.
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 | 0.9% |
| 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 | $899,348 |
| Deposits held in domestic offices | $899,348 |
| Deposits by Individuals, partnerships, and corporations | $819,604 |
| Deposits by U.S. Government | $308 |
| Deposits by States and political subdivisions in the U.S. | $79,186 |
| Deposits by Commercial banks and other depository institutions in U.S. | $250 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $255,462 |
| Demand deposits | $131,677 |
| Nontransaction accounts | $643,886 |
| Money market deposit accounts (MMDAs) | $306,612 |
| Other savings deposits (excluding MMDAs) | $90,025 |
| Total time deposits | $247,249 |
| Total time and savings deposits | $767,671 |
| Noninterest-bearing deposits | $87,731 |
| Interest-bearing deposits | $811,617 |
| Retail deposits | $825,860 |
| IRAs and Keogh plan accounts | $64,790 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,006,405 |
| Cash & Balances due from depository institutions | $29,791 |
| Interest-bearing balances | $22,948 |
| Total securities | $295,891 |
| Federal funds sold & reverse repurchase | $1 |
| Net loans and leases | $627,324 |
| Loan and leases loss allowance | $8,307 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $20,882 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $1,191 |
| All other assets | $31,325 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,006,405 |
| Total Liabilities | $910,868 |
| Total deposits | $899,348 |
| Interest-bearing deposits | $811,617 |
| Deposits held in domestic offices | $899,348 |
| % insured (estimated) | $75 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $10,664 |
| Subordinated debt | $0 |
| All other liabilities | $856 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $627,324 |
| Loan and leases loss allowance | $8,307 |
| Total loans and leases (domestic) | $635,631 |
| All real estate loans | $548,462 |
| Real estate loans in domestic offices | $548,462 |
| Construction and development loans | $89,090 |
| Residential 1-4 family construction | $23,272 |
| Other construction, all land development and other land | $65,818 |
| Loans secured by nonfarm nonresidential properties | $198,915 |
| Nonfarm nonresidential secured by owner-occupied properties | $109,709 |
| Commercial real estate & other non-farm, non-residential | $89,206 |
| Multifamily residential real estate | $40,273 |
| 1-4 family residential loans | $191,469 |
| Farmland loans | $28,715 |
| Loans held in foreign offices | $0 |
| Farm loans | $5,901 |
| Commercial and industrial loans | $50,777 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $20,452 |
| Credit card loans | $1,235 |
| Related Plans | $0 |
| Consumer Auto Loans | $5,847 |
| Other loans to individuals | $13,370 |
| All other loans & leases | $10,039 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $7,492 |
| 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 | $5,466 |
| Non 1-4 family restructured loans & leases | $5,415 |
| Total loans and leases (foreign) | $0 |
The Monticello Banking Company had $627,324,000 of loans outstanding in 2021. $548,462,000 of loans were in real estate loans. $89,090,000 of loans were in development loans. $40,273,000 of loans were in multifamily mortgage loans. $191,469,000 of loans were in 1-4 family mortgage loans. $5,901,000 of loans were in farm loans. $1,235,000 of loans were in credit card loans. $5,847,000 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 | 327 | $65,193 | $199,367 |
| Nonfarm, nonresidential loans - <$100k | 123 | $4,759 | $38,691 |
| Nonfarm, nonresidential loans - $100-250k | 91 | $11,254 | $123,670 |
| Nonfarm, nonresidential loans - $250k-1MM | 113 | $49,180 | $435,221 |
| Commercial & Industrial, US addressed loans - <$1MM | 391 | $16,440 | $42,046 |
| Commercial & Industrial, US addressed loans - <$100k | 311 | $5,379 | $17,296 |
| Commercial & Industrial, US addressed loans - $100-250k | 54 | $4,875 | $90,278 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 26 | $6,186 | $237,923 |
| Farmland loans - <$1MM | 189 | $17,010 | $90,000 |
| Farmland loans - <$100k | 105 | $3,950 | $37,619 |
| Farmland loans - $100-250k | 63 | $7,729 | $122,683 |
| Farmland loans - $250k-1MM | 21 | $5,331 | $253,857 |
| Agriculture operations loans - <$1MM | 167 | $4,671 | $27,970 |
| Agriculture operations loans - <$100k | 148 | $2,513 | $16,980 |
| Agriculture operations loans - $100-250k | 11 | $1,029 | $93,545 |
| Agriculture operations loans - $250k-1MM | 8 | $1,129 | $141,125 |
