The Monticello Banking Company Mortgage Rates, Fees & Info

Monticello, KY

LEI: 54930020VWE4K0ME5605

Tax ID: 61-0284670

5 stars - out of 5 stars, based on 20 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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

404

Origination Dollar Volume (All Markets)

$91,580,000

Employee count

193

Awards

The Monticello Banking Company 30 Year Conventional Loans gold The Monticello Banking Company 30 Year Conventional Loans silver The Monticello Banking Company 30 Year Conventional Loans gold The Monticello Banking Company 30 Year Conventional Loans gold
Show all (4) awards

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 applications
84.35%

The Monticello Banking Company has a below average approval rate.

Pick Rate

Approvals leading to origination
79.18%

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