The Monticello Banking Company Mortgage Rates, Fees & Info

Monticello, KY

LEI: 54930020VWE4K0ME5605

Tax ID: 61-0284670

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & 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 by origination volume include: Somerset, Bowling Green, Lexington, Glasgow, and Greenville among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Monticello Banking Company has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Monticello Banking Company 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.33% 4/21/24
    30 Year Conventional Refi 6.27% 4/21/24
    30 Year Cash-out Refi 6.31% 4/21/24
    15 Year Conventional Purchase 7.33% 4/21/24
    15 Year Conventional Refi 5.68% 4/21/24
    15 Year Cash-out Refi 5.68% 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.

    The Monticello Banking Company Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from The Monticello Banking Company. 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

    277

    Origination Dollar Volume (All Markets)

    $37,685,000

    Employee count

    189

    Awards

    The Monticello Banking Company 30 Year Conventional Loans bronze The Monticello Banking Company 30 Year Conventional Loans gold The Monticello Banking Company 30 Year Conventional Loans gold
    Show all (3) 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
    Outside of Metro Areas 154 $13,250,000 $86,039 $1,681 5.33%
    Somerset, KY (FHA|USDA|VA) 67 $10,175,000 $151,866 $1,817 5.08%
    BOWLING GREEN, KY (FHA|USDA|VA) 33 $9,395,000 $284,697 $2,242 4.70%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 8 $2,030,000 $253,750 $2,417 4.81%
    Glasgow, KY (FHA|USDA|VA) 5 $805,000 $161,000 $2,158 4.85%
    GREENVILLE, NC (FHA|USDA|VA) 1 $455,000 $455,000 $2,753 3.99%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $275,000 $275,000 $0 5.38%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $245,000 $245,000 $0 5.25%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $245,000 $245,000 $2,520 4.88%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $185,000 $185,000 $1,264 4.88%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $185,000 $185,000 $1,923 3.99%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $155,000 $155,000 $2,526 4.88%
    Campbellsville, KY (FHA|USDA|VA) 1 $145,000 $145,000 $1,704 4.88%
    Danville, KY (FHA|USDA|VA) 2 $140,000 $70,000 $0 5.43%
    The Monticello Banking Company's top markets include Somerset, Bowling Green, Lexington, Glasgow, and Greenville among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Monticello Banking Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Town Square Bank
    Similarity Rank: 90
    The Monticello Banking Company
    Similarity Rank: 98
    Bank of Edmonson County
    Similarity Rank: 104
    Abound Federal Credit Union
    Similarity Rank: 135
    L & N Federal Credit Union
    Similarity Rank: 140
    Edmonton State Bank
    Similarity Rank: 168
    Morgantown Bank & Trust Company, Incorporated
    Similarity Rank: 168
    City National Bank of West Virginia
    Similarity Rank: 190
    Peoples Exchange Bank
    Similarity Rank: 315
    Bank of Lexington, Inc.
    Similarity Rank: 324

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 277 $37,685,000 $136,047 $1,789 5.15%

    For 2018, The Monticello Banking Company's most frequently originated type of loan was Conventional, with 277 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 155 $21,915,000 $141,387 $1,846 5.12%
    Refi 67 $9,975,000 $148,881 $1,778 5.26%
    Cash Out Refi 49 $4,845,000 $98,878 $1,663 5.23%
    Home Improvement 5 $765,000 $153,000 $0 4.15%
    NA 1 $185,000 $185,000 $0 5.00%

    For 2018, The Monticello Banking Company's most frequently cited loan purpose was Home Purchase, with 155 originations. The 2nd most popular reason was Refi, with 67 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 112 $17,840,000 $159,286 $1,965 5.10%
    20 Year 55 $6,445,000 $117,182 $1,640 5.38%
    15 Year 45 $4,655,000 $103,444 $1,705 5.13%
    Other 34 $6,460,000 $190,000 $1,126 4.74%
    10 Year 20 $920,000 $46,000 $1,367 5.57%
    1 Year 7 $1,085,000 $155,000 $2,038 5.27%
    5 Year 4 $280,000 $70,000 $1,355 5.53%

    For 2018, The Monticello Banking Company's most frequently cited loan duration was 30 Year, with 112 originations. The 2nd most popular length was 20 Year, with 55 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 186 $22,130,000 $118,978
    $1k-2k 4 $590,000 $147,500

    The Monticello Banking Company's average total fees were $1,965, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 186 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 130 $19,660,000 $151,231
    5-6% 104 $13,540,000 $130,192
    6-7% 22 $1,180,000 $53,636
    3-4% 8 $1,760,000 $220,000
    7-8% 5 $255,000 $51,000
    <2.5% 3 $985,000 $328,333
    Over 8% 2 $90,000 $45,000

    During 2018, The Monticello Banking Company's average interest rate for loans was 5.10%, while their most frequently originated rate bucket for loans was 4-5%, with 130 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 149 $8,385,000 $56,275 $1,551 5.39%
    $100k-200k 77 $11,045,000 $143,442 $2,027 4.91%
    $200k-400k 39 $10,425,000 $267,308 $2,172 4.92%
    $400k-600k 8 $3,670,000 $458,750 $2,554 4.73%
    $600k-1MM 3 $2,325,000 $775,000 $2,256 3.91%
    $1MM+ 1 $1,835,000 $1,835,000 $0 4.99%

    2018 saw The Monticello Banking Company place emphasis on $100,000 or less loans with 149 originations, totaling $8,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 84 $5,660,000 $67,381 $1,692 5.30%
    $50k-75k 52 $5,310,000 $102,115 $1,831 5.12%
    $100k-150k 32 $5,230,000 $163,438 $1,925 5.11%
    $75k-100k 27 $3,705,000 $137,222 $1,890 5.04%
    $250k+ 18 $4,110,000 $228,333 $2,215 4.99%
    $150k-250k 16 $3,400,000 $212,500 $1,901 5.14%

    The Monticello Banking Company lent most frequently to those with incomes in the $50k or less range, with 84 originations. The second most popular income band? $50k-75k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 78 $9,080,000 $116,410 $1,751 5.17%
    <20% 64 $9,130,000 $142,656 $1,710 5.09%
    30-36% 31 $3,845,000 $124,032 $1,915 5.08%
    37% 8 $510,000 $63,750 $1,625 5.65%
    36% 6 $930,000 $155,000 $1,846 4.98%
    38% 6 $720,000 $120,000 $2,182 5.10%
    39% 6 $770,000 $128,333 $2,060 4.90%
    40% 5 $395,000 $79,000 $1,950 5.28%
    41% 4 $330,000 $82,500 $1,642 6.34%
    >60% 3 $685,000 $228,333 $289 6.25%
    45% 3 $585,000 $195,000 $1,972 4.83%
    48% 3 $275,000 $91,667 $2,113 5.08%
    46% 2 $160,000 $80,000 $1,527 4.31%
    47% 2 $150,000 $75,000 $1,281 7.69%
    49% 2 $300,000 $150,000 $2,316 5.19%
    42% 1 $335,000 $335,000 $1,688 5.00%
    43% 1 $185,000 $185,000 $0 5.00%
    50-60% 1 $25,000 $25,000 $1,064 5.13%

    The Monticello Banking Company lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? <20%, with 64 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 235 $26,855,000 $114,277 $1,783 5.19%
    Not applicable 38 $9,360,000 $246,316 $0 4.96%
    Asian 3 $1,035,000 $345,000 $2,039 5.17%
    Not provided 1 $435,000 $435,000 $2,152 4.75%

    Approval Rates

    Total approvals of all applications
    80.28%

    The Monticello Banking Company has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.53%

    The Monticello Banking Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    197.5 1 $25,000 $25,000
    NA 276 $37,660,000 $136,449

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $250,000 $125,000
    Multifamily:Site-Built 7 $3,095,000 $442,143
    Single Family (1-4 Units):Manufactured 23 $835,000 $36,304
    Single Family (1-4 Units):Site-Built 245 $33,505,000 $136,755

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $2,160,000 $98,182 $1,356 5.27%
    40-60% 34 $3,380,000 $99,412 $1,704 4.97%
    60-80% 127 $19,445,000 $153,110 $1,874 5.17%
    80-100% 81 $11,695,000 $144,383 $1,855 5.16%
    Over 100% 1 $95,000 $95,000 $0 5.75%
    Under 20% 11 $635,000 $57,727 $1,226 5.28%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Monticello Banking Company 102 East Mound Street Harlan, KY 40831 Full Service B&M $16,369
    The Monticello Banking Company 1050 Wilkinson Trace Bowling Green, KY 42103 Full Service B&M $14,645
    The Monticello Banking Company 1414 Happy Valley Road Glasgow, KY 42141 Full Service B&M $7,754
    The Monticello Banking Company 1450 North Main Street Monticello, KY 42633 Full Service B&M $20,688
    The Monticello Banking Company 181 Finance Street Harlan, KY 40831 Full Service B&M $41,255
    The Monticello Banking Company 1840 Cave Mill Road Bowling Green, KY 42104 Full Service B&M $31,650
    The Monticello Banking Company 201 East Central Street Harlan, KY 40831 Full Service B&M $50,905
    The Monticello Banking Company 2449 South Highway 127 Russell Springs, KY 42642 Full Service B&M $24,488
    The Monticello Banking Company 28 Barnes Drive Monticello, KY 42633 Full Service Retail $107,875
    The Monticello Banking Company 310 North Cross Street Albany, KY 42602 Full Service B&M $47,816
    The Monticello Banking Company 3653 South Highway 27 Somerset, KY 42501 Full Service B&M $26,324
    The Monticello Banking Company 475 East Highway 80 Somerset, KY 42501 Full Service B&M $106,521
    The Monticello Banking Company 50 North Main Monticello, KY 42633 Full Service B&M $61,054
    The Monticello Banking Company 611 North Wallace Wilkinson Blvd Liberty, KY 42539 Full Service B&M $27,264
    The Monticello Banking Company 651 Us 31 West Bypass, Suite 212 Bowling Green, KY 42101 Full Service B&M $2,730
    The Monticello Banking Company 95 North Main Street Monticello, KY 42633 Full Service B&M $24,185

    For 2018, The Monticello Banking Company had 16 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $29,646
    Net interest income $25,802
    Total noninterest income $7,518
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,960
    Trading account gains and fees $0
    Additional Noninterest Income $4,558
    Pre-tax net operating income $11,219
    Securities gains (or losses, -) $47
    Income before extraordinary items $9,959
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,959
    Minority interest net income $0
    Net income $9,959
    Sale, conversion, retirement of capital stock, net $38
    Net operating income $9,917

    The Monticello Banking Company's gross interest income from loans was $29,646,000.
    The Monticello Banking Company's net interest income from loans was $25,802,000.
    The Monticello Banking Company's fee based income from loans was $2,960,000.
    The Monticello Banking Company's net income from loans was $9,959,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,844
    Provision for credit losses $925
    Total noninterest expense $21,176
    Salaries and employee benefits $12,207
    Premises and equipment expense $3,023
    Additional noninterest expense $5,946
    Applicable income taxes $1,307
    Net charge-offs $573
    Cash dividends $7,525

    The Monticello Banking Company's interest expense for loans was $3,844,000.
    The Monticello Banking Company's payroll and benefits expense were $12,207,000.
    The Monticello Banking Company's property, plant and equipment expenses $3,023,000.

    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 0.6%
    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 $650,773
    Deposits held in domestic offices $650,773
    Deposits by Individuals, partnerships, and corporations $562,465
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $86,987
    Deposits by Commercial banks and other depository institutions in U.S. $1,320
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $192,790
    Demand deposits $80,176
    Nontransaction accounts $457,983
    Money market deposit accounts (MMDAs) $153,402
    Other savings deposits (excluding MMDAs) $53,624
    Total time deposits $250,957
    Total time and savings deposits $570,597
    Noninterest-bearing deposits $60,800
    Interest-bearing deposits $589,973
    Retail deposits $585,419
    IRAs and Keogh plan accounts $49,713
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $736,192
    Cash & Balances due from depository institutions $25,792
    Interest-bearing balances $20,980
    Total securities $119,451
    Federal funds sold & reverse repurchase $1
    Net loans and leases $537,232
    Loan and leases loss allowance $5,271
    Trading account assets $0
    Bank premises and fixed assets $19,503
    Other real estate owned $1,316
    Goodwill and other intangibles $1,822
    All other assets $31,075

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $736,192
    Total Liabilities $656,908
    Total deposits $650,773
    Interest-bearing deposits $589,973
    Deposits held in domestic offices $650,773
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $4,431
    Subordinated debt $0
    All other liabilities $1,704

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $537,232
    Loan and leases loss allowance $5,271
    Total loans and leases (domestic) $542,503
    All real estate loans $448,887
    Real estate loans in domestic offices $448,887
    Construction and development loans $68,810
    Residential 1-4 family construction $21,321
    Other construction, all land development and other land $47,489
    Loans secured by nonfarm nonresidential properties $143,435
    Nonfarm nonresidential secured by owner-occupied properties $76,214
    Commercial real estate & other non-farm, non-residential $67,221
    Multifamily residential real estate $18,574
    1-4 family residential loans $182,337
    Farmland loans $35,731
    Loans held in foreign offices $0
    Farm loans $12,119
    Commercial and industrial loans $41,519
    To non-U.S. addressees $0
    Loans to individuals $29,029
    Credit card loans $1,001
    Related Plans $0
    Consumer Auto Loans $6,645
    Other loans to individuals $21,383
    All other loans & leases $10,949
    Loans to foreign governments and official institutions $0
    Other loans $7,014
    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 $111
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Monticello Banking Company had $537,232,000 of loans outstanding in 2018. $448,887,000 of loans were in real estate loans. $68,810,000 of loans were in development loans. $18,574,000 of loans were in multifamily mortgage loans. $182,337,000 of loans were in 1-4 family mortgage loans. $12,119,000 of loans were in farm loans. $1,001,000 of loans were in credit card loans. $6,645,000 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 372 $64,892 $174,441
    Nonfarm, nonresidential loans - <$100k 150 $6,057 $40,380
    Nonfarm, nonresidential loans - $100-250k 108 $12,807 $118,583
    Nonfarm, nonresidential loans - $250k-1MM 114 $46,028 $403,754
    Commercial & Industrial, US addressed loans - <$1MM 585 $27,996 $47,856
    Commercial & Industrial, US addressed loans - <$100k 470 $9,013 $19,177
    Commercial & Industrial, US addressed loans - $100-250k 76 $7,637 $100,487
    Commercial & Industrial, US addressed loans - $250k-1MM 39 $11,346 $290,923
    Farmland loans - <$1MM 240 $20,914 $87,142
    Farmland loans - <$100k 140 $4,794 $34,243
    Farmland loans - $100-250k 77 $9,984 $129,662
    Farmland loans - $250k-1MM 23 $6,136 $266,783
    Agriculture operations loans - <$1MM 314 $9,058 $28,847
    Agriculture operations loans - <$100k 279 $4,199 $15,050
    Agriculture operations loans - $100-250k 25 $2,704 $108,160
    Agriculture operations loans - $250k-1MM 10 $2,155 $215,500