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: Bowling Green, Richmond, Somerset, Lexington, and Jackson among others. We have data for 19 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% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 6.31% 12/16/24
    15 Year Conventional Purchase 7.33% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 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.

    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

    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

    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 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, KY (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.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (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.

    SERVICE ONE
    Similarity Rank: 132
    Morgantown Bank & Trust Company, Incorporated
    Similarity Rank: 190
    Edmonton State Bank
    Similarity Rank: 279
    L & N Federal Credit Union
    Similarity Rank: 364
    Abound Federal Credit Union
    Similarity Rank: 368
    COMMONWEALTH
    Similarity Rank: 375
    Peoples Exchange Bank
    Similarity Rank: 432
    MORTGAGE SUPPLIERS, INC.
    Similarity Rank: 528
    First Option Mortgage, LLC
    Similarity Rank: 764
    Kentucky Bank
    Similarity Rank: 1067

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 404 $91,580,000 $226,683 $1,950 3.60%

    For 2021, The Monticello Banking Company's most frequently originated type of loan was Conventional, with 404 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, The Monticello Banking Company's most frequently cited loan purpose was Home Purchase, with 181 originations. The 2nd most popular reason was 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 2021, The Monticello Banking Company's most frequently cited loan duration was 30 Year, with 159 originations. The 2nd most popular length was Other, with 105 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 295 $43,595,000 $147,780

    The Monticello Banking Company's average total fees were $2,127, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.28%, while their most frequently originated rate bucket for loans was 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
    83.80%

    The Monticello Banking Company has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.94%

    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 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
    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

    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