Ottawa Savings Bank Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 5493002OMAT2S3H4OF48

Tax ID: 36-1588740

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ottawa Savings Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Ottawa Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Chicago, Ottawa, Knoxville, Hillsdale, and Peoria among others. Ottawa Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Ottawa Savings Bank is typically a low fee lendor.


Originations

521

Origination Dollar Volume (All Markets)

$119,925,000

Employee count

53

Awards

Ottawa Savings Bank 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Ottawa Savings Bank's average 30 year fixed rate mortgage of loans were 3.08%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.07%.

Relative Fees

Ottawa Savings Bank's average total fees for a 30 year fixed rate mortgage are $3,058.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 214 $65,470,000 $305,935 $3,470 3.07%
Ottawa, IL (FHA|USDA|VA) 252 $41,400,000 $164,286 $2,221 3.03%
Outside of Metro Areas 23 $2,315,000 $100,652 $2,734 4.54%
KNOXVILLE, TN (FHA|USDA|VA) 1 $1,405,000 $1,405,000 $0 3.52%
Hillsdale, MI (FHA|USDA|VA) 1 $1,385,000 $1,385,000 $0 6.00%
PEORIA, IL (FHA|USDA|VA) 8 $1,350,000 $168,750 $2,121 3.36%
Alma, MI (FHA|USDA|VA) 2 $1,100,000 $550,000 $0 6.00%
Warsaw, IN (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $3,138 3.25%
SAGINAW, MI (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $0 6.00%
Pontiac, IL (FHA|USDA|VA) 6 $850,000 $141,667 $2,313 2.69%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $685,000 $685,000 $0 4.25%
Dixon, IL (FHA|USDA|VA) 2 $470,000 $235,000 $2,974 2.94%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 3 $465,000 $155,000 $2,369 2.79%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $225,000 $225,000 $4,093 3.25%
KANKAKEE, IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,800 2.38%
SAVANNAH, GA (FHA|USDA|VA) 1 $195,000 $195,000 $3,077 3.25%
APPLETON, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,717 2.13%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.13%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%

Ottawa Savings Bank's top markets include Chicago, Ottawa, Knoxville, Hillsdale, and Peoria among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 518 $119,600,000 $230,888 $2,742 3.14%
USDA 3 $325,000 $108,333 $4,370 2.83%

For the 2021 period, Ottawa Savings Bank's most frequently originated loan type of loans were Conventional, with 518 originations. Their 2nd most popular type is USDA, with 3 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 277 $66,965,000 $241,751 $3,488 3.40%
Refi 137 $26,745,000 $195,219 $1,889 2.77%
Cash Out Refi 97 $24,305,000 $250,567 $2,374 2.92%
Home Improvement 5 $1,125,000 $225,000 $1,910 3.52%
Other 5 $785,000 $157,000 $1,969 3.00%

For the 2021, Ottawa Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 277 originations. The 2nd most popular reason of loans were Refi, with 137 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 279 $70,755,000 $253,602 $3,058 3.08%
15 Year 100 $17,090,000 $170,900 $2,053 2.51%
20 Year 62 $12,710,000 $205,000 $2,509 3.22%
Other 58 $14,690,000 $253,276 $2,621 4.19%
10 Year 14 $2,660,000 $190,000 $1,754 3.73%
1 Year 7 $1,755,000 $250,714 $0 4.08%
5 Year 1 $265,000 $265,000 $1,757 2.25%

For the 2021, Ottawa Savings Bank's most frequently cited loan length of loans were 30 Year, with 279 originations. The 2nd most popular length of loans were 15 Year, with 100 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 351 $69,475,000 $197,934
$1k-2k 60 $20,490,000 $341,500
$2k-3k 5 $2,295,000 $459,000
$3k-4k 4 $1,500,000 $375,000
$5k+ 2 $4,470,000 $2,235,000

$3,058 of loans were Ottawa Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 351 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 218 $55,960,000 $256,697
2.5-3% 188 $43,640,000 $232,128
<2.5% 75 $12,475,000 $166,333
4-5% 33 $4,085,000 $123,788
5-6% 7 $3,765,000 $537,857

During 2021, Ottawa Savings Bank's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 3-4%, with 218 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 207 $29,335,000 $141,715 $2,323 3.03%
$200k-400k 154 $42,620,000 $276,753 $2,843 3.02%
$100,000 or less 105 $7,365,000 $70,143 $2,242 3.43%
$400k-600k 33 $15,805,000 $478,939 $3,856 3.13%
$1MM+ 12 $17,330,000 $1,444,167 $10,017 3.62%
$600k-1MM 10 $7,470,000 $747,000 $4,650 3.76%

2021 saw Ottawa Savings Bank place emphasis on $100k-200k loans with 207 originations, totaling $29,335,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 114 $25,830,000 $226,579 $2,695 2.94%
$50k-75k 88 $12,790,000 $145,341 $2,302 2.90%
$150k-250k 74 $23,900,000 $322,973 $2,949 2.88%
$75k-100k 68 $11,790,000 $173,382 $2,534 2.98%
$50k or less 65 $6,235,000 $95,923 $2,428 3.03%
$250k+ 32 $21,040,000 $657,500 $5,232 3.07%

Ottawa Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 114 originations. The second most popular income band? $50k-75k, with 88 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 143 $31,415,000 $219,685 $2,843 2.92%
30-36% 111 $23,795,000 $214,369 $2,733 2.93%
<20% 58 $17,150,000 $295,690 $3,043 2.97%
42% 18 $4,180,000 $232,222 $2,664 3.06%
43% 16 $2,560,000 $160,000 $2,128 2.95%
38% 13 $2,455,000 $188,846 $1,868 2.85%
39% 13 $2,235,000 $171,923 $2,010 2.89%
40% 12 $2,150,000 $179,167 $2,547 2.95%
37% 11 $3,275,000 $297,727 $3,168 3.23%
41% 9 $1,575,000 $175,000 $3,052 3.22%
44% 7 $1,415,000 $202,143 $2,271 3.02%
45% 7 $2,385,000 $340,714 $3,138 2.91%
49% 6 $2,340,000 $390,000 $3,220 2.85%
36% 5 $1,545,000 $309,000 $3,405 2.85%
48% 4 $870,000 $217,500 $1,916 2.56%
46% 4 $1,100,000 $275,000 $4,582 3.22%
50-60% 3 $555,000 $185,000 $1,707 3.13%
47% 2 $530,000 $265,000 $1,917 3.06%
>60% 1 $325,000 $325,000 $0 4.95%

Ottawa Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 143 originations. The next most common DTI ratio? 30-36%, with 111 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 434 $95,790,000 $220,714 $2,641 2.96%
Not applicable 76 $17,780,000 $233,947 $0 4.21%
Asian 7 $2,885,000 $412,143 $6,141 2.64%
Not provided 1 $2,845,000 $2,845,000 $25,111 3.25%
Black 3 $625,000 $208,333 $2,788 2.88%

Approval Rates

Total approvals of all applications
93.77%

Ottawa Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
86.51%

Ottawa Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 521 $119,925,000 $230,182

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
521 $119,925,000 $230,182

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 15 $2,345,000 $156,333 $3,014 2.96%
40-60% 66 $11,630,000 $176,212 $2,137 2.73%
60-80% 237 $64,175,000 $270,781 $2,632 3.13%
80-100% 202 $41,510,000 $205,495 $3,068 3.30%
Under 20% 1 $265,000 $265,000 $5,702 2.88%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Ottawa Savings Bank 125 West Bluff Street Marseilles, IL 61341 Full Service B&M $60,080
Ottawa Savings Bank 1508 Creek Drive Morris, IL 60450 Full Service B&M $47,381
Ottawa Savings Bank 925 La Salle St Ottawa, IL 61350 Full Service B&M $153,306

For 2021, Ottawa Savings Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $13,290
Net interest income $11,714
Total noninterest income $2,056
Gross Fiduciary activities income $0
Service charges on deposit accounts $92
Trading account gains and fees $0
Additional Noninterest Income $1,964
Pre-tax net operating income $4,119
Securities gains (or losses, -) $0
Income before extraordinary items $2,952
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $2,952
Minority interest net income $0
Net income $2,952
Sale, conversion, retirement of capital stock, net $250
Net operating income $2,952

Ottawa Savings Bank's gross interest income from loans was $13,290,000.
Ottawa Savings Bank's net interest income from loans was $11,714,000.
Ottawa Savings Bank's fee based income from loans was $92,000.
Ottawa Savings Bank's net income from loans was $2,952,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,576
Provision for credit losses $150
Total noninterest expense $9,501
Salaries and employee benefits $5,980
Premises and equipment expense $625
Additional noninterest expense $2,896
Applicable income taxes $1,167
Net charge-offs $-11
Cash dividends $1,956

Ottawa Savings Bank's interest expense for loans was $1,576,000.
Ottawa Savings Bank's payroll and benefits expense were $5,980,000.
Ottawa Savings Bank's property, plant and equipment expenses $625,000.

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 5.0%
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 $274,600
Deposits held in domestic offices $274,600
Deposits by Individuals, partnerships, and corporations $234,855
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $39,746
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 $106,784
Demand deposits $106,784
Nontransaction accounts $167,817
Money market deposit accounts (MMDAs) $28,684
Other savings deposits (excluding MMDAs) $33,258
Total time deposits $105,874
Total time and savings deposits $167,817
Noninterest-bearing deposits $24,019
Interest-bearing deposits $250,581
Retail deposits $243,527
IRAs and Keogh plan accounts $12,633
Brokered deposits $17,932
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $342,532
Cash & Balances due from depository institutions $7,391
Interest-bearing balances $1,500
Total securities $32,700
Federal funds sold & reverse repurchase $936
Net loans and leases $284,281
Loan and leases loss allowance $3,640
Trading account assets $0
Bank premises and fixed assets $6,331
Other real estate owned $0
Goodwill and other intangibles $1,644
All other assets $9,249

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $342,532
Total Liabilities $296,712
Total deposits $274,600
Interest-bearing deposits $250,581
Deposits held in domestic offices $274,600
% insured (estimated) $76
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $17,524
Subordinated debt $0
All other liabilities $4,588

Issued Loan Types

Type Value (in 000's)
Net loans and leases $284,281
Loan and leases loss allowance $3,640
Total loans and leases (domestic) $287,921
All real estate loans $241,042
Real estate loans in domestic offices $241,042
Construction and development loans $38,153
Residential 1-4 family construction $19,947
Other construction, all land development and other land $18,206
Loans secured by nonfarm nonresidential properties $24,518
Nonfarm nonresidential secured by owner-occupied properties $13,718
Commercial real estate & other non-farm, non-residential $10,800
Multifamily residential real estate $12,096
1-4 family residential loans $154,824
Farmland loans $11,451
Loans held in foreign offices $0
Farm loans $2,751
Commercial and industrial loans $27,134
To non-U.S. addressees $0
Loans to individuals $16,250
Credit card loans $0
Related Plans $0
Consumer Auto Loans $14,775
Other loans to individuals $1,475
All other loans & leases $744
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $7,563
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Ottawa Savings Bank had $284,281,000 of loans outstanding in 2021. $241,042,000 of loans were in real estate loans. $38,153,000 of loans were in development loans. $12,096,000 of loans were in multifamily mortgage loans. $154,824,000 of loans were in 1-4 family mortgage loans. $2,751,000 of loans were in farm loans. $0 of loans were in credit card loans. $14,775,000 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 107 $19,304 $180,411
Nonfarm, nonresidential loans - <$100k 27 $999 $37,000
Nonfarm, nonresidential loans - $100-250k 40 $4,667 $116,675
Nonfarm, nonresidential loans - $250k-1MM 40 $13,638 $340,950
Commercial & Industrial, US addressed loans - <$1MM 265 $12,031 $45,400
Commercial & Industrial, US addressed loans - <$100k 217 $5,597 $25,793
Commercial & Industrial, US addressed loans - $100-250k 30 $2,374 $79,133
Commercial & Industrial, US addressed loans - $250k-1MM 18 $4,060 $225,556
Farmland loans - <$1MM 17 $3,811 $224,176
Farmland loans - <$100k 2 $13 $6,500
Farmland loans - $100-250k 5 $823 $164,600
Farmland loans - $250k-1MM 10 $2,975 $297,500
Agriculture operations loans - <$1MM 28 $2,750 $98,214
Agriculture operations loans - <$100k 16 $530 $33,125
Agriculture operations loans - $100-250k 7 $925 $132,143
Agriculture operations loans - $250k-1MM 5 $1,295 $259,000