Ion Bank Mortgage Rates, Fees & Info

Naugatuck, CT

LEI: 5493004D0Z2WQR26VL57

Tax ID: 06-0465530

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Ion Bank is a smaller bank specializing in Home Purchase loans. Ion Bank has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Bridgeport, Hartford, Torrington, and Norwich among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ion Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    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.

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    Originations

    359

    Origination Dollar Volume (All Markets)

    $111,435,000

    Employee count

    249

    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
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 231 $54,085,000 $234,134 $0 0.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 30 $23,300,000 $776,667 $0 0.00%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 51 $23,015,000 $451,275 $0 0.00%
    Torrington, CT (FHA|USDA|VA) 42 $8,270,000 $196,905 $0 0.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 4 $2,480,000 $620,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
    Ion Bank's top markets include New Haven, Bridgeport, Hartford, Torrington, and Norwich among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 359 $111,435,000 $310,404 $0 0.00%

    For 2018, Ion Bank's most frequently originated type of loan was Conventional, with 359 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 176 $68,230,000 $387,670 $0 0.00%
    Cash Out Refi 63 $17,765,000 $281,984 $0 0.00%
    Refi 60 $20,090,000 $334,833 $0 0.00%
    Other 31 $3,395,000 $109,516 $0 0.00%
    Home Improvement 29 $1,955,000 $67,414 $0 0.00%

    For 2018, Ion Bank's most frequently cited loan purpose was Home Purchase, with 176 originations. The 2nd most popular reason was Cash Out Refi, with 63 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 359 $111,435,000 $310,404 $0 0.00%

    For 2018, Ion Bank's most frequently cited loan duration was Other, with 359 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 102 $5,220,000 $51,176 $0 0.00%
    $100k-200k 99 $14,525,000 $146,717 $0 0.00%
    $200k-400k 90 $24,950,000 $277,222 $0 0.00%
    $400k-600k 33 $16,135,000 $488,939 $0 0.00%
    $600k-1MM 22 $16,350,000 $743,182 $0 0.00%
    $1MM+ 13 $34,255,000 $2,635,000 $0 0.00%

    2018 saw Ion Bank place emphasis on $100,000 or less loans with 102 originations, totaling $5,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 78 $25,240,000 $323,590 $0 0.00%
    $100k-150k 64 $11,200,000 $175,000 $0 0.00%
    $75k-100k 61 $10,025,000 $164,344 $0 0.00%
    $50k-75k 54 $6,460,000 $119,630 $0 0.00%
    $250k+ 52 $24,970,000 $480,192 $0 0.00%
    $50k or less 29 $2,955,000 $101,897 $0 0.00%

    Ion Bank lent most frequently to those with incomes in the $150k-250k range, with 78 originations. The second most popular income band? $100k-150k, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 359 $111,435,000 $310,404 $0 0.00%

    Ion Bank lent most frequently to those with DTI ratios of Exempt%, with 359 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 310 $76,370,000 $246,355 $0 0.00%
    Not applicable 21 $30,585,000 $1,456,429 $0 0.00%
    Asian 14 $3,160,000 $225,714 $0 0.00%
    Black 4 $960,000 $240,000 $0 0.00%
    Not provided 9 $315,000 $35,000 $0 0.00%
    Native Hawaiian or Islander 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.49%

    Ion Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.63%

    Ion Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 359 $111,435,000 $310,404

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $26,975,000 $3,853,571
    Single Family (1-4 Units):Site-Built 352 $84,460,000 $239,943

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ion Bank 1231 East Main Street Meriden, CT 6450 Full Service B&M $76,056
    Ion Bank 1430 New Haven Road Naugatuck, CT 6770 Full Service B&M $37,585
    Ion Bank 218 Maple Street Cheshire, CT 6410 Full Service B&M $67,663
    Ion Bank 24 Waterbury Road Prospect, CT 6712 Full Service B&M $58,622
    Ion Bank 251 Church Street Naugatuck, CT 6770 Full Service B&M $0
    Ion Bank 2989 Whitney Avenue Hamden, CT 6518 Full Service B&M $29,032
    Ion Bank 363 Main Street South Southbury, CT 6488 Full Service B&M $51,359
    Ion Bank 3670 East Main Street Waterbury, CT 6705 Full Service B&M $17,608
    Ion Bank 500 West Main Street Meriden, CT 6451 Full Service B&M $35,708
    Ion Bank 543 Rubber Avenue Naugatuck, CT 6770 Limited, Mobile/Seasonal Office $269
    Ion Bank 565 Straits Turnpike Watertown, CT 6795 Full Service B&M $45,168
    Ion Bank 665 North Colony Road Wallingford, CT 6492 Full Service B&M $13,385
    Ion Bank 670 Main Street Woodbury, CT 6798 Full Service B&M $54,368
    Ion Bank 71 Oxford Road, Route 67 Oxford, CT 6478 Full Service B&M $111,689
    Ion Bank 75 Tremont Street Ansonia, CT 6401 Full Service B&M $52,686
    Ion Bank 87 Church Street Naugatuck, CT 6770 Full Service B&M $235,081
    Ion Bank 910 Wolcott Street Waterbury, CT 6705 Full Service B&M $30,053
    Ion Bank Middlebury Road (Route 64) Middlebury, CT 6762 Full Service B&M $72,986
    Ion Bank Rubber Avenue Naugatuck, CT 6770 Full Service B&M $62,671

    For 2018, Ion Bank had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $50,143
    Net interest income $41,892
    Total noninterest income $7,953
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,568
    Trading account gains and fees $0
    Additional Noninterest Income $5,385
    Pre-tax net operating income $11,666
    Securities gains (or losses, -) $-69
    Income before extraordinary items $9,201
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,201
    Minority interest net income $0
    Net income $9,201
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,255

    Ion Bank's gross interest income from loans was $50,143,000.
    Ion Bank's net interest income from loans was $41,892,000.
    Ion Bank's fee based income from loans was $2,568,000.
    Ion Bank's net income from loans was $9,201,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,251
    Provision for credit losses $1,100
    Total noninterest expense $37,079
    Salaries and employee benefits $21,906
    Premises and equipment expense $4,964
    Additional noninterest expense $10,209
    Applicable income taxes $2,396
    Net charge-offs $176
    Cash dividends $500

    Ion Bank's interest expense for loans was $8,251,000.
    Ion Bank's payroll and benefits expense were $21,906,000.
    Ion Bank's property, plant and equipment expenses $4,964,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $1,057,957
    Deposits held in domestic offices $1,057,957
    Deposits by Individuals, partnerships, and corporations $934,459
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $73,605
    Deposits by Commercial banks and other depository institutions in U.S. $49,893
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $142,080
    Demand deposits $121,190
    Nontransaction accounts $915,877
    Money market deposit accounts (MMDAs) $171,698
    Other savings deposits (excluding MMDAs) $497,328
    Total time deposits $246,851
    Total time and savings deposits $936,767
    Noninterest-bearing deposits $262,980
    Interest-bearing deposits $794,977
    Retail deposits $968,529
    IRAs and Keogh plan accounts $39,315
    Brokered deposits $69,008
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,297,445
    Cash & Balances due from depository institutions $67,462
    Interest-bearing balances $51,135
    Total securities $91,762
    Federal funds sold & reverse repurchase $50
    Net loans and leases $1,084,752
    Loan and leases loss allowance $11,309
    Trading account assets $2,548
    Bank premises and fixed assets $13,768
    Other real estate owned $0
    Goodwill and other intangibles $3,357
    All other assets $33,746

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,297,445
    Total Liabilities $1,176,587
    Total deposits $1,057,957
    Interest-bearing deposits $794,977
    Deposits held in domestic offices $1,057,957
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $5,000
    Trading liabilities $2,541
    Other borrowed funds $75,000
    Subordinated debt $0
    All other liabilities $36,089

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,084,752
    Loan and leases loss allowance $11,309
    Total loans and leases (domestic) $1,096,061
    All real estate loans $821,477
    Real estate loans in domestic offices $821,477
    Construction and development loans $74,452
    Residential 1-4 family construction $25,287
    Other construction, all land development and other land $49,165
    Loans secured by nonfarm nonresidential properties $265,065
    Nonfarm nonresidential secured by owner-occupied properties $93,664
    Commercial real estate & other non-farm, non-residential $171,401
    Multifamily residential real estate $37,308
    1-4 family residential loans $444,652
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $102,041
    To non-U.S. addressees $0
    Loans to individuals $171,504
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $4,028
    Other loans to individuals $167,476
    All other loans & leases $1,039
    Loans to foreign governments and official institutions $0
    Other loans $239
    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 $10,308
    Non 1-4 family restructured loans & leases $8,144
    Total loans and leases (foreign) $0

    Ion Bank had $1,084,752,000 of loans outstanding in 2018. $821,477,000 of loans were in real estate loans. $74,452,000 of loans were in development loans. $37,308,000 of loans were in multifamily mortgage loans. $444,652,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,028,000 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 458 $105,618 $230,607
    Nonfarm, nonresidential loans - <$100k 49 $1,951 $39,816
    Nonfarm, nonresidential loans - $100-250k 168 $19,270 $114,702
    Nonfarm, nonresidential loans - $250k-1MM 241 $84,397 $350,195
    Commercial & Industrial, US addressed loans - <$1MM 718 $61,983 $86,327
    Commercial & Industrial, US addressed loans - <$100k 438 $11,660 $26,621
    Commercial & Industrial, US addressed loans - $100-250k 162 $15,848 $97,827
    Commercial & Industrial, US addressed loans - $250k-1MM 118 $34,475 $292,161