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
  • Complaints
  • 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, Portland, Norwich, and Hartford 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 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

    309

    Origination Dollar Volume (All Markets)

    $106,725,000

    Employee count

    271

    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) 218 $37,610,000 $172,523 $0 0.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 17 $25,055,000 $1,473,824 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $15,340,000 $7,670,000 $0 0.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 4 $13,410,000 $3,352,500 $0 0.00%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 34 $8,770,000 $257,941 $0 0.00%
    Torrington, CT (FHA|USDA|VA) 34 $6,540,000 $192,353 $0 0.00%
    Ion Bank's top markets include New Haven, Bridgeport, Portland, Norwich, and Hartford among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 309 $106,725,000 $345,388 $0 0.00%

    For 2019, Ion Bank's most frequently originated type of loan was Conventional, with 309 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 152 $77,290,000 $508,487 $0 0.00%
    Refi 60 $17,190,000 $286,500 $0 0.00%
    Cash Out Refi 50 $8,830,000 $176,600 $0 0.00%
    Home Improvement 24 $1,840,000 $76,667 $0 0.00%
    Other 23 $1,575,000 $68,478 $0 0.00%

    For 2019, Ion Bank's most frequently cited loan purpose was Home Purchase, with 152 originations. The 2nd most popular reason was Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 309 $106,725,000 $345,388 $0 0.00%

    For 2019, Ion Bank's most frequently cited loan duration was Other, with 309 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 123 $18,185,000 $147,846 $0 0.00%
    $200k-400k 96 $26,260,000 $273,542 $0 0.00%
    $100,000 or less 64 $3,070,000 $47,969 $0 0.00%
    $400k-600k 12 $5,700,000 $475,000 $0 0.00%
    $1MM+ 9 $49,965,000 $5,551,667 $0 0.00%
    $600k-1MM 5 $3,545,000 $709,000 $0 0.00%

    2019 saw Ion Bank place emphasis on $100k-200k loans with 123 originations, totaling $18,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 67 $12,755,000 $190,373 $0 0.00%
    $75k-100k 59 $8,685,000 $147,203 $0 0.00%
    $150k-250k 54 $11,460,000 $212,222 $0 0.00%
    $50k-75k 47 $7,655,000 $162,872 $0 0.00%
    $250k+ 23 $7,775,000 $338,043 $0 0.00%
    $50k or less 23 $2,645,000 $115,000 $0 0.00%

    Ion Bank lent most frequently to those with incomes in the $100k-150k range, with 67 originations. The second most popular income band? $75k-100k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 309 $106,725,000 $345,388 $0 0.00%

    Ion Bank lent most frequently to those with DTI ratios of Exempt%, with 309 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 28 $53,840,000 $1,922,857 $0 0.00%
    White 259 $48,565,000 $187,510 $0 0.00%
    Asian 8 $1,540,000 $192,500 $0 0.00%
    Black 7 $1,395,000 $199,286 $0 0.00%
    Not provided 5 $835,000 $167,000 $0 0.00%
    Other Pacific Islander 1 $275,000 $275,000 $0 0.00%
    Asian Indian 1 $275,000 $275,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.30%

    Ion Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.26%

    Ion Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 309 $106,725,000 $345,388

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 13 $50,325,000 $3,871,154
    Single Family (1-4 Units):Site-Built 296 $56,400,000 $190,541

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    iMove Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ion Bank 1231 East Main Street Meriden, CT 6450 Full Service B&M $65,754
    Ion Bank 1430 New Haven Road Naugatuck, CT 6770 Full Service B&M $38,705
    Ion Bank 218 Maple Street Cheshire, CT 6410 Full Service B&M $71,211
    Ion Bank 24 Waterbury Road Prospect, CT 6712 Full Service B&M $64,877
    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 $32,289
    Ion Bank 363 Main Street South Southbury, CT 6488 Full Service B&M $52,941
    Ion Bank 3670 East Main Street Waterbury, CT 6705 Full Service B&M $19,038
    Ion Bank 4 Main Street Farmington, CT 6032 Full Service B&M $42,079
    Ion Bank 500 West Main Street Meriden, CT 6451 Full Service B&M $36,808
    Ion Bank 543 Rubber Avenue Naugatuck, CT 6770 Limited, Mobile/Seasonal Office $348
    Ion Bank 565 Straits Turnpike Watertown, CT 6795 Full Service B&M $47,212
    Ion Bank 665 North Colony Road Wallingford, CT 6492 Full Service B&M $24,538
    Ion Bank 670 Main Street Woodbury, CT 6798 Full Service B&M $52,480
    Ion Bank 71 Oxford Road, Route 67 Oxford, CT 6478 Full Service B&M $124,098
    Ion Bank 75 Tremont Street Ansonia, CT 6401 Full Service B&M $51,863
    Ion Bank 87 Church Street Naugatuck, CT 6770 Full Service B&M $210,922
    Ion Bank 910 Wolcott Street Waterbury, CT 6705 Full Service B&M $29,216
    Ion Bank Middlebury Road (Route 64) Middlebury, CT 6762 Full Service B&M $70,673
    Ion Bank Rubber Avenue Naugatuck, CT 6770 Full Service B&M $61,155

    For 2019, Ion Bank had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $54,770
    Net interest income $44,298
    Total noninterest income $8,943
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,771
    Trading account gains and fees $0
    Additional Noninterest Income $6,172
    Pre-tax net operating income $9,268
    Securities gains (or losses, -) $2,536
    Income before extraordinary items $9,511
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,511
    Minority interest net income $0
    Net income $9,511
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,456

    Ion Bank's gross interest income from loans was $54,770,000.
    Ion Bank's net interest income from loans was $44,298,000.
    Ion Bank's fee based income from loans was $2,771,000.
    Ion Bank's net income from loans was $9,511,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,472
    Provision for credit losses $2,115
    Total noninterest expense $41,858
    Salaries and employee benefits $23,869
    Premises and equipment expense $5,358
    Additional noninterest expense $12,631
    Applicable income taxes $2,293
    Net charge-offs $1,134
    Cash dividends $2,750

    Ion Bank's interest expense for loans was $10,472,000.
    Ion Bank's payroll and benefits expense were $23,869,000.
    Ion Bank's property, plant and equipment expenses $5,358,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    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 $1,111,562
    Deposits held in domestic offices $1,111,562
    Deposits by Individuals, partnerships, and corporations $1,000,920
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $70,684
    Deposits by Commercial banks and other depository institutions in U.S. $39,956
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $190,609
    Demand deposits $166,514
    Nontransaction accounts $920,953
    Money market deposit accounts (MMDAs) $155,293
    Other savings deposits (excluding MMDAs) $540,718
    Total time deposits $224,943
    Total time and savings deposits $945,048
    Noninterest-bearing deposits $298,633
    Interest-bearing deposits $812,929
    Retail deposits $1,014,229
    IRAs and Keogh plan accounts $37,060
    Brokered deposits $81,981
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,362,062
    Cash & Balances due from depository institutions $70,507
    Interest-bearing balances $51,951
    Total securities $94,435
    Federal funds sold & reverse repurchase $52
    Net loans and leases $1,141,112
    Loan and leases loss allowance $12,290
    Trading account assets $3,257
    Bank premises and fixed assets $14,215
    Other real estate owned $0
    Goodwill and other intangibles $3,253
    All other assets $35,231

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,362,062
    Total Liabilities $1,237,771
    Total deposits $1,111,562
    Interest-bearing deposits $812,929
    Deposits held in domestic offices $1,111,562
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $10,000
    Trading liabilities $3,250
    Other borrowed funds $75,000
    Subordinated debt $0
    All other liabilities $37,959

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,141,112
    Loan and leases loss allowance $12,290
    Total loans and leases (domestic) $1,153,402
    All real estate loans $834,615
    Real estate loans in domestic offices $834,615
    Construction and development loans $77,686
    Residential 1-4 family construction $26,668
    Other construction, all land development and other land $51,018
    Loans secured by nonfarm nonresidential properties $290,503
    Nonfarm nonresidential secured by owner-occupied properties $99,143
    Commercial real estate & other non-farm, non-residential $191,360
    Multifamily residential real estate $49,550
    1-4 family residential loans $416,876
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $139,516
    To non-U.S. addressees $0
    Loans to individuals $178,257
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $9,223
    Other loans to individuals $169,034
    All other loans & leases $1,014
    Loans to foreign governments and official institutions $0
    Other loans $214
    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 $8,163
    Non 1-4 family restructured loans & leases $6,427
    Total loans and leases (foreign) $0

    Ion Bank had $1,141,112,000 of loans outstanding in 2019. $834,615,000 of loans were in real estate loans. $77,686,000 of loans were in development loans. $49,550,000 of loans were in multifamily mortgage loans. $416,876,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $9,223,000 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 451 $111,895 $248,104
    Nonfarm, nonresidential loans - <$100k 44 $1,828 $41,545
    Nonfarm, nonresidential loans - $100-250k 159 $18,251 $114,786
    Nonfarm, nonresidential loans - $250k-1MM 248 $91,816 $370,226
    Commercial & Industrial, US addressed loans - <$1MM 782 $70,180 $89,744
    Commercial & Industrial, US addressed loans - <$100k 477 $13,007 $27,268
    Commercial & Industrial, US addressed loans - $100-250k 174 $18,068 $103,839
    Commercial & Industrial, US addressed loans - $250k-1MM 131 $39,105 $298,511