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 Refi and Home Purchase loans. Ion Bank has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Hartford, Torrington, Bridgeport, and Norwich among others. We have data for 5 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

    453

    Origination Dollar Volume (All Markets)

    $92,445,000

    Employee count

    276

    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) 326 $57,900,000 $177,607 $0 0.00%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 52 $17,790,000 $342,115 $0 0.00%
    Torrington, CT (FHA|USDA|VA) 59 $10,895,000 $184,661 $0 0.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 10 $4,160,000 $416,000 $0 0.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 6 $1,700,000 $283,333 $0 0.00%
    Ion Bank's top markets include New Haven, Hartford, Torrington, Bridgeport, 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 453 $92,445,000 $204,073 $0 0.00%

    For 2020, Ion Bank's most frequently originated type of loan was Conventional, with 453 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 157 $34,755,000 $221,369 $0 0.00%
    Home Purchase 155 $34,365,000 $221,710 $0 0.00%
    Cash Out Refi 88 $16,680,000 $189,545 $0 0.00%
    Other 29 $2,955,000 $101,897 $0 0.00%
    Home Improvement 24 $3,690,000 $153,750 $0 0.00%

    For 2020, Ion Bank's most frequently cited loan purpose was Refi, with 157 originations. The 2nd most popular reason was Home Purchase, with 155 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 453 $92,445,000 $204,073 $0 0.00%

    For 2020, Ion Bank's most frequently cited loan duration was Other, with 453 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 166 $24,810,000 $149,458 $0 0.00%
    $200k-400k 157 $42,285,000 $269,331 $0 0.00%
    $100,000 or less 97 $5,475,000 $56,443 $0 0.00%
    $400k-600k 25 $11,445,000 $457,800 $0 0.00%
    $600k-1MM 5 $3,595,000 $719,000 $0 0.00%
    $1MM+ 3 $4,835,000 $1,611,667 $0 0.00%

    2020 saw Ion Bank place emphasis on $100k-200k loans with 166 originations, totaling $24,810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 107 $22,725,000 $212,383 $0 0.00%
    $50k-75k 92 $13,160,000 $143,043 $0 0.00%
    $75k-100k 75 $13,365,000 $178,200 $0 0.00%
    $150k-250k 73 $18,165,000 $248,836 $0 0.00%
    $50k or less 43 $4,925,000 $114,535 $0 0.00%
    $250k+ 34 $12,370,000 $363,824 $0 0.00%

    Ion Bank lent most frequently to those with incomes in the $100k-150k range, with 107 originations. The second most popular income band? $50k-75k, with 92 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 453 $92,445,000 $204,073 $0 0.00%

    Ion Bank lent most frequently to those with DTI ratios of Exempt%, with 453 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 402 $79,840,000 $198,607 $0 0.00%
    Not applicable 14 $5,580,000 $398,571 $0 0.00%
    Asian 12 $3,490,000 $290,833 $0 0.00%
    Not provided 14 $1,930,000 $137,857 $0 0.00%
    Black 6 $900,000 $150,000 $0 0.00%
    Asian Indian 2 $510,000 $255,000 $0 0.00%
    Other Asian 1 $105,000 $105,000 $0 0.00%
    Native Hawaiian or Islander 1 $65,000 $65,000 $0 0.00%
    American Indian 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.84%

    Ion Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.16%

    Ion Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 453 $92,445,000 $204,073

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $3,460,000 $1,730,000
    Single Family (1-4 Units):Site-Built 451 $88,985,000 $197,306

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    iHome Financial Inc. Conventional home mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ion Bank 1336 East Main Street Meriden, CT 6451 Full Service B&M $60,839
    Ion Bank 1430 New Haven Road Naugatuck, CT 6770 Full Service B&M $46,827
    Ion Bank 218 Maple Street Cheshire, CT 6410 Full Service B&M $80,105
    Ion Bank 24 Waterbury Road Prospect, CT 6712 Full Service B&M $74,464
    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 $60,035
    Ion Bank 363 Main Street South Southbury, CT 6488 Full Service B&M $63,849
    Ion Bank 3670 East Main Street Waterbury, CT 6705 Full Service B&M $22,894
    Ion Bank 4 Main Street Farmington, CT 6032 Full Service B&M $68,353
    Ion Bank 500 West Main Street Meriden, CT 6451 Full Service B&M $46,047
    Ion Bank 543 Rubber Avenue Naugatuck, CT 6770 Limited, Mobile/Seasonal Office $417
    Ion Bank 565 Straits Turnpike Watertown, CT 6795 Full Service B&M $51,104
    Ion Bank 665 North Colony Road Wallingford, CT 6492 Full Service B&M $50,720
    Ion Bank 670 Main Street Woodbury, CT 6798 Full Service B&M $59,819
    Ion Bank 71 Oxford Road, Route 67 Oxford, CT 6478 Full Service B&M $152,323
    Ion Bank 75 Tremont Street Ansonia, CT 6401 Full Service B&M $56,683
    Ion Bank 87 Church Street Naugatuck, CT 6770 Full Service B&M $295,057
    Ion Bank 910 Wolcott Street Waterbury, CT 6705 Full Service B&M $37,265
    Ion Bank Middlebury Road (Route 64) Middlebury, CT 6762 Full Service B&M $95,896
    Ion Bank Rubber Avenue Naugatuck, CT 6770 Full Service B&M $66,751

    For 2020, Ion Bank had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $54,062
    Net interest income $47,430
    Total noninterest income $12,441
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,069
    Trading account gains and fees $0
    Additional Noninterest Income $10,372
    Pre-tax net operating income $8,087
    Securities gains (or losses, -) $1,671
    Income before extraordinary items $7,840
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,840
    Minority interest net income $0
    Net income $7,840
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,503

    Ion Bank's gross interest income from loans was $54,062,000.
    Ion Bank's net interest income from loans was $47,430,000.
    Ion Bank's fee based income from loans was $2,069,000.
    Ion Bank's net income from loans was $7,840,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,632
    Provision for credit losses $4,850
    Total noninterest expense $46,934
    Salaries and employee benefits $28,433
    Premises and equipment expense $5,307
    Additional noninterest expense $13,194
    Applicable income taxes $1,918
    Net charge-offs $1,527
    Cash dividends $1,000

    Ion Bank's interest expense for loans was $6,632,000.
    Ion Bank's payroll and benefits expense were $28,433,000.
    Ion Bank's property, plant and equipment expenses $5,307,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 6.0%
    Nonfarm, nonresidential loans 2.0%
    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 $1,415,039
    Deposits held in domestic offices $1,415,039
    Deposits by Individuals, partnerships, and corporations $1,325,599
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $76,534
    Deposits by Commercial banks and other depository institutions in U.S. $12,905
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $275,790
    Demand deposits $246,393
    Nontransaction accounts $1,139,249
    Money market deposit accounts (MMDAs) $268,862
    Other savings deposits (excluding MMDAs) $721,925
    Total time deposits $148,461
    Total time and savings deposits $1,168,646
    Noninterest-bearing deposits $458,199
    Interest-bearing deposits $956,840
    Retail deposits $1,294,958
    IRAs and Keogh plan accounts $34,874
    Brokered deposits $105,035
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,661,727
    Cash & Balances due from depository institutions $278,692
    Interest-bearing balances $250,371
    Total securities $87,901
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,221,182
    Loan and leases loss allowance $15,613
    Trading account assets $8,643
    Bank premises and fixed assets $14,571
    Other real estate owned $0
    Goodwill and other intangibles $3,299
    All other assets $47,439

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,661,727
    Total Liabilities $1,530,248
    Total deposits $1,415,039
    Interest-bearing deposits $956,840
    Deposits held in domestic offices $1,415,039
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $8,643
    Other borrowed funds $65,000
    Subordinated debt $0
    All other liabilities $41,566

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,221,182
    Loan and leases loss allowance $15,613
    Total loans and leases (domestic) $1,236,795
    All real estate loans $800,673
    Real estate loans in domestic offices $800,673
    Construction and development loans $91,147
    Residential 1-4 family construction $26,187
    Other construction, all land development and other land $64,960
    Loans secured by nonfarm nonresidential properties $313,440
    Nonfarm nonresidential secured by owner-occupied properties $108,463
    Commercial real estate & other non-farm, non-residential $204,977
    Multifamily residential real estate $52,334
    1-4 family residential loans $343,752
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $269,240
    To non-U.S. addressees $0
    Loans to individuals $165,882
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $14,214
    Other loans to individuals $151,668
    All other loans & leases $1,000
    Loans to foreign governments and official institutions $0
    Other loans $200
    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 $8,329
    Non 1-4 family restructured loans & leases $6,787
    Total loans and leases (foreign) $0

    Ion Bank had $1,221,182,000 of loans outstanding in 2020. $800,673,000 of loans were in real estate loans. $91,147,000 of loans were in development loans. $52,334,000 of loans were in multifamily mortgage loans. $343,752,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $14,214,000 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 432 $112,883 $261,303
    Nonfarm, nonresidential loans - <$100k 43 $1,992 $46,326
    Nonfarm, nonresidential loans - $100-250k 141 $15,896 $112,738
    Nonfarm, nonresidential loans - $250k-1MM 248 $94,995 $383,044
    Commercial & Industrial, US addressed loans - <$1MM 2,102 $156,896 $74,641
    Commercial & Industrial, US addressed loans - <$100k 1,511 $37,401 $24,752
    Commercial & Industrial, US addressed loans - $100-250k 360 $42,826 $118,961
    Commercial & Industrial, US addressed loans - $250k-1MM 231 $76,669 $331,900