Ion Bank Mortgage Rates, Fees & Info

Naugatuck, CT

LEI: 5493004D0Z2WQR26VL57

Tax ID: 06-0465530

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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

    408

    Origination Dollar Volume (All Markets)

    $155,370,000

    Employee count

    267

    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) 270 $51,290,000 $189,963 $0 0.00%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 66 $47,120,000 $713,939 $0 0.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 17 $34,145,000 $2,008,529 $0 0.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $11,715,000 $3,905,000 $0 0.00%
    Torrington, CT (FHA|USDA|VA) 51 $10,695,000 $209,706 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
    Ion Bank's top markets include New Haven, Hartford, Bridgeport, Norwich, and Torrington among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 408 $155,370,000 $380,809 $0 0.00%

    For 2021, Ion Bank's most frequently originated type of loan was Conventional, with 408 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 134 $50,480,000 $376,716 $0 0.00%
    Home Purchase 130 $68,670,000 $528,231 $0 0.00%
    Cash Out Refi 97 $22,115,000 $227,990 $0 0.00%
    Other 28 $3,520,000 $125,714 $0 0.00%
    Home Improvement 19 $10,585,000 $557,105 $0 0.00%

    For 2021, Ion Bank's most frequently cited loan purpose was Refi, with 134 originations. The 2nd most popular reason was Home Purchase, with 130 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 408 $155,370,000 $380,809 $0 0.00%

    For 2021, Ion Bank's most frequently cited loan duration was Other, with 408 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 142 $21,100,000 $148,592 $0 0.00%
    $200k-400k 129 $34,715,000 $269,109 $0 0.00%
    $100,000 or less 82 $5,040,000 $61,463 $0 0.00%
    $400k-600k 26 $11,880,000 $456,923 $0 0.00%
    $600k-1MM 15 $11,015,000 $734,333 $0 0.00%
    $1MM+ 14 $71,620,000 $5,115,714 $0 0.00%

    2021 saw Ion Bank place emphasis on $100k-200k loans with 142 originations, totaling $21,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 83 $17,845,000 $215,000 $0 0.00%
    $50k-75k 79 $11,345,000 $143,608 $0 0.00%
    $150k-250k 68 $17,670,000 $259,853 $0 0.00%
    $75k-100k 62 $10,640,000 $171,613 $0 0.00%
    $250k+ 46 $17,860,000 $388,261 $0 0.00%
    $50k or less 35 $4,065,000 $116,143 $0 0.00%

    Ion Bank lent most frequently to those with incomes in the $100k-150k range, with 83 originations. The second most popular income band? $50k-75k, with 79 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 408 $155,370,000 $380,809 $0 0.00%

    Ion Bank lent most frequently to those with DTI ratios of Exempt%, with 408 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 353 $74,525,000 $211,119 $0 0.00%
    Not applicable 20 $72,380,000 $3,619,000 $0 0.00%
    Asian 16 $4,300,000 $268,750 $0 0.00%
    Black 6 $1,940,000 $323,333 $0 0.00%
    Not provided 12 $1,930,000 $160,833 $0 0.00%
    American Indian 1 $295,000 $295,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.99%

    Ion Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.54%

    Ion Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 408 $155,370,000 $380,809

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    408 $155,370,000 $380,809

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ion Bank 1336 East Main Street Meriden, CT 6451 Full Service B&M $58,087
    Ion Bank 1430 New Haven Road Naugatuck, CT 6770 Full Service B&M $59,729
    Ion Bank 218 Maple Street Cheshire, CT 6410 Full Service B&M $88,239
    Ion Bank 24 Waterbury Road Prospect, CT 6712 Full Service B&M $83,288
    Ion Bank 251 Church St Naugatuck, CT 6770 Full Service B&M $0
    Ion Bank 2989 Whitney Avenue Hamden, CT 6518 Full Service B&M $68,784
    Ion Bank 363 Main Street South Southbury, CT 6488 Full Service B&M $79,933
    Ion Bank 3670 East Main Street Waterbury, CT 6705 Full Service B&M $29,084
    Ion Bank 4 Main Street Farmington, CT 6032 Full Service B&M $71,844
    Ion Bank 500 West Main Street Meriden, CT 6451 Full Service B&M $90,149
    Ion Bank 543 Rubber Avenue Naugatuck, CT 6770 Limited, Mobile/Seasonal Office $583
    Ion Bank 565 Straits Turnpike Watertown, CT 6795 Full Service B&M $58,116
    Ion Bank 665 North Colony Road Wallingford, CT 6492 Full Service B&M $66,527
    Ion Bank 670 Main Street Woodbury, CT 6798 Full Service B&M $75,329
    Ion Bank 71 Oxford Road, Route 67 Oxford, CT 6478 Full Service B&M $170,643
    Ion Bank 75 Tremont Street Ansonia, CT 6401 Full Service B&M $70,363
    Ion Bank 79 Main St Unionville, CT 6085 Full Service B&M $6,599
    Ion Bank 87 Church Street Naugatuck, CT 6770 Full Service B&M $228,093
    Ion Bank 910 Wolcott Street Waterbury, CT 6705 Full Service B&M $44,298
    Ion Bank Middlebury Road (Route 64) Middlebury, CT 6762 Full Service B&M $105,726
    Ion Bank Rubber Avenue Naugatuck, CT 6770 Full Service B&M $71,041

    For 2021, Ion Bank had 21 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $52,459
    Net interest income $48,561
    Total noninterest income $14,410
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,385
    Trading account gains and fees $0
    Additional Noninterest Income $12,025
    Pre-tax net operating income $15,072
    Securities gains (or losses, -) $1,995
    Income before extraordinary items $13,618
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,618
    Minority interest net income $0
    Net income $13,618
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,022

    Ion Bank's gross interest income from loans was $52,459,000.
    Ion Bank's net interest income from loans was $48,561,000.
    Ion Bank's fee based income from loans was $2,385,000.
    Ion Bank's net income from loans was $13,618,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,898
    Provision for credit losses $475
    Total noninterest expense $47,424
    Salaries and employee benefits $27,587
    Premises and equipment expense $5,787
    Additional noninterest expense $14,050
    Applicable income taxes $3,449
    Net charge-offs $-725
    Cash dividends $0

    Ion Bank's interest expense for loans was $3,898,000.
    Ion Bank's payroll and benefits expense were $27,587,000.
    Ion Bank's property, plant and equipment expenses $5,787,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 7.0%
    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 $1,508,634
    Deposits held in domestic offices $1,508,634
    Deposits by Individuals, partnerships, and corporations $1,405,509
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $97,445
    Deposits by Commercial banks and other depository institutions in U.S. $5,679
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $270,760
    Demand deposits $237,053
    Nontransaction accounts $1,237,874
    Money market deposit accounts (MMDAs) $236,230
    Other savings deposits (excluding MMDAs) $875,419
    Total time deposits $126,225
    Total time and savings deposits $1,271,581
    Noninterest-bearing deposits $542,712
    Interest-bearing deposits $965,922
    Retail deposits $1,495,850
    IRAs and Keogh plan accounts $34,269
    Brokered deposits $4,249
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,738,910
    Cash & Balances due from depository institutions $396,880
    Interest-bearing balances $381,585
    Total securities $145,030
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,107,905
    Loan and leases loss allowance $16,814
    Trading account assets $13,583
    Bank premises and fixed assets $14,929
    Other real estate owned $0
    Goodwill and other intangibles $3,277
    All other assets $57,306

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,738,910
    Total Liabilities $1,582,439
    Total deposits $1,508,634
    Interest-bearing deposits $965,922
    Deposits held in domestic offices $1,508,634
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $4,432
    Other borrowed funds $30,000
    Subordinated debt $0
    All other liabilities $39,373

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,107,905
    Loan and leases loss allowance $16,814
    Total loans and leases (domestic) $1,124,719
    All real estate loans $750,092
    Real estate loans in domestic offices $750,092
    Construction and development loans $84,630
    Residential 1-4 family construction $24,653
    Other construction, all land development and other land $59,977
    Loans secured by nonfarm nonresidential properties $319,598
    Nonfarm nonresidential secured by owner-occupied properties $113,711
    Commercial real estate & other non-farm, non-residential $205,887
    Multifamily residential real estate $79,903
    1-4 family residential loans $265,961
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $197,623
    To non-U.S. addressees $0
    Loans to individuals $176,120
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $9,776
    Other loans to individuals $166,344
    All other loans & leases $884
    Loans to foreign governments and official institutions $0
    Other loans $262
    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 $4,856
    Non 1-4 family restructured loans & leases $3,116
    Total loans and leases (foreign) $0

    Ion Bank had $1,107,905,000 of loans outstanding in 2021. $750,092,000 of loans were in real estate loans. $84,630,000 of loans were in development loans. $79,903,000 of loans were in multifamily mortgage loans. $265,961,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $9,776,000 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 420 $112,382 $267,576
    Nonfarm, nonresidential loans - <$100k 37 $1,642 $44,378
    Nonfarm, nonresidential loans - $100-250k 137 $13,119 $95,759
    Nonfarm, nonresidential loans - $250k-1MM 246 $97,621 $396,833
    Commercial & Industrial, US addressed loans - <$1MM 1,311 $93,247 $71,127
    Commercial & Industrial, US addressed loans - <$100k 893 $20,582 $23,048
    Commercial & Industrial, US addressed loans - $100-250k 227 $22,715 $100,066
    Commercial & Industrial, US addressed loans - $250k-1MM 191 $49,950 $261,518