The Richwood Banking Company Mortgage Rates, Fees & Info

Richwood, OH

LEI: 549300F263I3XPN55P35

Tax ID: 31-4291610

5 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Richwood Banking Company is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. The Richwood Banking Company has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Columbus, Springfield, Bellefontaine, Dayton, and Lima among others. The Richwood Banking Company 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. The Richwood Banking Company is typically an average fee lendor.


Originations

368

Origination Dollar Volume (All Markets)

$84,810,000

Employee count

166

Awards

The Richwood Banking Company 30 Year Conventional Loans bronze The Richwood Banking Company 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

The Richwood Banking Company's average 30 year fixed rate mortgage of loans were 3.52%.

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

This yields a difference of 0.37%.

Relative Fees

The Richwood Banking Company's average total fees for a 30 year fixed rate mortgage are $3,304.

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
COLUMBUS, OH (FHA|USDA|VA) 204 $52,630,000 $257,990 $3,229 3.78%
SPRINGFIELD, OH (FHA|USDA|VA) 71 $9,795,000 $137,958 $2,775 3.94%
Bellefontaine, OH (FHA|USDA|VA) 30 $5,250,000 $175,000 $3,109 3.96%
DAYTON-KETTERING, OH (FHA|USDA|VA) 12 $4,480,000 $373,333 $3,920 4.29%
LIMA, OH (FHA|USDA|VA) 6 $3,540,000 $590,000 $3,594 4.16%
Urbana, OH (FHA|USDA|VA) 11 $1,715,000 $155,909 $2,524 4.04%
Marion, OH (FHA|USDA|VA) 14 $1,560,000 $111,429 $2,826 4.52%
CANTON-MASSILLON, OH (FHA|USDA|VA) 3 $1,515,000 $505,000 $0 5.15%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $730,000 $365,000 $7,302 4.36%
Boone, NC (FHA|USDA|VA) 1 $705,000 $705,000 $8,953 3.97%
COLUMBIA, SC (FHA|USDA|VA) 1 $505,000 $505,000 $5,907 3.97%
Breckenridge, CO (FHA|USDA|VA) 1 $435,000 $435,000 $0 5.00%
Mount Vernon, OH (FHA|USDA|VA) 3 $375,000 $125,000 $0 5.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $285,000 $285,000 $5,021 3.97%
Outside of Metro Areas 2 $280,000 $140,000 $2,437 4.61%
Sidney, OH (FHA|USDA|VA) 1 $255,000 $255,000 $2,677 3.25%
MANSFIELD, OH (FHA|USDA|VA) 1 $235,000 $235,000 $4,832 2.63%
TOLEDO, OH (FHA|USDA|VA) 2 $230,000 $115,000 $2,461 4.19%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $185,000 $185,000 $3,014 3.25%
Wapakoneta, OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,512 3.25%

The Richwood Banking Company's top markets include Columbus, Springfield, Bellefontaine, Dayton, and Lima among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 367 $84,535,000 $230,341 $3,142 3.92%
USDA 1 $275,000 $275,000 $3,428 3.25%

For the 2021 period, The Richwood Banking Company's most frequently originated loan type of loans were Conventional, with 367 originations. Their 2nd most popular type is USDA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 143 $36,035,000 $251,993 $4,076 4.31%
Cash Out Refi 113 $23,075,000 $204,204 $2,863 3.75%
Refi 108 $25,410,000 $235,278 $2,701 3.56%
Home Improvement 2 $150,000 $75,000 $1,753 3.97%
Other 2 $140,000 $70,000 $2,312 4.00%

For the 2021, The Richwood Banking Company's most frequently cited loan purpose of loans were Home Purchase, with 143 originations. The 2nd most popular reason of loans were Cash Out Refi, with 113 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 145 $29,905,000 $206,241 $3,304 3.52%
Other 112 $34,430,000 $307,411 $2,513 4.76%
15 Year 59 $10,485,000 $177,712 $2,762 2.98%
20 Year 27 $4,925,000 $182,407 $2,900 4.20%
10 Year 16 $1,450,000 $90,625 $1,974 4.54%
30+ year 8 $3,420,000 $427,500 $7,161 3.97%
1 Year 1 $195,000 $195,000 $2,595 3.97%

For the 2021, The Richwood Banking Company's most frequently cited loan length of loans were 30 Year, with 145 originations. The 2nd most popular length of loans were Other, with 112 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 114 $24,180,000 $212,105
$<1k 104 $11,370,000 $109,327
$2k-3k 25 $7,955,000 $318,200
$3k-4k 13 $4,135,000 $318,077
$5k+ 6 $3,660,000 $610,000

$3,304 of loans were The Richwood Banking Company's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 114 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 149 $43,025,000 $288,758
4-5% 91 $22,045,000 $242,253
2.5-3% 72 $12,860,000 $178,611
5-6% 27 $2,765,000 $102,407
<2.5% 18 $3,460,000 $192,222
6-7% 7 $465,000 $66,429
7-8% 2 $150,000 $75,000
Over 8% 2 $40,000 $20,000

During 2021, The Richwood Banking Company's average interest rate of loans were 3.52%, while their most frequently originated rate bucket of loans were 3-4%, with 149 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 139 $20,395,000 $146,727 $2,743 3.67%
$200k-400k 101 $26,715,000 $264,505 $3,818 3.52%
$100,000 or less 86 $5,710,000 $66,395 $1,977 4.66%
$400k-600k 23 $11,135,000 $484,130 $4,722 4.05%
$600k-1MM 13 $9,845,000 $757,308 $8,892 4.42%
$1MM+ 6 $11,010,000 $1,835,000 $0 4.12%

2021 saw The Richwood Banking Company place emphasis on $100k-200k loans with 139 originations, totaling $20,395,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 83 $12,095,000 $145,723 $2,821 3.99%
$100k-150k 55 $12,585,000 $228,818 $3,292 3.44%
$50k or less 55 $6,245,000 $113,545 $2,502 3.95%
$150k-250k 52 $12,680,000 $243,846 $3,891 3.67%
$75k-100k 44 $8,120,000 $184,545 $3,201 3.60%
$250k+ 11 $4,485,000 $407,727 $4,885 3.48%

The Richwood Banking Company lent most frequently to those with incomes in the $50k-75k range, with 83 originations. The second most popular income band? $100k-150k, with 55 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 68 $10,930,000 $160,735 $2,799 3.47%
30-36% 43 $7,855,000 $182,674 $2,848 3.57%
<20% 29 $5,345,000 $184,310 $3,050 3.24%
50-60% 19 $5,295,000 $278,684 $4,020 4.10%
38% 14 $3,290,000 $235,000 $3,707 3.51%
>60% 11 $2,695,000 $245,000 $3,491 4.27%
44% 11 $1,865,000 $169,545 $3,194 3.68%
37% 10 $1,620,000 $162,000 $2,637 3.41%
48% 9 $2,165,000 $240,556 $3,680 4.02%
43% 8 $1,840,000 $230,000 $3,728 3.40%
42% 7 $955,000 $136,429 $2,631 3.39%
40% 6 $920,000 $153,333 $2,904 3.70%
41% 6 $1,400,000 $233,333 $3,422 3.47%
36% 6 $1,540,000 $256,667 $4,131 3.59%
39% 6 $1,720,000 $286,667 $4,038 3.63%
47% 4 $720,000 $180,000 $2,507 3.55%
46% 3 $395,000 $131,667 $2,283 3.38%
45% 3 $775,000 $258,333 $4,042 3.37%

The Richwood Banking Company lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 43 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 274 $50,970,000 $186,022 $3,108 3.72%
Not applicable 68 $28,600,000 $420,588 $0 4.63%
Not provided 16 $4,000,000 $250,000 $3,671 3.85%
Asian 3 $595,000 $198,333 $3,457 3.45%
Black 6 $400,000 $66,667 $2,922 5.10%
1 $245,000 $245,000 $3,570 2.63%

Approval Rates

Total approvals of all applications
90.75%

The Richwood Banking Company has an average approval rate.

Pick Rate

Approvals leading to origination
74.82%

The Richwood Banking Company has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 368 $84,810,000 $230,462

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
368 $84,810,000 $230,462

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 26 $3,810,000 $146,538 $2,553 3.65%
40-60% 76 $15,190,000 $199,868 $2,807 3.54%
60-80% 190 $43,650,000 $229,737 $3,280 4.02%
80-100% 71 $21,325,000 $300,352 $3,718 4.05%
Under 20% 5 $835,000 $167,000 $1,210 5.08%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
TRUSTMARK CORPORATION Conventional home mortgage Struggling to pay mortgage 1 10.0%
TRUSTMARK CORPORATION Conventional home mortgage Trouble during payment process 2 20.0%
TRUSTMARK CORPORATION FHA mortgage Closing on a mortgage 1 10.0%
TRUSTMARK CORPORATION FHA mortgage Trouble during payment process 2 20.0%
TRUSTMARK CORPORATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 10.0%
TRUSTMARK CORPORATION Other type of mortgage Trouble during payment process 1 10.0%
TRUSTMARK CORPORATION VA mortgage Struggling to pay mortgage 1 10.0%
TRUSTMARK CORPORATION VA mortgage Trouble during payment process 1 10.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Richwood Banking Company 120 E Sandusky Ave. Bellefontaine, OH 43311 Full Service B&M $1,282
The Richwood Banking Company 63 West Main Street Springfield, OH 45502 Full Service B&M $22,020
The Richwood Banking Company 1512 West William St. Delaware, OH 43015 Full Service B&M $125,647
The Richwood Banking Company 2454 North Limestone Street Springfield, OH 45503 Full Service B&M $120,818
The Richwood Banking Company 249 West Fifth Street Marysville, OH 43040 Full Service B&M $300,714
The Richwood Banking Company 26 High Street Larue, OH 43332 Full Service B&M $40,503
The Richwood Banking Company 28 North Franklin Street Richwood, OH 43344 Full Service B&M $167,780
The Richwood Banking Company 4848 Napoleon St. Huntsville, OH 43324 Full Service B&M $46,336
The Richwood Banking Company 601 West Main Street Plain City, OH 43064 Full Service B&M $126,750

For 2021, The Richwood Banking Company had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,875
Net interest income $34,176
Total noninterest income $6,511
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,319
Trading account gains and fees $0
Additional Noninterest Income $5,192
Pre-tax net operating income $13,773
Securities gains (or losses, -) $98
Income before extraordinary items $11,336
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,336
Minority interest net income $0
Net income $11,336
Sale, conversion, retirement of capital stock, net $0
Net operating income $11,255

The Richwood Banking Company's gross interest income from loans was $37,875,000.
The Richwood Banking Company's net interest income from loans was $34,176,000.
The Richwood Banking Company's fee based income from loans was $1,319,000.
The Richwood Banking Company's net income from loans was $11,336,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,699
Provision for credit losses $1,200
Total noninterest expense $25,714
Salaries and employee benefits $12,523
Premises and equipment expense $2,849
Additional noninterest expense $10,342
Applicable income taxes $2,535
Net charge-offs $84
Cash dividends $0

The Richwood Banking Company's interest expense for loans was $3,699,000.
The Richwood Banking Company's payroll and benefits expense were $12,523,000.
The Richwood Banking Company's property, plant and equipment expenses $2,849,000.

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 0.0%
Nonfarm, nonresidential loans 3.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
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 $876,693
Deposits held in domestic offices $876,693
Deposits by Individuals, partnerships, and corporations $718,272
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $152,254
Deposits by Commercial banks and other depository institutions in U.S. $6,168
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $579,531
Demand deposits $73,313
Nontransaction accounts $297,163
Money market deposit accounts (MMDAs) $113,049
Other savings deposits (excluding MMDAs) $54,674
Total time deposits $129,440
Total time and savings deposits $803,381
Noninterest-bearing deposits $73,313
Interest-bearing deposits $803,380
Retail deposits $834,126
IRAs and Keogh plan accounts $18,498
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $977,331
Cash & Balances due from depository institutions $14,877
Interest-bearing balances $11,427
Total securities $321,956
Federal funds sold & reverse repurchase $3,708
Net loans and leases $582,271
Loan and leases loss allowance $8,283
Trading account assets $0
Bank premises and fixed assets $18,240
Other real estate owned $20
Goodwill and other intangibles $8,699
All other assets $27,560

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $977,331
Total Liabilities $885,731
Total deposits $876,693
Interest-bearing deposits $803,380
Deposits held in domestic offices $876,693
% insured (estimated) $68
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $7,182
Subordinated debt $0
All other liabilities $1,856

Issued Loan Types

Type Value (in 000's)
Net loans and leases $582,271
Loan and leases loss allowance $8,283
Total loans and leases (domestic) $590,554
All real estate loans $493,581
Real estate loans in domestic offices $493,581
Construction and development loans $32,538
Residential 1-4 family construction $7,708
Other construction, all land development and other land $24,830
Loans secured by nonfarm nonresidential properties $186,538
Nonfarm nonresidential secured by owner-occupied properties $99,219
Commercial real estate & other non-farm, non-residential $87,319
Multifamily residential real estate $27,924
1-4 family residential loans $157,869
Farmland loans $88,712
Loans held in foreign offices $0
Farm loans $23,860
Commercial and industrial loans $53,762
To non-U.S. addressees $0
Loans to individuals $3,623
Credit card loans $0
Related Plans $0
Consumer Auto Loans $1,805
Other loans to individuals $1,818
All other loans & leases $15,728
Loans to foreign governments and official institutions $0
Other loans $660
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 $1,797
Non 1-4 family restructured loans & leases $1,797
Total loans and leases (foreign) $0

The Richwood Banking Company had $582,271,000 of loans outstanding in 2021. $493,581,000 of loans were in real estate loans. $32,538,000 of loans were in development loans. $27,924,000 of loans were in multifamily mortgage loans. $157,869,000 of loans were in 1-4 family mortgage loans. $23,860,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,805,000 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 341 $79,405 $232,859
Nonfarm, nonresidential loans - <$100k 125 $5,742 $45,936
Nonfarm, nonresidential loans - $100-250k 109 $17,548 $160,991
Nonfarm, nonresidential loans - $250k-1MM 107 $56,115 $524,439
Commercial & Industrial, US addressed loans - <$1MM 587 $38,210 $65,094
Commercial & Industrial, US addressed loans - <$100k 477 $12,128 $25,426
Commercial & Industrial, US addressed loans - $100-250k 75 $11,853 $158,040
Commercial & Industrial, US addressed loans - $250k-1MM 35 $14,229 $406,543
Farmland loans - <$1MM 222 $34,218 $154,135
Farmland loans - <$100k 93 $4,888 $52,559
Farmland loans - $100-250k 71 $12,146 $171,070
Farmland loans - $250k-1MM 58 $17,184 $296,276
Agriculture operations loans - <$1MM 198 $16,062 $81,121
Agriculture operations loans - <$100k 146 $4,254 $29,137
Agriculture operations loans - $100-250k 35 $5,914 $168,971
Agriculture operations loans - $250k-1MM 17 $5,894 $346,706