The Richwood Banking Company Mortgage Rates, Fees & Info

Richwood, OH

LEI: 549300F263I3XPN55P35

Tax ID: 31-4291610

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Mortgage Data

Bank Data

Review & Overview

The Richwood Banking Company is a smaller bank specializing in Home Purchase and Cash Out Refi loans. The Richwood Banking Company has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Springfield, Bellefontaine, Urbana, and Marion among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Richwood Banking Company 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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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.62% 3/28/24
30 Year Conventional Refi 6.62% 3/28/24
30 Year Cash-out Refi 6.54% 3/28/24
15 Year Conventional Purchase 7.11% 3/28/24
15 Year Conventional Refi 6.28% 3/28/24
15 Year Cash-out Refi 6.28% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

The Richwood Banking Company Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from The Richwood Banking Company. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

237

Origination Dollar Volume (All Markets)

$51,075,000

Employee count

153

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
COLUMBUS, OH (FHA|USDA|VA) 118 $32,560,000 $275,932 $0 0.00%
SPRINGFIELD, OH (FHA|USDA|VA) 71 $11,105,000 $156,408 $0 0.00%
Bellefontaine, OH (FHA|USDA|VA) 12 $1,760,000 $146,667 $0 0.00%
Urbana, OH (FHA|USDA|VA) 5 $1,635,000 $327,000 $0 0.00%
Marion, OH (FHA|USDA|VA) 15 $1,355,000 $90,333 $0 0.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 7 $915,000 $130,714 $0 0.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $685,000 $228,333 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
Outside of Metro Areas 2 $230,000 $115,000 $0 0.00%
Mount Vernon, OH (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Seneca, SC (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
The Richwood Banking Company's top markets include Columbus, Springfield, Bellefontaine, Urbana, and Marion among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 237 $51,075,000 $215,506 $0 0.00%

    For 2019, The Richwood Banking Company's most frequently originated type of loan was Conventional, with 237 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 123 $26,535,000 $215,732 $0 0.00%
    Cash Out Refi 57 $16,425,000 $288,158 $0 0.00%
    Refi 35 $6,695,000 $191,286 $0 0.00%
    Other 15 $1,075,000 $71,667 $0 0.00%
    Home Improvement 7 $345,000 $49,286 $0 0.00%

    For 2019, The Richwood Banking Company's most frequently cited loan purpose was Home Purchase, with 123 originations. The 2nd most popular reason was Cash Out Refi, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 237 $51,075,000 $215,506 $0 0.00%

    For 2019, The Richwood Banking Company's most frequently cited loan duration was Other, with 237 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 86 $4,720,000 $54,884 $0 0.00%
    $100k-200k 75 $10,365,000 $138,200 $0 0.00%
    $200k-400k 54 $14,600,000 $270,370 $0 0.00%
    $400k-600k 10 $4,620,000 $462,000 $0 0.00%
    $600k-1MM 7 $5,445,000 $777,857 $0 0.00%
    $1MM+ 5 $11,325,000 $2,265,000 $0 0.00%

    2019 saw The Richwood Banking Company place emphasis on $100,000 or less loans with 86 originations, totaling $4,720,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 54 $4,820,000 $89,259 $0 0.00%
    $50k-75k 45 $5,665,000 $125,889 $0 0.00%
    $75k-100k 40 $6,580,000 $164,500 $0 0.00%
    $100k-150k 38 $6,830,000 $179,737 $0 0.00%
    $150k-250k 18 $5,060,000 $281,111 $0 0.00%
    $250k+ 8 $3,940,000 $492,500 $0 0.00%

    The Richwood Banking Company lent most frequently to those with incomes in the $50k or less range, with 54 originations. The second most popular income band? $50k-75k, with 45 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 237 $51,075,000 $215,506 $0 0.00%

    The Richwood Banking Company lent most frequently to those with DTI ratios of Exempt%, with 237 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 192 $29,820,000 $155,313 $0 0.00%
    Not applicable 33 $17,935,000 $543,485 $0 0.00%
    Asian 5 $2,615,000 $523,000 $0 0.00%
    Black 5 $425,000 $85,000 $0 0.00%
    Not provided 2 $280,000 $140,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.46%

    The Richwood Banking Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.68%

    The Richwood Banking Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 237 $51,075,000 $215,506

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $355,000 $355,000
    Multifamily:Site-Built 13 $15,135,000 $1,164,231
    Single Family (1-4 Units):Manufactured 9 $705,000 $78,333
    Single Family (1-4 Units):Site-Built 214 $34,880,000 $162,991

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    TRUSTMARK CORPORATION Conventional home mortgage Trouble during payment process 5 45.5%
    TRUSTMARK CORPORATION FHA mortgage Struggling to pay mortgage 1 9.1%
    TRUSTMARK CORPORATION FHA mortgage Trouble during payment process 1 9.1%
    TRUSTMARK CORPORATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 9.1%
    TRUSTMARK CORPORATION Other type of mortgage Closing on a mortgage 1 9.1%
    TRUSTMARK CORPORATION Other type of mortgage Trouble during payment process 2 18.2%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Richwood Banking Company 1512 West William St. Delaware, OH 43015 Full Service B&M $58,610
    The Richwood Banking Company 2454 North Limestone Street Springfield, OH 45503 Full Service B&M $94,321
    The Richwood Banking Company 249 West Fifth Street Marysville, OH 43040 Full Service B&M $179,540
    The Richwood Banking Company 26 High Street Larue, OH 43332 Full Service B&M $32,927
    The Richwood Banking Company 28 North Franklin Street Richwood, OH 43344 Full Service B&M $141,305
    The Richwood Banking Company 4848 Napoleon St. Huntsville, OH 43324 Full Service B&M $22,286
    The Richwood Banking Company 601 West Main Street Plain City, OH 43064 Full Service B&M $82,920
    The Richwood Banking Company 63 West Main Street Springfield, OH 45502 Full Service B&M $20,619

    For 2019, The Richwood Banking Company had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,305
    Net interest income $25,198
    Total noninterest income $4,060
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,137
    Trading account gains and fees $0
    Additional Noninterest Income $2,923
    Pre-tax net operating income $7,387
    Securities gains (or losses, -) $120
    Income before extraordinary items $6,236
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,236
    Minority interest net income $0
    Net income $6,236
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,136

    The Richwood Banking Company's gross interest income from loans was $33,305,000.
    The Richwood Banking Company's net interest income from loans was $25,198,000.
    The Richwood Banking Company's fee based income from loans was $1,137,000.
    The Richwood Banking Company's net income from loans was $6,236,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,107
    Provision for credit losses $1,035
    Total noninterest expense $20,836
    Salaries and employee benefits $10,620
    Premises and equipment expense $2,238
    Additional noninterest expense $7,978
    Applicable income taxes $1,271
    Net charge-offs $51
    Cash dividends $0

    The Richwood Banking Company's interest expense for loans was $8,107,000.
    The Richwood Banking Company's payroll and benefits expense were $10,620,000.
    The Richwood Banking Company's property, plant and equipment expenses $2,238,000.

    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 0.0%
    HELOC loans 1.0%
    All other family 0.0%
    Commercial & industrial loans 2.0%
    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 $634,983
    Deposits held in domestic offices $634,983
    Deposits by Individuals, partnerships, and corporations $503,062
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $115,328
    Deposits by Commercial banks and other depository institutions in U.S. $16,592
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $60,425
    Demand deposits $40,047
    Nontransaction accounts $574,557
    Money market deposit accounts (MMDAs) $54,999
    Other savings deposits (excluding MMDAs) $340,966
    Total time deposits $178,593
    Total time and savings deposits $594,935
    Noninterest-bearing deposits $48,013
    Interest-bearing deposits $586,970
    Retail deposits $581,659
    IRAs and Keogh plan accounts $21,232
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $732,568
    Cash & Balances due from depository institutions $22,399
    Interest-bearing balances $18,811
    Total securities $146,499
    Federal funds sold & reverse repurchase $1,531
    Net loans and leases $508,898
    Loan and leases loss allowance $3,063
    Trading account assets $0
    Bank premises and fixed assets $17,158
    Other real estate owned $20
    Goodwill and other intangibles $10,953
    All other assets $25,110

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $732,568
    Total Liabilities $652,518
    Total deposits $634,983
    Interest-bearing deposits $586,970
    Deposits held in domestic offices $634,983
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $14,579
    Subordinated debt $0
    All other liabilities $2,956

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $508,898
    Loan and leases loss allowance $3,063
    Total loans and leases (domestic) $511,961
    All real estate loans $447,123
    Real estate loans in domestic offices $447,123
    Construction and development loans $26,715
    Residential 1-4 family construction $5,588
    Other construction, all land development and other land $21,127
    Loans secured by nonfarm nonresidential properties $156,619
    Nonfarm nonresidential secured by owner-occupied properties $112,885
    Commercial real estate & other non-farm, non-residential $43,734
    Multifamily residential real estate $11,816
    1-4 family residential loans $166,317
    Farmland loans $85,656
    Loans held in foreign offices $0
    Farm loans $21,346
    Commercial and industrial loans $35,794
    To non-U.S. addressees $0
    Loans to individuals $4,650
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,858
    Other loans to individuals $2,792
    All other loans & leases $3,049
    Loans to foreign governments and official institutions $0
    Other loans $36
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Richwood Banking Company had $508,898,000 of loans outstanding in 2019. $447,123,000 of loans were in real estate loans. $26,715,000 of loans were in development loans. $11,816,000 of loans were in multifamily mortgage loans. $166,317,000 of loans were in 1-4 family mortgage loans. $21,346,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,858,000 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 367 $77,579 $211,387
    Nonfarm, nonresidential loans - <$100k 163 $8,623 $52,902
    Nonfarm, nonresidential loans - $100-250k 99 $15,787 $159,465
    Nonfarm, nonresidential loans - $250k-1MM 105 $53,169 $506,371
    Commercial & Industrial, US addressed loans - <$1MM 398 $31,320 $78,693
    Commercial & Industrial, US addressed loans - <$100k 325 $17,643 $54,286
    Commercial & Industrial, US addressed loans - $100-250k 47 $5,120 $108,936
    Commercial & Industrial, US addressed loans - $250k-1MM 26 $8,557 $329,115
    Farmland loans - <$1MM 229 $38,612 $168,611
    Farmland loans - <$100k 94 $5,020 $53,404
    Farmland loans - $100-250k 79 $12,944 $163,848
    Farmland loans - $250k-1MM 56 $20,648 $368,714
    Agriculture operations loans - <$1MM 176 $12,816 $72,818
    Agriculture operations loans - <$100k 131 $3,816 $29,130
    Agriculture operations loans - $100-250k 34 $5,274 $155,118
    Agriculture operations loans - $250k-1MM 11 $3,726 $338,727