The Richwood Banking Company Mortgage Rates, Fees & Info

Richwood, OH

LEI: 549300F263I3XPN55P35

Tax ID: 31-4291610

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Bank Data

Review & Overview

The Richwood Banking Company is a smaller bank specializing in Refi, 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, Dayton, Bellefontaine, and Marion among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Richwood Banking Company 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. The Richwood Banking Company is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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

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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

539

Origination Dollar Volume (All Markets)

$116,715,000

Employee count

159

Awards

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

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) 293 $69,405,000 $236,877 $6,105 3.49%
SPRINGFIELD, OH (FHA|USDA|VA) 116 $18,990,000 $163,707 $2,816 3.72%
DAYTON-KETTERING, OH (FHA|USDA|VA) 12 $6,230,000 $519,167 $3,507 3.51%
Bellefontaine, OH (FHA|USDA|VA) 35 $5,955,000 $170,143 $2,470 3.89%
Marion, OH (FHA|USDA|VA) 35 $4,405,000 $125,857 $2,211 4.24%
Urbana, OH (FHA|USDA|VA) 17 $2,815,000 $165,588 $2,719 3.48%
LIMA, OH (FHA|USDA|VA) 4 $2,240,000 $560,000 $0 4.33%
Washington Court House, OH (FHA|USDA|VA) 2 $1,790,000 $895,000 $4,183 3.60%
CANTON-MASSILLON, OH (FHA|USDA|VA) 2 $1,110,000 $555,000 $0 4.45%
Outside of Metro Areas 6 $720,000 $120,000 $2,298 4.10%
KNOXVILLE, TN (FHA|USDA|VA) 1 $605,000 $605,000 $6,226 3.50%
Mount Vernon, OH (FHA|USDA|VA) 5 $535,000 $107,000 $2,416 4.84%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $400,000 $200,000 $2,365 3.79%
Sidney, OH (FHA|USDA|VA) 2 $350,000 $175,000 $2,938 3.33%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,460 2.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,510 2.50%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,631 2.75%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.25%
Sandusky, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.95%
Elizabeth City, NC (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.25%
Bucyrus-Galion, OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.25%
The Richwood Banking Company's top markets include Columbus, Springfield, Dayton, Bellefontaine, and Marion among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 539 $116,715,000 $216,540 $4,654 3.65%

    For 2020, The Richwood Banking Company's most frequently originated type of loan was Conventional, with 539 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 196 $42,070,000 $214,643 $2,599 3.11%
    Home Purchase 167 $33,995,000 $203,563 $12,353 4.32%
    Cash Out Refi 159 $39,075,000 $245,755 $2,899 3.46%
    Home Improvement 10 $1,030,000 $103,000 $1,872 4.60%
    Other 7 $545,000 $77,857 $1,316 5.49%

    For 2020, The Richwood Banking Company's most frequently cited loan purpose was Refi, with 196 originations. The 2nd most popular reason was Home Purchase, with 167 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 256 $53,790,000 $210,117 $2,917 3.34%
    15 Year 123 $24,345,000 $197,927 $2,741 3.42%
    20 Year 88 $21,250,000 $241,477 $2,487 4.13%
    10 Year 41 $3,865,000 $94,268 $1,899 4.75%
    Other 15 $8,975,000 $598,333 $1,916 4.12%
    30+ year 8 $3,950,000 $493,750 $99,855 3.97%
    1 Year 4 $420,000 $105,000 $1,788 4.12%
    5 Year 4 $120,000 $30,000 $517 5.31%

    For 2020, The Richwood Banking Company's most frequently cited loan duration was 30 Year, with 256 originations. The 2nd most popular length was 15 Year, with 123 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 196 $39,980,000 $203,980
    $<1k 164 $17,720,000 $108,049
    $2k-3k 33 $11,685,000 $354,091
    $3k-4k 5 $1,935,000 $387,000
    $5k+ 5 $3,445,000 $689,000
    $4k-5k 2 $570,000 $285,000

    The Richwood Banking Company's average total fees were $2,917, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 196 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 191 $37,305,000 $195,314
    3-4% 117 $23,545,000 $201,239
    4-5% 111 $38,225,000 $344,369
    <2.5% 66 $12,000,000 $181,818
    5-6% 38 $4,740,000 $124,737
    6-7% 9 $375,000 $41,667
    7-8% 6 $510,000 $85,000
    Over 8% 1 $15,000 $15,000

    During 2020, The Richwood Banking Company's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 2.5-3%, with 191 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 232 $33,750,000 $145,474 $2,508 3.37%
    $200k-400k 139 $37,115,000 $267,014 $9,754 3.30%
    $100,000 or less 120 $7,710,000 $64,250 $1,933 4.42%
    $400k-600k 25 $11,715,000 $468,600 $5,064 3.71%
    $1MM+ 12 $18,470,000 $1,539,167 $11,174 4.57%
    $600k-1MM 11 $7,955,000 $723,182 $4,972 4.30%

    2020 saw The Richwood Banking Company place emphasis on $100k-200k loans with 232 originations, totaling $33,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 103 $14,505,000 $140,825 $2,479 3.36%
    $50k or less 94 $9,620,000 $102,340 $2,293 3.74%
    $100k-150k 86 $16,490,000 $191,744 $2,724 3.11%
    $75k-100k 77 $15,715,000 $204,091 $13,311 3.36%
    $150k-250k 65 $17,195,000 $264,538 $3,571 3.47%
    $250k+ 28 $10,860,000 $387,857 $4,892 3.67%

    The Richwood Banking Company lent most frequently to those with incomes in the $50k-75k range, with 103 originations. The second most popular income band? $50k or less, with 94 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 120 $20,760,000 $173,000 $2,693 3.20%
    30-36% 73 $13,525,000 $185,274 $2,753 2.98%
    <20% 57 $9,005,000 $157,982 $2,457 3.06%
    43% 15 $2,625,000 $175,000 $2,671 3.82%
    38% 14 $3,050,000 $217,857 $3,237 3.29%
    39% 13 $2,635,000 $202,692 $3,003 3.03%
    40% 13 $2,415,000 $185,769 $2,879 3.07%
    41% 13 $2,155,000 $165,769 $3,889 3.48%
    37% 12 $2,630,000 $219,167 $2,773 3.52%
    45% 11 $2,265,000 $205,909 $2,766 3.00%
    36% 11 $3,045,000 $276,818 $4,040 3.78%
    >60% 9 $2,485,000 $276,111 $2,998 4.31%
    50-60% 9 $1,875,000 $208,333 $2,757 4.35%
    49% 8 $1,540,000 $192,500 $95,640 3.67%
    42% 7 $1,125,000 $160,714 $2,612 2.70%
    47% 6 $1,030,000 $171,667 $3,474 3.54%
    44% 6 $1,290,000 $215,000 $3,392 3.27%
    46% 5 $955,000 $191,000 $3,124 3.32%
    48% 4 $1,030,000 $257,500 $3,248 2.97%

    The Richwood Banking Company lent most frequently to those with DTI ratios of 20-30%, with 120 originations. The next most common DTI ratio? 30-36%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 412 $76,950,000 $186,772 $4,857 3.44%
    Not applicable 82 $31,430,000 $383,293 $0 4.82%
    Not provided 29 $5,385,000 $185,690 $2,674 3.14%
    Black 8 $1,390,000 $173,750 $2,866 4.28%
    Asian 4 $990,000 $247,500 $3,870 3.73%
    American Indian 3 $465,000 $155,000 $2,702 2.88%
    Other Asian 1 $105,000 $105,000 $0 4.95%

    Approval Rates

    Total approvals of all applications
    91.51%

    The Richwood Banking Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.88%

    The Richwood Banking Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 539 $116,715,000 $216,540

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $715,000 $715,000
    Multifamily:Site-Built 28 $18,640,000 $665,714
    Single Family (1-4 Units):Manufactured 12 $940,000 $78,333
    Single Family (1-4 Units):Site-Built 498 $96,420,000 $193,614

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $4,475,000 $109,146 $1,957 3.73%
    40-60% 100 $20,330,000 $203,300 $2,564 3.19%
    60-80% 286 $63,420,000 $221,748 $6,646 3.66%
    80-100% 100 $26,760,000 $267,600 $3,103 3.86%
    Over 100% 1 $605,000 $605,000 $3,042 3.97%
    Under 20% 9 $875,000 $97,222 $833 5.34%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    TRUSTMARK CORPORATION VA mortgage Trouble during payment process 1 25.0%
    TRUSTMARK CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    TRUSTMARK CORPORATION Conventional home mortgage Struggling to pay mortgage 2 50.0%

    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 $76,972
    The Richwood Banking Company 2454 North Limestone Street Springfield, OH 45503 Full Service B&M $110,005
    The Richwood Banking Company 249 West Fifth Street Marysville, OH 43040 Full Service B&M $194,647
    The Richwood Banking Company 26 High Street Larue, OH 43332 Full Service B&M $36,572
    The Richwood Banking Company 28 North Franklin Street Richwood, OH 43344 Full Service B&M $130,292
    The Richwood Banking Company 4848 Napoleon St. Huntsville, OH 43324 Full Service B&M $38,087
    The Richwood Banking Company 601 West Main Street Plain City, OH 43064 Full Service B&M $99,448
    The Richwood Banking Company 63 West Main Street Springfield, OH 45502 Full Service B&M $20,993

    For 2020, The Richwood Banking Company had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $34,202
    Net interest income $28,224
    Total noninterest income $5,610
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,152
    Trading account gains and fees $0
    Additional Noninterest Income $4,458
    Pre-tax net operating income $6,626
    Securities gains (or losses, -) $530
    Income before extraordinary items $5,873
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,873
    Minority interest net income $0
    Net income $5,873
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,438

    The Richwood Banking Company's gross interest income from loans was $34,202,000.
    The Richwood Banking Company's net interest income from loans was $28,224,000.
    The Richwood Banking Company's fee based income from loans was $1,152,000.
    The Richwood Banking Company's net income from loans was $5,873,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,978
    Provision for credit losses $4,400
    Total noninterest expense $22,808
    Salaries and employee benefits $11,496
    Premises and equipment expense $2,402
    Additional noninterest expense $8,910
    Applicable income taxes $1,283
    Net charge-offs $297
    Cash dividends $1,800

    The Richwood Banking Company's interest expense for loans was $5,978,000.
    The Richwood Banking Company's payroll and benefits expense were $11,496,000.
    The Richwood Banking Company's property, plant and equipment expenses $2,402,000.

    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 0.0%
    Nonfarm, nonresidential loans 5.0%
    Multifamily residential loans 1.0%
    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 $794,131
    Deposits held in domestic offices $794,131
    Deposits by Individuals, partnerships, and corporations $674,438
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $108,160
    Deposits by Commercial banks and other depository institutions in U.S. $11,534
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $88,838
    Demand deposits $65,097
    Nontransaction accounts $705,294
    Money market deposit accounts (MMDAs) $81,361
    Other savings deposits (excluding MMDAs) $475,441
    Total time deposits $148,491
    Total time and savings deposits $729,035
    Noninterest-bearing deposits $65,097
    Interest-bearing deposits $729,034
    Retail deposits $749,537
    IRAs and Keogh plan accounts $20,601
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $891,958
    Cash & Balances due from depository institutions $46,724
    Interest-bearing balances $42,542
    Total securities $159,024
    Federal funds sold & reverse repurchase $43,394
    Net loans and leases $589,415
    Loan and leases loss allowance $7,166
    Trading account assets $0
    Bank premises and fixed assets $17,671
    Other real estate owned $20
    Goodwill and other intangibles $9,650
    All other assets $26,060

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $891,958
    Total Liabilities $805,978
    Total deposits $794,131
    Interest-bearing deposits $729,034
    Deposits held in domestic offices $794,131
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $8,912
    Subordinated debt $0
    All other liabilities $2,935

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $589,415
    Loan and leases loss allowance $7,166
    Total loans and leases (domestic) $596,581
    All real estate loans $503,277
    Real estate loans in domestic offices $503,277
    Construction and development loans $33,702
    Residential 1-4 family construction $6,860
    Other construction, all land development and other land $26,842
    Loans secured by nonfarm nonresidential properties $186,099
    Nonfarm nonresidential secured by owner-occupied properties $106,290
    Commercial real estate & other non-farm, non-residential $79,809
    Multifamily residential real estate $20,987
    1-4 family residential loans $165,730
    Farmland loans $96,759
    Loans held in foreign offices $0
    Farm loans $21,754
    Commercial and industrial loans $64,195
    To non-U.S. addressees $0
    Loans to individuals $4,136
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,907
    Other loans to individuals $2,229
    All other loans & leases $3,219
    Loans to foreign governments and official institutions $0
    Other loans $379
    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 $1,822
    Non 1-4 family restructured loans & leases $1,822
    Total loans and leases (foreign) $0

    The Richwood Banking Company had $589,415,000 of loans outstanding in 2020. $503,277,000 of loans were in real estate loans. $33,702,000 of loans were in development loans. $20,987,000 of loans were in multifamily mortgage loans. $165,730,000 of loans were in 1-4 family mortgage loans. $21,754,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,907,000 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 362 $82,532 $227,989
    Nonfarm, nonresidential loans - <$100k 141 $6,896 $48,908
    Nonfarm, nonresidential loans - $100-250k 113 $18,833 $166,664
    Nonfarm, nonresidential loans - $250k-1MM 108 $56,803 $525,954
    Commercial & Industrial, US addressed loans - <$1MM 774 $44,860 $57,959
    Commercial & Industrial, US addressed loans - <$100k 651 $17,358 $26,664
    Commercial & Industrial, US addressed loans - $100-250k 93 $15,026 $161,570
    Commercial & Industrial, US addressed loans - $250k-1MM 30 $12,476 $415,867
    Farmland loans - <$1MM 224 $36,060 $160,982
    Farmland loans - <$100k 94 $4,741 $50,436
    Farmland loans - $100-250k 74 $12,515 $169,122
    Farmland loans - $250k-1MM 56 $18,804 $335,786
    Agriculture operations loans - <$1MM 188 $14,021 $74,580
    Agriculture operations loans - <$100k 148 $4,752 $32,108
    Agriculture operations loans - $100-250k 25 $4,225 $169,000
    Agriculture operations loans - $250k-1MM 15 $5,044 $336,267