The Richwood Banking Company Mortgage Rates, Fees & Info

Richwood, OH

LEI: 549300F263I3XPN55P35

Tax ID: 31-4291610

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

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    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 by origination volume include: Columbus, Springfield, Bellefontaine, Dayton, and Lima among others. We have data for 20 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. 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.62% 12/9/24
    30 Year Conventional Refi 6.62% 12/9/24
    30 Year Cash-out Refi 6.54% 12/9/24
    15 Year Conventional Purchase 7.11% 12/9/24
    15 Year Conventional Refi 6.28% 12/9/24
    15 Year Cash-out Refi 6.28% 12/9/24
    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

    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

    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) 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.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Richwood Banking Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    EDUCATION FIRST CREDIT UNION, INC.
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    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, The Richwood Banking Company's most frequently cited loan purpose was Home Purchase, with 143 originations. The 2nd most popular reason was 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 2021, The Richwood Banking Company's most frequently cited loan duration was 30 Year, with 145 originations. The 2nd most popular length was Other, with 112 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 7 $2,875,000 $410,714
    $4k-5k 6 $1,260,000 $210,000
    $5k+ 6 $3,660,000 $610,000

    The Richwood Banking Company's average total fees were $3,304, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.52%, while their most frequently originated rate bucket for loans was 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
    89.44%

    The Richwood Banking Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.57%

    The Richwood Banking Company has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    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 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
    The Richwood Banking Company 63 West Main Street Springfield, OH 45502 Full Service B&M $22,020

    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