Somerville Bank Mortgage Rates, Fees & Info

Somerville, OH

LEI: 549300FHRL270LZY2I23

Tax ID: 31-0449766

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Somerville Bank is a smaller bank specializing in Home Purchase loans. Somerville Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Cincinnati, Richmond, Dayton, Greenville, and South Bend among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Somerville Bank 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. Somerville Bank 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 6.85% 11/21/24
    30 Year Conventional Refi 6.52% 11/21/24
    30 Year Cash-out Refi 6.93% 11/21/24
    30 Year FHA Purchase 7.46% 11/21/24
    30 Year USDA Purchase 7.00% 11/21/24
    15 Year Conventional Purchase 5.48% 11/21/24
    15 Year Conventional Refi 5.84% 11/21/24
    15 Year Cash-out Refi 5.84% 11/21/24
    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.

    Somerville Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Somerville Bank. 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

    137

    Origination Dollar Volume (All Markets)

    $15,915,000

    Employee count

    45 Show all (6) 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
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 45 $6,705,000 $149,000 $2,858 4.92%
    Outside of Metro Areas 60 $5,680,000 $94,667 $2,764 5.22%
    Richmond, IN (FHA|USDA|VA) 20 $1,570,000 $78,500 $2,969 4.94%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 9 $1,365,000 $151,667 $2,893 4.82%
    Greenville, OH (FHA|USDA|VA) 2 $380,000 $190,000 $5,861 4.44%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,322 4.88%
    Somerville Bank's top markets include Cincinnati, Richmond, Dayton, Greenville, and South Bend among others.

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

    • Similar Lenders

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

    MIAMI UNIVERSITY COMMUNITY
    Similarity Rank: 120
    CINCINNATI OHIO POLICE
    Similarity Rank: 172
    RIVER VALLEY CREDIT UNION, INC.
    Similarity Rank: 324
    CINFED Federal Credit Union
    Similarity Rank: 385
    Dearborn Savings Bank
    Similarity Rank: 510
    OPTION FINANCIAL, LLC
    Similarity Rank: 522
    Somerville Bank
    Similarity Rank: 624
    Forcht Bank
    Similarity Rank: 810
    The Friendship State Bank
    Similarity Rank: 820
    Civista Bank
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $10,365,000 $141,986 $2,300 4.88%
    HELOC 25 $985,000 $39,400 n/a 6.18%
    FHA 22 $2,270,000 $103,182 $4,237 4.61%
    USDA 14 $1,570,000 $112,143 $3,685 4.71%
    VA 3 $725,000 $241,667 $2,640 4.17%

    For 2018, Somerville Bank's most frequently originated type of loan was Conventional, with 73 originations. Their 2nd most popular type was HELOC, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 82 $10,320,000 $125,854 $3,128 4.76%
    Other 24 $940,000 $39,167 $0 6.19%
    Cash Out Refi 18 $3,070,000 $170,556 $2,188 4.88%
    Refi 10 $1,390,000 $139,000 $2,348 4.74%
    NA 2 $150,000 $75,000 $0 5.13%
    Home Improvement 1 $45,000 $45,000 $0 6.00%

    For 2018, Somerville Bank's most frequently cited loan purpose was Home Purchase, with 82 originations. The 2nd most popular reason was Other, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 91 $12,895,000 $141,703 $3,031 4.77%
    20 Year 31 $1,595,000 $51,452 $2,489 5.94%
    15 Year 9 $915,000 $101,667 $2,305 4.75%
    Other 3 $255,000 $85,000 $2,424 4.58%
    5 Year 2 $200,000 $100,000 $1,730 5.63%
    10 Year 1 $55,000 $55,000 $1,520 4.88%

    For 2018, Somerville Bank's most frequently cited loan duration was 30 Year, with 91 originations. The 2nd most popular length was 20 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 97 $12,965,000 $133,660
    $1k-2k 9 $1,355,000 $150,556

    Somerville Bank's average total fees were $3,031, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 97 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 76 $10,600,000 $139,474
    5-6% 32 $3,060,000 $95,625
    6-7% 19 $945,000 $49,737
    3-4% 10 $1,310,000 $131,000

    During 2018, Somerville Bank's average interest rate for loans was 4.77%, while their most frequently originated rate bucket for loans was 4-5%, with 76 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 67 $3,835,000 $57,239 $2,770 5.40%
    $100k-200k 54 $7,510,000 $139,074 $2,869 4.72%
    $200k-400k 13 $3,235,000 $248,846 $3,386 4.62%
    $400k-600k 3 $1,335,000 $445,000 $2,810 4.42%

    2018 saw Somerville Bank place emphasis on $100,000 or less loans with 67 originations, totaling $3,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 54 $4,280,000 $79,259 $2,930 5.13%
    $50k-75k 31 $3,265,000 $105,323 $2,893 4.97%
    $75k-100k 24 $3,490,000 $145,417 $3,059 4.93%
    $100k-150k 15 $2,425,000 $161,667 $2,944 4.93%
    $150k-250k 6 $1,450,000 $241,667 $2,489 4.94%
    $250k+ 5 $855,000 $171,000 $1,433 5.43%

    Somerville Bank 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 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $3,515,000 $100,429 $2,831 5.02%
    30-36% 28 $2,970,000 $106,071 $3,276 5.00%
    <20% 19 $1,975,000 $103,947 $2,331 5.22%
    39% 9 $1,715,000 $190,556 $2,290 4.90%
    36% 7 $475,000 $67,857 $2,999 5.48%
    41% 5 $535,000 $107,000 $3,201 5.20%
    40% 5 $695,000 $139,000 $3,069 4.48%
    47% 5 $725,000 $145,000 $2,446 4.68%
    50-60% 4 $550,000 $137,500 $3,196 4.88%
    38% 4 $690,000 $172,500 $2,977 4.97%
    >60% 3 $305,000 $101,667 $2,413 5.92%
    44% 2 $120,000 $60,000 $4,902 5.06%
    46% 2 $290,000 $145,000 $2,214 4.75%
    37% 2 $260,000 $130,000 $2,754 4.69%
    42% 2 $370,000 $185,000 $3,178 5.00%
    43% 2 $450,000 $225,000 $2,744 5.06%
    45% 1 $125,000 $125,000 $4,968 4.75%

    Somerville Bank lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 133 $15,655,000 $117,707 $2,889 5.03%
    Not applicable 2 $150,000 $75,000 $0 5.13%
    Black 1 $75,000 $75,000 $3,459 4.63%
    Asian 1 $35,000 $35,000 $0 6.25%

    Approval Rates

    Total approvals of all applications
    89.71%

    Somerville Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.40%

    Somerville Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 137 $15,915,000 $116,168

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 137 $15,915,000 $116,168

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $500,000 $50,000 $2,512 6.04%
    40-60% 14 $1,470,000 $105,000 $2,159 4.97%
    60-80% 29 $3,635,000 $125,345 $2,240 4.89%
    80-100% 70 $9,930,000 $141,857 $3,286 4.73%
    Under 20% 14 $380,000 $27,143 $0 6.23%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Somerville Bank 1131 North Barron Street Eaton, OH 45320 Full Service B&M $46,942
    Somerville Bank 197 South Main Street Somerville, OH 45064 Full Service B&M $22,447
    Somerville Bank 48 North Main Street Camden, OH 45311 Full Service B&M $16,211
    Somerville Bank 5200 College Corner Pike Oxford, OH 45056 Full Service B&M $26,114
    Somerville Bank 600 South Barron Street Eaton, OH 45320 Full Service B&M $18,188
    Somerville Bank 75 North Brookwood Avenue Hamilton, OH 45013 Full Service B&M $24,980

    For 2018, Somerville Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,942
    Net interest income $5,496
    Total noninterest income $447
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $172
    Trading account gains and fees $0
    Additional Noninterest Income $275
    Pre-tax net operating income $1,394
    Securities gains (or losses, -) $-63
    Income before extraordinary items $1,331
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,331
    Minority interest net income $0
    Net income $1,331
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,394

    Somerville Bank's gross interest income from loans was $6,942,000.
    Somerville Bank's net interest income from loans was $5,496,000.
    Somerville Bank's fee based income from loans was $172,000.
    Somerville Bank's net income from loans was $1,331,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,446
    Provision for credit losses $20
    Total noninterest expense $4,529
    Salaries and employee benefits $2,431
    Premises and equipment expense $506
    Additional noninterest expense $1,592
    Applicable income taxes $0
    Net charge-offs $17
    Cash dividends $625

    Somerville Bank's interest expense for loans was $1,446,000.
    Somerville Bank's payroll and benefits expense were $2,431,000.
    Somerville Bank's property, plant and equipment expenses $506,000.

    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 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 $159,670
    Deposits held in domestic offices $159,670
    Deposits by Individuals, partnerships, and corporations $159,164
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $506
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $39,786
    Demand deposits $29,207
    Nontransaction accounts $119,884
    Money market deposit accounts (MMDAs) $18,129
    Other savings deposits (excluding MMDAs) $32,264
    Total time deposits $69,491
    Total time and savings deposits $130,463
    Noninterest-bearing deposits $29,207
    Interest-bearing deposits $130,463
    Retail deposits $149,645
    IRAs and Keogh plan accounts $14,377
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $181,271
    Cash & Balances due from depository institutions $10,704
    Interest-bearing balances $6,866
    Total securities $32,600
    Federal funds sold & reverse repurchase $5,545
    Net loans and leases $128,947
    Loan and leases loss allowance $1,371
    Trading account assets $0
    Bank premises and fixed assets $1,476
    Other real estate owned $0
    Goodwill and other intangibles $240
    All other assets $1,759

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $181,271
    Total Liabilities $162,153
    Total deposits $159,670
    Interest-bearing deposits $130,463
    Deposits held in domestic offices $159,670
    % insured (estimated) $94
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,988
    Subordinated debt $0
    All other liabilities $495

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $128,947
    Loan and leases loss allowance $1,371
    Total loans and leases (domestic) $130,318
    All real estate loans $110,327
    Real estate loans in domestic offices $110,327
    Construction and development loans $1,529
    Residential 1-4 family construction $117
    Other construction, all land development and other land $1,412
    Loans secured by nonfarm nonresidential properties $35,308
    Nonfarm nonresidential secured by owner-occupied properties $32,955
    Commercial real estate & other non-farm, non-residential $2,353
    Multifamily residential real estate $6,713
    1-4 family residential loans $39,710
    Farmland loans $27,067
    Loans held in foreign offices $0
    Farm loans $6,010
    Commercial and industrial loans $8,696
    To non-U.S. addressees $0
    Loans to individuals $2,275
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,377
    Other loans to individuals $898
    All other loans & leases $3,010
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $707
    Non 1-4 family restructured loans & leases $315
    Total loans and leases (foreign) $0

    Somerville Bank had $128,947,000 of loans outstanding in 2018. $110,327,000 of loans were in real estate loans. $1,529,000 of loans were in development loans. $6,713,000 of loans were in multifamily mortgage loans. $39,710,000 of loans were in 1-4 family mortgage loans. $6,010,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,377,000 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 128 $32,308 $252,406
    Nonfarm, nonresidential loans - <$100k 51 $2,555 $50,098
    Nonfarm, nonresidential loans - $100-250k 27 $3,910 $144,815
    Nonfarm, nonresidential loans - $250k-1MM 50 $25,843 $516,860
    Commercial & Industrial, US addressed loans - <$1MM 87 $6,502 $74,736
    Commercial & Industrial, US addressed loans - <$100k 70 $2,203 $31,471
    Commercial & Industrial, US addressed loans - $100-250k 11 $1,616 $146,909
    Commercial & Industrial, US addressed loans - $250k-1MM 6 $2,683 $447,167
    Farmland loans - <$1MM 100 $12,446 $124,460
    Farmland loans - <$100k 35 $1,620 $46,286
    Farmland loans - $100-250k 49 $6,471 $132,061
    Farmland loans - $250k-1MM 16 $4,355 $272,188
    Agriculture operations loans - <$1MM 88 $5,226 $59,386
    Agriculture operations loans - <$100k 65 $1,894 $29,138
    Agriculture operations loans - $100-250k 17 $2,312 $136,000
    Agriculture operations loans - $250k-1MM 6 $1,020 $170,000