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, Breckenridge, and South Bend among others. We have data for 7 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 an 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    121

    Origination Dollar Volume (All Markets)

    $14,795,000

    Employee count

    47

    Awards

    Somerville Bank 30 Year Conventional Loans silver Somerville Bank 30 Year Conventional Loans silver Somerville Bank FHA Loans gold
    Show all (3) 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
    Outside of Metro Areas 55 $6,775,000 $123,182 $2,992 4.41%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 39 $4,565,000 $117,051 $2,474 4.50%
    Richmond, IN (FHA|USDA|VA) 19 $1,785,000 $93,947 $3,161 4.40%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 5 $645,000 $129,000 $3,028 3.98%
    Breckenridge, CO (FHA|USDA|VA) 1 $595,000 $595,000 $2,510 4.50%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $285,000 $285,000 $2,157 4.00%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $145,000 $145,000 $1,562 3.75%
    Somerville Bank's top markets include Cincinnati, Richmond, Dayton, Breckenridge, and South Bend among others.

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

    The North Side Bank & Trust Company
    Similarity Rank: 55
    CINFED Federal Credit Union
    Similarity Rank: 162
    RIVER VALLEY CREDIT UNION, INC.
    Similarity Rank: 504
    LCNB National Bank
    Similarity Rank: 828
    Somerville Bank
    Similarity Rank: 1001
    The Friendship State Bank
    Similarity Rank: 1040
    TELHIO
    Similarity Rank: 1054
    First State Bank
    Similarity Rank: 1179
    OPTION FINANCIAL, LLC
    Similarity Rank: 1284
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1391

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 90 $11,690,000 $129,889 $2,386 4.46%
    FHA 18 $1,680,000 $93,333 $4,094 4.53%
    USDA 11 $1,235,000 $112,273 $4,090 4.01%
    VA 2 $190,000 $95,000 $4,381 3.63%

    For 2019, Somerville Bank's most frequently originated type of loan was Conventional, with 90 originations. Their 2nd most popular type was FHA, with 18 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 81 $9,785,000 $120,802 $3,086 4.48%
    Cash Out Refi 20 $1,910,000 $95,500 $2,093 4.58%
    Refi 17 $2,655,000 $156,176 $2,540 3.72%
    NA 3 $445,000 $148,333 $0 5.50%

    For 2019, Somerville Bank's most frequently cited loan purpose was Home Purchase, with 81 originations. The 2nd most popular reason was Cash Out Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 92 $11,250,000 $122,283 $2,982 4.44%
    15 Year 13 $1,595,000 $122,692 $2,330 3.95%
    20 Year 11 $1,405,000 $127,727 $2,354 4.64%
    10 Year 2 $210,000 $105,000 $2,150 4.31%
    5 Year 2 $170,000 $85,000 $1,995 5.50%
    30+ year 1 $165,000 $165,000 $3,289 3.63%

    For 2019, Somerville Bank's most frequently cited loan duration was 30 Year, with 92 originations. The 2nd most popular length was 15 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 84 $10,910,000 $129,881
    $1k-2k 34 $3,440,000 $101,176

    Somerville Bank's average total fees were $2,982, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 84 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 52 $6,140,000 $118,077
    3-4% 42 $5,600,000 $133,333
    5-6% 21 $2,115,000 $100,714
    2.5-3% 3 $675,000 $225,000
    6-7% 3 $265,000 $88,333

    During 2019, Somerville Bank's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 4-5%, with 52 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 57 $4,105,000 $72,018 $2,676 4.58%
    $100k-200k 52 $7,320,000 $140,769 $3,071 4.36%
    $200k-400k 11 $2,775,000 $252,273 $2,649 3.82%
    $400k-600k 1 $595,000 $595,000 $2,510 4.50%

    2019 saw Somerville Bank place emphasis on $100,000 or less loans with 57 originations, totaling $4,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 38 $3,150,000 $82,895 $3,091 4.44%
    $50k-75k 37 $4,085,000 $110,405 $2,721 4.37%
    $75k-100k 20 $2,420,000 $121,000 $3,012 4.29%
    $100k-150k 16 $2,880,000 $180,000 $2,499 4.41%
    $150k-250k 5 $925,000 $185,000 $2,192 4.35%
    $250k+ 2 $890,000 $445,000 $2,863 4.31%

    Somerville Bank lent most frequently to those with incomes in the $50k or less range, with 38 originations. The second most popular income band? $50k-75k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 39 $3,735,000 $95,769 $2,735 4.45%
    30-36% 28 $3,980,000 $142,143 $2,792 4.41%
    <20% 15 $2,825,000 $188,333 $2,449 4.24%
    36% 6 $540,000 $90,000 $2,996 4.71%
    37% 5 $565,000 $113,000 $2,524 4.43%
    39% 4 $430,000 $107,500 $4,161 4.09%
    42% 3 $225,000 $75,000 $3,450 4.17%
    38% 3 $305,000 $101,667 $3,139 4.73%
    40% 3 $385,000 $128,333 $3,693 3.79%
    44% 3 $385,000 $128,333 $2,546 3.92%
    50-60% 2 $220,000 $110,000 $2,890 5.12%
    45% 2 $150,000 $75,000 $3,551 5.00%
    41% 1 $125,000 $125,000 $2,397 3.38%
    47% 1 $185,000 $185,000 $2,851 4.63%
    48% 1 $75,000 $75,000 $2,261 4.50%
    49% 1 $85,000 $85,000 $5,076 3.63%
    43% 1 $135,000 $135,000 $2,255 3.88%

    Somerville Bank lent most frequently to those with DTI ratios of 20-30%, with 39 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 118 $14,350,000 $121,610 $2,839 4.39%
    Not applicable 3 $445,000 $148,333 $0 5.50%

    Approval Rates

    Total approvals of all applications
    87.58%

    Somerville Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.74%

    Somerville Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 121 $14,795,000 $122,273

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 121 $14,795,000 $122,273

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $425,000 $85,000 $2,247 3.96%
    40-60% 17 $1,705,000 $100,294 $2,153 4.71%
    60-80% 37 $5,385,000 $145,541 $2,429 4.44%
    80-100% 59 $7,005,000 $118,729 $3,313 4.40%
    Over 100% 2 $200,000 $100,000 $3,247 3.56%
    Under 20% 1 $75,000 $75,000 $2,390 3.25%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Somerville Bank 1131 North Barron Street Eaton, OH 45320 Full Service B&M $47,060
    Somerville Bank 197 South Main Street Somerville, OH 45064 Full Service B&M $21,819
    Somerville Bank 4 South Main Street Camden, OH 45311 Full Service B&M $20,212
    Somerville Bank 5200 College Corner Pike Oxford, OH 45056 Full Service B&M $27,065
    Somerville Bank 600 South Barron Street Eaton, OH 45320 Full Service B&M $20,154
    Somerville Bank 75 North Brookwood Avenue Hamilton, OH 45013 Full Service B&M $23,194

    For 2019, Somerville Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,045
    Net interest income $6,128
    Total noninterest income $523
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $157
    Trading account gains and fees $0
    Additional Noninterest Income $366
    Pre-tax net operating income $1,914
    Securities gains (or losses, -) $5
    Income before extraordinary items $1,919
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,919
    Minority interest net income $0
    Net income $1,919
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,914

    Somerville Bank's gross interest income from loans was $8,045,000.
    Somerville Bank's net interest income from loans was $6,128,000.
    Somerville Bank's fee based income from loans was $157,000.
    Somerville Bank's net income from loans was $1,919,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,917
    Provision for credit losses $132
    Total noninterest expense $4,605
    Salaries and employee benefits $2,587
    Premises and equipment expense $500
    Additional noninterest expense $1,518
    Applicable income taxes $0
    Net charge-offs $1
    Cash dividends $950

    Somerville Bank's interest expense for loans was $1,917,000.
    Somerville Bank's payroll and benefits expense were $2,587,000.
    Somerville Bank's property, plant and equipment expenses $500,000.

    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 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 $170,452
    Deposits held in domestic offices $170,452
    Deposits by Individuals, partnerships, and corporations $167,753
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $2,699
    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 $42,515
    Demand deposits $32,178
    Nontransaction accounts $127,937
    Money market deposit accounts (MMDAs) $17,919
    Other savings deposits (excluding MMDAs) $31,603
    Total time deposits $78,415
    Total time and savings deposits $138,274
    Noninterest-bearing deposits $32,102
    Interest-bearing deposits $138,350
    Retail deposits $158,836
    IRAs and Keogh plan accounts $14,088
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $198,068
    Cash & Balances due from depository institutions $14,278
    Interest-bearing balances $10,822
    Total securities $30,127
    Federal funds sold & reverse repurchase $2,435
    Net loans and leases $147,139
    Loan and leases loss allowance $1,503
    Trading account assets $0
    Bank premises and fixed assets $1,986
    Other real estate owned $24
    Goodwill and other intangibles $240
    All other assets $1,839

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $198,068
    Total Liabilities $177,317
    Total deposits $170,452
    Interest-bearing deposits $138,350
    Deposits held in domestic offices $170,452
    % insured (estimated) $94
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $6,186
    Subordinated debt $0
    All other liabilities $679

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $147,139
    Loan and leases loss allowance $1,503
    Total loans and leases (domestic) $148,642
    All real estate loans $129,316
    Real estate loans in domestic offices $129,316
    Construction and development loans $36
    Residential 1-4 family construction $36
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $51,444
    Nonfarm nonresidential secured by owner-occupied properties $48,079
    Commercial real estate & other non-farm, non-residential $3,365
    Multifamily residential real estate $8,056
    1-4 family residential loans $38,245
    Farmland loans $31,535
    Loans held in foreign offices $0
    Farm loans $6,326
    Commercial and industrial loans $9,854
    To non-U.S. addressees $0
    Loans to individuals $2,403
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,629
    Other loans to individuals $774
    All other loans & leases $743
    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 $438
    Non 1-4 family restructured loans & leases $59
    Total loans and leases (foreign) $0

    Somerville Bank had $147,139,000 of loans outstanding in 2019. $129,316,000 of loans were in real estate loans. $36,000 of loans were in development loans. $8,056,000 of loans were in multifamily mortgage loans. $38,245,000 of loans were in 1-4 family mortgage loans. $6,326,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,629,000 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 159 $51,444 $323,547
    Nonfarm, nonresidential loans - <$100k 48 $2,225 $46,354
    Nonfarm, nonresidential loans - $100-250k 21 $3,234 $154,000
    Nonfarm, nonresidential loans - $250k-1MM 90 $45,985 $510,944
    Commercial & Industrial, US addressed loans - <$1MM 95 $7,975 $83,947
    Commercial & Industrial, US addressed loans - <$100k 75 $3,000 $40,000
    Commercial & Industrial, US addressed loans - $100-250k 15 $2,500 $166,667
    Commercial & Industrial, US addressed loans - $250k-1MM 5 $2,475 $495,000
    Farmland loans - <$1MM 102 $13,474 $132,098
    Farmland loans - <$100k 36 $1,757 $48,806
    Farmland loans - $100-250k 49 $6,654 $135,796
    Farmland loans - $250k-1MM 17 $5,063 $297,824
    Agriculture operations loans - <$1MM 104 $5,039 $48,452
    Agriculture operations loans - <$100k 76 $1,711 $22,513
    Agriculture operations loans - $100-250k 21 $2,354 $112,095
    Agriculture operations loans - $250k-1MM 7 $974 $139,143