Millennium Bank Mortgage Rates, Fees & Info

Ooltewah, TN

LEI: 549300FOHR7SBPQ7WJ92

Tax ID: 62-1775888

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Mortgage Data

Bank Data

Review & Overview

Millennium Bank is a smaller bank specializing in Home Purchase and Refi loans. Millennium Bank has a high proportion of conventional loans. Their top markets by origination volume include: Chattanooga, Birmingham, Dayton, Lake City, and Cleveland among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Millennium 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.

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Originations

83

Origination Dollar Volume (All Markets)

$32,475,000

Employee count

86

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
CHATTANOOGA, TN-GA (FHA|USDA|VA) 46 $13,790,000 $299,783 $0 0.00%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $5,175,000 $5,175,000 $0 0.00%
Dayton, TN (FHA|USDA|VA) 4 $2,840,000 $710,000 $0 0.00%
Lake City, FL (FHA|USDA|VA) 9 $2,775,000 $308,333 $0 0.00%
Outside of Metro Areas 4 $2,310,000 $577,500 $0 0.00%
CLEVELAND, TN (FHA|USDA|VA) 4 $1,570,000 $392,500 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,330,000 $665,000 $0 0.00%
GAINESVILLE, FL (FHA|USDA|VA) 6 $920,000 $153,333 $0 0.00%
OCALA, FL (FHA|USDA|VA) 1 $475,000 $475,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $465,000 $465,000 $0 0.00%
DALTON, GA (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 2 $190,000 $95,000 $0 0.00%
Summerville, GA (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Millennium Bank's top markets include Chattanooga, Birmingham, Dayton, Lake City, and Cleveland among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 83 $32,475,000 $391,265 $0 0.00%

    For 2021, Millennium Bank's most frequently originated type of loan was Conventional, with 83 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 49 $12,115,000 $247,245 $0 0.00%
    Refi 32 $19,000,000 $593,750 $0 0.00%
    Home Improvement 1 $45,000 $45,000 $0 0.00%
    Other 1 $1,315,000 $1,315,000 $0 0.00%

    For 2021, Millennium Bank's most frequently cited loan purpose was Home Purchase, with 49 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 83 $32,475,000 $391,265 $0 0.00%

    For 2021, Millennium Bank's most frequently cited loan duration was Other, with 83 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 25 $1,555,000 $62,200 $0 0.00%
    $100k-200k 20 $2,700,000 $135,000 $0 0.00%
    $200k-400k 20 $5,410,000 $270,500 $0 0.00%
    $400k-600k 10 $4,740,000 $474,000 $0 0.00%
    $1MM+ 6 $16,390,000 $2,731,667 $0 0.00%
    $600k-1MM 2 $1,680,000 $840,000 $0 0.00%

    2021 saw Millennium Bank place emphasis on $100,000 or less loans with 25 originations, totaling $1,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 17 $4,625,000 $272,059 $0 0.00%
    $250k+ 13 $6,095,000 $468,846 $0 0.00%
    $100k-150k 9 $1,295,000 $143,889 $0 0.00%
    $50k-75k 4 $490,000 $122,500 $0 0.00%
    $50k or less 4 $380,000 $95,000 $0 0.00%
    $75k-100k 2 $460,000 $230,000 $0 0.00%

    Millennium Bank lent most frequently to those with incomes in the $150k-250k range, with 17 originations. The second most popular income band? $250k+, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 83 $32,475,000 $391,265 $0 0.00%

    Millennium Bank lent most frequently to those with DTI ratios of Exempt%, with 83 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 33 $18,055,000 $547,121 $0 0.00%
    White 37 $11,815,000 $319,324 $0 0.00%
    Not provided 8 $2,080,000 $260,000 $0 0.00%
    American Indian 2 $320,000 $160,000 $0 0.00%
    Korean 2 $120,000 $60,000 $0 0.00%
    Black 1 $85,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.27%

    Millennium Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    67.47%

    Millennium Bank 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
    Exempt 83 $32,475,000 $391,265

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    83 $32,475,000 $391,265

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Millennium Bank 1025 East Silver Springs Boulevard Ocala, FL 34470 Full Service B&M $25,859
    Millennium Bank 151 N.W. Commons Loop Lake City, FL 32055 Full Service B&M $124,287
    Millennium Bank 4712 Hixson Pike Hixson, TN 37343 Full Service B&M $19,071
    Millennium Bank 514 Sthy 47 Lake City, FL 32025 Full Service B&M $38,051
    Millennium Bank 6392 Artesian Circle Ooltewah, TN 37363 Limited, Mobile/Seasonal Office $0
    Millennium Bank 6392 Artesian Circle Ooltewah, TN 37363 Full Service B&M $81,892
    Millennium Bank 7201 Shallowford Rd. Chattanooga, TN 37421 Full Service B&M $46,615
    Millennium Bank 7515 Southwest 24th Avenue Gainesville, FL 32607 Full Service B&M $45,994
    Millennium Bank 8045 East Brainerd Road Chattanooga, TN 37421 Full Service B&M $41,547
    Millennium Bank 823 Chestnut Street Chattanooga, TN 37402 Full Service B&M $34,322

    For 2021, Millennium Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $19,076
    Net interest income $17,375
    Total noninterest income $2,189
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $668
    Trading account gains and fees $0
    Additional Noninterest Income $1,521
    Pre-tax net operating income $5,863
    Securities gains (or losses, -) $0
    Income before extraordinary items $5,480
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,480
    Minority interest net income $0
    Net income $5,480
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,480

    Millennium Bank's gross interest income from loans was $19,076,000.
    Millennium Bank's net interest income from loans was $17,375,000.
    Millennium Bank's fee based income from loans was $668,000.
    Millennium Bank's net income from loans was $5,480,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,701
    Provision for credit losses $-100
    Total noninterest expense $13,801
    Salaries and employee benefits $8,440
    Premises and equipment expense $2,961
    Additional noninterest expense $2,400
    Applicable income taxes $383
    Net charge-offs $-880
    Cash dividends $1,870

    Millennium Bank's interest expense for loans was $1,701,000.
    Millennium Bank's payroll and benefits expense were $8,440,000.
    Millennium Bank's property, plant and equipment expenses $2,961,000.

    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 1.0%
    1-4 family residential loans 0.0%
    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 $497,861
    Deposits held in domestic offices $497,861
    Deposits by Individuals, partnerships, and corporations $474,717
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $23,144
    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 $259,629
    Demand deposits $163,484
    Nontransaction accounts $238,232
    Money market deposit accounts (MMDAs) $123,469
    Other savings deposits (excluding MMDAs) $22,746
    Total time deposits $92,017
    Total time and savings deposits $334,377
    Noninterest-bearing deposits $163,484
    Interest-bearing deposits $334,377
    Retail deposits $462,767
    IRAs and Keogh plan accounts $7,926
    Brokered deposits $7,619
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $550,549
    Cash & Balances due from depository institutions $167,224
    Interest-bearing balances $165,417
    Total securities $34,149
    Federal funds sold & reverse repurchase $0
    Net loans and leases $329,734
    Loan and leases loss allowance $5,378
    Trading account assets $0
    Bank premises and fixed assets $13,797
    Other real estate owned $139
    Goodwill and other intangibles $3,232
    All other assets $2,274

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $550,549
    Total Liabilities $499,335
    Total deposits $497,861
    Interest-bearing deposits $334,377
    Deposits held in domestic offices $497,861
    % insured (estimated) $62
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,474

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $329,734
    Loan and leases loss allowance $5,378
    Total loans and leases (domestic) $335,112
    All real estate loans $274,867
    Real estate loans in domestic offices $274,867
    Construction and development loans $37,446
    Residential 1-4 family construction $13,675
    Other construction, all land development and other land $23,771
    Loans secured by nonfarm nonresidential properties $163,455
    Nonfarm nonresidential secured by owner-occupied properties $70,468
    Commercial real estate & other non-farm, non-residential $92,987
    Multifamily residential real estate $14,351
    1-4 family residential loans $56,169
    Farmland loans $3,446
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $60,088
    To non-U.S. addressees $0
    Loans to individuals $1,009
    Credit card loans $0
    Related Plans $30
    Consumer Auto Loans $131
    Other loans to individuals $848
    All other loans & leases $0
    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 $2,021
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $10,753
    Non 1-4 family restructured loans & leases $10,647
    Total loans and leases (foreign) $0

    MILLENNIUM BANK had $329,734,000 of loans outstanding in 2021. $274,867,000 of loans were in real estate loans. $37,446,000 of loans were in development loans. $14,351,000 of loans were in multifamily mortgage loans. $56,169,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $131,000 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 166 $48,220 $290,482
    Nonfarm, nonresidential loans - <$100k 19 $1,080 $56,842
    Nonfarm, nonresidential loans - $100-250k 49 $7,458 $152,204
    Nonfarm, nonresidential loans - $250k-1MM 98 $39,682 $404,918
    Commercial & Industrial, US addressed loans - <$1MM 321 $30,058 $93,639
    Commercial & Industrial, US addressed loans - <$100k 163 $3,513 $21,552
    Commercial & Industrial, US addressed loans - $100-250k 101 $8,041 $79,614
    Commercial & Industrial, US addressed loans - $250k-1MM 57 $18,504 $324,632
    Farmland loans - <$1MM 18 $1,815 $100,833
    Farmland loans - <$100k 9 $337 $37,444
    Farmland loans - $100-250k 7 $770 $110,000
    Farmland loans - $250k-1MM 2 $708 $354,000