Rock Canyon Bank Mortgage Rates, Fees & Info

Provo, UT

LEI: 549300GHJNYLYN726391

Tax ID: 87-0489793

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Rock Canyon Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Rock Canyon Bank has a high proportion of conventional loans. Their top markets include Provo, St. George, Salt Lake City, Memphis, and Ogden among others. Rock Canyon Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Rock Canyon Bank is typically an average fee lendor.


Originations

534

Origination Dollar Volume (All Markets)

$155,140,000

Employee count

156

Relative Rate

Rock Canyon Bank's average 30 year fixed rate mortgage of loans were 3.25%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.1%.

Relative Fees

Rock Canyon Bank's average total fees for a 30 year fixed rate mortgage are $3,904.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PROVO-OREM, UT (FHA|USDA|VA) 214 $75,460,000 $352,617 $3,302 2.69%
ST. GEORGE, UT (FHA|USDA|VA) 39 $14,035,000 $359,872 $0 0.00%
Outside of Metro Areas 62 $13,010,000 $209,839 $0 0.00%
SALT LAKE CITY, UT (FHA|USDA|VA) 33 $10,235,000 $310,152 $0 0.00%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 31 $4,245,000 $136,935 $0 0.00%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 11 $3,935,000 $357,727 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $3,445,000 $689,000 $0 0.00%
Cedar City, UT (FHA|USDA|VA) 8 $2,300,000 $287,500 $0 0.00%
Heber, UT (FHA|USDA|VA) 4 $2,270,000 $567,500 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 8 $2,000,000 $250,000 $0 0.00%
OCALA, FL (FHA|USDA|VA) 12 $2,000,000 $166,667 $0 0.00%
SPARTANBURG, SC (FHA|USDA|VA) 11 $1,875,000 $170,455 $0 0.00%
OKLAHOMA CITY, OK (FHA|USDA|VA) 9 $1,455,000 $161,667 $0 0.00%
FORT COLLINS, CO (FHA|USDA|VA) 3 $1,135,000 $378,333 $0 0.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $1,135,000 $1,135,000 $0 0.00%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $985,000 $328,333 $0 0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 7 $925,000 $132,143 $0 0.00%
URBAN HONOLULU, HI (FHA|USDA|VA) 1 $825,000 $825,000 $0 0.00%
TWIN FALLS, ID (FHA|USDA|VA) 4 $800,000 $200,000 $0 0.00%
BOISE CITY, ID (FHA|USDA|VA) 2 $740,000 $370,000 $0 0.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $710,000 $355,000 $0 0.00%
IDAHO FALLS, ID (FHA|USDA|VA) 2 $630,000 $315,000 $0 0.00%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 6 $620,000 $103,333 $0 0.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 4 $600,000 $150,000 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $560,000 $140,000 $0 0.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 6 $550,000 $91,667 $0 0.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
TUCSON, AZ (FHA|USDA|VA) 2 $530,000 $265,000 $0 0.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
YORK-HANOVER, PA (FHA|USDA|VA) 3 $455,000 $151,667 $0 0.00%
ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
FLINT, MI (FHA|USDA|VA) 4 $380,000 $95,000 $0 0.00%
FAYETTEVILLE, NC (FHA|USDA|VA) 3 $375,000 $125,000 $0 0.00%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
JOHNSON CITY, TN (FHA|USDA|VA) 3 $345,000 $115,000 $0 0.00%
Rexburg, ID (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $310,000 $155,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
AKRON, OH (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
LOGAN, UT-ID (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Kalispell, MT (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
WICHITA, KS (FHA|USDA|VA) 2 $200,000 $100,000 $0 0.00%
Evanston, WY (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
ANCHORAGE, AK (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
Price, UT (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Butte-Silver Bow, MT (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%

Rock Canyon Bank's top markets include Provo, St. George, Salt Lake City, Memphis, and Ogden among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 534 $155,140,000 $290,524 $3,302 2.69%

For the 2021 period, Rock Canyon Bank's most frequently originated loan type of loans were Conventional, with 534 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 213 $63,495,000 $298,099 $0 0.00%
Home Purchase 172 $46,030,000 $267,616 $0 0.00%
Cash Out Refi 149 $45,615,000 $306,141 $3,302 2.69%

For the 2021, Rock Canyon Bank's most frequently cited loan purpose of loans were Refi, with 213 originations. The 2nd most popular reason of loans were Home Purchase, with 172 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 532 $154,190,000 $289,831 $0 0.00%
15 Year 1 $645,000 $645,000 $2,700 2.13%
30 Year 1 $305,000 $305,000 $3,904 3.25%

For the 2021, Rock Canyon Bank's most frequently cited loan length of loans were Other, with 532 originations. The 2nd most popular length of loans were 15 Year, with 1 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1 $645,000 $645,000
$1k-2k 1 $305,000 $305,000

$3,904 of loans were Rock Canyon Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 1 $645,000 $645,000
3-4% 1 $305,000 $305,000

During 2021, Rock Canyon Bank's average interest rate of loans were 3.25%, while their most frequently originated rate bucket of loans were <2.5%, with 1 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 213 $61,595,000 $289,178 $3,904 3.25%
$100k-200k 166 $25,490,000 $153,554 $0 0.00%
$400k-600k 98 $46,860,000 $478,163 $0 0.00%
$100,000 or less 39 $3,315,000 $85,000 $0 0.00%
$600k-1MM 11 $7,805,000 $709,545 $2,700 2.13%
$1MM+ 7 $10,075,000 $1,439,286 $0 0.00%

2021 saw Rock Canyon Bank place emphasis on $200k-400k loans with 213 originations, totaling $61,595,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 110 $32,660,000 $296,909 $0 0.00%
$150k-250k 106 $33,030,000 $311,604 $0 0.00%
$75k-100k 101 $28,795,000 $285,099 $3,904 3.25%
$50k-75k 91 $22,275,000 $244,780 $0 0.00%
$250k+ 69 $25,595,000 $370,942 $2,700 2.13%
$50k or less 52 $8,160,000 $156,923 $0 0.00%

Rock Canyon Bank lent most frequently to those with incomes in the $100k-150k range, with 110 originations. The second most popular income band? $150k-250k, with 106 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 532 $154,190,000 $289,831 $0 0.00%
20-30% 1 $305,000 $305,000 $3,904 3.25%
30-36% 1 $645,000 $645,000 $2,700 2.13%

Rock Canyon Bank lent most frequently to those with DTI ratios of Exempt%, with 532 originations. The next most common DTI ratio? 20-30%, with 1 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 475 $134,195,000 $282,516 $3,302 2.69%
Not provided 38 $12,180,000 $320,526 $0 0.00%
Not applicable 5 $4,625,000 $925,000 $0 0.00%
Asian 8 $2,240,000 $280,000 $0 0.00%
Native Hawaiian 3 $915,000 $305,000 $0 0.00%
American Indian 3 $675,000 $225,000 $0 0.00%
Black 1 $175,000 $175,000 $0 0.00%
Asian Indian 1 $135,000 $135,000 $0 0.00%

Approval Rates

Total approvals of all applications
97.65%

Rock Canyon Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
94.10%

Rock Canyon Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 532 $154,190,000 $289,831
NA 2 $950,000 $475,000

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
534 $155,140,000 $290,524

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1 $645,000 $645,000 $2,700 2.13%
60-80% 1 $305,000 $305,000 $3,904 3.25%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Rock Canyon Bank 3610 N Digital Dr Lehi, UT 84043 Full Service B&M $19,843
Rock Canyon Bank 475 East State Road Pleasant Grove, UT 84062 Full Service B&M $171,334
Rock Canyon Bank 580 North Main Street Fillmore, UT 84631 Full Service B&M $8,819
Rock Canyon Bank 94 East Tabernacle Street Saint George, UT 84770 Full Service B&M $62,795
Rock Canyon Bank 99 N Main Street Spanish Fork, UT 84660 Full Service B&M $141,882
Rock Canyon Bank 1376 North State Street Orem, UT 84057 Full Service B&M $191,042
Rock Canyon Bank 215 W 2230 N Provo, UT 84604 Full Service B&M $81,507

For 2021, Rock Canyon Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $33,735
Net interest income $30,537
Total noninterest income $12,613
Gross Fiduciary activities income $0
Service charges on deposit accounts $270
Trading account gains and fees $0
Additional Noninterest Income $12,343
Pre-tax net operating income $12,301
Securities gains (or losses, -) $27
Income before extraordinary items $9,695
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $9,695
Minority interest net income $0
Net income $9,695
Sale, conversion, retirement of capital stock, net $0
Net operating income $9,673

Rock Canyon Bank's gross interest income from loans was $33,735,000.
Rock Canyon Bank's net interest income from loans was $30,537,000.
Rock Canyon Bank's fee based income from loans was $270,000.
Rock Canyon Bank's net income from loans was $9,695,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,198
Provision for credit losses $264
Total noninterest expense $30,585
Salaries and employee benefits $24,296
Premises and equipment expense $3,220
Additional noninterest expense $3,069
Applicable income taxes $2,633
Net charge-offs $-2
Cash dividends $0

Rock Canyon Bank's interest expense for loans was $3,198,000.
Rock Canyon Bank's payroll and benefits expense were $24,296,000.
Rock Canyon Bank's property, plant and equipment expenses $3,220,000.

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 $737,035
Deposits held in domestic offices $737,035
Deposits by Individuals, partnerships, and corporations $703,131
Deposits by U.S. Government $6,098
Deposits by States and political subdivisions in the U.S. $5,696
Deposits by Commercial banks and other depository institutions in U.S. $22,110
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $310,462
Demand deposits $289,896
Nontransaction accounts $426,573
Money market deposit accounts (MMDAs) $288,162
Other savings deposits (excluding MMDAs) $46,864
Total time deposits $91,547
Total time and savings deposits $447,139
Noninterest-bearing deposits $289,933
Interest-bearing deposits $447,102
Retail deposits $685,785
IRAs and Keogh plan accounts $3,129
Brokered deposits $18,851
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $814,371
Cash & Balances due from depository institutions $304,058
Interest-bearing balances $294,922
Total securities $60
Federal funds sold & reverse repurchase $0
Net loans and leases $489,438
Loan and leases loss allowance $4,933
Trading account assets $0
Bank premises and fixed assets $4,498
Other real estate owned $0
Goodwill and other intangibles $3,379
All other assets $12,938

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $814,371
Total Liabilities $742,676
Total deposits $737,035
Interest-bearing deposits $447,102
Deposits held in domestic offices $737,035
% insured (estimated) $48
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $5,641

Issued Loan Types

Type Value (in 000's)
Net loans and leases $489,438
Loan and leases loss allowance $4,933
Total loans and leases (domestic) $494,371
All real estate loans $415,938
Real estate loans in domestic offices $415,938
Construction and development loans $70,659
Residential 1-4 family construction $18,459
Other construction, all land development and other land $52,200
Loans secured by nonfarm nonresidential properties $230,701
Nonfarm nonresidential secured by owner-occupied properties $157,114
Commercial real estate & other non-farm, non-residential $73,587
Multifamily residential real estate $22,034
1-4 family residential loans $32,859
Farmland loans $59,685
Loans held in foreign offices $0
Farm loans $8,917
Commercial and industrial loans $68,467
To non-U.S. addressees $0
Loans to individuals $918
Credit card loans $0
Related Plans $86
Consumer Auto Loans $225
Other loans to individuals $607
All other loans & leases $131
Loans to foreign governments and official institutions $0
Other loans $131
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 $381
Non 1-4 family restructured loans & leases $381
Total loans and leases (foreign) $0

Rock Canyon Bank had $489,438,000 of loans outstanding in 2021. $415,938,000 of loans were in real estate loans. $70,659,000 of loans were in development loans. $22,034,000 of loans were in multifamily mortgage loans. $32,859,000 of loans were in 1-4 family mortgage loans. $8,917,000 of loans were in farm loans. $0 of loans were in credit card loans. $225,000 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 237 $67,106 $283,148
Nonfarm, nonresidential loans - <$100k 19 $663 $34,895
Nonfarm, nonresidential loans - $100-250k 49 $6,879 $140,388
Nonfarm, nonresidential loans - $250k-1MM 169 $59,564 $352,450
Commercial & Industrial, US addressed loans - <$1MM 292 $25,253 $86,483
Commercial & Industrial, US addressed loans - <$100k 171 $3,742 $21,883
Commercial & Industrial, US addressed loans - $100-250k 44 $4,309 $97,932
Commercial & Industrial, US addressed loans - $250k-1MM 77 $17,202 $223,403
Farmland loans - <$1MM 52 $4,922 $94,654
Farmland loans - <$100k 10 $328 $32,800
Farmland loans - $100-250k 23 $2,685 $116,739
Farmland loans - $250k-1MM 19 $1,909 $100,474
Agriculture operations loans - <$1MM 82 $5,520 $67,317
Agriculture operations loans - <$100k 54 $1,853 $34,315
Agriculture operations loans - $100-250k 17 $1,813 $106,647
Agriculture operations loans - $250k-1MM 11 $1,854 $168,545