Rock Canyon Bank Mortgage Rates, Fees & Info
Provo, UTLEI: 549300GHJNYLYN726391
Tax ID: 87-0489793
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Mortgage Data
Bank Data
Review & Overview
Rock Canyon Bank is a smaller bank specializing in Home Purchase and Refi loans. Rock Canyon Bank has a high proportion of conventional loans. Their top markets by origination volume include: Provo, St. George, Ogden, and Salt Lake City among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Rock Canyon Bank has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.57% | 4/21/24 |
| 30 Year Conventional Refi | 6.13% | 4/21/24 |
| 30 Year Cash-out Refi | 6.62% | 4/21/24 |
| 30 Year USDA Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.68% | 4/21/24 |
| 15 Year Conventional Refi | 4.83% | 4/21/24 |
| 15 Year Cash-out Refi | 4.83% | 4/21/24 |
| 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. | ||
Rock Canyon Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
10Origination Dollar Volume (All Markets)
$5,080,000Employee count
115Top 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 |
|---|---|---|---|---|---|
| PROVO-OREM, UT (FHA|USDA|VA) | 4 | $2,630,000 | $657,500 | $0 | 0.00% |
| ST. GEORGE, UT (FHA|USDA|VA) | 2 | $1,310,000 | $655,000 | $0 | 0.00% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 2 | $930,000 | $465,000 | $0 | 0.00% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $75,000 | $75,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Rock Canyon Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 10 | $5,080,000 | $508,000 | $0 | 0.00% |
For 2018, Rock Canyon Bank's most frequently originated type of loan was Conventional, with 10 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 5 | $2,315,000 | $463,000 | $0 | 0.00% |
| Refi | 5 | $2,765,000 | $553,000 | $0 | 0.00% |
For 2018, Rock Canyon Bank's most frequently cited loan purpose was Home Purchase, with 5 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 10 | $5,080,000 | $508,000 | $0 | 0.00% |
For 2018, Rock Canyon Bank's most frequently cited loan duration was Other, with 10 originations.
Loan Sizing
2018 saw Rock Canyon Bank place emphasis on $600k-1MM loans with 3 originations, totaling $2,475,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 1 | $75,000 | $75,000 | $0 | 0.00% |
| $50k or less | 1 | $455,000 | $455,000 | $0 | 0.00% |
Rock Canyon Bank lent most frequently to those with incomes in the $50k-75k range, with 1 originations. The second most popular income band? $50k or less, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 10 | $5,080,000 | $508,000 | $0 | 0.00% |
Rock Canyon Bank lent most frequently to those with DTI ratios of Exempt%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 8 | $4,550,000 | $568,750 | $0 | 0.00% |
| White | 2 | $530,000 | $265,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications66.67%
Rock Canyon Bank has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination20.00%
Rock Canyon 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 | 10 | $5,080,000 | $508,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $665,000 | $665,000 |
| Single Family (1-4 Units):Site-Built | 9 | $4,415,000 | $490,556 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Rock Canyon Bank | 1376 North State Street Orem, UT 84057 | Full Service B&M | $69,416 |
| Rock Canyon Bank | 215 W 2230 N Provo, UT 84604 | Full Service B&M | $54,110 |
| Rock Canyon Bank | 475 East State Road Pleasant Grove, UT 84062 | Full Service B&M | $124,288 |
| Rock Canyon Bank | 94 East Tabernacle Street Saint George, UT 84770 | Full Service B&M | $25,753 |
| Rock Canyon Bank | 99 N Main Street Spanish Fork, UT 84660 | Full Service B&M | $77,025 |
For 2018, Rock Canyon Bank had 5 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $25,768 |
| Net interest income | $23,476 |
| Total noninterest income | $7,482 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $141 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $7,341 |
| Pre-tax net operating income | $9,884 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $7,597 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $7,597 |
| Minority interest net income | $0 |
| Net income | $7,597 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $7,597 |
Rock Canyon Bank's gross interest income from loans was $25,768,000.
Rock Canyon Bank's net interest income from loans was $23,476,000.
Rock Canyon Bank's fee based income from loans was $141,000.
Rock Canyon Bank's net income from loans was $7,597,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,292 |
| Provision for credit losses | $485 |
| Total noninterest expense | $20,589 |
| Salaries and employee benefits | $15,617 |
| Premises and equipment expense | $2,299 |
| Additional noninterest expense | $2,673 |
| Applicable income taxes | $2,287 |
| Net charge-offs | $337 |
| Cash dividends | $0 |
Rock Canyon Bank's interest expense for loans was $2,292,000.
Rock Canyon Bank's payroll and benefits expense were $15,617,000.
Rock Canyon Bank's property, plant and equipment expenses $2,299,000.
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 | $369,481 |
| Deposits held in domestic offices | $369,481 |
| Deposits by Individuals, partnerships, and corporations | $346,460 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $4,463 |
| Deposits by Commercial banks and other depository institutions in U.S. | $18,558 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $169,456 |
| Demand deposits | $151,268 |
| Nontransaction accounts | $200,025 |
| Money market deposit accounts (MMDAs) | $78,323 |
| Other savings deposits (excluding MMDAs) | $22,923 |
| Total time deposits | $98,779 |
| Total time and savings deposits | $218,213 |
| Noninterest-bearing deposits | $151,268 |
| Interest-bearing deposits | $218,213 |
| Retail deposits | $294,729 |
| IRAs and Keogh plan accounts | $3,108 |
| Brokered deposits | $8,406 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $416,271 |
| Cash & Balances due from depository institutions | $55,825 |
| Interest-bearing balances | $30,621 |
| Total securities | $28 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $339,716 |
| Loan and leases loss allowance | $3,176 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,299 |
| Other real estate owned | $4,821 |
| Goodwill and other intangibles | $2,682 |
| All other assets | $10,900 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $416,271 |
| Total Liabilities | $372,081 |
| Total deposits | $369,481 |
| Interest-bearing deposits | $218,213 |
| Deposits held in domestic offices | $369,481 |
| % insured (estimated) | $56 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $2,600 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $339,716 |
| Loan and leases loss allowance | $3,176 |
| Total loans and leases (domestic) | $342,892 |
| All real estate loans | $274,152 |
| Real estate loans in domestic offices | $274,152 |
| Construction and development loans | $55,475 |
| Residential 1-4 family construction | $7,531 |
| Other construction, all land development and other land | $47,944 |
| Loans secured by nonfarm nonresidential properties | $137,536 |
| Nonfarm nonresidential secured by owner-occupied properties | $93,529 |
| Commercial real estate & other non-farm, non-residential | $44,007 |
| Multifamily residential real estate | $6,038 |
| 1-4 family residential loans | $34,137 |
| Farmland loans | $40,966 |
| Loans held in foreign offices | $0 |
| Farm loans | $9,577 |
| Commercial and industrial loans | $58,247 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $835 |
| Credit card loans | $0 |
| Related Plans | $143 |
| Consumer Auto Loans | $272 |
| Other loans to individuals | $420 |
| All other loans & leases | $81 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $81 |
| 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 | $402 |
| Non 1-4 family restructured loans & leases | $402 |
| Total loans and leases (foreign) | $0 |
Rock Canyon Bank had $339,716,000 of loans outstanding in 2018. $274,152,000 of loans were in real estate loans. $55,475,000 of loans were in development loans. $6,038,000 of loans were in multifamily mortgage loans. $34,137,000 of loans were in 1-4 family mortgage loans. $9,577,000 of loans were in farm loans. $0 of loans were in credit card loans. $272,000 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 | 220 | $50,887 | $231,305 |
| Nonfarm, nonresidential loans - <$100k | 19 | $975 | $51,316 |
| Nonfarm, nonresidential loans - $100-250k | 56 | $6,766 | $120,821 |
| Nonfarm, nonresidential loans - $250k-1MM | 145 | $43,146 | $297,559 |
| Commercial & Industrial, US addressed loans - <$1MM | 334 | $24,783 | $74,201 |
| Commercial & Industrial, US addressed loans - <$100k | 150 | $3,597 | $23,980 |
| Commercial & Industrial, US addressed loans - $100-250k | 97 | $6,992 | $72,082 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 87 | $14,194 | $163,149 |
| Farmland loans - <$1MM | 50 | $4,854 | $97,080 |
| Farmland loans - <$100k | 8 | $312 | $39,000 |
| Farmland loans - $100-250k | 24 | $2,333 | $97,208 |
| Farmland loans - $250k-1MM | 18 | $2,209 | $122,722 |
| Agriculture operations loans - <$1MM | 61 | $3,318 | $54,393 |
| Agriculture operations loans - <$100k | 27 | $680 | $25,185 |
| Agriculture operations loans - $100-250k | 21 | $1,030 | $49,048 |
| Agriculture operations loans - $250k-1MM | 13 | $1,608 | $123,692 |