The Peoples State Bank Mortgage Rates, Fees & Info

Ellettsville, IN

LEI: 549300GQOPGZ1DO0MZ49

Tax ID: 35-0576690

5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Peoples State Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. The Peoples State Bank has a high proportion of conventional loans. Their top markets include Bloomington, Indianapolis, Bedford, Columbus, and Madison among others. The Peoples State 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. The Peoples State Bank is typically a low fee lendor.


Originations

487

Origination Dollar Volume (All Markets)

$109,905,000

Employee count

94

Awards

The Peoples State Bank 30 Year Conventional Loans silver The Peoples State Bank 30 Year Conventional Loans silver The Peoples State Bank 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

The Peoples State Bank's average 30 year fixed rate mortgage of loans were 3.12%.

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

This yields a difference of -0.03%.

Relative Fees

The Peoples State Bank's average total fees for a 30 year fixed rate mortgage are $2,220.

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
BLOOMINGTON, IN (FHA|USDA|VA) 309 $76,335,000 $247,039 $2,168 3.01%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 141 $26,215,000 $185,922 $2,177 3.12%
Bedford, IN (FHA|USDA|VA) 12 $3,060,000 $255,000 $2,147 3.26%
Outside of Metro Areas 13 $2,215,000 $170,385 $2,067 3.07%
COLUMBUS, IN (FHA|USDA|VA) 4 $760,000 $190,000 $2,090 3.00%
Madison, IN (FHA|USDA|VA) 2 $310,000 $155,000 $2,127 2.63%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $305,000 $305,000 $2,113 2.50%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $285,000 $285,000 $1,974 3.13%
FORT WAYNE, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,001 3.50%
Marion, IN (FHA|USDA|VA) 2 $170,000 $85,000 $0 3.56%
Seymour, IN (FHA|USDA|VA) 1 $65,000 $65,000 $2,014 2.25%

The Peoples State Bank's top markets include Bloomington, Indianapolis, Bedford, Columbus, and Madison among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 487 $109,905,000 $225,678 $2,165 3.05%

For the 2021 period, The Peoples State Bank's most frequently originated loan type of loans were Conventional, with 487 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 188 $48,780,000 $259,468 $2,211 3.23%
Refi 167 $34,665,000 $207,575 $2,106 2.88%
Cash Out Refi 128 $25,790,000 $201,484 $2,181 3.03%
Home Improvement 4 $670,000 $167,500 $2,051 2.72%

For the 2021, The Peoples State Bank's most frequently cited loan purpose of loans were Home Purchase, with 188 originations. The 2nd most popular reason of loans were Refi, with 167 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 288 $64,130,000 $222,674 $2,220 3.12%
15 Year 105 $16,485,000 $157,000 $2,128 2.50%
20 Year 57 $22,485,000 $394,474 $2,000 3.50%
Other 22 $4,460,000 $202,727 $1,953 3.95%
10 Year 14 $2,110,000 $150,714 $2,034 2.30%
1 Year 1 $235,000 $235,000 $0 5.00%

For the 2021, The Peoples State Bank's most frequently cited loan length of loans were 30 Year, with 288 originations. The 2nd most popular length of loans were 15 Year, with 105 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 408 $83,790,000 $205,368
$1k-2k 20 $4,270,000 $213,500
$2k-3k 4 $1,750,000 $437,500
$5k+ 1 $505,000 $505,000

$2,220 of loans were The Peoples State Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 408 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 208 $47,150,000 $226,683
3-4% 138 $34,260,000 $248,261
<2.5% 96 $15,000,000 $156,250
4-5% 41 $12,845,000 $313,293
5-6% 2 $510,000 $255,000
6-7% 1 $45,000 $45,000

During 2021, The Peoples State Bank's average interest rate of loans were 3.12%, while their most frequently originated rate bucket of loans were 2.5-3%, with 208 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 196 $28,650,000 $146,173 $2,059 3.07%
$200k-400k 165 $44,705,000 $270,939 $2,232 3.04%
$100,000 or less 83 $6,135,000 $73,916 $2,007 3.00%
$400k-600k 40 $18,790,000 $469,750 $2,653 3.06%
$1MM+ 2 $10,700,000 $5,350,000 $0 4.13%
$600k-1MM 1 $925,000 $925,000 $0 4.00%

2021 saw The Peoples State Bank place emphasis on $100k-200k loans with 196 originations, totaling $28,650,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$75k-100k 119 $23,045,000 $193,655 $2,140 3.03%
$50k or less 99 $12,005,000 $121,263 $2,063 3.03%
$100k-150k 91 $23,575,000 $259,066 $2,230 2.91%
$50k-75k 87 $15,815,000 $181,782 $2,107 3.01%
$150k-250k 47 $12,795,000 $272,234 $2,255 3.02%
$250k+ 22 $6,780,000 $308,182 $2,682 3.26%

The Peoples State Bank lent most frequently to those with incomes in the $75k-100k range, with 119 originations. The second most popular income band? $50k or less, with 99 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 143 $28,165,000 $196,958 $2,156 2.92%
<20% 78 $14,500,000 $185,897 $2,207 2.77%
30-36% 67 $13,385,000 $199,776 $2,148 2.94%
38% 22 $4,880,000 $221,818 $2,144 3.11%
36% 19 $3,915,000 $206,053 $2,098 3.26%
37% 19 $3,955,000 $208,158 $2,118 3.24%
39% 17 $2,485,000 $146,176 $2,116 3.04%
43% 16 $2,780,000 $173,750 $2,093 2.90%
45% 16 $3,610,000 $225,625 $2,178 3.21%
41% 14 $3,800,000 $271,429 $2,253 3.00%
44% 11 $2,535,000 $230,455 $2,009 2.72%
42% 10 $2,550,000 $255,000 $2,433 3.16%
40% 9 $1,885,000 $209,444 $2,130 3.49%
47% 6 $1,730,000 $288,333 $2,379 2.79%
46% 5 $1,405,000 $281,000 $2,235 3.30%
49% 3 $1,115,000 $371,667 $2,217 2.67%
50-60% 3 $485,000 $161,667 $2,033 3.13%
48% 1 $365,000 $365,000 $2,328 2.75%

The Peoples State Bank lent most frequently to those with DTI ratios of 20-30%, with 143 originations. The next most common DTI ratio? <20%, with 78 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 441 $89,145,000 $202,143 $2,168 3.01%
Not applicable 15 $14,295,000 $953,000 $0 4.31%
Not provided 16 $2,930,000 $183,125 $2,162 2.85%
Asian 9 $2,365,000 $262,778 $2,101 2.97%
Black 5 $965,000 $193,000 $2,065 3.60%
Native Hawaiian 1 $205,000 $205,000 $1,924 2.25%

Approval Rates

Total approvals of all applications
93.30%

The Peoples State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
93.68%

The Peoples State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 487 $109,905,000 $225,678

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
487 $109,905,000 $225,678

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 51 $5,675,000 $111,275 $2,072 2.70%
40-60% 125 $22,605,000 $180,840 $2,164 2.93%
60-80% 226 $63,090,000 $279,159 $2,210 3.20%
80-100% 73 $17,115,000 $234,452 $2,152 3.00%
Over 100% 3 $745,000 $248,333 $1,937 4.25%
Under 20% 9 $675,000 $75,000 $1,813 3.10%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
TOP FLITE FINANCIAL INC FHA mortgage Closing on a mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Peoples State Bank 200 Kirkwood Bloomington, IN 47401 Full Service B&M $25,580
The Peoples State Bank 50 North 9th Street Noblesville, IN 46060 Full Service B&M $2,443
The Peoples State Bank 525 Clarizz Blvd. Bloomington, IN 47408 Full Service B&M $29,524
The Peoples State Bank 601 East Temperance Street Ellettsville, IN 47429 Full Service B&M $93,517
The Peoples State Bank 830 Logan Street Noblesville, IN 46060 Full Service B&M $0
The Peoples State Bank Salt Creek Plaza Nashville, IN 47448 Full Service B&M $34,990
The Peoples State Bank State Road 67, Rr #1 Paragon, IN 46166 Full Service B&M $12,709
The Peoples State Bank 202 West 17th Street Bloomington, IN 47401 Full Service B&M $33,897
The Peoples State Bank 289 South Marion Street Morgantown, IN 46160 Full Service B&M $15,384
The Peoples State Bank 301 East Winslow Road Bloomington, IN 47401 Full Service B&M $40,120
The Peoples State Bank 304 Morgan Street Spencer, IN 47460 Full Service B&M $34,907
The Peoples State Bank 3400 West Third Street Bloomington, IN 47404 Full Service B&M $16,113

For 2021, The Peoples State Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $12,891
Net interest income $11,969
Total noninterest income $6,861
Gross Fiduciary activities income $4
Service charges on deposit accounts $330
Trading account gains and fees $0
Additional Noninterest Income $6,527
Pre-tax net operating income $8,209
Securities gains (or losses, -) $105
Income before extraordinary items $8,314
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $8,314
Minority interest net income $0
Net income $8,314
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,209

The Peoples State Bank's gross interest income from loans was $12,891,000.
The Peoples State Bank's net interest income from loans was $11,969,000.
The Peoples State Bank's fee based income from loans was $330,000.
The Peoples State Bank's net income from loans was $8,314,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $922
Provision for credit losses $0
Total noninterest expense $10,621
Salaries and employee benefits $6,484
Premises and equipment expense $977
Additional noninterest expense $3,160
Applicable income taxes $0
Net charge-offs $-3
Cash dividends $2,037

The Peoples State Bank's interest expense for loans was $922,000.
The Peoples State Bank's payroll and benefits expense were $6,484,000.
The Peoples State Bank's property, plant and equipment expenses $977,000.

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 $359,910
Deposits held in domestic offices $359,910
Deposits by Individuals, partnerships, and corporations $307,915
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $51,995
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 $182,007
Demand deposits $98,693
Nontransaction accounts $177,903
Money market deposit accounts (MMDAs) $11,798
Other savings deposits (excluding MMDAs) $119,440
Total time deposits $46,665
Total time and savings deposits $261,217
Noninterest-bearing deposits $98,693
Interest-bearing deposits $261,217
Retail deposits $354,578
IRAs and Keogh plan accounts $9,320
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $426,112
Cash & Balances due from depository institutions $24,675
Interest-bearing balances $19,399
Total securities $182,701
Federal funds sold & reverse repurchase $1,065
Net loans and leases $201,851
Loan and leases loss allowance $2,177
Trading account assets $0
Bank premises and fixed assets $7,685
Other real estate owned $0
Goodwill and other intangibles $2,543
All other assets $5,592

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $426,112
Total Liabilities $381,758
Total deposits $359,910
Interest-bearing deposits $261,217
Deposits held in domestic offices $359,910
% insured (estimated) $79
Federal funds purchased and repurchase agreements $8,288
Trading liabilities $0
Other borrowed funds $12,500
Subordinated debt $0
All other liabilities $1,060

Issued Loan Types

Type Value (in 000's)
Net loans and leases $201,851
Loan and leases loss allowance $2,177
Total loans and leases (domestic) $204,028
All real estate loans $179,462
Real estate loans in domestic offices $179,462
Construction and development loans $36,333
Residential 1-4 family construction $11,812
Other construction, all land development and other land $24,521
Loans secured by nonfarm nonresidential properties $63,405
Nonfarm nonresidential secured by owner-occupied properties $23,324
Commercial real estate & other non-farm, non-residential $40,081
Multifamily residential real estate $23,174
1-4 family residential loans $55,562
Farmland loans $988
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $15,678
To non-U.S. addressees $0
Loans to individuals $3,561
Credit card loans $0
Related Plans $110
Consumer Auto Loans $2,035
Other loans to individuals $1,416
All other loans & leases $5,327
Loans to foreign governments and official institutions $0
Other loans $13
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

The Peoples State Bank had $201,851,000 of loans outstanding in 2021. $179,462,000 of loans were in real estate loans. $36,333,000 of loans were in development loans. $23,174,000 of loans were in multifamily mortgage loans. $55,562,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,035,000 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 91 $29,146 $320,286
Nonfarm, nonresidential loans - <$100k 9 $399 $44,333
Nonfarm, nonresidential loans - $100-250k 24 $3,149 $131,208
Nonfarm, nonresidential loans - $250k-1MM 58 $25,598 $441,345
Commercial & Industrial, US addressed loans - <$1MM 154 $14,103 $91,578
Commercial & Industrial, US addressed loans - <$100k 96 $2,952 $30,750
Commercial & Industrial, US addressed loans - $100-250k 36 $4,550 $126,389
Commercial & Industrial, US addressed loans - $250k-1MM 22 $6,601 $300,045
Farmland loans - <$1MM 7 $988 $141,143
Farmland loans - <$100k 2 $177 $88,500
Farmland loans - $100-250k 3 $430 $143,333
Farmland loans - $250k-1MM 2 $381 $190,500