The Peoples State Bank Mortgage Rates, Fees & Info

Ellettsville, IN

LEI: 549300GQOPGZ1DO0MZ49

Tax ID: 35-0576690

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & 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 by origination volume include: Bloomington, Indianapolis, Bedford, Columbus, and Madison among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Peoples State Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. The Peoples State 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	6.70%	12/16/24
30 Year Conventional Refi	6.72%	12/16/24
30 Year Cash-out Refi	6.79%	12/16/24
15 Year Conventional Purchase	6.12%	12/16/24
15 Year Conventional Refi	6.29%	12/16/24
15 Year Cash-out Refi	6.29%	12/16/24
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.

The Peoples State Bank Mortgage Calculator

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

487

Origination Dollar Volume (All Markets)

$109,905,000

Employee count

Awards

The Peoples State Bank 30 Year Conventional Loans silver

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
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.

Their top states include:

Indiana (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against The Peoples State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

The Riddell National Bank
Similarity Rank: 252

Mutual Savings Bank
Similarity Rank: 264

Independent Federal Credit Union
Similarity Rank: 560

MORTGAGE MASTERS OF INDIANA, INC.
Similarity Rank: 675

Madison County Federal Credit Union
Similarity Rank: 784

The Peoples State Bank
Similarity Rank: 1375

LOANFLIGHT LENDING, LLC
Similarity Rank: 1690

INDIANA UNIVERSITY CREDIT UNION
Similarity Rank: 1786

OCEANSIDE MORTGAGE COMPANY
Similarity Rank: 1980

FORUM Credit Union
Similarity Rank: 2294

Product Mix

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

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

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, The Peoples State Bank's most frequently cited loan purpose was Home Purchase, with 188 originations. The 2nd most popular reason was 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 2021, The Peoples State Bank's most frequently cited loan duration was 30 Year, with 288 originations. The 2nd most popular length was 15 Year, with 105 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	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

The Peoples State Bank's average total fees were $2,220, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.12%, while their most frequently originated rate bucket for loans was 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 or Islander	1	$205,000	$205,000	$1,924	2.25%

Approval Rates

Total approvals of all applications
95.38%

The Peoples State 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
95.07%

The Peoples State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

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	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
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

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