Providence Bank & Trust Mortgage Rates, Fees & Info
South Holland, IL
LEI: 549300GY0I1WYYWYFS47
Tax ID: 20-0241351
5 stars
-
out of 5 stars, based on 19 reviews
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Mortgage Data
Bank Data
Overview
Providence Bank & Trust is a
smaller
bank
specializing in
Refi and Home Purchase loans.
Providence Bank & Trust has a high proportion of conventional loans.
Their top markets include Chicago, Champaign, Phoenix, Miami, and Cape Coral among others. Providence Bank & Trust has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Providence Bank & Trust is typically
a low fee
lendor.
Originations
362
Origination Dollar Volume (All Markets)
$123,470,000
Employee count
185
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Providence Bank & Trust - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Providence Bank & Trust's average 30 year fixed rate mortgage of loans were
3%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.15%.
Relative Fees
Providence Bank & Trust's average total fees for a 30 year fixed rate
mortgage are $2,348.
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 |
|
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)
|
339
|
$114,805,000 |
$338,658 |
$2,160 |
3.13% |
|
CHAMPAIGN-URBANA, IL (FHA|USDA|VA)
|
1
|
$4,165,000 |
$4,165,000 |
$0 |
4.25% |
|
Outside of Metro Areas
|
6 |
$1,690,000 |
$281,667 |
$2,325 |
2.50% |
|
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA)
|
3
|
$625,000 |
$208,333 |
$2,502 |
2.75% |
|
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)
|
2
|
$610,000 |
$305,000 |
$4,014 |
3.19% |
|
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)
|
2
|
$310,000 |
$155,000 |
$2,449 |
2.44% |
|
Brainerd, MN (FHA|USDA|VA)
|
1
|
$225,000 |
$225,000 |
$3,396 |
2.88% |
|
PEORIA, IL (FHA|USDA|VA)
|
1
|
$225,000 |
$225,000 |
$2,212 |
2.25% |
|
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA)
|
1
|
$215,000 |
$215,000 |
$1,967 |
2.63% |
|
ROCKFORD, IL (FHA|USDA|VA)
|
2
|
$200,000 |
$100,000 |
$1,440 |
2.75% |
|
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA)
|
1
|
$145,000 |
$145,000 |
$1,851 |
2.13% |
|
CINCINNATI, OH-KY-IN (FHA|USDA|VA)
|
1
|
$115,000 |
$115,000 |
$2,378 |
3.00% |
|
Rochelle, IL (FHA|USDA|VA)
|
1
|
$115,000 |
$115,000 |
$1,510 |
3.00% |
|
SPRINGFIELD, IL (FHA|USDA|VA)
|
1
|
$25,000 |
$25,000 |
$1,925 |
3.63% |
Providence Bank & Trust's top markets include Chicago, Champaign, Phoenix, Miami, and Cape Coral among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
362 |
$123,470,000 |
$341,077 |
$2,177 |
3.11% |
For the 2021 period, Providence Bank & Trust's most frequently
originated loan type
of loans were Conventional, with 362 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
170 |
$51,140,000 |
$300,824 |
$1,650 |
3.10% |
| Home Purchase |
120 |
$56,360,000 |
$469,667 |
$3,106 |
3.26% |
| Cash Out Refi |
70 |
$15,610,000 |
$223,000 |
$2,042 |
2.86% |
| Home Improvement |
2 |
$360,000 |
$180,000 |
$2,223 |
3.13% |
For the 2021, Providence Bank & Trust's most frequently cited loan
purpose
of loans were Refi, with 170
originations.
The 2nd most popular reason of loans were Home Purchase,
with 120 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 30 Year |
184 |
$41,800,000 |
$227,174 |
$2,348 |
3.00% |
| 15 Year |
71 |
$14,235,000 |
$200,493 |
$1,955 |
2.40% |
| 10 Year |
41 |
$19,175,000 |
$467,683 |
$1,744 |
3.81% |
| 5 Year |
33 |
$39,105,000 |
$1,185,000 |
$0 |
4.14% |
| 20 Year |
26 |
$4,070,000 |
$156,538 |
$1,751 |
2.77% |
| Other |
6 |
$4,670,000 |
$778,333 |
$0 |
5.36% |
| 3 Year |
1 |
$415,000 |
$415,000 |
$0 |
5.02% |
For the 2021, Providence Bank & Trust's most frequently cited loan
length
of loans were 30 Year, with 184 originations.
The 2nd most popular length of loans were 15 Year,
with 71 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
246 |
$50,120,000 |
$203,740 |
| $1k-2k |
12 |
$4,020,000 |
$335,000 |
| $2k-3k |
3 |
$615,000 |
$205,000 |
| $3k-4k |
3 |
$1,865,000 |
$621,667 |
| $5k+ |
1 |
$545,000 |
$545,000 |
$2,348 of loans were Providence Bank & Trust's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 246 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 2.5-3% |
134 |
$29,160,000 |
$217,612 |
| 3-4% |
96 |
$33,970,000 |
$353,854 |
| <2.5% |
87 |
$16,605,000 |
$190,862 |
| 4-5% |
42 |
$43,140,000 |
$1,027,143 |
| 5-6% |
2 |
$440,000 |
$220,000 |
| 6-7% |
1 |
$155,000 |
$155,000 |
During 2021, Providence Bank & Trust's average interest
rate of loans were 3.00%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 134 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-200k |
138 |
$20,540,000 |
$148,841 |
$2,043 |
2.87% |
| $200k-400k |
111 |
$30,635,000 |
$275,991 |
$2,191 |
3.02% |
| $400k-600k |
44 |
$20,910,000 |
$475,227 |
$2,742 |
3.49% |
| $100,000 or less |
41 |
$3,275,000 |
$79,878 |
$1,994 |
2.95% |
| $1MM+ |
14 |
$37,720,000 |
$2,694,286 |
$9,400 |
4.25% |
| $600k-1MM |
14 |
$10,390,000 |
$742,143 |
$0 |
4.21% |
2021 saw Providence Bank & Trust place emphasis on
$100k-200k loans
with 138 originations, totaling
$20,540,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
70 |
$14,610,000 |
$208,714 |
$2,043 |
2.86% |
| $50k-75k |
69 |
$11,225,000 |
$162,681 |
$2,002 |
2.77% |
| $150k-250k |
54 |
$15,250,000 |
$282,407 |
$2,536 |
2.80% |
| $75k-100k |
45 |
$8,775,000 |
$195,000 |
$1,917 |
2.77% |
| $50k or less |
28 |
$3,810,000 |
$136,071 |
$2,192 |
2.82% |
| $250k+ |
25 |
$7,215,000 |
$288,600 |
$2,985 |
2.85% |
Providence Bank & Trust lent most frequently to those with incomes in the
$100k-150k range, with
70 originations.
The second most popular income band? $50k-75k,
with 69 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
86 |
$16,990,000 |
$197,558 |
$2,046 |
2.77% |
| <20% |
69 |
$12,455,000 |
$180,507 |
$2,157 |
2.75% |
| 30-36% |
48 |
$10,560,000 |
$220,000 |
$2,154 |
2.88% |
| 37% |
10 |
$1,780,000 |
$178,000 |
$2,166 |
3.03% |
| 44% |
9 |
$2,065,000 |
$229,444 |
$2,670 |
3.03% |
| 36% |
8 |
$1,680,000 |
$210,000 |
$2,044 |
2.59% |
| 38% |
8 |
$1,580,000 |
$197,500 |
$2,422 |
2.77% |
| 43% |
7 |
$1,505,000 |
$215,000 |
$1,829 |
2.96% |
| 49% |
7 |
$1,375,000 |
$196,429 |
$1,987 |
2.63% |
| 41% |
6 |
$1,410,000 |
$235,000 |
$2,553 |
3.00% |
| 39% |
6 |
$1,300,000 |
$216,667 |
$1,904 |
3.08% |
| 48% |
6 |
$1,570,000 |
$261,667 |
$2,201 |
2.63% |
| 42% |
5 |
$1,935,000 |
$387,000 |
$3,388 |
2.80% |
| 45% |
5 |
$1,665,000 |
$333,000 |
$2,629 |
2.83% |
| 47% |
5 |
$1,305,000 |
$261,000 |
$2,222 |
2.88% |
| 40% |
4 |
$1,220,000 |
$305,000 |
$2,349 |
2.66% |
| 46% |
1 |
$305,000 |
$305,000 |
$1,912 |
3.00% |
| >60% |
1 |
$185,000 |
$185,000 |
$4,920 |
3.50% |
Providence Bank & Trust lent most frequently to those with DTI ratios
of 20-30%, with
86 originations.
The next most common DTI ratio? <20%,
with 69 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Not applicable |
58 |
$58,100,000 |
$1,001,724 |
$0 |
4.24% |
| White |
259 |
$55,195,000 |
$213,108 |
$2,116 |
2.81% |
| Black |
27 |
$4,285,000 |
$158,704 |
$2,357 |
3.38% |
| Not provided |
10 |
$4,110,000 |
$411,000 |
$3,031 |
3.34% |
| Asian |
8 |
$1,780,000 |
$222,500 |
$3,419 |
3.08% |
Approval Rates
Total approvals of all applications
95.11%
Providence Bank & Trust 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
81.52%
Providence Bank & Trust has a below average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
362 |
$123,470,000 |
$341,077 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
362 |
$123,470,000 |
$341,077 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
31 |
$5,745,000 |
$185,323 |
$2,125 |
3.03% |
| 40-60% |
81 |
$15,975,000 |
$197,222 |
$1,722 |
2.72% |
| 60-80% |
186 |
$81,930,000 |
$440,484 |
$2,151 |
3.26% |
| 80-100% |
55 |
$15,245,000 |
$277,182 |
$2,923 |
3.10% |
| Over 100% |
2 |
$3,140,000 |
$1,570,000 |
$0 |
4.63% |
| Under 20% |
5 |
$1,285,000 |
$257,000 |
$3,054 |
3.50% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| PROVIDENT FUNDING ASSOCIATES |
Conventional home mortgage |
Applying for a mortgage or refinancing an existing mortgage |
6 |
46.2% |
| PROVIDENT FUNDING ASSOCIATES |
Conventional home mortgage |
Closing on a mortgage |
1 |
7.7% |
| PROVIDENT FUNDING ASSOCIATES |
Conventional home mortgage |
Trouble during payment process |
6 |
46.2% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Providence Bank & Trust |
1007 Brook Forest Avenue Shorewood, IL 60404 |
Full Service B&M
|
$34,643 |
| Providence Bank & Trust |
2 East Roosevelt Road Villa Park, IL 60181 |
Full Service B&M
|
$58,538 |
| Providence Bank & Trust |
20220 South La Grange Road Frankfort, IL 60423 |
Full Service B&M
|
$97,301 |
| Providence Bank & Trust |
240 45th Street Munster, IN 46321 |
Full Service B&M
|
$80,495 |
| Providence Bank & Trust |
4310 Saint Charles Road Bellwood, IL 60104 |
Full Service B&M
|
$34,538 |
| Providence Bank & Trust |
4700 West 111th Street Oak Lawn, IL 60453 |
Full Service B&M
|
$5,258 |
| Providence Bank & Trust |
5225 West 25th Street Cicero, IL 60804 |
Full Service B&M
|
$18,394 |
| Providence Bank & Trust |
55 East Jackson Boulevard Chicago, IL 60604 |
Full Service B&M
|
$0 |
| Providence Bank & Trust |
630 East 162nd Street South Holland, IL 60473 |
Full Service B&M
|
$214,168 |
| Providence Bank & Trust |
6431 W. 127th Street Palos Heights, IL 60463 |
Full Service B&M
|
$19,815 |
| Providence Bank & Trust |
7801 South State Street Chicago, IL 60619 |
Full Service B&M
|
$128,507 |
| Providence Bank & Trust |
7943-57 South Cottage Grove Avenue Chicago, IL 60619 |
Limited, Drive-thru
|
$110,863 |
| Providence Bank & Trust |
950 W. Us Hwy 30 Schererville, IN 46375 |
Full Service B&M
|
$69,079 |
| Providence Bank & Trust |
101 East 35th Street Chicago, IL 60653 |
Full Service B&M
|
$72,817 |
| Providence Bank & Trust |
1051 East Roosevelt Road Wheaton, IL 60187 |
Full Service B&M
|
$60,780 |
| Providence Bank & Trust |
14785 West 101st Avenue Dyer, IN 46311 |
Full Service B&M
|
$93,582 |
| Providence Bank & Trust |
16250 South Lagrange Rd Orland Park, IL 60467 |
Full Service B&M
|
$62,981 |
For 2021, Providence Bank & Trust had 17 branches.
Yearly Performance Overview
Bank Income
Providence Bank & Trust's gross interest income from loans was $54,412,000.
Providence Bank & Trust's net interest income from loans was $52,620,000.
Providence Bank & Trust's fee based income from loans was $1,145,000.
Providence Bank & Trust's net income from loans was $19,901,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$1,792 |
| Provision for credit losses |
$1,224 |
| Total noninterest expense |
$32,166 |
| Salaries and employee benefits |
$19,314 |
| Premises and equipment expense |
$3,506 |
| Additional noninterest expense |
$9,346 |
| Applicable income taxes |
$7,237 |
| Net charge-offs |
$-234 |
| Cash dividends |
$16,200 |
Providence Bank & Trust's interest expense for loans was $1,792,000.
Providence Bank & Trust's payroll and benefits expense were $19,314,000.
Providence Bank & Trust's property, plant and equipment expenses $3,506,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$1,195,292 |
| Deposits held in domestic offices |
$1,195,292 |
| Deposits by Individuals, partnerships, and corporations |
$1,146,112 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$47,675 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$1,505 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$529,498 |
| Demand deposits |
$407,678 |
| Nontransaction accounts |
$665,794 |
| Money market deposit accounts (MMDAs) |
$316,638 |
| Other savings deposits (excluding MMDAs) |
$207,647 |
| Total time deposits |
$141,509 |
| Total time and savings deposits |
$787,614 |
| Noninterest-bearing deposits |
$405,828 |
| Interest-bearing deposits |
$789,464 |
| Retail deposits |
$1,159,484 |
| IRAs and Keogh plan accounts |
$31,862 |
| Brokered deposits |
$15,492 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$1,361,041 |
| Cash & Balances due from depository institutions |
$155,604 |
| Interest-bearing balances |
$135,798 |
| Total securities |
$370,480 |
| Federal funds sold & reverse repurchase |
$10,230 |
| Net loans and leases |
$765,231 |
| Loan and leases loss allowance |
$17,308 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$24,480 |
| Other real estate owned |
$128 |
| Goodwill and other intangibles |
$5,623 |
| All other assets |
$29,265 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$1,361,041 |
| Total Liabilities |
$1,214,902 |
| Total deposits |
$1,195,292 |
| Interest-bearing deposits |
$789,464 |
| Deposits held in domestic offices |
$1,195,292 |
| % insured (estimated) |
$66 |
| Federal funds purchased and repurchase agreements |
$9,342 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$7,600 |
| Subordinated debt |
$0 |
| All other liabilities |
$2,668 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$765,231 |
| Loan and leases loss allowance |
$17,308 |
| Total loans and leases (domestic) |
$782,539 |
| All real estate loans |
$628,591 |
| Real estate loans in domestic offices |
$628,591 |
| Construction and development loans |
$59,601 |
| Residential 1-4 family construction |
$10,133 |
| Other construction, all land development and other land |
$49,468 |
| Loans secured by nonfarm nonresidential properties |
$355,769 |
| Nonfarm nonresidential secured by owner-occupied properties |
$166,890 |
| Commercial real estate & other non-farm, non-residential |
$188,879 |
| Multifamily residential real estate |
$157,230 |
| 1-4 family residential loans |
$55,589 |
| Farmland loans |
$402 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$15 |
| Commercial and industrial loans |
$145,421 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$306 |
| Credit card loans |
$0 |
| Related Plans |
$0 |
| Consumer Auto Loans |
$84 |
| Other loans to individuals |
$222 |
| All other loans & leases |
$11,403 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$170 |
| Loans to depository institutions and acceptances of other banks |
$2,000 |
| Loans not secured by real estate |
$661 |
| Loans secured by real estate to non-U.S. addressees |
$0 |
| Restructured Loans & leases |
$1,192 |
| Non 1-4 family restructured loans & leases |
$79 |
| Total loans and leases (foreign) |
$0 |
Providence Bank & Trust had $765,231,000 of loans outstanding in 2021. $628,591,000 of loans were in real estate loans.
$59,601,000 of loans were in development loans. $157,230,000 of loans were in multifamily mortgage loans.
$55,589,000 of loans were in 1-4 family mortgage loans. $15,000 of loans were in farm loans. $0
of loans were in credit card loans. $84,000 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 |
293 |
$77,736 |
$265,311 |
| Nonfarm, nonresidential loans - <$100k |
42 |
$1,661 |
$39,548 |
| Nonfarm, nonresidential loans - $100-250k |
92 |
$11,912 |
$129,478 |
| Nonfarm, nonresidential loans - $250k-1MM |
159 |
$64,163 |
$403,541 |
| Commercial & Industrial, US addressed loans - <$1MM |
419 |
$48,154 |
$114,926 |
| Commercial & Industrial, US addressed loans - <$100k |
195 |
$5,007 |
$25,677 |
| Commercial & Industrial, US addressed loans - $100-250k |
102 |
$10,859 |
$106,461 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
122 |
$32,288 |
$264,656 |
| Farmland loans - <$1MM |
3 |
$401 |
$133,667 |
| Farmland loans - $100-250k |
2 |
$186 |
$93,000 |
| Farmland loans - $250k-1MM |
1 |
$215 |
$215,000 |
| Agriculture operations loans - <$1MM |
1 |
$15 |
$15,000 |
| Agriculture operations loans - <$100k |
1 |
$15 |
$15,000 |
