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

2021 Data | 2020 Data | 2019 Data | 2018 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

Awards

Providence Bank & Trust 30 Year Conventional Loans gold Providence Bank & Trust 30 Year Conventional Loans silver Providence Bank & Trust 30 Year Conventional Loans bronze Providence Bank & Trust 30 Year Conventional Loans silver
Show all (4) awards

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

Item Value (in 000's)
Total interest income $54,412
Net interest income $52,620
Total noninterest income $7,908
Gross Fiduciary activities income $469
Service charges on deposit accounts $1,145
Trading account gains and fees $0
Additional Noninterest Income $6,294
Pre-tax net operating income $27,138
Securities gains (or losses, -) $0
Income before extraordinary items $19,901
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $19,901
Minority interest net income $0
Net income $19,901
Sale, conversion, retirement of capital stock, net $0
Net operating income $19,901

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.

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 1.0%
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 $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